Risks from yen appreciation, falling share prices and a downturn in overseas economies
First written in FY2017-Q1. 13 of 30 entries say "Restated". Latest entry: 2026-11-13.
The whole theme swung hardest in 2020: 150 of 178 companies on the "Worse" side.
- 2026-11-13RestatedResults
「物価上昇が個人消費に及ぼす影響に加え、中東情勢や金融資本市場の変動等により、依然として先行き不透明な状況が続いております。」
物価上昇、中東情勢、金融資本市場の変動を外部環境上の懸念として継続記載した。 - FY2027-H1Recovery trend coexists with geopolitical and market volatility risksAnnual report
「During the interim consolidated accounting period, Japan's economy was on a gradual recovery path, supported by improvements in employment and income conditions and the effects of various policies. However, uncertainty about the outlook persisted due to the impact of rising prices on personal consumption, as well as the situation in the Middle East and volatility in financial and capital markets.」
While indicating a recovery trend driven by improvements in employment and income conditions, the company identified the impact of rising prices on personal consumption, the situation in the Middle East, and volatility in financial and capital markets as new concerns in the external environment. - 2026-08-10RestatedResults
「物価上昇が個人消費に及ぼす影響に加え、中東情勢や金融資本市場の変動等により、依然として先行き不透明な状況が続いております。」
物価上昇、中東情勢、金融資本市場の変動による先行き不透明感を継続記載した。 - FY2026WorsenedAnnual report
「During the consolidated fiscal year, personal consumption showed signs of recovery against a backdrop of improving employment and income conditions, but the outlook remained uncertain due to geopolitical risks, higher costs and inflationary pressure from exchange-rate fluctuations.」
While indicating a recovery in personal consumption, the company identified geopolitical risks, high costs, and inflationary pressure from exchange-rate fluctuations as concerns in the external environment. - FY2026-H1Recovery coexists with concerns over inflation and US policyAnnual report
「During the interim consolidated accounting period, inbound demand expanded and signs of a recovery in personal consumption emerged, but the outlook remained uncertain due to concerns about continued inflation and US policy trends.」
While indicating recovery in inbound demand and personal consumption, explicitly identified continued inflation and concerns about US policy trends as external-environment risks. - FY2024-Q3RestatedAnnual report
「During the nine-month period ended [the relevant date], the easing of activity restrictions related to COVID-19 supported the normalization of economic and social activity, and personal consumption and inbound demand recovered, indicating signs of an economic recovery. However, the outlook remained uncertain due to the impact of higher resource prices and inflation associated with the yen's depreciation.」
While indicating the recovery of personal consumption and inbound demand and signs of an economic recovery, continued to describe higher resource prices, inflation caused by yen depreciation and an uncertain outlook. - FY2024-Q2Recovery gains coexist with inflation risksAnnual report
「During the six-month period ended [the relevant date], the normalization of economic activity and recovery in inbound demand progressed as restrictions on activity related to COVID-19 were eased, and personal consumption began to recover. However, the outlook remained uncertain due to the impact of higher resource prices and inflation associated with the yen's depreciation.」
While indicating the easing of activity restrictions, the normalization of economic activity, and recovery in inbound demand and personal consumption, also cited higher resource prices, inflation caused by yen depreciation and an uncertain outlook. - FY2024-Q1SoftenedAnnual report
「During the three-month period ended [the relevant date], the Japanese economy was recovering moderately as economic activity normalized following the reclassification of COVID-19 as a Class 5 disease under the Infectious Diseases Control Act, but the outlook remained uncertain due to higher resource prices and inflation.」
While indicating the normalization of economic activity and a moderate economic recovery, continued to describe an uncertain outlook due to higher resource prices and inflation. The specific references to geopolitical factors and other items included previously were omitted. - FY2023WorsenedAnnual report
「Although social and economic activity was moving toward normalization following the COVID-19 pandemic, uncertainty about the outlook for the global economy continued due to higher resource prices and inflation associated with heightened geopolitical risks.」
In addition to the previous uncertainty in overseas economies, explicitly identified geopolitical risks, higher resource prices and inflation as external-environment concerns. - FY2023-Q3RestatedAnnual report
「During the nine-month period ended [the relevant date], restrictions on activity related to COVID-19 were eased, economic and social activity moved toward normalization, and signs of a moderate economic recovery emerged. However, the outlook remained uncertain due to the impact of higher resource and energy prices and soaring prices resulting from the situation in Ukraine and the rapid depreciation of the yen.」
While indicating the easing of restrictions on activity and signs of an economic recovery, continued to describe an uncertain outlook due to the situation in Ukraine, the rapid depreciation of the yen, higher resource and energy prices, and soaring prices. - FY2023-Q2WorsenedAnnual report
「During the six-month period ended [the relevant date], restrictions on economic activity related to COVID-19 were gradually eased and signs of normalization emerged. However, the outlook remained uncertain amid the renewed spread of infections from new variants, the prolonged situation in Ukraine, and soaring prices associated with the rapid depreciation of the yen.」
While indicating the easing of restrictions on economic activity, explicitly identified the renewed spread of new variants, the prolonged situation in Ukraine, the rapid depreciation of the yen and soaring prices as new external-environment concerns. - FY2023-Q1WorsenedAnnual report
「However, the outlook remained uncertain due to rising prices associated with the prolonged situation in Ukraine and the rapid depreciation of the yen.」
In addition to the previous uncertainty regarding overseas economies and other factors, explicitly identified the prolonged situation in Ukraine, the rapid depreciation of the yen and rising prices as new external-environment concerns. - FY2021-Q3WorsenedAnnual report
「During the nine-month period ended [the relevant date], the global spread of COVID-19 caused the economy to deteriorate rapidly, creating extremely severe conditions. Although signs of recovery emerged as economic activity resumed after the lifting of the state of emergency, the outlook remained uncertain as COVID-19 began to spread again.」
While indicating a recovery in economic activity, stated that conditions remained uncertain due to the renewed spread of COVID-19. - FY2021-Q1WorsenedAnnual report
「During the three-month period ended [the relevant date], the global spread of COVID-19 restricted economic activity in Japan and overseas, causing the economy to deteriorate rapidly and creating extremely severe conditions. Although a recovery is expected as social and economic activity is gradually increased, we expect conditions to remain uncertain for the time being.」
Described the restriction of economic activity in Japan and overseas caused by COVID-19, the rapid deterioration in the economy and extremely severe conditions, as well as the uncertain outlook for the time being. - FY2020WorsenedAnnual report
「In addition to developments in trade relations and volatility in the financial and capital markets, the global spread of COVID-19 restricted economic activity in Japan and overseas. Uncertainty therefore continued, and the business environment surrounding the Group remained difficult due to the diversification of personal consumption and a growing preference for saving.」
In addition to the previous uncertainty regarding trade relations and the financial and capital markets, explicitly identified restrictions on economic activity caused by COVID-19 as an external-environment concern. - FY2020-Q3WorsenedAnnual report
「During the nine-month period ended [the relevant date], the Japanese economy remained on a moderate recovery trend, but conditions continued to require attention to the impact of trade relations on the global economy and trends in consumer sentiment following the increase in the consumption tax rate.」
In addition to the impact of trade relations on the global economy, explicitly identified trends in consumer sentiment following the increase in the consumption tax rate as a new matter requiring attention. - FY2020-Q2RestatedAnnual report
「Although Japan's economy during the cumulative second-quarter period of the current consolidated fiscal year remained on a moderate recovery trend, the outlook remained uncertain due to factors including the impact of developments in trade issues on the global economy and uncertainty surrounding overseas economies and policies.」
Continued to describe concerns about overseas economies, trade relations and policy uncertainty as external-environment risks. - FY2020-Q1RestatedAnnual report
「During the three-month period ended [the relevant date], the Japanese economy remained on a moderate recovery trend, but continued in an uncertain outlook due to the impact of developments in trade relations on the global economy and uncertainty regarding overseas economies and policy trends.」
The disclosure continued to cover uncertainty about the outlook caused by trade issues and uncertainty surrounding overseas economies and policies. - FY2019WorsenedAnnual report
「However, uncertainty continued regarding the impact of developments in trade relations on the global economy, the outlook for the Chinese economy, and volatility in the financial and capital markets. The business environment surrounding the Company also remained difficult due to the diversification of personal consumption and a growing preference for saving.」
Explicitly identified, as external-environment concerns, US-China trade relations, the Chinese economy, the financial and capital markets, and the diversification of personal consumption and growing preference for saving. - FY2019-Q3WorsenedAnnual report
「During the nine-month period ended [the relevant date], the Japanese economy remained on a moderate recovery trend, but conditions continued to require attention to the impact of developments in US-China trade relations on the global economy and to uncertainty in overseas economies.」
In addition to the previous uncertainty in overseas economies, explicitly identified the impact of US-China trade relations on the global economy, providing greater specificity regarding external-environment concerns. - FY2019-Q2WorsenedAnnual report
「During the six-month period ended [the relevant date], the Japanese economy remained on a moderate recovery trend, but conditions continued to require attention to uncertainty in overseas economies and the impact of a series of natural disasters.」
Explicitly identified, in addition to uncertainty in overseas economies, the impact of a series of natural disasters as an external-environment concern. - FY2019-Q1RestatedAnnual report
「Although Japan's economy during the cumulative first-quarter period of the current consolidated fiscal year remained on a moderate recovery trend, the outlook continued to be uncertain due to factors including uncertainty in overseas economies.」
While indicating a recovery trend in the domestic economy, continued to describe downside risks arising from uncertainty in overseas economies. - FY2018RestatedAnnual report
「At the same time, downside risks to the domestic economy remained, including the impact of uncertainty in overseas economies and volatility in the financial and capital markets. The outlook therefore remained uncertain, and the Company's operating environment was expected to remain difficult.」
Continued to identify uncertainty in overseas economies and volatility in the financial and capital markets as factors weighing on the domestic economy. - FY2018-Q3RestatedAnnual report
「During the nine-month period ended [the relevant date], the Japanese economy showed signs of recovery in capital investment and personal consumption against a backdrop of improved corporate earnings and employment conditions, but continued in an uncertain outlook due to uncertainty in overseas economies.」
While indicating improvement in the domestic economy, continued to identify uncertainty in overseas economies as an external-environment risk creating an uncertain outlook. - FY2018-Q2RestatedAnnual report
「During the six-month period ended [the relevant date], the Japanese economy continued on a moderate recovery trend, supported by improvements in corporate earnings and employment conditions, but remained in an uncertain outlook amid concerns about the impact of uncertainty in overseas economies and volatility in the financial and capital markets.」
While indicating a recovery trend in the domestic economy, continued to identify uncertainty in overseas economies and volatility in the financial and capital markets as external-environment risks. - FY2018-Q1RestatedAnnual report
「During the three-month period ended [the relevant date], the Japanese economy remained on a moderate recovery trend, but continued to face downside risks arising from persistent uncertainty in overseas economies.」
Continued to identify uncertainty in overseas economies and associated downside risks as external-environment risks. - FY2017RestatedAnnual report
「Uncertainty in overseas economies and the financial and capital markets persisted. The business environment surrounding the Company also remained difficult, as personal consumption continued to stagnate amid a growing preference for saving.」
Continued to identify uncertainty and difficult conditions in overseas economies, the financial and capital markets, and personal consumption as external-environment risks. - FY2017-Q3WorsenedAnnual report
「During the nine-month period ended [the relevant date], the Japanese economy continued on a moderate recovery trend, but remained exposed to downside risks as uncertainty in the global economy increased amid the UK's decision to leave the EU and the US presidential election.」
The description changed to indicate that the economy was on a recovery trend, while uncertainty in the global economy had increased against the backdrop of the UK's exit from the EU and the US presidential election, leaving downside risks. - FY2017-Q2RestatedAnnual report
「During the six-month period ended [the relevant date], the Japanese economy continued to show stagnation in corporate earnings and employment conditions against a backdrop of yen appreciation and a downward trend in share prices, while also remaining exposed to downside risks in overseas economies, including concerns about the outlook for China and other emerging economies.」
Continued to identify yen appreciation, falling share prices, stagnation in corporate earnings and employment conditions, and concerns about China and emerging economies as external-environment risks. - FY2017-Q1First statedAnnual report
「Against a backdrop of the yen's appreciation and a downward trend in share prices, corporate earnings and employment conditions remained stagnant. The economy also remained exposed to downside risks in overseas economies, including the impact of the UK's decision to leave the EU and the normalization of US monetary policy, as well as concerns about the outlook for China and other emerging economies.」
Listed yen appreciation, share prices, the UK's exit from the EU, US monetary policy, and the Chinese and emerging-market economies as risk factors in the domestic and overseas economic environment.