Yen Depreciation and Resource Price Fluctuations Against the Backdrop of the Russia-Ukraine Situation and Monetary Tightening
First written in FY2023-Q2. 3 of 8 entries say "Restated". Latest entry: FY2027-H1.
The whole theme swung hardest in 2025: 23 of 51 companies on the "Worse" side.
18 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「During the interim consolidated accounting period from 1 April 2026 to 30 September 2026, the Group’s operating environment remained favorable. This reflected strong conditions in the semiconductor market driven by increased AI-related demand and continued demand for defense-related equipment, despite ongoing geopolitical risks, including instability in rare-earth supply and the situation in the Middle East.」
The company states that external environmental risks, including geopolitical risks involving the situation in the Middle East, remain. Meanwhile, demand for AI-related semiconductors and defense-related equipment is identified as a positive factor. - 2026-08-07RaisedResults
「The business environment surrounding the Group is expected to remain uncertain due to geopolitical risks, including the impact of China's tighter controls on rare-earth exports and the situation in the Middle East.」
In addition to the previously noted uncertainty in the external environment, China's tighter controls on rare-earth exports and the situation in the Middle East were identified as specific uncertainties. - FY2026RestatedAnnual report
「In fiscal 2026, the Group's business environment is expected to become increasingly uncertain, amid concerns over heightened international tensions, the resulting surge in raw material and energy prices, and instability in the procurement of components and other items.」
The company states that uncertainty in the external environment surrounding international affairs, raw material and energy prices, and component procurement remains. It also explained that demand for defense-related equipment and domestic electrical equipment construction remains solid. - 2026-05-14RestatedRevisions to earnings forecasts
「The business environment surrounding the Group is expected to remain uncertain due to factors including developments in U.S. tariff policy and geopolitical risks, including the situation in the Middle East.」
The continued uncertainty arising from U.S. tariff policy, the situation in the Middle East and other geopolitical risks was reaffirmed. - FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period from 1 April 2025 to 30 September 2025, the business environment surrounding the Group remained robust, supported by continued demand for defense-related equipment driven by the Defense Buildup Program and strong demand for domestic electrical equipment construction, despite persistent uncertainty caused by indirect impacts such as US tariff policy.」
While uncertainty in the external environment, including US tariff policy, remains, the company explained that demand for defense-related equipment and domestic electrical equipment construction remains solid. - FY2025Expanded to include external environmental risks such as US tariff policyAnnual report
「The business environment surrounding the Group in FY2025 remains uncertain, owing to developments in US tariff policy and the associated increase in geopolitical risks.」
In addition to the previously cited Russia-Ukraine situation, the Chinese economy and monetary tightening, the company explicitly identified US tariff policy and the associated increase in geopolitical risks as new uncertainties. - FY2024Expanded scope of external environmental risksAnnual report
「Although uncertainties remain, including the prolonged conflicts in Ukraine and Israel, concerns about the outlook for the Chinese economy, and the impact of the US presidential election results,」
In addition to the previously cited Russia-Ukraine situation, monetary tightening and yen depreciation, the company identifies the conflict in Israel, the Chinese economy and the US presidential election results as uncertainties. - FY2023-Q2First statedAnnual report
「The yen's depreciation progressed against the backdrop of the prolonged Russia-Ukraine situation and monetary tightening by the United States and Europe」
For the first time, the progression of the yen's depreciation, against the backdrop of the prolonged Russia-Ukraine situation and monetary tightening in the US and Europe, is identified as a standalone external environmental factor.