Uncertainty about the outlook due to policy uncertainty under the new U.S. administration
First written in FY2017-Q3. 11 of 22 entries say "Restated". Latest entry: 2026-07-31.
Nippon Air Conditioning Services moved to the "Worse" side of this theme in 2021, 4 years before the typical company in this theme (2025).
The whole theme swung hardest in 2018: 2 of 10 companies on the "Worse" side.
1 other company's latest entry also says "Worsened".
- 2026-07-31WorsenedEarnings
「Looking ahead, we expect conditions to remain uncertain, as the international situation remains unstable and prices continue to rise.」
The Company added that the unstable international situation and rising prices will continue, resulting in persistent uncertainty about the outlook. - FY2025-H1RestatedAnnual report
「Regarding the outlook, concerns remain that a downturn in overseas economies, including the continued high level of interest rates in the United States and Europe and continued stagnation in China's real estate market, could exert downward pressure on the Japanese economy, and the situation remains uncertain.」
The continued high level of interest rates in the United States and Europe, continued stagnation in China's real estate market, and a downturn in overseas economies continue to be disclosed as factors of concern for the outlook. - FY2024-Q3WorsenedAnnual report
「Regarding the outlook, concerns remain about the impact of global monetary tightening and stagnation in China's real estate market, and the situation carries the risk of an economic downturn due to inflation and other factors.」
The external factors of concern are specifically identified as global monetary tightening, stagnation in China's real estate market, and the risk of an economic downturn due to inflation. - FY2024-Q2RestatedAnnual report
「Regarding the outlook, concerns remain about the impact of downward pressure caused by a slowdown in the recovery of overseas economies, higher costs and lower demand due to inflation, and higher labor costs resulting from labor shortages, and the situation remains uncertain.」
A slowdown in the recovery of overseas economies, inflation and labor shortages continue to be disclosed as factors of concern for the outlook. - FY2024-Q1WorsenedAnnual report
「Regarding the outlook, concerns remain about the impact of downward pressure caused by a slowdown in the recovery of overseas economies, higher costs and lower demand due to inflation, and higher labor costs resulting from labor shortages, and the situation remains uncertain.」
A slowdown in the recovery of overseas economies, higher costs and lower demand due to inflation, and higher labor costs resulting from labor shortages are specifically identified as factors of concern for the outlook. - FY2023-Q3RestatedAnnual report
「During the nine-month period ended 31 December, the Japanese economy recovered gradually, supported by increased inbound demand following the easing of border control measures for COVID-19 and a recovery in personal consumption accompanying the national travel assistance program. However, concerns remain about higher energy and resource prices following the situation in Ukraine, higher procurement prices for components and materials due to the depreciation of the yen, and a slowdown in overseas economies accompanying interest rate hikes in the United States and Europe, and the outlook remains uncertain.」
While the recovery of the domestic economy is described, the disclosure continues to indicate uncertainty about the outlook due to higher energy and resource prices, higher procurement prices caused by the depreciation of the yen, and a slowdown in overseas economies accompanying interest rate hikes in the United States and Europe. - FY2023-Q2WorsenedAnnual report
「During the six-month period ended 30 September, the Japanese economy recovered gradually as the impact of restrictions on movement to prevent the spread of COVID-19 and supply constraints caused by lockdowns in China eased. However, concerns remain about higher energy and resource prices following the situation in Ukraine, higher procurement prices for components and materials due to the depreciation of the yen, and a slowdown in overseas economies accompanying interest rate hikes in the United States and Europe, and the outlook remains uncertain.」
While supply constraints caused by lockdowns in China have eased, higher energy and resource prices, higher procurement prices for components and materials due to the depreciation of the yen, and a slowdown in overseas economies accompanying interest rate hikes in the United States and Europe are specifically identified as new external factors of concern. - FY2023-Q1WorsenedAnnual report
「Meanwhile, the outlook remains uncertain due to increasing inflationary pressure, including supply constraints caused by supply chain disruptions, higher energy and resource prices following the situation in Ukraine, and higher import prices accompanying the depreciation of the yen.」
In addition to infectious diseases, the global economy, the semiconductor shortage and geopolitical risks, the disclosure specifically identifies supply constraints in supply chains, higher energy and resource prices following the situation in Ukraine, higher import prices due to the depreciation of the yen, and increasing inflationary pressure as external environmental risks. - FY2022WorsenedAnnual report
「During the consolidated fiscal year under review, the Japanese economy continued to show signs of recovery against a backdrop of the global economic recovery, but the pace remained moderate due to the impact of priority preventive measures accompanying the resurgence of COVID-19, delivery delays for equipment and other items, including those caused by the global semiconductor shortage, and rising raw material prices. In addition, the end of the pandemic cannot be foreseen, and the outlook remains uncertain due to concerns about the increasing geopolitical risk, persistently high resource prices and other factors.」
In addition to infectious diseases, the global economy and the semiconductor shortage, the disclosure identifies increasing geopolitical risk and persistently high resource prices, broadening the factors contributing to uncertainty in the external environment. - FY2022-Q3WorsenedAnnual report
「During the nine-month period ended 31 December, the Japanese economy showed signs of a gradual recovery due to increased domestic and overseas capital investment demand and the lifting of states of emergency and other measures implemented to prevent the spread of COVID-19. However, the outlook remains uncertain because of delays in delivery of equipment and other items, including those caused by the global semiconductor shortage, and rising raw material prices, while the end of the pandemic cannot be foreseen.」
In addition to the previous uncertainty regarding infectious diseases and the global economy, the global semiconductor shortage, delivery delays for equipment and other items, and rising raw material prices are specifically identified as external environmental risks. - FY2022-Q2WorsenedAnnual report
「During the six-month period ended 30 September, the Japanese economy continued to show signs of recovery, supported by increased exports against a backdrop of the recovery in overseas economies and increased capital investment accompanying improved corporate earnings. However, it has come to a standstill due in part to the impact of the global semiconductor shortage. In addition, efforts to prevent the spread of COVID-19 and restore economic activity have continued to alternate between progress and setbacks, and the outlook remains uncertain because the end of the pandemic cannot be foreseen.」
The recovery in the economy has stalled due to the global semiconductor shortage, which is specifically identified as an external environmental risk in addition to infectious diseases and the global economy. The impact of risk factors is described as an actual economic slowdown. - FY2021ReframedAnnual report
「Declines in orders and disruptions or suspensions of business activities due to the impact of global economic trends, financial crises, wars, natural disasters, climate change, infectious disease outbreaks and other factors」
The wording has broadened from the previous focus on policy uncertainty under the U.S. administration to a wide range of external business environment risks, including the global economy, financial crises, wars, natural disasters, climate change and infectious diseases. - FY2021-Q3RestatedAnnual report
「During the nine-month period ended [the current third quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
It is stated that there have been no significant changes to existing business and other risks, including policy uncertainty under the U.S. administration. - FY2021-Q2RestatedAnnual report
「During the six-month period ended [the current second quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
It is stated that there have been no significant changes to existing business and other risks, including policy uncertainty under the U.S. administration. - FY2020-Q2RestatedAnnual report
「During the six-month period ended [the current second quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
It is stated that there have been no significant changes to existing business and other risks, including policy uncertainty under the U.S. administration. - FY2020-Q1RestatedAnnual report
「During the three-month period ended [the current first quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
It is stated that there have been no significant changes to existing business and other risks, including policy uncertainty under the U.S. administration. - FY2019ReframedAnnual report
「As uncertainty continues due to concerns about the Chinese economic slowdown, the UK's withdrawal from the EU, U.S. trade policy, fluctuations in financial and capital markets, and other factors, both private-sector companies and government agencies are increasingly focused on reducing and reviewing facility maintenance and management costs. We expect the challenging business environment to continue.」
The wording has shifted from policy uncertainty under the new U.S. administration to broader uncertainty in the external environment, including U.S. trade policy and fluctuations in financial and capital markets. - FY2019-Q3RestatedAnnual report
「During the nine-month period ended [the current third quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
It is stated that there have been no significant changes to existing business and other risks, including policy uncertainty under the U.S. administration. - FY2019-Q2RestatedAnnual report
「During the six-month period ended [the current second quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
It is stated that there have been no significant changes to existing business and other risks, including policy uncertainty under the U.S. administration. - FY2018-Q1RestatedAnnual report
「However, the outlook has become uncertain due to concerns about the impact of policy uncertainty under the U.S. administration and rising labor costs associated with labor shortages.」
Policy uncertainty under the U.S. administration continues to be disclosed as an external factor of concern. - FY2017RestatedAnnual report
「However, the outlook has become uncertain due to concerns about the impact of policy uncertainty under the new U.S. administration and other factors.」
Policy uncertainty under the new U.S. administration continues to be disclosed as an external factor of concern. - FY2017-Q3First statedAnnual report
「However, the outlook has become uncertain due to concerns about the impact of policy uncertainty under the new U.S. administration and other factors.」
Policy uncertainty under the new U.S. administration is identified for the first time as an external factor of concern that could affect business performance. It is also stated that there have been no new occurrences of, or significant changes to, business and other risks.