Uncertainty over the economic outlook due to the spread of infections, the situation in Ukraine, and rising crude oil and other prices
First written in FY2022-Q3. 10 of 15 entries say "Restated". Latest entry: FY2026.
Dn Holdings moved to the "Worse" side of this theme in 2026, 2 years after the typical company in this theme (2024).
The whole theme swung hardest in 2025: 45 of 80 companies on the "Worse" side.
49 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Meanwhile, trends in resource prices, including crude oil, affected by the tense situation in the Middle East, as well as concerns about unstable supplies of rare earths and other materials, are downside risks to the economy. In addition, the impact of volatility in financial and capital markets requires close attention, and the outlook remains uncertain.」
In addition to the previous uncertainty surrounding prices, resource prices and overseas conditions, the company explicitly identifies the situation in the Middle East and potential supply disruptions involving rare earths and other materials as new areas of concern. - FY2026-H1WorsenedAnnual report
「Meanwhile, the impact of persistently high prices on private consumption poses a risk of weighing on the economy, while companies' sense of labor shortages remains high and is becoming a constraint on business activity. In addition, uncertainty in the external environment, including downside risks arising from developments in US trade policy, remains significant, and the outlook continues to require close attention.」
The company explicitly identifies high labor shortages among companies, in addition to rising prices and US trade policy, as a constraint on business activity, broadening the scope of risks related to the external environment. - FY2025RestatedAnnual report
「Meanwhile, the impact of US trade policy and persistently high prices on private consumption poses a risk of weighing on Japan's economy. Sufficient attention must also be paid to the effects of volatility in the financial and capital markets, and the outlook remains uncertain.」
The company continues to cite uncertainty in the economy arising from overseas economies, rising prices, policy developments and volatility in the financial and capital markets. - FY2025-H1RestatedAnnual report
「Meanwhile, a downturn in overseas economies, including the effects of persistently high interest rates in Europe and the United States and the stagnation of China's property market, poses a risk of weighing on Japan's economy. Sufficient attention must also be paid to the effects of rising prices, US policy developments and volatility in the financial and capital markets, and the outlook remains uncertain.」
The company cites high interest rates in Europe and the United States, stagnation in China's property market, rising prices, US policy developments and volatility in the financial and capital markets as sources of uncertainty for the economy. It continues to recognize the previously identified risks related to downturns in overseas economies, rising prices and other factors. - FY2024-Q3RestatedAnnual report
「Meanwhile, a downturn in overseas economies, including the effects of global monetary tightening and concerns over the outlook for China's economy, poses a risk of weighing on Japan's economy, while sufficient attention must also be paid to the effects of rising prices and volatility in the financial and capital markets. The outlook therefore remains uncertain.」
The company continues to cite global monetary tightening, concerns over the outlook for China's economy, a downturn in overseas economies, rising prices and volatility in the financial and capital markets as sources of uncertainty for the economy. - FY2024-Q2RestatedAnnual report
「Meanwhile, a downturn in overseas economies, including the effects of global monetary tightening and concerns over the outlook for China's economy, poses a risk of weighing on Japan's economy, while sufficient attention must also be paid to the effects of rising prices and volatility in the financial and capital markets. The outlook therefore remains uncertain.」
The company continues to cite global monetary tightening, concerns over the outlook for China's economy, a downturn in overseas economies, rising prices and volatility in the financial and capital markets as sources of uncertainty for the economy. - FY2024-Q1RestatedAnnual report
「Meanwhile, as global monetary tightening and other factors continue, a downturn in overseas economies poses a risk of weighing on Japan's economy, while sufficient attention must also be paid to the effects of rising prices and volatility in the financial and capital markets. The outlook therefore remains uncertain.」
The company continues to cite global monetary tightening, a downturn in overseas economies, rising prices and volatility in the financial and capital markets as sources of uncertainty for the economy. - FY2023RestatedAnnual report
「Meanwhile, as global monetary tightening and other factors continue, a downturn in overseas economies poses a risk of weighing on Japan's economy, while sufficient attention must also be paid to the effects of rising prices and volatility in the financial and capital markets. The outlook therefore remains uncertain.」
The company continues to cite global monetary tightening, a downturn in overseas economies, rising prices and volatility in the financial and capital markets as sources of uncertainty for the economy. - FY2023-Q3RestatedAnnual report
「Meanwhile, as global monetary tightening and other factors continue, a downturn in overseas economies poses a risk of weighing on Japan's economy, while sufficient attention must also be paid to the effects of rising prices, supply-side constraints and volatility in the financial and capital markets. The outlook therefore remains uncertain.」
The company continues to cite global monetary tightening, a downturn in overseas economies, rising prices, supply constraints and volatility in the financial and capital markets as sources of uncertainty for the economy. - FY2023-Q2RestatedAnnual report
「Meanwhile, as global monetary tightening and other factors continue, the outlook for the economy remains uncertain, with concerns over the risk that a downturn in overseas economies will weigh on Japan's economy, as well as the impact of rising prices, supply-side constraints and the spread of infectious diseases in China.」
The company continues to cite global monetary tightening, a downturn in overseas economies, rising prices, supply constraints and the spread of infectious diseases in China as sources of uncertainty for the economy. - FY2023-Q1RestatedAnnual report
「The operating environment for the construction consulting and geological survey industries in which our group operates is supported by the government's Five-Year Acceleration Measures for Disaster Prevention and Mitigation and National Resilience, under which maintenance and renewal of ageing infrastructure and disaster prevention and mitigation measures are to be implemented intensively over the five years from fiscal 2021, with total government-wide project spending expected to be approximately ¥15 trillion. Accordingly, the environment surrounding domestic public works is expected to remain solid.」
While presenting a robust outlook for the public works environment, the company continues to cite uncertainty in the economic environment stemming from the prolonged situation in Ukraine, rising resource prices, global monetary tightening, the sharp depreciation of the yen and soaring prices. - FY2022WorsenedAnnual report
「The Japanese economy during the consolidated fiscal year remained in a difficult situation due to Russia's invasion of Ukraine and the impact of COVID-19. In addition, amid global energy supply shortages and surging raw material prices resulting from Western countries' economic sanctions against Russia, as well as a rapid depreciation of the yen, the outlook remains uncertain and the situation warrants close attention.」
In addition to the situation in Ukraine, infectious diseases, energy supply shortages and soaring raw material prices, the company explicitly identifies the sharp depreciation of the yen as a source of uncertainty in the external environment, broadening the scope of disclosed risks. - FY2022-Q3First statedAnnual report
「The outlook for the economy remains uncertain due to heightened tensions surrounding Ukraine and rising crude oil and raw material prices.」
The company has identified, for the first time, heightened tensions surrounding Ukraine and rising crude oil and raw material prices as external factors contributing to an uncertain economic outlook.