Geopolitical, Overseas Economic and Policy Uncertainty
First written in FY2018-Q3. 12 of 30 entries say "Worsened", first in FY2020-Q1. Latest entry: 2026-08-07.
Optimus Group moved to the "Worse" side of this theme in 2019, 3 years before the typical company in this theme (2022).
The whole theme swung hardest in 2022: 45 of 78 companies on the "Worse" side.
36 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「During the consolidated fiscal year, the global economy maintained generally solid growth, supported by monetary easing and AI-related capital investment, among other factors. At the same time, uncertainty increased further due to the impact of geopolitical risks, including the situation in the Middle East.」
While monetary easing and AI investment provided support, the company explained that uncertainty in the global economy had increased due to geopolitical risks, including the situation in the Middle East. - 2026-05-15WorsenedEarnings
「Supported by the effects of monetary easing and AI-related capital investment, the economy as a whole has maintained resilient growth. However, the global economy is becoming increasingly uncertain due in part to geopolitical risks, including the situation in the Middle East.」
Geopolitical risks continued to be cited, with the outlook described as increasingly uncertain. - FY2026-H1Tariff policy, interest-rate cuts and intensifying market competition cited togetherAnnual report
「During the interim consolidated accounting period, global conditions were generally stable, supported in part by the resilience of the US economy. At the same time, the outlook for the global economy remained uncertain due to the direct and indirect effects of geopolitical risks and US tariff policy.」
The company explained that the global economy was generally stable, while uncertainty persisted due to the direct and indirect effects of geopolitical risks and US tariff policy. - FY2025-H1Disinflation, interest-rate cuts and weak economic conditions cited togetherAnnual report
「During the interim consolidated accounting period, the global economy remained generally firm, particularly in major countries and regions, and policy rates began to decline as inflation eased. However, geopolitical risks, including political developments, continued to have an uncertain impact on the economic environment.」
The company explained that the global economy remained firm, with inflation easing and interest-rate cuts under way, while uncertainty due to geopolitical risks, including political developments, persisted. - FY2024High prices, high interest rates and weak economic conditions in both countries cited togetherAnnual report
「In New Zealand, a core market for the Group's business, and Australia, which the Group considers a future growth market, inflation has eased as it has in Europe and the United States, but high prices and high interest rates have persisted in both countries.」
High prices and high interest rates have persisted in both New Zealand and Australia, and conditions were generally weak amid uncertainty surrounding economic conditions in major countries and the Chinese economy. - FY2024-Q3Disinflation, expectations that monetary tightening is ending, and concerns over an economic slowdown cited togetherAnnual report
「During the nine-month consolidated cumulative period, inflation appeared to have peaked, particularly in Europe and the United States, and the prolonged period of monetary tightening began to show signs of ending. At the same time, uncertainty surrounding the global economy remained high due to concerns over an economic slowdown caused by the cumulative effects of the prolonged policies and the impact of geopolitical risks, including the situation in Ukraine.」
While disinflation and expectations that monetary tightening is ending were cited, the company explained that uncertainty remained due to concerns over an economic slowdown caused by cumulative monetary tightening and geopolitical risks. - FY2024-Q2High prices, high interest rates and uncertainty due to the general election updatedAnnual report
「In New Zealand, a core market for the Group's business, real GDP growth for calendar 2023 is estimated at around 1.1% (IMF estimate, October 2023). During the six-month consolidated cumulative period, economic uncertainty persisted amid prolonged high prices and high interest rates, with attention focused on developments surrounding the general election in October.」
New Zealand's real GDP growth outlook was stated at around 1.1%, while prolonged high prices, high interest rates and the October general election were cited as sources of economic uncertainty. - FY2024-Q1RestatedAnnual report
「During the three-month consolidated cumulative period, private consumption was supported by the end of the COVID-19 pandemic, but price levels remained high amid elevated policy rates in various countries as measures to contain inflation continued from the previous year, as well as wage increases caused by tight labor markets in Europe and the United States, and uncertainty about the outlook persisted. In New Zealand, a core market for the Group's business, real GDP growth for calendar 2023 is estimated at around 1.1% (IMF estimate, April 2023). During the three-month consolidated cumulative period, high prices and high interest rates persisted, and economic conditions remained weak.」
The company continued to cite uncertainty about the outlook due to global inflation, high interest rates and wage increases, as well as weak economic conditions in New Zealand due to high prices and high interest rates. - FY2023WorsenedAnnual report
「As economic activity moved toward normalization and patterns of behavior compatible with living with COVID-19 became established, the global economy remained clouded by uncertainty due to global inflation caused by the prolonged situation in Ukraine, policy-rate hikes by central banks in response, and financial instability at some financial institutions in Europe and the United States.」
While economic activity moved toward normalization, the situation in Ukraine, global inflation, policy-rate hikes and financial instability at European and US financial institutions were added as sources of uncertainty. - FY2023-Q3WorsenedAnnual report
「New Zealand, a core market for the Group's business, is expected to post real GDP growth of 2.3% in calendar 2022 (IMF, October 2022). Although the reopening of borders and other factors supported the economy through external demand, global inflation also affected consumption in New Zealand, and the central bank's series of interest-rate hikes in the second quarter led to a rapid cooling of domestic demand through the first half of the third quarter.」
While New Zealand's forecast real GDP growth was cited, the company explained that global inflation and central bank interest-rate hikes had caused domestic demand to cool rapidly. - FY2023-Q2WorsenedAnnual report
「During the six-month consolidated cumulative period, restrictions were eased in many countries as living with COVID-19 became established, while global inflation accelerated due to the prolonged situation in Ukraine and policy rates were raised in response. The outlook therefore remained uncertain.」
While restrictions were increasingly eased, accelerating global inflation due to the situation in Ukraine and higher policy rates were identified as new sources of uncertainty. - FY2023-Q1WorsenedAnnual report
「During the three-month consolidated cumulative period, the global economy continued to recover from the COVID-19 pandemic, particularly in major countries, but uncertainty about the outlook deepened due to rising commodity prices, tighter monetary policy and geopolitical risks.」
The company explained that the global economy continued to recover, while rising commodity prices, higher wages and tighter monetary policy deepened uncertainty about the outlook. It also noted the need to monitor continued interest-rate hikes in New Zealand. - FY2022Recovery trend and sources of uncertainty updatedAnnual report
「Although the global economy was gradually moving toward recovery, supported by fiscal stimulus in major countries and progress with vaccinations, uncertainty about the outlook persisted as the global spread of COVID-19, including variant strains, had not ended, and due to tight supply chains, higher commodity prices, the shift in monetary policy from easing to tightening, and geopolitical risks.」
The global economy was moving toward recovery, while COVID-19 variants, supply chains, commodity prices, the shift in monetary policy and geopolitical risks were listed as sources of uncertainty. - FY2022-Q3External sources of uncertainty updatedAnnual report
「During the nine-month consolidated cumulative period, the global economy was generally recovering due to fiscal stimulus and monetary easing in major countries and progress with vaccinations, although the COVID-19 pandemic had not ended. At the same time, uncertainty persisted due to the emergence of COVID-19 variants, tight supply chains, rising inflation amid higher resource prices and improving unemployment rates, and the impact on economic activity of reduced monetary easing in some developed countries.」
While the global economy was described as recovering, COVID-19 variants, tight supply chains, rising resource prices, higher inflation and reduced monetary easing were listed as new sources of uncertainty. - FY2022-Q2Recovery in the economy and external sources of uncertainty both citedAnnual report
「During the six-month consolidated cumulative period, the global economy was generally recovering due to fiscal stimulus and monetary easing in major countries and progress with vaccinations, although the COVID-19 pandemic had not ended. At the same time, uncertainty persisted due to periodic COVID-19 outbreaks, shortages of components for some products, rising resource prices and tight logistics demand.」
While fiscal and monetary policy and vaccinations were cited as supporting a recovery in the global economy, renewed COVID-19 outbreaks, component shortages, rising resource prices and tight logistics demand were identified as sources of uncertainty. - FY2022-Q1MitigatedAnnual report
「New Zealand's real GDP growth for calendar 2021 is forecast at around 4.0% (IMF, April 2021). As the country has succeeded in containing COVID-19 compared with other countries, housing demand and fiscal and monetary policy are supporting the economy.」
In New Zealand, the economy was supported by COVID-19 containment, housing demand, and fiscal and monetary policy, and real GDP growth for calendar 2021 was forecast at around 4.0%. - FY2021RestatedAnnual report
「As New Zealand has succeeded in containing COVID-19 compared with other countries, the economy is in the process of recovering, led by domestic demand such as private consumption.」
The company continued to explain that New Zealand's economy was recovering against a backdrop of COVID-19 containment and domestic demand. - FY2021-Q3MitigatedAnnual report
「As New Zealand has succeeded in containing COVID-19 compared with other countries, the economy is in the process of recovering, led by domestic demand such as private consumption.」
Although real GDP growth for calendar 2020 was expected to be in the negative 6% range, New Zealand's economy was described as being on a recovery path, supported by COVID-19 containment and domestic demand. - FY2021-Q2WorsenedAnnual report
「New Zealand has sought to support its economy through swift COVID-19 measures, fiscal stimulus and interest-rate cuts by the central bank, including a reduction to a record low of 0.25%, but real GDP growth in 2020 is forecast at -6.1% (IMF, as of October 2020).」
While support measures, including those addressing COVID-19, were cited, New Zealand's real GDP growth in 2020 was forecast at negative 6.1%, making the deterioration in the economic environment more concrete. - FY2021-Q1WorsenedAnnual report
「During the three-month consolidated cumulative period, the global economy slowed due to the COVID-19 pandemic. Uncertainty also increased amid geopolitical risks and concerns about a second wave of COVID-19 infections.」
In addition to the previous uncertainty surrounding international trade and geopolitical conditions, the disclosure cited the slowdown in the global economy caused by COVID-19 and concerns about a second wave of infections. - FY2020-Q3RestatedAnnual report
「During the nine-month consolidated cumulative period, uncertainty about the outlook for the global economy increased due to rising tensions over international trade and geopolitical tensions, and unstable conditions continued.」
The company continued to cite uncertainty in the global economy due to international trade and geopolitical tensions. It also explained that private consumption in New Zealand remained at a low level and that growth was expected to slow. - FY2020-Q2WorsenedAnnual report
「Although New Zealand's policy rate stood at a record-low 1.00%, private consumption was slowing against a backdrop of declining immigration and falling house prices in some regions, while business sentiment remained low, and growth is expected to be lower than previously.」
The slowdown in New Zealand's private consumption, weak business sentiment and expectations for lower growth than previously were identified, making the deterioration in the external environment more concrete. - FY2020-Q1WorsenedAnnual report
「During the three-month consolidated cumulative period, the global economy slowed as tensions over international trade, particularly between the United States and China, increased. At the same time, the risk of downward revisions to the outlook for the global economy increased amid political and policy uncertainty.」
The disclosure shifted from the previous reference to uncertainty about the outlook to a description of slowing global growth and the increasing risk of downward revisions due to political and policy uncertainty. - FY2019-Q3RestatedAnnual report
「Although the global economy continued to expand during the nine-month consolidated cumulative period, its momentum slowed, and concerns about the outlook increased amid rising tensions over international trade, including reciprocal tariff increases by the United States and China, and the possibility of the United Kingdom leaving the EU without an agreement.」
The slowdown in the global economy, US-China trade friction and the possibility of a no-deal Brexit continued to be cited as sources of uncertainty in the external environment. - FY2019-Q2RestatedAnnual report
「Although the global economy continued to expand during the six-month consolidated cumulative period, growth momentum showed signs of slowing, and uncertainty about the outlook increased amid rising tensions over international trade.」
The company continued to cite the slowing global economy and tensions over international trade as sources of uncertainty about the outlook. - FY2019-Q1RestatedAnnual report
「Meanwhile, amid rising tensions over international trade, the global economy has faced increasing uncertainty about its outlook.」
Tensions over international trade and uncertainty about the outlook for the global economy continued to be cited as external environmental concerns. - FY2018RestatedAnnual report
「Meanwhile, the global economy remained clouded by an uncertain outlook due to policy developments, including trade issues under the new US administration, and rising geopolitical risks.」
Trade policy and geopolitical risks continued to be cited as sources of uncertainty in the external environment for the global economy. - FY2018-Q3First statedAnnual report
「Although concerns remain over such factors as heightened geopolitical risks in North Korea and the Middle East, concerns remain over financial instability in China stemming from a sharp slowdown in real estate investment and an increase in non-performing loans, while in New Zealand, concerns remain over deteriorating business sentiment amid renewed policy uncertainty surrounding the new government」
The earnings discussion listed geopolitical risks, financial instability in China and policy uncertainty in New Zealand as external environmental concerns. The Business and Other Risks section stated that there had been no new risks or material changes.