Downside risks to economic conditions stemming from the slowdown in emerging-market economies and the UK's EU withdrawal issue
First written in FY2017-Q2. 17 of 33 entries say "Restated". Latest entry: 2026-08-06.
Asax moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
54 other companies' latest entry also says "Restated".
- FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period, the Japanese economy remained on a moderate recovery trend, supported by improvements in the employment and income environment, although some impact from US trade policy was evident. Meanwhile, the outlook remained uncertain due to the potential impact of continued price increases on personal consumption, downside risks to the economy arising from US trade policy and other factors, and fluctuations in financial and capital markets.」
The disclosure continues to describe a moderate recovery trend, while citing rising prices, US trade policy, and fluctuations in financial and capital markets as factors weighing on the economy and contributing to uncertainty surrounding the outlook. - FY2025WorsenedAnnual report
「Meanwhile, the continued rise in prices, fluctuations in foreign exchange and financial and capital markets, and developments in US trade policy pose downside risks to overseas and domestic economies, and uncertainty surrounding the outlook continues.」
The disclosure explicitly identifies US trade policy, in addition to rising prices and fluctuations in foreign exchange and financial and capital markets, as a downside factor for the economy. - FY2025-H1WorsenedAnnual report
「During the interim accounting period, the Japanese economy was recovering moderately as a result of improvements in the employment and income environment, although personal consumption showed some signs of stalling due to the impact of higher prices and other factors. Corporate earnings generally improved, but the number of bankruptcies continued to increase, requiring close monitoring of developments. Looking ahead, the continued high interest-rate environment in Europe and the United States, stagnation in China's real estate market, and the situation in the Middle East pose downside risks to overseas and domestic economies, and uncertainty continues.」
The disclosure newly states explicitly that the number of bankruptcies continues to increase despite the moderate economic recovery, and cites continued high interest rates in Europe and the United States, stagnation in China's real estate market, and the situation in the Middle East as downside risks to the economy. - FY2024WorsenedAnnual report
「Meanwhile, an overseas economic downturn against the backdrop of global monetary tightening and other factors, concerns over the outlook for the Chinese economy, the situation in the Middle East, and rising prices caused by soaring raw material and resource prices and exchange-rate movements pose downside risks to the domestic economy, leaving the outlook uncertain.」
The disclosure adds the situation in the Middle East to the overseas economic downturn, the Chinese economy and higher prices as a factor weighing on the domestic economy. - FY2024-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy remained on a moderate recovery trend, supported by the easing of activity restrictions following the reclassification of COVID-19 as a Class 5 disease, the recovery in inbound demand, and the recovery in personal consumption resulting from improvements in the employment environment, particularly rising wages. Meanwhile, an overseas economic downturn against the backdrop of global monetary tightening and other factors, concerns over the outlook for the Chinese economy, and rising prices caused by raw material and resource prices and exchange-rate movements posed downside risks to the domestic economy, requiring attention to their developments and impact.」
The disclosure describes a recovery supported by the easing of activity restrictions, the recovery in inbound demand and improvements in the employment environment, while continuing to cite an overseas economic downturn, concerns over the outlook for the Chinese economy, and higher prices caused by resource prices and exchange-rate movements as downside risks to the economy. - FY2024-Q2WorsenedAnnual report
「During the first six months of the fiscal year, the Japanese economy remained on a moderate recovery trend, supported by improvements in the employment and income environment and the recovery in inbound demand. However, an overseas economic downturn against the backdrop of global monetary tightening and other factors, concerns over the outlook for the Chinese economy, and rising prices caused by soaring raw material and resource prices and exchange-rate movements posed downside risks to the domestic economy, and uncertainty surrounding the outlook continued.」
The disclosure describes the recovery in the employment and income environment and inbound demand, while citing an overseas economic downturn, concerns over the outlook for the Chinese economy, soaring resource prices, and higher prices caused by exchange-rate movements as downside factors for the domestic economy. - FY2024-Q1RestatedAnnual report
「During the first three months of the fiscal year, the Japanese economy remained on a moderate recovery trend, supported by improvements in the employment and income environment and the effects of various policies, although an overseas economic downturn against the backdrop of global monetary tightening and other factors, as well as rising prices caused by soaring raw material and resource prices and exchange-rate movements, posed downside risks to the domestic economy and left the outlook uncertain.」
The disclosure continues to cite an overseas economic downturn, soaring resource prices, and exchange-rate movements and higher prices as downside risks to the economy, while also describing a moderate recovery supported by improvements in the employment and income environment and other factors. - FY2023-Q3WorsenedAnnual report
「During the first nine months of the fiscal year, economic and social activity continued to normalize, partly due to the effects of various policies aimed at living with COVID-19. However, concerns remain over the impact on the real economy of higher prices caused by soaring raw material and resource prices and exchange-rate movements. In addition, continued attention is required regarding risks weighing on the domestic economy, including an overseas economic downturn against the backdrop of global monetary tightening, developments concerning the prolonged Russia-Ukraine situation, and the spread of COVID-19 in China.」
The disclosure indicates the normalization of economic and social activity, while citing soaring raw material and resource prices, higher prices caused by exchange-rate movements, global monetary tightening, an overseas economic downturn, the Russia-Ukraine situation, and the spread of infections in China as factors weighing on the domestic economy. - FY2023-Q2WorsenedAnnual report
「During the first six months of the fiscal year, the Japanese economy continued to normalize economic and social activity as measures to address COVID-19 progressed. However, concerns over an overseas economic downturn against the backdrop of global monetary tightening and other factors, as well as the impact on the domestic economy of higher resource prices caused by the prolonged Russia-Ukraine situation and higher prices resulting from the rapid depreciation of the yen, left the outlook uncertain.」
The disclosure indicates the normalization of economic and social activity, while citing global monetary tightening, an overseas economic downturn, soaring resource prices and higher prices caused by the rapid depreciation of the yen as new causes for concern, and describing the outlook as uncertain. - FY2023-Q1WorsenedAnnual report
「During the first three months of the fiscal year, restrictions on activity were eased as measures to address COVID-19 progressed, and signs of recovery emerged in economic activity and personal consumption. However, the outlook remained uncertain amid concerns over renewed spread of the infection due to the emergence of new variants, in addition to higher prices resulting from soaring resource prices caused by the Russia-Ukraine situation and the rapid depreciation of the yen.」
The disclosure indicates signs of recovery resulting from the easing of activity restrictions, while citing soaring resource prices, higher prices caused by the rapid depreciation of the yen, and renewed spread of the infection caused by new variants as new causes for concern, and describing the outlook as uncertain. - FY2022WorsenedAnnual report
「During the fiscal year, restrictions on economic activity had been prolonged due to the increase in COVID-19 cases, but signs of a recovery emerged as vaccination and other measures progressed. Meanwhile, concerns have arisen over higher prices caused by increased geopolitical risks, including the situation in Ukraine, and the depreciation of the yen, and these factors require monitoring as downside risks to the economy going forward.」
The disclosure describes signs of an economic recovery, while adding geopolitical risks, including the situation in Ukraine, and higher prices caused by the depreciation of the yen as new downside factors for the economy. - FY2022-Q3WorsenedAnnual report
「During the first nine months of the fiscal year, signs of a resumption of economic activity emerged as the number of COVID-19 cases declined. However, the timing of containment remained unforeseeable, amid concerns that the number of infections would increase due to the Omicron variant that emerged at the end of the year, and uncertainty surrounding the outlook continued.」
The disclosure indicates signs of a resumption of economic activity, while describing concerns over an increase in infections caused by the Omicron variant and the continuing inability to foresee when the pandemic will be contained. - FY2022-Q2RestatedAnnual report
「During the first six months of the fiscal year, the Japanese economy remained in a difficult situation under the prolonged impact of COVID-19. Although the number of infections has recently declined as a result of measures to prevent the spread of infection, including the promotion of vaccination, and economic recovery is expected, the outlook remains uncertain.」
The disclosure continues to describe the difficult economic environment and uncertainty surrounding the outlook caused by COVID-19, while also indicating expectations for a decline in infections and an economic recovery resulting from vaccination and other measures. - FY2022-Q1RestatedAnnual report
「During the first three months of the fiscal year, the Japanese economy remained in a difficult situation due to the prolonged impact of COVID-19.」
The disclosure continues to describe the difficult economic and business environment caused by the prolonged COVID-19 pandemic. - FY2021RestatedAnnual report
「During the fiscal year, the Japanese economy remained in a difficult situation, as economic activity was significantly restricted by the spread of COVID-19, while corporate earnings and employment conditions remained challenging.」
The disclosure describes restrictions on economic activity caused by COVID-19 and difficult corporate earnings and employment conditions, while continuing to address the themes of downside risks to the economy and uncertainty surrounding the outlook. - FY2021-Q3WorsenedAnnual report
「During the first nine months of the fiscal year, some signs of recovery emerged as economic activity gradually resumed following the period of stagnation caused by the spread of COVID-19, but corporate earnings and employment conditions remained difficult. In addition, the renewed spread of the infection has become more serious since the end of the year, and uncertainty surrounding the outlook continues because the timing of containment remains unforeseeable.」
The disclosure describes some recovery resulting from the resumption of economic activity, while stating that corporate earnings and employment conditions remain difficult, the renewed spread of the infection has become more serious since the end of the year, and uncertainty surrounding the outlook continues. - FY2021-Q2WorsenedAnnual report
「During the first six months of the fiscal year, the Japanese economy contracted sharply as economic activity was significantly restricted following the declaration of a state of emergency in response to the spread of COVID-19, resulting in the largest decline since the end of World War II. Although economic activity gradually resumed after the declaration was lifted, the timing of containment remained unforeseeable, as the number of new infections began to rise again, and uncertainty surrounding the outlook continued.」
The disclosure states that economic activity was significantly restricted by COVID-19, causing the economy to contract sharply. The number of new infections began to rise again even after the state of emergency was lifted, and the timing of containment remains unforeseeable. - FY2021-Q1WorsenedAnnual report
「During the first three months of the fiscal year, the Japanese economy remained in an extremely difficult situation, as corporate earnings and personal consumption declined rapidly following the declaration of a state of emergency in response to the spread of COVID-19. Although economic activity has gradually resumed since the declaration was lifted, the timing of containment remains unforeseeable, the economy is expected to remain sluggish for the time being, and uncertainty surrounding the outlook has increased further.」
The disclosure describes the rapid decline in corporate earnings and personal consumption caused by the spread of COVID-19, as well as the economic stagnation and further increase in uncertainty surrounding the outlook. - FY2020WorsenedAnnual report
「Furthermore, uncertainty surrounding the outlook has increased further, reflecting the rapid economic downturn caused by disruptions in domestic and overseas financial markets and the stagnation of economic activity resulting from the spread of COVID-19, which occurred toward the end of the fiscal period.」
In addition to the previous references to the US-China trade tensions and geopolitical risks, the disclosure now includes disruptions in financial markets, stagnation of economic activity and the economic downturn caused by COVID-19, as well as the heightened uncertainty surrounding the outlook. - FY2020-Q3RestatedAnnual report
「At the same time, concerns remain over the impact on the domestic economy of US-China trade friction and geopolitical risks overseas, and the outlook remains uncertain.」
The impact on the domestic economy and the uncertainty surrounding the outlook arising from the US-China trade tensions and overseas geopolitical risks continue to be disclosed. - FY2020-Q2RestatedAnnual report
「At the same time, concerns remain over the impact on the domestic economy of US-China trade friction and geopolitical risks overseas, and the outlook remains uncertain.」
The impact on the domestic economy and the uncertainty surrounding the outlook arising from the US-China trade tensions and overseas geopolitical risks continue to be disclosed. - FY2020-Q1RestatedAnnual report
「At the same time, concerns remain over the impact on the domestic economy of US-China trade friction and geopolitical risks overseas, and the outlook remains uncertain.」
The impact on the domestic economy and the uncertainty surrounding the outlook arising from the US-China trade tensions and overseas geopolitical risks continue to be disclosed. - FY2019RestatedAnnual report
「At the same time, concerns remain over the impact on the domestic economy of US-China trade friction and geopolitical risks overseas, and the outlook remains uncertain.」
The impact on the domestic economy and the uncertainty surrounding the outlook arising from the US-China trade tensions and overseas geopolitical risks continue to be disclosed. - FY2019-Q3RestatedAnnual report
「At the same time, concerns remain over the impact on the domestic economy of US-China trade friction and geopolitical risks overseas, and the outlook remains uncertain.」
The impact on the domestic economy and the uncertainty surrounding the outlook arising from the US-China trade tensions and overseas geopolitical risks continue to be disclosed. - FY2019-Q2RestatedAnnual report
「At the same time, in addition to the effects of natural disasters and other events that have caused significant damage in various parts of Japan, concerns remain over the impact on the domestic economy of US-China trade friction and geopolitical risks overseas, and the outlook remains uncertain.」
The impact on the domestic economy and the uncertainty surrounding the outlook arising from the US-China trade tensions and overseas geopolitical risks, in addition to natural disasters and other factors, continue to be disclosed. - FY2019-Q1WorsenedAnnual report
「At the same time, concerns remain over the impact on the domestic economy of US-China trade friction and geopolitical risks overseas, and the outlook remains uncertain.」
In addition to the previous concerns regarding overseas conditions, the company explicitly cited US-China trade friction and geopolitical risks overseas, and described their impact on the domestic economy and the uncertainty of the outlook. - FY2018-Q3RestatedAnnual report
「During the cumulative third-quarter period, there were no new business risks and no material changes in the business risks described in the annual securities report for the preceding fiscal year.」
We have determined that there have been no material changes regarding downside economic risks from slowing emerging-market economies, the UK's EU withdrawal issue and the policies of the new US administration. - FY2018-Q2RestatedAnnual report
「During the cumulative second-quarter period, there were no new business risks and no material changes in the business risks described in the annual securities report for the preceding fiscal year.」
We have determined that there have been no material changes regarding downside economic risks from slowing emerging-market economies, the UK's EU withdrawal issue and the policies of the new US administration. - FY2018-Q1RestatedAnnual report
「During the cumulative first-quarter period, 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.」
We have determined that there have been no material changes regarding downside economic risks from slowing emerging-market economies, the UK's EU withdrawal issue and the policies of the new US administration. - FY2017-Q3WorsenedAnnual report
「At the same time, it is difficult to predict the impact on the Japanese economy of overseas conditions, including slowing emerging-market economies, the UK's EU withdrawal issue and the policies of the new US administration, and uncertainty regarding the outlook is a concern.」
In addition to the previous factors of slowing emerging-market economies and the UK's EU withdrawal issue, the company identified the policies of the new US administration as an uncertainty factor and stated that the impact of overseas conditions is difficult to predict. - FY2017-Q2First statedAnnual report
「At the same time, the outlook remains uncertain, with concerns over an economic downturn resulting from overseas conditions, including slowing emerging-market economies and the UK's EU withdrawal issue.」
For the first time, the company explicitly stated the possibility that overseas conditions could lead to an economic downturn and the uncertainty of the outlook.