Political and Economic Risks Associated with Overseas Business Activities

「Looking ahead, the global economy is expected to maintain its recovery trend, supported by demand for capital investment and other factors, although uncertainty is expected to continue due to heightened geopolitical risks, fluctuations in resource prices, and the effects of monetary policies in various countries.」

「If terrorism, war or armed conflict occurs because of political or military factors in a country or region where the Group operates, product sales in that region could decline, factory operations could be suspended, or component procurement from the region could be disrupted, potentially affecting the Group's operating results and financial position.」

「Looking ahead, although US tariff policy is expected to increase downward pressure on the global economy, we expect the recovery trend to continue, supported by fiscal policies and economic measures in various countries. In Japan, corporate capital investment is expected to remain supportive, but the economy is expected to remain weak due to an anticipated decline in exports as the effects of tariffs become more pronounced, among other factors.」

「The business environment surrounding our Group is expected to remain uncertain as a result of a US-led trade war, delayed recovery in the European and Chinese economies, and persistently high geopolitical risks in the Middle East, among other factors.」

「Looking ahead, uncertainty in overseas economies is expected to increase owing to heightened tensions in the Middle East, the delayed recovery of the Chinese economy, and the U.S. presidential election.」

「Looking ahead, we expect the global economy to show stronger signs of stagnation due to heightened geopolitical risks in the Middle East, the growing impact of monetary tightening in the US and Europe, and delayed recovery in China.」

「Looking ahead, the global economy is expected to show increasing signs of stagnation as the effects of monetary tightening in the United States and Europe become more pronounced and the recovery of the Chinese economy is delayed.」

「During the first quarter of the fiscal year (1 April 2023 to 30 June 2023), the global economy remained uncertain, owing to soaring raw material and energy prices resulting from the prolonged Russia-Ukraine situation and monetary tightening accompanying global inflation.」

「During the third quarter of the fiscal year (1 April 2022 to 31 December 2022), the global economy remained uncertain, owing to soaring raw material and energy prices and parts shortages resulting from the prolonged Russia-Ukraine situation, supply chain disruptions caused by lockdowns in major Chinese cities accompanying the spread of COVID-19, and interest rate hikes in Europe and the United States accompanying accelerating inflation.」

「During the second quarter of the fiscal year (1 April 2022 to 30 September 2022), the global economy remained uncertain, owing to soaring raw material and energy prices and parts shortages resulting from the prolonged Russia-Ukraine situation, as well as supply chain disruptions caused by lockdowns in major Chinese cities accompanying the spread of COVID-19.」

「During the first quarter of the fiscal year (1 April 2022 to 30 June 2022), the global economy remained uncertain, owing to parts shortages and soaring energy prices resulting from the Russia-Ukraine situation, as well as logistics disruptions caused by lockdowns in major Chinese cities accompanying the spread of COVID-19.」

「If temporary economic disruption or stagnation occurs because of political or economic factors in countries or regions where the Group operates, it may become difficult to procure components or operate factories, resulting in problems such as lower or delayed production of the Group's products and potentially affecting its operating results and financial position. Measures: The Group is working to reduce these risks by actively promoting global expansion and diversifying its production and procurement sites.」

「The Group is expanding production, procurement and sales globally to strengthen cost competitiveness and reduce foreign exchange risk. However, if temporary economic disruption or stagnation occurs because of political or economic factors, it may become difficult to procure components or operate factories, resulting in problems such as lower or delayed production of the Group's products and potentially having a material effect on its operating results and financial position.」

「During the nine-month period ended 31 December 2019, the Group's business environment remained firm in the United States, supported by consumption and other factors, although the outlook became uncertain because of the impact of the US-China trade dispute and other factors. In Europe, consumption and other factors remained solid, but the economy weakened amid uncertainties including the UK's withdrawal from the EU.」

「Our group is expanding production, procurement, and sales globally to strengthen cost competitiveness and reduce foreign exchange risk. However, if temporary economic disruption or stagnation occurs due to political or economic factors, it may become difficult to procure parts or operate factories, resulting in reduced or delayed production of the group's products and other problems that could affect its business results.」

「Our group is expanding production, procurement, and sales globally to strengthen cost competitiveness and reduce foreign exchange risk. However, if temporary economic disruption or stagnation occurs due to political or economic factors, it may become difficult to procure parts or operate factories, resulting in reduced or delayed production of the group's products and other problems that could affect its business results and financial position.」

「If temporary economic disruption or stagnation occurs because of political or economic factors, it may become difficult to procure components or operate factories, causing problems such as lower or delayed production of the Group's products and potentially affecting its operating results.」