Uncertainty in Overseas Political and Economic Conditions and Volatility in Financial and Capital Markets

「After the details of the U.S. tariff measures were finalized in August 2025, demand from overseas partners began to recover.」

「Although it was partly affected by US tariff measures introduced in April 2025,」

「During the interim consolidated accounting period, there were no new business or other risks and no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「During the nine-month consolidated period, there were no new business or other risks, nor any material changes to the business and other risks described in the securities report filed on 25 November 2023.」

「During the six-month consolidated period, there were no new business or other risks, nor any material changes to the business and other risks described in the securities report filed on 25 November 2023.」

「During the three-month consolidated period, there were no new business or other risks, nor any material changes to the business and other risks described in the securities report filed on 25 November 2023.」

「During the nine-month consolidated period, there were no new business or other risks, nor any material changes to the business and other risks described in the securities report filed on 25 November 2022.」

「During the six-month consolidated period, there were no new business or other risks, nor any material changes to the business and other risks described in the securities report filed on 25 November 2022.」

「During the three-month consolidated period, there were no new business or other risks, nor any material changes to the business and other risks described in the securities report filed on 25 November 2022.」

「To expand its business, the group plans to continue expanding its group businesses overseas. If economic fluctuations, political or social unrest, changes in laws and regulations, significant foreign exchange fluctuations or other events occur in individual countries, they may affect the group's business performance.」

「During the nine-month consolidated period, there were no new business or other risks, nor any material changes to the business and other risks described in the securities report filed on 25 November 2021.」

「During the six-month consolidated period, there were no new business or other risks, nor any material changes to the business and other risks described in the securities report filed on 25 November 2021.」

「Business conditions deteriorated due to restrictions on movement and requests to refrain from going out in Japan and overseas. As the spread of the infection has not yet subsided, its economic impact is expected to be prolonged, and the outlook for economic conditions remains uncertain.」

「The COVID-19 pandemic spread worldwide, and the declaration of a state of emergency in Japan led to a rapid deterioration in economic conditions. The outlook is also expected to remain challenging.」

「Amid numerous concerns, including developments related to trade tensions, the risk of a slowdown in the Chinese economy and the impact of volatility in financial capital markets, concerns have recently increased over the prolonged and worsening impact of the spread of COVID-19 on domestic and overseas economies, further clouding the outlook.」

「There are many concerns, including the impact of the prolonged US-China trade dispute on the global economy, the risk of a slowdown in the Chinese economy, developments related to the UK's withdrawal from the EU, and volatility in financial capital markets, leaving the outlook uncertain.」

「The outlook remains uncertain due to concerns over the impact of trade tensions on the global economy, the slowdown in Asian economies including China, and heightened geopolitical risks in East Asia, among other factors contributing to uncertainty in the global economy.」

「The outlook remains uncertain due to the impact of worsening US-China trade tensions, the slowdown in Asian economies, including China, uncertainty in the global economy, and volatility in financial capital markets.」

「The outlook remains uncertain due to concerns over the impact of escalating US-China trade tensions on the global economy, the slowdown in the Chinese economy, and developments related to the UK's withdrawal from the EU.」

「However, the outlook remains uncertain amid growing uncertainty in the global economy, including the impact of developments in trade issues on the global economy.」

「Although overseas economies have also shown gradual growth, the outlook remains uncertain due to concerns over policy developments in the United States and Europe, the outlook for East Asia, and volatility in financial capital markets.」

「Meanwhile, despite the gradual growth seen in overseas economies, the outlook remains uncertain due to concerns over the impact of political and economic uncertainty in countries overseas, including heightened geopolitical risks involving North Korea, and volatility in financial capital markets.」