Economic downturn due to yen appreciation, the UK's exit from the EU, and other factors
First written in FY2017-Q1. 14 of 28 entries say "Restated". Latest entry: FY2025.
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
- FY2025Updated areas of concernAnnual report
「During the fiscal year, the Japanese economy continued to recover gradually as the employment and income environment improved. However, the continued rise in prices poses a risk of weighing on private consumption through its impact on consumer sentiment, while U.S. policy developments, including trade policy, also pose a risk of weighing on the Japanese economy. Concerns also remain about the impact of volatility in financial and capital markets, and the outlook remains uncertain.」
Compared with its previous references to overseas economies, monetary tightening, and the Chinese economy, it identifies the impact of rising prices on consumer sentiment, U.S. trade policy, and volatility in financial and capital markets as new concerns. - FY2025-H1WorsenedAnnual report
「During the interim accounting period (1 April 2024 to 30 September 2024), the Japanese economy continued to recover gradually as the employment and income environment improved. However, a downturn in overseas economies resulting from the continued high interest-rate environment in Europe and the United States and the prolonged stagnation of China’s real estate market poses a risk of weighing on the Japanese economy. Concerns also remain about the impact of rising prices, conditions in the Middle East, and volatility in financial and capital markets, and the outlook remains uncertain.」
While acknowledging the gradual recovery in the domestic economy, it discloses concerns related to high interest rates in Europe and the United States, stagnation in China’s real estate market, a downturn in overseas economies, rising prices, conditions in the Middle East, and volatility in financial and capital markets. - FY2024WorsenedAnnual report
「During the fiscal year, the Japanese economy showed a gradual recovery as the employment and income environment improved. However, a downturn in overseas economies resulting from global monetary tightening poses a risk of weighing on the Japanese economy, while concerns remain about the impact of rising prices, conditions in the Middle East, and volatility in financial and capital markets, and the outlook remains uncertain.」
While acknowledging the gradual recovery in the domestic economy, it identifies a downturn in overseas economies, rising prices, conditions in the Middle East, and volatility in financial and capital markets as concerns. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter period (1 April 2023 to 31 December 2023), the Japanese economy showed a gradual recovery as the employment and income environment improved. However, a downturn in overseas economies, including the effects of global monetary tightening and concerns about the outlook for the Chinese economy, poses a risk of weighing on the Japanese economy, and the outlook remains uncertain.」
While acknowledging the gradual recovery in the domestic economy, it continues to disclose uncertainty related to global monetary tightening, the outlook for the Chinese economy, and a downturn in overseas economies. - FY2024-Q2WorsenedAnnual report
「During the cumulative second quarter period (1 April 2023 to 30 September 2023), the Japanese economy showed signs of a gradual recovery, supported by the effects of various policies. However, concerns remain about risks from a downturn in overseas economies resulting from global monetary tightening and the impact of rising prices, and the outlook remains uncertain.」
While acknowledging the recovery in the domestic economy, it adds the risk of a downturn in overseas economies resulting from global monetary tightening as a specific concern. - FY2024-Q1RestatedAnnual report
「Although a gradual recovery has emerged as the employment and income environment improves, supported by the effects of various policies, concerns remain about risks from a downturn in overseas economies and the impact of rising prices, and the outlook remains uncertain.」
While acknowledging the recovery in the domestic economy, it continues to disclose risks from a downturn in overseas economies and uncertainty about the outlook due to rising prices. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter period (1 April 2022 to 31 December 2022), the Japanese economy showed signs of a recovery under a “living with COVID-19” approach, supported by the effects of various policies. However, concerns remain about risks from a downturn in overseas economies, rising prices, and supply-side constraints, and the outlook remains uncertain.」
While acknowledging the recovery in economic activity, it continues to describe uncertainty about the outlook due to a downturn in overseas economies, rising prices, and supply-side constraints. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter period (1 April 2022 to 30 September 2022), the Japanese economy showed signs of a recovery as economic and social activity moved toward normalization following the easing of restrictions on activity related to COVID-19. However, concerns remain about the impact on households and companies of soaring raw material prices resulting from the situation in Ukraine and rising prices accompanying the yen’s depreciation, and the outlook remains uncertain.」
While acknowledging the recovery resulting from the normalization of economic and social activity, it continues to describe uncertainty about the outlook due to the situation in Ukraine, soaring raw material prices, and the yen’s depreciation and rising prices. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter period (1 April 2022 to 30 June 2022), the Japanese economy showed signs of a recovery as economic and social activity moved toward normalization following thorough measures against COVID-19. However, the outlook remains uncertain due in part to the rapid depreciation of the yen and soaring raw material prices resulting from the situation in Ukraine.」
While describing the recovery resulting from the normalization of economic and social activity, it explicitly identifies the rapid depreciation of the yen and soaring raw material prices resulting from the situation in Ukraine as concerns. - FY2022WorsenedAnnual report
「During the fiscal year, the Japanese economy saw continued signs of a recovery as thorough measures were taken against COVID-19 and economic and social activity continued, supported by the effects of various policies and improvements in overseas economies. However, the outlook remains uncertain amid the spread of new variants and heightened geopolitical risks related to the situation in Ukraine and elsewhere.」
In addition to the uncertainty under COVID-19, it identifies the spread of new variants and geopolitical risks related to the situation in Ukraine and elsewhere as new concerns. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter period (1 April 2021 to 30 June 2021), the Japanese economy remained in a difficult condition due to the impact of COVID-19. Although signs of a recovery have continued, supported by the effects of various policies and improvements in overseas economies, weakness has increased in some areas, and the economy continues to face an uncertain outlook.」
While acknowledging the recovery driven by the effects of policy measures and improvements in overseas economies, it states that “weakness has increased in some areas” and continues to characterize the economic risks under COVID-19 as severe. - FY2021RestatedAnnual report
「During the fiscal year, the Japanese economy remained in a difficult condition due to the impact of COVID-19. Although signs of a gradual recovery have emerged as a result of the effects of various policies and improvements in overseas economies, the economy continues to face an uncertain outlook, partly because the end of the pandemic remains unforeseeable.」
It continues to describe the difficult economic environment caused by COVID-19 and the lack of visibility on when the pandemic will end, despite signs of a recovery. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter period (1 April 2020 to 31 December 2020), the Japanese economy remained in a difficult condition due to the impact of COVID-19. Although signs of a recovery have emerged on the back of the effects of various policies and improvements in overseas economies, the economy continues to face an uncertain outlook.」
It continues to describe both the difficult economic conditions and uncertain outlook under the impact of COVID-19, while also noting signs of a recovery driven by the effects of policy measures and improvements in overseas economies. - FY2021-Q2SoftenedAnnual report
「During the cumulative second quarter period (1 April 2020 to 30 September 2020), the Japanese economy remained in a difficult condition due to the impact of COVID-19. Although signs of a recovery have recently emerged, the economy continues to face an uncertain outlook.」
The description changed from “the economy deteriorated rapidly and was in an extremely difficult condition” in the first quarter to stating that signs of a recovery have recently emerged. At the same time, the assessment that the economy remains difficult and its outlook uncertain has been maintained. - FY2021-Q1WorsenedAnnual report
「During the cumulative first-quarter period under review (from 1 April 2020 to 30 June 2020), Japan’s economic activity was severely restricted due to the spread of COVID-19, causing the economy to deteriorate rapidly and enter an extremely difficult situation.」
It states that, in addition to the existing uncertainty surrounding overseas economies, economic activity was significantly restricted by COVID-19, causing the economy to deteriorate rapidly. - FY2020-Q3WorsenedAnnual report
「During the cumulative third-quarter period under review (from 1 April 2019 to 31 December 2019), the Japanese economy continued to recover moderately as employment and income conditions improved and various policies took effect, but the economic outlook remained uncertain due to concerns about developments in trade issues, the outlook for the Chinese economy, developments in overseas economies including the UK’s exit from the EU, fluctuations in financial and capital markets, and consumer sentiment following the increase in the consumption tax rate.」
In addition to trade issues, the Chinese economy, overseas economies and financial and capital markets, the company identifies the UK’s exit from the EU and consumer sentiment following the consumption tax rate increase as factors of concern. - FY2020-Q2WorsenedAnnual report
「During the cumulative second-quarter period under review (from 1 April 2019 to 30 September 2019), the Japanese economy continued to recover moderately as employment and income conditions improved and various policies took effect, but the economic outlook remained uncertain due to concerns about the impact of rising tensions over trade issues on the global economy, the outlook for the Chinese economy, uncertainty in overseas economies, and fluctuations in financial and capital markets.」
In addition to the previously cited trade issues and uncertainty in overseas economies, the company identifies rising tensions over trade issues and the outlook for the Chinese economy as specific factors of concern. - FY2020-Q1RestatedAnnual report
「During the cumulative first-quarter period under review (from 1 April 2019 to 30 June 2019), the Japanese economy continued to recover moderately against a backdrop of improving employment and income conditions, but the economic outlook remained uncertain due to concerns about the impact of developments in trade issues on the global economy, uncertainty in overseas economies, and fluctuations in financial and capital markets.」
The company continues to disclose the uncertain economic outlook arising from trade issues, uncertainty in overseas economies, and fluctuations in financial and capital markets. - FY2019RestatedAnnual report
「The economy remained uncertain due to concerns about the impact of developments in trade issues on the global economy and uncertainty in overseas economies.」
The company continues to disclose the uncertain economic outlook arising from trade issues and uncertainty in overseas economies. - FY2019-Q3RestatedAnnual report
「During the cumulative third-quarter period under review (from 1 April 2018 to 31 December 2018), the Japanese economy remained on a moderate recovery trend against a backdrop of recovering corporate earnings and improving employment conditions, but the economic outlook remained uncertain due to concerns about uncertainty in overseas economies and other factors.」
The company continues to disclose the uncertain economic outlook arising from uncertainty in overseas economies and other factors. - FY2019-Q2RestatedAnnual report
「Although the economy continued to recover moderately against a backdrop of improved corporate earnings and employment conditions, it remained uncertain due to concerns about uncertainty in overseas economies and geopolitical risks.」
The company continues to disclose the uncertain economic outlook arising from uncertainty in overseas economies and geopolitical risks. - FY2018RestatedAnnual report
「Although overseas economies in both the United States and Europe continued to recover steadily, concerns remained about economic downturns caused by political and policy developments in various countries and rising geopolitical risks, and the situation remained unpredictable.」
The company continues to disclose concerns about economic downturns arising from political and policy developments overseas and geopolitical risks. - FY2018-Q3RestatedAnnual report
「Although overseas economies in both the United States and Europe continued to recover steadily, concerns remained about economic downturns caused by political and policy developments in various countries and rising geopolitical risks, and the situation remained unpredictable.」
The company continues to disclose concerns about economic downturns arising from political and policy developments overseas and geopolitical risks. - FY2018-Q2Reinclusion of external-environment risksAnnual report
「Overseas, various factors of concern remain regarding the outlook for the domestic economy, including uncertainty over US policy management and rising geopolitical risks in Asia and Europe, and the situation remains unpredictable.」
External conditions that could not be confirmed as individual risks at the end of the previous period are again described in terms of uncertainty over US policy management and geopolitical risks in Asia and Europe. - FY2017DroppedAnnual report
「During the fiscal year under review (from 1 April 2016 to 31 March 2017), the Japanese economy remained on a moderate recovery trend overall, supported by improved employment conditions resulting from the government’s economic policies and the Bank of Japan’s monetary policy, while personal consumption generally continued to recover.」
The individual external-environment risks previously disclosed through the preceding quarter, including yen appreciation, the UK’s exit from the EU and the slowdown in emerging-market economies, cannot be confirmed as standalone risks in this annual securities report. - FY2017-Q3RestatedAnnual report
「At the same time, the outlook remained uncertain due to the rapid depreciation of the yen and rise in stock prices following the US presidential election, concerns about the effects on national economies of the slowdown in emerging-market economies and changes in economic conditions in Europe and the United States, and other factors.」
The company continues to disclose the uncertain outlook arising from rapid yen depreciation, the slowdown in emerging-market economies, and changes in economic conditions in Europe and the United States. - FY2017-Q2RestatedAnnual report
「However, the global economy continued to face an uncertain outlook due to the effects of the UK’s exit from the European Union (EU) and the slowdown in emerging-market economies.」
The company continues to disclose the uncertain outlook for the global economy arising from the UK’s exit from the EU and the slowdown in emerging-market economies. - FY2017-Q1First statedAnnual report
「At the same time, the outlook remains uncertain due to the rapid appreciation of the yen, the issue of the UK’s exit from the EU, and the risk of economic downturns in emerging and resource-exporting economies.」
The company newly cites rapid yen appreciation, the UK’s exit from the EU, and economic downturns in emerging and resource-exporting economies as factors making the outlook uncertain.