Business environment uncertainty due to persistent geopolitical risks
First written in FY2022. 7 of 11 entries say "Worsened", first in FY2024-Q2. Latest entry: FY2027-H1.
Zett moved to the "Worse" side of this theme in 2023, 1 year after the typical company in this theme (2022).
The whole theme swung hardest in 2022: 54 of 96 companies on the "Worse" side.
50 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「Uncertainty about the outlook continues due to persistent price increases, developments in the monetary and trade policies of various countries, and elevated geopolitical risks.」
Uncertainty in the business environment, including elevated geopolitical risks, continues. - FY2026WorsenedAnnual report
「In addition to market fluctuations resulting from developments in international conditions, surging raw-material prices and foreign exchange volatility, the company recognizes that various factors, including higher labor and logistics costs, will further increase uncertainty about the outlook.」
In addition to market fluctuations resulting from geopolitical and international conditions, the company identified raw materials, labor costs, logistics costs and foreign exchange as multiple sources of pressure. - 2026-05-14WorsenedRevisions to earnings forecasts
「今後の見通しにつきましては、国際情勢の動向に起因する市況変動や原材料価格の高騰、為替相場の変動に加え、人件費及び物流コストの上昇等の複合的な要因により、先行きの不透明感が一層強まるものと認識しております。」
地政学・国際情勢に起因する市況変動に、原材料、為替、人件費及び物流コストの上昇が重なり、先行き不透明感が一層強まるとの記載となった。 - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period (1 April 2025 to 30 September 2025), the Japanese economy remained on a moderate recovery track, supported by improvements in employment and income conditions. However, as the impact of US tariff policy and persistently high raw-material prices associated with geopolitical risks have driven up prices, reduced consumer purchasing power has left the outlook uncertain.」
In addition to the previously identified concerns about geopolitical risks and tariff policy, the company linked the impact of US tariff policy to persistently high raw-material prices, higher prices and reduced purchasing power. - FY2025WorsenedAnnual report
「In addition to concerns about a slowdown in the global economy resulting from US policies such as tariff increases, and overseas factors including geopolitical risks such as the prolonged situation in Ukraine and conditions in the Middle East, there are many uncertain factors, including rising prices in Japan, higher labor and logistics costs, and the impact of foreign exchange rates, all of which could put pressure on management. The company therefore expects uncertain conditions to continue.」
In addition to the geopolitical risks previously identified, the company explicitly cited concerns about a global economic slowdown resulting from US tariff policy and organized multiple overseas and domestic factors as potential sources of pressure on management. - FY2025-H1RestatedAnnual report
「However, the outlook remained uncertain due to surging resource and material prices resulting from heightened geopolitical risks and sharp fluctuations in foreign exchange rates.」
The rise in geopolitical risks continues to be identified as a business-environment concern linked to surging resource and material prices and sharp fluctuations in foreign exchange rates. - FY2024WorsenedAnnual report
「The outlook remains uncertain, as there are many uncertain factors that could put pressure on management, including geopolitical risks such as the prolonged situation in Ukraine and conditions in the Middle East, overseas factors such as China’s property market downturn and the US presidential election, the direction of the economy in Japan due to rising prices and possible changes in monetary policy, and the impact of foreign exchange rates.」
The company explicitly identified the prolonged situation in Ukraine and conditions in the Middle East as geopolitical risks, and organized these along with multiple overseas and domestic factors as factors that could put pressure on management. - FY2024-Q3WorsenedAnnual report
「Meanwhile, consumer prices have risen faster than incomes have improved due to higher costs resulting from rising geopolitical risks, the weaker yen and other factors, and the outlook for the domestic economy remains uncertain.」
The company linked rising geopolitical risks to higher costs and consumer prices, identifying them as a continuing and growing source of uncertainty in the business environment. - FY2024-Q2WorsenedAnnual report
「Expansion of geopolitical risk events」
The company identified the expansion of geopolitical risk events as a factor creating uncertainty about the outlook. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, there were no new business or other risks, nor any material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
It is stated that there have been no new business or other risks and no material changes to existing risks. - FY2022First statedAnnual report
「However, the situation of elevated geopolitical risk continues,」
For the first time, the company independently identified the continuation of elevated geopolitical risk as a new factor putting pressure on management and creating uncertainty about the outlook.