Yen appreciation, downside in overseas economies, and cautious capital investment
First written in FY2016. 14 of 36 entries say "Materialised", first in FY2017-Q1. Latest entry: 2026-08-07.
Yamazaki moved to the "Worse" side of this theme in 2016, 3 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
66 other companies' latest entry also says "Worsened".
- 2026-08-07WorsenedEarnings
「The outlook remains uncertain due to factors including trends in raw material and energy prices, foreign exchange fluctuations, U.S. trade policy and rising geopolitical risks.」
Raw material and energy prices, foreign exchange rates, U.S. trade policy and geopolitical risks continued to be cited as sources of uncertainty in the external environment. - FY2026WorsenedAnnual report
「During the fiscal year under review, Japan's economy remained on a moderate recovery track, supported by improvements in employment and income conditions and the effects of various government policies. However, uncertainty about the outlook persisted due to U.S. trade policy, heightened tensions in the Middle East and other factors.」
While the economy remained on a recovery track, U.S. trade policy and heightened tensions in the Middle East were identified as new sources of uncertainty. - 2026-05-08WorsenedRevision of earnings forecasts
「The outlook remains uncertain, due to factors including U.S. trade policy and heightened tensions in the Middle East.」
U.S. trade policy and the situation in the Middle East continued to be cited as sources of uncertainty in the external environment. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period under review, Japan's economy remained on a moderate recovery track, supported by improvements in employment and income conditions. However, uncertainty about the outlook persisted due to continued price increases, concerns about U.S. trade policy, geopolitical risks in the Middle East and Ukraine, and other factors.」
While the economy remained on a moderate recovery track, continued price increases, U.S. trade policy and geopolitical risks in the Middle East and Ukraine were identified as sources of uncertainty in the external environment. - FY2025WorsenedAnnual report
「During the fiscal year under review, Japan's economy remained on a moderate recovery track, supported in part by improvements in employment and income conditions. However, uncertainty about the outlook persisted due to rising prices resulting from soaring raw material and energy prices, developments in future U.S. tariff policy, the effects of foreign exchange movements and other factors.」
While the economy remained on a recovery track, soaring raw material and energy prices, developments in U.S. tariff policy and foreign exchange movements were identified as new sources of uncertainty. - FY2025-H1WorsenedAnnual report
「During the interim consolidated accounting period under review, Japan's economy remained on a moderate recovery track, while uncertainty about the outlook persisted due to the prolonged situation in Ukraine, worsening conditions in the Middle East, yen depreciation, rising prices and other factors.」
While the economy remained on a moderate recovery track, the prolonged situation in Ukraine, worsening conditions in the Middle East, yen depreciation and rising prices were identified as sources of uncertainty in the external environment. - FY2024Uncertain external environment and recognition of foreign exchange gainsAnnual report
「During the fiscal year under review, Japan's economy remained on a moderate recovery track as economic activity continued to normalize. However, uncertainty about the outlook persisted due to rising prices resulting from soaring raw material and energy prices, the effects of foreign exchange movements, and other factors.」
While economic activity was returning to normal and the economy remained on a moderate recovery track, uncertainty continued due to soaring raw material and energy prices and foreign exchange movements. In non-operating income, the company recorded a foreign exchange gain of ¥1.364 million. - FY2024-Q3Shift from foreign-exchange loss to foreign-exchange gainAnnual report
「Non-operating income Foreign exchange gain － 9,627 Non-operating expenses Foreign exchange loss 44 －」
Compared with the foreign exchange loss of ¥44 thousand in the same period of the previous year, a foreign exchange gain of ¥9.627 million was recorded during the first nine months of the current fiscal year. Although the report described uncertainty caused by the external environment, including yen depreciation, the actual foreign exchange result turned to a gain. - FY2024-Q2WorsenedAnnual report
「During the first six months of the fiscal year, economic activity was expected to recover as restrictions on activity related to COVID-19 were eased. However, the outlook remained uncertain due to rising energy costs, soaring raw-material prices and the rapid depreciation of the yen.」
While the easing of restrictions on activity and expectations for an economic recovery were indicated, rising energy costs were newly identified, and soaring raw-material prices and the rapid depreciation of the yen continued to create uncertainty about the outlook. - FY2023-Q3Recovery progress alongside raw-material, energy and semiconductor risksAnnual report
「During the first nine months of the fiscal year, signs of a gradual recovery in the economy were seen as restrictions on activity related to COVID-19 were eased. However, the outlook remained uncertain due to soaring raw-material and energy prices, semiconductor supply shortages and other factors.」
While the easing of restrictions on activity indicated an economic recovery, soaring raw-material and energy prices and semiconductor supply shortages continued as new sources of uncertainty. - FY2023-Q2Recovery expectations amid continuing external risksAnnual report
「During the first six months of the fiscal year, economic activity was expected to recover as restrictions on activity related to COVID-19 were eased. However, the outlook remained uncertain due to the prolonged situation in Ukraine, soaring raw-material prices and the rapid depreciation of the yen.」
While the easing of restrictions on activity and expectations for an economic recovery were indicated, uncertainty about the outlook continued due to the prolonged situation in Ukraine, soaring raw-material prices and the rapid depreciation of the yen. - FY2023-Q1WorsenedAnnual report
「During the first three months of the fiscal year, economic activity was expected to recover as restrictions on activity related to COVID-19 were gradually eased. However, the outlook remained uncertain due to the renewed spread of infections caused by new variants, the expanding impact of the prolonged situation in Ukraine, soaring raw-material prices and the rapid depreciation of the yen.」
While the easing of restrictions on activity and expectations for a recovery were indicated, new variants, the prolonged situation in Ukraine, soaring raw-material prices and the rapid depreciation of the yen were identified as new sources of uncertainty. - FY2022WorsenedAnnual report
「However, the outlook remains uncertain due to the impact of soaring raw-material prices and semiconductor shortages, as well as heightened geopolitical risks resulting from the increasingly tense situation in Ukraine.」
In addition to the previous uncertainty surrounding COVID-19 and overseas economies, soaring raw-material prices, semiconductor supply shortages and geopolitical risks related to the situation in Ukraine were explicitly identified, expanding the external environmental concerns. - FY2022-Q3Recovery trend coexisting with variant risksAnnual report
「During the first nine months of the fiscal year, signs of a moderate recovery were seen amid the spread of vaccinations and the recovery of overseas economies, despite the impact of COVID-19. However, the outlook remained uncertain due to the spread of infections caused by new variants.」
While a recovery supported by the spread of vaccinations and the recovery of overseas economies was indicated, uncertainty about the outlook continued due to the spread of infections caused by new variants. - FY2022-Q2SoftenedAnnual report
「During the first six months of the fiscal year, economic activity continued to be constrained by the impact of COVID-19. Although signs of a recovery were seen, the outlook remained uncertain.」
Constraints on economic activity and uncertainty about the outlook continued, while signs of a recovery were explicitly identified. References to the spread of variants and the global semiconductor shortage cited in the previous quarter were omitted, representing a partial easing in the wording. - FY2022-Q1WorsenedAnnual report
「During the first three months of the fiscal year, economic activity was significantly affected by COVID-19, while the start of vaccinations offered some positive signs. However, the outlook remained uncertain due to concerns including the spread of variants and the global semiconductor shortage.」
While the start of vaccinations offered positive signs, the spread of variants and the global semiconductor shortage were explicitly identified as new concerns, and uncertainty about the outlook continued. - FY2021ReframedAnnual report
「The Group's overseas subsidiaries prepare their separate financial statements in local currencies and translate them into yen when preparing the consolidated financial statements. Accordingly, fluctuations in exchange rates may affect the Group's financial position, operating results and cash flows.」
In addition to the previous descriptions of the external environment, including yen appreciation, overseas economic conditions and capital investment trends, the report explicitly identified the risk of exchange-rate fluctuations associated with translating the financial statements of overseas subsidiaries into yen. - FY2021-Q3RestatedAnnual report
「During the first nine months of the fiscal year, economic activity resumed while measures were taken to prevent the spread of COVID-19, but the outlook remained uncertain.」
Economic activity resumed after the spread of COVID-19, while uncertainty about the outlook continued. - FY2021-Q2WorsenedAnnual report
「During the first six months of the fiscal year, economic activity was significantly constrained and personal consumption remained sluggish due to requests to suspend business operations and restrictions on movement associated with the spread of COVID-19. Although economic activity has gradually resumed recently, the outlook remains uncertain.」
In addition to the previous sources of uncertainty, including overseas economic conditions and more cautious capital investment, the spread of COVID-19 significantly constrained economic activity and caused personal consumption to remain sluggish. - FY2021-Q1MaterialisedAnnual report
「During the first three months of the fiscal year, the Japanese economy continued to face an uncertain outlook due to the impact of the spread of COVID-19 and trade issues resulting from US-China trade friction.」
In addition to the previous uncertainty in overseas economies and trade, the impact of the spread of COVID-19 was described as part of the actual economic environment, and uncertainty about the outlook continued. - FY2020WorsenedAnnual report
「During the fiscal year, the Japanese economy had remained on a moderate recovery trend due to improvements in corporate earnings and employment conditions, but domestic and overseas economies deteriorated rapidly due to US-China trade friction and the global spread of COVID-19, leaving the outlook extremely uncertain.」
In addition to the previous uncertainty in overseas economies and trade, the report described a rapid deterioration in economic conditions and an extremely uncertain outlook resulting from the global spread of COVID-19. - FY2020-Q3MaterialisedAnnual report
「During the first nine months of the fiscal year, the Japanese economy remained on a moderate recovery trend, with continued improvements in corporate earnings and employment conditions, but the outlook remained uncertain due to US-China trade friction and uncertainty in overseas economies.」
Uncertainty about the outlook due to US-China trade friction and uncertainty in overseas economies continued to be described as part of the actual economic environment. - FY2020-Q2MaterialisedAnnual report
「During the first six months of the fiscal year, the Japanese economy remained on a moderate recovery trend, with improvements in corporate earnings and employment conditions, but the outlook remained uncertain due to trade issues overseas, the risk of a slowdown in emerging-market economies, geopolitical risks in Middle Eastern countries and other factors.」
Uncertainty about the outlook due to trade issues, the risk of a slowdown in emerging-market economies, geopolitical risks in Middle Eastern countries and other factors continued. The foreign exchange loss declined from ¥13.321 million in the same period of the previous year to ¥7.954 million, but a loss was still recognized during the current period. - FY2020-Q1MaterialisedAnnual report
「During the first three months of the fiscal year, the Japanese economy remained on a moderate recovery trend, supported by improvements in corporate earnings and the employment environment, but the outlook remained uncertain due to the effects of US-China trade friction, the UK's EU withdrawal issue and other factors.」
Uncertainty about the outlook due to US-China trade friction and the UK's EU withdrawal issue continued. Meanwhile, the foreign exchange loss for the quarter was ¥724 thousand, down from ¥23.745 million in the same period of the previous year. - FY2019MaterialisedAnnual report
「During the fiscal year, the Japanese economy remained on a moderate recovery trend, with continued improvements in corporate earnings and employment conditions, but the outlook remained uncertain due to US-China trade friction and uncertainty in overseas economies.」
Uncertainty about the outlook due to US-China trade friction and uncertainty in overseas economies continued. A foreign exchange loss of ¥16.891 million was also recognized as a non-operating expense. - FY2019-Q3MaterialisedAnnual report
「During the first nine months of the fiscal year, the Japanese economy remained on a moderate recovery trend, with continued improvements in corporate earnings and employment conditions, but the outlook remained uncertain due to US-China trade friction and uncertainty in overseas economies.」
In addition to the previous concerns about overseas economies and trade, US-China trade friction was explicitly identified, and uncertainty in overseas economies and about the outlook continued. - FY2019-Q2MaterialisedAnnual report
「During the first six months of the fiscal year, the Japanese economy remained on a moderate recovery trend, with improvements in corporate earnings and employment conditions, but the outlook remained uncertain due to trade issues overseas and the risk of a slowdown in emerging-market economies.」
The external environmental concerns expanded from yen appreciation and a downturn in overseas economies to trade issues and the risk of a slowdown in emerging-market economies. A foreign exchange loss of ¥13.321 million was also recognized during the quarter. - FY2019-Q1MaterialisedAnnual report
「During the first three months of the fiscal year, the Japanese economy remained on a moderate recovery trend, with improvements in corporate earnings and the employment environment, but concerns about overseas economies and other factors continued to make the outlook uncertain.」
Concerns about overseas economies and uncertainty about the outlook continued, and the Company recorded a foreign exchange loss of ¥23.745 million during the quarter, up from ¥17.204 million in the same period of the previous year. - FY2018MitigatedAnnual report
「During the fiscal year, the Japanese economy remained on a moderate recovery trend, supported by the recovery in corporate earnings and improvement in employment conditions, but the outlook remained uncertain due to uncertainty in overseas economies and heightened geopolitical risks. Ordinary income was ¥73 million, up 95.2% year on year. This was mainly due to a decrease in foreign exchange losses.」
While uncertainty in overseas economies and geopolitical risks continued, the foreign exchange loss declined from ¥38.189 million in the previous fiscal year to ¥15.524 million in the current fiscal year, and ordinary income increased. The impact of the risks was partially reduced during the current fiscal year. - FY2018-Q3MaterialisedAnnual report
「During the first nine months of the fiscal year, the Japanese economy remained on a moderate recovery trend, with continued improvements in corporate earnings and employment conditions, but the outlook remained uncertain due to unstable political developments overseas and geopolitical risks. Foreign exchange loss 15,712」
Uncertainty caused by unstable political developments overseas and geopolitical risks continued, and a foreign exchange loss of ¥15.712 million was recognized during the first nine months of the fiscal year. - FY2018-Q2MaterialisedAnnual report
「During the first six months of the fiscal year, the Japanese economy remained on a moderate recovery trend, with improvements in corporate earnings and employment conditions, but the outlook remained uncertain due to unstable political developments overseas and geopolitical risks. Foreign exchange loss 18,143」
Uncertainty caused by unstable political developments overseas and geopolitical risks continued, and a foreign exchange loss of ¥18.143 million was recognized during the quarter. - FY2018-Q1MaterialisedAnnual report
「During the first three months of the fiscal year, the Japanese economy remained on a moderate recovery trend, with improvements in corporate earnings and the employment environment, but the outlook remained uncertain due to unstable political developments overseas and the international situation. Foreign exchange loss 17,204」
Uncertainty caused by unstable political developments overseas and the international situation continued, and the Company recorded a foreign exchange loss of ¥17.204 million during the quarter. - FY2017-Q3MaterialisedAnnual report
「During the first nine months of the fiscal year, the Japanese economy faced an uncertain outlook due to heightened uncertainty in overseas economies, including economic slowdowns in China and other emerging Asian and resource-producing economies, the UK's EU withdrawal issue, and sharp exchange-rate volatility resulting from the US presidential election. Despite productivity improvements and expense reductions from cost-cutting initiatives, operating income was ¥48 million, down 57.6% year on year. The recognition of foreign exchange losses and other factors resulted in an ordinary loss of ¥55 million, compared with ordinary income of ¥51 million in the same period of the previous year, and a loss attributable to owners of the parent of ¥63 million, compared with profit attributable to owners of the parent of ¥8 million.」
The slowdown in the Chinese and other economies, uncertainty in overseas economies and sharp exchange-rate volatility continued to be cited, while the recognition of a ¥99.895 million foreign exchange loss and an ordinary loss of ¥55 million materialized in the results. - FY2017-Q2MaterialisedAnnual report
「The risk of a downturn in the global economy, including the slowdown in the Chinese economy, continued, and the Company recorded an ordinary loss after recognizing foreign exchange losses during the quarter. Operating income was ¥79 million, up 44.5% year on year, as a result of productivity improvements and expense reductions from cost-cutting initiatives. However, the recognition of foreign exchange losses and other factors resulted in an ordinary loss of ¥17 million, compared with ordinary income of ¥44 million in the same period of the previous year, and a loss attributable to owners of the parent of ¥32 million, compared with profit attributable to owners of the parent of ¥6 million.」
The slowdown in the Chinese economy and the risk of a downturn in the global economy continued, and the Company recorded a foreign exchange loss of ¥94.238 million during the quarter, resulting in an ordinary loss. - FY2017-Q1MaterialisedAnnual report
「Uncertainty about the outlook has continued, including the slowdown in emerging-market economies, the UK's EU withdrawal issue, and the ongoing appreciation of the yen and decline in share prices. Operating income was ¥48 million, up 924.4% year on year, but the recognition of foreign exchange losses and other factors resulted in ordinary income of ¥8 million, compared with an ordinary loss of ¥3 million in the same period of the previous year. Profit attributable to owners of the parent was ¥5 million, compared with a loss attributable to owners of the parent of ¥4 million in the same period of the previous year.」
The slowdown in overseas economies and the continued appreciation of the yen and decline in share prices were described as sources of uncertainty, and a foreign exchange loss was recognized during the quarter. - FY2016First statedAnnual report
「In Japan, concerns remain over a decline in exports resulting from yen appreciation and other factors. In the global economy, the risk of a downturn in overseas economies also persists, and the outlook remains uncertain, with companies continuing to take a highly cautious approach to capital investment.」
Yen appreciation, overseas economic conditions and cautious capital investment were presented as external environmental concerns.