Changes in the economic environment and demand sectors
First written in FY2017. 15 of 30 entries say "Worsened", first in FY2019-Q1. Latest entry: FY2026.
Ck San-Etsu moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 24 of 35 companies on the "Worse" side.
11 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「The global economy during the consolidated fiscal year was thrown into turmoil as the United States advocated an “America First” policy and forcefully pursued protectionist trade policies. In addition, the United States and Israel attacked Iran on 28 February 2026, and the Strait of Hormuz was blockaded.」
In addition to the disruption to the global economy caused by protectionist trade policies, the situation in the Middle East and the blockade of the Strait of Hormuz were identified as new sources of uncertainty in the economic and supply environment. - FY2026-H1WorsenedAnnual report
「During the current interim consolidated accounting period, the United States shifted toward protectionist trade policies, causing disruption to trade and investment in various countries. Demand for EVs also slowed. In Japan, consumer prices rose, including because rice prices remained high. In the construction industry, project starts were postponed and construction schedules delayed due to labor shortages and surging material costs.」
US protectionist trade policies, slowing EV demand, rising consumer prices, and postponed and delayed construction work due to labor shortages and surging material costs were described as the operating environment. - FY2025Annual update of the economic environmentAnnual report
「During the current consolidated fiscal year, inbound demand from foreign tourists recovered because the yen was weak, but consumer prices rose as import prices for food and raw materials increased. Wages also rose as competition for recruitment intensified.」
While the recovery in inbound demand due to yen depreciation is described, higher import prices for food and raw materials, consumer prices, and wages are presented as the operating environment. - FY2025-H1Interim update of the economic environmentAnnual report
「During the current interim consolidated accounting period, the war between Russia and Ukraine continued in Europe, while the war between Israel and Hamas and others continued in the Middle East. China's economy also remained stagnant. In Japan, consumer prices and wages rose.」
The continuation of the Russia-Ukraine war and the war in the Middle East, China's stagnant economy, and rising consumer prices and wages in Japan are described as the economic environment during the interim period. - FY2024WorsenedAnnual report
「During the current consolidated fiscal year, prices rose and monetary tightening was implemented in various countries. The war in Ukraine became protracted and energy prices surged. Armed conflict between Israel and the Islamic organization Hamas has continued since 7 October 2023.」
In addition to rising prices, monetary tightening, the prolonged war in Ukraine, and surging energy prices, the armed conflict between Israel and Hamas was described as a source of uncertainty in the economic environment. - FY2024-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, prices rose and monetary tightening was implemented in various countries. The war in Ukraine became protracted and energy prices surged. Armed conflict between Israel and the Islamic organization Hamas has continued since 7 October 2023.」
In addition to rising prices, monetary tightening, the prolonged war in Ukraine, and surging energy prices, the armed conflict between Israel and Hamas was described as a new source of uncertainty in the economic environment. - FY2024-Q2Quarterly update of the economic environmentAnnual report
「During the second quarter of the current consolidated cumulative period, policy interest rates were raised in various countries in response to rising prices. The war in Ukraine became protracted and energy prices surged. In Japan, the yen depreciated due to the interest-rate differential between Japan and overseas markets. Electricity rates surged as the restart of nuclear power plants was delayed. As the legal classification of COVID-19 shifted to Class 5, the government's COVID-19 measures that had continued for more than 3 years were lifted and economic activity gradually normalized.」
While rising prices, policy-rate tightening, the prolonged war in Ukraine, surging energy prices and electricity rates, and yen depreciation are described, the normalization of economic activity following the lifting of COVID-19 measures is also noted, presenting adverse and favorable factors together. - FY2024-Q1Quarterly update of the economic environmentAnnual report
「During the first quarter of the current consolidated cumulative period, monetary tightening and other measures continued in various countries, and the yen depreciated in the foreign exchange market. In Japan, the legal classification of COVID-19 was shifted to Class 5 on 8 May, lifting the government's COVID-19 measures that had continued for more than 3 years and normalizing economic activity.」
While monetary tightening in various countries and yen depreciation continued, the normalization of domestic economic activity following the shift of COVID-19 to Class 5 and the lifting of related measures is described, presenting adverse and favorable factors together. - FY2023WorsenedAnnual report
「The prolonged war in Ukraine and surging resource and energy prices caused domestic corporate prices to rise 10% and consumer prices to rise 4%. Difficulties procuring parts from overseas and semiconductor shortages continued for an extended period amid the COVID-19 pandemic, constraining production activity in various industries, including automobiles.」
Surging resource and energy prices, higher corporate and consumer prices, and production constraints caused by difficulties procuring parts and semiconductor shortages continued and became more pronounced as economic conditions during the fiscal year. - FY2023-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, the yen depreciated in the foreign exchange market due to the interest-rate differential between Japan and overseas markets, as the Bank of Japan continued its monetary easing while monetary tightening progressed globally, reaching ¥150 to the dollar in October. In China, infections spread rapidly nationwide after the country shifted away from its zero-COVID policy. Prolonged difficulties procuring parts from overseas and semiconductor shortages constrained production activity in various industries, including automobiles. In addition, the prolonged war in Ukraine caused electricity and energy prices to surge, resulting in a 10% increase in domestic corporate prices and a 4% increase in consumer prices.」
Adverse factors in the economic environment and demand sectors, including yen depreciation, inflation, production constraints caused by difficulties procuring parts and semiconductor shortages, and surging electricity and energy prices, continued and expanded. - FY2023-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan was hit by a seventh wave of novel coronavirus infections. However, because the Omicron variant was highly transmissible but had a low risk of severe illness, priority was given to maintaining economic activity. Difficulties procuring parts from overseas and semiconductor shortages also continued for an extended period, causing production disruptions in various industries, including automobiles. In addition, the war in Ukraine became protracted and resource and energy prices surged, causing domestic corporate prices to continue rising and consumer prices to increase. As monetary tightening progressed globally, the Bank of Japan continued its monetary easing, causing the yen to depreciate in the foreign exchange market due to the interest-rate differential between Japan and overseas markets.」
While priority was given to maintaining economic activity, production disruptions caused by semiconductor shortages and difficulties procuring parts, the prolonged war in Ukraine, surging resource and energy prices, rising prices, and yen depreciation are described, indicating that adverse factors in the economic environment continued and expanded. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the novel coronavirus temporarily subsided in Japan. However, semiconductor shortages and difficulties procuring parts due to lockdowns in various parts of China caused production disruptions in various industries, including automobiles. As monetary tightening progressed globally, the Bank of Japan continued its monetary easing, causing the yen to depreciate in the foreign exchange market. The situation in Ukraine became protracted and resource and energy prices surged, causing domestic corporate prices to continue rising and consumer prices to increase.」
While the novel coronavirus temporarily subsided, semiconductor shortages, difficulties procuring parts due to lockdowns in China, production disruptions across industries, yen depreciation, the prolonged situation in Ukraine, and surging resource and energy prices are described, indicating an expansion of adverse factors in the economic environment. - FY2022WorsenedAnnual report
「On 24 February 2022, Russia invaded Ukraine and Western countries imposed economic sanctions on Russia, causing resource and energy prices to surge. In March 2022, the yen fell sharply, reaching ¥125 to the dollar on 28 March.」
In addition to the supply constraints and higher resource prices described previously, Russia's invasion of Ukraine, economic sanctions, surging resource and energy prices, and the sharp depreciation of the yen were described as new adverse factors in the economic environment. - FY2022-Q3Supply constraints and higher procurement prices presented alongside the normalization of economic activityAnnual report
「During the third quarter of the current consolidated cumulative period, economic activity in Japan was constrained by the spread of the novel coronavirus, but the fourth declaration of a state of emergency issued in July of the previous year was fully lifted in October and economic activity moved toward normalization. Production disruptions also occurred in industries such as automobiles and air-conditioning equipment because of semiconductor shortages and difficulties procuring parts from Southeast Asia due to lockdowns. Against the backdrop of higher resource prices and supply constraints, domestic corporate prices rose and consumer prices also began to increase. Procurement prices for various goods purchased by the Group, comprising the company and its consolidated subsidiaries, rose, and the copper quotation for copper, a major raw material traded internationally, reached a record high of ¥1.34 million per ton on 19 October of the previous year, partly due to yen depreciation.」
While the normalization of economic activity from October onward is described, the disclosure also cites production disruptions caused by semiconductor shortages and difficulties procuring parts, higher procurement prices, and a record high copper quotation. Improvements in the economic environment are presented alongside deterioration in supply and cost conditions. - FY2022-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, economic activity in Japan was constrained by the spread of the novel coronavirus, including the issuance of a fourth declaration of a state of emergency from 22 July. The Tokyo Olympics, which opened on 24 July, were also held without spectators.」
The constrained economic activity resulting from declarations of a state of emergency related to the novel coronavirus is described as a risk arising from changes in the economic environment and demand sectors. - FY2022-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, economic activity in Japan was constrained, including by the issuance of a third declaration of a state of emergency in some regions due to the spread of the novel coronavirus. In the automobile and consumer electronics industries, production adjustments occurred because of semiconductor shortages.」
In addition to constraints on economic activity caused by declarations of a state of emergency, production adjustments occurred in the automobile and consumer electronics industries due to semiconductor shortages, bringing the risks associated with changes in the economic environment and demand sectors into sharper focus. - FY2021RestatedAnnual report
「Although the Group's products are used across a wide range of industries, changes in economic conditions and trends in the demand sectors for the products sold by the Group may affect the Group's performance.」
The risk that changes in economic conditions and product demand sectors may affect performance is reiterated. - FY2021-Q3MitigatedAnnual report
「During the third quarter of the current consolidated cumulative period, the global economy deteriorated rapidly from spring 2020 as the novel coronavirus spread, but demand in manufacturing industries such as semiconductors and automobiles recovered sharply from the previous autumn.」
It is stated that, following the rapid economic deterioration from spring, demand in manufacturing industries such as semiconductors and automobiles recovered sharply from the previous autumn, indicating some improvement in the deterioration of the economic environment and demand sectors. However, the company's revenue and profit declined year on year. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the global economy deteriorated rapidly and became extremely challenging as economic activity contracted sharply due to declarations of a state of emergency issued in response to the spread of the novel coronavirus.」
It is stated that economic activity contracted sharply and the economy deteriorated rapidly due to the novel coronavirus and declarations of a state of emergency. - FY2020WorsenedAnnual report
「During the current consolidated fiscal year, the novel coronavirus outbreak began in Wuhan, Hubei Province, China, in November 2019 and spread rapidly throughout the world. Governments in various countries restricted the movement of people. In Japan, the consumption tax rate was raised to 10% in October 2019, causing personal consumption to slow. Exports and production also remained weak.」
The global spread of the novel coronavirus, restrictions on the movement of people, slower consumption, and weak exports and production are described, indicating a deterioration in the risks associated with the economic environment and demand sectors. - FY2020-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, China's economy slowed due to trade friction between the United States and China and other factors. In Japan, the consumption tax rate was raised to 10% in October 2019. Exports and production also remained weak. The labor market remained tight and effectively at full employment.」
The economic environment is described as including China's economic slowdown, the increase in Japan's consumption tax rate to 10%, and weak exports and production. The deterioration in the economic environment described through the previous quarter continued. - FY2020-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, China's economy slowed due to trade friction between the United States and China and other factors. Japan's economy saw exports and production remain weak, while corporate prices declined moderately.」
It is stated that, in addition to China's economic slowdown, exports and production in Japan remained weak and corporate prices declined, indicating a deterioration in the risks associated with the economic environment and demand sectors. - FY2019-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, the global economy remained firm, led by the United States. However, due to the impact of trade friction between the United States and China, production of high-tech products in China fell sharply and exports of semiconductor manufacturing equipment from Japan declined.」
While describing the US economy as firm, it states that China's high-tech product production fell sharply and exports of semiconductor manufacturing equipment from Japan also declined due to US-China trade friction. Changes in the economic environment and demand sectors materialized as specific declines in production and exports. - FY2019-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, the global economy remained firm, led by the United States, but the risk of rising protectionism stemming from trade friction between the United States and China increased. In Japan, demand for automobiles and semiconductors remained firm, corporate prices rose, and capital investment was strong.」
While describing the global economy, led by the United States, and domestic demand as firm, the operating environment is described as including the risk of rising protectionism and higher corporate prices. - FY2019-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the global economy remained firm, led by the United States and China. However, the outlook became uncertain as protectionist trade policies emerged from trade friction between the United States and China.」
While describing the global economy, led by the United States and China, as firm, it states that the outlook became uncertain due to the emergence of protectionist trade policies arising from US-China trade friction. - FY2018RestatedAnnual report
「During the current consolidated fiscal year, Japan's economy continued to grow moderately, as production and exports remained firm against the backdrop of a continued gradual recovery in the global economy and the Bank of Japan's continuation of its monetary easing policy. The labor market was tight and effectively at full employment.」
The recovery of the global economy, firm production and exports, and moderate growth in the domestic economy are described as the operating environment for the year. - FY2018-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, the global economy continued to grow steadily, supported by robust demand in the United States and China. Japan's economy also continued to recover, led by the electrical and electronics industries under stable yen depreciation resulting from fiscal stimulus and low-interest-rate policies.」
The operating environment is described as one in which demand in the United States and China remained firm and the domestic economy continued to recover. - FY2018-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, the global economy recovered gradually, led by the United States and China. Japan's economy also continued its gradual recovery, supported by the electrical and electronics industries under stable yen depreciation.」
The gradual recovery of the global economy, led by the United States and China, and of the domestic economy, led by the electrical and electronics industries, is described as the operating environment for the second quarter. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy was on a firm recovery path, with production and exports performing well against the backdrop of a recovery in global economic conditions, led by the United States and China.」
The recovery in global economic conditions and strong production and exports are described as the operating environment for the quarter. - FY2017First statedAnnual report
「Although the Group's products are used across a wide range of industries, changes in economic conditions and trends in the demand sectors for the products sold by the Group may affect the Group's performance.」
The risk that economic conditions and trends in product demand sectors may affect performance is described.