Deterioration of the Economic Environment Due to Geopolitical Risks, Including the Situation in Ukraine, and Yen Depreciation
First written in FY2022. 9 of 12 entries say "Restated". Latest entry: 2026-07-30.
The whole theme swung hardest in 2025: 22 of 48 companies on the "Worse" side.
32 other companies' latest entry also says "Restated".
- 2026-07-30RestatedEarnings
「Financial capital markets have also remained volatile against a backdrop of prolonged geopolitical risks and trends in monetary policy in various countries, and uncertainty about the outlook continues.」
The company continues to describe uncertainty about the outlook arising from prolonged geopolitical risks and trends in monetary policy. - FY2026RestatedAnnual report
「In addition, the situation in the Middle East requires close monitoring. Against the backdrop of heightened geopolitical risk, crude oil prices have risen, among other developments, raising concerns about the impact on energy prices and logistics costs, and the outlook remains uncertain.」
The disclosure continues to describe uncertainty in the economic environment due to the situation in the Middle East, U.S. trade policy, currency fluctuations, and energy and raw material prices. - FY2026-H1RestatedAnnual report
「In addition, there were many uncertain factors, including U.S. trade policy and the situations in Ukraine and the Middle East, and uncertainty about the outlook continued.」
In addition to geopolitical conditions, foreign exchange rates, and resource prices, the disclosure identifies U.S. trade policy and the situation in the Middle East as factors making the economic environment uncertain. - FY2025Added high tariff policies as a risk factorAnnual report
「In addition, concerns have arisen over the impact on the global economy of surging raw material and energy prices, sharp currency fluctuations, and the Trump administration's high tariff policies, among other factors, and although uncertainty about the outlook remains,」
In addition to the previously disclosed risks of surging raw material and energy prices and currency fluctuations, the disclosure identifies the impact of the Trump administration's high tariff policies on the global economy as a new source of uncertainty. - FY2025-H1RestatedAnnual report
「However, the uncertain outlook continued due to the protracted situation in Ukraine, the yen's depreciation, the depletion of natural resources resulting from global warming, and surging energy and raw-material prices, among other factors.」
The disclosure continues to describe uncertainty in the economic environment due to the situation in Ukraine, the weaker yen, the depletion of natural resources, and surging energy and raw material prices. It states that there have been no significant changes in business and other risks. - FY2024RestatedAnnual report
「However, the risk of a downturn in overseas economies due to global monetary tightening, together with surging energy and raw material prices, meant that uncertainty about the outlook continued.」
The disclosure continues to describe uncertainty about the outlook due to the risk of a downturn in overseas economies resulting from global monetary tightening and surging energy and raw material prices. - FY2024-Q3RestatedAnnual report
「However, the risk of a downturn in overseas economies due to global monetary tightening, together with surging energy and raw material prices, meant that uncertainty about the outlook continued.」
The disclosure continues to describe uncertainty about the outlook due to the risk of a downturn in overseas economies resulting from global monetary tightening and surging energy and raw material prices. - FY2024-Q2RestatedAnnual report
「However, the risk of a downturn in overseas economies due to global monetary tightening, together with surging energy and raw material prices, meant that uncertainty about the outlook continued.」
The disclosure continues to focus on the risk of a downturn in overseas economies due to global monetary tightening and surging energy and raw material prices, instead of the previous focus on the situation in Ukraine and the weaker yen. - FY2024-Q1ReframedAnnual report
「However, the outlook remained uncertain due to downside risks to overseas economies from global monetary tightening, soaring energy and raw-material prices, and other factors.」
It has broadened the description from its previous focus on the situation in Ukraine and yen depreciation to focus on downside risks to overseas economies from global monetary tightening and soaring energy and raw-material prices. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter, Japan’s economy gradually moved toward normalization of economic and social activity as there were no restrictions on movement, amid efforts to balance COVID-19 prevention with economic activity. However, the outlook remained uncertain due to soaring energy and raw-material prices against the backdrop of the situation in Ukraine and the rapid depreciation of the yen accompanying monetary tightening policies in Europe and the United States.」
While economic activity normalized in an environment without restrictions on movement, it continues to describe uncertainty about the outlook due to soaring energy and raw-material prices arising from the situation in Ukraine and the rapid depreciation of the yen. - FY2023-Q1RestatedAnnual report
「During the cumulative first quarter, Japan’s economy gradually moved toward normalization of economic and social activity as restrictions on movement were eased following a decline in COVID-19 cases. However, the outlook remained uncertain due to soaring energy and raw-material prices against the backdrop of the situation in Ukraine and the rapid depreciation of the yen accompanying monetary tightening policies in Europe and the United States.」
It continues to identify soaring energy and raw-material prices arising from the situation in Ukraine and the rapid depreciation of the yen as factors making the outlook uncertain. - FY2022First statedAnnual report
「During the fiscal year, Japan’s economy remained in an uncertain outlook due to the prolonged COVID-19 pandemic, heightened geopolitical risks arising from the situation in Ukraine, and continued yen depreciation, among other factors.」
Separately from COVID-19, it explicitly identifies for the first time heightened geopolitical risks arising from the situation in Ukraine and continued yen depreciation as factors making the economic environment uncertain.