Risk of Yen Appreciation and Economic Downturn Due to Slowing Emerging-Market Economies and the UK’s Withdrawal from the EU
First written in FY2017-Q1. 19 of 33 entries say "Restated". Latest entry: 2026-07-13.
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
54 other companies' latest entry also says "Restated".
- 2026-07-13RestatedOccurring Fact
「During the first quarter of the current consolidated cumulative period, the Japanese economy continued on a moderate recovery trend, supported by improvements in employment and income conditions and the effects of various policies. However, the outlook remained uncertain due to such factors as rising prices and geopolitical risks, including the situation in the Middle East.」
The external economic environment continued to be characterized by uncertainty arising from rising prices and geopolitical risks, including the situation in the Middle East. - FY2026-H1WorsenedAnnual report
「However, the outlook remains uncertain due to the impact of U.S. tariff policies and persistently high energy prices and raw material costs resulting from the prolonged situations in Ukraine and the Middle East.」
In addition to the previous risks related to international conditions and resource prices, the disclosure identifies US tariff policies, the prolonged situations in Ukraine and the Middle East, and persistently high energy and raw material costs as uncertain factors in the external economic environment. - FY2025-H1RestatedAnnual report
「The outlook remains uncertain due to high resource prices resulting from unstable international conditions and higher consumer prices accompanying rapid foreign exchange movements.」
Uncertainty in the external economic environment due to international conditions, surging resource prices, rapid foreign exchange movements, and higher consumer prices continues. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy progressed toward normalization of social and economic activity following the lifting of COVID-19-related restrictions on movement. However, surging resource prices and inflation, driven by heightened geopolitical risks, have continued, and the outlook remains uncertain.」
The normalization of social and economic activity following the lifting of restrictions is described alongside uncertainty over the outlook due to geopolitical risks, surging resource prices, and rising consumer prices, continuing the external economic environment theme. - FY2024-Q2ReframedAnnual report
「During the first half of the fiscal year, the Japanese economy showed signs of a recovery in private consumption as restrictions on activity related to COVID-19 were lifted and social and economic activity normalized. However, the outlook remained uncertain as resource prices and consumer prices continued to rise against a backdrop of heightened geopolitical risks.」
The uncertain factors in the external economic environment have been reorganized from the previous references to the situation in Ukraine, foreign exchange fluctuations, and other factors to surging resource prices and rising consumer prices against a backdrop of heightened geopolitical risks. The lifting of activity restrictions and the recovery in private consumption are also noted. - FY2024-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, the Japanese economy was moving toward normalization of economic activity as restrictions on activities attributable to COVID-19 were lifted, but uncertainty about the outlook persisted due to soaring energy and raw material prices resulting from the prolonged situation in Ukraine, as well as fluctuations in foreign exchange rates.」
Although economic activity is normalizing following the lifting of restrictions, uncertainty over the outlook continues due to the prolonged situation in Ukraine, surging resource and raw material prices, and foreign exchange fluctuations. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy showed signs of recovery as restrictions on economic activity related to COVID-19 were eased. However, the prolonged tensions surrounding Russia and Ukraine, together with higher prices for energy, raw materials and other goods caused by the weaker yen, have left the outlook uncertain.」
Although the easing of restrictions on economic activity and signs of an economic recovery are noted, uncertainty in the external economic environment continues due to the prolonged situation in Russia and Ukraine and price increases resulting from yen depreciation. - FY2023-Q2WorsenedAnnual report
「Prices have continued to rise amid higher energy and raw material prices caused by the prolonged situation in Russia and Ukraine, as well as inflation resulting from the rapid depreciation of the yen, and conditions remain uncertain.」
In addition to the previous uncertainty caused by the pandemic and other factors, the prolonged situation in Russia and Ukraine, rising energy and raw material prices, and a sharp depreciation of the yen have emerged as specific uncertain factors in the external economic environment. - FY2023-Q1RestatedAnnual report
「During the first quarter of the fiscal year, although vaccination and other measures to prevent the spread of COVID-19 appeared to be having an effect, infections continued to recur intermittently due to variants. Concerns remained that the economic outlook would continue to be uncertain due to surging raw material prices and logistics costs resulting from international geopolitical instability and other factors.」
The disclosure continues to describe renewed infections due to COVID-19 variants, international geopolitical instability, and uncertainty over the outlook caused by surging raw material prices and logistics costs. - FY2022WorsenedAnnual report
「Raw material and resource prices surged due to disruptions to production and logistics caused by COVID-19, while economic uncertainty stemming from the situation in Russia and Ukraine also persisted, and the economic outlook is expected to remain uncertain.」
In addition to the previous uncertainty caused by the pandemic, disruptions to production and logistics networks, surging raw material and resource prices, and economic uncertainty resulting from the situation in Russia and Ukraine have been added and specified as external environment risks. - FY2022-Q3WorsenedAnnual report
「During the first nine months of the fiscal year, expectations for the normalization of economic activity increased due to thorough COVID-19 prevention measures and higher vaccination rates. However, the economy was affected by surging crude oil and other resource prices and raw material prices, as well as unstable supplies. The outlook for when the COVID-19 pandemic would subside remained uncertain amid concerns about breakthrough infections and the emergence of new, highly transmissible variants.」
While expectations for the normalization of economic activity are noted, surging resource and raw material prices, unstable supplies, breakthrough infections, and concerns about new variants are cited as additional uncertain factors. - FY2022-Q2MitigatedAnnual report
「During the first half of the fiscal year, economic activity in Japan continued to be restricted due to the impact of COVID-19. However, signs of a recovery began to emerge, despite some weakness, due to the effects of various policies, including thorough infection-prevention measures and the promotion of vaccinations, as well as improvements in overseas economies.」
Restrictions on economic activity due to COVID-19 continued, but signs of a recovery were noted due to the effects of policies and improvements in overseas economies, indicating partial improvement from the difficult conditions through the previous quarter. - FY2022-Q1RestatedAnnual report
「During the first quarter of the fiscal year, the Japanese economy was in an extremely difficult situation as it entered the second year of the COVID-19 pandemic, with private consumption and corporate activity severely restricted and the economy deteriorating rapidly, while many people were experiencing pandemic fatigue.」
The disclosure continues to describe restrictions on private consumption and corporate activity due to COVID-19 and the difficult economic situation. - FY2021WorsenedAnnual report
「During the fiscal year, some restrictions on private consumption and corporate activity imposed to address COVID-19 had been eased, but the outlook for the economy remained uncertain amid a renewed increase in infections, including variants, that could be described as a fourth wave.」
The disclosure describes a renewed increase in infections, including variants, that could be considered a fourth wave even after some restrictions on economic activity had been eased, indicating continued and deepening uncertainty over the outlook. - FY2021-Q3RestatedAnnual report
「During the first nine months of the fiscal year, some restrictions on private consumption and corporate activity imposed to address COVID-19 had been eased, but the outlook for the economy remained uncertain amid a renewed increase in infections that could be described as a third wave.」
While some restrictions on private consumption and corporate activity were eased, the disclosure continues to describe a renewed increase in infections that could be considered a third wave and uncertainty over the outlook. - FY2021-Q2RestatedAnnual report
「Although some restrictions on private consumption and corporate activity imposed to address the novel infectious disease were eased, the economy remained in a difficult situation without reaching a recovery. The outlook remained uncertain because there was no clear prospect for when the disease would subside, amid renewed increases in infections in developed countries as well as emerging economies.」
Even after some restrictions on activity were eased, the economy did not recover. Uncertainty in the external environment continued due to renewed increases in infections, including in developed countries, and the lack of visibility on when the outbreak would subside. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, the Japanese economy was in an extremely difficult situation, as the spread of the novel infectious disease severely restricted private consumption and corporate activity and caused the economy to deteriorate rapidly. After the state of emergency was lifted, an economic recovery was expected as activity gradually resumed, partly due to the effects of various measures. However, the outlook remained uncertain because the number of infections began increasing again and there was no clear prospect for when the outbreak would subside.」
External environment risks have intensified, shifting from uncertainty caused by trade friction and other factors to restrictions on corporate activity and private consumption, economic deterioration, and the lack of visibility on when COVID-19 would subside. - FY2020ReframedAnnual report
「During the fiscal year, the Japanese economy followed a moderate recovery trend, supported by improving corporate earnings and employment and income conditions. From the second half onward, however, private consumption weakened due to a series of natural disasters and the consumption tax increase. The global economy also remained uncertain as economic activity stagnated in countries around the world due to the UK's EU withdrawal, developments in US-China trade relations, and the spread of COVID-19, with no clear prospect for when the outbreak would subside.」
In addition to the previous risks from trade friction and slowing overseas economies, natural disasters, the consumption tax increase, COVID-19, and the lack of visibility on when it would subside have been incorporated as uncertain factors in the external environment. - FY2020-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy remained on a moderate recovery trend, with private consumption continuing to perform steadily due to improving employment and income conditions. However, the outlook remained uncertain, with concerns about the impact on the Japanese economy of a slowdown in overseas economies resulting from the prolonged US-China trade friction.」
A moderate recovery trend is described alongside uncertainty over the outlook due to prolonged US-China trade friction and a slowdown in overseas economies, continuing the previous external economic environment theme. - FY2020-Q2RestatedAnnual report
「During the first half of the fiscal year, the Japanese economy continued on a moderate recovery trend in private consumption and corporate capital investment, although the outlook was uncertain due to concerns about global trade friction.」
The description of the external environment continues to cite uncertainty over the outlook due to global trade friction and a moderate recovery in private consumption and capital investment. - FY2020-Q1RestatedAnnual report
「During the first quarter of the fiscal year, the Japanese economy continued on a moderate recovery trend in private consumption and corporate capital investment, although the outlook was uncertain due to concerns about global trade friction.」
The description of the external economic environment continues to cite uncertainty over the outlook due to global trade friction and a moderate recovery in private consumption and corporate capital investment. - FY2019ReframedAnnual report
「During the fiscal year, the Japanese economy followed a moderate recovery trend, supported by high levels of capital investment due to strong corporate earnings and continued improvement in employment and income conditions. However, the outlook remained uncertain due to risks including the US administration's strongly protectionist trade policies, US-China trade friction, and rising personnel expenses resulting from tight labor demand.」
The uncertain factors in the external economic environment have become more specific, shifting from previous references to geopolitical risks and other factors to the US's protectionist trade policies, US-China trade friction, and rising personnel expenses due to tight labor demand. - FY2019-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy showed signs of a recovery in private consumption and corporate capital investment and continued on a moderate recovery trend.」
While the economy is described as being on a moderate recovery trend, the disclosure continues to state that the housing market and external environment should be monitored, indicating continuity of the previous external economic environment theme. - FY2019-Q2RestatedAnnual report
「During the first half of the fiscal year, the Japanese economy continued on a moderate recovery trend in private consumption and corporate capital investment, although the outlook was uncertain due to concerns about trade friction between the US and China.」
The description of the external economic environment continues to cite uncertainty over the outlook due to US-China trade friction and a moderate recovery in private consumption and corporate capital investment. - FY2019-Q1ReframedAnnual report
「During the first quarter of the fiscal year, the Japanese economy continued on a moderate recovery trend in private consumption and corporate capital investment, although the outlook was uncertain due to concerns about global trade friction.」
Concerns about global trade friction are explicitly identified as an uncertain factor in the external economic environment, replacing the previous references to slowing growth in emerging economies, the UK's EU withdrawal, and geopolitical risks. - FY2018ReframedAnnual report
「During the fiscal year, the Japanese economy continued on a moderate recovery trend for the second consecutive year against a backdrop of the government's economic policies and the Bank of Japan's monetary easing, but the outlook remained uncertain, with equity and foreign exchange markets experiencing sharp fluctuations due to geopolitical risks.」
The description of external environment risks has shifted from specific factors such as slowing growth in emerging economies, the UK's EU withdrawal, and US policies to sharp fluctuations in equity and foreign exchange markets due to geopolitical risks. - FY2018-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy showed signs of a recovery in private consumption and corporate capital investment and continued on a moderate recovery trend.」
Private consumption and corporate capital investment showed signs of recovery, and the economy is described as being on a moderate recovery trend. No material change in the external environment risk associated with an uncertain outlook is indicated. - FY2018-Q2RestatedAnnual report
「During the first half of the fiscal year, the Japanese economy showed signs of a recovery in private consumption and corporate capital investment and continued on a moderate recovery trend.」
Private consumption and corporate capital investment showed signs of recovery, and the economy is described as being on a moderate recovery trend. No material change in existing external economic environment risks is stated. - FY2018-Q1RestatedAnnual report
「During the first quarter of the fiscal year, the Japanese economy remained on a moderate recovery trend, although the outlook was uncertain, with signs of a recovery in private consumption and corporate capital investment.」
The economy is described as being on a moderate recovery trend, while uncertainty over the outlook continues to be noted. - FY2017RestatedAnnual report
「During the fiscal year, the Japanese economy continued on a moderate recovery trend against a backdrop of the government's economic policies and the Bank of Japan's monetary easing, but the outlook remained uncertain due to slowing growth in emerging economies, including China, the UK's declaration of its intention to leave the EU, and the difficulty of assessing the new US president's policies toward Japan.」
Risks in the operating environment continue to include slowing growth in emerging economies, China, the UK's EU withdrawal, and uncertainty over the new US president's policies toward Japan. - FY2017-Q3WorsenedAnnual report
「During the first nine months of the fiscal year, the Japanese economy continued on a moderate recovery trend against a backdrop of the government's economic policies and the Bank of Japan's monetary easing, but the outlook remained uncertain due to slowing growth in emerging economies, including China, the UK's declaration of its intention to leave the EU, and the impact of the US presidential election.」
In addition to the previous risks of slowing growth in emerging economies and the UK's EU withdrawal, the impact of the US presidential election was added as an uncertain factor, broadening the range of risks in the operating environment. - FY2017-Q2RestatedAnnual report
「During the first half of the fiscal year, the Japanese economy continued on a moderate recovery trend against a backdrop of the government's economic policies and the Bank of Japan's monetary easing, but the outlook remained uncertain due to slowing growth in emerging economies, including China, and the UK's declaration of its intention to leave the EU.」
The disclosure continues to describe uncertainty over the outlook due to slowing growth in emerging economies and the UK's declaration of its intention to leave the EU. - FY2017-Q1First statedAnnual report
「During the first quarter of the fiscal year, the Japanese economy remained in an uncertain situation, as the yen appreciated sharply due to concerns about slowing growth in emerging economies and the UK's EU withdrawal issue, causing corporate earnings and business sentiment to deteriorate.」
Concerns about slowing growth in emerging economies, the UK's EU withdrawal issue, a sharp appreciation of the yen, and deteriorating corporate earnings and business sentiment were identified for the first time as risks in the operating environment for the quarter. The appreciation of the yen and the deterioration in earnings and business sentiment are described in the main text as events that had already occurred.