Sharp Foreign-Exchange Movements and Global Economic Instability
First written in FY2017-Q1. 13 of 29 entries say "Worsened", first in FY2019-Q1. Latest entry: 2026-05-11.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- 2026-05-11WorsenedRevision of earnings forecasts
「The business environment for the fiscal year ending March 2027 is expected to remain unpredictable, given the continued geopolitical tensions in the Middle East and developments in trade policy, including tariff measures by the U.S. administration.」
In addition to exchange-rate and global economic instability, geopolitical tensions in the Middle East and uncertainty over trade policy were explicitly identified as factors affecting the future business environment. - FY2026-H1ReframedAnnual report
「During the interim consolidated fiscal period under review, demand for AI servers and data-center-related products increased in the electronics market relevant to the Group, supported by the expansion of AI. Information and communications-related demand, centered on smartphones, also remained firm. Although the EV market continued to stagnate, automotive-related demand remained stable as vehicle electrification progressed. Industrial equipment-related demand remained at a low level, but recent order trends began to show signs of recovery. There was no significant impact on the Group's business from US government tariff measures during the interim consolidated fiscal period under review.」
The description of the global economy and business environment was updated to organize conditions by field: increased demand for AI servers, data centers, and information and communications; stable automotive demand; industrial equipment remaining at a low level but showing signs of recovery; and no significant impact from US tariff measures. - FY2023RestatedAnnual report
「During the consolidated fiscal year under review (1 April 2022 to 31 March 2023), the global economy generally remained on a recovery trend, but unstable conditions continued due to fluctuations in raw material and fuel prices, exchange rates, and accelerating inflation, as well as turmoil in the financial markets of Europe and the United States.」
While the global economy was said to be on a recovery trend, instability caused by raw material and fuel prices, exchange rates, inflation, and turmoil in the financial markets continued. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter under review, the global economy remained unstable amid fluctuations in energy prices and exchange rates and accelerating inflation.」
Unstable conditions in the global economy caused by energy prices, exchange-rate movements, and inflation continued. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter under review, the global economy continued to face difficult conditions due to soaring energy prices, accelerating inflation, and sharp currency movements.」
Difficult conditions in the global economy caused by soaring energy prices, inflation, and sharp currency movements continued. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter under review, the global economy became increasingly turbulent amid Russia's invasion of Ukraine and the resulting surge in energy and resource prices, accelerating inflation, and sharp currency movements. In China, lockdowns imposed in response to the renewed spread of the novel coronavirus disease led to production stagnation and logistics disruptions.」
Russia's invasion of Ukraine, soaring resource prices, inflation, sharp currency movements, and production stagnation and logistics disruptions caused by lockdowns in China coincided, expanding the sources of instability in the global economy. - FY2022WorsenedAnnual report
「Soaring prices for materials such as copper and iron used in the manufacture of electronic equipment, as well as tin used in joining materials, continued to create difficult conditions for business activity. In addition, uncertainty about the outlook increased amid Russia's invasion of Ukraine, the renewed spread of the novel coronavirus disease in China, and accelerating global inflation.」
In addition to the previously noted pandemic and US-China tensions, the text explicitly noted soaring material prices, Russia's invasion of Ukraine, a renewed spread of infections in China, and global inflation, indicating that uncertainty about the outlook had increased. - FY2022-Q3WorsenedAnnual report
「During the cumulative third quarter under review, the global economy generally remained on a recovery trend as measures to address the novel coronavirus disease progressed. However, uncertainty had begun to re-emerge recently due to the spread of variants and supply chain disruptions.」
While the economy was said to be on a recovery trend, uncertainty had intensified again recently due to the spread of variants and supply chain disruptions. - FY2022-Q2SoftenedAnnual report
「During the cumulative second quarter under review, the global economy generally remained on a recovery trend, supported by the wider availability of vaccines against the novel coronavirus disease and economic measures implemented by countries.」
The global economy was said to be generally on a recovery trend, supported by vaccine rollouts and economic measures by countries, and the language describing risk was somewhat softened from the previous rapid slowdown caused by the pandemic. At the same time, soaring raw material prices and difficulties procuring components had emerged separately. - FY2022-Q1SoftenedAnnual report
「During the cumulative first quarter under review, the global economy generally remained on a recovery trend, supported by the wider availability of vaccines against the novel coronavirus disease and economic measures implemented by countries.」
The global economy was said to be generally on a recovery trend, supported by vaccine rollouts and economic measures, and the language describing risk was somewhat softened from the previous rapid slowdown caused by the pandemic. At the same time, soaring raw material prices and difficulties procuring components were also noted. - FY2021WorsenedAnnual report
「At the same time, the novel coronavirus disease had not yet been brought under control, and new sources of concern emerged, including semiconductor shortages, soaring raw material prices, particularly for copper, and political instability in Myanmar.」
While the economy was said to be on a recovery trend, the continuation of the pandemic, semiconductor shortages, soaring raw material prices, and political instability in Myanmar emerged as new sources of concern. - FY2021-Q3SoftenedAnnual report
「During the cumulative third quarter under review, the global economy gradually recovered from the downturn caused by the spread of the novel coronavirus, while economic activity normalized particularly quickly in China, where domestic infections had been brought almost entirely under control.」
The text indicated a recovery from the downturn in the global economy caused by the spread of the novel coronavirus and normalization of the Chinese economy, with some weakening of the language describing deterioration in the economic environment. At the same time, renewed growth in infections and uncertainty about the outlook were also noted. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter under review, the global economy continued to face difficult conditions caused by the spread of the novel coronavirus. ...However, concerns remained over prolonged US-China trade tensions and a renewed spread of the novel coronavirus, leaving the outlook uncertain.」
Difficult economic conditions caused by the novel coronavirus, prolonged US-China trade tensions, and concerns over a renewed spread of infections continued. At the same time, recovery in the Chinese economy and automobile production was also noted. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter under review, the global spread of the novel coronavirus caused many economic activities to stagnate, and the economy slowed rapidly.」
The text noted stagnating economic activity and a rapid economic slowdown caused by the novel coronavirus, indicating that risks had expanded further from the uncertainty previously associated with factors such as US-China trade tensions. It also expressed concerns over a second wave of infections and prolonged US-China trade tensions. - FY2020WorsenedAnnual report
「During the consolidated fiscal year under review, the US-China trade tensions appeared likely to persist, and the industrial machinery and automotive-related markets in the electronics industry relevant to the Group remained challenging. In addition, as the fiscal year drew to a close, the novel coronavirus spread worldwide, bringing economic activity in all sectors to a standstill.」
The prolonged US-China trade tensions coincided with challenging conditions in the industrial machinery and automotive markets and a stagnation in economic activity caused by the novel coronavirus. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter under review, confusion in the global economy, including the US-China trade tensions, continued, while capital investment stagnated and personal consumption continued to slow.」
The text noted that, in addition to the confusion stemming from US-China trade tensions, stagnating capital investment and slowing personal consumption continued, indicating that the global economy remained uncertain. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter under review, China's capital investment and personal consumption continued to slow against the backdrop of prolonged US-China trade tensions, and their impact spread to countries around the world, including Japan.」
The text noted slowing capital investment and personal consumption in China as a result of prolonged US-China trade tensions, as well as the spread of their impact to countries around the world, indicating that the deterioration in the business environment was continuing and widening. - FY2020-Q1WorsenedAnnual report
「During the cumulative first quarter under review, China's capital investment and personal consumption continued to slow amid prolonged US-China trade tensions, and the impact spread globally, including to Japan.」
The prolonged US-China trade tensions were associated with slowing capital investment and personal consumption in China and the global spread of their impact, making the deterioration in the business environment more concrete than before. - FY2019-Q3WorsenedAnnual report
「During the cumulative third quarter under review, uncertainty about the outlook rose rapidly against the backdrop of a slowdown in the Chinese economy resulting from US-China trade tensions.」
In addition to the previously noted concerns over US protectionism and US-China trade tensions, the text noted a slowdown in the Chinese economy and a rapid increase in uncertainty about the outlook. - FY2019-Q2WorsenedAnnual report
「During the cumulative second quarter under review, the global economy became increasingly uncertain, with factors including a slowdown in infrastructure investment in China and currency concerns in emerging markets stemming from the US's protectionist trade policies. Concerns also emerged over the impact of US-China trade tensions on the Japanese economy, which had previously remained relatively firm.」
In addition to the US's existing protectionist trade policies, the text explicitly noted China's slowing infrastructure investment, currency concerns in emerging markets, and concerns over US-China trade tensions, indicating that uncertainty about the outlook had spread. - FY2019-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, the global economy generally remained on a gradual recovery track, but uncertainty has increased recently, triggered by the protectionist trade policies of the United States.」
While the economy was showing a gradual recovery trend, the text newly noted increasing uncertainty stemming from the US's protectionist trade policies. - FY2018RestatedAnnual report
「During the consolidated fiscal year from 1 April 2017 to 31 March 2018, the global economy continued to recover overall despite destabilizing factors including geopolitical risks and rising political tensions in various countries, while the Japanese economy generally remained firm.」
The report continues to describe the global economy as being on a recovery track, while citing geopolitical risks and rising political tensions in various countries as destabilizing factors. - FY2018-Q3SoftenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, the global economy continued its gradual recovery and the Japanese economy generally remained firm. However, concerns have arisen, including delays in procuring certain components, rising prices of materials such as copper and foreign-exchange fluctuations.」
The global economy’s recovery and the strength of the domestic economy are stated, and references to global economic instability have weakened somewhat. Concerns about component procurement, material prices and foreign-exchange fluctuations remain, however. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, the global economy generally remained on a gradual recovery track, although uncertainty persisted due to concerns about U.S. policy trends and geopolitical risks in Asia.」
Uncertainty caused by U.S. policy trends and geopolitical risks in Asia continues, but the global economy is described as being on a gradual recovery track. - FY2018-Q1SoftenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, the global economy generally remained on a gradual recovery track, although uncertainty persisted due to policy changes in the United States and rising political risks in Europe.」
Uncertainty caused by policy changes and political risks continues, but the global economy is generally described as being on a gradual recovery track, with some weakening of the risk language compared with the previous period’s instability. - FY2017RestatedAnnual report
「The global economy remained on a gradual recovery track, but uncertainty persists due to policy changes in the United States and European countries and political instability stemming from the North Korean issue. Sharp fluctuations in foreign-exchange rates and material prices are also factors that can have a significant impact on corporate earnings.」
Uncertainty surrounding economic, policy and political conditions, foreign-exchange rates and material prices continues to be described as a business-environment risk. - FY2017-Q3SoftenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, the global economy generally remained on a gradual recovery track, while the domestic economy showed signs of stability after the rapid appreciation of the yen through early autumn reversed into yen depreciation. However, changes in economic conditions and foreign-exchange fluctuations cannot be viewed optimistically due to the inauguration of the new U.S. administration and policy changes in European countries.」
While the global and domestic economies showed recovery and stability, concerns about policy changes and foreign-exchange fluctuations remain, indicating a shift in the focus of risks. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, destabilizing factors including sharp foreign-exchange fluctuations continued to affect the global economy, while the Japanese economy continued to stagnate.」
Sharp foreign-exchange fluctuations and economic instability continue to be described as risks in the business environment. - FY2017-Q1First statedAnnual report
「During the first quarter of the fiscal year, the global economy remained unstable, partly because of sharp foreign-exchange movements, while the economies of emerging countries, including China, and Japan continued to lack momentum.」
Foreign-exchange movements and weak momentum in key markets are identified as business-environment factors during the quarter.