Delayed Recovery Due to the Situation in Ukraine, Yen Depreciation, Surging Resource Prices and Supply Chain Disruptions
First written in FY2022. 8 of 13 entries say "Reframed", first in FY2023-Q2. Latest entry: FY2026.
Nichia Steel Works moved to the "Worse" side of this theme in 2025, 3 years after the typical company in this theme (2022).
The whole theme swung hardest in 2020: 23 of 34 companies on the "Worse" side.
13 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「Amid continued uncertainty over the tariffs and trade policies of the U.S. Trump administration, uncertainty and unpredictability about the outlook deepened further due to the impact of China’s economic slowdown, the emergence of geopolitical risks such as the situation in the Middle East, and the resulting yen depreciation」
In addition to the conventional factors of geopolitical risks, economic conditions in China, Europe and the United States, and foreign exchange rates, the situation in the Middle East, yen depreciation and the impact of tariffs and trade policies were classified as combined factors. - FY2026-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's economy remained uncertain as geopolitical risks, economic conditions in Europe, the United States and China, the tariffs and trade policies of the Trump administration in the United States, foreign exchange rates and other factors combined to affect the economy.」
In addition to the conventional factors of geopolitical risks, economic conditions in Europe, the United States and China, and foreign exchange rates, tariffs and trade policies under the U.S. Trump administration were explicitly stated. - FY2025ReframedAnnual report
「During the current consolidated fiscal year, Japan’s economy remained uncertain due to the combination of factors including geopolitical risks, economic trends in Europe, the United States and China, and foreign exchange rates.」
The explanation has been updated from the previous list of the situation in Ukraine, resource prices and supply chain disruptions to the fiscal-year framework of geopolitical risks, economic conditions in Europe, the United States and China, and foreign exchange rates. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period, Japan's economy remained uncertain as geopolitical risks, economic conditions in China, Europe and the United States, foreign exchange rates and other factors combined to affect the economy.」
Uncertainty about the outlook due to geopolitical risks, economic conditions in China, Europe and the United States, and foreign exchange rates has continued from the end of the previous fiscal year and the previous interim period. - FY2024ReframedAnnual report
「Japan's economy is expected to continue recovering gradually, but the outlook is expected to remain uncertain due to geopolitical risks, economic conditions in China, Europe and the United States, foreign exchange rates and other factors.」
The explanation has been updated from a list of individual factors such as the situation in Ukraine and supply chain disruptions to the fiscal-year framework of uncertainty arising from geopolitical risks, economic trends in China, Europe and the United States, and foreign exchange rates. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy continued to recover gradually, but the outlook remained uncertain as geopolitical risks, China's economic slowdown, the effects of interest rate increases in Europe and the United States, foreign exchange rates and other factors combined to affect the economy.」
While maintaining the view that the economy is recovering gradually, geopolitical risks, China’s economy, interest rate hikes in Europe and the United States, and foreign exchange rates continue to be cited as combined factors causing uncertainty. - FY2024-Q2RestatedAnnual report
「Although Japan’s economy was recovering gradually during the cumulative second quarter of the current consolidated fiscal year, uncertainty about the outlook persisted due to the combination of factors including geopolitical risks, an economic slowdown in China, the impact of interest rate hikes in Europe and the United States, and foreign exchange rates.」
While maintaining the view that the economy is recovering gradually, uncertainty about the outlook arising from geopolitical risks, China’s economic slowdown, the impact of interest rate hikes in Europe and the United States, and foreign exchange rates is described, as in the previous quarter. - FY2024-Q1ReframedAnnual report
「Although Japan’s economy was recovering gradually during the cumulative first quarter of the current consolidated fiscal year, uncertainty about the outlook persisted due to the combination of factors including geopolitical risks, an economic slowdown in China, the impact of interest rate hikes in Europe and the United States, domestic and international supply chain disruptions, and foreign exchange rates.」
While maintaining the view that the economy is recovering gradually, the document explicitly identifies China’s economic slowdown and the impact of interest rate hikes in Europe and the United States, and classifies them together with geopolitical risks, supply chain disruptions and foreign exchange rates as combined factors causing uncertainty. - FY2023ReframedAnnual report
「Although Japan’s economy is recovering gradually, the outlook remains uncertain due to factors including geopolitical risks, economic trends in China, Europe and the United States, domestic and international supply chain disruptions, and foreign exchange rates.」
The business environment for the fiscal year has been revised from the individual factors cited in the previous quarter, such as declining real estate investment in China and interest rate hikes in Europe and the United States, to a framework comprising geopolitical risks, economic trends in China, Europe and the United States, supply chains and foreign exchange rates. - FY2023-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy remained uncertain as a combination of factors, including higher prices for imported resources and raw materials due to geopolitical risks and other factors, supply chain disruptions in Japan and overseas, an economic slowdown caused by declining real estate investment in China, and the risk of recession associated with interest rate increases in Europe and the United States, continued to affect the economy.」
In place of the conventional list of combined factors arising from the situation in Ukraine and other developments, the document explicitly identifies recession risks associated with geopolitical risks, declining real estate investment in China, and interest rate hikes in Europe and the United States. - FY2023-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy remained uncertain as a combination of factors, including higher prices for imported resources and raw materials, including the effects of the situation in Ukraine and the yen's depreciation, supply chain disruptions in Japan and overseas, and concerns over economic slowdowns in Europe, the United States and China, continued to affect the economy.」
In addition to the situation in Ukraine, yen depreciation, soaring resource and raw material prices, and supply chain disruptions, which had been cited since the end of the previous fiscal year, concerns over economic slowdowns in Europe, the United States and China were explicitly stated. - FY2023-Q1RestatedAnnual report
「The sluggishness of personal consumption amid the COVID-19 pandemic, higher prices for imported resources and raw materials, including the effects of the situation in Ukraine and the yen's depreciation, and supply chain disruptions in Japan and overseas have combined to leave the economy expected to require a considerable period of time to achieve a full recovery.」
The risk recognition that the situation in Ukraine, yen depreciation, soaring resource and raw material prices, and supply chain disruptions would delay economic recovery is described, as at the end of the previous fiscal year. - FY2022First statedAnnual report
「Japan's economy is expected to require a considerable period of time to achieve a full recovery, as the sluggishness of personal consumption amid the COVID-19 pandemic, higher prices for imported resources and raw materials, including the effects of the situation in Ukraine and the yen's depreciation, and supply chain disruptions in Japan and overseas have combined to weigh on the economy.」
In addition to conventional factors such as infectious diseases and sluggish demand, the situation in Ukraine, yen depreciation, soaring resource and raw material prices, and domestic and international supply chain disruptions were identified separately for the first time as combined external factors delaying economic recovery.