Political, Economic and Legal/Regulatory Risks Overseas
First written in FY2016. 13 of 39 entries say "Materialised", first in FY2017-Q1. Latest entry: FY2027-H1.
Rohto Pharmaceutical moved to the "Worse" side of this theme in 2016, 5 years before the typical company in this theme (2021).
The whole theme swung hardest in 2022: 56 of 112 companies on the "Worse" side.
41 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「The global economy continued to face geopolitical risks, including uncertainty surrounding U.S. tariffs and trade policy, concerns about a slowdown in China's economy and heightened tensions in the Middle East. Concerns also remained about fluctuations in crude oil and raw material prices, exchange-rate trends and the impact of natural disasters, and the outlook for domestic and overseas economies remained uncertain.」
Uncertainty surrounding overseas political and economic conditions, including U.S. tariffs and trade policy, the situation in the Middle East, crude oil and raw material prices, exchange rates and natural disasters, continues to be explicitly identified. - FY2026WorsenedAnnual report
「Overseas sales account for 51.0% of consolidated net sales. Overseas markets are strategically important to our group's growth, but deterioration in political and economic conditions, changes in laws and regulations or administrative practices, exchange-rate fluctuations, conflicts or deterioration in public safety, infectious disease outbreaks and differences in business practices in individual countries and regions may disrupt sales activities, production and procurement, the recovery of investments and other operations.」
With the overseas sales ratio rising to 51.0%, political and economic conditions, laws and regulations, exchange rates, conflicts and infectious diseases are explicitly identified as risks that may affect sales, production and procurement, and investment recovery. - 2026-05-13RestatedRevision to earnings forecast
「Overseas, uncertainty surrounding U.S. monetary policy and concerns over slowing economic growth in Europe and emerging Asian economies continued, with the effects of slowing demand and currency fluctuations spreading.」
The Company has reaffirmed concerns over slowing overseas economies, weaker demand and currency fluctuations. - FY2026-H1Myanmar production recovery amid uncertainty overseasAnnual report
「In overseas economies, uncertainty surrounding U.S. trade policy and the slowdown in the Chinese economy continued, while resource and materials prices remained high against a backdrop of prolonged geopolitical risks, including the situations in Ukraine and the Middle East, sustaining upward pressure on domestic prices. In Myanmar, where imports of raw materials and products had been difficult, obtaining an import license enabled production to resume and contributed to higher revenue.」
While uncertainty in the overseas environment, including U.S. trade policy, the Chinese economy, geopolitical risks and persistently high resource and materials prices, continues, the acquisition of an import license in Myanmar eased the previous difficulty in importing, leading to a return to production and revenue growth. - FY2025-H1MaterialisedAnnual report
「Meanwhile, in Myanmar, imports of raw materials and products became difficult due to the impact of stricter import regulations, resulting in a substantial decline in revenue.」
Overseas legal, regulatory and economic risks have materialized as difficulties importing raw materials and products and a substantial decline in revenue in Myanmar due to stricter import regulations. - FY2024RestatedAnnual report
「Our group operates globally, and in recent years overseas sales have reached a certain proportion of total sales. (In the consolidated fiscal year under review, overseas sales accounted for 42.4% of consolidated net sales.) Accordingly, unexpected deterioration in local political and economic conditions or changes in laws and regulations may affect our operating results and financial position.」
With overseas sales accounting for 42.4%, deterioration in local political and economic conditions and changes in laws and regulations continue to be cited as risks. - FY2024-Q3RestatedAnnual report
「Meanwhile, the depreciation of the yen, concerns about a slowdown in overseas economies and the prolonged situation in Ukraine continued to drive higher resource and materials prices, and the outlook for the economy remained uncertain.」
The uncertainty surrounding overseas political and economic conditions caused by yen depreciation, concerns over a slowdown in overseas economies, the protracted situation in Ukraine and soaring resource and materials prices has been reconfirmed. - FY2024-Q2WorsenedAnnual report
「Meanwhile, against a backdrop of an accelerating depreciation of the yen, concerns about a slowdown in overseas economies and the prolonged situation in Ukraine, resource and materials prices continued to rise, and the outlook for the economy remained uncertain.」
Regarding overseas political and economic conditions, the acceleration of yen depreciation, concerns over a slowdown in overseas economies, the protracted situation in Ukraine and soaring resource and materials prices are cited together, with uncertainty continuing. - FY2024-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy showed signs of a gradual recovery in economic activity as restrictions on movement were eased and human mobility increased following the reclassification of COVID-19 as a Class 5 infectious disease. However, the economy remained uncertain due to high resource prices, exchange-rate effects and geopolitical risks.」
Uncertainty surrounding political and economic conditions, including resource prices and exchange rates and geopolitical risks, both overseas and elsewhere, continues to be noted. - FY2023WorsenedAnnual report
「The Group operates globally, and overseas sales have reached a certain proportion of total sales in recent years. (Overseas sales for the consolidated fiscal year accounted for 43.5% of consolidated net sales.) Accordingly, unexpected deterioration in local political and economic conditions or changes in laws and regulations could affect operating performance and financial condition.」
While the overseas sales ratio has risen to 43.5%, uncertainty in overseas political and economic conditions, including the protracted invasion of Ukraine by Russia and disruption associated with China's zero-COVID policy and its lifting, continues to be noted. - FY2023-Q3WorsenedAnnual report
「In addition to the prolonged Russian invasion of Ukraine, China's zero-COVID policy and the disruption accompanying the lifting of that policy in December 2022, price increases for goods and services became pronounced. Furthermore, global monetary tightening and sharp exchange-rate fluctuations have made the outlook for the global economy increasingly uncertain.」
The protracted invasion of Ukraine, China's zero-COVID policy and the disruption following its lifting, price increases, monetary tightening and sharp exchange-rate fluctuations are cited together, with the global economic outlook becoming increasingly uncertain. - FY2023-Q2WorsenedAnnual report
「In addition to the prolonged Russian invasion of Ukraine and China's zero-COVID policy, price increases for goods and services have become pronounced. As global monetary tightening and sharp exchange-rate fluctuations continue, the outlook for the global economy is becoming increasingly uncertain.」
Uncertainty surrounding overseas political and economic conditions is increasing, with factors including the protracted invasion of Ukraine, China's zero-COVID policy, price increases, monetary tightening and sharp exchange-rate fluctuations. - FY2023-Q1MaterialisedAnnual report
「Overseas, challenging conditions continue, including higher crude oil and raw material prices resulting from China's zero-COVID policy and Russia's invasion of Ukraine.」
China's zero-COVID policy, Russia's invasion of Ukraine, surging crude oil prices and higher raw material costs are cited as actual environmental factors affecting overseas operations. - FY2022-Q3Recovery and the suspension of the Vietnam plant occurring concurrentlyAnnual report
「While China and Hong Kong continued to perform strongly as the economy recovered from the COVID-19 pandemic, Vietnam's growth stalled because of its lockdown policy and the resulting factory closures.」
The impact of overseas political and economic risks varies by region: while recovery is progressing in China and Hong Kong, lockdown policies and the suspension of factories in Vietnam have materially emerged as sluggish sales growth. - FY2022-Q2MaterialisedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, the Japanese economy remained in a severe condition due to the impact of the novel coronavirus disease, but the number of infections and serious cases declined as vaccination rates increased, and the lifting of the state of emergency was decided at the end of September. Although the outlook remains uncertain, an economic recovery is expected.」
While the severe economic environment caused by infectious disease continues, expectations for a recovery following vaccinations, declines in infections and severe cases, and the lifting of the state of emergency have also been noted. - FY2022-Q1MaterialisedAnnual report
「Close attention must be paid to the heightened downside risk from the spread of infection, and the outlook for personal consumption also remains uncertain.」
Downside risks to the economy and personal consumption from a resurgence of infectious disease continue to be recognized. At the same time, a recovery trend has been noted in some regions, supported by progress in vaccination. - FY2021MaterialisedAnnual report
「Overseas, all regions recorded lower revenue because of the global spread of COVID-19.」
Risks related to overseas political, economic and regulatory conditions are having a tangible full-year impact in the form of revenue declines across overseas regions due to the infectious disease outbreak. - FY2021-Q3MaterialisedAnnual report
「Overseas, all regions recorded lower revenue because of the global spread of COVID-19.」
Risks related to overseas political and economic conditions are continuing to materialize as revenue declines in regions worldwide due to the global infectious disease outbreak. - FY2021-Q2MaterialisedAnnual report
「Overseas as well, economic activity was curtailed through stay-at-home orders, the suspension of corporate activities and movement restrictions, among other measures, and conditions remained uncertain.」
With respect to risks in the overseas political and economic environment, restrictions on economic activity resulting from stay-at-home orders, the suspension of corporate activities and movement restrictions have materialised. - FY2021-Q1MaterialisedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, the Japanese economy showed clear signs of stagnation as the novel coronavirus disease spread worldwide. Overseas, economic activity was also constrained by measures including stay-at-home orders, the suspension of business operations and travel restrictions, and uncertainty about the outlook rapidly intensified.」
With respect to risks in the overseas political and economic environment, restrictions on economic activity resulting from stay-at-home orders, the suspension of corporate activities and movement restrictions have materialised and led to lower overseas sales. - FY2020MaterialisedAnnual report
「Overseas, in addition to demonstrations in Hong Kong, the spread of the novel coronavirus disease also had an impact」
The Company states that, with respect to risks in the overseas political and economic environment, demonstrations in Hong Kong and the spread of the novel coronavirus disease had an actual impact on its overseas business. - FY2020-Q3WorsenedAnnual report
「At the same time, conditions remained uncertain going forward due to the prolongation of trade tensions between the U.S. and China and concerns over economic slowdowns in China and Europe.」
In addition to the prolonged US-China trade friction issue, concerns over slowing economies in China and Europe are cited as factors contributing to uncertainty, highlighting risks in the overseas political and economic environment. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter of the consolidated fiscal year, Japan's economy continued on a moderate recovery trend as corporate earnings and employment conditions improved. On the other hand, the outlook remained uncertain due to the prolonged US-China trade friction and the slowdown in China's economy.」
The US-China trade friction issue is described as being prolonged, and the slowdown in the Chinese economy is also mentioned, highlighting factors contributing to uncertainty in the overseas political and economic environment. - FY2020-Q1RestatedAnnual report
「Meanwhile, conditions remained uncertain amid US-China trade friction, political risks in Europe and economic trends in Asian countries, among other factors.」
The Company reaffirms US-China trade friction, political risks in Europe and economic trends in Asian countries as factors contributing to uncertainty in the overseas political and economic environment. - FY2019-Q3WorsenedAnnual report
「At the same time, conditions remained uncertain going forward due to growing uncertainty in the overseas economy, including concerns over trade tensions between the U.S. and China.」
The Company identifies concerns over US-China trade friction and increasing uncertainty in overseas economies as new factors contributing to uncertainty in the overseas political and economic environment. - FY2019-Q2RestatedAnnual report
「However, conditions remained uncertain amid US policies, political risks in Europe and economic trends in Asian countries, among other factors.」
The Company reaffirms US policies, political risks in Europe and economic trends in Asian countries as factors contributing to uncertainty in the overseas political and economic environment. - FY2019-Q1RestatedAnnual report
「During the cumulative period of the first quarter of the current fiscal year, the Japanese economy continued on a moderate recovery trend, but remained in an uncertain environment amid concerns over rising raw material costs due to higher crude oil prices, rising labour costs due to labour shortages, and global trade friction.」
The Company reaffirms factors contributing to uncertainty in the economic environment, including global trade friction, both in Japan and overseas. - FY2018-Q3RestatedAnnual report
「On the other hand, concerns including worsening labor shortages, unstable policymaking by the US administration and geopolitical risks related to the situation on the Korean Peninsula contributed to continued uncertainty about the outlook.」
The Company reaffirms overseas political and geopolitical risks, including concerns over the policies of the US administration and conditions on the Korean Peninsula. - FY2018-Q2RestatedAnnual report
「Meanwhile, concerns including the worsening labour shortage, overseas political risks and economic trends in emerging markets persisted, and the outlook remained uncertain.」
The Company reaffirms overseas political risks and economic trends in emerging markets as areas of concern. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, the Japanese economy remained on a moderate recovery track as corporate earnings and employment conditions improved. However, concerns including the worsening labor shortage, overseas political risks and economic trends in emerging markets have left the outlook uncertain.」
The Company reaffirms overseas political risks and economic trends in emerging markets as areas of concern, but does not describe any specific impact that has materialised on performance during this quarter. - FY2017MaterialisedAnnual report
「As a result, net sales were ¥154.599 billion, down 7.4% from the previous fiscal year. Although pollen-related products and high-value-added eye drops performed well in Japan, overseas operations were significantly affected by lower revenue due to the slowdown in China's economy, in addition to the impact of foreign-currency translation resulting from the stronger yen.」
Lower overseas sales due to yen appreciation and the slowdown in the Chinese economy continue to be reflected in full-year business performance. - FY2017-Q3MaterialisedAnnual report
「As a result, revenue was ¥111.422 billion, down 7.4% year on year. Autumn and winter products were firm in Japan, but overseas revenue was significantly affected by the impact of translating foreign-currency results due to the stronger yen and, in Asia, by the decline in revenue resulting from the slowdown in the Chinese economy.」
Among the economic risks overseas, the impact of the slowdown in the Chinese economy and yen appreciation materialised in lower overseas sales during the cumulative period of the third quarter. - FY2017-Q2MaterialisedAnnual report
「Overseas sales were also significantly affected by lower revenue in Asia resulting from the slowdown in China's economy, in addition to the impact of foreign-currency translation resulting from the stronger yen.」
Among the political and economic risks overseas, the slowdown in the Chinese economy and the translation impact of yen appreciation continue to materialise in the form of lower overseas sales. - FY2017-Q1MaterialisedAnnual report
「Overseas sales also declined due to the impact of foreign-currency translation resulting from the stronger yen, as well as the slowdown in China's economic activity.」
The risk of deteriorating economic conditions overseas has materialised in the form of lower overseas sales due to the slowdown in the Chinese economy. - FY2016First statedAnnual report
「Accordingly, unexpected deterioration in local political and economic conditions and changes in laws and regulations could affect the Company's business performance and financial position.」
With overseas sales accounting for 42.2% of consolidated sales, the Company identifies deterioration in local political and economic conditions and changes in laws and regulations as risks.