Concern over weaker corporate earnings due to yen appreciation and a slowdown in emerging-market economies
First written in FY2017-Q2. 11 of 28 entries say "Worsened", first in FY2020-Q3. Latest entry: 2026-11-10.
The whole theme swung hardest in 2022: 128 of 170 companies on the "Worse" side.
- FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period, the global economy remained uncertain due to concerns about an economic slowdown resulting from U.S. tariff policy, as well as continuing geopolitical risks.」
Concerns about an economic slowdown resulting from U.S. tariff policy and geopolitical risks continue to be identified as uncertain factors for the global economy, as in the previous fiscal year. - FY2025WorsenedAnnual report
「Regarding the market environment surrounding our group, it remains necessary to continue closely monitoring the impact of currency fluctuations and the economic conditions in various countries, mainly in Europe and the United States, on our business, as well as developments in U.S. tariff policy.」
In addition to the existing currency and economic environment risks, developments in U.S. tariff policy are expressly identified as a new factor requiring close monitoring. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period, the global economy remained uncertain, with concerns about an economic recession even as price increases began to ease.」
It states that, while price increases are beginning to ease, an uncertain external environment, including concerns about an economic recession, continues. - FY2024-Q3WorsenedAnnual report
「During the consolidated fiscal year ended 31 December 2023 (1 April 2023 to 31 December 2023), the global economy remained in a situation of uncertainty as monetary tightening was implemented, mainly in Europe and the United States, to curb inflation, raising concerns about an economic recession. In addition, geopolitical risks increased due to the deterioration of the situation in the Middle East and other factors, and uncertainty continued.」
In addition to the existing inflation, monetary tightening, and concerns about an economic recession, the increase in geopolitical risks resulting from the deterioration of the situation in the Middle East is expressly identified. - FY2024-Q2RestatedAnnual report
「High inflation continued, mainly in Europe and the United States, prompting policy rate hikes to contain it, while concerns about an economic recession persisted and the outlook remained uncertain. Meanwhile, uncertainty also continued due to higher energy prices and inflation and the rapid depreciation of the yen.」
High inflation, policy rate hikes, concerns about an economic recession, higher energy prices and inflation, and the rapid depreciation of the yen continue to be identified as uncertain factors in the external environment. - FY2023WorsenedAnnual report
「Overseas, high inflation continued amid the revitalization of economic activity, due to higher resource and raw material prices resulting from supply-demand imbalances and the prolonged situation in Ukraine. In addition, uncertainty continued as interest rates were raised globally to curb inflation.」
In addition to the existing concerns about currency fluctuations and an economic slowdown, higher resource and raw material prices, high inflation, and global interest rate hikes are identified as uncertain factors in the external environment. - FY2023-Q3Economic normalization coexisting with uncertainty in the external environmentAnnual report
「During the first 3 quarters of the fiscal year, Japan's economy showed signs of increased activity as efforts progressed to balance preventing the spread of COVID-19 with economic activity. Meanwhile, uncertainty continued due to tight supply and demand for electronic components, higher raw material prices, and sharp currency fluctuations. Overseas as well, uncertainty continued due to tight supply and demand for electronic components, higher raw material prices, high inflation, and rising interest rates.」
While Japan progressed in balancing infection prevention with the revitalization of economic activity, uncertain factors continued, including shortages of electronic components, higher raw material prices, currency fluctuations, and high inflation and rising interest rates overseas. - FY2023-Q2WorsenedAnnual report
「Meanwhile, uncertainty continued due to tight supply and demand for electronic components and other products, higher raw material prices, and the rapid depreciation of the yen. Overseas as well, uncertainty continued due to tight supply and demand for electronic components and other products, higher resource prices, high inflation, and rising interest rates.」
In addition to the existing shortages of electronic components, higher raw material prices, yen depreciation, and high inflation, rising interest rates overseas are expressly identified, with an uncertain external environment continuing. - FY2023-Q1WorsenedAnnual report
「Overseas as well, uncertainty continued due to tight global supply and demand for electronic components and other items, soaring resource prices, high inflation and the situation in Ukraine, among other factors.」
High inflation is explicitly identified as an overseas uncertainty factor in addition to the previously cited tight supply and demand for components, soaring resource prices and the situation in Ukraine. - FY2022WorsenedAnnual report
「However, uncertainty continued due to tight global supply and demand for electronic components and other items, soaring raw material prices and a sharp depreciation of the yen, among other factors.」
In addition to the previously cited economic and foreign exchange risks, the disclosure cites tight supply and demand for electronic components, soaring raw material prices and a sharp depreciation of the yen, indicating a widening range of external-environment uncertainties. - FY2022-Q3Economic normalisation coexisting with uncertainty caused by variants and component shortagesAnnual report
「As measures including vaccination against the novel coronavirus progressed and the number of infections declined, movement restrictions were eased and signs of an economic recovery emerged. Overseas, economic activity also moved towards normalisation as movement restrictions were eased, particularly in the United States and Europe. However, uncertainty continued as infections with new variants spread rapidly and global shortages of components persisted.」
While the easing of movement restrictions and signs of economic normalisation are indicated in Japan and overseas, uncertainty continues due to the rapid spread of new variants and global shortages of components. - FY2022-Q2Economic normalisation coexisting with supply constraintsAnnual report
「Overseas, economic activity moved towards normalisation as large-scale economic measures were implemented in the United States and vaccination against the novel coronavirus progressed, particularly in Europe and the United States, leading to the easing of movement restrictions. However, uncertainty continued due to the spread of the novel coronavirus in Southeast Asia and tight global supply and demand for electronic components.」
While economic activity is shown normalising, particularly in the United States and Europe, uncertainty continues due to the spread of infections in Southeast Asia and tight global supply and demand for electronic components. - FY2022-Q1Recovery driven by vaccination coexisting with uncertainty caused by the resurgence of infectionsAnnual report
「However, resurgences of infections have also been confirmed in regions where vaccination has progressed, and the end of the global pandemic is expected to take time, leaving conditions uncertain.」
While signs of an economic recovery and a recovery trend are indicated in Japan and overseas, the disclosure continues to cite uncertainty caused by resurgences of infections and a prolonged path to containment. - FY2021-Q1MaterialisedAnnual report
「During the first quarter under review on a consolidated cumulative basis, Japan's economy deteriorated rapidly and entered a severe situation as economic activity was substantially restricted by restrictions on domestic and international travel and requests to refrain from non-essential and non-urgent outings to prevent the spread of the novel coronavirus. Overseas economies also deteriorated substantially worldwide as mandatory travel and movement restrictions were imposed, particularly in Europe and the United States, where infections had spread.」
The disclosure states that domestic and overseas economies actually deteriorated rapidly and substantially due to restrictions on travel and outings associated with the novel coronavirus. - FY2020WorsenedAnnual report
「The worldwide spread of the novel coronavirus infection from January 2020 caused concerns over an economic slowdown to rise rapidly, leaving the outlook completely uncertain.」
In addition to previously cited foreign exchange and economic slowdown concerns, the disclosure identifies an economic slowdown and increasing uncertainty about the outlook due to the worldwide spread of the novel coronavirus. - FY2020-Q3WorsenedAnnual report
「The outlook remains uncertain due to a decline in pent-up demand following the consumption tax rate increase and concerns over a global economic slowdown.」
In addition to the previously cited risks of yen appreciation and a slowdown in emerging-market economies, the disclosure identifies a broader range of factors creating an uncertain outlook, including a decline in pent-up demand following the consumption tax rate increase and concerns over a global economic slowdown. - FY2020-Q2MaterialisedAnnual report
「Although sales in local-currency terms increased from the same period of the previous year, sales were ¥1.826 billion, down 3.5% from the same period of the previous year on a consolidated cumulative basis, due to the impact of foreign exchange rates.」
While sales in Europe increased in local-currency terms, sales after conversion into yen declined 3.5% year on year due to the impact of foreign exchange rates, with the impact of foreign exchange reflected in the results. - FY2020-Q1MaterialisedAnnual report
「This was mainly due to a ¥203 million decrease in the foreign currency translation adjustment account and a ¥96 million decrease in valuation differences on other securities.」
The impact of foreign exchange rates materialised in net assets for the quarter under review as a ¥203 million decrease in the foreign currency translation adjustment account. - FY2018MaterialisedAnnual report
「As a result, sales in local-currency terms declined, while sales after conversion into yen were ¥3.572 billion, up 4.8% from the previous consolidated fiscal year.」
In Europe, sales declined in local-currency terms while sales after conversion into yen increased, with the impact of currency translation reflected in full-year results. - FY2018-Q3MaterialisedAnnual report
「As a result, sales in local-currency terms declined from the same period of the previous year, while sales in yen terms increased slightly.」
The difference between sales in local-currency terms and yen terms in North America continues to reflect the impact of foreign exchange rates in the results for the quarter under review. - FY2018-Q2MaterialisedAnnual report
「Although sales in local-currency terms declined from the same period of the previous year, they increased slightly in yen terms due to the impact of foreign exchange rates.」
The difference between North American sales in local-currency terms and in yen terms continues to reflect the impact of foreign exchange rates in the results for the quarter under review. - FY2017MaterialisedAnnual report
「As a result, sales in local-currency terms increased. However, due to the impact of foreign exchange rates, sales after conversion into yen were ¥3.407 billion, down 6.4% from the previous consolidated fiscal year, and operating profit was ¥60 million, down 27.7%.」
While sales increased in local-currency terms, European sales after currency conversion declined 6.4% and operating profit declined 27.7%, with the impact of foreign exchange rates reflected in full-year results. - FY2017-Q3MaterialisedAnnual report
「Although sales in local-currency terms increased, sales after conversion into yen were ¥2.54 billion, down 8.2% from the same period of the previous year on a consolidated cumulative basis.」
In Europe, sales increased in local-currency terms while sales after conversion into yen declined 8.2%, with the impact of currency translation on earnings materialising in the results. - FY2017-Q2First statedAnnual report
「Although there are concerns that corporate earnings may deteriorate due to yen appreciation and a slowdown in emerging-market economies, among other factors,」
Yen appreciation and the slowdown in emerging-market economies are positioned as external-environment risks raising concerns over weaker corporate earnings.