Geopolitical and Foreign Exchange Risks Associated with Overseas Expansion

「Regarding the escalating situation in the Middle East, we have factored in to a certain extent the recent increases in the prices of resin materials and other items. However, we have not incorporated potential supply chain disruptions, further price increases or effects on the industry resulting from a prolonged situation, as these are difficult to predict reasonably.」

「During the interim consolidated accounting period under review, Japan's economy was gradually recovering, although the impact of US trade policy was evident, particularly in the automotive industry. In addition, the continued impact of rising prices on personal consumption posed a downside risk to the economy, and the situation remained one that required continued attention to the impact of volatility in financial and capital markets, among other factors.」

「In addition, deterioration in the business environment indirectly attributable to additional tariffs imposed by the United States may affect the Group's financial position and operating results.」

「Meanwhile, in addition to downside risks to overseas economies, including the impact of persistently high interest rates in Europe and the United States and continued stagnation in China's property market, the situation remains one that requires continued monitoring of the impact of rising prices, developments in the Middle East and volatility in financial and capital markets, among other factors.」

「Meanwhile, in addition to downside risks to overseas economies, including the impact of global monetary tightening and concerns about the outlook for the Chinese economy, the situation remains one that requires continued monitoring of the impact of rising prices, developments in the Middle East and volatility in financial and capital markets, among other factors.」

「During the second quarter of the consolidated cumulative period under review, Japan's economy continued to show signs of a gradual recovery as the impact of the COVID-19 pandemic eased and economic activity normalized, supported in part by various policy measures. However, the situation remained one that required continued monitoring of the impact of global monetary tightening and concerns about the outlook for the Chinese economy, among other downside risks to overseas economies, as well as rising prices and volatility in financial and capital markets.」

「During the first quarter of the consolidated cumulative period under review, Japan's economy continued to show signs of a gradual recovery as the impact of the COVID-19 pandemic eased and economic activity normalized, supported in part by various policy measures. However, the situation remained one that required continued monitoring of the impact of downside risks to overseas economies resulting from continued global monetary tightening, as well as rising prices, supply-side constraints and volatility in financial and capital markets, among other factors.」

「However, the situation remains one that requires continued monitoring of the impact of downside risks to overseas economies resulting from continued global monetary tightening, as well as rising prices, supply-side constraints, volatility in financial and capital markets and infection trends in China, among other factors.」

「However, the situation remains one that requires continued monitoring of the impact of downside risks to overseas economies resulting from continued global monetary tightening, as well as rising prices, supply-side constraints and volatility in financial and capital markets, among other factors.」

「However, the situation remains one that requires continued monitoring of the prolonged situation in Ukraine, the impact of urban lockdowns in China, soaring raw material prices and supply-side constraints.」

「During the consolidated fiscal year under review, Japan's economy showed signs of a gradual recovery as the impact of the COVID-19 pandemic gradually eased. However, the outlook remained uncertain due to soaring raw material prices, difficulties procuring materials, concerns about the spread of new variants and heightened tensions surrounding the situation in Ukraine, among other factors.」

「In the overseas business, China recovered relatively early, but production and sales activities in Singapore stagnated due to the lockdown, while the installation of equipment at the newly established distribution board factory in Thailand was delayed, postponing the start of operations. Overall, conditions were difficult.」

「The Group operates businesses overseas, which is a key driver of the Group's growth, but business stagnation, international political and economic developments, war, terrorism, large-scale natural disasters and outbreaks of infectious diseases, among other factors, may affect the Group's financial position and operating results.」

「However, increased geopolitical risks arising from tensions between the United States and Iran, prolonged US-China trade negotiations and the UK's issue of leaving the EU led to increased uncertainty about the economic outlook.」

「However, various concerns arising from overseas conditions, including US trade issues, a slowdown in the Chinese economy and heightened tensions in the Middle East, led to increased uncertainty about the economic outlook.」

「Meanwhile, various concerns, including the impact of developments in US trade issues on the global economy and the outlook for the Chinese economy, led to increased uncertainty about the economic outlook.」

「However, concerns about the impact of escalating US-China trade tensions and political and economic developments in Europe on the global economy, among other factors, led to increased uncertainty about the economic outlook.」

「Concerns remain over an increase in downside risks to the economy stemming from overseas conditions, including escalating US-China trade friction and political and economic uncertainty in Europe.」

「During the second quarter of the current consolidated cumulative period, Japan's economy remained on a gradual recovery track, supported by increased capital investment, the effects of various policy measures and continued improvements in corporate performance and employment conditions. However, the economic outlook remained uncertain because of concerns about the US's protectionist trade policies and a series of natural disasters in Japan.」

「However, the economic outlook remains uncertain because of factors including developments in US trade policy and fluctuations in the financial and capital markets.」

「Our group operates overseas and may be affected by international political and economic trends, wars, terrorism and large-scale natural disasters. In addition, because some of our business is conducted in foreign currencies, unexpected major fluctuations in exchange rates could affect our group's financial position and operating results.」

「During the third quarter of the current consolidated cumulative period, Japan's economy remained on a gradual recovery track, supported by improvements in employment and income conditions and the effects of various policy measures, although uncertainty over the outlook persisted because of overseas factors, including the US administration's policies and the situation on the Korean Peninsula.」

「During the second quarter of the current consolidated cumulative period, Japan's economy remained on a gradual recovery track overall, although uncertainty over the outlook persisted because of heightened geopolitical risks, including the situation on the Korean Peninsula.」

「During the first quarter of the current consolidated cumulative period, Japan's economy remained on a gradual recovery track, but the outlook continued to be uncertain because of concerns about overseas factors, including the US administration's policies and the unstable situation on the Korean Peninsula.」

「Our group operates overseas and may be affected by international political and economic trends, wars, terrorism and large-scale natural disasters. In addition, because some of our business is conducted in foreign currencies, unexpected major fluctuations in exchange rates could affect our group's financial position and operating results.」

「Although the economy has remained on a gradual recovery track, with employment and income conditions continuing to improve as a result of various policy measures, uncertainty over the outlook remains due to heightened uncertainty in the global economy stemming from the risk of a shift in US presidential policies.」

「The economic stalemate continues, as the pace of improvement in corporate earnings has slowed amid the yen's sustained appreciation and business sentiment has become more cautious.」

「Amid heightened uncertainty over the economic outlook, including a rapid appreciation of the yen and a declining trend in share prices resulting from increased uncertainty across the global economy, corporate earnings showed signs of stalling in their improvement.」

「Our group operates overseas and may be affected by international political and economic trends, wars, terrorism and large-scale natural disasters. In addition, because some of our business is conducted in foreign currencies, unexpected major fluctuations in exchange rates could affect our group's financial position and operating results.」