Impact on Corporate Earnings from Supply Constraints, the Situation in Ukraine and Surging Global Prices
First written in FY2023-Q2. 4 of 8 entries say "Worsened", first in FY2024-Q2. Latest entry: FY2026.
Kyushu Financial Group moved to the "Worse" side of this theme in 2023, 1 year before the typical company in this theme (2024).
The whole theme swung hardest in 2022: 22 of 37 companies on the "Worse" side.
13 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Amid the impact of U.S. tariff policies, particularly on the automotive industry, a generally moderate recovery continued against the backdrop of wage increases under the annual spring wage negotiations and improving income conditions.」
U.S. tariff policies, developments in the Middle East and expectations of interest rate hikes by the Bank of Japan, among other factors, became specific sources of market and economic volatility. - 2026-05-14MaterialisedEarnings
「During the current consolidated fiscal year (from 1 April 2025 to 31 March 2026), Japan’s economy continued to recover at a generally moderate pace, against a backdrop of wage increases resulting from the annual spring wage negotiations and improvements in the income environment, while the impact of U.S. tariff policies was seen mainly in the automobile industry.」
The U.S. tariff policies previously identified as a source of uncertainty regarding the outlook were described as having affected the economic environment during the fiscal year, particularly the automobile industry. - FY2026-H1RestatedAnnual report
「However, uncertainty about the outlook remains, including regarding the sustainability of wage increases and the impact of U.S. tariff policies.」
U.S. tariff policies and the sustainability of wage increases continued to be identified as sources of uncertainty about the outlook. Their substantive positioning was unchanged from the external environmental risks related to overseas developments and prices disclosed in the previous fiscal year. - FY2025WorsenedAnnual report
「Since the beginning of the year, concern has grown that the trade policies of the Trump administration, which would take full effect from April 2025, could weigh on the global economy. As a result, the fiscal year-end closing price fell below the previous fiscal year-end for the first time in 3 years.」
In addition to prices and overseas developments, concern that U.S. trade policies could weigh on the global economy was identified as an economic factor at the fiscal year-end. - FY2025-H1WorsenedAnnual report
「However, uncertainty about the outlook remains due to persistently high prices, the impact of overseas developments and increasingly severe labour shortages, including those related to the 2024 problem.」
Although the overall economy was reported to have recovered moderately, persistently high prices, overseas developments and increasingly severe labour shortages associated with the 2024 problem were specifically identified as sources of uncertainty about the outlook. - FY2024-Q2WorsenedAnnual report
「However, uncertainty about the outlook remains due to high prices, the impact of overseas developments and increasingly severe labour shortages.」
Although economic activity recovered, high prices, overseas developments and increasingly severe labour shortages were identified as sources of uncertainty about the outlook. - FY2023MaterialisedAnnual report
「As the recovery in overseas economies slowed amid global inflation and the shift toward monetary tightening in Europe and the United States to contain it, prices rose as energy and raw material prices surged sharply due in part to the rapid depreciation of the yen.」
The external environmental risks of supply constraints, the situation in Ukraine and global inflation were reported to have materialised in the form of sharp increases in energy and raw material prices, higher prices overall and an impact on corporate earnings. - FY2023-Q2First statedAnnual report
「Corporate earnings generally improved, although some weakness remained, due to supply constraints caused by the spread of COVID-19 and global inflation against the backdrop of the situation in Ukraine and other factors. Employment conditions also recovered.」
Supply constraints related to COVID-19, the situation in Ukraine and global inflation were identified for the first time as an independent theme representing external environmental factors contributing to weakness in some corporate earnings and uncertainty about the outlook.