Geopolitical risks in Europe, including the UK's withdrawal from the EU
First written in FY2017-Q1. 3 of 9 entries say "Restated". Latest entry: FY2020.
The whole theme swung hardest in 2025: 19 of 22 companies on the "Worse" side.
28 other companies' latest entry also says "Dropped".
- FY2020DroppedAnnual report
「The outlook is expected to remain difficult, requiring close attention to risks that could further weaken domestic and overseas economies, as well as close monitoring of the impact of volatility in financial and capital markets.」
Although general cautions regarding financial and capital markets and domestic and overseas economies are disclosed, the explicit references in the previous disclosure to the UK's withdrawal from the EU and geopolitical risks in Europe have been removed. - FY2020-Q3Reference resumedAnnual report
「Attention must be paid to risks including developments in trade issues, the outlook for the Chinese economy, the effects of the UK's withdrawal from the EU, and the effects of volatility in financial and capital markets.」
The impact of the UK's withdrawal from the EU, which had no explicit reference during FY2018, was explicitly noted again. - FY2018DroppedAnnual report
「However, attention must be paid to the outlook for economies such as China and other emerging Asian economies, the effects of policy uncertainty, developments in trade issues, and the effects of volatility in financial and capital markets.」
The explicit reference to geopolitical risks in Europe that had appeared previously has been removed. - FY2018-Q3SoftenedAnnual report
「However, attention must be paid to the outlook for economies such as China and other emerging Asian economies, uncertainty surrounding policies, and the effects of volatility in financial and capital markets.」
The explicit reference to geopolitical risks in Europe disclosed through the previous quarter has been removed, and the wording now focuses on economic and policy uncertainty in emerging Asian countries, including China. - FY2018-Q2RestatedAnnual report
「However, attention must be paid to the impact of volatility in financial and capital markets, including the geopolitical risks and policy uncertainty in Europe and emerging Asian countries, including China.」
The Company continues to disclose geopolitical risks and policy uncertainty in Europe and emerging Asian countries, including China, as well as volatility in financial and capital markets, as external-environment risks. - FY2018-Q1RestatedAnnual report
「However, attention must be paid to the impact of the normalization of US monetary policy, increasing geopolitical risks in Asia and Europe, the impact of policy uncertainty and volatility in financial and capital markets.」
The Company continues to identify US monetary policy, geopolitical risks in Asia and Europe, policy uncertainty and volatility in financial and capital markets as external-environment risks. - FY2017ReframedAnnual report
「However, attention must be paid to the effects of US monetary policy normalisation, geopolitical risks in Asia and Europe, and uncertainty surrounding policies.」
The disclosure has expanded from the specific issue of the UK's withdrawal from the EU to a broader description of geopolitical risks and policy uncertainty across Asia and Europe. - FY2017-Q2RestatedAnnual report
「However, attention must be paid to volatility in financial and capital markets, including the effects of normalisation of US monetary policy, the outlook for economies such as China and other emerging Asian economies, and growing uncertainty in overseas economies associated with the UK's withdrawal from the EU.」
The uncertainty in overseas economies associated with the UK's withdrawal from the EU was disclosed as an external-environment risk, as in the previous quarter. - FY2017-Q1First statedAnnual report
「However, attention must be paid to the increasing geopolitical risks in Europe, including the UK's withdrawal from the EU, the slowdown of economies in emerging Asian countries, particularly China, increasing uncertainty in overseas economies and the impact of volatility in financial and capital markets.」
In addition to existing external-environment risks such as China and resource prices, the Company explicitly disclosed for the first time increasing geopolitical risks in Europe, including the UK's withdrawal from the EU.