Global economic uncertainty due to COVID-19, the invasion of Ukraine, rising prices and interest rates
First written in FY2023-Q2. 7 of 11 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2022: 106 of 135 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「During the consolidated fiscal year, uncertainty about the outlook continued because of uncertainty surrounding US tariffs and economic policy, weak domestic demand in China, the prolonged war in Ukraine, and the intensification of military conflict in the Middle East. These factors increased concerns about energy supplies as geopolitical risks expanded.」
In addition to uncertainty surrounding US tariffs and economic policy, the disclosure identifies the intensification of military conflict in the Middle East, expanding geopolitical risks and growing concerns about energy supplies. - 2026-04-28WorsenedRevision of earnings forecasts
「During the consolidated fiscal year, uncertainty about the outlook continued because of uncertainty surrounding US tariffs and economic policy, weak domestic demand in China, the prolonged war in Ukraine, and the intensification of military conflict in the Middle East. These factors increased concerns about energy supplies as geopolitical risks expanded.」
The external environment for the full year included U.S. tariffs and economic policy, sluggish domestic demand in China, prolonged wars and military conflicts, and expanding geopolitical risks. - FY2026-H1RestatedAnnual report
「During the interim consolidated fiscal period (1 April 2025 to 30 September 2025), uncertainty about the outlook continued because of geopolitical risks, including military conflicts in Ukraine and the Middle East, uncertainty surrounding US tariffs and economic policy, and weak domestic demand in China.」
In addition to military conflicts in Ukraine and the Middle East and weak domestic demand in China, the disclosure identifies uncertainty surrounding US tariffs and economic policy, with an uncertain external environment continuing. - FY2025-H1RestatedAnnual report
「During the interim consolidated fiscal period (1 April 2024 to 30 September 2024), the global economy saw inflation advance because of the expansion of regional conflicts, including Russia's invasion of Ukraine and rising tensions in the Middle East, as well as stagnant domestic demand in China. In addition, the yen's depreciation was corrected as the interest-rate differential between Japan and the United States narrowed.」
The disclosure continues to describe an uncertain external environment caused by the invasion of Ukraine, the situation in the Middle East, inflation and stagnant domestic demand in China. It also notes progress toward correcting yen depreciation. - FY2024RestatedAnnual report
「During the consolidated fiscal year, the global economy continued to slow as international conditions became increasingly unstable because of the prolonged invasion of Ukraine by Russia and rising tensions in the Middle East.」
The disclosure continues to cite the invasion of Ukraine, the situation in the Middle East, inflation, elevated policy rates and weak domestic demand in China as sources of uncertainty in the global economy. - FY2024-Q3WorsenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal period (1 April 2023 to 31 December 2023), the global economy continued to slow as international conditions became increasingly unstable because of the prolonged invasion of Ukraine by Russia and rising tensions in the Middle East. Persistent inflationary pressure from tight supply and demand, except in China, and elevated policy rates, particularly in Europe and the United States, weighed on economic activity. Economic conditions around the world therefore remained highly uncertain and growth remained below historical levels. The yen continued to weaken because of differences in monetary policy between regions.」
In addition to the invasion of Ukraine, the disclosure cites rising tensions in the Middle East, further instability in international conditions, elevated policy rates, low growth and continued yen depreciation. - FY2024-Q2RestatedAnnual report
「The disruption to supply chains caused by the COVID-19 pandemic, the sharp increase in demand and the resulting tight labor supply and demand conditions coincided with disruptions to food and energy supplies, particularly in Europe and the United Kingdom, caused by the prolonged invasion of Ukraine by Russia. In addition to monetary tightening in various countries, delayed economic recovery and a weak property market in China following the lifting of its zero-COVID policy, as well as US-China trade friction, caused growth forecasts for regions around the world to be lowered over time, further increasing uncertainty about the outlook.」
The disclosure continues to cite post-pandemic supply chain disruption, tight labor supply and demand, the invasion of Ukraine, monetary tightening, delayed recovery in China, a weak property market and US-China friction as factors behind slower growth and uncertainty. - FY2024-Q1RestatedAnnual report
「During the cumulative first quarter of the current consolidated fiscal period (1 April 2023 to 30 June 2023), the global economy showed some moderate signs of recovery. However, economic growth slowed and the pace of recovery weakened because of policy rate increases, particularly in the United States and Europe, to address inflation. Uncertainty about the outlook increased further as growth forecasts for regions around the world were lowered over time because of the prolonged invasion of Ukraine by Russia and US-China trade friction. The yen fluctuated significantly because of differences in monetary policy between regions.」
The disclosure continues to cite policy rate increases to address inflation, slower growth, the invasion of Ukraine, US-China trade friction, uncertainty about the outlook and fluctuations in the yen. - FY2023RestatedAnnual report
「During the consolidated fiscal year, the global economy was recovering from the crisis caused by the spread of COVID-19 on both the demand and supply sides, with signs of a moderate recovery. However, high inflation and monetary tightening slowed the pace of economic recovery toward the second half of the fiscal year. Although the yen moved higher against the US dollar from November 2022, the yen depreciated compared with the previous consolidated fiscal year. Uncertainty about the future increased further because of the prolonged invasion of Ukraine by Russia, US-China trade friction and the emergence of COVID-19 variants.」
The disclosure points to recovery from the pandemic and normalization of restrictions, while noting continued slower growth and uncertainty caused by inflation, monetary tightening, the invasion of Ukraine and US-China tensions. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal period (1 April 2022 to 31 December 2022), restrictions on activity related to COVID-19 were gradually eased and socioeconomic activity normalized. However, the economy continued to slow because of higher energy and other prices stemming from Russia's invasion of Ukraine and policy rate increases, particularly in the United States and Europe, to address inflation. Growth forecasts for regions around the world were lowered over time, and uncertainty about the outlook increased.」
Although the easing of pandemic-related restrictions is noted, the previous assessment of the external environment remains: the invasion of Ukraine, higher energy prices, inflation, policy rate increases, slower economic growth and uncertainty about the outlook. - FY2023-Q2MaterialisedAnnual report
「During the cumulative second quarter of the current consolidated fiscal period (1 April 2022 to 30 September 2022), the global economy continued to be affected by COVID-19. Economic growth slowed and uncertainty about the outlook increased as food and energy prices rose amid the prolonged invasion of Ukraine by Russia, while interest rates rose, particularly in the United States and Europe, as a measure to address inflation.」
The disclosure describes the simultaneous occurrence of the pandemic, the prolonged war, higher resource prices, inflation and higher interest rates, resulting in slower economic growth and greater uncertainty about the outlook.