Uncertainty arising from monetary policy, the UK's withdrawal from the EU and economic downturns in emerging markets
First written in FY2017-Q1. 13 of 32 entries say "Worsened", first in FY2017-Q3. Latest entry: 2026-08-05.
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
- 2026-08-05RestatedEarnings
「The outlook remains uncertain, including the impact of the situation in the Middle East and volatility in financial and capital markets.」
The company reaffirmed uncertainty in the external environment, including the situation in the Middle East and volatility in financial and capital markets. - FY2026ReframedAnnual report
「Although Japan's economy is expected to remain uncertain owing to the situation in the Middle East and the impact of volatility in financial and capital markets, as well as developments concerning US trade policy」
The description of external-environment risks has been recast to focus on the situation in the Middle East, volatility in financial and capital markets and US trade policy. - FY2026-H1WorsenedAnnual report
「The outlook remains uncertain owing to downside risks to the economy from the impact of US trade policy, downside risks to consumer sentiment from continued price increases, and volatility in financial and capital markets.」
In addition to the previous risks related to overseas economies, rising prices and volatility in financial and capital markets, the company explicitly identifies US trade policy and downside risks to consumer sentiment. - FY2025-H1WorsenedAnnual report
「The outlook remains uncertain owing to deterioration in overseas economies accompanying continued high interest rates in Europe and the US and the continued stagnation of China's property market, downside risks such as rising prices, the situation in the Middle East and volatility in financial and capital markets.」
In addition to the previous risks of global monetary tightening, the Chinese economy, rising prices, the situation in the Middle East and volatility in financial and capital markets, the company explicitly identifies continued high interest rates in Europe and the US and stagnation in China's property market. - FY2024-Q3WorsenedAnnual report
「During the third quarter of the consolidated cumulative period (1 April 2023 to 31 December 2023), Japan's economy followed a moderate recovery trend as employment and income conditions improved and various policies took effect. However, the outlook remained uncertain owing to deterioration in overseas economies accompanying global monetary tightening and concerns about the outlook for the Chinese economy, downside risks such as rising prices, the situation in the Middle East and volatility in financial and capital markets.」
In addition to the previous risks of global monetary tightening, deterioration in overseas economies, the Chinese economy, rising prices and volatility in financial and capital markets, the company explicitly identifies the situation in the Middle East. - FY2024-Q2WorsenedAnnual report
「During the second quarter of the consolidated cumulative period (1 April 2023 to 30 September 2023), Japan's economy followed a moderate recovery trend as employment and income conditions improved and various policies took effect. However, the outlook remained uncertain owing to deterioration in overseas economies accompanying global monetary tightening and concerns about the outlook for the Chinese economy, downside risks such as rising prices, and volatility in financial and capital markets.」
In addition to the previous risks of global monetary tightening, deterioration in overseas economies, rising prices and volatility in financial and capital markets, the company explicitly identifies concerns about the outlook for the Chinese economy. - FY2024-Q1ReframedAnnual report
「The outlook remains uncertain owing to the deterioration in overseas economies accompanying global monetary tightening, downside risks such as rising prices and volatility in financial and capital markets.」
The external-environment risk description has been recast to focus on deterioration in overseas economies accompanying global monetary tightening, rising prices and volatility in financial and capital markets. - FY2023-Q3RestatedAnnual report
「The outlook remains uncertain owing to downside risks such as global monetary tightening, rising prices and supply-side constraints, as well as volatility in financial and capital markets.」
The company has reaffirmed the uncertainty surrounding the external environment owing to global monetary tightening, rising prices, supply-side constraints and volatility in financial and capital markets. - FY2023-Q2WorsenedAnnual report
「The outlook remains uncertain owing to downside risks such as global monetary tightening, rising prices and supply-side constraints, as well as volatility in financial and capital markets.」
In addition to infectious diseases, the situation in Ukraine and constraints on raw material supplies, the company explicitly identifies global monetary tightening and rising prices. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the consolidated cumulative period (1 April 2022 to 30 June 2022), Japan's economy was expected to recover as economic and social activity normalised following thorough measures to prevent COVID-19 infections and the effects of various policies took hold. However, the outlook remained uncertain owing to downside risks such as constraints on raw material supplies and rising prices resulting from the prolonged situation in Ukraine and restrictions on economic activity in China, as well as volatility in financial and capital markets.」
In addition to the previous risks related to the situation in Ukraine, constraints on raw material supplies and rising prices, the company explicitly identifies the impact of restrictions on economic activity in China. - FY2022WorsenedAnnual report
「Although Japan's economy is expected to remain uncertain, owing to downside risks such as constraints on raw material supplies and rising prices resulting from the situation in Ukraine and volatility in financial and capital markets」
In addition to infectious diseases and supply chain disruptions, the company explicitly identifies constraints on raw material supplies and rising prices resulting from the situation in Ukraine as new downside risks. - FY2022-Q3WorsenedAnnual report
「The outlook remains uncertain owing to downside risks from constraints on raw material supplies and rising prices, the economic impact of infectious diseases including variant strains, and volatility in financial and capital markets.」
In addition to infectious diseases and volatility in financial and capital markets, the company explicitly identifies downside risks from constraints on raw material supplies and rising prices and the impact of variant strains, broadening the scope of external-environment risks. - FY2022-Q2WorsenedAnnual report
「The outlook remains uncertain owing to the impact on the economy of infection trends in Japan and overseas and supply chain disruptions, as well as volatility in financial and capital markets.」
In addition to infection trends and volatility in financial and capital markets, the company explicitly identifies the economic impact of supply chain disruptions, broadening the scope of external-environment risks. - FY2022-Q1RestatedAnnual report
「However, the outlook remains uncertain owing to the impact of infection trends on domestic and overseas economies and volatility in financial and capital markets.」
The company has reaffirmed the uncertainty in the outlook owing to infection trends, domestic and overseas economies and volatility in financial and capital markets. - FY2021WorsenedAnnual report
「The outlook remained uncertain owing to rising downside risks from the spread of infections in Japan and overseas and volatility in financial and capital markets.」
Regarding uncertainty in the external environment, the company explicitly describes rising downside risks from the spread of COVID-19, indicating that the risks have become more serious than previously stated. - FY2021-Q2RestatedAnnual report
「However, the outlook remains uncertain owing to developments in infectious diseases in Japan and overseas and volatility in financial and capital markets.」
The company has reaffirmed the uncertainty surrounding the external environment owing to developments in infectious diseases and volatility in financial and capital markets. - FY2021-Q1RestatedAnnual report
「However, the outlook remains uncertain owing to developments in infectious diseases in Japan and overseas and volatility in financial and capital markets.」
The company has reaffirmed the uncertainty surrounding the external environment owing to developments in infectious diseases and volatility in financial and capital markets. - FY2020WorsenedAnnual report
「The global spread of COVID-19 is having a significant impact on the global economy and financial markets, and the outlook remains uncertain because of concerns about a further downturn in domestic and overseas economies resulting from the pandemic.」
In addition to the previous uncertainty surrounding trade issues, overseas economies and financial markets, the company explicitly identifies the impact of the global spread of COVID-19 on the global economy and financial markets, as well as concerns about a further downturn. - FY2020-Q3ReframedAnnual report
「However, the outlook remains uncertain owing to the impact of trade issues, developments in overseas economies including the situation in the Middle East and volatility in financial and capital markets, as well as consumer sentiment following the consumption tax rate increase.」
The description of external-environment risks has been revised to include developments in overseas economies, including the situation in the Middle East, and to recast the previous list of trade issues, financial and capital markets, and consumer sentiment. - FY2020-Q2ReframedAnnual report
「However, the outlook remains uncertain owing to the impact of trade issues, developments in overseas economies and volatility in financial and capital markets, as well as consumer sentiment following the consumption tax rate increase.」
In addition to the existing risks related to trade issues, overseas economies and volatility in financial and capital markets, the company has added consumer sentiment following the consumption tax rate increase as an external-environment risk. - FY2020-Q1ReframedAnnual report
「However, exports have weakened owing to trade issues and developments in overseas economies, while the outlook remains uncertain owing to volatility in financial and capital markets.」
The external-environment risk description has been recast to include weakening exports resulting from trade issues and developments in overseas economies, as well as volatility in financial and capital markets. - FY2019ReframedAnnual report
「The outlook remains uncertain owing to trade issues, developments in overseas economies and policy uncertainty, as well as volatility in financial and capital markets.」
The description of external-environment risks has been organised around trade issues, uncertainty in overseas economies and policy, and volatility in financial and capital markets. - FY2019-Q3ReframedAnnual report
「The global economy is generally maintaining its recovery trend, but the outlook remains uncertain owing to developments in and the impact of trade issues, uncertainty over various policies and volatility in financial and capital markets.」
The description of external-environment risks has been recast to include uncertainty over various policies and volatility in financial and capital markets, in addition to trade issues. - FY2019-Q2ReframedAnnual report
「The global economy is generally maintaining its recovery trend, but the outlook remains uncertain owing to developments in and the impact of trade issues and economic developments in emerging markets and elsewhere.」
The description of external-environment risks has been recast to focus on developments in and the impact of trade issues and economic developments in emerging markets and elsewhere. - FY2019-Q1ReframedAnnual report
「However, the outlook remains uncertain, owing to future US policy, developments in trade issues and uncertainty in overseas economies.」
The list of external-environment risks has been recast from the previous wording centred on US policy, Brexit and the North Korea issue to wording that includes developments in trade issues and uncertainty in overseas economies. - FY2018ReframedAnnual report
「Although Japan's economy is expected to remain uncertain, owing to continued uncertainty in overseas economies and rising geopolitical risks」
The explanation of external-environment risks has been recast from a specific list of US policy, Brexit and the North Korea issue to the broader concepts of uncertainty in overseas economies and geopolitical risks. - FY2018-Q3RestatedAnnual report
「However, the outlook remains uncertain, owing to future US policy developments, the UK's Brexit issue and rising global geopolitical risks, centred on the increasingly tense situation surrounding North Korea.」
The company has reiterated the same uncertainty as in the previous quarter regarding US policy developments, Brexit and geopolitical risks centred on North Korea. - FY2018-Q2WorsenedAnnual report
「However, the outlook remains uncertain, owing to future US policy developments, the UK's Brexit issue and rising global geopolitical risks, centred on the increasingly tense situation surrounding North Korea.」
In addition to the existing external-environment risks, the company explicitly identifies rising global geopolitical risks, centred on the increasingly tense situation surrounding North Korea. - FY2018-Q1ReframedAnnual report
「However, the outlook remains uncertain, owing to future US policy developments, the UK's Brexit issue and rising global geopolitical risks.」
The list of external-environment risks has been recast as US policy developments, the UK's Brexit issue and global geopolitical risks. The normalisation of US monetary policy and economic downturns in emerging markets, which were previously mentioned, are not included here. - FY2017-Q3WorsenedAnnual report
「However, the outlook remains uncertain, owing to the impact of the normalisation of US monetary policy, uncertainty over various policies, the UK's Brexit issue and the risk of economic downturns in emerging markets, including China.」
In addition to the existing external economic risks, the company lists “uncertainty over various policies,” broadening the scope of the risks covered. - FY2017-Q2RestatedAnnual report
「However, the outlook remains uncertain, owing to the impact of the normalisation of US monetary policy, the UK's Brexit issue and the risk of economic downturns in emerging markets, including China.」
The company has reiterated the uncertainty surrounding the external economic environment, without any material changes. - FY2017-Q1First statedAnnual report
「The outlook remains uncertain, owing to the impact of the normalisation of US monetary policy, the UK's Brexit issue and the risk of economic downturns in emerging markets and resource-rich countries, including China.」
The company identifies US monetary policy, Brexit and economic downturns in emerging and resource-rich countries, including China, as risks to the outlook.