Downside risks to earnings from a stronger yen and a slowdown in the global economy
First written in FY2017-Q1. 16 of 34 entries say "Worsened", first in FY2018-Q2. Latest entry: 2026-10-30.
Ryoyu Systems moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 129 of 169 companies on the "Worse" side.
26 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a gradual recovery path, supported by improvements in employment and income conditions and the effects of various policies. Meanwhile, the outlook for economic activity remained uncertain owing to developments in U.S. trade policy, soaring resource and energy prices, and fluctuations in the foreign exchange market.」
The external risk factors have been recast from the previous focus on Western interest rates and the Chinese economy to US trade policy, resource and energy prices, and volatility in the foreign exchange market. - FY2026-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's economy continued to show signs of a gradual recovery, supported by improvements in employment and income conditions and the effects of various policies. Meanwhile, the outlook for economic activity remained uncertain owing to the impact of U.S. trade policy on the automotive and other industries, soaring resource and energy prices, and rising interest rates and prices.」
While indicating a recovery in economic activity, identifies, in addition to concerns about interest-rate levels in the United States and Europe and the Chinese economy, the impact of U.S. trade policy on the automotive and other industries, resource and energy prices, and rising interest rates and prices as factors contributing to uncertainty. - FY2025-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's economy continued to show signs of a gradual recovery, supported by improvements in employment and income conditions and the effects of various policies. However, downside risks in overseas economies, including the continued high interest-rate environment in the United States and Europe and concerns about the outlook for the Chinese economy, continued to pose risks of weighing on Japan's economy, and the outlook remained uncertain.」
While indicating a recovery in economic activity, describes the previous reference to global monetary tightening as downside risks in overseas economies arising from continued high interest rates in the United States and Europe and concerns about the outlook for the Chinese economy. - FY2024WorsenedAnnual report
「During the consolidated fiscal year, Japan's economy continued to show signs of a gradual recovery, supported by improvements in employment and income conditions and the effects of various policies, despite concerns about global monetary tightening, uncertainty about the outlook for the Chinese economy, and rising tensions in the Middle East.」
While indicating a recovery in economic activity, explicitly identifies rising tensions in the Middle East, in addition to global monetary tightening and uncertainty about the outlook for the Chinese economy, as factors of concern. - FY2024-Q3RestatedAnnual report
「During the cumulative third-quarter period, Japan's economy showed signs of a gradual recovery, supported by improvements in employment and income conditions and the effects of various policies. However, downside risks in overseas economies, including the impact of global monetary tightening and concerns about the outlook for the Chinese economy, posed risks of weighing on Japan's economy, and the outlook remained uncertain.」
While indicating a recovery in economic activity, continues to identify downside risks in overseas economies arising from global monetary tightening and concerns about the outlook for the Chinese economy. - FY2024-Q2WorsenedAnnual report
「During the cumulative second-quarter period, Japan's economy showed signs of a gradual recovery, supported by improvements in employment and income conditions and the effects of various policies. However, downside risks in overseas economies, including the impact of global monetary tightening and concerns about the outlook for the Chinese economy, posed risks of weighing on Japan's economy, and the outlook remained uncertain.」
While indicating a recovery in economic activity, explicitly identifies global monetary tightening, concerns about the outlook for the Chinese economy, and downside risks in overseas economies as risks that could weigh on Japan's economy. - FY2024-Q1ReframedAnnual report
「In the information services industry in which our group operates, corporate IT investment, including investment related to digital transformation (DX), remains solid, while information security is becoming increasingly important against the backdrop of the establishment of remote work and the expansion of cloud services.」
While indicating the normalization of socioeconomic activity following the reclassification of COVID-19, identifies rising energy and raw material prices and downside risks to overseas economies from global monetary tightening as external factors contributing to uncertainty. The risk factors have been reorganized from the previous focus on the pandemic, the situation in Ukraine, and yen depreciation. - FY2023-Q3WorsenedAnnual report
「During the cumulative third-quarter period, Japan's economy showed signs of recovery under the government's various policies and a post-pandemic environment. However, the outlook for economic activity remained uncertain owing to concerns about a renewed spread of COVID-19 and rising energy and raw material prices against the backdrop of the situation in Ukraine and the yen's depreciation.」
While indicating a recovery in economic activity, explicitly identifies concerns about a renewed spread of COVID-19 and rising energy and raw material prices against the backdrop of the situation in Ukraine and yen depreciation as factors contributing to uncertainty about the outlook. - FY2023-Q2WorsenedAnnual report
「During the cumulative second-quarter period, Japan's economy showed signs of recovery as it gradually emerged from the impact of COVID-19 and economic activity moved toward normalization. However, the outlook for economic activity remained uncertain owing to soaring crude oil and raw material prices stemming from the situation in Ukraine and rapid yen depreciation caused by U.S. monetary tightening.」
While indicating normalization from the impact of COVID-19, identifies soaring crude oil and raw material prices resulting from the situation in Ukraine and rapid yen depreciation caused by U.S. monetary tightening as new factors contributing to uncertainty. - FY2023-Q1WorsenedAnnual report
「During the cumulative first-quarter period, Japan's economy showed signs of recovery as restrictions on social activity were gradually eased, although the impact of COVID-19 remained. However, the outlook for economic activity remained uncertain owing to concerns about rising prices resulting from the prolonged situation in Ukraine and the yen's depreciation.」
Explicitly identifies the prolonged situation in Ukraine and concerns about rising prices resulting from the yen's depreciation as new factors contributing to uncertainty, while the impact of the pandemic remains. - FY2022-Q3WorsenedAnnual report
「During the cumulative third-quarter period, Japan's economy remained in difficult conditions as the impact of COVID-19 continued. Although economic activity showed signs of a gradual recovery owing to progress in vaccinations and the effects of various policies, the end of the pandemic remained unforeseeable as the virus continued to mutate and infections repeatedly spread, and the outlook for economic activity remained uncertain.」
Describes the recovery in economic activity owing to vaccinations and the effects of policies, while explicitly noting the virus's continued mutation, repeated spread of infections, and the lack of visibility on the end of the pandemic, and states that uncertainty about the outlook for economic activity persists. - FY2022-Q2ReframedAnnual report
「During the second quarter, Japan's economy remained in difficult conditions as the impact of COVID-19 continued. Although the government's state of emergency and priority preventive measures were lifted and the number of new infections had recently declined, the end of the pandemic remained unforeseeable and the outlook for economic activity remained uncertain.」
Maintains its description of difficult economic conditions and uncertainty about the outlook owing to the prolonged impact of the pandemic, while adding the lifting of the state of emergency and other measures and the decline in new infections as new developments. - FY2022-Q1WorsenedAnnual report
「During the first quarter, Japan's economy remained in difficult conditions as the impact of COVID-19 continued. Although vaccinations against COVID-19 were progressing, concerns remained about the spread of new variants, and the end of the pandemic remained unforeseeable, leaving the outlook for economic activity uncertain.」
States that, in addition to the prolonged impact of the pandemic, concerns about the spread of new variants and the lack of visibility on the end of the pandemic have left uncertainty about the outlook for economic activity. - FY2021-Q3WorsenedAnnual report
「During the third quarter, Japan's economy faced extremely severe conditions as corporate performance deteriorated significantly owing to the prolonged impact of the spread of COVID-19. Infections had recently begun to increase again, and the state of emergency was reimposed in some areas, including the Tokyo metropolitan area. As the end of the pandemic remained unforeseeable, the outlook for economic activity remained uncertain.」
States that the impact of COVID-19 was prolonged and corporate performance deteriorated significantly, while also identifying the renewed increase in infections, the reimposition of the state of emergency, and the lack of visibility on the end of the pandemic. The risk has materialized as an actual deterioration in corporate performance. - FY2021-Q2WorsenedAnnual report
「During the second quarter, Japan's economy faced extremely severe conditions as corporate performance deteriorated significantly owing to the prolonged impact of the spread of COVID-19. Although socioeconomic activity was gradually resuming after the state of emergency was lifted, the end of the pandemic remained unforeseeable and the outlook for economic activity remained uncertain.」
Describes the extremely severe economic conditions caused by the prolonged impact of the spread of COVID-19 and the continuing uncertainty about the outlook for economic activity because the end of the pandemic remains unforeseeable. - FY2021-Q1WorsenedAnnual report
「During the first quarter, Japan's economy faced extremely severe conditions as corporate performance deteriorated significantly owing to the spread of COVID-19. Although the government's state of emergency was lifted and socioeconomic activity was gradually resuming, the end of the pandemic remained unforeseeable, with infections trending upward, and the outlook for economic activity remained uncertain.」
States that corporate performance deteriorated significantly owing to the spread of COVID-19 and that uncertainty about the outlook for economic activity persists because infections are trending upward and the end of the pandemic remains unforeseeable. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a gradual recovery path, supported by improvements in employment conditions, but conditions became extremely severe toward the end of the fiscal year owing to the impact of the COVID-19 pandemic and other factors. Meanwhile, in the global economy, various economic indicators began to show recessionary conditions owing to U.S.-China trade friction, the UK's departure from the EU, and the spread of COVID-19, and the outlook remained uncertain.」
In addition to the existing U.S.-China trade friction and the UK's departure from the EU, explicitly identifies the impact and spread of COVID-19 and the economic recession, indicating heightened uncertainty in the economic environment. - FY2020-Q3RestatedAnnual report
「Meanwhile, uncertainty remains high in the global economy owing to developments in U.S. trade policy, the outlook for the Chinese economy, and the situation in the Middle East, and the outlook for economic activity remains uncertain.」
Continues to identify uncertainty in the global economy and about the outlook for economic activity arising from U.S. trade policy, the outlook for the Chinese economy, and the situation in the Middle East. - FY2020-Q2ReframedAnnual report
「During the second quarter, Japan's economy remained on a gradual recovery path overall, with corporate earnings remaining solid and employment conditions continuing to improve, although weakness was seen mainly in external demand. Meanwhile, uncertainty in the global economy increased owing to developments in U.S. trade policy, a slowdown in the Chinese economy, and rising tensions in the Middle East, and the outlook for economic activity remained uncertain.」
Continues to indicate uncertainty in the global economy and about the outlook for economic activity, while revising the risk factors from the UK's departure from the EU and other factors to U.S. trade policy, the slowdown in the Chinese economy, and the situation in the Middle East. - FY2020-Q1WorsenedAnnual report
「During the first quarter, Japan's economy remained generally resilient, supported by corporate capital investment and improvements in employment conditions. Meanwhile, uncertainty in the global economy increased owing to the continuing U.S.-China trade friction and the UK's departure from the EU, as well as rising tensions in the Middle East, and the outlook for economic activity remained uncertain.」
Explicitly identifies rising tensions in the Middle East, in addition to U.S.-China trade friction and the UK's departure from the EU, and explains that uncertainty in the global economy is increasing. - FY2019RestatedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a gradual recovery path overall as solid corporate earnings and improvements in employment and income conditions continued. Meanwhile, uncertainty in the global economy increased as the impact of U.S.-China trade friction began to emerge and signs of slowing economic growth intensified in Europe and emerging markets. The outlook for economic activity remained uncertain.」
Continues to identify the emergence of the impact of U.S.-China trade friction, signs of slowing growth in Europe and emerging markets, and uncertainty in the global economy as risks to the outlook. - FY2019-Q3WorsenedAnnual report
「Meanwhile, uncertainty in the global economy has increased as the impact of U.S.-China trade friction has begun to emerge and concerns about slower economic growth have intensified in the euro area and emerging markets. The outlook for economic activity remains uncertain.」
States that, in addition to the existing uncertainty in the global economy, the impact of U.S.-China trade friction has begun to emerge and concerns about slower economic growth in the euro area and emerging markets have intensified. - FY2019-Q2WorsenedAnnual report
「During the second quarter, Japan's economy remained on a gradual recovery path overall, supported by solid corporate performance and improvements in employment and income conditions. Meanwhile, uncertainty in the global economy increased owing to the United States' protectionist trade policies and the risk of a slowdown in China and emerging-market economies, and the outlook for economic activity remained uncertain.」
Explicitly identifies the risk of a slowdown in China and emerging-market economies, in addition to the United States' protectionist trade policies, and explains that uncertainty in the global economy is increasing. - FY2019-Q1WorsenedAnnual report
「During the first quarter, Japan's economy remained on a gradual recovery path overall, supported by improvements in corporate earnings and employment and income conditions, although the outlook was uncertain owing to the United States' protectionist trade policies and rising geopolitical risks in regions including the Middle East and East Asia.」
Explicitly identifies, in addition to previous U.S. policymaking and risks in East Asia, the United States' protectionist trade policies and rising geopolitical risks, including in the Middle East, as factors contributing to uncertainty about the outlook. - FY2018RestatedAnnual report
「Meanwhile, the outlook remains uncertain owing to the impact of unstable U.S. policymaking and geopolitical risks in East Asia.」
Continues to identify uncertainty about the outlook arising from U.S. policymaking and geopolitical risks in East Asia. - FY2018-Q3RestatedAnnual report
「During the third quarter, Japan's economy continued to grow gradually, supported by improvements in corporate earnings, favorable employment conditions, and a recovery in personal consumption, although uncertainty about the outlook persisted owing to changes in the political situations of the United States and European countries and rising geopolitical risks in East Asia.」
Continues to identify uncertainty about the outlook arising from changes in the political situations of the United States and Europe and geopolitical risks in East Asia. - FY2018-Q2WorsenedAnnual report
「During the second quarter, Japan's economy continued to grow gradually, supported by improvements in corporate earnings and employment conditions and resilient personal consumption, although uncertainty about the outlook persisted owing to changes in the political situations of the United States and European countries and rising geopolitical risks in East Asia.」
Explicitly identifies, in addition to the political situations in the United States and Europe, rising geopolitical risks in East Asia as a factor contributing to uncertainty about the outlook. - FY2018-Q1RestatedAnnual report
「During the first quarter, Japan's economy remained on a gradual recovery path, supported by improvements in corporate earnings and employment conditions and resilient personal consumption, although uncertainty about the outlook persisted owing to changes in the political situations of the United States and European countries and trends in monetary policy.」
Continues to identify changes in the political situations of the United States and European countries and monetary policy trends as external risks contributing to uncertainty about the outlook. - FY2017RestatedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a gradual recovery path, supported by improvements in corporate earnings and employment conditions and resilient personal consumption, although uncertainty about the outlook persisted owing to the UK's departure from the EU and concerns about various measures by the new U.S. administration.」
Continues to identify uncertainty about the outlook arising from the UK's departure from the EU and concerns about measures by the new U.S. administration. - FY2017-Q3RestatedAnnual report
「During the third quarter, Japan's economy remained firm and showed a gradual recovery, supported by favorable employment and income conditions. However, the outlook remained uncertain owing to the UK's departure from the EU and concerns about various policies of the new U.S. administration.」
Continues to identify the UK's departure from the EU and concerns about policies of the new U.S. administration as factors contributing to uncertainty in the outlook. - FY2017-Q2RestatedAnnual report
「During the second quarter, Japan's economy remained stagnant owing to sluggish corporate earnings, weak personal consumption, and stagnant economies in China and emerging markets. The outlook has also become more uncertain, with downside risks from concerns about the global economy, particularly the European economy, following the UK's departure from the EU, as well as unstable trends in the Japanese and U.S. financial markets.」
Continues to identify sluggish corporate earnings, weak personal consumption, stagnant economies in China and emerging markets, the UK's departure from the EU, and unstable trends in the Japanese and U.S. financial markets as downside risks to the outlook. - FY2017-Q1First statedAnnual report
「During the first quarter, Japan's economy remained stagnant, owing to weak personal consumption and sluggish economies in China and emerging markets. The outlook has also become more uncertain, with downside risks from sluggish corporate earnings growth due to the yen's appreciation and the impact on the global economy, particularly the European economy, stemming from the UK's departure from the EU.」
For the first time, weak personal consumption, stagnant economies in China and emerging markets, yen appreciation, and the impact on the global economy stemming from the UK's departure from the EU were identified as downside risks to the outlook.