Inflationary Pressure from Surging Raw-Material and Energy Prices and Rapid Yen Depreciation
First written in FY2023-Q3. 6 of 10 entries say "Restated". Latest entry: FY2026.
Rebase moved to the "Worse" side of this theme in 2024, 1 year after the typical company in this theme (2023).
The whole theme swung hardest in 2025: 14 of 20 companies on the "Worse" side.
13 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「In addition, heightened geopolitical risks, including uncertainty over US policy developments and tariffs and heightened tensions in the Middle East, continue to make the impact on Japan's economy difficult to forecast.」
Continues to identify uncertainty over US policy, tariffs and the Middle East as external risks affecting the economic outlook. - 2026-05-14RestatedEarnings
「In addition, heightened geopolitical risks, including uncertainty over US policy developments and tariffs and heightened tensions in the Middle East, continue to make the impact on Japan's economy difficult to forecast.」
The company reaffirmed the uncertainty surrounding the economic outlook arising from US policy developments and the situation in the Middle East. - FY2026-H1RestatedAnnual report
「Meanwhile, continued uncertainty over US policy developments, including tariffs, and heightened tensions in the Middle East make the impact on Japan's economy difficult to forecast.」
Continues to cite US policy developments, including tariffs, and Middle East tensions as external risks affecting the economic outlook. - FY2025WorsenedAnnual report
「Meanwhile, the impact of policy developments by the new US administration, including tariffs, and concerns about the outlook for China's economy remain difficult to assess in forecasting Japan's economy.」
Adds US tariff policy and concerns about China's economic outlook as new sources of uncertainty, alongside foreign exchange and price uncertainty. - FY2025-H1RestatedAnnual report
「Meanwhile, continued sharp fluctuations in foreign exchange rates and share prices make future developments and impacts difficult to forecast.」
Continues to describe uncertainty caused by movements in foreign exchange rates and share prices. - FY2024-Q3WorsenedAnnual report
「Meanwhile, in addition to the prolonged Russian invasion of Ukraine, the situation remains difficult to forecast in terms of future developments and impacts because of heightened tensions in the Middle East, surging raw-material prices and yen depreciation. A downturn in overseas economies poses a downside risk to Japan's economy.」
Adds heightened tensions in the Middle East to the existing risks and cites a downturn in overseas economies as a downside risk. - FY2024-Q2RestatedAnnual report
「The situation remains difficult to forecast in terms of future developments and impacts, including the prolonged situation in Ukraine, US-China trade friction, surging raw-material prices and yen depreciation, and a downturn in overseas economies poses a downside risk to Japan's economy.」
Continues to describe uncertainty in the external environment and downside risks from Ukraine, US-China trade friction, raw-material prices and yen depreciation. - FY2024-Q1WorsenedAnnual report
「The situation remains difficult to forecast in terms of future developments and impacts, including the prolonged situation in Ukraine, US-China trade friction, the global semiconductor shortage, surging raw-material prices, sharp fluctuations in crude oil prices and further yen depreciation.」
Broadens the description of external uncertainty to include US-China trade friction, semiconductor shortages and crude-oil price volatility in addition to Ukraine, raw-material prices and yen depreciation. - FY2023RestatedAnnual report
「Although downward pressure was seen from broad-based price increases, including higher energy and raw-material prices resulting from the situation involving Russia and Ukraine」
Continues to identify higher energy and raw-material prices and inflation as external-environment risks. - FY2023-Q3First statedAnnual report
「As inflationary pressure intensified due to surging raw-material and energy prices associated with the increasingly tense situation between Russia and Ukraine, as well as the yen's rapid depreciation」
Identifies surging raw-material and energy prices, yen depreciation and inflationary pressure as external factors.