Uncertainty surrounding domestic and overseas economic conditions, foreign exchange rates and resource prices
First written in FY2017-Q1. 10 of 33 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-04-03.
Zuiko moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
84 other companies' latest entry also says "Worsened".
- 2026-04-03WorsenedInvestor presentation
「However, the cost-increase impact of the situation in Iran has not been incorporated as an uncertain factor.」
In addition to previously identified external-environment risks involving domestic and overseas economies, foreign exchange, and resource prices, the company expressly identifies cost increases related to the situation in Iran as an uncertain factor. - FY2025WorsenedAnnual report
「In China, a major market, we expect the recovery in business sentiment to take time, in addition to the accelerating decline in the birth rate. Against this backdrop, the Group is actively developing overseas customers, particularly in emerging markets, but the competitive environment is becoming more challenging as competing companies improve their technological capabilities.」
It describes China's declining birth rate and delayed recovery in business sentiment, as well as the increasingly challenging competitive environment resulting from improvements in competitors' technological capabilities, as aspects of the future business environment. - FY2025-H1RestatedAnnual report
「No new business or other risks arose during the current interim consolidated accounting period. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
It reconfirms that there have been no new developments or material changes regarding risks related to domestic and overseas economic conditions, foreign exchange and resource prices. - FY2025-Q1RestatedAnnual report
「During the three-month period ended [the current first quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
It reconfirms that there have been no new developments or material changes regarding risks related to domestic and overseas economic conditions, foreign exchange and resource prices. - FY2024WorsenedAnnual report
「During the fiscal year, uncertainty and instability in domestic and overseas economic conditions continued, particularly in the first half. In China, one of the Group's major markets, concerns over an economic slowdown remained strong throughout the fiscal year, delaying the recovery in hygiene product manufacturers' appetite for capital investment.」
In addition to uncertainty and instability in domestic and overseas economic conditions, it describes concerns over China's economic stagnation and delays in the recovery of capital investment appetite, providing more detail on the challenging external environment. - FY2024-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
It reconfirms that there have been no new developments or material changes regarding risks related to domestic and overseas economic conditions, foreign exchange and resource prices. - FY2024-Q1RestatedAnnual report
「During the three-month period ended [the current first quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
It reconfirms that there have been no new developments or material changes regarding risks related to domestic and overseas economic conditions, foreign exchange and resource prices. - FY2023WorsenedAnnual report
「However, the outlook remained uncertain due to shortages of components and raw materials, particularly semiconductors, supply-chain disruptions and surging resource prices resulting from the situation in Russia and Ukraine.」
In addition to the pandemic and supply constraints, it continues to identify and provide more detail on shortages of parts and raw materials, disruption to supply chains and surging resource prices caused by the Russia-Ukraine situation as factors contributing to uncertainty in the external environment. - FY2023-Q3WorsenedAnnual report
「During the cumulative period of the third quarter of the current fiscal year (21 February 2022 to 20 November 2022), the business environment remained uncertain, as events with a significant impact on international and financial conditions continued, including the transition to a new phase toward living with COVID-19, the situation in Ukraine, tighter financial conditions overseas, inflationary pressure, the yen's weakest level against the US dollar in 32 years and foreign-exchange intervention by the Bank of Japan.」
In addition to the existing concerns over the pandemic, the yen's depreciation and resource prices, it identifies the situation in Ukraine, tighter financial conditions overseas, inflationary pressure, the yen's weakest level in 32 years and foreign-exchange intervention, stating that events with a significant impact on international and financial conditions continued. - FY2023-Q2Update reflecting renewed infections and surging resource pricesAnnual report
「During the cumulative period of the second quarter of the current fiscal year, the severe conditions caused by COVID-19 were beginning to ease and economic activity was gradually showing signs of recovery. However, the outlook for the economy remained uncertain due to concerns over a renewed spread of COVID-19, surging global resource prices and rising prices caused by the yen's sharp depreciation.」
While indicating that the severe conditions caused by COVID-19 were easing and signs of recovery were emerging, it identifies renewed infections, surging global resource prices and price increases accompanying the yen's sharp depreciation as factors contributing to uncertainty about the outlook. - FY2023-Q1WorsenedAnnual report
「During the cumulative period of the first quarter of the current fiscal year, Japan's economy showed signs of recovery as socioeconomic activity resumed, although the impact of COVID-19 continued for an extended period. However, the sharp depreciation of the yen related to international conditions, rising raw material and crude oil prices, and COVID-19, including lockdowns in major Chinese cities, continued to affect corporate activity, leaving the outlook uncertain.」
While describing the resumption of socioeconomic activity and signs of recovery, it adds and specifies external factors affecting corporate activity, including the sharp depreciation of the yen, rising raw material and crude oil prices, and lockdowns in major Chinese cities. - FY2022-Q3MaterialisedAnnual report
「Meanwhile, supply constraints, including the global shortage of materials and disruptions to logistics, have emerged, and uncertainty about the outlook continues.」
It states that, in addition to the existing uncertainty surrounding the pandemic and economic conditions, supply constraints in the form of a global shortage of materials and disrupted logistics have actually emerged. - FY2022-Q2Coexistence of renewed infections and improvement in overseas economiesAnnual report
「During the cumulative period of the second quarter of the current fiscal year, Japan's economy showed signs of recovery, partly due to improvement in overseas economies, particularly in Europe and the US, where vaccination programmes had progressed. However, the outlook remained uncertain regarding the course of the pandemic and its impact on Japan's and overseas economies, as infections resurged in Japan and a state of emergency was declared again.」
While describing improvements in overseas economies, particularly in Europe and the US, and a recovery in Japan's economy, it identifies the renewed spread of infections in Japan, the reissuance of a state of emergency and uncertainty over the course of the pandemic and its impact on domestic and overseas economies. - FY2022-Q1Coexistence of an economic recovery outlook and uncertainty over the pandemicAnnual report
「During the cumulative period of the first quarter of the current fiscal year, Japan's economy remained below the level before the spread of COVID-19, but was expected to recover as the impact of the pandemic gradually eased, supported by increased external demand, accommodative financial conditions and the effects of the government's economic measures. Thereafter, if the impact of the pandemic subsided, Japan's economy was expected to recover as the positive cycle from income to spending strengthened. However, uncertainty remained over the course of the pandemic and changes in its economic impact.」
While indicating an outlook for recovery in Japan's economy as the impact of the pandemic eases, it states that uncertainty remains over the course of the pandemic and its economic impact. - FY2021Coexistence of renewed infections and economic recoveryAnnual report
「Demand for manufacturing machinery for the full fiscal year remained challenging due to the impact of COVID-19. However, capital investment was recovering as economic activity resumed, and exports were expected to increase broadly as the global recovery in production activity took hold following the easing of pent-up demand.」
While maintaining the view that demand remained challenging due to COVID-19, it identifies the resumption of economic activity, the recovery in capital investment and the global recovery in production activity as new external factors. - FY2021-Q3Update reflecting signs of recovery in the external environmentAnnual report
「During the cumulative period of the third quarter of the current fiscal year, Japan's economy remained challenging due to the domestic and overseas impact of COVID-19. Although the impact of the winter resurgence in infections remained unpredictable, signs of recovery emerged as economic activity resumed. The overseas economy also faced similar concerns but was recovering from a sharp downturn.」
It states that domestic and overseas economies remained challenging due to COVID-19, while signs of recovery emerged both in Japan and overseas against a backdrop of the resumption of economic activity and pent-up demand. - FY2021-Q2WorsenedAnnual report
「During the cumulative period of the second quarter of the current fiscal year, Japan's economy became even more challenging due to the impact of COVID-19. Although economic conditions remained challenging in all countries, the global economy showed signs of recovery recently as economic activity gradually resumed.」
It states that Japan's economy became even more challenging and that difficult conditions continued in the global economy due to COVID-19. At the same time, it notes recent signs of recovery accompanying the resumption of economic activity. - FY2021-Q1WorsenedAnnual report
「Extremely challenging conditions are expected to continue for the time being.」
It indicates that the domestic economy rapidly deteriorated due to the global COVID-19 pandemic and that extremely challenging conditions were expected to continue in the global economy, including the US, Europe and South America. - FY2020WorsenedAnnual report
「However, uncertainty about the outlook continued, including downside risks to the domestic and overseas economies arising from the impact of COVID-19.」
In addition to the existing trade issues and exchange-rate fluctuations, it explicitly identifies downside risks to the domestic and overseas economies arising from COVID-19. - FY2020-Q3External Environment UpdateAnnual report
「During the cumulative period of the third quarter of the current fiscal year, Japan's economy recovered gradually against a backdrop of improving employment and income conditions, although weakness centred on exports persisted. In the global economy, China's economy continued to slow gradually due in part to weakness centred on manufacturing, while the US economy steadily recovered on improving employment conditions and rising personal consumption. However, uncertainty about the outlook continued due to trade issues centred on the US and exchange-rate trends characterised by an appreciation of the yen.」
It describes weakness centred on exports in Japan's economy and an economic slowdown centred on manufacturing in China, while also describing the recovery of the US economy. It continues to identify trade issues centred on the US and exchange-rate trends characterised by an appreciation of the yen as factors contributing to uncertainty about the outlook. - FY2020-Q2External Environment UpdateAnnual report
「In the global economy, China's economy slowed gradually due in part to somewhat slower growth in personal consumption, while the US economy steadily recovered on improving employment conditions and rising personal consumption. However, uncertainty about the outlook continued due to trade issues centred on the US and exchange-rate trends characterised by an appreciation of the yen.」
While describing China's gradual economic slowdown and the recovery of the US economy, it identifies trade issues centred on the US and exchange-rate trends characterised by an appreciation of the yen as factors contributing to uncertainty about the outlook. - FY2020-Q1External Environment UpdateAnnual report
「However, uncertainty about the outlook continues due to developments in trade issues centred on the US and exchange-rate trends characterised by an appreciation of the yen.」
In addition to the longstanding trade issues, it identifies exchange-rate trends characterised by an appreciation of the yen as a factor contributing to uncertainty about the outlook. - FY2019Updated areas of concernAnnual report
「During the fiscal year, Japan's economy showed signs of a gradual recovery in personal consumption against a backdrop of improving employment and income conditions. However, constraints on manufacturing and logistics caused by a series of natural disasters, higher costs due to rising consumer prices and the slowdown in China's economy also weighed on the domestic economy. In the global economy, a sense of slowing growth due to US-China trade friction spread, particularly in China, toward the latter half of the fiscal year, while solid, domestic-demand-led economic growth continued mainly in Europe and the US, maintaining resilience.」
It identifies constraints on manufacturing and logistics caused by natural disasters, higher costs due to rising consumer prices, China's economic slowdown and US-China trade friction as new external factors, while also describing domestic-demand-led growth in Europe and the US. - FY2019-Q3Updated areas of concernAnnual report
「During the cumulative period of the third quarter of the current fiscal year, Japan's economy continued to recover gradually against a backdrop of improving employment and income conditions. In the global economy, the US economy steadily recovered on improving employment conditions and rising personal consumption, while China's recovery showed signs of stalling as growth in personal consumption slowed somewhat. Meanwhile, uncertainty about the outlook continued due to developments in trade issues centred on the US and sharp exchange-rate fluctuations in emerging markets.」
While describing the recovery of Japan's and the US economy, it identifies the stalling recovery of China's economy, trade issues centred on the US and sharp exchange-rate fluctuations in emerging markets as factors contributing to uncertainty about the outlook. - FY2019-Q2External Environment UpdateAnnual report
「However, uncertainty about the outlook continues due to developments in trade issues centred on the US and sharp exchange-rate fluctuations in emerging markets.」
It newly identifies trade issues centred on the US and sharp exchange-rate fluctuations in emerging markets as factors contributing to uncertainty about the outlook. It does not describe any quantitative impact or actual losses incurred by the company. - FY2019-Q1External Environment UpdateAnnual report
「During the cumulative period of the quarter under review, Japan's economy continued to recover gradually as employment and income conditions improved. In the global economy, the US economy steadily recovered on improving employment conditions and rising personal consumption, while China's economy continued to show signs of recovery due to increased exports and solid personal consumption. However, uncertainty about the outlook continued due to policy developments under the new US administration and sharp exchange-rate fluctuations in emerging markets.」
While describing the recovery of the Japanese, US and Chinese economies, it identifies policy developments under the new US administration and sharp exchange-rate fluctuations in emerging markets as factors contributing to uncertainty about the outlook. - FY2018-Q3External Environment UpdateAnnual report
「During the cumulative period of the third quarter of the current fiscal year, Japan's economy remained on a gradual recovery path. In the global economy, the US economy generally remained steady, supported by improving employment conditions and solid personal consumption, while China's economy showed signs of recovery, partly due to the effects of various policies. However, from a global perspective, the outlook remained uncertain due to concerns over the US exit strategy from quantitative easing.」
While describing the recovery of Japan's, the US and China's economies, it continues to identify global uncertainty about the outlook stemming from concerns over the US exit strategy from monetary easing. - FY2018-Q2External Environment UpdateAnnual report
「In the global economy, the US economy generally continued to recover steadily, supported by improving employment conditions and solid personal consumption, while China's economy showed signs of recovery, partly due to the effects of various policies. On the other hand, the outlook for the US economy was uncertain due to concerns over the exit strategy from quantitative easing and the effects of hurricanes.」
While describing the recovery of the US and Chinese economies, it identifies concerns over the US exit strategy from monetary easing and the effects of hurricanes as new factors contributing to uncertainty about the outlook. - FY2018-Q1External Environment UpdateAnnual report
「During the cumulative period of the quarter under review, Japan's economy remained on a gradual recovery path as employment and income conditions continued to improve, although capital investment varied by industry. In the global economy, the US economy steadily recovered on improving employment conditions and rising personal consumption, while China's economy showed signs of recovery, supported in part by various policy measures. However, uncertainty about the outlook continued due to concerns over the new US administration's ability to implement its policies and the UK's withdrawal from the EU.」
It describes the recovery of the US and Chinese economies and improvements in Japan's employment and income conditions, while reorganising concerns over the new US administration's ability to implement its policies and the UK's withdrawal from the EU as factors contributing to uncertainty about the outlook. It does not describe any quantification of risks or actual losses. - FY2017Reorganisation of risk factorsAnnual report
「The global economic outlook remained uncertain due to the UK's withdrawal from the EU and the transition to a new US administration, although the economies of Europe and the US entered a gradual recovery phase. China's economic growth temporarily declined amid the trend toward a weaker yuan, but the economy began to recover gradually.」
Although uncertainty in the global economy continued, the risk factors were reorganised from the previous quarter to include the UK's withdrawal from the EU, the transition to a new US administration, and the temporary decline and recovery of China's economy. - FY2017-Q3Some changes in risk factorsAnnual report
「During the cumulative period of the quarter under review, Japan's economy generally remained on a gradual recovery path, supported by the effects of the government's economic and monetary policies, although the appreciation of the yen caused a pause in the improvement of corporate earnings. In the global economy, the US recovery continued, supported by improving employment conditions and resilient domestic demand, while Europe's economy recovered gradually despite the uncertainty surrounding the UK's withdrawal from the EU. China's economy showed signs of recovery on the back of the effects of various policies, while resource-producing countries experienced delays in their economic recoveries despite resource prices bottoming out. Uncertainty about the outlook therefore continued.」
Uncertainty persisted around the appreciation of the yen, the UK's withdrawal from the EU and delays in the recovery of resource-producing countries' economies. Meanwhile, it described signs of a recovery in China's economy and a bottoming out of resource prices, indicating some changes in the risk factors. - FY2017-Q2WorsenedAnnual report
「During the cumulative period of the quarter under review, Japan's economy remained on a gradual recovery path as employment conditions continued to improve, although the appreciation of the yen caused a pause in the improvement of corporate earnings. In the global economy, the US recovery continued, supported by improving employment conditions and resilient domestic demand, while Europe's economy recovered gradually despite the uncertainty caused by the UK's withdrawal from the EU. China's economy slowed moderately despite the effects of various policies, and resource-producing countries experienced delays in their economic recoveries against a backdrop of weak resource prices. Uncertainty about the outlook therefore continued.」
In addition to the uncertainty noted in the previous quarter, it specifically describes the appreciation of the yen, the uncertainty caused by the UK's withdrawal from the EU, China's slowdown and delays in the recovery of resource-producing countries' economies. - FY2017-Q1First statedAnnual report
「The global economy remains uncertain. In the United States, the economic recovery has continued on the strength of firm domestic demand, while Europe has remained solid despite concerns over rising geopolitical risks. In China, the economy has shown signs of weakness despite the effects of various policies, while resource-rich countries have experienced economic deterioration against a backdrop of falling resource prices.」
The filing describes uncertainty in the external environment, including economic conditions in the United States, Europe, China and resource-rich countries, geopolitical risks and falling resource prices.