Policy Changes in Europe, the United States and Emerging Markets and Geopolitical Risks
First written in FY2017. 10 of 13 entries say "Worsened", first in FY2018. Latest entry: FY2026.
FUJIFILM Holdings moved to the "Worse" side of this theme in 2018, 2 years before the typical company in this theme (2020).
The whole theme swung hardest in 2022: 104 of 134 companies on the "Worse" side.
75 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「In fiscal 2026, the global economy remains highly uncertain due to geopolitical factors including the Russia-Ukraine situation, the Israel-Palestine situation, and concerns over the prolonged turmoil in Iran, as well as volatility in energy markets, changes in social structures accompanying the rapid development of artificial intelligence (AI), and stronger resource security measures concerning rare resources such as rare earths amid protectionist trade policies in various countries.」
Newly added to geopolitical and economic environment risks are the situation in Iran, AI-driven changes in social structures, protectionist trade policies, and resource security concerning scarce resources. - 2026-05-12WorsenedEarnings
「Uncertainty remains elevated due to geopolitical factors, including the situations in Russia and Ukraine and Israel and Palestine, as well as concerns over the prolonged turmoil in Iran; volatility in energy markets; changes in social structures accompanying the rapid development of artificial intelligence (AI); the protectionist trade policies of various countries; and strengthened resource security measures concerning scarce resources such as rare earths.」
The disclosure lists external-environment risks including geopolitics, energy, social structural changes driven by AI, protectionist trade policies and resource security. - FY2025WorsenedAnnual report
「In particular, the risk of a global recession is rising due to retaliatory measures by various countries in response to the sharp increase in tariffs imposed by the United States, the resulting supply chain disruptions, companies' curtailment of investment as uncertainty increases, and deterioration in previously solid business sentiment in the United States.」
In addition to conventional geopolitical and economic slowdown risks, the company newly identifies higher US tariffs, retaliatory measures, supply chain disruptions, and curtailed investment, expanding the scope of external-environment risks. - FY2024WorsenedAnnual report
「Meanwhile, there are concerns over the risk of a global economic slowdown due to the prolonged Russia-Ukraine situation, escalating tensions in the Middle East triggered by the Israel-Gaza conflict, stagnation in China's economy, and continued monetary tightening against a backdrop of inflation.」
The company newly identifies the Israel-Gaza conflict, tensions in the Middle East, stagnation in China's economy, and continued monetary tightening, broadening the scope of geopolitical and economic risks. - FY2023WorsenedAnnual report
「Meanwhile, concerns remain over a slowdown in the global economy due to high inflation and financial instability caused by monetary tightening, geopolitical fragmentation resulting from the Russia-Ukraine situation and US-China tensions, and supply chain disruptions.」
The company continues to identify and specify concerns over external-environment risks, including high inflation, financial instability, geopolitical fragmentation, supply chain disruptions, and a slowdown in the global economy. - FY2023-Q3WorsenedAnnual report
「In the Recording Media segment, demand for data archiving tape stagnated and revenue declined as major IT companies restrained investment in data center construction amid emerging risks of a global economic slowdown.」
For external-environment risks, the global recession risk has materialized as lower tape demand and sales through reduced data-center investment by major IT companies. - FY2023-Q1WorsenedAnnual report
「Operating income was ¥49,550 million, down 12.0% year on year, due to a decline in demand related to COVID-19 from the previous year and the impact of higher materials and energy costs, among other factors.」
In addition to the reversal of COVID-19-related demand, higher materials and energy costs have resulted in a year-on-year decline in company-wide operating income. - FY2022WorsenedAnnual report
「The global economy faces concerns over worldwide stagflation due to semiconductor shortages, disruptions in international logistics, higher prices for energy such as crude oil and natural gas resulting from the situation between Russia and Ukraine, higher prices for materials including aluminum, and supply chain disruptions.」
In addition to conventional geopolitical, policy, and emerging-market risks, the company now identifies the Russia-Ukraine situation, higher energy and materials prices, supply chain disruptions, and concerns over stagflation. - FY2020-Q3WorsenedAnnual report
「In the Inkjet business, sales declined as sales of industrial inkjet heads were affected by lower demand resulting from the slowdown in China's economy and other factors.」
The impact of China's economic slowdown has spread from Optical Devices to industrial inkjet, emerging as lower demand and lower sales. - FY2020-Q1MaterialisedAnnual report
「In the Optical Devices field, sales declined mainly due to lower demand for industrial lenses, including automotive lenses, as a result of the slowdown in China's economy.」
The slowdown in China's economy, previously identified as an external-environment risk through trends in emerging-market economies including China, has materialized as lower demand for automotive lenses and other products and lower sales. - FY2019Added the risk of a domestic consumption tax increase.Annual report
「In fiscal 2019, unstable and unpredictable conditions are expected to continue, including US-China trade friction, the UK's withdrawal from the EU and immigration issues in Europe, trends in emerging-market economies including China, geopolitical risks such as the situations in North Korea and Syria, and front-loaded demand and its subsequent reversal due to the consumption tax increase in Japan.」
In addition to conventional overseas policy, trade, and geopolitical risks, the company identifies front-loaded demand and its subsequent reversal due to Japan's consumption tax increase as external-environment risks for fiscal 2019. - FY2018WorsenedAnnual report
「In fiscal 2018, unstable and unpredictable conditions are expected to continue, including trade friction between the United States and China, the UK's withdrawal from the EU and immigration issues in Europe, trends in emerging-market economies including China, and geopolitical risks such as the situations in North Korea and Syria.」
In addition to the UK's withdrawal from the EU, US policy, and emerging-market economies, the company identifies US-China trade friction and the situations in North Korea and Syria, broadening the scope of external-environment risks. - FY2017First statedAnnual report
「Unstable and unpredictable conditions continued, including the European market, which faces numerous issues such as the UK's withdrawal from the EU and immigration, the US market, where attention must be paid to the new administration's future policies and their impact, and trends in emerging-market economies including China, as well as geopolitical risks.」
In addition to conventional foreign-exchange and economic risks, the company separately identifies the UK's withdrawal from the EU, the new US administration, emerging markets such as China, and geopolitical risks.