Overseas economic uncertainty stemming from Brexit and other factors
First written in FY2017-Q2. 12 of 32 entries say "Worsened", first in FY2017-Q3. Latest entry: 2026-07-17.
Adjuvant Holdings moved to the "Worse" side of this theme in 2017, 1 year before the typical company in this theme (2018).
The whole theme swung hardest in 2022: 18 of 21 companies on the "Worse" side.
6 other companies' latest entry also says "Restated".
- 2026-07-17RestatedEarnings
「Meanwhile, consumer sentiment remains cautious against a backdrop of rising prices, while the situation in the Middle East has also driven higher raw-material and logistics costs, and the outlook therefore remains uncertain.」
The company continues to identify uncertainty caused by rising prices, geopolitical conditions, and higher raw-material and logistics costs as risks in the operating environment. - FY2026RestatedAnnual report
「However, in addition to concerns over an economic downturn caused by US trade policy, the impact of surging raw material and energy prices and continued price increases on personal consumption has become a factor weighing on the economy, and the outlook is expected to remain uncertain.」
US trade policy, surging raw material and energy prices, and concerns that rising prices will weigh on personal consumption continue to be recognized as risks in the operating environment. - FY2026-H1Concerns that US trade policy and rising prices will weigh on personal consumptionAnnual report
「However, concerns over a recession caused by the impact of US trade policy and the impact of continued price increases on personal consumption through a deterioration in consumer sentiment and other channels have become risks weighing on Japan’s economy, and the outlook remains uncertain.」
In addition to the previously recognized geopolitical risks, inflation and yen depreciation, the statement explicitly identifies concerns over a recession caused by US trade policy and the mechanism by which rising prices weigh on consumer sentiment and personal consumption. - FY2025-H1Specific factors behind rising domestic pricesAnnual report
「Meanwhile, risks of an economic slowdown arising from global geopolitical risks and inflation continue to increase. In Japan, the outlook remains uncertain, with concerns that rising prices due to higher labor and logistics costs may affect personal consumption.」
In addition to the continuing risks of an economic slowdown arising from geopolitical risks and inflation, higher labor and logistics costs were specified domestically as factors leading to rising prices and affecting personal consumption. - FY2025-Q1WorsenedAnnual report
「Meanwhile, risks of an economic slowdown arising from global geopolitical risks and inflation continue to increase, while in Japan the adverse impact of the yen’s depreciation on the economy and concerns over rising prices mean that the outlook remains uncertain.」
While continuing to cite concerns over geopolitical risks, inflation, yen depreciation and rising prices, the statement describes the risk of an economic slowdown as “continuing to increase.” - FY2024-Q3RestatedAnnual report
「Risks of an economic slowdown arising from global geopolitical risks, inflation and monetary tightening remain high. In Japan, the operating environment remains difficult to predict, with the adverse impact of the rapid depreciation of the yen on the economy and high prices becoming sources of concern.」
Geopolitical risks, inflation-related monetary tightening, the rapid depreciation of the yen and high prices continue to be recognized as risks in the operating environment that create uncertainty about the outlook. - FY2024-Q2Explicit identification of monetary tighteningAnnual report
「Risks of an economic slowdown arising from global geopolitical risks, inflation and monetary tightening remain high. In Japan, the operating environment remains difficult to predict, with the adverse impact of the rapid depreciation of the yen on the economy and high prices becoming sources of concern.」
In addition to the previously cited geopolitical risks, inflation, yen depreciation and high prices, monetary tightening associated with inflation was explicitly identified as a specific factor behind the risk of an economic slowdown. - FY2024-Q1WorsenedAnnual report
「Risks of an economic slowdown arising from global geopolitical risks and inflation remain high. In Japan, the operating environment remains difficult to predict, with the adverse impact of the rapid depreciation of the yen on the economy and high prices becoming sources of concern.」
In addition to geopolitical risks and inflation, the adverse impact of the rapid depreciation of the yen and high prices on the domestic economy was explicitly identified as a new source of concern. - FY2023WorsenedAnnual report
「For the next fiscal year, the operating environment for salons is expected to remain challenging because the outlook is uncertain due to rising prices, volatility in the financial and capital markets, geopolitical risks and other factors.」
In addition to the previously cited geopolitical risks and other factors, rising prices and volatility in the financial and capital markets were explicitly identified as sources of uncertainty for the next fiscal year. - FY2023-Q3Update to uncertainty factorsAnnual report
「During the cumulative third quarter of the fiscal year, Japan’s economy showed signs of a gradual recovery. However, as the transition to a new phase of living with COVID-19 progressed, continued attention was required regarding domestic and overseas developments, including successive price increases for familiar goods such as food and daily necessities and global monetary tightening.」
Although the economy showed signs of recovery, price increases for familiar goods and global monetary tightening were cited as sources of uncertainty in Japan and overseas. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan’s economy showed signs of recovery as economic and social activity normalized. However, continued attention is required regarding domestic and overseas developments, including the prolonged situation in Ukraine and successive price increases for familiar goods such as food and daily necessities.」
Although economic activity showed signs of recovery as economic and social activity normalized, the prolonged situation in Ukraine and successive price increases for food, daily necessities and other goods were identified as new sources of uncertainty and concern. - FY2022WorsenedAnnual report
「In 2022, amid uncertainty caused by the implementation and extension of priority preventive measures in some prefectures and the situation in Ukraine, among other factors, personal consumption and business sentiment showed signs of stalling in their recovery. Continued attention is required regarding domestic and overseas developments arising from the spread of COVID-19 and geopolitical risks.」
In addition to the previous uncertainty surrounding the pandemic, trade and other issues, geopolitical risks such as the situation in Ukraine have been explicitly identified. - FY2022-Q2MitigatedAnnual report
「Overseas sales of ADJUVANT HONG KONG COMPANY LIMITED (consolidated subsidiary) have continued to be affected by COVID-19 but are gradually moving toward recovery.」
Although the impact of COVID-19 has continued, overseas sales at the Hong Kong subsidiary were reported to have shifted gradually from decline toward recovery. - FY2022-Q1RestatedAnnual report
「Overseas sales of ADJUVANT HONG KONG COMPANY LIMITED (consolidated subsidiary) remained at the same level as the previous year despite the continuing impact of COVID-19.」
Although the impact of COVID-19 has continued, overseas sales at the Hong Kong subsidiary were reported to be at the same level as the previous year. - FY2021-Q3MaterialisedAnnual report
「Overseas sales of ADJUVANT HONG KONG COMPANY LIMITED (consolidated subsidiary) declined due to the impact of COVID-19.」
Uncertainty in the overseas economy related to the situation in Hong Kong and COVID-19 has continued to materialize in the form of lower overseas sales at the Hong Kong subsidiary. - FY2021-Q2MaterialisedAnnual report
「Overseas sales of ADJUVANT HONG KONG COMPANY LIMITED (consolidated subsidiary) declined due to the ongoing protests in Hong Kong and the impact of COVID-19.」
Uncertainty in the overseas economy and business environment arising from the protests in Hong Kong and COVID-19 has continued to materialize in the form of lower overseas sales at the Hong Kong subsidiary. - FY2021-Q1MaterialisedAnnual report
「Overseas sales of ADJUVANT HONG KONG COMPANY LIMITED (consolidated subsidiary) declined due to the protests against proposed amendments to Hong Kong ordinances and the impact of COVID-19.」
The overseas uncertainty, including the situation in Hong Kong that had been cited previously, has materialized in the form of lower overseas sales at the Hong Kong subsidiary. - FY2020WorsenedAnnual report
「Overseas economies remain in an uncertain environment due to US-China trade issues and prolonged protests against proposed amendments to Hong Kong ordinances, among other factors, while economic activity is being constrained by the spread of COVID-19.」
In addition to the previously cited US-China trade issues and the situation in Hong Kong, the suppression of overseas economic activity caused by the spread of COVID-19 was cited as a source of uncertainty. - FY2020-Q3WorsenedAnnual report
「In overseas economies, increasing attention is required regarding geopolitical risks arising from US-China trade issues, prolonged protests against proposed amendments to Hong Kong ordinances, escalating tensions between the US and Iran, and other factors.」
Regarding uncertainty in overseas economies, prolonged protests in Hong Kong and escalating US-Iran tensions were cited as geopolitical risks in addition to US-China trade issues, and the level of caution has increased. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan’s economy remained solid, supported by firm domestic demand, including continued growth in capital investment, despite some ups and downs. However, concerns have arisen over the impact of downside risks to the economy associated with the consumption tax increase implemented in October. Overseas, attention is required regarding US sanctions tariffs on China under the US protectionist trade policy and South Korea’s boycott of Japanese products.」
In addition to the previous concerns over the consumption tax increase and trade issues, sanctions tariffs on China and South Korea’s boycott of Japanese products were cited as sources of uncertainty in overseas economies. - FY2020-Q1Concerns over the consumption tax increase and trade issuesAnnual report
「During the cumulative first quarter of the fiscal year, Japan’s economy continued to recover gradually despite ongoing weakness in exports and production, although concerns have arisen over the impact of the consumption tax increase scheduled for October this year. Meanwhile, overseas economies remain exposed to global risks arising from developments in trade issues and other factors.」
In addition to the previously cited uncertainty in overseas economies, the consumption tax increase scheduled for October of the same year and global risks arising from trade issues were cited as concerns regarding the economic environment. - FY2019RestatedAnnual report
「During the fiscal year, Japan’s economy remained on a gradual recovery path as employment and income conditions improved. Overseas, however, the outlook remained uncertain due to US-China trade friction and the UK’s withdrawal from the EU, among other factors.」
The uncertainty in overseas economies arising from US-China trade friction and the UK’s withdrawal from the EU has been reiterated. - FY2019-Q3WorsenedAnnual report
「Although the economy remained on a gradual recovery path, the outlook remains uncertain due to the impact of US-China trade friction and concerns over the US administration’s ability to function, among other factors.」
US-China trade friction, for which easing concerns had been noted in the previous quarter, was again cited as a source of uncertainty, along with concerns over the US administration’s ability to function. - FY2019-Q2Changes in uncertainty factorsAnnual report
「During the cumulative second quarter of the fiscal year, Japan’s economy remained on a gradual recovery path, supported by solid income and employment conditions. However, concerns have emerged that the economic recovery may slow as heavy rains and earthquakes have disrupted consumption and corporate activity. Overseas, although concerns over US-China trade friction have eased, the outlook remains uncertain.」
In addition to the previously cited US policy trends and trade friction, disruption to consumption and corporate activity caused by heavy rains and earthquakes was cited. Meanwhile, concerns over US-China trade friction were said to have eased, indicating a shift in the sources of uncertainty. - FY2019-Q1WorsenedAnnual report
「The economy remained on a gradual recovery trend, supported by solid income and employment conditions. However, depending on the US's hard-line trade and diplomatic policies, the economy may be affected by a contraction in global trade and volatility in financial markets, requiring close attention.」
In addition to US policy developments, the potential spillover effects of a contraction in global trade and volatility in financial markets have been specifically cited in connection with uncertainty in overseas economies. - FY2018RestatedAnnual report
「Despite US policy developments and geopolitical risks in neighboring countries, personal consumption and capital investment continued to show signs of recovery, and the economy remained on a gradual recovery trend, with employment and income conditions continuing to improve.」
Despite US policy developments and geopolitical risks in neighboring countries, the company indicates that the economy is on a gradual recovery trend. - FY2018-Q3RestatedAnnual report
「Despite geopolitical risks in neighboring countries, personal consumption and capital investment continue to show signs of recovery, and the economy remains on a gradual recovery trend.」
While geopolitical risks in neighboring countries remain, the company indicates that personal consumption and capital investment are recovering and the economy is on a gradual recovery trend. - FY2018-Q2WorsenedAnnual report
「Although personal consumption and capital investment continue to show signs of recovery and the economy remains on a gradual recovery trend, the outlook remains unclear due to US policy developments, geopolitical risks surrounding the situation on the Korean Peninsula, and other factors.」
Geopolitical risks surrounding the situation on the Korean Peninsula have been cited, in addition to US policy developments, as a factor behind uncertainty in overseas economies, broadening the range of risk factors. - FY2018-Q1RestatedAnnual report
「Although the outlook remains unclear due to the impact of US policy developments and other factors, personal consumption and capital investment continue to show signs of recovery, and the economy remains on a gradual recovery trend.」
Uncertainty about the outlook due to US policy developments and other factors continues to be cited as a premise for the overseas and domestic economies. - FY2017RestatedAnnual report
「Uncertainty in overseas economies, including the effects of Brexit and the US presidential election, remains high, and the outlook continues to be unclear.」
Uncertainty in overseas economies arising from Brexit and the US presidential election has been reiterated. - FY2017-Q3WorsenedAnnual report
「Meanwhile, uncertainty in overseas economies, including the effects of Brexit and the US presidential election, remains high, and the outlook continues to be unclear.」
The US presidential election has been cited, in addition to Brexit, as a factor behind uncertainty in overseas economies, broadening the range of risk factors. - FY2017-Q2First statedAnnual report
「Uncertainty in overseas economies, including the increasing uncertainty arising from Brexit, remains high, and the outlook continues to be unclear.」
Uncertainty in overseas economies stemming from Brexit has been cited for the first time as a factor contributing to the unclear outlook.