Increased Uncertainty in the Economic Environment Due to the Prolonged Russian Invasion of Ukraine
First written in FY2023-Q1. 7 of 11 entries say "Worsened", first in FY2023-Q2. Latest entry: 2026-08-10.
Fujikura Composites moved to the "Worse" side of this theme in 2022, 2 years before the typical company in this theme (2024).
The whole theme swung hardest in 2025: 25 of 53 companies on the "Worse" side.
31 other companies' latest entry also says "Restated".
- 2026-08-10RestatedResults
「当第１四半期連結累計期間における世界経済は、依然として沈静化の兆しが見えない地政学的リスクを背景に、各国の関税政策の影響や輸出規制なども加わり、サプライチェーンへの影響が増しております。」
地政学的リスクが沈静化せず、関税政策・輸出規制を含む影響が継続している。 - FY2026WorsenedAnnual report
「During the consolidated fiscal year, the impact on supply chains increased amid geopolitical risks that still showed no sign of abating, compounded by the effects of tariff policies in various countries and export controls.」
Geopolitical risks have not subsided, and their impact on supply chains has increased with the addition of tariff policies and export controls. - FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period, the impact on supply chains continued amid geopolitical risks that still showed no sign of abating, compounded by the effects of tariff policies in various countries.」
The company states that geopolitical risks have not subsided and that their impact on supply chains, together with tariff policies, continues. - FY2025WorsenedAnnual report
「During the consolidated fiscal year, concerns increased that, in addition to geopolitical risks such as conflicts in the Middle East, tariff policies in various countries would have a significant impact on global supply chains.」
In addition to the invasion of Ukraine and other factors, tariff policies adopted by various countries were added as a factor affecting global supply chains. - FY2025-H1WorsenedAnnual report
「During the interim consolidated accounting period, the global economy was moving toward normalized and more active economic activity, but Russia's invasion of Ukraine, conflicts in the Middle East, shifts in international politics, and abnormal weather caused by global warming affected global supply chains.」
In addition to the invasion of Ukraine and fighting in the Middle East, changes in international politics and extreme weather caused by global warming were identified as factors affecting global supply chains. - FY2024RestatedAnnual report
「During the consolidated fiscal year, the global economy saw increased economic activity and was returning to its pre-pandemic state, but geopolitical risks, including Russia's invasion of Ukraine and conflicts in the Middle East, continued to pose a threat to global supply chains.」
The company continued to explain that geopolitical risks, including the fighting in the Middle East in addition to the invasion of Ukraine, pose a threat to supply chains. - FY2024-Q3WorsenedAnnual report
「During the cumulative nine-month period of the current third quarter, the global economy saw increased economic activity, but geopolitical risks, including Russia's invasion of Ukraine and conflicts in the Middle East, posed a threat to global supply chains.」
As Russia's invasion of Ukraine continued and fighting in the Middle East was added, geopolitical risk was identified as a threat to global supply chains. - FY2024-Q2WorsenedAnnual report
「During the cumulative second-quarter period, the global economy continued to see more vigorous economic activity, but uncertainty increased as Russia's invasion of Ukraine showed no signs of ending and a new source of tension emerged in the Middle East.」
The company states that, while economic activity became more vigorous, the prolonged Russian invasion of Ukraine and a new source of tension in the Middle East added to the factors creating uncertainty, increasing the sense of uncertainty. - FY2023-Q3WorsenedAnnual report
「During the nine-month period of the third quarter of the fiscal year, the global economy gradually showed signs of normalisation and revitalisation of economic activity. However, the uncertain outlook remains unchanged due to lost opportunities resulting from labour shortages, higher raw material costs caused by Russia's invasion of Ukraine, which shows no sign of ending, disruption in the Chinese market as infections increased following the lifting of the zero-COVID policy, and rising prices in Japan resulting from the yen's depreciation.」
Russia's invasion of Ukraine showed no signs of ending, and higher raw material costs and uncertainty about the outlook continued. - FY2023-Q2WorsenedAnnual report
「During the nine-month period of the second quarter of the fiscal year, the Japanese economy showed signs of normalisation and revitalisation of economic activity as restrictions were eased through the resumption of accepting foreign tourists and travel support measures. However, the outlook remains uncertain due to rising prices resulting from the yen's depreciation, higher raw material costs caused by Russia's prolonged invasion of Ukraine, and the cooling of the Chinese market as the zero-COVID policy continued.」
The prolonged Russian invasion of Ukraine continued to contribute to higher raw material costs and an uncertain outlook. - FY2023-Q1First statedAnnual report
「Although Japan's economy during the cumulative first-quarter period showed signs of a return to normal economic activity, the outlook remained uncertain due to rising raw material prices and concerns that Russia's invasion of Ukraine would be prolonged.」
The company identified concerns over a prolonged Russian invasion of Ukraine for the first time as an explicitly stated factor contributing to uncertainty in the outlook, alongside rising raw material prices.