Economic uncertainty and geopolitical risk
First written in FY2018-Q3. 11 of 28 entries say "Restated". Latest entry: 2026-09-10.
The whole theme swung hardest in 2022: 105 of 135 companies on the "Worse" side.
- FY2025RestatedAnnual report
「Although price increases have begun to ease, they remain at high levels, and uncertainties persist, including exchange-rate fluctuations and geopolitical risks.」
Uncertainties in the operating environment, including high prices, foreign exchange fluctuations and geopolitical risks, continue to be described. - FY2025-H1WorsenedAnnual report
「During the interim consolidated fiscal period, the business environment surrounding the Company saw the emergence of destabilizing factors, including higher prices and U.S. policy trends, but Japan’s real GDP growth for October–December 2024 was 2.8% quarter-on-quarter annualized, marking positive growth for the third consecutive quarter, and private consumption also remained positive.」
In addition to the previous concerns about rising prices and instability in the international situation, sources of instability arising from developments in U.S. policy and other factors are described as having become apparent. Positive domestic GDP growth and personal consumption are also noted. - FY2024RestatedAnnual report
「Although the operating environment during the current consolidated fiscal year contained various uncertainties, including global monetary tightening, rising prices and volatility in financial and capital markets, the economy showed a moderate recovery, supported by a recovery in personal consumption and inbound demand.」
While monetary tightening, rising prices and volatility in financial and capital markets continue to be described as uncertainties, a recovery in personal consumption and inbound demand is also noted. - FY2024-Q3WorsenedAnnual report
「At the same time, numerous sources of instability related to overseas conditions remain, including the risk of renewed inflation in the United States and Europe, concern about a slowdown in the Chinese economy and further deterioration in geopolitical risks centered on the Middle East.」
In addition to the previous concerns about yen depreciation, high prices and instability in the international situation, the renewed rise in prices in the United States and Europe, a slowdown in the Chinese economy and further deterioration in geopolitical risks centered on the Middle East are specifically described. - FY2024-Q2RestatedAnnual report
「Although the situation was not favorable due to the unstable international environment, the weaker yen, and higher prices,」
The uncertainty in the operating environment caused by the unstable international situation, yen depreciation and rising prices continues to be described. - FY2024-Q1RestatedAnnual report
「Although the operating environment during the cumulative first quarter included aspects that could not be considered favorable, such as continued yen depreciation, rising prices and concern about downside risks to the global economy,」
Yen depreciation, rising prices and concern about downside risks to the global economy continue to be described as risks in the operating environment. - FY2023-Q3RestatedAnnual report
「The political and economic environment remained unstable and the outlook became more difficult to assess due to the Ukraine issue and higher prices resulting from global inflation and the weaker yen, among other factors.」
The continuing instability of political and economic conditions due to the Ukraine issue, inflation, yen depreciation and rising prices is described. - FY2023-Q2WorsenedAnnual report
「The increasing uncertainty in the global situation due to the situation in Ukraine and other factors, and the destabilization of the economy caused by higher resource and raw material prices, intensified.」
In addition to the situation in Ukraine, the increasing uncertainty in the global situation and further economic instability resulting from higher resource and raw material prices are described. - FY2022WorsenedAnnual report
「The situation in Ukraine, global price inflation, rapid yen depreciation and instability in financial markets have made political and economic conditions unstable, making it difficult to form an outlook.」
In addition to the previously identified geopolitical risks, the situation in Ukraine, global price inflation, rapid yen depreciation and instability in financial markets are cited, and the difficulty of forming an outlook is described. - FY2022-Q3WorsenedAnnual report
「During the cumulative consolidated period through the third quarter, moves toward normalization were seen, including the gradual increase in the Japanese government’s limit on the number of entrants, but the political and economic environment became unstable and the outlook more difficult to assess due to Russia’s invasion of Ukraine, restrictions on crude oil production increases by major oil-producing countries, and higher prices resulting from the weaker yen.」
In addition to the previous economic uncertainty and geopolitical risk, the destabilization of political and economic conditions due to Russia's invasion of Ukraine, restrictions on crude oil production, yen depreciation and rising prices is described, with greater difficulty in forming an outlook. - FY2022-Q2WorsenedAnnual report
「Although it is difficult at present to forecast when the COVID-19 pandemic will end, we have prepared the accounting estimates for the current consolidated fiscal year on the assumption that conditions will gradually recover by the end of that fiscal year. However, worsening infection conditions could lead to further restraint from going out and from traveling, which could affect the group's financial position, operating results, and other aspects of its business.」
Against a backdrop of the emergence and spread of the Omicron variant and the introduction of priority preventive measures, the possibility of additional restrictions on going out and reduced travel, and an impact on operating results due to worsening infection conditions, is described. - FY2022-Q1MitigatedAnnual report
「The number of people infected with COVID-19 has declined from its previous level, and business performance was expected to gradually improve, with the Go To Travel campaign scheduled to resume after the start of the new year. However, a further sharp increase in infections could again lead to restraint from going out and from traveling, which could affect the group's financial position, operating results, and other aspects of its business.」
Improvement in operating results is assumed against a backdrop of declining infections, the easing of activity restrictions and the planned resumption of Go To Travel, indicating that the infectious disease risk has eased to some extent. However, the possibility remains that a sharp increase in infections could again lead to restrictions on going out and reduced travel. - FY2021WorsenedAnnual report
「Although it is difficult at present to forecast when COVID-19 will subside, our accounting estimates for the current consolidated fiscal year have been prepared on the assumption that the economy will gradually recover by the end of the following consolidated fiscal year, depending on progress with vaccination. However, if the number of infections rises sharply, renewed restrictions on going out and travel could occur and affect the financial position and operating results of our group.」
For infectious disease risk, the difficulty of forecasting when the outbreak will subside is explicitly stated, together with the possibility that a renewed increase in restrictions on going out and travel due to a sharp rise in infections could affect operating results. - FY2021-Q3WorsenedAnnual report
「Although the resumption of foreign-flagged services to and from Japan from summer 2021 onward is anticipated, if refraining from going out and traveling continues for an extended period due to a further extension of the state of emergency, this could affect the financial position and operating results of our group.」
The prolonged effects of refraining from going out and traveling due to a further extension of the state of emergency continue to be described as factors that could affect operating results. - FY2021-Q2WorsenedAnnual report
「The 3 Japanese cruise ships Asuka II, Nippon Maru, and Pacific Venus gradually resumed operations from November 2020, but suspended operations again after a state of emergency was re-declared in January 2021 covering 11 prefectures and metropolitan areas. Operations by the 3 Japanese ships were expected to resume after the state of emergency was lifted, and the resumption of operations by foreign cruise ships calling at Japan, including Princess Cruises and Costa Cruises, was expected from spring through summer 2021. However, if restraint from going out and from traveling were prolonged by an extension of the state of emergency or another declaration after its lifting, this could affect the group's financial position, operating results, and other aspects of its business.」
The state of emergency was reissued after Japanese cruise lines resumed operations, resulting in another suspension of services. The prolonged effects of refraining from going out and traveling due to an extension or further reissuance of the declaration continue to be indicated as an operating risk. - FY2021-Q1WorsenedAnnual report
「A third wave of COVID-19 is currently arriving. If the Japanese government again requests people to refrain from going out or traveling in connection with the reissuance of a state of emergency, this could affect the financial position and operating results of our group.」
The arrival of a third wave is newly described as an infectious disease risk, and the possibility of an impact on operating results from a reissuance of the state of emergency and renewed requests to refrain from going out and traveling is indicated. - FY2020MaterialisedAnnual report
「During the consolidated fiscal year, the business environment in Japan and overseas became extremely difficult as economic activity declined sharply due to restrictions on travel and other economic activity in response to the spread of COVID-19.」
In addition to the previous descriptions of economic uncertainty and geopolitical risk, restrictions on mobility and economic activity and a downturn in economic conditions resulting from the spread of infectious diseases are described as having actually occurred in the operating environment. - FY2020-Q3MaterialisedAnnual report
「As the spread of COVID-19, which became apparent around January 2020, continued, entry from various countries was restricted from 9 March of that year. In Japan, a state of emergency was declared on 7 April of the same year and has since been lifted. However, if reduced travel due to continued self-restraint or a sharp decline in the number of travelers resulting from the reissuance of a state of emergency accompanying a second wave of COVID-19 continues, this could affect the financial position and operating results of our group.」
The actual spread of the infectious disease, entry restrictions imposed by various countries and the domestic state of emergency are described, together with the possibility that reduced travel and a decline in traveler numbers could affect the financial position and operating results. - FY2020-Q2Specific identification of the domestic consumption tax increase riskAnnual report
「Although the international environment involved economic uncertainty and geopolitical risks, and there were concerns that the consumption tax increase would weaken consumer sentiment in Japan, the economy continued to expand at a solid pace, supported by gradual improvements in employment and corporate earnings, increased domestic demand ahead of the 2020 Tokyo Olympics, and inbound demand.」
In addition to the previously identified economic uncertainty and geopolitical risk, concern about a decline in consumer sentiment resulting from an increase in the consumption tax is specifically described. It is not stated that the impact of the consumption tax increase actually occurred. - FY2020-Q1RestatedAnnual report
「Although the international environment was accompanied by economic uncertainty and geopolitical risks,」
Economic uncertainty and geopolitical risk continue to be described as risks in the operating environment. - FY2019Expansion of the risks coveredAnnual report
「If consumer willingness to travel declines as a result of the global emergence and spread of infectious diseases, including in Japan, changes in weather conditions, an economic downturn or other factors, if tourism infrastructure is damaged by changes in the global situation such as terrorism or war, natural disasters or accidents, or if turmoil in the global situation arises from sudden exchange-rate fluctuations, the Group’s business and performance may be affected.」
In addition to the previously identified economic uncertainty and geopolitical risk, specific risks related to travel demand and tourism infrastructure are listed, including infectious diseases, weather, economic conditions, natural disasters, accidents and foreign exchange fluctuations. - FY2019-Q3RestatedAnnual report
「Although the international environment was accompanied by economic uncertainty and geopolitical risks,」
Economic uncertainty and geopolitical risk continue to be described as risks in the operating environment. No material changes or actual occurrences are noted. - FY2019-Q2RestatedAnnual report
「Although the international environment was accompanied by economic uncertainty and geopolitical risks,」
Economic uncertainty and geopolitical risk continue to be described as risks in the operating environment. No material changes or actual occurrences are noted. - FY2019-Q1RestatedAnnual report
「Although the international environment was accompanied by economic uncertainty and geopolitical risks,」
Economic uncertainty and geopolitical risk continue to be described as risks in the operating environment. - FY2018RestatedAnnual report
「Although the international environment was accompanied by economic uncertainty and geopolitical risks,」
Economic uncertainty and geopolitical risk continue to be described as risks in the operating environment. - FY2018-Q3First statedAnnual report
「Although the international environment was accompanied by economic uncertainty and geopolitical risks,」
Economic uncertainty and geopolitical risk are described as risks in the operating environment, but it is not stated that they actually occurred during the quarter.