Uncertainty over the Global Economy Due to Russia’s Invasion of Ukraine and Soaring Energy Prices
First written in FY2022-Q2. 4 of 11 entries say "Reframed", first in FY2023-Q2. Latest entry: 2026-08-14.
Mirai Works moved to the "Worse" side of this theme in 2025, 1 year after the typical company in this theme (2024).
The whole theme swung hardest in 2025: 45 of 80 companies on the "Worse" side.
49 other companies' latest entry also says "Worsened".
- 2026-08-14WorsenedEarnings presentation
「Following the inauguration of the second Trump administration, policy changes in the United States and other factors led Japanese large companies, particularly those with a foothold in the U.S. market, to adopt a more cautious stance toward ESG messaging.」
U.S. policy changes affected ESG messaging and advertising demand among Japanese large companies, with external-environment risks materializing as an actual decline in demand. - FY2026-H1ReframedAnnual report
「During the six months ended the current interim consolidated period, Japan’s economy showed signs of a moderate recovery against a backdrop of improving employment and income conditions. However, the outlook remained uncertain due to interest-rate trends accompanying the Bank of Japan’s normalization of monetary policy, exchange-rate volatility, continuing price increases and geopolitical risks associated with increasingly tense international conditions.」
The explanation of factors contributing to uncertainty in the global economic outlook has been reorganized from one centered on soaring energy and raw material prices and the situation in Ukraine to one focused on interest-rate trends accompanying monetary policy normalization, exchange-rate movements, rising prices and geopolitical risks associated with international conditions. - FY2025-H1WorsenedAnnual report
「Although Japan’s economy was on a moderate recovery trend during the six months ended the current interim consolidated period, global inflation, monetary tightening, geopolitical risks and the impact of import tariffs imposed by the United States continued to create uncertainty about the economic outlook.」
In addition to previously cited soaring energy and raw material prices and the situation in Ukraine, the filing identifies global inflation, monetary tightening, geopolitical risks and the impact of U.S. import tariffs as factors contributing to uncertainty in the outlook. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy showed signs of recovery, particularly in personal consumption and capital investment, as restrictions on activity were eased and economic activity moved toward normalization. However, the outlook remained uncertain due to soaring global energy and raw material prices, the yen's depreciation and uncertainty surrounding the situation in Ukraine.」
Soaring energy and raw material prices, yen depreciation and the situation in Ukraine continue to be disclosed as factors contributing to uncertainty in the outlook for Japan’s domestic economy. - FY2024-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy showed signs of recovery, particularly in personal consumption and capital investment, as restrictions on activity related to COVID-19 were eased further. However, the outlook remained uncertain due to soaring global energy and raw material prices, the yen's depreciation and uncertainty surrounding the situation in Ukraine.」
Soaring energy and raw material prices, yen depreciation and the situation in Ukraine continue to be disclosed as factors contributing to uncertainty in the outlook for the global and domestic economies. - FY2023ReframedAnnual report
「During the consolidated fiscal year, Japan's economy showed signs of recovery, particularly in personal consumption and capital investment, as restrictions on activity related to COVID-19 were eased further. However, the outlook remained uncertain due to soaring global energy and raw material prices, the yen's depreciation and uncertainty surrounding the situation in Ukraine.」
The filing cites soaring energy and raw material prices, yen depreciation and the situation in Ukraine as factors contributing to uncertainty in the outlook. Compared with the previous quarter’s explanation centered on Japan’s domestic economy, it has been reorganized to cover global price increases and foreign exchange rates. - FY2023-Q3ReframedAnnual report
「During the nine months ended the third quarter, Japan’s economy continued to face an uncertain outlook. Although restrictions on activities related to COVID-19 were eased and social and economic activity showed signs of normalizing, the economy was affected by rising prices resulting from soaring energy prices and the rapid depreciation of the yen, among other factors.」
The filing focuses on soaring energy prices, the rapid depreciation of the yen and rising prices in explaining the uncertain outlook, without directly mentioning the situation between Russia and Ukraine. - FY2023-Q2ReframedAnnual report
「During the six months ended the second quarter, Japan’s economy continued to face an uncertain outlook. Although restrictions on activities related to COVID-19 were eased and social and economic activity showed signs of normalizing, the economy was affected by rising prices resulting from soaring energy prices and the rapid depreciation of the yen, among other factors.」
The filing focuses on soaring energy prices, the rapid depreciation of the yen and rising prices as factors contributing to uncertainty in the outlook, without directly mentioning the situation between Russia and Ukraine. - FY2023-Q1WorsenedAnnual report
「The global economy has been affected by persistently high energy and raw material prices, among other factors, due in part to prolonged geopolitical risks surrounding the situation between Russia and Ukraine. The outlook for the global economy therefore remains uncertain.」
The filing explicitly identifies prolonged geopolitical risks surrounding the situation between Russia and Ukraine and, in addition to previously cited soaring energy prices, describes the impact of soaring raw material prices. - FY2022-Q3RestatedAnnual report
「In addition to the impact of COVID-19, Russia’s invasion of Ukraine has affected the global economy through the withdrawal of global companies from business in Russia and soaring energy prices worldwide. The outlook for the global economy therefore remains uncertain.」
Russia’s invasion of Ukraine, companies’ withdrawal from business in Russia and soaring energy prices continue to be disclosed as factors contributing to uncertainty in the outlook for the global economy. - FY2022-Q2First statedAnnual report
「In addition to the impact of COVID-19, Russia’s invasion of Ukraine has affected the global economy through the withdrawal of global companies from business in Russia and soaring energy prices worldwide. The outlook for the global economy therefore remains uncertain.」
The withdrawal of companies from business in Russia following Russia’s invasion of Ukraine and soaring energy prices have occurred in practice and are disclosed for the first time as factors contributing to uncertainty in the outlook for the global economy.