Market uncertainty stemming from yen appreciation, slowing overseas economies and Brexit
First written in FY2017-Q1. 4 of 5 entries say "Restated". Latest entry: FY2019.
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
54 other companies' latest entry also says "Restated".
- FY2019RestatedAnnual report
「If the global economy falls into recession, poor performance at portfolio companies could lead to impairment of the value of the Group's investment assets. In addition, capital gains and carried interest earned by the Group could decline if the stock market and IPO market are sluggish when investment funds are recovered, or if a weak economic environment adversely affects sale negotiations.」
The risk that weakness in the global economy and stock market will affect investment value, IPOs, sale negotiations, capital gains and carried interest continues to be disclosed. - FY2017RestatedAnnual report
「If the global economy falls into recession, poor performance at portfolio companies could lead to impairment of the value of the Group's investment assets. In addition, capital gains and carried interest earned by the Group could decline if the stock market and IPO market are sluggish when investment funds are recovered, or if a weak economic environment adversely affects sale negotiations.」
The risks of a weak global economy and stock market affecting investment value and recovery proceeds are organized around specific factors through the previous quarter, including yen appreciation and the United Kingdom's withdrawal from the EU. - FY2017-Q3RestatedAnnual report
「During the third-quarter consolidated cumulative period, Japan's economy continued to recover moderately as overseas economies recovered toward the latter half of the period, although uncertainty about the outlook increased due to factors including the policies of the new US president and the UK's exit from the EU. Meanwhile, equity markets remained generally firm while fluctuating amid a review of the Bank of Japan's monetary easing measures and US interest-rate hikes by the Federal Reserve, as expectations of an economic recovery were priced in.」
The policies of the new U.S. administration, the United Kingdom's withdrawal from the EU, and monetary policy in Japan and the United States continue to be cited as sources of market uncertainty and volatility. - FY2017-Q2RestatedAnnual report
「During the second-quarter consolidated cumulative period, Japan's economy continued to recover moderately, affected by yen appreciation and slower overseas economic growth, although uncertainty about the outlook increased. Meanwhile, equity markets remained generally firm while fluctuating amid efforts to assess the timing of US interest-rate hikes by the Federal Reserve and a review of the Bank of Japan's monetary easing measures.」
The disclosure continues to cite uncertainty from yen appreciation and slower overseas economic growth, as well as equity-market volatility surrounding monetary policy. - FY2017-Q1First statedAnnual report
「During the first-quarter consolidated cumulative period, Japan's economy continued to recover moderately, affected by yen appreciation and slower overseas economic growth, although uncertainty about the outlook increased. In the equity markets, prices temporarily recovered on expectations of additional monetary easing by the Bank of Japan, but plunged at the end of June due to the UK's exit from the EU, and remained volatile thereafter.」
The external environment included a sharp decline and subsequent volatility in equity markets caused by yen appreciation, slower overseas economic growth and the UK's exit from the EU.