Uncertainty over the outlook due to U.S. administration policy and geopolitical risks
First written in FY2018-Q2. 16 of 31 entries say "Worsened", first in FY2019-Q1. Latest entry: 2026-06-29.
The whole theme swung hardest in 2022: 106 of 135 companies on the "Worse" side.
- 2026-06-29WorsenedBusiness Plan
「Although uncertainty has increased in FY2027 due to factors including soaring crude oil prices, sales of PXB-cells-related products are expected to increase as the in vitro business expands in the US.」
In addition to US trade policy and other factors, the company identifies soaring crude oil prices as an external factor contributing to uncertainty in its business plan. - FY2026WorsenedAnnual report
「During the consolidated fiscal year, Japan's economy continued to recover moderately, supported by improvements in employment and income conditions and the effects of various government policies. However, concerns remain over the impact of U.S. trade policy and rising energy prices associated with the escalating situation in the Middle East, and the outlook remains uncertain.」
While indicating a moderate economic recovery, the company identifies U.S. trade policy and rising energy prices associated with the escalating situation in the Middle East as factors contributing to an uncertain outlook. - FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period, Japan's economy continued to recover moderately, supported by improvements in employment and income conditions and the effects of various government policies. However, the impact of U.S. trade policy and continued inflation pose downside risks to the economy, leaving the outlook uncertain.」
While recognizing signs of an economic recovery, the company has reconfirmed its view that U.S. trade policy and continued inflation are factors contributing to an uncertain outlook. - FY2025WorsenedAnnual report
「During the consolidated fiscal year, Japan's economy continued to recover moderately, supported by the recovery in corporate earnings and improvements in employment and income conditions. However, the outlook remains uncertain due to persistently high energy prices, continued inflation and the impact of U.S. trade policy.」
In addition to energy prices and inflation, the company has explicitly identified the impact of U.S. trade policy as a factor contributing to an uncertain outlook. - FY2025-H1WorsenedAnnual report
「During the interim consolidated fiscal period, the Japanese economy recovered moderately due to a recovery in corporate performance and improvements in employment and income conditions. However, risks of a downturn in overseas economies, including the continued high interest rate environment in Europe and the United States and conditions in the Middle East, as well as rising prices resulting from surging energy prices and the depreciation of the yen, mean that the outlook cannot yet be viewed optimistically.」
In addition to the previously identified risks of inflation caused by energy prices and yen depreciation, the company has added the risk of a downturn in overseas economies due to continued high interest rates in Europe and the United States and the situation in the Middle East. - FY2024-Q3RestatedAnnual report
「During the third quarter of the consolidated fiscal year, the Japanese economy recovered moderately as the classification of novel coronavirus disease under Japan’s Infectious Diseases Control Law was changed to Category 5 and socioeconomic activity moved toward normalization. However, the outlook cannot yet be viewed optimistically due to surging energy prices, rising prices resulting from the depreciation of the yen and concerns about a downturn in overseas economies.」
The company describes the normalization of socioeconomic activity and a moderate recovery, while reconfirming surging energy prices, rising prices resulting from the depreciation of the yen and concerns about a downturn in overseas economies as factors contributing to uncertainty over the outlook. - FY2024-Q2RestatedAnnual report
「During the second quarter of the consolidated fiscal year, the Japanese economy recovered moderately as the classification of novel coronavirus disease under Japan’s Infectious Diseases Control Law was changed to Category 5 and socioeconomic activity moved toward normalization. However, the outlook remains uncertain due to surging energy prices, rising prices resulting from the depreciation of the yen and concerns about a downturn in overseas economies resulting from monetary tightening in various countries.」
The company describes the normalization of socioeconomic activity and a moderate economic recovery, while reconfirming surging energy prices, rising prices resulting from the depreciation of the yen and concerns about a downturn in overseas economies resulting from monetary tightening in various countries as factors contributing to uncertainty over the outlook. - FY2024-Q1Addition of concerns about a downturn in overseas economies due to monetary tighteningAnnual report
「During the first quarter of the consolidated fiscal year, the Japanese economy recovered moderately as the classification of novel coronavirus disease under Japan’s Infectious Diseases Control Law was changed to Category 5 and socioeconomic activity moved toward normalization. However, the outlook remains uncertain due to surging energy prices, rising prices and concerns about a downturn in overseas economies resulting from monetary tightening in various countries.」
The company describes the normalization of socioeconomic activity and a moderate economic recovery, while identifying surging energy prices, rising prices and concerns about a downturn in overseas economies resulting from monetary tightening in various countries as factors contributing to uncertainty over the outlook. - FY2023RestatedAnnual report
「During the consolidated fiscal year, restrictions on activities related to the novel coronavirus disease were eased and socioeconomic activity moved toward normalization. However, the outlook remains uncertain due to surging energy prices, rising prices resulting from the depreciation of the yen and the protracted situation in Ukraine.」
The company describes the normalization of socioeconomic activity, while reconfirming energy prices, the depreciation of the yen and rising prices, and the situation in Ukraine as factors contributing to uncertainty over the outlook. - FY2023-Q3RestatedAnnual report
「During the third quarter of the consolidated fiscal year, restrictions on activities related to the novel coronavirus disease were eased and socioeconomic activity moved toward normalization. However, the outlook remains uncertain due to surging energy prices, rising prices resulting from the depreciation of the yen and the protracted situation in Ukraine.」
The company describes the easing of activity restrictions and the normalization of socioeconomic activity, while reconfirming surging energy prices, rising prices resulting from the depreciation of the yen and the protracted situation in Ukraine as factors contributing to uncertainty over the outlook. - FY2023-Q2RestatedAnnual report
「During the second quarter of the consolidated fiscal year, restrictions on activities related to the novel coronavirus disease were eased and socioeconomic activity moved toward normalization. However, the outlook remains uncertain due to rising prices associated with the protracted situation in Ukraine and the rapid depreciation of the yen.」
The company describes the easing of activity restrictions and the normalization of socioeconomic activity, while reconfirming the protracted situation in Ukraine and rising prices resulting from the rapid depreciation of the yen as factors contributing to uncertainty over the outlook. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the consolidated fiscal year, signs of a recovery emerged in personal consumption and corporate capital investment as restrictions on activities related to the novel coronavirus disease were eased. However, the outlook remains uncertain due to the protracted situation in Ukraine and rising prices resulting from the rapid depreciation of the yen.」
The company describes an economic recovery resulting from the easing of activity restrictions, while explicitly identifying the protracted situation in Ukraine and rising prices resulting from the rapid depreciation of the yen as new factors contributing to uncertainty over the outlook. - FY2022WorsenedAnnual report
「During the consolidated fiscal year, signs of a recovery emerged in the Japanese economy due to progress in novel coronavirus vaccinations and the effects of various policies. However, the outlook remains uncertain amid concerns about surging raw material prices and heightened geopolitical risks resulting from the situation in Ukraine.」
In addition to existing concerns including infectious diseases, the company explicitly identifies surging raw material prices and geopolitical risks resulting from the situation in Ukraine as new factors contributing to uncertainty over the outlook. - FY2022-Q3WorsenedAnnual report
「During the third quarter of the consolidated fiscal year, signs of a recovery emerged due to progress in novel coronavirus vaccinations and an increase in exports. However, the outlook remains uncertain amid concerns about rising crude oil prices and the spread of a new variant, the Omicron variant.」
The company describes a recovery supported by vaccinations and increased exports, while adding rising crude oil prices and the spread of the Omicron variant as new factors contributing to uncertainty over the outlook. - FY2022-Q2SoftenedAnnual report
「During the second quarter of the consolidated fiscal year, signs of a recovery emerged due to progress in novel coronavirus vaccinations and a recovery in exports. However, the outlook remains uncertain as states of emergency and priority preventive measures have continued to be declared amid the spread of variants.」
The company describes a recovery supported by vaccinations and a recovery in exports, while the wording concerning the outlook changed from “extremely uncertain” in the previous quarter to “still uncertain.” It also describes the spread of variants and the continued declaration of states of emergency and other measures. - FY2022-Q1WorsenedAnnual report
「During the first quarter of the consolidated fiscal year, signs of a recovery emerged due to progress in novel coronavirus vaccinations and a recovery in exports. However, the end of the novel coronavirus disease remains unforeseeable, including because of a renewed spread of infections caused by variants, leaving the outlook extremely uncertain.」
The company describes a recovery supported by vaccinations and a recovery in exports, while identifying the renewed spread of infections caused by variants and the unforeseeable end of the disease as factors contributing to uncertainty over the outlook. - FY2021WorsenedAnnual report
「During the consolidated fiscal year, the Japanese economy deteriorated rapidly due to the impact of the novel coronavirus disease, followed by signs of a partial recovery partly due to the effects of various government economic measures. However, the outlook remains uncertain, as a renewed spread of infections led to another state of emergency being declared.」
Although some recovery was seen, the outlook remains uncertain due to the renewed spread of infections and the reintroduction of a state of emergency. - FY2021-Q3WorsenedAnnual report
「The pharmaceutical market in which the customers of our group operate is growing against a backdrop of population growth worldwide and rising income levels in emerging markets. However, the profitability of pharmaceutical companies is coming under increasing pressure due to the emergence of generic drugs following patent expirations and longer development times for new drugs. Meanwhile, industry consolidation through M&A is advancing, with major pharmaceutical companies holding ample funds actively investing in promising pipelines in search of new sources of revenue. Against this backdrop, pharmaceutical companies are increasingly outsourcing development activities, including clinical trials, to external CROs (contract research organizations) to conduct new drug development more quickly and efficiently. Outsourcing by pharmaceutical companies is also expanding in the preclinical testing market targeted by our group, although the novel coronavirus disease has caused delays and changes in development activities.」
The company describes delays and changes in development activities caused by the novel coronavirus disease, in addition to the existing decline in pharmaceutical companies’ profitability and longer development times for new drugs. - FY2021-Q2Partial recovery in economic activity and concerns about a renewed spread of infectionsAnnual report
「During the second quarter of the consolidated fiscal year, the Japanese economy deteriorated rapidly as economic activity stagnated amid the spread of the novel coronavirus disease. Following the lifting of the state of emergency, signs of a partial recovery emerged, partly due to the effects of various economic measures, but concerns about a renewed spread of infections in Japan and overseas remain, and the outlook is still uncertain.」
The company states that, while some recovery was seen after the state of emergency was lifted, concerns about a renewed spread of infections in Japan and overseas have kept the outlook uncertain. - FY2021-Q1RestatedAnnual report
「During the first quarter of the consolidated fiscal year, a state of emergency was declared in Japan as the novel coronavirus disease spread, and the economy deteriorated rapidly due to restraints on economic activity and other factors. Overseas economies were also severely affected by the novel coronavirus disease, leaving the outlook extremely uncertain.」
The company is reconfirming the deterioration of domestic and overseas economies caused by the novel coronavirus disease and the extremely high level of uncertainty over the outlook. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, the Japanese economy was on a moderate recovery track as employment conditions improved, but the economic environment deteriorated rapidly following the global spread of the novel coronavirus after the start of the year, leaving the outlook extremely uncertain.」
The company describes the rapid deterioration of the economic environment resulting from the global spread of the novel coronavirus, in addition to the existing US-China trade friction, the UK's withdrawal from the EU and conditions in the Middle East. - FY2020-Q3Addition of natural disasters and concerns about a consumption tax increaseAnnual report
「During the third quarter of the consolidated fiscal year, the Japanese economy remained on a moderate recovery track as employment conditions improved. However, the outlook remains uncertain amid concerns about the impact of successive natural disasters and a consumption tax increase, as well as the prolonged US-China trade friction and escalating tensions in the Middle East.」
In addition to the longstanding US-China trade friction and conditions in the Middle East, the company identifies successive natural disasters in Japan and the impact of a consumption tax increase as factors contributing to uncertainty over the outlook. - FY2020-Q2RestatedAnnual report
「During the second quarter of the consolidated fiscal year, the Japanese economy remained on a moderate recovery track as corporate earnings and employment conditions improved. However, concerns about uncertainty in the global economy, including the prolonged US-China trade friction, the UK's withdrawal from the EU and escalating tensions in the Middle East, leave the outlook uncertain.」
The company is reconfirming the prolonged US-China trade friction, the UK's withdrawal from the EU and escalating tensions in the Middle East as factors contributing to uncertainty in the global economy. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the consolidated fiscal year, the Japanese economy remained on a moderate recovery track as corporate earnings and employment conditions improved. However, uncertainty in the global economy increased due to the prolonged US-China trade friction, the UK's withdrawal from the EU and geopolitical risks in the Middle East and East Asia, leaving the outlook uncertain.」
The company explicitly identifies geopolitical risks in the Middle East and East Asia, in addition to the prolonged US-China trade friction and the UK's withdrawal from the EU, as factors contributing to uncertainty in the global economy. - FY2019WorsenedAnnual report
「During the consolidated fiscal year, the Japanese economy remained on a moderate recovery track as corporate earnings and employment conditions improved. However, uncertainty in the global economy increased due to the prolonged US-China trade friction, the UK's withdrawal from the EU and a slowdown in the Chinese economy, leaving the outlook uncertain.」
The company explicitly identifies the UK's withdrawal from the EU and the slowdown in the Chinese economy, in addition to the prolonged US-China trade friction, as factors contributing to uncertainty in the global economy. - FY2019-Q3WorsenedAnnual report
「Although the economy remained on a moderate recovery track as corporate earnings and employment conditions improved, uncertainty in the global economy increased due to the prolonged US-China trade friction and a slowdown in the Chinese economy, leaving the outlook uncertain.」
The company explicitly identifies the prolonged US-China trade friction and the slowdown in the Chinese economy, in addition to existing concerns about trade friction, as factors contributing to uncertainty in the global economy. - FY2019-Q2WorsenedAnnual report
「During the second quarter of the consolidated fiscal year, the Japanese economy remained on a moderate recovery track as corporate earnings and employment conditions improved. However, the outlook remains uncertain because of intensifying trade friction resulting from protectionist US policies and rising crude oil prices.」
The company newly identifies rising crude oil prices, in addition to intensifying trade friction resulting from protectionist US policies, as a factor contributing to uncertainty over the outlook. - FY2019-Q1WorsenedAnnual report
「During the first quarter of the consolidated fiscal year, the Japanese economy remained on a moderate recovery track, with improvement in corporate earnings and employment conditions. However, concerns about expanding trade friction resulting from protectionist US policies have emerged, and the outlook is uncertain.」
The company explicitly identifies concerns about expanding trade friction resulting from protectionist US policies, in addition to existing concerns about the US administration and international conditions. - FY2018RestatedAnnual report
「During the consolidated fiscal year, the Japanese economy remained on a moderate recovery track, with continued improvement in corporate earnings and employment conditions and signs of a recovery in personal consumption. However, concerns including the administration of the US government and unstable international conditions mean that the outlook remains uncertain.」
The company is reconfirming the administration of the US government and instability in international conditions as factors contributing to uncertainty over the outlook. - FY2018-Q3RestatedAnnual report
「In the pharmaceutical industry, to which the Group's customers belong, pharmaceutical-company profitability is declining due to intensifying competition from generic drugs, stalled product development, and downward pricing pressure stemming from fiscal pressure on health insurance premiums. At the same time, industry consolidation through M&A remains active as companies seek to improve the efficiency of investment in new-drug development, which entails substantial development costs.」
This filing identifies US policy developments and heightened geopolitical risks in East Asia as factors contributing to uncertainty over the outlook. It reconfirms the existing themes of US policy and geopolitical risks. - FY2018-Q2First statedAnnual report
「The outlook remains uncertain amid concerns including the administration of the US government and heightened geopolitical risks.」
For the first time, the company identified the administration of the US government and heightened geopolitical risks as concerns regarding the outlook for the business environment.