Downside risks to the global economy from inflation and the situation in Ukraine
First written in FY2023-Q3. 4 of 9 entries say "Reframed", first in FY2023. Latest entry: 2026-09-11.
The whole theme swung hardest in 2022: 46 of 79 companies on the "Worse" side.
32 other companies' latest entry also says "Restated".
- 2026-09-11RestatedEarnings
「Meanwhile, as monetary policy normalization progresses, including interest-rate hikes by the Bank of Japan, the outlook remains one that requires close monitoring, including the impact on personal consumption and corporate activity of U.S. trade policy, geopolitical risks in the Middle East, and inflation caused by persistently high raw-material and energy prices.」
The Group continued to cite U.S. trade policy, geopolitical risks in the Middle East, inflation and other downside economic factors. - FY2026-H1ReframedAnnual report
「Although the economy continued on a path of moderate recovery, supported by improvements in employment and income conditions, the outlook remains uncertain due to continued price increases and exchange-rate trends, as well as the impact on energy and material prices from heightened geopolitical risks, including the situation in the Middle East.」
The description has changed from the previous references to U.S. trade policy and financial and capital markets to factors that could weigh on the economy, including prices and exchange rates, heightened geopolitical risks such as the situation in the Middle East, and their impact on energy and material prices. - 2026-03-13RestatedEarnings
「Looking ahead, in addition to the impact of interest-rate trends in Europe and the United States, the situation continues to require attention to factors weighing on the economy, including persistent inflation, U.S. policy developments, geopolitical risks and volatility in financial and capital markets.」
The explanation of downside economic factors that emerged in FY2025-H1 has been maintained. - FY2025-H1ReframedAnnual report
「Looking ahead, gradual economic recovery is expected to be supported by improvements in employment and income conditions and the effects of various policies, but downside risks to the economy due to the impact of U.S. trade policy are increasing. In addition, the continued rise in prices, including its impact on private consumption through deterioration in consumer sentiment, represents a downside risk to the domestic economy. Greater attention must also be paid to the effects of fluctuations in financial and capital markets.」
The description of risks has broadened from the previous explanation of economic downside pressure from inflation and the yen's depreciation to multiple factors that could weigh on the domestic economy, including U.S. trade policy, rising prices, and financial and capital market volatility. The company states that downside risks to the economy from the impact of U.S. trade policy are increasing. - FY2024ReframedAnnual report
「During the fiscal year under review (1 November 2023 to 31 October 2024), the Japanese economy showed some signs of stagnation due to factors such as price increases caused by the yen's depreciation, but continued to recover moderately, supported by improvements in employment and income conditions.」
The description has changed from the previous focus on inflation risks centered on rising raw material and energy prices to an explanation of the economic environment, including price increases caused by the yen's depreciation and economic stagnation. - FY2024-Q2RestatedAnnual report
「Meanwhile, the outlook remains uncertain due to factors such as the impact of inflation risks, including the global surge in raw material and energy prices.」
The company continues to describe the uncertainty surrounding the outlook due to inflation risks. - FY2024-Q1SoftenedAnnual report
「Meanwhile, the outlook remains uncertain due to factors such as the impact of inflation risks, including the global surge in raw material and energy prices.」
References to the situation in Ukraine and monetary tightening in Europe and the United States, which were mentioned in the previous period, have been removed, leaving a description focused on inflation risks. - FY2023ReframedAnnual report
「Meanwhile, in addition to inflation risks, including the global surge in raw material and energy prices, the outlook remains uncertain due to factors such as the impact of monetary tightening in Europe and the United States.」
The description has changed from the previous reference to the situation in Ukraine to one citing monetary tightening in Europe and the United States in addition to inflation risks. - FY2023-Q3First statedAnnual report
「In addition to inflation risks, including the global surge in raw material and energy prices, concerns have arisen over downside risks to the global economy due to the worsening situation in Ukraine, and the outlook remains uncertain.」
Inflation and the situation in Ukraine are described as external risks to the global economy and the outlook.