Risks from economic fluctuations, declining customer demand, and overseas relocation of manufacturing bases
First written in FY2018. 14 of 27 entries say "Worsened", first in FY2019-Q3. Latest entry: FY2026.
Hirayama Holdings moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2025: 8 of 12 companies on the "Worse" side.
1 other company's latest entry also says "Other".
- FY2026Improving domestic conditions alongside stagnation overseasAnnual report
「Under these conditions, although production in Thailand remained stagnant, the Hirayama Group captured demand from the recovery in domestic production and secured higher revenue and profit year on year.」
In Japan, the company captured demand from the recovery in production, while the production slowdown in Thailand continued, resulting in differing business conditions by region. - 2026-08-14WorsenedEarnings
「A conservative outlook due to the high uncertainty surrounding the resolution of conflicts in the Middle East」
Uncertainty surrounding the situation in the Middle East was explicitly stated as an assumption underlying the next fiscal year’s earnings forecasts. - FY2026-H1Domestic Economic Improvement Coexisting with Stagnant Production in ThailandAnnual report
「Under these conditions, although production in Thailand remained stagnant, the Hirayama Group captured demand from the recovery in domestic production and secured higher revenue and profit year on year.」
In Japan, the company captured demand from the recovery in production, while the production slowdown in Thailand continued, resulting in differing business conditions by region. - FY2025Improving business conditions alongside tariff uncertaintyAnnual report
「In the Japanese economy during the consolidated fiscal year, as reflected in the Short-Term Economic Survey of Enterprises in Japan (Tankan) released on 1 July 2025, the diffusion index (DI) indicating business conditions among large manufacturers improved slightly to plus 13 from plus 12 in the previous survey conducted in March. This was the first improvement in sentiment among large manufacturers in two quarters. While uncertainty associated with the so-called Trump tariffs (hereinafter, the “U.S. tariff measures”) weighed on business conditions, strong corporate earnings driven by progress in passing on higher prices lifted the overall reading.」
The DI for large manufacturers improved to plus 13, while uncertainty associated with the U.S. tariff measures was newly identified as a factor weighing on business conditions. - FY2025-H1MitigatedAnnual report
「The DI indicating business sentiment among large manufacturers improved by 1 point from the previous September survey to positive 14. This was the first improvement in 2 quarters since the June survey. Automobile production, which had stagnated due to certification misconduct issues, recovered, while demand for capital investment remained firm and improved modestly.」
The company explained that manufacturing sentiment improved to positive 14 and automobile production also recovered, indicating some improvement in customer demand and the production environment. - FY2024MitigatedAnnual report
「The DI indicating business sentiment among large manufacturers improved by 2 points from the previous March survey to positive 13, marking the first improvement in 2 quarters. Sentiment in materials-related industries improved, while the impact of production stoppages in the automotive industry eased and production recovered.」
The DI for large manufacturers improved to positive 13, and production recovered as the impact of shipment stoppages in the automotive industry eased. Separately, individual companies experienced production cuts and temporary closures. - FY2024-Q3WorsenedAnnual report
「The DI indicating business sentiment among large manufacturers deteriorated by 2 points from the previous December survey to positive 11, marking the first deterioration in 4 periods. A decline in automobile production due to quality misconduct issues caused business conditions in related industries to deteriorate.」
The DI for large manufacturers deteriorated by 2 points to positive 11, and the decline in automobile production associated with quality misconduct issues led to deterioration in business conditions in related industries. - FY2024-Q2MitigatedAnnual report
「The DI indicating business sentiment among large manufacturers improved by 3 points from the previous September survey to positive 12, improving for 3 consecutive periods. The economic recovery continued, supported by progress in passing through prices and a recovery in automobile production.」
The DI for large manufacturers improved by 3 points to positive 12, and the economic recovery continued against a backdrop of progress in passing through prices and a recovery in automobile production. - FY2024-Q1MitigatedAnnual report
「During the first quarter of the current consolidated cumulative period, covering 1 July 2023 to 30 September 2023, Japan’s economy was reflected in the Tankan, the Short-Term Economic Survey of Enterprises, released on 2 October 2023. The DI indicating business sentiment among large manufacturers improved by 4 points from the previous June survey to positive 9, as production recovery progressed with the easing of supply constraints.」
The DI for large manufacturers improved by 4 points from the previous survey to positive 9, with the easing of supply constraints and a recovery in production reported. - FY2023MitigatedAnnual report
「As the pace of increases in raw material costs slowed and supply constraints such as semiconductor shortages eased, automobile production recovered.」
Business sentiment among large manufacturers improved for the first time in 7 quarters in the fourth quarter, with partial easing of high raw material costs and semiconductor shortages and a recovery in automobile production. However, inventory adjustments and production postponements remained. - FY2023-Q3WorsenedAnnual report
「The DI indicating business sentiment among large manufacturers deteriorated by 6 points from the previous December survey to positive 1. Although sentiment deteriorated for 5 consecutive quarters as higher raw material costs driven by the weaker yen and rising resource prices weighed on it, the index remained positive.」
The DI for large manufacturers deteriorated by 6 points from the previous survey to positive 1, marking deterioration for 5 consecutive quarters. Higher raw material costs driven by the weaker yen and rising resource prices also continue to weigh on business sentiment. - FY2023-Q2WorsenedAnnual report
「The DI indicating business sentiment among large manufacturers, calculated as the percentage of companies reporting business conditions as “good” minus the percentage reporting them as “bad,” deteriorated by 1 point from the previous September survey to positive 7. Although sentiment deteriorated for 4 consecutive quarters as higher raw material costs driven by the weaker yen and rising resource prices weighed on it, the index remained positive.」
The DI for large manufacturers deteriorated by 1 point to positive 7, marking deterioration for 4 consecutive quarters. Higher raw material costs driven by the weaker yen and rising resource prices also weighed on business sentiment. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, covering 1 July 2022 to 30 September 2022, Japan’s economy was reflected in the Tankan, the Short-Term Economic Survey of Enterprises, released on 3 October 2022. The DI indicating business sentiment among large manufacturers deteriorated by 1 point from the previous June survey to positive 8, as higher raw material costs driven by rising resource prices and the weaker yen weighed on sentiment, marking deterioration for 3 consecutive quarters.」
The DI for large manufacturers deteriorated by 1 point to positive 8, declining for 3 consecutive quarters as higher raw material costs driven by rising resource prices and the weaker yen weighed on sentiment. Uncertainty over customer demand and business conditions persisted. - FY2022-Q3WorsenedAnnual report
「The business conditions diffusion index (DI) indicating sentiment among large manufacturers fell by 3 points to positive 14, deteriorating for the first time in 7 quarters since the June 2020 survey. The outlook was positive 9, indicating expectations of further deterioration.」
The DI for large manufacturers deteriorated for the first time in 7 quarters to positive 14, with further deterioration to positive 9 expected. Risks to customer demand and the production environment increased. - FY2022-Q2MaterialisedAnnual report
「Under these conditions, in automotive-related fields, some production was postponed because of semiconductor supply constraints. However, medical equipment and food manufacturing performed steadily, while housing equipment and agricultural machinery performed well, resulting in revenue broadly in line with plan.」
The supply constraint caused by semiconductor shortages materialized as production postponements among automotive customers, bringing risks to customer demand and production volatility to the fore. - FY2022-Q1MaterialisedAnnual report
「In the automotive sector, some production was postponed due to semiconductor supply constraints, although」
The supply constraint caused by semiconductor shortages materialized as production postponements among automotive customers, bringing risks to customer demand and production volatility to the fore. - FY2021WorsenedAnnual report
「The automotive sector is expected to drive the manufacturing industry in the second half and the next fiscal year, but semiconductor supply shortages are a concern.」
While a recovery in the automotive sector is expected, semiconductor supply shortages were identified as a new concern affecting customer demand and production fluctuations. - FY2021-Q3MitigatedAnnual report
「As shown in the Bank of Japan’s Tankan survey released on 31 March 2021, the business conditions diffusion index (DI) for large manufacturers, calculated by subtracting the percentage of companies reporting business conditions as “bad” from the percentage reporting them as “good,” rose 15 points from the previous survey in December 2020 to positive 5.」
The DI for large manufacturers improved to positive 5, up 15 points from the previous survey. The risks of deteriorating customer demand and business conditions were showing signs of recovery. - FY2021-Q2MitigatedAnnual report
「As shown in the Bank of Japan’s Tankan survey released on 14 December 2020, the business conditions diffusion index (DI) for large manufacturers, calculated by subtracting the percentage of companies reporting business conditions as “bad” from the percentage reporting them as “good,” improved by 17 points from the previous September survey to negative 10. After bottoming at negative 34 in June, its lowest level in 11 years, the index improved for the second consecutive quarter.」
The DI for large manufacturers improved by 17 points from negative 34, its trough, to negative 10, indicating a temporary improvement in the risks of deteriorating customer demand and business conditions. However, the impact of the spread of infections remained a concern. - FY2021-Q1WorsenedAnnual report
「The DI for large manufacturers was negative 27, improving by 7 points from the previous survey in June. As economic activity stalled by COVID-19 moved toward reopening, business sentiment in non-manufacturing also improved. However, the index remained at a low level as concerns over a resurgence in infections acted as a drag.」
The DI for large manufacturers improved to negative 27 from the previous survey, but concerns over a resurgence in infections remained, and customer demand and business conditions were still at low levels. - FY2020WorsenedAnnual report
「The business conditions diffusion index (DI) for large manufacturers continued to deteriorate for 6 consecutive quarters, reaching negative 34, its lowest level in 11 years since June 2009, following the Lehman crisis.」
The DI for large manufacturers fell to negative 34, its lowest level in 11 years, and the deterioration in demand and business conditions caused by COVID-19 further increased risks to customer demand. - FY2020-Q3WorsenedAnnual report
「The business conditions diffusion index (DI) for large manufacturers deteriorated for 5 consecutive quarters and fell into negative territory.」
Business sentiment among large manufacturers deteriorated for 5 consecutive quarters and fell into negative territory. The stagnation of economic activity caused by COVID-19 further increased uncertainty over the outlook for customer demand. - FY2020-Q2WorsenedAnnual report
「The business conditions diffusion index (DI) for large manufacturers deteriorated for 4 consecutive quarters, and uncertainty over the outlook increased.」
The business conditions diffusion index for large manufacturers deteriorated for 4 consecutive quarters, further increasing uncertainty over the outlook for the business environment, including customer demand. - FY2020-Q1WorsenedAnnual report
「The business conditions diffusion index (DI) for large manufacturers deteriorated for 3 consecutive quarters, and uncertainty over the outlook increased amid the effects of the US-China trade war.」
Business sentiment among large manufacturers deteriorated for 3 consecutive quarters, and uncertainty over customer demand and the business environment increased due to the effects of the US-China trade war. - FY2019WorsenedAnnual report
「In the third quarter of the consolidated fiscal period, the business conditions diffusion index (DI) for large manufacturers deteriorated by the largest margin in 6 years and 3 months. In the fourth quarter, the effects of the US-China trade war became pronounced, resulting in further deterioration.」
Business sentiment among large manufacturers deteriorated by the largest margin in 6 years and 3 months, and the effects of the US-China trade war became pronounced, prolonging uncertainty over business conditions and customer demand. - FY2019-Q3WorsenedAnnual report
「In the consolidated third quarter, the DI for large manufacturers recorded its largest deterioration in 6 years and 3 months. The effects of the US-China trade war have emerged, increasing uncertainty about the outlook.」
The company states that uncertainty over the outlook for the demand environment among customers increased as business sentiment in large manufacturers deteriorated and the US-China trade war became more pronounced. - FY2018First statedAnnual report
「There is a possibility that performance could be significantly affected if customer demand for personnel declines due to economic fluctuations or changes in the social environment, or if customers transfer their manufacturing sites overseas.」
Declining demand for personnel due to changes in economic and social conditions, and customers’ overseas transfers of manufacturing sites, were identified for the first time as separate risks affecting performance.