Market volatility associated with economic downturns in emerging Asian and resource-rich countries and the UK's withdrawal from the EU
First written in FY2017-Q1. 21 of 33 entries say "Worsened", first in FY2018-Q2. Latest entry: 2026-08-07.
Lec moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
54 other companies' latest entry also says "Restated".
- FY2025WorsenedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a gradual recovery trend, supported by improvements in the employment and income environment and the recovery in inbound demand. Meanwhile, conditions remained uncertain due to U.S. trade policy, political instability in various parts of the world, the slowdown in the Chinese economy, persistently high raw material and fuel prices, and the prolonged depreciation of the yen.」
While describing factors supporting the recovery of the economy, the disclosure lists U.S. trade policy, political instability around the world, the slowdown in the Chinese economy, and prolonged high raw material and fuel prices and yen depreciation as external environment risks. - FY2025-H1WorsenedAnnual report
「During the interim consolidated accounting period, Japan's economy remained on a gradual recovery trend, supported by improvements in the employment and income environment and the recovery in inbound demand. Meanwhile, conditions remained uncertain due to persistently high raw material and fuel prices resulting from the situations surrounding Ukraine and the Middle East, the sluggish Chinese economy, the continued high interest rates in Europe and the United States, and the resulting depreciation of the yen.」
While describing the recovery in economic and social activity, the disclosure lists the situations in Ukraine and the Middle East, persistently high raw material and fuel prices, the sluggish Chinese economy, high interest rates in Europe and the United States, and the depreciation of the yen as factors contributing to future uncertainty. External environment risks remain specific and ongoing. - FY2024WorsenedAnnual report
「The economy is expected to continue recovering from the COVID-19 pandemic toward normal social and economic activity, but uncertainty is expected to persist due to frequent extreme weather events, geopolitical risks in Europe and the Middle East, global inflation and a slowdown in the Chinese economy.」
In addition to the existing geopolitical, inflation and China economic risks, frequent extreme weather, geopolitical risks in Europe and the Middle East, and the slowdown in the Chinese economy were identified as factors contributing to future uncertainty. - FY2024-Q3WorsenedAnnual report
「However, the outlook remained uncertain due to the prolonged invasion of Ukraine, deteriorating conditions in the Middle East, persistently high raw material and fuel prices and the yen's depreciation associated with monetary tightening under global inflationary pressure.」
In addition to the previously stated situation in Ukraine, raw material and fuel prices, monetary tightening and yen depreciation, deteriorating conditions in the Middle East are explicitly identified as an external-environment risk. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter, Japan's economy continued to recover moderately as social and economic activity normalized following the removal of COVID-19-related movement restrictions. However, the outlook remained uncertain due to the yen's depreciation associated with persistently high raw material and fuel prices resulting from the prolonged invasion of Ukraine and monetary tightening under global inflationary pressure.」
While describing the normalization of social and economic activity and a moderate recovery trend, it continues to identify the prolonged invasion of Ukraine, persistently high raw material and fuel prices, monetary tightening and yen depreciation as external-environment risks. - FY2024-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy continued to recover moderately as social and economic activity normalized following the reclassification of COVID-19 as a Class 5 disease under the Infectious Diseases Act and the resulting removal of movement restrictions. However, the outlook remained uncertain due to soaring raw material and fuel prices caused by the prolonged invasion of Ukraine, prolonged yen depreciation in the foreign exchange market and financial and capital market volatility amid monetary tightening under global inflationary pressure.」
While social and economic activity continued to normalize, the prolonged situation in Ukraine, soaring raw material and fuel prices, prolonged yen depreciation and financial market volatility are identified as external-environment risks, and uncertainty continued. - FY2023WorsenedAnnual report
「The economy is expected to recover as society and economic activity transition from the COVID-19 pandemic to normal conditions. However, uncertainty is expected to continue due to heightened geopolitical risks, particularly the situation in Ukraine, the resulting global inflation and concerns about economic stagnation caused by monetary tightening in various countries.」
While expecting a shift toward recovery, it identifies the situation in Ukraine, geopolitical risks, global inflation and concerns about economic stagnation caused by monetary tightening, indicating that external-environment risks are continuing and becoming more specific. - FY2023-Q3WorsenedAnnual report
「During the cumulative third quarter, Japan's economy generally continued to recover as restrictions on movement were eased, despite a rapid spread of COVID-19. However, the outlook remained uncertain due to supply-chain disruptions caused by lockdowns in China, soaring energy and raw material prices, the weakening yen and financial and capital market volatility amid monetary tightening under global inflationary pressure.」
While describing a recovery trend resulting from eased movement restrictions, it lists lockdowns in China, soaring energy and raw material prices, yen depreciation, monetary tightening under inflation and financial market volatility, indicating that external-environment risks are continuing and becoming more specific. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy generally continued to recover as restrictions on movement were lifted following the government's implementation of measures to prevent the spread of COVID-19, despite a rapid spread of a new variant during the summer. However, the outlook remained uncertain due to supply-chain disruptions caused by lockdowns in China, higher raw material costs resulting from rising resource prices following Russia's military invasion of Ukraine, and financial and capital market volatility amid monetary tightening under global inflationary pressure.」
While describing a recovery trend resulting from the lifting of movement restrictions, it identifies the rapid spread of a new variant, lockdowns in China, the situation in Ukraine, rising resource prices and financial market volatility, indicating that external-environment risks are continuing and becoming more specific. - FY2023-Q1WorsenedAnnual report
「Meanwhile, conditions remained uncertain, including supply chain disruptions caused by lockdowns in China, higher raw material costs accompanying increases in resource prices resulting from Russia’s military invasion of Ukraine, and volatility in the financial and capital markets as monetary tightening progressed amid global inflationary pressures.」
China's lockdowns, Russia's invasion of Ukraine, rising resource prices, monetary tightening under global inflation and financial market volatility are listed, making external-environment risks more specific and broader. - FY2022WorsenedAnnual report
「During the consolidated fiscal year, Japan's economy was forced to stagnate as restrictions on economic activity were repeatedly imposed in response to the spread of COVID-19 and successive states of emergency. However, as vaccinations progressed, the number of new infections declined and signs of a return to normal economic activity began to emerge. Nevertheless, the outlook remained uncertain due to soaring raw material and fuel prices, volatility in the financial and capital markets and Russia's invasion of Ukraine.」
In addition to the existing uncertainty surrounding infectious diseases, trade, overseas economies and financial markets, soaring raw material and fuel prices and Russia's invasion of Ukraine are explicitly identified as new external-environment factors. - FY2022-Q3WorsenedAnnual report
「Subsequently, the number of new infections declined as vaccinations progressed and signs of a return to normal economic activity emerged, but the outlook remained uncertain due to the rapid spread of the Omicron variant and other factors.」
It states that signs of normalization emerged as vaccinations progressed, but uncertainty in the external economic environment continued due to the rapid spread of the Omicron variant. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy remained uncertain. Although COVID-19 vaccinations had begun, the spread of infections did not subside, and economic activity continued to stagnate due to voluntary restrictions on movement resulting from states of emergency and priority preventive measures. This continued despite various economic measures by the government.」
It states that the spread of infections did not subside even after vaccinations began and that economic activity continued to stagnate due to states of emergency and other measures. Uncertainty in the external economic environment continued, with the factors causing deterioration from the infectious disease becoming more specific. - FY2021WorsenedAnnual report
「During the consolidated fiscal year, Japan's economy remained uncertain as the impact of COVID-19 persisted. Economic activity stagnated following the issuance of two states of emergency, and although the government implemented various economic measures, the outlook remained uncertain.」
In addition to the existing overseas economic and trade issues, the prolonged COVID-19 pandemic and the stagnation of economic activity caused by two states of emergency are explicitly identified. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter, Japan's economy remained uncertain as the impact of COVID-19 persisted. Economic activity gradually began to resume following the lifting of the state of emergency in May last year, but infections began to spread again as temperatures fell.」
In addition to the prolonged impact of the infectious disease, the renewed spread of infections associated with falling temperatures is explicitly identified, making the uncertainty in the external economic environment more specific in a worsening direction. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter, Japan's economy remained in an extremely severe situation. Although the state of emergency had been lifted, COVID-19 continued to spread worldwide.」
It states that the global spread of COVID-19 and extremely severe economic conditions have continued. There has been no substantive change from the previous quarter in the basic description of external economic environment risks. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy remained in an extremely severe situation due to the spread of COVID-19 and trade issues centered on the United States and China.」
In addition to the existing trade issues and other factors, the spread of COVID-19 is explicitly identified as a factor in the external economic environment, and economic conditions are described as extremely severe. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter, Japan's economy continued to recover moderately, although exports were weakening and weakness was becoming more pronounced, particularly in manufacturing. However, uncertainty persisted due to developments in trade issues, the outlook for the Chinese economy, the UK's EU withdrawal issue and escalating tensions in the Middle East.」
In addition to the longstanding trade issues, the Chinese economy, the UK's EU withdrawal issue and escalating tensions in the Middle East, weakening exports and weakness particularly in manufacturing are explicitly identified, continuing and adding specificity to the uncertainty in the external economic environment. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy continued to recover moderately against a backdrop of the government's economic and monetary policies, but uncertainty persisted due to developments in trade issues, the outlook for the Chinese economy, the UK's EU withdrawal issue and escalating tensions in the Middle East.」
In addition to the previously stated trade issues, the Chinese economy, the UK's EU withdrawal issue and financial and capital market volatility, escalating tensions in the Middle East are explicitly identified as an external-environment risk. - FY2020-Q1ReframedAnnual report
「During the cumulative first quarter, Japan's economy continued to recover moderately against a backdrop of the government's economic and monetary policies, but uncertainty persisted due to developments in trade issues, the outlook for the Chinese economy, the UK's EU withdrawal issue and volatility in the financial and capital markets.」
The description of external-environment risks has shifted from the previous quarter's wording, including a stronger protectionist stance, to a list of trade issues, the outlook for the Chinese economy, the UK's EU withdrawal issue and financial and capital market volatility. - FY2019-Q3WorsenedAnnual report
「During the cumulative third quarter, Japan's economy continued to recover moderately against a backdrop of the government's economic and monetary policies, despite the frequent occurrence of natural disasters, but uncertainty persisted due to developments in trade issues resulting from a stronger protectionist stance, the outlook for the Chinese economy, overseas economic uncertainty and volatility in the financial and capital markets.」
In addition to the longstanding trade issues, overseas economic uncertainty and financial and capital market volatility, the outlook for the Chinese economy is explicitly identified, adding another external-environment risk factor. - FY2019-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy continued to recover moderately against a backdrop of the government's economic and monetary policies, but uncertainty persisted due to developments in trade issues resulting from a stronger protectionist stance, overseas economic uncertainty and volatility in the financial and capital markets.」
In addition to developments in trade issues through the previous quarter, a stronger protectionist stance is explicitly identified, along with overseas economic uncertainty and financial and capital market volatility, as an external-environment risk. - FY2019-Q1ReframedAnnual report
「During the cumulative first quarter, Japan's economy continued to recover moderately against a backdrop of the government's economic and monetary policies, but uncertainty persisted due to developments in trade issues, overseas economic uncertainty and volatility in the financial and capital markets.」
Developments in trade issues were added to the external-environment risk description alongside overseas economic uncertainty and financial and capital market volatility. - FY2018RestatedAnnual report
「During the consolidated fiscal year, Japan's economy continued to recover moderately against a backdrop of the government's economic and monetary policies, but uncertainty persisted due to uncertainty in overseas economies and policies and volatility in the financial and capital markets.」
Uncertainty in overseas economies and policies, financial and capital market volatility and an uncertain outlook continue to be disclosed. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy continued to recover moderately against a backdrop of the government's economic and monetary policies, but uncertainty persisted due to uncertainty in overseas economies and policies, volatility in the financial and capital markets and rising geopolitical risks.」
Uncertainty in overseas economies and policies, financial and capital market volatility and rising geopolitical risks continue to be disclosed as external-environment risks, as in the previous quarter. - FY2018-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy continued to recover moderately against a backdrop of the government's economic and monetary policies, but uncertainty persisted due to uncertainty in overseas economies and policies, volatility in the financial and capital markets and rising geopolitical risks.」
In addition to uncertainty in overseas economies and policies and volatility in the financial and capital markets, rising geopolitical risks are explicitly identified, making the external-environment risk description more specific in a worsening direction. - FY2018-Q1ReframedAnnual report
「During the cumulative first quarter, Japan's economy continued to recover moderately against a backdrop of the government's economic and monetary policies, but uncertainty persisted due to overseas economic trends, policy uncertainty and volatility in the financial and capital markets.」
The disclosure has shifted from the specific factors listed in the previous fiscal year, such as emerging Asian countries, the U.S. administration and the European political situation, to a consolidated description of uncertainty in the overseas economy, policies and financial and capital markets. - FY2017ReframedAnnual report
「During the consolidated fiscal year under review, Japan's economy remained on a moderate recovery trend, supported by the recovery and improvement of corporate earnings against a backdrop of yen depreciation and rising share prices, as well as improvements in the employment environment. However, uncertainty about the outlook continued, owing to economic conditions in emerging Asian countries, the protectionist policy direction of the Trump administration in the United States, and political conditions in Europe.」
The specific external-environment risk factors have shifted from the previously stated downside risks to emerging Asian economies and the UK's EU withdrawal to protectionist policies by the U.S. administration, the European political situation and economic conditions in emerging Asian countries and elsewhere. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy continued to recover moderately against a backdrop of the government's economic policies and the Bank of Japan's monetary policy, but uncertainty persisted due to overseas economic uncertainty and volatility in the financial and capital markets.」
Overseas economic uncertainty, financial and capital market volatility and an uncertain outlook continue to be disclosed. No new specific details have been added regarding individual factors such as the UK's EU withdrawal. - FY2017-Q2RestatedAnnual report
「Uncertainty is continuing, including downside risks to the economies of emerging Asian countries, particularly China, and resource-producing countries, as well as sharp volatility in the foreign exchange and equity markets associated with the UK's EU withdrawal issue.」
Downside risks to the economies of emerging Asian countries and market volatility associated with the UK's EU withdrawal, as well as an uncertain outlook, are continuing. - FY2017-Q1First statedAnnual report
「Uncertainty is continuing, including downside risks to the economies of emerging Asian countries, particularly China, and resource-producing countries, as well as sharp volatility in the foreign exchange and equity markets associated with the UK's EU withdrawal issue.」
Downside economic risks and foreign exchange and equity market volatility associated with the UK's EU withdrawal issue were disclosed for the first time as external-environment risks, separate from the existing individual risks.