Market and exchange-rate volatility caused by the slowdown in emerging-market economies and the UK's withdrawal from the EU
First written in FY2017-Q1. 12 of 26 entries say "Worsened", first in FY2018-Q2. Latest entry: 2026-05-14.
Seiko 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: 140 of 172 companies on the "Worse" side.
68 other companies' latest entry also says "Worsened".
- 2026-05-14WorsenedRevision of earnings forecasts
「The prolonged rise in prices and fluctuations in foreign exchange rates」
The rise in prices and fluctuations in foreign exchange rates continue to be identified as sources of uncertainty in the operating environment for the next fiscal year. - FY2024WorsenedAnnual report
「During the current fiscal year, Japan's economy followed a gradual recovery trend as employment and income conditions improved and personal consumption and inbound demand recovered. Meanwhile, concerns remained over inflation caused by the sharp depreciation of the yen, the effects of political instability in Ukraine and Palestine, and downside risks in overseas economies, including slowing economies in China and the EU, with uncertainty continuing.」
External-environment risks have taken concrete form in the sharp depreciation of the yen, inflation, and slowing economies in China and the EU, while concerns over a downturn in overseas economies have continued. - FY2024-Q3WorsenedAnnual report
「Meanwhile, rising interest rates, developments in the Middle East, and a downturn in the Chinese economy pose downside risks to Japan's economy, while concerns remain over the effects of inflation and volatility in financial and capital markets.」
External-environment risks include a downturn in the Chinese economy, rising interest rates, inflation, and volatility in financial and capital markets, indicating that concerns have continued to grow. - FY2024-Q2WorsenedAnnual report
「Meanwhile, rising interest rates, increasing geopolitical risks, and a downturn in the Chinese economy pose downside risks to Japan's economy, while concerns remain over the effects of inflation and volatility in financial and capital markets.」
External-environment risks include rising interest rates, geopolitical risks, a downturn in the Chinese economy, inflation, and volatility in financial and capital markets, indicating a widening range of concerns. - FY2023WorsenedAnnual report
「Japan's economy is expected to follow a gradual recovery trend as various restrictions related to COVID-19 have been eased. However, the outlook is expected to remain uncertain due to the effects of global monetary tightening and soaring prices for energy resources and raw materials.」
Concerns in the external environment have taken more concrete form in global monetary tightening and soaring energy resource and raw material prices, and uncertainty over the outlook has continued. - FY2023-Q1WorsenedAnnual report
「During the current first quarter of the fiscal year, Japan's economy showed some signs of recovery, partly due to the effects of various policies addressing COVID-19. However, the economic outlook remained uncertain due to the resurgence of infections caused by new variants, soaring raw material prices resulting from changes in the global situation, and the rapid depreciation of the yen.」
The spread of new variants, soaring raw material prices due to changes in the global situation, and the rapid depreciation of the yen are identified as factors contributing to uncertainty in the external environment. - FY2022WorsenedAnnual report
「During the current fiscal year, Japan's economy showed a gradual recovery in economic activity due to progress in COVID-19 vaccinations and the easing of restrictions on activities, among other factors. However, the economic outlook remained uncertain due to the resurgence of infections caused by new variants, the global semiconductor shortage, and Russia's invasion of Ukraine.」
In addition to the existing concerns over infectious diseases and the semiconductor shortage, Russia's invasion of Ukraine has emerged as a new factor contributing to uncertainty over the outlook. - FY2022-Q3WorsenedAnnual report
「During the first 3 quarters of the current fiscal year, Japan's economy showed a gradual recovery in economic activity due to progress in vaccinations and the lifting of the state of emergency, among other factors. However, the outlook for the economy remained uncertain due to the resurgence of infections caused by new variants and the global semiconductor shortage.」
In addition to the existing uncertainty surrounding overseas economies and policies, the resurgence of infections caused by new variants and the global semiconductor shortage continued to weigh on the economic outlook. - FY2022-Q1WorsenedAnnual report
「During the current first quarter of the fiscal year, Japan's economy remained in a difficult situation due to the effects of COVID-19. Although business sentiment showed signs of recovery as economic activity resumed with the progress of vaccinations, the spread of variants continued to make the outlook for the domestic economy and corporate earnings uncertain.」
Although vaccinations have prompted signs of recovery, the spread of variants has prolonged uncertainty in economic conditions and corporate earnings stemming from COVID-19. - FY2021-Q3WorsenedAnnual report
「During the nine-month consolidated cumulative period, Japan's economy continued to deteriorate as economic and social activity rapidly stagnated due to the impact of COVID-19. Although signs of a moderate recovery emerged in the third quarter, infections began to spread again, and the economy remained in a difficult situation.」
Although temporary signs of recovery emerged in the third quarter, the renewed spread of infections again made economic conditions difficult, emphasizing deterioration in the external environment. - FY2021-Q1WorsenedAnnual report
「During the three-month consolidated cumulative period, Japan's economy deteriorated rapidly as the spread of COVID-19 restricted economic and social activity, rapidly reduced personal consumption, and weakened employment conditions. The global economy also remained in an uncertain outlook, as economic activity was restrained in countries around the world due to the spread of COVID-19.」
In addition to the previous uncertainty surrounding the overseas economy and policies, restrictions on economic and social activity caused by COVID-19 and the rapid deterioration in economic conditions have come to the forefront. - FY2020RestatedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a moderate recovery trend, with improvements in the employment and income environment continuing through the third quarter, amid instability in overseas political developments, including US-China trade friction, the slowdown in the Chinese economy, and the UK's Brexit issue.」
Uncertainty in the overseas economy and political environment, including US-China trade friction, the slowdown in the Chinese economy, and the UK's Brexit issue, continues to be cited. COVID-19 emerged as a new risk in a separate thread. - FY2020-Q3RestatedAnnual report
「Meanwhile, conditions required attention to downside risks to the economy against a backdrop of US-China trade friction, the slowdown in the Chinese economy, and the UK's Brexit issue.」
US-China trade friction, the slowdown in the Chinese economy, and the UK's Brexit issue continue to be cited as downside risks to the economy. - FY2020-Q2MaterialisedAnnual report
「Meanwhile, conditions required attention to downside risks to the economy against a backdrop of US-China trade friction and the slowdown in the Chinese economy.」
US-China trade friction and the slowdown in the Chinese economy continued to pose downside risks to the economy and were also cited as having contributed to declines in revenue and profit from the cold forging business. - FY2020-Q1MaterialisedAnnual report
「Automotive parts and industrial machinery parts remained sluggish because US-China trade friction and the downturn in the Chinese market significantly affected production cuts in products supplied to customers in China.」
External environmental risks, including US-China trade friction and the downturn in the Chinese market, have actually emerged as declines in revenue and profit from the cold forging business through production cuts by customers in China. - FY2019-Q3RestatedAnnual report
「During the nine-month consolidated cumulative period, Japan's economy remained on a moderate recovery trend, with continued improvements in corporate earnings and the employment environment and increased capital investment, but conditions required attention to downside risks to the economy, including concerns over US trade policy and the slowdown in emerging-market economies such as China.」
Concerns over US trade policy and the slowdown in emerging-market economies, including China, continue to be cited as downside risks to the economy. - FY2019-Q2RestatedAnnual report
「During the six-month consolidated cumulative period, Japan's economy remained on a moderate recovery trend, with continued improvements in corporate earnings and the employment environment and increased capital investment, but conditions required attention to downside risks to the economy, including concerns over US trade policy and the slowdown in emerging-market economies such as China.」
Concerns over US trade policy and the slowdown in emerging-market economies, including China, continue to be cited as downside risks to the economy. - FY2019-Q1ReframedAnnual report
「During the three-month consolidated cumulative period, Japan's economy remained on a moderate recovery trend, with continued improvements in corporate earnings and the employment environment and increased capital investment, but conditions required attention to downside risks to the economy, including concerns over US trade policy and the slowdown in emerging-market economies such as China.」
The focus regarding uncertainty in the overseas economy has shifted from the previous description of US policy developments and the situation in East Asia to downside risks to the economy arising from US trade policy and the slowdown in emerging-market economies, including China. - FY2018ReframedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a moderate recovery trend, with continued improvements in corporate earnings and the employment environment and increased capital investment, despite numerous concerns overseas, including US policy developments and the situation in East Asia.」
The description of factors causing uncertainty in the overseas economy has shifted from China, the UK's departure from the EU and other issues to concerns overseas, including US policy developments and the situation in East Asia. - FY2018-Q3RestatedAnnual report
「During the nine-month consolidated cumulative period, Japan's economy remained on a moderate recovery trend, with continued improvements in corporate earnings and the employment environment and increased capital investment, while the outlook remained uncertain due to political instability overseas and rising geopolitical risks.」
The company continues to cite uncertainty over the outlook caused by political instability overseas and rising geopolitical risks. - FY2018-Q2WorsenedAnnual report
「Meanwhile, the outlook remained uncertain due to political instability overseas and rising geopolitical risks.」
Concern has broadened from the economies of emerging markets and political factors in specific regions to political instability overseas and rising geopolitical risks, with factors contributing to an uncertain outlook being emphasized. - FY2018-Q1ReframedAnnual report
「Amid this economic environment, the Group has adopted “enhancing customer responsiveness” as its policy, designated “people development,” “process development” and “product development” as重点課題, and is advancing initiatives in each business.」
For the overseas economy, the description of the external environment has shifted from specific factors such as slowing emerging-market economies, including China, and the UK's departure from the EU, to heightened concern over political risks in Europe and the US. - FY2017RestatedAnnual report
「The overseas economy remained in an uncertain outlook against a backdrop of slowing emerging-market economies, including China, developments concerning the UK's departure from the EU, and uncertainty surrounding the policies of the new US administration.」
The slowdown in emerging-market economies, including China, and developments concerning the UK's departure from the EU continue to be cited as sources of uncertainty in the external environment. - FY2017-Q3RestatedAnnual report
「During the nine-month consolidated cumulative period, Japan's economy remained on a moderate recovery trend, with improvements in corporate earnings and the employment environment, while the outlook remained uncertain due to the slowdown in emerging-market economies, including China, and uncertainty surrounding the policies of the new US administration.」
The external environment concern of slowing emerging-market economies, including China, continues to be cited. - FY2017-Q2MaterialisedAnnual report
「The yen appreciated amid the impact of the slowdown in emerging-market economies, including China, and the UK's Brexit issue, and the economy remained in an uncertain outlook.」
The appreciation of the yen is cited as an impact of the slowdown in emerging-market economies, including China, and the UK's Brexit issue. - FY2017-Q1First statedAnnual report
「The economy remained in an uncertain outlook, due to sharp fluctuations in share prices and foreign exchange rates resulting from the slowdown in emerging-market economies, including China, and the UK's decision to leave the EU.」
The business environment discussion identifies share-price and foreign-exchange volatility associated with the slowdown in emerging-market economies and the UK's decision to leave the EU as external risks that actually materialized.