Uncertainty over the outlook following the UK's decision to leave the EU and rapid yen appreciation
First written in FY2017-Q1. 9 of 28 entries say "Worsened", first in FY2017-Q3. Latest entry: FY2026.
Raiznext moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2025: 15 of 18 companies on the "Worse" side.
2 other companies' latest entry also says "Other".
- FY2026Update to overseas and geopolitical risksAnnual report
「The outlook remains uncertain due to the effects of developments in the Middle East, volatility in financial and capital markets and developments concerning U.S. trade policy.」
In addition to the previous concerns regarding overseas economies, the Chinese economy and interest-rate policies, U.S. trade policy and the situation in the Middle East are cited as sources of uncertainty. - FY2026-H1RestatedAnnual report
「Concerns continue about the risk that downside risks to overseas economies, including the effects of U.S. trade policy, developments in interest-rate policies in the United States and Europe and the continued stagnation of China's real estate market, could weigh on the domestic economy, as well as risks including rising prices, developments in the Middle East and volatility in financial and capital markets.」
It is stated that downside risks to economic activity arising from U.S. trade policy, interest-rate policies in the United States and Europe, stagnation in China's real estate market, rising prices, the situation in the Middle East and volatility in financial and capital markets continue. - FY2025Risk of a downturn in the domestic economy due to U.S. trade policyAnnual report
「In addition to the rising risk of a downturn in the domestic economy due to the effects of U.S. trade policies and other factors, the continued impact of rising prices on personal consumption is also a risk that could weigh on the domestic economy.」
In addition to the previous concerns regarding overseas economies, the Chinese economy, rising prices and other factors, a downturn in the domestic economy due to U.S. trade policy is cited as a new external factor. - FY2025-H1Continued concerns about overseas economies and the Chinese real estate marketAnnual report
「Concerns continue about the risk that downside risks to overseas economies, including developments in interest-rate policies in the United States and Europe and the continued stagnation of China's real estate market, could weigh on the domestic economy, as well as risks including rising prices, developments in the Middle East and volatility in financial and capital markets.」
In addition to the previous concerns regarding downside risks to overseas economies, rising prices, the situation in the Middle East and volatility in financial and capital markets, interest-rate policies in the United States and Europe and stagnation in China's real estate market are cited as sources of uncertainty. - FY2024RestatedAnnual report
「Concerns continue about the risk that downside risks to overseas economies, including the effects of global monetary tightening and concerns about the outlook for the Chinese economy, could weigh on the domestic economy, as well as risks including rising prices, developments in the Middle East and volatility in financial and capital markets.」
In addition to uncertainty regarding downside risks to overseas economies, the Chinese economy, rising prices and financial market volatility, developments in the Middle East are cited as an external risk. - FY2024-Q2RestatedAnnual report
「Meanwhile, amid the effects of continued global monetary tightening and concerns over the outlook for the Chinese economy, concerns remain over the risk that a downturn in overseas economies could weigh on the domestic economy, as well as the risks of rising prices and volatility in financial and capital markets.」
It is stated that uncertainty due to downside risks to overseas economies, monetary tightening, the outlook for the Chinese economy, rising prices and volatility in financial and capital markets continues. - FY2024-Q1RestatedAnnual report
「Meanwhile, as global monetary tightening and other factors continue, concerns persist over the risk that a downturn in overseas economies could weigh on the domestic economy, as well as risks including rising prices and fluctuations in financial and capital markets.」
It is stated that uncertainty about the outlook due to global monetary tightening, downside risks to overseas economies, rising prices and volatility in financial and capital markets continues. - FY2023-Q2WorsenedAnnual report
「Meanwhile, as global monetary tightening and other factors continue, concerns persist over the risk that a downturn in overseas economies could weigh on the domestic economy, as well as risks including rising prices, supply constraints and fluctuations in financial and capital markets.」
In addition to the existing uncertainty in the overseas economy, global monetary tightening, downside risks to overseas economies, rising prices, supply constraints and volatility in financial and capital markets were also listed as downside factors. - FY2023-Q1WorsenedAnnual report
「Meanwhile, concerns continue over downside risks from fluctuations in financial and capital markets, in addition to higher raw-material prices and supply constraints resulting from the prolonged situation in Ukraine and restrictions on economic activity in China.」
Regarding uncertainty in the overseas and domestic economies, the prolonged situation in Ukraine, restrictions on economic activity in China, supply constraints and volatility in financial and capital markets are listed together, and downside risks are described as continuing. - FY2022Addition of the situation in UkraineAnnual report
「The outlook remained uncertain due to the resurgence of COVID-19 caused by the emergence of variants and the situation in Ukraine, among other factors.」
In addition to the previously described pandemic, trade issues and other factors, the situation in Ukraine was cited as a source of uncertainty about the economic outlook. - FY2021MaterialisedAnnual report
「During the fiscal year under review, Japan's economy remained in difficult conditions due to the effects of COVID-19. Economic activity stagnated and personal consumption remained weak, while disparities between industries widened in business sentiment and corporate earnings, and uncertainty about the outlook continued.」
The uncertainty regarding the pandemic and global economy recognized since the previous fiscal year is described as having materialized throughout the fiscal year in the form of stagnant economic activity, weak personal consumption and downward pressure on corporate earnings. - FY2021-Q1MaterialisedAnnual report
「In both the domestic and overseas economies, the global spread of COVID-19 that began toward the end of the previous fiscal year led to a substantial contraction in economic activity, significantly depressing personal consumption, production, investment and corporate earnings, and conditions remained extremely difficult.」
In addition to the previously described uncertainty regarding the overseas economy, the global spread of COVID-19 is described as having actually caused a substantial contraction in economic activity and extremely difficult economic conditions. - FY2020WorsenedAnnual report
「In addition to U.S.-China trade frictions, the United Kingdom's EU withdrawal and geopolitical risks in the Middle East, there are concerns about a substantial contraction in economic activity resulting from the global spread of COVID-19 in the overseas economy as well.」
In addition to the previous U.S.-China trade issues, the United Kingdom's EU withdrawal and geopolitical risks, the global contraction in economic activity caused by COVID-19 was added as a source of uncertainty. - FY2020-Q3WorsenedAnnual report
「Although the overseas economy as a whole continued on a moderate recovery path, the pace slowed, and it remained subject to downside risks to economic activity from factors including developments in U.S.-China trade issues, the outlook for the Chinese economy and the United Kingdom's EU withdrawal issue.」
Although the overseas economy remained on a recovery path, the slowdown in its pace, U.S.-China trade issues, the outlook for the Chinese economy and the United Kingdom's EU withdrawal issue are cited as downside risks to economic activity, and factors contributing to uncertainty about the outlook continue to be described. - FY2020-Q2WorsenedAnnual report
「Although the overseas economy as a whole continued on a moderate recovery path, it remained subject to uncertainty accompanied by downside risks to economic activity, including escalating U.S.-China trade issues, concerns about the outlook for the Chinese economy and the prolonged United Kingdom's EU withdrawal issue.」
The overseas economy is described as being on a moderate recovery path, while the escalation of U.S.-China trade issues, concerns about the outlook for the Chinese economy and the prolonged United Kingdom's EU withdrawal issue are cited as downside risks to economic activity, indicating that sources of uncertainty had intensified. - FY2020-Q1RestatedAnnual report
「Although the overseas economy as a whole continued on a moderate recovery path, it remained subject to uncertainty arising from factors including U.S.-China trade issues and a slowdown in the Chinese economy.」
The overseas economy is described as being on a moderate recovery path, while U.S.-China trade issues and a slowdown in the Chinese economy continue to be cited as sources of uncertainty. - FY2019-Q3WorsenedAnnual report
「Although the overseas economy was recovering moderately overall, uncertainty about the outlook increased due to the effects of factors including U.S.-China trade frictions and the United Kingdom's EU withdrawal issue.」
The overseas economy is described as being on a moderate recovery path, while uncertainty about the outlook increased due to the effects of U.S.-China trade frictions and the United Kingdom's EU withdrawal issue. - FY2019-Q2Update on U.S.-China trade policy and trade issuesAnnual report
「Although the overseas economy was affected by uncertainty arising from U.S.-China trade policies, developments in trade issues and volatility in financial and capital markets, it continued on a moderate recovery path.」
The factors described as contributing to uncertainty in the overseas economy were changed from the previous United Kingdom's EU withdrawal issue, policy uncertainty in emerging Asian economies and other factors to U.S.-China trade policies and trade issues and volatility in financial and capital markets. The overseas economy is described as being on a moderate recovery path. - FY2019-Q1Update on uncertainty factors affecting the overseas economyAnnual report
「Although uncertainty remained regarding the outlook for the economies and policies of China and other emerging Asian economies, a moderate recovery is expected to continue going forward.」
The description of the factors was updated from the previous reference to geopolitical risks and other factors to uncertainty regarding the economic outlook and policies of China and other emerging Asian economies. At the same time, a continued moderate recovery is expected. - FY2018-Q3RestatedAnnual report
「Although geopolitical risks continued to exist, the overseas economy remained on a moderate recovery path, supported by a steady recovery in the U.S. economy and a recovery in economic activity in Europe, China and Southeast Asia.」
While geopolitical risks continue to be described, the overseas economy is explained as being on a moderate recovery path, supported by the recovery in the U.S., European, Chinese and Southeast Asian economies. - FY2018-Q2RestatedAnnual report
「Although geopolitical risks created uncertainty about the outlook for the global economy, the overseas economy remained on a moderate recovery path, supported by continued strength in the U.S. and European economies and a recovery in the Chinese and Southeast Asian economies.」
While uncertainty about the outlook due to geopolitical risks continues to be described, the overseas economy is explained as being on a moderate recovery path, supported by the strength of the U.S. and European economies and the recovery of the Chinese and Southeast Asian economies. - FY2018-Q1Update to uncertainty factorsAnnual report
「Although concerns remained about factors including developments in U.S. administration policies and rising global geopolitical risks, the overseas economy remained on a moderate recovery path.」
In place of the previously stated factors including the United Kingdom's EU withdrawal, developments in U.S. administration policies and global geopolitical risks are cited as sources of uncertainty. The overseas economy is described as being on a moderate recovery path. - FY2017SoftenedAnnual report
「Although uncertainty persisted in the overseas economy due to factors including the United Kingdom's EU withdrawal issue, the change of government in South Korea and the inauguration of the Trump administration in the United States, the economy overall remained on a moderate recovery path.」
Uncertainty due to factors including the United Kingdom's EU withdrawal continued to be described, but an explanation that the overseas economy as a whole was on a moderate recovery path was added, weakening the wording from the previous quarter's description that uncertainty had "increased further." - FY2017-Q3WorsenedAnnual report
「Although signs of a recovery in economic activity were seen in China and other emerging Asian economies, uncertainty about the economic outlook increased further amid uncertainties including the United Kingdom's EU withdrawal issue, the change of government in South Korea and the inauguration of a new administration in the United States.」
In addition to the United Kingdom's EU withdrawal issue, the change of government in South Korea and the inauguration of a new administration in the United States are cited as uncertainties, and uncertainty about the outlook for the overseas economy is described as having increased further. - FY2017-Q2RestatedAnnual report
「In the overseas economy, uncertainty about the outlook increased amid an economic slowdown in China and other emerging Asian economies and volatility in financial markets resulting from the United Kingdom's EU withdrawal issue.」
The slowdown in China and other emerging Asian economies and financial market volatility associated with the United Kingdom's EU withdrawal issue are reaffirmed as factors contributing to uncertainty in the overseas economy. - FY2017-Q1First statedAnnual report
「In addition, the decision for the United Kingdom to leave the EU heightened uncertainty about the outlook and led to a sharp appreciation of the yen.」
The decision for the United Kingdom to leave the EU and the sharp appreciation of the yen are described as creating uncertainty about the outlook for the overseas economy.