Market Uncertainty Due to Yen Appreciation and an Economic Slowdown in China and Other Emerging Markets
First written in FY2016. 14 of 32 entries say "Restated". Latest entry: 2026-05-08.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- 2026-05-08RestatedEarnings
「ウクライナ情勢の長期化や中東地域における紛争の激化による地政学リスクは依然として高い水準にあり、国際的な資源価格や金融市場への影響が懸念される状況が続いています。さらに、米国の関税政策を含む経済政策の動向や中国経済の減速懸念などの不確実性も依然として大きく、景気の先行きについては引き続き不透明な状況にあります。」
地政学リスク、米国の関税政策及び中国経済の減速懸念を引き続き不透明要因として記載している。 - FY2025Added U.S. tariffs, economic policy and concerns over the Chinese economyAnnual report
「During the fiscal year under review, the economy remained on a moderate recovery trend as social and economic activity moved toward normalization, supported by improvements in corporate earnings and employment and income conditions. However, geopolitical risks related to the situations in Ukraine and the Middle East remain high, and the outlook for the economy remains uncertain due to the impact of issues including US tariff policy, uncertainty over economic policy, and concerns over the outlook for the Chinese economy.」
In addition to the previous geopolitical risks and other factors, it explicitly cited US tariff issues, uncertainty over economic policy, and concerns over the outlook for the Chinese economy as sources of economic uncertainty. - FY2025-H1Added tariffs as a source of economic uncertainty.Annual report
「During the interim consolidated accounting period under review, the economy remained on a moderate recovery trend as social and economic activity moved toward normalization, supported by improvements in corporate earnings and employment and income conditions. However, geopolitical risks related to the situations in Ukraine and the Middle East remain high, and the outlook for the economy remains uncertain, including due to the impact of tariffs imposed by the Trump administration on other countries.」
In addition to the previously cited geopolitical risks, it explicitly cited the impact of tariffs imposed by the Trump administration on other countries on the Japanese economy as a new source of uncertainty. - FY2024Explicitly cited the rise in prices and raw material prices resulting from the depreciation of the yen.Annual report
「During the fiscal year under review, the economy remained on a moderate recovery trend as social and economic activity moved toward normalization, supported by improvements in corporate earnings and employment and income conditions. However, the outlook for the economy remains uncertain due to the prolonged situation in Ukraine, rising geopolitical risks in the Middle East, and the impact of soaring energy and raw material prices and inflation resulting from the depreciation of the yen.」
In addition to the previously cited situation in Ukraine and geopolitical risks in the Middle East, it explicitly cited soaring energy and raw material prices and inflation resulting from the depreciation of the yen. - FY2024-Q3RestatedAnnual report
「During the first nine months of the fiscal year under review, the economy remained on a moderate recovery trend as social and economic activity moved toward normalization, supported by improvements in corporate earnings and employment and income conditions. However, the outlook for the economy remains uncertain due to the prolonged situation in Ukraine, rising geopolitical risks in the Middle East, continued soaring energy and raw material prices, inflation, and other factors.」
Continued to state that the outlook was uncertain due to the situation in Ukraine, geopolitical risks in the Middle East, soaring energy and raw material prices, inflation, and other factors. - FY2024-Q2Added geopolitical risks in the Middle East.Annual report
「During the first six months of the fiscal year under review, the economy remained on a moderate recovery trend as social and economic activity moved toward normalization, supported by improvements in corporate earnings and employment and income conditions. However, the outlook for the economy remains uncertain due to the prolonged situation in Ukraine, rising geopolitical risks in the Middle East, continued soaring energy and raw material prices, inflation, and other factors.」
In addition to the previously cited situation in Ukraine and soaring energy and raw material prices, it explicitly cited rising geopolitical risks in the Middle East as a concern. - FY2024-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, social and economic activity moved toward normalization following the reclassification of COVID-19 to Category 5, and the economy remained on a moderate recovery trend, supported by improvements in corporate earnings and employment and income conditions. However, the outlook for the economy remains uncertain due to the prolonged situation in Ukraine, continued soaring energy and raw material prices, inflation, and other factors.」
While describing the normalization of economic activity following the change in the disease classification, it continued to cite uncertainty about the outlook due to the situation in Ukraine, soaring energy and raw material prices, and inflation. - FY2023-Q3RestatedAnnual report
「During the first nine months of the fiscal year under review, progress was made in balancing control of COVID-19 with economic activity, and corporate earnings and capital investment showed signs of recovery. However, the outlook for the economy remains uncertain due to the prolonged situation in Ukraine and the impact of inflation resulting from soaring energy and raw material prices and sharp exchange-rate fluctuations.」
While referring to the balancing of control of the disease with economic activity and the recovery in corporate earnings and capital investment, it continued to state that the outlook was uncertain due to the situation in Ukraine, energy and raw material prices, exchange-rate fluctuations, and inflation. - FY2023-Q2RestatedAnnual report
「During the first six months of the fiscal year under review, progress was made in balancing control of COVID-19 with economic activity, and corporate earnings and capital investment showed signs of recovery. However, inflation has accelerated amid soaring crude oil and raw material prices resulting from the prolonged situation in Ukraine and the rapid depreciation of the yen, and the outlook for the economy remains uncertain.」
While referring to progress in balancing control of the disease with economic activity and the recovery in corporate earnings and capital investment, it continued to state that the outlook was uncertain due to the prolonged situation in Ukraine, soaring crude oil and raw material prices, the rapid depreciation of the yen, and inflation. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the fiscal year under review, social and economic activity moved toward normalization following the easing of various restrictions associated with the spread of COVID-19, and corporate earnings and capital investment showed signs of recovery. However, inflation has accelerated amid soaring crude oil and raw material prices resulting from the prolonged situation in Ukraine and the rapid depreciation of the yen, and the outlook for the economy remains uncertain.」
While referring to the easing of restrictions associated with the disease and the normalization of economic activity, it explicitly cited the prolonged situation in Ukraine, soaring crude oil and raw material prices, the rapid depreciation of the yen, and inflation as new concerns. - FY2022-Q3WorsenedAnnual report
「During the first nine months of the fiscal year under review, economic activity gradually resumed as COVID-19 vaccinations became more widespread, and corporate earnings and capital investment showed signs of recovery. However, in addition to the renewed spread of infections from new variants beginning in January 2022, concern has arisen over the impact of escalating tensions in Ukraine and soaring crude oil and raw material prices, and the outlook for the economy remains uncertain.」
In addition to the previous infectious disease risks, it explicitly cited the renewed spread of infections from new variants, escalating tensions in Ukraine, and soaring crude oil and raw material prices as new concerns. - FY2022-Q2WorsenedAnnual report
「During the first six months of the fiscal year under review, economic activity gradually resumed as COVID-19 vaccinations became more widespread, and corporate earnings and capital investment showed signs of recovery. However, the outlook for the economy remains uncertain due to concerns including the spread of new variants and the impact of soaring resource prices.」
While referring to the resumption of economic activity and the recovery in corporate earnings and capital investment, it explicitly cited concern over the spread of new variants and soaring resource prices as new sources of uncertainty. - FY2022-Q1WorsenedAnnual report
「While the impact of the spread of the novel coronavirus disease continued, economic activity gradually resumed through various government-led policies and the wider rollout of vaccinations, raising expectations for an economic recovery. However, the outlook for the economy remains uncertain, with a fourth state of emergency being declared in July 2021.」
While referring to the resumption of economic activity and expectations for a recovery, it explicitly cited the fourth state of emergency declared in July 2021 as a new source of uncertainty. - FY2021WorsenedAnnual report
「During the fiscal year under review, signs of a recovery were seen as economic activity gradually resumed through various government-led policies amid the prolonged impact of the spread of the novel coronavirus disease. Expectations for a recovery also increased with the rollout of vaccinations. However, the outlook for the economy remains uncertain, with a third state of emergency being declared in April 2021 following a renewed spread of infections.」
Explicitly cited the prolonged spread of the disease and the third state of emergency declared in April 2021, and stated that uncertainty about the economic outlook persisted. - FY2021-Q3WorsenedAnnual report
「During the first nine months of the fiscal year under review, signs of a recovery were seen as social life and the level of economic activity were gradually raised through various government-led policies while measures were taken to prevent the spread of the novel coronavirus disease. However, there is still no clear prospect of the disease being brought under control, and the outlook for the economy remains uncertain, with a state of emergency being reissued in January 2021 following a renewed spread of infections.」
While economic activity showed signs of recovery, uncertainty persisted because a state of emergency was reissued in January 2021 and there was no clear prospect of the disease being brought under control. - FY2021-Q2Economic activity has begun to recover amid the pandemic, but uncertainty persists.Annual report
「During the first six months of the fiscal year under review, signs of a recovery were seen as social life and the level of economic activity were gradually raised through various government-led policies while measures were taken to prevent the spread of the novel coronavirus disease. However, there is still no clear prospect of the disease being brought under control, and the outlook for the economy remains uncertain.」
While describing signs of a recovery from the restrictions on economic activity and rapid deterioration in the previous quarter, it stated that uncertainty remained because there was still no clear prospect of the disease being brought under control. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year under review, economic activity was significantly constrained by the global spread of the novel coronavirus disease, and corporate earnings and employment and income conditions deteriorated rapidly. Although the level of economic activity was gradually raised through various government-led policies, there is still no clear prospect of the disease being brought under control, and the outlook for the economy remains extremely uncertain.」
Stated that economic activity was constrained by the global spread of the novel coronavirus disease and that corporate earnings and employment and income conditions deteriorated rapidly. - FY2020WorsenedAnnual report
「During the fiscal year under review, the Japanese economy had remained on a moderate recovery trend, supported by improvements in corporate earnings and employment and income conditions. However, the domestic economy deteriorated rapidly as a result of the global spread of the novel coronavirus disease, and the outlook for the economy remains extremely uncertain.」
Explicitly cited the rapid deterioration of the domestic economy due to the global spread of the novel coronavirus disease, in addition to the previous overseas economic uncertainty, and stated that the outlook was extremely uncertain. - FY2020-Q3WorsenedAnnual report
「During the first nine months of the fiscal year under review, the Japanese economy remained on a moderate recovery trend, with improvements in corporate earnings and employment and income conditions, despite concerns including overseas economic uncertainty stemming from US-China trade friction and the UK's withdrawal from the EU. Although the economy was also affected by the consumption tax rate increase and other factors, concern has arisen over the impact of the novel coronavirus disease on the domestic and overseas economies, and uncertainty about the outlook has intensified.」
Stated that, in addition to the previous concerns over overseas economic uncertainty, there was concern over the impact of the novel coronavirus disease on the domestic and overseas economies, and that uncertainty about the outlook had intensified. - FY2020-Q2Restated the issue of the UK's withdrawal from the EU.Annual report
「During the first six months of the fiscal year under review, the Japanese economy remained on a moderate recovery trend, although affected by the consumption tax rate increase, among other factors, with corporate earnings remaining at a high level and employment and income conditions improving steadily, despite concerns including overseas economic uncertainty stemming from US-China trade friction and the UK's withdrawal from the EU.」
Continued to express concern over overseas economic uncertainty and explicitly cited the UK's withdrawal from the EU in addition to US-China trade friction. It also stated that there were no significant changes to business and other risks. - FY2020-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, the Japanese economy remained on a moderate recovery trend, supported by improvements in corporate earnings and employment and income conditions, despite concerns including overseas economic uncertainty, particularly US-China trade friction.」
Reaffirmed overseas economic uncertainty, including US-China trade friction, as a concern. - FY2019RestatedAnnual report
「During the fiscal year under review, the Japanese economy remained on a moderate recovery trend, supported by improvements in corporate earnings and employment and income conditions, despite concerns including overseas economic uncertainty resulting from US-China trade friction.」
Reaffirmed overseas economic uncertainty resulting from US-China trade friction as a concern. - FY2019-Q2Explicitly cited overseas economic uncertainty resulting from US-China trade friction.Annual report
「During the first six months of the fiscal year under review, the Japanese economy remained on a moderate recovery trend, with steady improvement in corporate earnings and employment and income conditions and continued growth in capital investment, despite concerns including overseas economic uncertainty resulting from US-China trade friction.」
Explicitly cited overseas economic uncertainty resulting from the impact of US-China trade friction as a concern, replacing the previous references to the US political situation and geopolitical risks. - FY2019-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, the Japanese economy remained on a moderate recovery trend, with continued improvement in corporate earnings and employment and income conditions, despite concerns including the US's protectionist trade policies and geopolitical risks.」
Reaffirmed concerns over the US's protectionist trade policies and geopolitical risks, while describing the domestic economy as being on a moderate recovery trend. - FY2018RestatedAnnual report
「During the fiscal year, Japan’s economy remained on a moderate recovery track, supported by improvements in corporate earnings and the employment and income environment, despite concerns including US policy developments and geopolitical risks.」
US policy developments and geopolitical risks are reaffirmed as concerns, while the domestic economy is described as being on a moderate recovery track. - FY2018-Q3RestatedAnnual report
「During the nine months ended December 31, Japan’s economy remained on a moderate recovery track, with continued improvement in corporate earnings and employment conditions, despite concerns including US policy developments and geopolitical risks.」
US policy developments and geopolitical risks are reaffirmed as concerns, while the domestic economy is described as being on a moderate recovery track. - FY2018-Q2RestatedAnnual report
「During the six months ended September 30, Japan’s economy remained on a moderate recovery track, with continued improvement in corporate earnings and employment conditions, despite ongoing concerns including the political situation in the US and political instability caused by heightened geopolitical risks.」
The uncertainty arising from the political situation in the US and geopolitical risks is reaffirmed. - FY2018-Q1WorsenedAnnual report
「During the three months ended June 30, Japan’s economy remained on a moderate recovery track, with continued improvement in corporate earnings and employment conditions, but the economic outlook remained uncertain due to concerns about the policies of the US administration and political instability stemming from heightened geopolitical risks.」
In addition to the previous concerns about US administration policies, political instability stemming from heightened geopolitical risks is explicitly identified as a source of uncertainty. - FY2017-Q3RestatedAnnual report
「During the nine months ended December 31, Japan’s economy showed signs of improvement in corporate earnings and employment conditions, but the economic outlook remained uncertain due to stagnation in emerging-market economies, particularly China, the issue surrounding the UK’s withdrawal from the EU, and concerns about the policies of the new US administration.」
The uncertainty surrounding the economic outlook due to emerging-market economies including China, the UK’s EU withdrawal issue and concerns about US policy is reaffirmed. - FY2017-Q2RestatedAnnual report
「During the six months ended September 30, Japan’s economy showed signs of improvement in corporate earnings and employment conditions, but the economic outlook remained uncertain due to the slowdown in emerging-market economies, particularly China, the issue surrounding the UK’s withdrawal from the EU, and the impact of the US presidential election result on financial markets.」
The uncertainty caused by the slowdown in emerging-market economies, including China, and the UK’s EU withdrawal issue is reiterated, with the impact of the US presidential election result on financial markets additionally cited. - FY2017-Q1RestatedAnnual report
「During the nine months ended June 30, Japan’s economy showed signs of improvement in corporate earnings and employment conditions, but the economic outlook remained uncertain due to the slowdown in emerging-market economies, particularly China, and the economic impact of the issue surrounding the UK’s withdrawal from the EU.」
The uncertainty caused by the slowdown in emerging-market economies, including China, is reiterated, and the economic impact of the UK’s EU withdrawal issue is also mentioned. It is explicitly stated that there have been no significant changes in business and other risks. - FY2016First statedAnnual report
「The economic outlook remains uncertain, amid concerns including the rapid appreciation of the yen and the slowdown in emerging-market economies, particularly China.」
This is described as a concern relating to the external environment.