Uncertainty over global economic disruption and a stronger yen and weaker share prices following the UK's exit from the EU
First written in FY2017-Q1. 4 of 8 entries say "Restated". Latest entry: FY2020.
The whole theme swung hardest in 2025: 18 of 21 companies on the "Worse" side.
23 other companies' latest entry also says "Dropped".
- FY2020DroppedAnnual reportThe current year's description of the operating environment and risks contains no specific mention of the UK's exit from the EU.
- FY2019RestatedAnnual report
「During the consolidated fiscal year under review, Japan's economy remained on a moderate recovery trend as corporate earnings and the employment environment continued to improve under the government's economic measures and monetary policy. However, uncertainty over the outlook for the global economy persisted because of US-China trade friction and the UK's exit from the EU, among other factors, and the impact on Japan's economy going forward requires close monitoring.」
The disclosure continues to mention uncertainty over the outlook for the global economy, including US-China trade friction and the UK's exit from the EU. - FY2019-Q3Renewed concern over the UK's leaving the EU without an agreementAnnual report
「The sharp decline in share prices has been attributed to heightened global risks, including (1) concern over a US economic recession, (2) escalating US-China tensions, (3) concern over the UK's leaving the EU without an agreement, and (4) the risk of further yen appreciation. These have weighed on business sentiment.」
The risk associated with the UK's exit from the EU, which had disappeared as a separate disclosure item in the previous fiscal year, is explicitly mentioned again as concern over the UK leaving the EU without an agreement. - FY2018DroppedAnnual reportThe current year's description of the operating environment and risks does not specifically mention a stronger yen and weaker share prices following the UK's exit from the EU; instead, it is framed more generally in terms of global economic trends.
- FY2018-Q1RestatedAnnual report
「No new business or other risks arose during the three months ended 30 June. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The disclosure states that there have been no material changes to existing external-environment risks, including the UK's exit from the EU. - FY2017RestatedAnnual report
「Japan's economy remained on a moderate recovery trend, supported by strong corporate earnings, with domestic factors such as improving employment and wages providing underlying support amid the government's and the Bank of Japan's economic policies. However, personal consumption and capital investment remained cautious because of uncertainty over the outlook, including the policies of the Trump administration, European political developments such as the UK's exit from the EU, and concerns over a downturn in the Chinese economy, and the economy as a whole remained stagnant and lacked momentum.」
International situation risks, including uncertainty following the UK's exit from the EU, are reiterated. The policies of the Trump administration and concerns over a downturn in the Chinese economy have also been added to the description of the same economic environment. - FY2017-Q3RestatedAnnual report
「No new business risks arose during the nine-month period ended the third quarter of the current fiscal year. In addition, there were no significant changes to the business risks disclosed in the securities report for the previous fiscal year.」
The disclosure states that there have been no material changes to existing external-environment risks, including the UK's exit from the EU. - FY2017-Q1First statedAnnual report
「Recently, the yen has strengthened and share prices have declined amid growing concern over disruption to the global economy following the UK's exit from the EU. Downward pressure on corporate earnings has also intensified, increasing uncertainty over the outlook.」
The disclosure identifies concern over disruption to the global economy following the UK's exit from the EU, a stronger yen and weaker share prices, and downward pressure on corporate earnings as new external-environment risks. The stronger yen, weaker share prices and downward pressure on earnings are described as conditions that have already materialized.