Overseas Risks and Uncertainty in Financial Markets
First written in FY2017-Q1. 18 of 36 entries say "Restated". Latest entry: 2026-10-02.
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
- FY2026RestatedAnnual report
「During the fiscal year, Japan's economy remained on a gradual recovery track, supported by expanded capital investment and improved employment and income conditions. However, persistently uncertain conditions continued because higher resource prices and rising prices against a backdrop of expanding geopolitical risks could hinder the recovery in personal consumption.」
While the report identifies the factors supporting the economic recovery, it continues to cite expanding geopolitical risks, higher resource prices and rising prices as potential constraints on personal consumption and sources of uncertainty over the outlook. - 2026-04-10RestatedEarnings
「Regarding the economic outlook in Japan and overseas, we recognize that uncertainty continues amid the increasingly tense situation in the Middle East and the global surge in raw-material prices.」
The company continues to describe geopolitical conditions, rising raw-material prices and uncertainty over the outlook. - FY2026-H1WorsenedAnnual report
「During the interim accounting period, Japan's economy remained on a gradual recovery track, supported by expanding inbound demand and improved income conditions. However, the outlook remained uncertain, as prolonged geopolitical risks had driven up raw-material prices, which could hinder the recovery in personal consumption, and the United States' trade policies also required close monitoring.」
In addition to prolonged geopolitical risks and higher raw-material prices, the report newly identifies the need to closely monitor US trade policies, making the sources of uncertainty surrounding overseas and international conditions more specific. - FY2025RestatedAnnual report
「Meanwhile, persistently uncertain conditions are expected to continue, as higher resource prices and rising prices against a backdrop of expanding geopolitical risks could hinder the recovery in personal consumption.」
While the report describes a recovery trend supported by inbound demand and improved income conditions, it continues to cite geopolitical risks, higher resource prices and rising prices as potential obstacles to personal consumption and sources of uncertainty over the outlook. - FY2025-H1RestatedAnnual report
「During the interim accounting period, Japan's economy showed signs of recovery, supported by increased inbound demand and higher services consumption resulting from improved income conditions. However, the outlook remained uncertain because unstable international conditions drove up resource prices and rapid foreign-exchange movements led to higher prices.」
While the report cites signs of recovery in economic activity, it continues to indicate uncertainty over the outlook due to higher resource prices resulting from unstable international conditions, rapid exchange-rate movements and higher prices. - FY2025-Q1WorsenedAnnual report
「Meanwhile, the outlook for economic developments in Japan and overseas remains uncertain because of concerns that personal consumption may weaken further as prices rise due to the uncertain overseas situation, prolonged yen depreciation and increases in public utility charges, as well as trends in financial and capital markets.」
In addition to the previous overseas uncertainty, prolonged yen depreciation, rising prices and financial and capital-market volatility, the report specifically identifies further price increases caused by higher public utility charges and concerns over weaker personal consumption. - FY2024WorsenedAnnual report
「Meanwhile, economic developments in Japan and overseas remain uncertain because of concerns that personal consumption may stagnate as prices rise due to the uncertain overseas situation and prolonged yen depreciation, as well as volatility in financial and capital markets.」
In addition to continued volatility in financial and capital markets and rising prices, the report specifically identifies the uncertain overseas situation, prolonged yen depreciation and concerns over stagnating personal consumption as risk factors. - FY2024-Q3RestatedAnnual report
「Although the normalization of economic activity has continued, economic developments in Japan and overseas remain uncertain because of volatility in financial and capital markets and rising prices.」
The report acknowledges the continuing normalization of economic activity while maintaining its description of uncertainty over the domestic and overseas economic outlook due to volatility in financial and capital markets and rising prices. - FY2024-Q2RestatedAnnual report
「During the cumulative second-quarter period, Japan's economy showed signs of a gradual recovery as restrictions on activity were eased and economic activity normalized. Meanwhile, economic developments in Japan and overseas remained uncertain because of downside risks to the economy from global monetary tightening and higher prices.」
While the report cites eased activity restrictions and the normalization of economic activity, it continues to identify downside risks from global monetary tightening and higher prices as sources of uncertainty over the domestic and overseas economic outlook. - FY2024-Q1WorsenedAnnual report
「Meanwhile, economic developments in Japan and overseas remain uncertain because of downside risks to the economy from global monetary tightening and higher prices resulting from persistently elevated raw-material costs.」
In addition to persistently high raw-material prices and international conditions, the report identifies downside risks from global monetary tightening and higher prices as sources of uncertainty over the domestic and overseas economic outlook. - FY2023WorsenedAnnual report
「During the fiscal year, Japan's economy remained uncertain because, even as COVID-19 moved toward containment, the yen continued to depreciate as domestic and overseas interest-rate differentials widened, prices rose sharply against a backdrop of soaring global raw-material prices, and international tensions persisted.」
Even as COVID-19 moved toward containment, yen depreciation, sharp price increases, high raw-material prices and continuing international tensions were specifically identified as factors contributing to uncertainty over economic developments in Japan and overseas. - FY2023-Q3RestatedAnnual report
「Meanwhile, the outlook for the economy remains uncertain because of upward pressure on prices from the sharp yen depreciation caused by the widening Japan-US interest-rate differential, rising geopolitical risks, and soaring global raw-material prices.」
While the report describes easing COVID-19 restrictions and the normalization of economic activity, it continues to highlight uncertainty over the economic outlook resulting from sharp yen depreciation, upward pressure on prices, geopolitical risks and soaring raw-material prices. - FY2023-Q1WorsenedAnnual report
「Although concerns have been raised that personal consumption may cool because of upward pressure on prices resulting from historically weak yen levels against the backdrop of a widening interest-rate differential between Japan and the United States, including the Ukraine crisis and a global surge in raw-material prices,」
In addition to the increasingly tense international situation cited through the previous period, the report specifically identifies the Ukraine crisis, soaring global raw-material prices, historically weak yen levels resulting from the widening Japan-US interest-rate differential, and upward pressure on prices as concerns. No material changes have been identified in business and other risks. - FY2022WorsenedAnnual report
「Although Japan's economy had remained on a gradual recovery track as employment and income conditions continued to improve, economic developments in Japan and overseas are uncertain because the end of COVID-19 remains out of sight and the increasingly tense international situation is also having an impact.」
In addition to the prolonged COVID-19 pandemic, the increasingly tense international situation is newly identified, and economic developments in Japan and overseas are described as uncertain. - FY2022-Q3RestatedAnnual report
「The impact of the spread of COVID-19 on the Company was minor during the cumulative third-quarter period, but the Company will continue to closely monitor developments.」
The impact of COVID-19 was minor during the cumulative third-quarter period, and the Company states that it will continue to monitor developments. No material changes have been made to business and other risks. - FY2022-Q2RestatedAnnual report
「During the cumulative second-quarter period, Japan's economic conditions remained severe as the global spread of COVID-19 continued unabated and various restrictions on economic activity, including declarations of a state of emergency, remained in place. Some improvement was seen, including a vaccination rate above 50% and an upward trend in corporate earnings, but the outlook for the economy remained uncertain.」
The report continues to cite the spread of COVID-19, restrictions on economic activity and uncertainty over the economic outlook, while adding some signs of improvement, including a vaccination rate above 50% and an upward trend in corporate earnings. - FY2022-Q1RestatedAnnual report
「The situation remained severe as COVID-19 showed no signs of coming under control, with a third state of emergency being declared. Although a full reopening of economic activity is expected as vaccination progresses in Japan and overseas, the outlook is expected to remain uncertain for the time being.」
The severe economic environment and uncertainty caused by COVID-19 continue to be reported. The Company's impact during the cumulative first-quarter period was described as minor. - FY2021-Q3RestatedAnnual report
「During the cumulative third-quarter period, Japan's economic conditions remained severe, with the effects of COVID-19 continuing to weigh heavily worldwide, and the outlook was uncertain amid concerns over a renewed spread of infections.」
The report continues to describe severe economic conditions resulting from the ongoing impact of COVID-19 and uncertainty over the outlook due to concerns about a renewed spread of infections. The Company's impact during the cumulative third-quarter period was described as minor. - FY2021-Q2WorsenedAnnual report
「During the cumulative second-quarter period, Japan's economic conditions deteriorated rapidly because personal consumption stagnated after the consumption-tax increase and economic activity slowed as COVID-19 spread. The global economy is also expected to remain in similarly severe conditions.」
The report explicitly describes a rapid deterioration in the domestic economy caused by the spread of COVID-19 and expects severe conditions to continue globally, indicating that external-environment risks have become more serious than in the previous quarter. The Company's impact during the cumulative second-quarter period was nevertheless described as minor. - FY2021-Q1MaterialisedAnnual report
「The impact of the spread of COVID-19 on the company was limited during the cumulative first quarter, but the company will continue to closely monitor developments.」
The economic impact of the spread of COVID-19 had begun to materialize, although its impact on the company during the quarter was described as limited. - FY2020-Q3WorsenedAnnual report
「The outlook remains uncertain due to concerns over overseas political and economic conditions, as well as the successive occurrence of natural disasters and the impact of the consumption tax increase.」
In addition to the previous concerns over overseas political and economic conditions, successive natural disasters and the impact of the consumption tax increase are specifically identified as factors making the outlook uncertain. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter, Japan's economy faced concerns over the outlook as the slowdown in China's economy resulting from the prolonged trade war caused by the United States' protectionist trade policies affected exports and production, while a consumption tax increase is scheduled for this autumn.」
The company newly includes the consumption tax increase among concerns for the domestic economy, while continuing to cite concerns over the outlook arising from the prolonged US-China trade war and China's economic slowdown. - FY2019WorsenedAnnual report
「The outlook remains a concern as the slowdown in China's economy resulting from the prolonged trade war caused by the United States' protectionist trade policies is affecting exports and production.」
In addition to the previous uncertainty over overseas economies and policies, the company specifically describes the prolonged US-China trade war and the impact of China's economic slowdown on exports and production. - FY2019-Q3WorsenedAnnual report
「However, concerns remain regarding future business conditions, including the escalation of the trade war with China resulting from the United States' protectionist trade policies.」
The description has intensified from heightened US-China trade friction to an escalating trade war with China, making the concerns regarding future business conditions more specific. - FY2019-Q2WorsenedAnnual report
「However, concerns remain regarding future business conditions, including heightened trade friction with China resulting from the United States' protectionist trade policies and changes in the domestic financial environment caused by inappropriate lending by certain financial institutions.」
In addition to the previous uncertainty over overseas economies and geopolitical conditions, the company specifies rising US-China trade friction and changes in the domestic financial environment resulting from inappropriate lending by financial institutions as concerns regarding future business conditions. - FY2019-Q1RestatedAnnual report
「However, the impact of economic policies in other countries and geopolitical risks in East Asia on the financial and capital markets remains a concern.」
Economic policies in other countries and geopolitical risks in East Asia continue to be cited as concerns for the financial and capital markets. - FY2018RestatedAnnual report
「At the same time, concerns remain over the expected near-term stagnation of consumer prices, uncertainty over the outlook for the economic policies of other countries and the impact of geopolitical risks.」
Uncertainty over the economic policies of other countries and geopolitical risks continue to be identified as concerns regarding the business environment. - FY2018-Q3RestatedAnnual report
「At the same time, concerns remain over the expected near-term stagnation of consumer prices, uncertainty surrounding the economic policies of other countries and the impact of geopolitical risks.」
Uncertainty over the economic policies of other countries and geopolitical risks continue to be identified as concerns. - FY2018-Q2WorsenedAnnual report
「At the same time, the economy remains subject to concerns including uncertainty over economic conditions in other countries and the emergence of geopolitical risks, while the transition away from deflation is expected to take some time because consumer prices remain weak.」
While describing the domestic economy as being on an expansionary trend, the company explicitly adds the emergence of geopolitical risks to continuing uncertainty over economic conditions in other countries, broadening the range of external risks. - FY2018-Q1SoftenedAnnual report
「During the cumulative first quarter, Japan's economy remained firm, despite persistent uncertainty over the outlook due in part to unstable overseas political conditions, supported by the continuation of economic policies by the government and the Bank of Japan and resilient personal consumption resulting from improvements in employment and income conditions.」
While noting that uncertainty over the outlook due to overseas political conditions remains, the company describes the domestic economy as firm, supported by government and Bank of Japan policies, employment and income conditions, and personal consumption. Concerns have eased somewhat from the previous period's focus on unstable international conditions. - FY2017WorsenedAnnual report
「Challenges remain to be overcome, including an unstable international situation, the contraction of the housing market over the medium to long term as the birthrate declines and the population ages, higher tax burdens resulting from the fiscal deficit, and concerns about future social security.」
The annual report shifts from the previous quarter's brighter outlook, based on a weaker yen and higher stock prices, to explicitly identifying unstable international conditions and medium- to long-term demographic and fiscal challenges. - FY2017-Q3SoftenedAnnual report
「In addition, the market has continued to show a weaker yen and higher stock prices, driven by expectations of a global economic recovery centered on the United States, where expectations are building for economic policies such as infrastructure investment under the new administration, bringing signs of a brighter outlook.」
The description has shifted from yen appreciation and uncertainty over overseas developments to a weaker yen, higher stock prices and expectations of a global economic recovery, resulting in a brighter outlook. However, no material changes were identified in business and other risks. - FY2017-Q2RestatedAnnual report
「The economy has continued to lack momentum, with uncertainty over overseas developments contributing to further yen appreciation and a clear slowdown in corporate earnings in some areas.」
Uncertainty over overseas developments, yen appreciation and the slowdown in corporate earnings continue to be cited as concerns regarding the external environment. - FY2017-Q1First statedAnnual report
「The outlook has become increasingly uncertain, partly due to growing overseas risk factors, including the yen's appreciation accompanying financial-market turmoil caused by concerns over the UK's withdrawal from the EU and the slowdown in emerging-market economies, particularly China.」
Financial-market turmoil, yen appreciation and the slowdown in emerging-market economies are identified as current overseas risk factors.