Downside risks to economic activity from uncertainty in overseas economies and financial markets
First written in FY2016. 17 of 35 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「Risks to the economic outlook include the prolonged Russian invasion of Ukraine, heightened geopolitical risks from the conflict between Israel and the United States and Iran, a prolonged stagnation of the Chinese economy, and the impact of US trade policy.」
In addition to the previously cited situation in Ukraine and the Middle East and China’s economic slowdown, explicitly identifies the conflict between Israel and the United States and Iran and US trade policy as risk factors. - FY2026-H1WorsenedAnnual report
「However, the continued rise in prices could affect personal consumption through a deterioration in consumer sentiment and other channels, while US trade policy also poses a downside risk to the domestic economy. Geopolitical risks related to Ukraine and the Middle East have also become prolonged, and China’s economic slowdown continues, leaving the outlook uncertain.」
In addition to the previously cited inflation, geopolitical risks and China’s economic slowdown, identifies US trade policy as a risk that could weigh on the domestic economy. While the business and other risks section states that there have been no material changes, additional sources of uncertainty have been included in the description of the business environment. - FY2024-Q3WorsenedAnnual report
「During the cumulative third quarter under review, restrictions on socioeconomic activity due to COVID-19 had been largely eased. However, the effects of global monetary tightening and concerns over China’s outlook posed downside risks to Japan’s economy. In addition, energy and raw material prices rose due to the prolonged Russia-Ukraine situation, while Israel’s invasion of the Gaza Strip could affect the stable supply of energy, leaving the economic outlook uncertain.」
In addition to the previously cited monetary tightening, the Chinese economy, the Russia-Ukraine situation and higher energy and raw material prices, newly identifies the potential impact of Israel’s invasion of the Gaza Strip on the stable supply of energy. - FY2024-Q2WorsenedAnnual report
「During the cumulative second quarter under review, Japan’s economy remained on a gradual recovery track as economic activity normalized. However, long-term interest rates rose, energy prices surged due to the situation in Ukraine and the Middle East and yen depreciation, and inflation continued. In addition, the outlook remained uncertain as China’s economic slowdown and unstable semiconductor component supplies were compounded by US-China geopolitical risks.」
While indicating the normalization of economic activity and a recovery trend, additionally identifies rising long-term interest rates, the situation in the Middle East, higher energy prices due to yen depreciation, unstable semiconductor supplies and US-China geopolitical risks as sources of external environmental uncertainty. - FY2024-Q1RestatedAnnual report
「As the impact of COVID-19 has weakened and the economy has remained on a recovery track, the outlook remains uncertain due to risks of an economic downturn from higher resource prices accompanying the prolonged Russia-Ukraine conflict, concerns over an economic slowdown in China and monetary tightening in Europe and the United States.」
While indicating that the weakening impact of the pandemic is supporting a recovery trend, continues to identify the Russia-Ukraine situation, higher resource prices, an economic slowdown in China, monetary tightening in Europe and the United States, and the risk of recession as external environmental uncertainties. - FY2023-Q3RestatedAnnual report
「However, energy and raw material prices continue to rise due to the prolonged Russia-Ukraine situation, while import prices have increased as a result of yen depreciation. In addition, procuring components has become difficult because of the global semiconductor shortage, leaving the economic outlook uncertain.」
Continues to identify the Russia-Ukraine situation, higher energy and raw material prices, yen depreciation and procurement difficulties caused by the semiconductor shortage as external environmental uncertainties. It explicitly states that there have been no material changes in business and other risks. - FY2023-Q2WorsenedAnnual report
「Various adverse effects have become apparent, including geopolitical risks from the Russia-Ukraine conflict, production activity stagnating due to shortages of semiconductor components, broad-based inflation and an economic slowdown caused by global monetary tightening. The outlook remains uncertain.」
In addition to the previously cited geopolitical risks and semiconductor shortages, cites inflation and an economic slowdown caused by global monetary tightening, noting that multiple adverse effects have become apparent. - FY2023-Q1WorsenedAnnual report
「Higher resource prices resulting from the prolonged Russia-Ukraine conflict, the impact of restrictions on economic activity in China and interest rate hikes accompanying accelerating inflation in Europe and the United States have caused a sharp depreciation of the yen and higher energy prices, slowing the pace of economic recovery. The outlook remains uncertain.」
In addition to the previously cited Russia-Ukraine situation, resource prices, yen depreciation and energy prices, cites restrictions on economic activity in China and accelerating inflation and interest rate hikes in Europe and the United States, noting a slower pace of economic recovery and growing uncertainty over the outlook. - FY2022WorsenedAnnual report
「Higher energy and raw material prices resulting from Russia’s invasion of Ukraine, together with inflation caused by the yen’s depreciation, have had various effects on corporate activity, and the outlook for the economy remained uncertain.」
In addition to the previously cited uncertainty over the pandemic, overseas economies, foreign exchange and financial markets, identifies Russia’s invasion of Ukraine, higher energy and raw material prices, and inflation caused by the yen’s depreciation as new external environmental factors. - FY2022-Q3WorsenedAnnual report
「Concerns remain over a prolonged production constraint caused by the global semiconductor shortage. In addition to a sharp rise in energy and resource prices, geopolitical risks stemming from Russia’s invasion of Ukraine have become apparent, and the situation remains severe with continued uncertainty over the outlook.」
In addition to the previously cited pandemic and supply chain disruptions, identifies the prolonged production constraints caused by the semiconductor shortage, the sharp rise in energy and resource prices, and geopolitical risks stemming from Russia’s invasion of Ukraine as new sources of uncertainty. - FY2022-Q2WorsenedAnnual report
「Concerns have grown over downside risks from disruptions to global supply chains and higher raw material prices and electricity charges, while adverse effects such as stagnating production activity have become apparent. The outlook therefore remains uncertain.」
In addition to the previously cited pandemic and uncertainty in overseas economies, identifies disruptions to global supply chains and higher raw material prices and electricity charges, noting increased downside risks and the emergence of stagnating production activity. - FY2022-Q1RestatedAnnual report
「In Japan, the proportion of people who have completed 2 vaccine doses has reached 6割, raising expectations that the spread of infection will subside. However, despite high vaccination rates overseas, there have been cases in which infections have resurged after economies reopened. The outlook for when the pandemic will subside and economic conditions will recover therefore remains uncertain.」
While indicating expectations that the pandemic will subside as domestic vaccinations progress, cites renewed outbreaks overseas and continues to identify uncertainty over the timing of the pandemic’s subsidence and economic recovery. - FY2021RestatedAnnual report
「Although the effects of vaccination are expected going forward, the spread of COVID-19 continues to make it difficult to predict when the pandemic will subside, amid the growing threat of new variants.」
Continues to cite uncertainty in overseas and domestic economies and concerns over an economic downturn, together with factors including the pandemic, new variants and US-China friction. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The company explicitly states that there have been no material changes relating to newly arising risks or the risks described in the previous fiscal year. - FY2021-Q1WorsenedAnnual report
「Economic activity stagnated due to the impact of COVID-19, placing the economy in an extremely severe situation. In the global economy as well, concerns over slower economic growth due to the spread of the infection have emerged, and the outlook for when the pandemic will subside and economic conditions will recover remains uncertain.」
In addition to the previously cited US-China trade friction, identifies the stagnation of economic activity due to the pandemic, concerns over slower global economic growth and uncertainty over the timing of the pandemic’s subsidence and economic recovery, describing the external environment as extremely severe. - FY2020WorsenedAnnual report
「In addition, the spread of COVID-19 has continued to create an uncertain outlook, with domestic consumer activity weakening, inbound demand declining and exports, particularly to China, falling.」
In addition to the previously cited US-China friction, consumption tax increase and uncertainty in overseas economies, identifies declines in consumption, inbound demand and exports due to COVID-19 as the actual business environment. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan’s economy remained weak, with corporate earnings trending lower and weakness persisting mainly in manufacturing, due to the impact of US-China friction and the economic downturn following the consumption tax increase. In addition, the spread of COVID-19 continued to create an uncertain outlook, with domestic consumer activity weakening, inbound demand declining and exports, particularly to China, falling.」
In addition to the previously cited US-China friction, consumption tax increase and uncertainty in overseas economies, cites declines in consumption, inbound demand and exports caused by the spread of COVID-19, further intensifying uncertainty over the outlook. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The company explicitly states that there have been no material changes relating to newly arising risks or the risks described in the previous fiscal year. - FY2020-Q1RestatedAnnual report
「Meanwhile, uncertainty about the outlook persisted due to tensions surrounding US-China trade issues, the outlook for China's economy, developments in overseas economies including the UK's departure from the EU, and the effects of volatility in financial and capital markets, as well as trends in consumer sentiment following the increase in the consumption tax rate.」
Continues to cite uncertainty stemming from US-China trade tensions, the Chinese economy, Brexit and volatility in the financial and capital markets, and also identifies consumer sentiment after the consumption tax rate increase as a source of uncertainty. - FY2019RestatedAnnual report
「Uncertainty about the outlook persisted due to the impact of developments in trade issues on countries worldwide, the outlook for China's economy, uncertainty surrounding overseas economic conditions and policies, and the effects of volatility in financial and capital markets.」
The company continues to cite uncertainty about the outlook arising from trade issues, China's economy, uncertainty surrounding overseas economies and policies, and volatility in financial and capital markets. - FY2019-Q3RestatedAnnual report
「Although the US and EU economies showed signs of recovery, uncertainty about the outlook persisted due to the impact of developments in trade issues on countries worldwide, the outlook for China's economy, uncertainty surrounding overseas economic conditions and policies, and the effects of volatility in financial and capital markets.」
The company continues to cite uncertainty about the outlook arising from trade issues, including those between the US and China, the outlook for China's economy, uncertainty surrounding overseas economies and policies, and volatility in financial and capital markets. - FY2019-Q2RestatedAnnual report
「Meanwhile, although the US and EU economies showed signs of recovery, uncertainty about the outlook persisted due to the slowdown in infrastructure investment and personal consumption growth in China, slower import and export growth against the backdrop of US-China trade issues, concerns about the impact of the UK's departure from the EU, and the effects of uncertainty in overseas economies and volatility in financial and capital markets.」
The company continues to cite slower growth in China's economy, US-China trade issues, concerns about the UK's departure from the EU, and uncertainty about the outlook resulting from volatility in financial and capital markets. - FY2019-Q1RestatedAnnual report
「Meanwhile, uncertainty about the outlook persisted due to uncertainty in overseas economies, including US-China trade issues and their impact on Japan, the prospects for renegotiation of NAFTA, and the impact of the UK's departure from the EU, as well as the effects of volatility in financial and capital markets.」
The company cites US-China trade issues, NAFTA renegotiation, and the impact of the UK's departure from the EU as new specific examples, while continuing to identify the existing themes of uncertainty in overseas economies, volatility in financial and capital markets, and uncertainty about the outlook. - FY2018RestatedAnnual report
「However, uncertainty about the outlook persisted due to uncertainty in overseas economies, the impact of volatility in foreign exchange and financial and capital markets, and geopolitical risks in the Middle East, North Korea, and elsewhere.」
The company continues to cite uncertainty about the outlook arising from overseas economies, foreign exchange and financial markets, and geopolitical risks. - FY2018-Q3RestatedAnnual report
「However, the risk of volatility in foreign exchange and financial and capital markets has increased, and uncertainty about the outlook has intensified, due to the UK's departure from the EU, shifts in the economic policies of the US president, and geopolitical risks in the Middle East, North Korea, and elsewhere.」
The company continues to cite volatility in foreign exchange and financial markets and uncertainty about the outlook arising from the UK's departure from the EU, shifts in US economic policy, and geopolitical risks. - FY2018-Q2RestatedAnnual report
「During the six-month cumulative period, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The company explicitly states that there have been no material changes relating to newly arising risks or the risks described in the previous fiscal year. - FY2018-Q1RestatedAnnual report
「During the cumulative first quarter under review, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The company explicitly states that there have been no material changes relating to newly arising risks or the risks described in the previous fiscal year. - FY2017RestatedAnnual report
「However, the risk of volatility in foreign exchange and financial and capital markets has increased, and uncertainty about the outlook has intensified, due to uncertainty in overseas economies and geopolitical risks in the Middle East, North Korea, and elsewhere.」
While referring to recovery or signs of improvement in the US, European, and Chinese economies, the company continues to cite uncertainty in overseas economies, geopolitical risks, and uncertainty about the outlook resulting from volatility in foreign exchange and financial markets. - FY2017-Q3WorsenedAnnual report
「However, the risk of volatility in foreign exchange and financial and capital markets has increased, and uncertainty about the outlook has intensified, due to the UK's departure from the EU, political developments in major European countries, shifts in the economic policies of the new US president, and geopolitical risks in the Middle East, North Korea, and elsewhere.」
Although China's economy has shown signs of recovery, the company adds European political developments, shifts in US policy, and geopolitical risks in the Middle East and North Korea, and reports increased volatility risk in foreign exchange and financial markets and greater uncertainty about the outlook. - FY2017-Q2WorsenedAnnual report
「Overseas, the risk of volatility in foreign exchange and financial and capital markets has increased, and uncertainty about the outlook has intensified, due to economic slowdowns in China and other emerging Asian economies, the impact of the UK's departure from the EU, and developments since the US presidential election.」
In addition to the previously identified economic slowdown in China and elsewhere, the UK's departure from the EU, and volatility in foreign exchange and financial markets, the company cites developments since the US presidential election, stating that volatility risk and uncertainty about the outlook have increased. - FY2017-Q1RestatedAnnual report
「Lower crude oil prices and the resulting decline in energy costs are positive factors for corporate earnings. However, concerns remain about downside risks to corporate earnings from a stronger yen and weaker share prices, while exports have remained soft. Overseas, uncertainty about the outlook remains entrenched due to economic slowdowns in China and other emerging Asian economies, the impact of the UK's departure from the EU, and heightened geopolitical tensions worldwide.」
The company continues to identify external-environment risks similar to those in the previous fiscal year, including crude oil prices, a stronger yen and weaker share prices, economic slowdowns in China and elsewhere, and the UK's departure from the EU. - FY2016First statedAnnual report
「Downside risk to the economy has increased due to heightened uncertainty in overseas economies and volatility in financial and capital markets, including trends in foreign exchange rates and crude oil prices, economic conditions in emerging and resource-producing countries such as China, and the UK's departure from the EU.」
The company identifies China's economy, resource prices, and financial market volatility as external business-environment risks.