External Environment Risks from China's Economic Slowdown, the UK's Withdrawal from the EU and Yen Appreciation
First written in FY2017-Q1. 23 of 37 entries say "Reframed", first in FY2017-Q2. Latest entry: 2026-08-07.
NIKKON Holdings moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
28 other companies' latest entry also says "Reframed".
- 2026-08-07ReframedEarnings
「The economic outlook remains difficult to foresee, including higher crude oil prices due to escalating tensions in the Middle East and instability in the production of petroleum-related products.」
The specific examples of external environmental risks were updated to escalating tensions in the Middle East, higher crude oil prices and instability in the production of petroleum-related products. - FY2026ReframedAnnual report
「During the current fiscal year, the Japanese economy showed signs of gradual recovery against a backdrop of favorable corporate earnings and household income conditions. However, tensions in the Middle East remained, including the launch of attacks on Iran by the United States and Israel and the closure of the Strait of Hormuz, leaving the outlook uncertain.」
The specific examples of external-environment risks have been updated to include the situation in the Middle East, attacks on Iran, and the closure of the Strait of Hormuz. - FY2026-H1ReframedAnnual report
「During the six months ended the current interim period, the Japanese economy maintained a path toward gradual recovery, supported by improvements in the income environment, inbound demand that remained strong and above pre-pandemic levels, and easing concerns over the US tariff issue. However, domestic issues such as rising prices, particularly food prices, persisted, and global geopolitical tensions continued, leaving the outlook for the economy uncertain.」
The disclosure cites domestic price increases and global geopolitical tensions as factors contributing to uncertainty, while also identifying inbound demand and easing concerns over the US tariff issue as factors supporting recovery, thereby updating the specific examples of external-environment risks. - FY2025-H1ReframedAnnual report
「During the six months ended the current interim period, the Japanese economy showed favorable trends, with capital investment on an upward trend against a backdrop of strong corporate earnings and personal consumption showing signs of bottoming out. However, exports to China were constrained by the slowdown in the Chinese economy, while resource prices remained unstable due to the unresolved situation in Ukraine and mounting tensions in the Middle East, leaving the outlook uncertain.」
While acknowledging improvements in domestic capital investment and personal consumption, the disclosure identifies constraints on exports to China resulting from the slowdown in the Chinese economy and instability in resource prices due to the situations in Ukraine and the Middle East as external-environment risks. - FY2024ReframedAnnual report
「During the current fiscal year, the global economy remained firm in some regions, including the United States, where personal consumption remained solid, and overall was on a path toward gradual recovery. However, economic security risks increased due to Russia's invasion of Ukraine and military clashes in the Middle East, while the slowdown in the Chinese economy also spread uncertainty over the outlook, leaving the global economy only halfway to a full-fledged recovery.」
The disclosure explicitly identifies economic security risks and the slowdown in the Chinese economy in addition to the situations in Ukraine and the Middle East, updating the factors contributing to uncertainty in the global economy. - FY2024-Q3ReframedAnnual report
「During the first nine months of the current fiscal year, the Japanese economy was on a path toward gradual recovery as socioeconomic activity normalized following COVID-19's reclassification to Category 5. However, the outlook for the economy remained uncertain due to geopolitical risks surrounding the situations in Ukraine and the Middle East.」
While acknowledging the recovery resulting from the normalization of socioeconomic activity, the disclosure updates the specific examples of external-environment risks by adding geopolitical risks surrounding the situation in the Middle East to the previously cited situation in Ukraine. - FY2024-Q2ReframedAnnual report
「During the first six months of the current fiscal year, the Japanese economy was on a path toward gradual recovery as socioeconomic activity normalized following COVID-19's reclassification to Category 5 and the impact of component shortages in the manufacturing sector diminished. However, the outlook for the economy remained uncertain due to the prolonged geopolitical risks surrounding the situation in Ukraine and the continued depreciation of the yen.」
While acknowledging the recovery resulting from the normalization of socioeconomic activity and the diminishing impact of component shortages, the disclosure identifies the prolonged geopolitical risks surrounding the situation in Ukraine and the continued depreciation of the yen as specific external-environment risks. - FY2024-Q1ReframedAnnual report
「During the first quarter of the current fiscal year, the Japanese economy showed signs of a gradual recovery as the easing of restrictions on activities following COVID-19's reclassification to Category 5 increased human mobility and the impact of production cuts caused by shortages of semiconductors and components gradually diminished. However, prices continued to rise, led by utility costs and energy prices, and the outlook for the economy remained uncertain.」
The disclosure refers to a recovery supported by COVID-19's reclassification to Category 5 and the diminishing impact of production cuts caused by shortages of semiconductors and components, while indicating uncertainty over the outlook due to surging utility and energy prices and rising prices. - FY2023WorsenedAnnual report
「During the current fiscal year, the Japanese economy entered a period of transition in its response to COVID-19 and began moving toward a normal state. However, the outlook for the economy remained uncertain due to surging energy prices, rising inflation, and the continued depreciation of the yen. In addition, recent disruptions caused by US-China decoupling and the Russia-Ukraine conflict have had a major impact on economic activity, making the economic environment surrounding Japan increasingly uncertain.」
In addition to surging energy prices, inflation, and the continued depreciation of the yen, the disclosure cites disruptions caused by US-China decoupling and the Russia-Ukraine conflict, providing a more extensive description of uncertainty in the external environment. - FY2023-Q3ReframedAnnual report
「During the first nine months of the current fiscal year, the Japanese economy showed signs of a gradual recovery as restrictions on activities related to COVID-19 were eased and various government policies took effect. However, the outlook for the economy remained uncertain due to inflationary trends, including surging energy prices and a series of price increases for daily necessities and food, as well as sharp fluctuations in foreign exchange rates stemming from interest-rate policies in various countries.」
While acknowledging the recovery resulting from the easing of restrictions on activities, the specific examples of external-environment risks have shifted from the previously cited pandemic and situation in Ukraine to surging energy prices, inflation, and sharp fluctuations in foreign exchange rates associated with interest-rate policies in various countries. - FY2023-Q2RestatedAnnual report
「During the first six months of the current fiscal year, the Japanese economy showed signs of recovery as restrictions on activities related to COVID-19 were eased and various government policies took effect. However, the outlook for the economy remained uncertain due to surging resource and crude oil prices resulting from the situation in Ukraine and the rapid depreciation of the yen.」
While acknowledging the recovery resulting from the easing of restrictions on activities, the disclosure continues to describe uncertainty over the outlook due to the situation in Ukraine, surging resource and crude oil prices, and the rapid depreciation of the yen. - FY2023-Q1ReframedAnnual report
「During the first quarter of the current fiscal year, the Japanese economy showed signs of recovery as restrictions on activities related to COVID-19 were eased and various government policies took effect. However, the outlook for the economy remained uncertain due to surging resource and crude oil prices resulting from the situation in Ukraine and the rapid depreciation of the yen.」
While acknowledging the recovery resulting from the easing of restrictions on activities, the description of the external environment, previously focused on the pandemic, adds the situation in Ukraine, surging resource and crude oil prices, and the rapid depreciation of the yen as new specific factors. - FY2022-Q3WorsenedAnnual report
「During the consolidated cumulative third quarter, Japan's economy remained in a challenging condition, although signs of a partial recovery continued amid the impact of COVID-19. There were also signs of spreading variants of concern due to their high transmissibility, and social and economic activity had not achieved a full recovery. The economic outlook is expected to remain uncertain.」
Describes the spread of highly transmissible variants of concern and the failure of social and economic activity to achieve a full recovery, in addition to the impact of COVID-19, providing greater detail on the uncertainty surrounding the external environment. - FY2022-Q2RestatedAnnual report
「During the consolidated cumulative second quarter, Japan's economy remained in a challenging condition, although signs of a partial recovery continued amid the continuing impact of COVID-19. Vaccinations were progressing, but social and economic activity had not achieved a full recovery, and the economic outlook remained uncertain.」
Continues to describe the impact of COVID-19, the failure of social and economic activity to achieve a full recovery, and uncertainty over the outlook. - FY2022-Q1RestatedAnnual report
「During the consolidated cumulative first quarter, Japan's economy remained in a challenging condition as restrictions on economic and social activity continued due to the reissuance of the state of emergency, despite signs of a partial recovery amid the continuing impact of COVID-19. Although vaccinations had begun, the timing of the pandemic's resolution remained uncertain, and the economic outlook continued to be uncertain.」
Continues to describe restrictions on economic and social activity and uncertainty over the outlook due to COVID-19, while also referring to a partial recovery and the start of vaccinations. - FY2021WorsenedAnnual report
「The economic impact of the global spread of COVID-19 has yet to subside, and the extremely uncertain environment surrounding the company continues to be its greatest concern in the outlook.」
Explicitly identifies the continuing extremely uncertain environment, as the economic impact of the global spread of COVID-19 has yet to subside, as the greatest concern. - FY2021-Q3WorsenedAnnual report
「During the consolidated cumulative third quarter, Japan's economy remained in an extremely severe condition as the global spread of COVID-19 continued for an extended period. Although the economy began to recover moderately as economic activity gradually resumed through various government measures, infections spread again in winter, and the economic outlook remained uncertain due to deteriorating employment conditions and corporate performance.」
Newly describes the prolonged spread of COVID-19, its resurgence in winter, and deterioration in employment conditions and corporate performance, providing greater detail on the severity of the external economic environment. - FY2021-Q2RestatedAnnual report
「During the consolidated cumulative second quarter, Japan's economy deteriorated rapidly and remained in an extremely severe condition as economic activity was significantly restricted by the global spread of COVID-19. Although economic activity gradually recovered following the lifting of the state of emergency, the economic outlook remained uncertain due to deteriorating employment conditions and corporate performance.」
Describes restrictions on economic activity and the deterioration of the economy caused by COVID-19, while also referring to the moderate recovery after the state of emergency was lifted, continuing the description of external environment risks from the previous quarter. - FY2021-Q1WorsenedAnnual report
「During the consolidated cumulative first quarter, Japan's economy deteriorated rapidly and remained in an extremely severe condition as economic activity and personal consumption were significantly restricted by the global spread of COVID-19. Although economic activity gradually resumed following the lifting of the state of emergency, the recovery remained slow and the economic outlook continued to be uncertain.」
Describes restrictions on economic activity and personal consumption, the rapid deterioration of the economy and the slow recovery resulting from the global spread of COVID-19, providing greater detail on the deterioration in the external environment. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, Japan's economy followed a moderate recovery trend in the first half due to improvements in corporate earnings and employment and income conditions, but was significantly weighed down in the second half by the consumption tax increase and the spread of COVID-19. Uncertainty over the outlook increased as domestic production and exports declined, and these conditions are expected to continue.」
In addition to the previously cited US-China trade friction and geopolitical risks, describes the downward pressure on the economy from the consumption tax increase and the spread of COVID-19, declines in production and exports, and increased uncertainty over the outlook. - FY2020-Q3ReframedAnnual report
「During the consolidated cumulative third quarter, Japan's economy continued to follow a moderate recovery trend due to improving employment and income conditions and resilient corporate earnings, but remained uncertain due to the slowdown in the global economy, overseas political conditions, rising geopolitical risks and other factors.」
While acknowledging improvements in employment and income conditions and corporate earnings, the description changed from one centered on US-China trade friction and slowing growth in China to external environment risks centered on the global economic slowdown, overseas political conditions and geopolitical risks. - FY2020-Q2ReframedAnnual report
「During the consolidated cumulative second quarter, Japan's economy continued to follow a moderate recovery trend due to improving employment and income conditions and solid domestic demand, but uncertainty over the outlook increased due to the prolonged US-China trade dispute, slowing growth in China, political and policy developments in various countries, rising geopolitical risks and other factors.」
Expands and provides greater detail on external environment risks by citing, in addition to US-China trade friction, slowing growth in China, political and policy developments in various countries, and geopolitical risks. - FY2020-Q1RestatedAnnual report
「During the consolidated cumulative first quarter, Japan's economy followed a moderate recovery trend due to improving employment and income conditions and solid domestic demand, but uncertainty over the outlook increased amid rising tensions surrounding US-China trade friction.」
While acknowledging improvements in employment and income conditions and domestic demand, continues to describe uncertainty over the outlook due to tensions surrounding US-China trade friction. - FY2019RestatedAnnual report
「During the consolidated fiscal year, Japan's economy followed a moderate recovery trend as corporate earnings and employment conditions improved, but the outlook remained uncertain due to US-China trade friction and rising geopolitical risks.」
While acknowledging improvements in corporate earnings and employment conditions, continues to describe uncertainty over the outlook due to US-China trade friction and geopolitical risks. - FY2019-Q3ReframedAnnual report
「During the consolidated cumulative third quarter, Japan's economy followed a moderate recovery trend due to improvements in corporate earnings, employment conditions and the income environment, but the outlook remained uncertain amid concerns about the impact of US-China trade friction on the global economy.」
While acknowledging improvements in corporate earnings, employment conditions and the income environment, specifically identifies the impact of US-China trade friction on the global economy as an external environment risk. - FY2019-Q2ReframedAnnual report
「During the consolidated cumulative second quarter, Japan's economy continued to follow a moderate recovery trend due to improvements in corporate earnings, employment conditions and the income environment, but the outlook remained uncertain due to companies' sense of labor shortages and the impact of trade friction on the global economy.」
While acknowledging improvements in corporate earnings, employment conditions and the income environment, adds companies' sense of labor shortages to the previously cited trade tensions, providing greater detail on external environment risks. - FY2019-Q1ReframedAnnual report
「During the consolidated cumulative first quarter, Japan's economy followed a moderate recovery trend due to solid corporate performance and improving employment conditions, but the outlook became uncertain due to factors including rising trade tensions.」
While acknowledging the recovery trend in corporate performance and employment conditions, newly highlights rising trade tensions as a specific external environment risk. - FY2018ReframedAnnual report
「During the consolidated fiscal year, Japan's economy followed a moderate recovery trend as corporate earnings and employment conditions improved, but the outlook remained uncertain amid concerns about the impact of changes in political conditions in Japan and overseas.」
The description changed from specific factors such as US political conditions and emerging Asian economies to external environment risks centered on changes in political conditions in Japan and overseas. - FY2018-Q3RestatedAnnual report
「During the consolidated cumulative third quarter, Japan's economy continued to face an uncertain outlook due to US political conditions, rising geopolitical risks and unstable developments in emerging Asian economies, although corporate earnings and employment conditions followed a moderate recovery trend.」
While acknowledging the moderate recovery trend in corporate earnings and employment conditions, continues to cite US political conditions, geopolitical risks and unstable developments in emerging Asian economies as external environment risks. - FY2018-Q2ReframedAnnual report
「During the consolidated cumulative second quarter, Japan's economy continued to face an uncertain outlook due to US political conditions, rising geopolitical risks and unstable developments in emerging Asian economies, although corporate earnings and employment conditions followed a moderate recovery trend.」
While acknowledging the recovery trend in corporate earnings and employment conditions, specifically identifies US political conditions, geopolitical risks and unstable developments in emerging Asian economies as external environment risks. - FY2018-Q1ReframedAnnual report
「During the consolidated cumulative first quarter, Japan's economy continued to face an uncertain outlook due to the impact of US political conditions and unstable developments in emerging Asian economies, although corporate earnings and employment conditions followed a moderate recovery trend.」
While acknowledging the recovery trend in corporate earnings and employment conditions, the specific examples of external environment risks changed from yen appreciation and slowing growth in China and emerging economies to US political conditions and instability in emerging Asian economies. - FY2017ReframedAnnual report
「During the consolidated fiscal year, Japan's economy followed a moderate recovery trend supported by the government's economic policies and the Bank of Japan's monetary policy, but remains in a situation that requires close monitoring due to sluggish personal consumption and uncertainty over overseas conditions.」
The description of the external environment changed from one centered on the slowdown in China's economy, the UK's withdrawal from the EU, yen appreciation and slowing growth in emerging economies to a moderate recovery trend, while retaining references to sluggish personal consumption and uncertainty over overseas conditions. - FY2017-Q3ReframedAnnual report
「During the consolidated cumulative third quarter, Japan's economy entered a moderate recovery trend overall, supported by improving employment conditions and resilient corporate earnings, although consumer spending remained weak.」
The description changed from external factors centered on yen appreciation and slowing growth in emerging economies through the previous quarter to a moderate recovery trend supported by employment conditions and corporate earnings, while noting continued weakness in consumption. - FY2017-Q2ReframedAnnual report
「During the consolidated cumulative second quarter, Japan's economy remained stagnant due to a slowdown in corporate earnings caused by yen appreciation, slowing growth in emerging economies and sluggish capital investment.」
Although the impact of yen appreciation continued, the description of external environment risks changed from the previously cited slowdown in China's economy and the UK's withdrawal from the EU to slowing growth in emerging economies and sluggish capital investment. - FY2017-Q1First statedAnnual report
「Although employment conditions improved, the economy remained stagnant as the yen appreciated rapidly due to concerns about a slowdown in China's economy and the impact of the UK's withdrawal from the EU.」
Explains that deterioration in the external environment affected business conditions during the quarter. The financial statements also reported a ¥279 million foreign exchange loss.