Uncertainty in the business environment arising from economic slowdowns in emerging markets and the EU
First written in FY2016-Q3. 15 of 32 entries say "Restated". Latest entry: 2026-08-14.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- FY2026-H1ReframedAnnual report
「At the same time, amid persistently high inflation, uncertainty remains due to trends in overseas economies, volatility in the financial and capital markets, geopolitical risks and other factors.」
The description has changed from one focused mainly on U.S. trade policy, currency fluctuations and interest-rate trends to one covering sources of uncertainty including overseas economic conditions, fluctuations in the financial and capital markets and geopolitical risks. - FY2025ReframedAnnual report
「Meanwhile, highly uncertain conditions continued due to the effects of an unstable international environment, including persistently high inflation, U.S. policy developments such as trade policy, sharp currency fluctuations, interest-rate trends and geopolitical risks.」
In addition to inflation, currency fluctuations and geopolitical risks, U.S. policy developments, including trade policy, and interest-rate trends have been identified as sources of uncertainty. - FY2025-H1ReframedAnnual report
「Meanwhile, highly uncertain conditions continued due to the effects of an unstable international environment, including persistently high inflation, sharp currency fluctuations, interest-rate trends and geopolitical risks.」
In addition to the existing uncertainty caused by inflation and currency fluctuations, interest-rate trends and geopolitical risks have been identified as risks arising from an unstable international environment. - FY2024RestatedAnnual report
「During the consolidated fiscal year, highly uncertain conditions continued, including the situation in Russia and Ukraine, global inflation and sharp currency fluctuations.」
Uncertainty stemming from the situation in Russia and Ukraine, inflation and currency fluctuations continued throughout the fiscal year. - FY2024-Q2ReframedAnnual report
「During the first half of the current consolidated fiscal year, conditions remained highly uncertain, with developments in Russia and Ukraine, global inflation and the rapid depreciation of the yen caused by sharp fluctuations in the yen exchange rate.」
The description has changed from the rapid appreciation of the yen through the previous quarter to the rapid depreciation of the yen as a factor contributing to uncertainty. - FY2024-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, conditions remained highly uncertain, with the effects of the global COVID-19 pandemic still present, compounded by developments in Russia and Ukraine, global inflation, and the rapid appreciation of the yen due to sharp fluctuations in the yen exchange rate.」
In addition to COVID-19, developments in Russia and Ukraine, a US recession and yen appreciation, global inflation and sharp fluctuations in the yen exchange rate were described as factors contributing to uncertainty. - FY2023-Q3RestatedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, conditions remained highly uncertain, with the effects of the global COVID-19 pandemic still present, compounded by developments in Russia and Ukraine, a US recession, and the rapid appreciation of the yen.」
The uncertain business environment caused by COVID-19, developments in Russia and Ukraine, a US recession and the rapid appreciation of the yen continued. - FY2023-Q2RestatedAnnual report
「During the first half of the current consolidated fiscal year, conditions remained highly uncertain, with the effects of the global COVID-19 pandemic still present, compounded by developments in Russia and Ukraine, a US recession, and the rapid appreciation of the yen.」
The uncertain global economic environment caused by COVID-19, developments in Russia and Ukraine, a US recession and yen appreciation continued. The impact of restrained advertising spending in certain industries was also described for the domestic advertising business. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, conditions remained highly uncertain, with the effects of the global COVID-19 pandemic still present, compounded by developments in Russia and Ukraine, a US recession, and the rapid appreciation of the yen.」
While the effects of COVID-19 remained, the rapid appreciation of the yen was newly described as an additional factor contributing to uncertainty, alongside developments in Russia and Ukraine and the US recession. - FY2022WorsenedAnnual report
「During the consolidated fiscal year, conditions remained highly uncertain, with the effects of the global COVID-19 pandemic still present, compounded by developments in Russia and Ukraine, concerns over a US recession, and the historically strong US dollar.」
While the effects of COVID-19 remained, developments in Russia and Ukraine, concerns over a US recession, and a historically strong US dollar continued to be identified as factors contributing to uncertainty in the global economy. - FY2022-Q3WorsenedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, the global economy continued to be significantly affected by economic activity restrictions amid repeated waves of COVID-19 infections and containment measures worldwide, while the establishment of a fundamental medical response system was anticipated, leaving the outlook uncertain. In our domestic advertising business, the premium media support business, a focus area under our medium-term management plan, contributed steadily to earnings. Red, the flagship product of FreakOut, Inc.'s mobile marketing platform, and Scarlet, an advertising platform for premium media, also performed steadily. However, following developments in Ukraine, some clients in certain industries began to restrain advertising spending, which had some impact on our results. Overseas, although CPMs (cost per thousand impressions) showed signs of declining amid concerns over a US recession, Playwire, LLC, our US subsidiary, grew further in both revenue and EBITDA in the third quarter of the current consolidated fiscal year compared with the second quarter and the same quarter of the previous year, benefiting from the recent positive impact of foreign-exchange movements, namely the weaker yen, and strongly driving our results.」
Amid continuing uncertainty due to COVID-19, the restraint on advertising spending and its impact on results due to developments in Ukraine, as well as the decline in CPMs due to concerns over a US recession, were newly described. - FY2021ReframedAnnual report
「During the consolidated fiscal year, the impact of COVID-19 on our business continued, although its effects remained significant in parts of East and Southeast Asia, while they were substantially reduced in Japan and North America compared with the previous fiscal year.」
While the impact of COVID-19 continued, the description has changed to indicate that significant effects remained in parts of East and Southeast Asia, whereas the impact was substantially reduced year on year in Japan and North America. - FY2021-Q3ReframedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, the global spread of COVID-19 remained unabated and the outlook continued to be uncertain. Although a recovery is expected to continue as vaccination progresses, supported by the effects of various policies and improvements in overseas economies, the global economy must continue to be monitored closely.」
While uncertainty about the outlook due to COVID-19 continues, expectations for a recovery supported by vaccinations, the effects of policy measures and improvements in overseas economies are also presented, updating the view of the global economy. - FY2021-Q2RestatedAnnual report
「During the first half of the current consolidated fiscal year, the global economy continued to be significantly affected by economic activity restrictions amid repeated waves of COVID-19 infections and containment measures worldwide, while the establishment of a fundamental medical response system was anticipated. The outlook therefore remained uncertain.」
The significant impact on economic activity and uncertainty about the outlook resulting from repeated COVID-19 outbreaks and containment measures continue to be described. - FY2021-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy continued to be significantly affected by economic activity restrictions amid repeated waves of COVID-19 infections and containment measures worldwide, while the establishment of a fundamental medical response system was anticipated. The outlook therefore remained uncertain.」
The continuing repetition of COVID-19 outbreaks and containment measures, their significant impact on economic activity, and uncertainty about the outlook continue to be described. - FY2020-Q3RestatedAnnual report
「However, the global spread of COVID-19 has rapidly affected economic activity, and conditions remain difficult to forecast.」
The impact of COVID-19 on economic activity and uncertainty about the outlook continue to be described, as in the previous quarter. - FY2020-Q2WorsenedAnnual report
「However, the global spread of COVID-19 has rapidly affected economic activity, and conditions remain difficult to forecast.」
The previous view of the global economy, which combined US-China trade tensions with growth in developed economies and Asia, has been supplemented by the rapid impact of the global spread of COVID-19 on economic activity and the resulting difficulty of forecasting future conditions. - FY2020-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy maintained stable growth, supported by the resilience of developed economies, particularly the US and Europe, despite increasing uncertainty due to US-China trade tensions. In the Asian countries where our Group operates, per-capita GDP continued to grow at a relatively high rate, and macro-level income continued to increase.」
The view of the global economy continues to combine uncertainty from US-China trade tensions with growth in developed economies and Asia. - FY2019RestatedAnnual report
「During the consolidated fiscal year, the global economy maintained stable growth, supported by the resilience of developed economies, particularly the US and Europe, despite increasing uncertainty due to US-China trade tensions. In the Asian countries where our Group operates, per-capita GDP continued to grow at a relatively high rate, and macro-level income continued to increase.」
The view of the global economy continued through the full year to combine uncertainty from US-China trade tensions with growth in developed economies and Asia. - FY2019-Q3RestatedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, the global economy maintained stable growth, supported by the resilience of developed economies, particularly the US and Europe, despite increasing uncertainty due to US-China trade tensions. In the Asian countries where our Group operates, per-capita GDP continued to grow at a relatively high rate, and macro-level income continued to increase.」
The view of the global economy continues to combine uncertainty from US-China trade tensions with growth in developed economies and Asia. - FY2019-Q2RestatedAnnual report
「During the first half of the current consolidated fiscal year, the global economy maintained stable growth, supported by the resilience of developed economies, particularly the US and Europe, despite increasing uncertainty due to US-China trade tensions. In the Asian countries where our Group operates, per-capita GDP continued to grow at a relatively high rate, and macro-level income continued to increase.」
The view of the global economy continues to combine uncertainty from US-China trade tensions with growth in developed economies and Asia. - FY2019-Q1ReframedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy maintained stable growth, supported by the resilience of developed economies, particularly the US and Europe, despite increasing uncertainty due to US-China trade tensions. In the Asian countries where our Group operates, growth remained resilient, supported by consumption and infrastructure investment.」
The previous description of concerns over slower growth in emerging-market and EU economies and stability in the global economy has changed to a combined description of uncertainty from US-China trade tensions and resilient growth in developed economies and Asia. - FY2018-Q3RestatedAnnual report
「The previous concerns over slower growth in emerging-market and EU economies have been replaced by a continued description of stability in the global economy and positive growth in Asian countries.」
The previous concerns over slower growth in emerging-market and EU economies have been replaced by a continued description of stability in the global economy and positive growth in Asian countries. - FY2018-Q2SoftenedAnnual report
「During the first half of the current consolidated fiscal year, the global economy remained stable, with no particular surprises in the monetary policies of individual countries. In the Asian countries where our Group operates, per-capita GDP continued to grow at a relatively high rate, and macro-level income continued to increase.」
The previous uncertainty caused by concerns over slower growth in emerging-market and EU economies has been replaced by a description of stability in the global economy and positive growth in Asian countries. - FY2017RestatedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a recovery trend, with improvements in corporate earnings and the employment and income environment supporting a recovery in consumption. However, conditions remained uncertain due to concerns over slower growth in emerging-market economies, including China, and in the EU economy.」
Concerns over slower growth in emerging-market economies and the EU economy continue to be described as factors contributing to uncertainty in the external environment for the full year. - FY2017-Q3RestatedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, Japan's economy remained on a recovery trend, with improvements in corporate earnings and the employment and income environment supporting a recovery in consumption. However, conditions remained uncertain due to concerns over slower growth in emerging-market economies, including China, and in the EU economy.」
Concerns over slower growth in emerging-market economies and the EU economy continue to be described as factors contributing to uncertainty in the external environment. - FY2017-Q2RestatedAnnual report
「During the second quarter of the current consolidated fiscal year, Japan's economy remained on a recovery trend, with improvements in corporate earnings and the employment and income environment supporting a recovery in consumption. However, conditions remained uncertain due to concerns over slower growth in emerging-market economies, including China, and in the EU economy.」
Concerns over slower growth in emerging-market economies and the EU economy continue to be described as factors contributing to uncertainty in the external environment. - FY2017-Q1ReframedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy remained on a recovery trend, with improvements in corporate earnings and the employment and income environment supporting a recovery in consumption. However, conditions remained uncertain due to concerns over slower growth in emerging-market economies, including China, and in the EU economy.」
The reference to the EU economy has been added again to the concerns over slower growth that had been limited to emerging-market economies, including China, in the previous full-year filing. - FY2016SoftenedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a recovery trend, with improvements in corporate earnings and the employment and income environment supporting a recovery in consumption. However, conditions remained uncertain due to concerns over slower growth in emerging-market economies, including China.」
The previous reference to the EU region has been removed, narrowing the focus to concerns over slower growth in emerging-market economies, including China. - FY2016-Q3First statedAnnual report
「Conditions remain uncertain due to concerns over slower growth in emerging-market economies, including China, and in the EU economy.」
Concerns over slower growth in emerging-market and EU economies are described as risks in the external environment.