Changes in overseas business conditions, political situations and local laws
First written in FY2018. 1 of 3 entries say "Materialised", first in FY2026-H1. Latest entry: FY2026.
The whole theme swung hardest in 2025: 50 of 95 companies on the "Worse" side.
- FY2026RestatedAnnual report
「In China, demand for keyboard instruments has continued to trend downward due to the Double Reduction policy and sluggish economic conditions. In Europe as well, sales of mainly entry-level upright pianos and electronic pianos remained weak because of intensified price competition resulting from increased market inventories.」
Chinese policy and economic conditions and European inventory levels and price competition have continued to appear in actual results as weak keyboard instrument sales. - FY2026-H1MaterialisedAnnual report
「In the musical instrument education business, demand for keyboard instruments in China has continued to decline due to the Double Reduction policy and sluggish economic conditions. In Europe, the pace of recovery in keyboard instrument sales fell short of expectations, partly because increased market inventories intensified price competition.」
Changes in Chinese policy and economic conditions and in the European market environment have appeared in actual business performance as weaker demand for keyboard instruments, intensifying price competition and a delayed recovery in sales. - FY2018First statedAnnual report
「Unexpected changes in business conditions in Europe, North America and China, which are major markets for musical instruments, major changes in the political situation in Indonesia, where our piano and digital piano factories are located, and unforeseen enforcement of country-specific laws and regulations, including tax laws, may affect the group’s business performance.」
The company identifies business conditions in Europe, North America and China, the political situation in Indonesia, and unforeseen enforcement of laws and regulations in each country as risks associated with internationalization.