Risks of supply constraints and rising prices stemming from the Ukraine conflict, China's zero-COVID policy and yen depreciation
First written in FY2023-Q1. 5 of 12 entries say "Worsened", first in FY2023-Q2. Latest entry: FY2026.
itsumo. moved to the "Worse" side of this theme in 2024, 2 years after the typical company in this theme (2022).
The whole theme swung hardest in 2022: 8 of 15 companies on the "Worse" side.
4 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「During the current consolidated fiscal year, Japan’s economy was on a gradual recovery track, supported by improvements in personal consumption and increased inbound demand. However, uncertainty about the outlook continued, amid concerns that the global economy could deteriorate due to heightened geopolitical risks and the new U.S. administration’s policy of substantially raising tariffs.」
In addition to the previously identified geopolitical risks and other factors, it identifies the U.S. policy of raising tariffs as a new external factor raising concerns about a deterioration in the global economy. - 2026-05-14WorsenedRevision to earnings forecast
「当連結会計年度（自 2025年４月１日 至 2026年３月31日）におけるわが国経済は、企業収益や雇用・所得環境の改善により穏やかな回復基調が続いている一方で、米国の通商政策の影響や物価動向、期末に顕在化した中東情勢の緊迫化に伴う金融市場の変動など、依然として先行きの不透明な状況が続いております。」
従来の物価・地政学上の不透明感に加え、中東情勢の緊迫化に伴う金融市場の変動を事業環境の不透明要因として示している。 - FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period from 1 April 2025 to 30 September 2025, Japan’s economy was on a gradual recovery track, but uncertainty about the outlook continued due to the effects of persistently high raw material prices, inflation and geopolitical risks.」
It states that uncertainty in the external environment due to soaring raw material prices, inflation and geopolitical risks continues. - FY2025WorsenedAnnual report
「During the current consolidated fiscal year, Japan’s economy was on a gradual recovery track, supported by improvements in personal consumption and increased inbound demand. However, uncertainty about the outlook continued, amid concerns that the global economy could deteriorate due to heightened geopolitical risks and the new U.S. administration’s policy of substantially raising tariffs.」
In addition to the previously identified geopolitical risks and raw material prices, it newly discloses concerns that the global economy could deteriorate as a result of the new U.S. administration’s tariff increase policy. - FY2025-H1WorsenedAnnual report
「During the six months ended 30 September 2024 (from 1 April 2024 to 30 September 2024), Japan’s economy was on a moderate recovery trend, but the outlook remained uncertain due to factors including heightened geopolitical risks, persistently high raw material prices, and inflation.」
It describes heightened geopolitical risks and continuing increases in raw material prices and consumer prices, explaining that uncertainty in the external environment persists. - FY2024RestatedAnnual report
「The business environment surrounding the Group is expected to remain one in which many brands and manufacturers focus on developing their e-commerce businesses on major e-commerce platforms, and e-commerce purchases are expected to increase.」
While maintaining the outlook for expanding e-commerce demand, it continues to identify uncertainty caused by sharp fluctuations in the yen exchange rate and inflation as part of the business environment. - FY2024-Q3SoftenedAnnual report
「During the nine months ended the third quarter, Japan’s economy saw the resumption of economic activity as the legal classification of COVID-19 was relaxed, but the outlook remained uncertain amid sharp fluctuations in the yen exchange rate and developments in prices.」
The specific descriptions of worsening supply constraints, disruption to logistics networks and soaring ocean freight rates that had been listed through the previous quarter are absent, with the discussion reorganized around uncertainty caused by sharp fluctuations in the yen exchange rate and price conditions. - FY2024-Q2RestatedAnnual report
「Although the global tightening of monetary policy has raised the risk of an economic downturn, and resource prices and inflation have risen due to the weaker yen, the outlook remains uncertain.」
It states that external environmental risks, including monetary tightening, soaring resource prices, yen depreciation and inflation, are continuing. - FY2024-Q1RestatedAnnual report
「Although the global tightening of monetary policy has raised the risk of an economic downturn, and resource prices and inflation have risen due to the weaker yen, the outlook remains uncertain.」
It states that external environmental risks, including monetary tightening, soaring resource prices, yen depreciation and inflation, continue to exist. - FY2023-Q3RestatedAnnual report
「While the impact of COVID-19 has eased and economic activity has moved toward normalization, factors weighing on the economy, including the prolonged conflict in Ukraine, soaring raw material prices and the yen’s depreciation, have become more prominent. The outlook therefore remains uncertain.」
It states that the prolonged Ukraine conflict, soaring raw material prices and continued yen depreciation remain factors behind the economic slowdown. - FY2023-Q2WorsenedAnnual report
「Supply constraints, particularly for semiconductors, inflation accompanying the rapid depreciation of the yen, the chronic rise in energy and resource prices and disruption to logistics networks resulting from the unstable international situation, and soaring ocean freight rates are becoming increasingly severe worldwide, slowing the pace of economic recovery.」
In addition to the Ukraine conflict, China’s zero-COVID policy, yen depreciation and inflation identified in the previous quarter, it expands the factors affecting conditions to include supply constraints for semiconductors and other products, higher energy and resource prices, disruption to logistics networks, and soaring ocean freight rates, and describes their growing severity worldwide. - FY2023-Q1First statedAnnual report
「In addition, the pace of economic recovery has slowed due to the prolonged Ukraine conflict, supply constraints resulting from China’s zero-COVID policy, and inflation accompanying the rapid depreciation of the yen.」
It discloses the Ukraine conflict, China’s zero-COVID policy, rapid yen depreciation and inflation as new external risks that are contributing to supply constraints and a slower pace of economic recovery.