Risks related to economic trends, intensifying competition and technological innovation

「We need to monitor the situations in the Middle East and the effects of natural disasters, while also paying close attention to the impact of volatility in the financial and capital markets.」

「If the business environment deteriorates due to the situation in the Middle East, volatility in the financial and capital markets, a downturn in overseas economies, worsening economic conditions resulting from US trade policy, changes in investment strategies including restrained corporate investment in information systems, intensifying competition resulting from entry by companies from other industries, or other factors」

「We need to monitor the impact of the situation in the Middle East, while also paying close attention to the effects of volatility in the financial and capital markets and developments concerning U.S. trade policy.」

「During the interim consolidated accounting period, there were no new business risks and no material changes to the business risks described in the annual securities report for the previous fiscal year.」

「If the business environment deteriorates due to volatility in the financial and capital markets, a downturn in overseas economies, worsening economic conditions resulting from US trade policy, changes in investment strategies including restrained corporate investment in information systems, intensifying competition resulting from entry by companies from other industries, or other factors, the operating results and financial position of our group may be affected.」

「During the interim consolidated accounting period, there were no new business risks and no material changes to the business risks described in the annual securities report for the previous fiscal year.」

「In addition to the risk that a downturn in overseas economies, including the effects of global monetary tightening and concerns about the outlook for the Chinese economy, may weigh on the domestic economy, rising prices, the situation in the Middle East, and volatility in the financial and capital markets may affect companies' future appetite for investment.」

「Meanwhile, a downturn in overseas economies resulting from global monetary tightening and concerns about the outlook for the Chinese economy may weigh on the domestic economy going forward and may affect companies' appetite for investment.」

「Although a moderate recovery is expected in the outlook for the domestic economy, there is a risk that a downturn in overseas economies resulting from monetary tightening and other factors may weigh on domestic demand. It is also necessary to pay close attention to the impact of rising prices and volatility in the financial and capital markets, which may affect companies' future appetite for investment.」

「If the business environment deteriorates due to worsening economic conditions resulting from changes in the COVID-19 situation, intensifying tensions between the United States and China, the situation in Ukraine, restrained corporate investment in information systems, changes in investment strategies, intensifying competition resulting from entry by companies from other industries, or other factors, the operating results and financial position of our group may be affected.」

「Meanwhile, uncertainty about the outlook has persisted due to the prolonged situation in Ukraine, higher raw material prices, rapid exchange-rate movements, and trends in COVID-19 infections in China.」

「Meanwhile, uncertainty about the outlook has persisted due to the prolonged situation in Ukraine, higher raw material prices, and the rapid depreciation of the yen. Although there is a strong appetite for investment in the DX field in Japan's information services market, uncertainty about the outlook for the Japanese economy means that it remains necessary to continue monitoring developments closely.」

「Meanwhile, uncertainty about the outlook has persisted due to the continuing semiconductor shortage, the prolonged situation in Ukraine, and higher raw material prices. Although there is a strong appetite for investment in the DX field in Japan's information services market, concerns about the rapid depreciation of the yen have also emerged, and it remains necessary to continue monitoring developments closely.」

「In addition, the escalating situation in Ukraine has created supply-side constraints, including higher raw material prices and volatility in the financial and capital markets. Uncertainty about the outlook for the Japanese economy has consequently increased, raising concerns that this may affect our business performance.」

「Although there is a strong appetite for investment in the digital transformation (DX) field in Japan's information services market, information systems investment continues to be postponed in some industries, and we recognize the need to continue monitoring developments closely.」

「During the first nine months of the fiscal year, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「In addition, the possibility exists that business strategies may need to be reviewed due to heightened environmental awareness, including measures to address climate change against a backdrop of growing ESG awareness, rapid changes in social attitudes, the associated strengthening of environmental regulations worldwide, and changes in various government policies, including disaster preparedness measures.」

「In Japan's information services market, while the end of the infectious disease outbreak remains unforeseeable, investment trends have been affected, including through the postponement of information systems investment. We recognize that the environment surrounding our company is challenging.」

「In Japan's information services market, the prolonged resolution of the infectious disease outbreak has affected investment trends, including the postponement of information systems investment. We recognize that the environment surrounding our company is challenging.」

「In Japan's information services market, the prolonged spread of infectious diseases and restrictions on corporate activity have affected investment trends, including the postponement of information systems investment. We recognize that the environment surrounding our company is challenging.」

「If the business environment deteriorates due to worsening economic conditions resulting from the prolonged global spread of COVID-19, the recurrence or expansion of trade friction between the United States and China, restrictions on or changes to corporate investment in information systems, intensifying competition resulting from entry by companies from other industries, or other factors, the operating results and financial position of our group may be affected.」

「There have been no new business or other risks, and no material changes to the business or other risks described in the securities report for the previous fiscal year, during the cumulative second quarter of the current fiscal year.」

「Although information systems investment in Japan's information services market has remained firm, competition resulting from entry by companies from other industries is expected to intensify, and we recognize that the environment surrounding our company remains challenging.」

「If the business environment deteriorates due to worsening economic conditions resulting from the expansion of trade friction between the United States and China, declining corporate appetite for investment in information systems, intensifying competition resulting from entry by companies from other industries, or other factors, the operating results and financial position of our group may be affected.」

「During the first nine months of the fiscal year, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「During the cumulative second quarter of the fiscal year, the Japanese economy remained on a gradual recovery trend, supported by improvements in employment and income conditions and corporate earnings. However, uncertainty about the outlook was evident due to uncertainty in overseas political and economic conditions, including the impact of developments in trade issues on the global economy. Meanwhile, software investment in Japan's information services market remained broadly flat but firm. However, we recognize that the environment surrounding our company remains challenging due to intensifying competition resulting from entry by companies from other industries and other factors.」

「Meanwhile, software investment in Japan's information services market has remained broadly flat but firm. However, we recognize that the environment surrounding our company remains challenging due to intensifying competition resulting from entry by companies from other industries and other factors.」

「Meanwhile, the external environment surrounding our group is expected to become increasingly competitive as companies from other industries enter the market, while rapid changes toward a digital society are also expected, creating a need for further transformation.」

「During the cumulative third quarter of the fiscal year, the Japanese economy continued on a gradual recovery trend, supported by improvements in employment and income conditions and corporate earnings. However, the outlook remained uncertain due to uncertainty in overseas political and economic conditions, including the UK's withdrawal from the European Union (EU), the policies of the US administration, and heightened geopolitical risks surrounding the situation on the Korean Peninsula. Meanwhile, software investment in Japan's information services market remained broadly flat but firm. However, in addition to uncertainty in overseas economies and volatility in the financial and capital markets, we recognize that the environment surrounding our company remains challenging due to increasingly intense competition with rival companies and other factors.」

「During the cumulative second quarter of the fiscal year, the Japanese economy continued on a gradual recovery trend, supported by improvements in employment and income conditions and corporate earnings. However, the outlook remained uncertain due to uncertainty in overseas political and economic conditions, including the UK's withdrawal from the European Union (EU), the policies of the US administration, and heightened geopolitical risks surrounding the situation on the Korean Peninsula. Meanwhile, software investment in Japan's information services market remained broadly flat but firm. However, in addition to uncertainty in overseas economies and volatility in the financial and capital markets, we recognize that the environment surrounding our company remains challenging due to increasingly intense competition with rival companies and other factors.」

「Meanwhile, software investment in Japan's information services market has remained broadly flat. In addition to uncertainty in overseas economies and volatility in the financial and capital markets, we recognize that the environment surrounding our company remains challenging due to increasingly intense competition with rival companies and other factors.」

「Meanwhile, software investment in Japan's information services market has remained broadly flat. In addition to uncertainty in overseas economies and volatility in the financial and capital markets, we recognize that the environment surrounding our company remains challenging due to increasingly intense competition with rival companies and other factors.」

「However, in addition to concerns that uncertainty over the economic outlook in emerging Asian economies, including China, and volatility in the financial and capital markets may weigh on the Japanese economy, we recognize that the environment surrounding our company remains challenging due to increasingly intense competition with rival companies and other factors.」

「The business environment surrounding the company remains difficult, reflecting concerns that the Japanese economy may be weakened by uncertainty over global conditions, including the UK's decision to leave the European Union (EU) through a referendum, as well as further intensifying competition with rival companies.」

「If economic trends or changes in the information services market lead companies to restrain investment in information systems, price competition intensifies beyond expectations, or the Group is slow to respond to technological innovation, or if the business environment deteriorates due to changes in laws, tax systems, accounting systems and other regulations and systems, or in social infrastructure such as electricity and telecommunications, the Group's operating results and financial position may be affected.」