Russia-Ukraine Situation and Rising Energy and Raw Material Prices
First written in FY2023-Q1. 7 of 10 entries say "Worsened", first in FY2023-Q2. Latest entry: FY2026.
Ushio moved to the "Worse" side of this theme in 2022, 2 years before the typical company in this theme (2024).
The whole theme swung hardest in 2025: 50 of 88 companies on the "Worse" side.
54 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Uncertainty may continue due to the unstable situation in the Middle East and geopolitical risks arising from Japan–China relations, their impact on supply chains, and soaring energy and material prices,」
In addition to the Russia–Ukraine situation and other factors, the scope of geopolitical and trade risks has expanded to include the situation in the Middle East, Japan–China relations and US tariff measures. - 2026-06-03WorsenedGeneral Meeting of Shareholders
「直近では米国の関税措置の影響に加え、中国との関係悪化に伴う輸出規制等や中東情勢の緊迫化などを背景とした地政学リスクが懸念されます。」
従来の地政学・中国経済等の外部環境に加え、米国の関税措置、中国との関係悪化に伴う輸出規制、中東情勢の緊迫化をリスク要因として追加した。 - FY2026-H1WorsenedAnnual report
「The global economy during the current interim consolidated accounting period remained uncertain due to the impact of US tariff measures, developments in the Chinese economy, foreign exchange trends and prolonged geopolitical risks.」
In addition to the existing geopolitical, China economic and foreign exchange risks, the impact of US tariff measures was identified as a factor contributing to uncertainty in the external environment. - FY2024WorsenedAnnual report
「A global sense of recession has continued, including an economic slowdown caused by sluggish domestic and overseas demand originating in China’s real estate development investment, and uncertainty about the outlook persists.」
In addition to the Russia–Ukraine situation, energy and raw material prices, inflation and higher interest rates, sluggish demand originating in China’s real estate investment has added to the external risks, which have continued and expanded. - FY2024-Q2WorsenedAnnual report
「During the first six months of the current fiscal year, the business environment for our Group remained characterized by a global recessionary climate, including rising energy and raw material prices due to the prolonged situation in Russia and Ukraine, continued policy rate hikes accompanying accelerating inflation in Europe and the United States, and an economic slowdown caused by sluggish domestic and overseas demand, beginning with real estate development investment in China. The outlook remains uncertain.」
In addition to the Russia–Ukraine situation, rising energy and raw material prices, inflation and higher policy rates in Europe and the United States, sluggish demand originating in China’s real estate development investment was cited, with an economic slowdown and continued uncertainty. - FY2024-Q1RestatedAnnual report
「The business environment for the Group during the cumulative first quarter remained uncertain, with a sense of global recession continuing due to rising energy and raw material prices resulting from the prolonged Russia–Ukraine situation, as well as continued increases in policy rates accompanying inflation in Europe and the United States.」
An uncertain business environment has continued due to the Russia–Ukraine situation, rising energy and raw material prices, and inflation and higher policy rates in Europe and the United States. - FY2023RestatedAnnual report
「The global environment during the current consolidated fiscal year saw an economic slowdown worldwide due to rising energy and raw material prices resulting from the Russia–Ukraine situation and other factors, as well as continued increases in policy rates accompanying accelerating inflation in Europe and the United States.」
The risks of rising energy and raw material prices and an economic slowdown resulting from the Russia–Ukraine situation continued throughout the fiscal year. - FY2023-Q3WorsenedAnnual report
「During the nine-month period of the current consolidated fiscal year, the Group's business environment showed an economic slowdown due to higher energy and raw material prices resulting from the situation in Russia and Ukraine and other factors, as well as continued policy rate hikes accompanying accelerating inflation in Europe and the United States. In addition, uncertainty about the outlook continued due to China's zero-COVID policy and escalating U.S.-China trade friction.」
In addition to rising energy and raw material prices due to the Russia–Ukraine situation, inflation and higher policy rates, China’s zero-COVID policy and intensifying US–China trade friction have continued, indicating an economic slowdown and persistent uncertainty. - FY2023-Q2WorsenedAnnual report
「During the consolidated cumulative second quarter under review, the Group's business environment remained uncertain. While a lifestyle adapted to living with COVID-19 was becoming established and economic activity was reopening, the pace of economic recovery was slowing due to shortages of semiconductors and other components, higher energy and raw material prices resulting from the situation in Russia and Ukraine and other factors, interest-rate hikes accompanying accelerating inflation in Europe and the United States, and the rapid depreciation of the yen.」
In addition to the Russia–Ukraine situation and rising energy and raw material prices, accelerating inflation in Europe and the United States, higher policy rates and the rapid depreciation of the yen were cited, indicating a slowdown in the pace of economic recovery and continued uncertainty about the outlook. - FY2023-Q1First statedAnnual report
「The economic recovery has slowed and uncertainty continues, as the Russia–Ukraine situation and its effects have led to further increases in energy and raw material prices.」
The Russia–Ukraine situation and the resulting further increases in energy and raw material prices were described as new external risks making the business environment more uncertain.