Economic uncertainty driven by yen appreciation
First written in FY2017-Q1. 12 of 33 entries say "Reframed", first in FY2017-Q3. Latest entry: 2026-10-28.
Aisan Industry moved to the "Worse" side of this theme in 2019, 3 years before the typical company in this theme (2022).
The whole theme swung hardest in 2020: 41 of 58 companies on the "Worse" side.
62 other companies' latest entry also says "Restated".
- 2026-10-28RestatedEarnings
「当中間連結会計期間の世界経済は、足元では持ち直しがみられ緩やかな回復局面にあるものの、米国による関税政策が世界経済に及ぼすマイナスの影響や金融市場の変動、中東情勢などの地政学リスクの高まりなどの要因により、依然として先行き不透明な状況が継続しております。」
世界経済の回復局面と、米国関税政策・金融市場・中東情勢などによる先行き不透明性の併存を継続して記載している。 - FY2026ReframedAnnual report
「During the fiscal year, the global economy was in a phase of steadily regaining growth in the near term, but uncertain conditions about the outlook continued due to factors including the negative impact of U.S. tariff policies, expanding geopolitical risks such as conflicts, and changes in the trade and financial environment.」
The disclosure describes the global economy as being in a phase of recovering growth, while identifying U.S. tariff policies, geopolitical risks including conflicts, and changes in the trade and financial environment as sources of uncertainty. - FY2026-H1ReframedAnnual report
「During the interim consolidated fiscal period, the global economy showed signs of recovery in the near term and was beginning to regain solid growth. However, the outlook remained uncertain due to factors including the negative impact of U.S. tariff policies on the global economy, volatility in the financial and capital markets, and geopolitical risks, including the unstable situation in the Middle East.」
While indicating signs of recovery and a turnaround in the global economy, the disclosure specifically identifies U.S. tariff policies, volatility in the financial and capital markets, and geopolitical risks including the situation in the Middle East as new sources of uncertainty. - FY2025ReframedAnnual report
「During the fiscal year, the global economy showed a moderate recovery, but uncertain conditions continued due to economic policies in various countries and the slowdown in China's economy, among other factors. In the automotive industry, the impact of the foreign policy of the new U.S. administration was observed, but the industry overall remained on a path of moderate recovery, and hybrid vehicle sales increased in North America due to a shift in EV policy, among other factors. In China, although total vehicle sales in the market continued to grow, sales by Japanese automakers remained weak, and difficult conditions continued.」
The disclosure describes a moderate recovery in the global economy and a recovery trend in the automotive industry, while identifying policies in various countries, China's economic slowdown, the foreign policy of the new U.S. administration and weak performance by Japanese OEMs in China as sources of uncertainty and difficulty. - FY2025-H1ReframedAnnual report
「During the interim consolidated fiscal period, the economies of Japan and the world generally remained firm, although uncertain conditions continued, including concerns about China's economic outlook.」
While describing the global economy as generally firm, the disclosure continues to identify concerns about China's economic outlook, inflation, exchange rate fluctuations and international tensions as sources of uncertainty. - FY2024-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year, the pace of recovery in the global economy showed signs of slowing due to increases in policy interest rates in various countries and concerns about the outlook for China's economy. In the automotive industry, automakers generally operated at strong levels as they worked to eliminate market back orders that had arisen from the impact of COVID-19 and supply constraints for semiconductors and other components. At the same time, uncertain conditions continued due to inflation caused by persistently high raw material and energy prices and rising wages, exchange rate fluctuations, and the impact of heightened international tensions, among other factors.」
The explanation of the global economy has shifted to stating that the pace of recovery slowed due to increases in policy interest rates and concerns about China's economic outlook. Meanwhile, automakers' operating conditions are described as strong as they work to eliminate market back orders, while uncertainty due to raw material and energy prices, rising wages, exchange rates and international tensions continues. - FY2024-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, the economies of Japan and the world generally remained on a path of moderate recovery despite increases in policy interest rates in various countries and concerns about the outlook for China's economy. In the automotive industry, production by automakers remained at high levels as semiconductor shortages were being resolved, while uncertain conditions continued due to inflation caused by persistently high raw material and energy prices and rising wages, as well as exchange rate fluctuations.」
The disclosure describes the global economy as being on a path of moderate recovery and automobile production as remaining at high levels, while identifying higher policy interest rates, concerns about China's economic outlook, persistently high raw material and energy prices, rising wages and exchange rate fluctuations as sources of uncertainty. - FY2024-Q1ReframedAnnual report
「During the cumulative first quarter of the fiscal year, economic conditions in Japan and worldwide steadily moved toward normalization after restrictions on activities related to COVID-19 were lifted. In the automotive industry, production by automakers remained at high levels as semiconductor shortages were resolved. At the same time, uncertain conditions continued due to inflation caused by higher raw material and energy prices and rising wages, as well as sharp exchange rate movements.」
While indicating improvement from the lifting of activity restrictions, the resolution of semiconductor shortages and sustained high automobile production, the disclosure indicates that uncertainty due to inflation, rising wages and sharp exchange rate movements continued. - FY2023WorsenedAnnual report
「During the fiscal year, economic conditions in Japan and worldwide steadily moved toward normalization as restrictions on activities related to COVID-19 were gradually eased. At the same time, uncertain conditions about the outlook continued due to global inflation, sharp exchange rate movements and the prolonged Russia-Ukraine conflict, among other factors.」
While indicating the easing of restrictions and normalization of economic activity, the disclosure specifically identifies global inflation, sharp exchange rate movements and the prolonged Russia-Ukraine conflict as new sources of uncertainty. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, uncertain conditions continued in the automotive industry due to production fluctuations at automakers resulting from semiconductor shortages and COVID-19, rising raw material and energy prices, global inflation and the rapid depreciation of the yen, among other factors.」
Uncertainty about the outlook continued due to semiconductor shortages, COVID-19, production fluctuations, rising raw material and energy prices, global inflation and the rapid depreciation of the yen. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, uncertain conditions continued in the automotive industry due to production cuts by automakers resulting from semiconductor shortages, the spread of COVID-19 and the Shanghai lockdown in China, rising raw material and energy prices, and the rapid depreciation of the yen, among other factors.」
Semiconductor shortages, the spread of COVID-19, the Shanghai lockdown in China, rising raw material and energy prices, and the rapid depreciation of the yen are listed as sources of uncertainty, indicating that uncertain conditions about the outlook continued. - FY2022-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, the recovery in automobile production remained limited due to semiconductor shortages, logistics disruptions and the impact of COVID-19, among other factors. Uncertainty about the future stability of the supply chain also continued.」
The recovery in automobile production remained limited against a backdrop of semiconductor shortages, logistics disruptions and COVID-19, while uncertainty about the future of the supply chain continued. - FY2022-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, automobile production declined due to semiconductor shortages, logistics disruptions and the prolonged impact of COVID-19. Uncertainty about the future stability of the supply chain also increased.」
The situation has progressed from concerns about semiconductor supplies and an unstable supply chain to production cuts caused by semiconductor shortages and logistics disruptions, along with increasing uncertainty about the future stability of the supply chain. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, uncertainty about the outlook became apparent in the automotive industry due to the impact on current automobile production from an unstable supply chain amid concerns about semiconductor supplies, as well as the prolonged impact of COVID-19.」
In addition to the previous uncertainty caused by COVID-19, concerns about semiconductor supplies and an unstable supply chain are specifically identified as factors affecting automobile production, and it is explained that uncertainty about the outlook became apparent. - FY2021-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year, economic conditions in Japan and worldwide remained weak due to the prolonged spread of COVID-19, although signs of a return to normal economic activity emerged.」
While continuing to indicate weakness due to the prolonged spread of COVID-19, the disclosure newly identifies signs of a return to normal economic activity. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, economic conditions in Japan and worldwide remained weak due to the prolonged spread of COVID-19. The global production and sales volume of automobiles also declined significantly from the previous fiscal year due to the impact of COVID-19. Although some signs of recovery have recently emerged, conditions remain unstable, and it is necessary to continue closely monitoring the impact of the disease and economic conditions in each country.」
The disclosure continues to indicate weak economic conditions and instability due to the prolonged spread of COVID-19. It also mentions some recent signs of recovery. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, economic activity in Japan and worldwide stagnated and economic conditions deteriorated significantly due to the spread of COVID-19.」
The situation has shifted from the previous uncertainty and concerns about a slowdown to an actual deterioration, characterized by stagnant economic activity and a significant worsening of economic conditions due to the spread of COVID-19. - FY2020WorsenedAnnual report
「Overseas, concerns about a slowdown in the global economy and uncertainty about the outlook intensified due to the prolonged economic friction between the United States and China and slower growth in China, among other factors. In addition, the global spread of COVID-19 from the beginning of 2020 created an event that had a major impact not only on society but on the economy as a whole.」
In addition to the previous concerns about economic friction between the United States and China and a slowdown in China's economy, the global spread of COVID-19 is specifically identified as an event affecting the economy as a whole, and uncertainty surrounding the global economy has deepened further. - FY2020-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, concerns about a global economic slowdown and uncertainty about the outlook intensified due to the prolonged trade friction between the United States and China and the UK's decision to leave the EU, among other factors.」
The disclosure continues to indicate concerns about a slowdown in the global economy and uncertainty about the outlook against a backdrop of prolonged trade friction between the United States and China and the UK's exit from the EU. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, concerns about a global economic slowdown and uncertainty about the outlook intensified due to the prolonged trade friction between the United States and China and uncertainty surrounding the UK's exit from the EU, among other factors.」
The prolonged trade friction between the United States and China and the UK's exit from the EU are specifically identified as new sources of uncertainty, and it is explained that concerns about a global economic slowdown and uncertainty about the outlook intensified. - FY2020-Q1RestatedAnnual report
「Overseas, concerns about a slowdown in the global economy and uncertainty about the outlook intensified due to economic friction between the United States and China, among other factors. However, conditions in ASEAN were generally firm, while the United States, Europe and China continued on a path of moderate growth.」
While continuing to indicate concerns about a slowdown in the global economy and uncertainty about the outlook due to economic friction between the United States and China, the disclosure also describes conditions in ASEAN, the United States, Europe and China. - FY2019WorsenedAnnual report
「In the second half of the fiscal year, concerns about a slowdown in the global economy and uncertainty about the outlook intensified due to economic friction between the United States and China and the slowdown in China's economic growth.」
It is explained that, following a moderate recovery in the first half, concerns about a slowdown in the global economy and uncertainty about the outlook intensified in the second half against a backdrop of economic friction between the United States and China and slower growth in China. - FY2019-Q3MaterialisedAnnual report
「Total assets at the end of the cumulative third quarter of the fiscal year decreased by ¥5,956 million from the end of the previous fiscal year, to ¥190,078 million, mainly due to a decline in the assets of overseas subsidiaries resulting from yen appreciation.」
Yen appreciation has actually manifested itself as a decline in total assets through a decrease in the assets of overseas subsidiaries. - FY2019-Q2RestatedAnnual report
「The global economy generally remained firm during the cumulative second quarter of the fiscal year, despite economic friction between the United States and China, among other factors.」
The assessment that the global economy is generally firm continues, while economic friction between the United States and China, among other factors, is identified as a source of uncertainty. - FY2019-Q1ReframedAnnual report
「The global economy generally remained firm during the cumulative first quarter of the fiscal year, despite economic friction between the United States and China, among other factors.」
While describing the global economy as generally firm, the disclosure specifically identifies economic friction between the United States and China as a source of uncertainty, and states that this risk factor actually exists. - FY2018RestatedAnnual report
「The global economy continued on a path of moderate recovery during the fiscal year, as developed economies such as the United States and Europe remained firm and signs of recovery emerged in emerging economies such as China.」
It is explained that the global economy continued on a path of moderate recovery, supported by strength in developed economies and a recovery in emerging economies, maintaining the assessment of recovery through the previous quarter. - FY2018-Q3RestatedAnnual report
「The global economy generally continued to recover during the cumulative third quarter of the fiscal year.」
It is explained that the global economy continued to recover, following the previous quarter, with no substantive change in the assessment of economic conditions. - FY2018-Q2RestatedAnnual report
「The global economy continued to recover moderately during the cumulative second quarter of the fiscal year.」
It is explained that the global economy continued to recover moderately, following the previous quarter. - FY2018-Q1ReframedAnnual report
「The global economy continued to recover moderately during the cumulative first quarter of the fiscal year.」
The explanation has shifted from uncertainty against a backdrop of yen appreciation and exchange rate concerns to stating that the global economy continued to recover moderately. - FY2017ReframedAnnual report
「The global economy grew moderately during the fiscal year, but uncertain conditions continued due to the economic slowdown in emerging markets, the UK's decision to leave the EU and the change of administration in the United States, among other factors.」
The explanation of economic uncertainty has broadened from focusing on yen appreciation and exchange rates to include multiple international factors, such as the slowdown in emerging markets, the UK's exit from the EU and the change of administration in the United States. - FY2017-Q3ReframedAnnual report
「Economic conditions during the cumulative third quarter of the fiscal year remained uncertain due to the economic slowdown in emerging markets and unstable exchange rates.」
The explanation of economic uncertainty has shifted from focusing primarily on yen appreciation to citing the economic slowdown in emerging markets and unstable exchange rates as factors. - FY2017-Q2RestatedAnnual report
「Economic conditions during the cumulative second quarter of the fiscal year remained uncertain, partly due to the yen's appreciation.」
Uncertain economic conditions against a backdrop of yen appreciation continued. The foreign exchange loss was ¥1,051 million. - FY2017-Q1First statedAnnual report
「Economic conditions during the cumulative first quarter of the fiscal year remained uncertain, partly due to the yen's appreciation.」
The exchange rate affected performance, and a ¥572 million foreign exchange loss was recorded as a non-operating expense.