Country-specific regulatory and market risks associated with international expansion
First written in FY2017. 14 of 30 entries say "Materialised", first in FY2018-Q1. Latest entry: FY2026.
The whole theme swung hardest in 2025: 47 of 94 companies on the "Worse" side.
- FY2026MaterialisedAnnual report
「Meanwhile, overseas, in addition to the continuing impact of U.S. tariff policy, demand weakened as selling prices rose in line with soaring bullion prices, and major customers, particularly in India and Thailand, were seen holding back on orders.」
The continuing impact of U.S. tariff policy and declining demand due to soaring bullion prices appeared in actual order conditions as major customers in India and Thailand held back on orders. Meanwhile, overseas sales increased 7.3% from the same period of the previous year, due in part to increased exports to the United States. - 2026-09-14MaterialisedRevision of earnings forecasts
「米国の関税政策の影響が継続していることに加え、地金相場の高騰に伴う販売価格の上昇により需要が弱含み」
米国の関税政策と地金価格高騰による販売価格上昇が、海外需要の弱含みとして引き続き実績に現れた。 - FY2026-H1WorsenedAnnual report
「Meanwhile, overseas order conditions remained weak, as the impact of tariffs in the U.S. market continued and higher selling prices resulting from soaring bullion prices caused demand to decline.」
Regarding market risks associated with international expansion, the impact of U.S. tariffs continued, while higher selling prices resulting from soaring bullion prices and declining demand actually appeared in overseas order conditions. Sales of parts and products for overseas markets amounted to ¥535.331 million, down from the same period of the previous year. - FY2025MaterialisedAnnual report
「Meanwhile, in overseas markets, major customers in India and Thailand began holding back on orders following the announcement of the so-called "Trump tariffs" by the United States, having a significant impact. However, partly because exports from Japan to the United States increased, overseas sales declined only 6.5% from the same period of the previous year.」
Following the announcement of U.S. tariffs, major customers in India and Thailand held back on orders, and the impact actually appeared in overseas sales, which declined 6.5% from the same period of the previous year. - FY2025-H1MaterialisedAnnual report
「Although market re-entry efforts in North America and the Middle East progressed overseas, orders from major customers were weak, resulting in a 4.5% decrease from the same period of the previous year.」
Regarding overseas market risks, the impact of a sluggish order environment at major customers actually appeared in overseas sales, which declined 4.5% from the same period of the previous year, despite progress in redeveloping the North American and Middle Eastern markets. - FY2024MaterialisedAnnual report
「In China, sales to mainland China failed to reach a level commensurate with the market size because personal consumption remained sluggish amid weak real estate market conditions.」
Weakness in China's real estate market and sluggish personal consumption actually affected sales to mainland China. Meanwhile, overseas sales grew in Thailand, India, South Korea, the United States, and Hong Kong. - FY2023MaterialisedAnnual report
「As a result, overseas sales for the consolidated fiscal year amounted to only ¥872.182 million, down 24.4% year on year.」
The impact of the international market environment, including China's zero-COVID policy and challenging employment and income conditions, appeared in overseas sales, which declined 24.4% year on year. - FY2023-Q3MaterialisedAnnual report
「The business environment surrounding the Company remains uncertain, as the continuing weakening of the yen and the impact on the economy of rising consumer prices resulting from soaring global resource and raw-material prices caused by the Russia-Ukraine situation continue to affect the global situation.」
Uncertainty in the international market environment, including the weakening yen, soaring resource and raw-material prices resulting from the Russia-Ukraine situation, and rising consumer prices, continues. The decline in orders from major overseas customers has also appeared in overseas sales of ¥585.587 million. - FY2023-Q2MaterialisedAnnual report
「As a result of these activities, domestic sales for the consolidated accounting period amounted to ¥1,118.604 million, up 18.7% from the same quarter of the previous year, while overseas sales, affected by a decline in orders from major overseas customers, amounted to ¥384.731 million, down 30.9%.」
The decline in orders from major overseas customers attributable to weakness in the Chinese market appeared in overseas sales of ¥384.731 million, down 30.9% from the same quarter of the previous year. - FY2023-Q1MaterialisedAnnual report
「However, the global situation remains uncertain due to the prolonged situation in Ukraine, soaring raw-material prices, the weakening yen, and the slowdown in economic activity resulting from China's zero-COVID policy.」
Uncertainty in the international market environment, including the slowdown in economic activity resulting from China's zero-COVID policy, continues. In addition, the decline in orders from major overseas customers due to weakness in the Chinese market actually appeared in performance. - FY2022WorsenedAnnual report
「The business environment surrounding the Company remains uncertain, due to declining consumer demand resulting from the prolonged increase in prices caused by the spread of COVID-19 and the weakening yen, as well as soaring prices for raw materials such as bullion and diamonds, which adversely affect the cost ratio.」
The prolonged rise in prices caused by the weakening yen, declining consumer demand, and soaring raw-material prices have been identified as factors contributing to uncertainty in the business environment, including international expansion. - FY2022-Q3WorsenedAnnual report
「However, the economic outlook remains uncertain due to rising raw-material and crude-oil prices, the Russia-Ukraine situation, and lockdowns in major Chinese cities.」
With regard to risks surrounding international expansion, the Russia-Ukraine situation, lockdowns in major Chinese cities, and rising raw-material and crude-oil prices emerged as specific new factors, and the outlook remains uncertain. - FY2022-Q2WorsenedAnnual report
「As global demand moves toward an economic recovery, the outlook for the economy remains uncertain due to concerns over global inflation caused by soaring raw-material costs and rising energy prices, as well as the renewed spread of new variants.」
In the international market environment, uncertainty continues due to soaring raw-material costs, concerns over inflation caused by rising energy prices, and the renewed spread of new variants. - FY2022-Q1MaterialisedAnnual report
「Similarly, overseas sales were affected by lockdowns and amounted to ¥223.327 million, while the recovery in performance both domestically and overseas was forced to stall.」
Overseas sales declined due to the impact of lockdowns, and the recovery in performance both domestically and overseas actually stalled. - FY2021RestatedAnnual report
「Overseas as well, the impact of the spread of the infectious disease remains serious, although economic activity has been recovering in China, which reopened its economy at an early stage, indicating varying recovery speeds across countries.」
Uncertainty in overseas market conditions due to differences in the impact of the infectious disease across countries continues. - FY2021-Q3RestatedAnnual report
「Although the impact of the spread of the infectious disease remained severe overseas, recovery speeds varied by country, with economic recovery showing signs of progress in China, where economic activity resumed at an early stage.」
Although the impact of infectious diseases remains serious overseas, recovery rates differ by country, as illustrated by the recovery in China, and uncertainty in the international market environment continues. - FY2021-Q2RestatedAnnual report
「Overseas revenue was ¥306.878 million as the impact of global travel restrictions related to the infectious disease continued.」
The impact of global travel restrictions and weak overseas revenue continued. - FY2021-Q1MaterialisedAnnual report
「Overseas revenue continued to decline more sharply than domestic revenue, falling to ¥165.783 million.」
The impact of the international market environment, including the spread of infectious diseases, continued and actually appeared as a decline in overseas revenue to ¥165.783 million. - FY2020WorsenedAnnual report
「In Japan, revenue fell sharply to ¥1,649.997 million as the negative effects of COVID-19 continued, sales were affected by the suspension of operations at department stores and commercial facilities nationwide, and attendance at trade shows and sales events declined. Overseas, revenue continued to decline to ¥674.338 million as customer stores were closed due to lockdowns in major cities, trade shows in Hong Kong, Las Vegas and Istanbul were postponed or cancelled, and travel restrictions were imposed worldwide.」
Store closures in Japan and overseas, postponements and cancellations of trade shows, and travel restrictions actually occurred, resulting in domestic revenue of ¥1,649.997 million and overseas revenue of ¥674.338 million. - FY2020-Q3MaterialisedAnnual report
「Overseas operations have continued under difficult earnings conditions, as customer stores were closed due to lockdowns in major cities, trade shows in Hong Kong, Las Vegas and Istanbul were postponed or cancelled, and travel restrictions were imposed worldwide.」
Lockdowns in major overseas cities, closures of customer stores, postponements and cancellations of trade shows, and travel restrictions actually occurred, affecting earnings conditions in the overseas business. - FY2020-Q2WorsenedAnnual report
「Meanwhile, uncertainty surrounding the global economy has increased due to the spread of COVID-19, U.S.-China trade issues, the slowdown in the Chinese economy and prolonged demonstrations in Hong Kong, strengthening the sense of uncertainty about the outlook.」
The spread of COVID-19, the slowdown in the Chinese economy and prolonged demonstrations in Hong Kong were newly cited, with the Company stating that uncertainty surrounding its international operations had increased. - FY2020-Q1MaterialisedAnnual report
「Overseas sales declined as visitor numbers at trade shows held in various countries fell amid global events, but the decline was offset by stable orders from major international jewelry brands, resulting in sales of ¥306.276 million.」
A decline in attendance at overseas trade shows due to global conditions and the resulting decline in revenue actually occurred. Stable orders from major overseas jewelry brands have partly offset the impact. - FY2019-Q3WorsenedAnnual report
「The outlook for the global economy has become uncertain due to factors including escalating U.S.-China trade friction, growing concerns about the possibility of the United Kingdom leaving the EU without an orderly agreement, and excessive debt in developed countries.」
Escalating U.S.-China trade friction, the growing possibility of the United Kingdom leaving the EU without an orderly agreement, and excessive debt in developed countries were cited, providing a more specific indication of uncertainty in overseas economies. - FY2019-Q2WorsenedAnnual report
「Overseas sales remained relatively solid, supported by the recovery in orders from China, but fell to ¥648.461 million because the full-scale launch of “tennis bracelets” was delayed, as in Japan, and inquiries from India, a major sales market, declined.」
Although orders from China have recovered, a decline in inquiries from India, a major sales destination, actually affected overseas revenue, adding another factor behind the deterioration in overseas market conditions. - FY2019-Q1RestatedAnnual report
「Overseas economies have remained uncertain, owing to factors including the protectionist trade policies pursued by the United States, the impact of policy rate hikes on emerging-market financial and capital markets, and concerns about the United Kingdom leaving the EU without an orderly agreement. (Omission)」
The Company continues to recognise uncertainty in overseas economies, including protectionist trade policies, policy rate hikes and growing concerns about the United Kingdom leaving the EU without an orderly agreement. - FY2018RestatedAnnual report
「Overseas revenue accounted for approximately 30% of total revenue in the fiscal year ended July 2018.」
With overseas revenue accounting for approximately 30% of total revenue, the risk of failing to meet plans due to differences in the laws, systems and regulations, political and social conditions, culture, preferences and business practices of each country continues. - FY2018-Q3RestatedAnnual report
「Meanwhile, overseas operations continued under uncertain conditions, with many concerns arising from heightened uncertainty in the global economy and other destabilising factors caused by geopolitical risks in the Middle East and East Asia.」
Geopolitical risks in the Middle East and East Asia and uncertainty in overseas economies continue to be identified as concerns. - FY2018-Q2WorsenedAnnual report
「Demand for products from major U.S. jewelry retail chains declined amid the downturn in the U.S. jewelry and accessories market, resulting in a difficult outcome for parts sales to India as well.」
The downturn in the U.S. market and declining demand at major retail chains actually affected parts sales to India, adding to the deterioration in overseas market conditions. - FY2018-Q1MaterialisedAnnual report
「Because orders, mainly from China, have been slower to materialise overseas than initially forecast,」
Delays in orders from the Chinese market actually occurred, showing that overseas expansion was not progressing as initially forecast. - FY2017First statedAnnual report
「Overseas revenue accounted for approximately 30% of total revenue in the fiscal year ended July 2017.」
With overseas revenue accounting for approximately 30% of total revenue, the Company states that differences in laws and regulations, political and social conditions, culture, preferences and business practices may prevent operations from progressing as planned.