Uncertainty in Country Environments Associated with International Business Activities
First written in FY2016. 15 of 29 entries say "Worsened", first in FY2017-Q3. Latest entry: FY2026.
The whole theme swung hardest in 2025: 47 of 94 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「Although moderate growth is expected in the global economy, the highly uncertain environment is expected to continue due to developments in US trade policy, concerns over a slowdown in the Chinese economy and geopolitical risks, including heightened tensions in the Middle East.」
The uncertainty surrounding the international business environment now includes U.S. trade policy, the slowdown in the Chinese economy, and the situation in the Middle East and geopolitical risks as new concerns. - 2026-05-13WorsenedRevision of earnings forecasts
「Uncertainty surrounding U.S. tariff policy affected trade and capital investment. In the second half of the fiscal year, geopolitical risks increased as the situation in the Middle East deteriorated, and uncertainty about the outlook intensified through fluctuations in financial markets and energy prices.」
The company identifies U.S. tariff policy, the deterioration of the situation in the Middle East, and fluctuations in financial markets and energy prices as sources of uncertainty in the international business environment. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, the global economy remained in an uncertain environment as the recovery slowed and concerns grew over the impact of US trade policy and fluctuations in financial and capital markets. The domestic economy continued to recover moderately against a backdrop of improving employment and income conditions, but uncertainty persisted due to downside risks from the impact of US trade policy and the effect of continued price increases on personal consumption.」
The impact of US trade policy, fluctuations in financial and capital markets, continued price increases and their impact on personal consumption are cited as new factors of concern regarding uncertainty in the international business environment. - FY2025WorsenedAnnual report
「Concerns over the outlook intensified further due to the expansion of trade disputes caused by growing protectionism in the US, concerns over a slowdown in the Chinese economy and heightened geopolitical risks」
Growing protectionism in the US, a slowdown in the Chinese economy and geopolitical risks are cited as new factors of concern regarding uncertainty in the international business environment. - FY2025-H1WorsenedAnnual report
「The economy remained in an uncertain environment as concerns grew over downside risks caused by continued high interest rates in the US and Europe and heightened geopolitical risks, despite signs of an economic recovery.」
While the risk section states that there were no material changes, the analysis of operating results cites continued high interest rates in the US and Europe and heightened geopolitical risks as downside factors for the economy. - FY2024WorsenedAnnual report
「Concerns have arisen over the impact on the economy of a slowdown in China, prolonged global inflation, shifts in the direction of monetary policy in various countries, and heightened tensions in the Middle East.」
A slowdown in the Chinese economy, prolonged inflation, shifts in monetary policy and the situation in the Middle East are cited as new factors of concern regarding uncertainty in the international business environment. - FY2024-Q3RestatedAnnual report
「During the third quarter of the fiscal year under review, the global economy showed signs of recovery due to economic policies in various countries, but remained uncertain amid concerns over accelerating global inflation and prolonged monetary tightening in the US and Europe.」
Global inflation and prolonged monetary tightening in the US and Europe are reiterated as factors contributing to uncertainty in the international business environment. - FY2023WorsenedAnnual report
「During the fiscal year under review, the global economy showed signs of recovery as economies moved toward coexistence with COVID-19, but remained uncertain amid soaring resource and energy prices following the situation in Ukraine, monetary tightening policies in various countries, sharp exchange-rate fluctuations, and growing financial instability in the US and Europe toward the end of the fiscal year.」
While recognizing the easing impact of the infectious disease, the disclosure adds soaring resource and energy prices, monetary tightening, sharp exchange-rate fluctuations, and financial instability in the US and Europe as factors clouding the outlook. - FY2023-Q3RestatedAnnual report
「The economy remained in an uncertain environment amid concerns over higher resource prices caused by the protracted Russia-Ukraine conflict and accelerating global inflation.」
The Russia-Ukraine conflict, higher resource prices, global inflation and sharp exchange-rate fluctuations are reiterated as factors clouding the international business environment. - FY2023-Q1WorsenedAnnual report
「The economy remained in an uncertain environment amid concerns over higher resource prices caused by the protracted Russia-Ukraine conflict and accelerating global inflation.」
The protracted Russia-Ukraine conflict, higher resource prices and accelerating global inflation are cited as additional factors contributing to uncertainty in the international business environment. - FY2022WorsenedAnnual report
「With the effects of COVID-19 still lingering and no end to the pandemic in sight, concerns over the outlook for the international situation have intensified further due to the increasingly tense situation in Ukraine and concerns over a global economic slowdown associated with monetary tightening by various countries, and the challenging situation is expected to continue.」
In addition to the previous impact of the infectious disease, the situation in Ukraine, monetary tightening by various countries and concerns over a global economic slowdown have been added as factors contributing to international uncertainty. - FY2022-Q2RestatedAnnual report
「During the second quarter of the fiscal year under review, the global economy showed signs of recovery as COVID-19 vaccinations progressed, particularly in the US and Europe, but the economic outlook remained uncertain as the infection continued to spread in some regions.」
While recognizing the recovery of the global economy supported by vaccinations, the disclosure reiterates that the economic outlook is uncertain because the infection continues to spread in some regions. - FY2022-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, the global economy showed signs of recovery as COVID-19 vaccinations progressed, particularly in the US and Europe, but the economic outlook remained uncertain as the infection continued to spread in some regions.」
While recognizing the recovery supported by vaccinations, the disclosure reiterates that the economic outlook is uncertain because the infection continues to spread in some regions. - FY2021RestatedAnnual report
「During the fiscal year under review, the global economy showed signs of recovery after corporate earnings and employment conditions deteriorated significantly due to restrictions on economic activity associated with the spread of COVID-19, but the outlook remained uncertain as there was still no prospect of containing the infectious disease.」
Restrictions on economic activity caused by the infectious disease and uncertainty over when it would be brought under control continue to be cited as sources of uncertainty in the international business environment. - FY2021-Q3RestatedAnnual report
「During the third quarter of the fiscal year under review, economic activity was severely restricted by lockdowns in major cities and stay-at-home orders associated with the spread of COVID-19, and was beginning to return to a recovery path following fiscal measures by governments, but the economic outlook remained uncertain as there was no clear prospect of containing the infectious disease.」
The uncertainty of the international business environment, including the spread of the infectious disease, urban lockdowns and stay-at-home orders, and uncertainty over when it would be brought under control, is reiterated. - FY2021-Q2WorsenedAnnual report
「During the second quarter of the fiscal year under review, economic activity was severely restricted by lockdowns in major cities and stay-at-home orders associated with the spread of COVID-19, and was beginning to return to a recovery path following fiscal measures by governments, but the economic outlook remained uncertain as the timing of the pandemic's containment could not be determined.」
The spread of the infectious disease, urban lockdowns, stay-at-home orders and uncertainty over when it would be brought under control are cited as new factors contributing to uncertainty in the international business environment. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year under review, economic activity was severely restricted by lockdowns in major cities and stay-at-home orders implemented as emergency measures by governments in response to the spread of COVID-19, and the economic outlook became uncertain as employment and income conditions deteriorated in the US and Europe.」
The spread of COVID-19, urban lockdowns, stay-at-home orders, and deteriorating employment and income conditions are cited as new factors contributing to uncertainty in the international business environment. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the fiscal year under review, the global economy continued to expand moderately, led by developed economies, but the outlook remained uncertain amid increasing uncertainty in the global economy, including trade friction arising from US trade policy and political developments in Europe.」
Regarding the international business environment, political developments in Europe are cited as a factor contributing to uncertainty in addition to trade friction arising from previous US trade policy, and the outlook is described as uncertain. - FY2019-Q3RestatedAnnual report
「During the third quarter of the fiscal year under review, the global economy remained on a moderate recovery track, led by developed economies, but downside risks to the economy remained, including trade friction arising from US trade policy.」
The disclosure indicates that international downside risks to the economy, including trade friction arising from US trade policy, remain. - FY2019-Q2RestatedAnnual report
「During the second quarter of the fiscal year under review, the global economy remained on a moderate recovery track, led by developed economies, but downside risks to the economy remained, including trade friction arising from US trade policy.」
The disclosure indicates that international downside risks to the economy, including trade friction arising from US trade policy, remain. - FY2019-Q1WorsenedAnnual report
「During the first quarter of the fiscal year under review, the global economy remained on a moderate recovery track, led by developed economies, but downside risks to the economy remained due to factors including trade friction arising from US trade policy and higher crude oil prices.」
Trade friction arising from US trade policy and higher crude oil prices are cited as new downside factors amid uncertainty in the international business environment. - FY2018RestatedAnnual report
「The various environments surrounding the Group's companies in overseas countries, including political, economic and cultural conditions, laws and business practices, remain uncertain over the long term」
The uncertainty of political, economic and regulatory conditions, as well as cultural and business practices, in overseas countries is reiterated as a risk to international business activities. - FY2018-Q3RestatedAnnual report
「During the third quarter of the fiscal year under review, the global economy remained on a moderate recovery track, led by developed economies, but downside risks to the economy remained due to factors including developments in US government administration and the unstable situation in North Korea.」
Developments in US government administration and the unstable situation in North Korea continue to be cited as downside risks to the economy. - FY2018-Q2RestatedAnnual report
「During the second quarter of the fiscal year under review (1 April 2017 to 30 September 2017), the global economy remained on a moderate recovery track, led by developed economies, but downside risks to the economy remained due to factors including developments in US government administration and the unstable situation in North Korea.」
Developments in US government administration and the unstable situation in North Korea are specifically cited as downside risks to the economy. - FY2018-Q1WorsenedAnnual report
「During the first quarter of the fiscal year under review (1 April 2017 to 30 June 2017), the global economy remained on a moderate recovery track, led by developed economies, but the economic outlook was uncertain due to uncertainty over the policies of the new US administration and rising geopolitical risks.」
In addition to the previous uncertainty over the policies of the new US administration, rising geopolitical risks are cited as a factor clouding the economic outlook. - FY2017-Q3WorsenedAnnual report
「The economic outlook remains uncertain due to factors including the impact of the UK's withdrawal from the EU, concerns over a slowdown in emerging-market economies and uncertainty over the policies of the new US administration.」
In addition to the previous concerns over the UK's withdrawal from the EU and a slowdown in emerging-market economies, uncertainty over the policies of the new US administration is cited as a factor clouding the international business environment. - FY2017-Q2RestatedAnnual report
「The economic outlook remains uncertain due to factors including the impact of the UK's withdrawal from the EU, concerns over a slowdown in emerging-market economies and rapid exchange-rate fluctuations.」
The uncertainty of the international business environment is reiterated, citing the UK's withdrawal from the EU, a slowdown in emerging-market economies and sharp exchange-rate movements. - FY2017-Q1RestatedAnnual report
「The outlook for the economy remains uncertain due to factors including the impact of the UK's withdrawal from the EU and concerns over an economic slowdown in emerging countries, particularly China.」
The uncertainty of the overseas political and economic environment is reiterated, with the UK's withdrawal from the EU and concerns over a slowdown in emerging-market economies cited as specific factors. - FY2016First statedAnnual report
「The various environments surrounding the Group's companies in overseas countries, including political, economic and cultural conditions, laws and business practices, remain uncertain over the long term」
Differences in laws and regulations, medical insurance systems, and political, economic, cultural and business practices in overseas countries are identified as risks to the overseas business.