Downside risks in emerging-market economies and uncertainty about the outlook due to yen appreciation and stock-price volatility
First written in FY2017-Q1. 9 of 19 entries say "Restated". Latest entry: 2026-10-23.
Mirai Industry moved to the "Worse" side of this theme in 2024, 5 years after the typical company in this theme (2019).
The whole theme swung hardest in 2020: 141 of 158 companies on the "Worse" side.
55 other companies' latest entry also says "Restated".
- FY2026WorsenedAnnual report
「Japan's economy during the consolidated fiscal year showed a moderate recovery as employment and income conditions continued to improve. However, the outlook remained uncertain and concerns increased amid heightened international tensions, surging resource prices and foreign-exchange fluctuations.」
The company stated that uncertainty about the outlook and concerns had increased due to heightened international tensions, surging resource prices and foreign-exchange fluctuations. - 2026-04-23WorsenedEarnings
「In the construction industry related to our group's business, the number of new housing starts has continued to decline sharply because of higher costs resulting from inflation and the reaction following the rush in housing starts last year ahead of the revision to the Building Standards Act, which took effect in April 2025.」
The company continues to cite inflation, the reaction to the revision of the Building Standards Act, international conditions, and fluctuations in resource prices and foreign exchange rates as factors contributing to an uncertain external environment. - FY2026-H1WorsenedAnnual report
「However, the outlook remained uncertain as downside risks to the economy, including those arising from U.S. trade policies, increased.」
The company newly specified increased downside risks to the economy arising from U.S. trade policies and other factors as an external-environment factor clouding the outlook. - FY2025RestatedAnnual report
「Japan's economy during the consolidated fiscal year saw personal consumption stall due to yen depreciation and rising consumer prices. At the same time, the economy showed a generally moderate recovery, supported by improvements in employment and income conditions and higher interest rates.」
The company cited yen depreciation, rising prices, stalled personal consumption and higher interest rates, while indicating that the economy was recovering moderately. - FY2025-H1WorsenedAnnual report
「Japan's economy during the interim consolidated accounting period gradually moved toward normalization, reflected in expanding inbound demand and improving employment and income conditions. However, the outlook remained uncertain, as crude oil prices stayed high against a backdrop of foreign-exchange fluctuations and unstable international conditions, while raw-material prices remained elevated due in part to further increases in utility costs.」
The company specified the external factors clouding the outlook, including high crude oil prices due to foreign-exchange fluctuations and international conditions, persistently high raw-material prices and further increases in utility costs. - FY2025-Q1RestatedAnnual report
「In the construction industry, which is relevant to the Group's business, conditions remained weak, with new housing starts continuing to decline for owner-occupied homes and detached subdivision homes due in part to weaker willingness to purchase housing amid surging prices. Starts of non-residential buildings also continued to decline year on year in both the number of buildings and floor area, and conditions remained severe.」
The company described severe conditions in the construction-related market, with housing starts declining amid surging prices and weaker willingness to purchase housing, while starts of non-residential buildings also trended downward. - FY2024WorsenedAnnual report
「Japan's economy during the consolidated fiscal year gradually moved toward normalization as COVID-19 was reclassified as a Class 5 disease. However, the outlook remained uncertain as crude oil prices rose against a backdrop of unstable international conditions, raw-material prices remained high, utility costs increased, the yen remained weak, and consumer purchasing intentions changed amid surging prices.」
The company has provided more specific descriptions of factors clouding the outlook, including persistently high crude oil and raw-material prices, higher utility costs, yen depreciation and changes in consumer purchasing intentions. - FY2024-Q2RestatedAnnual report
「Although capital investment and other areas showed signs of recovery, conditions remained uncertain due to sluggish personal consumption, the prolonged Ukraine situation and continued yen depreciation.」
While capital investment showed signs of recovery, the company continued to cite uncertainty about the outlook due to sluggish personal consumption, the prolonged Ukraine situation and continued yen depreciation. - FY2024-Q1RestatedAnnual report
「In the residential construction industry related to our Group's businesses, government measures supporting home purchases and low mortgage interest rates continued. Although some weakness was evident in new housing starts, they remained firm overall.」
While the housing market was described as firm, the company indicated that uncertainty about the outlook would continue due to higher material and labor costs and the prolonged Ukraine situation. - FY2023RestatedAnnual report
「However, the outlook remained uncertain due to surging prices for raw materials, including crude oil, and higher energy prices resulting from the prolonged situation in Ukraine, as well as significant foreign-exchange fluctuations.」
The company continues to cite uncertainty about the outlook due to surging raw-material and energy prices, the situation in Ukraine and foreign-exchange fluctuations. - FY2023-Q3RestatedAnnual report
「However, the outlook remained uncertain due to surging crude oil prices associated with the Ukraine crisis and rapid yen depreciation, among other factors.」
The company continues to cite uncertainty about the outlook due to surging crude oil prices associated with the Ukraine crisis and rapid yen depreciation. - FY2023-Q2WorsenedAnnual report
「However, uncertainty about the outlook has increased due to the impact of restrictions on economic activity in China, surging crude oil prices associated with the Ukraine crisis and rapid yen depreciation, among other factors.」
In addition to the previously cited geopolitical risks, surging crude oil prices and rapid yen depreciation, the company cited the impact of restrictions on economic activity in China and stated that uncertainty about the outlook had increased. - FY2023-Q1ReframedAnnual report
「However, uncertainty about the outlook has increased due to the emergence of geopolitical risks, surging crude oil prices and rapid yen depreciation, among other factors.」
The descriptions of external-environment factors clouding the outlook have shifted from downside risks to emerging-market economies, yen appreciation and share-price volatility to geopolitical risks, surging crude oil prices and rapid yen depreciation. - FY2017DroppedAnnual reportThe current fiscal year's results and risk disclosures do not include the descriptions through the previous quarter concerning downside risks to emerging-market economies, including China, yen appreciation or sharp share-price fluctuations.
- FY2017-Q3RestatedAnnual report
「In the residential construction industry related to our Group's businesses, new housing starts showed signs of recovery, partly due to government measures supporting home purchases and the Bank of Japan's negative interest rate policy, as well as other moves toward lower interest rates.」
The company stated that the economy was recovering moderately, while the recovery in capital investment had stalled. It also stated that there were no new business risks or material changes in the external environment. - FY2017-Q2RestatedAnnual report
「However, the outlook remains uncertain, due to downside risks in emerging-market economies, including China.」
The company continues to identify uncertainty about the outlook arising from downside risks in emerging-market economies and other factors as an external-environment risk. - FY2017-Q1First statedAnnual report
「Although the economy showed a moderate recovery, reflected in improvements in corporate earnings and employment conditions, the outlook remained uncertain due to downside risks in emerging-market economies, including China, yen appreciation and sharp share-price fluctuations.」
Downside risks to emerging-market economies, yen appreciation and sharp share-price fluctuations were identified as new risk factors in the external economic environment during the quarter.