Uncertainty in the External Environment Driven by Yen Appreciation, Slowing Asian Economies and the UK's Departure from the EU
First written in FY2017-Q1. 20 of 33 entries say "Reframed", first in FY2017-Q3. Latest entry: FY2026.
Kycom Holdings moved to the "Worse" side of this theme in 2022, 3 years after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
28 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「Meanwhile, although the impact of US trade policy was seen in some areas, the economy remained on a path of moderate recovery, supported by improvements in employment and income conditions and corporate earnings. At the same time, the outlook remained uncertain amid concern over downside risks from continued price increases, as well as instability in the international situation and volatility in financial and capital markets.」
The focus has shifted from previous references to high interest rates in Europe and the United States, China's property market, rising prices and the situation in the Middle East to external environment risks including US trade policy, China's sluggish economy, instability in the international situation and volatility in financial and capital markets. - 2026-05-14ReframedEarnings
「Although a gradual economic recovery is expected to continue, concerns about trade friction arising from the impact of U.S. trade policy, as well as exchange-rate volatility and geopolitical risks, are expected to keep conditions highly uncertain. A cautious view of the outlook therefore remains necessary.」
The company identifies U.S. trade policy, exchange-rate volatility and geopolitical risks as factors contributing to uncertainty in the external environment. - FY2026-H1ReframedAnnual report
「Meanwhile, the outlook remained uncertain amid concern over downside risks to the economy from the impact of US trade policy, China's sluggish economy and continued price increases, as well as prolonged instability in the international situations in Ukraine and the Middle East and volatility in financial and capital markets.」
The company cites US trade policy, China's sluggish economy and rising prices as downside factors for overseas economies, and also describes the situations in Ukraine and the Middle East and volatility in financial and capital markets as sources of uncertainty. - FY2025RestatedAnnual report
「Meanwhile, the outlook remained uncertain amid concern over downside risks to overseas economies from continued high interest rates in Europe and the United States and the continued stagnation of China's property market, as well as rising prices, heightened tensions in the Middle East and volatility in financial and capital markets.」
The company continues to identify high interest rates in Europe and the United States, stagnation in China's property market, rising prices, the situation in the Middle East and volatility in financial and capital markets as sources of uncertainty in the external environment. - FY2025-H1ReframedAnnual report
「Meanwhile, the outlook remained uncertain amid concern over downside risks to overseas economies from continued high interest rates in Europe and the United States and the continued stagnation of China's property market, as well as rising prices, heightened tensions in the Middle East and volatility in financial and capital markets.」
The company cites continued high interest rates in Europe and the United States and stagnation in China's property market as downside factors for overseas economies, and also describes rising prices, the situation in the Middle East and volatility in financial and capital markets as sources of uncertainty. - FY2024-Q3Added heightened tensions in the Middle East and persistently high energy pricesAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy remained on a path of moderate recovery as economic and social activity normalized following the reclassification of COVID-19 to Category 5 and the easing of restrictions on activity. Meanwhile, the outlook remained uncertain amid concern over downward pressure on the economy from volatility in financial and capital markets as global monetary tightening continued, as well as rising prices against a backdrop of persistently high raw material and energy prices resulting from prolonged tensions in Ukraine and heightened tensions in the Middle East.」
In addition to existing factors including global monetary tightening, volatility in financial and capital markets, the situation in Ukraine and persistently high raw material prices, the company cites heightened tensions in the Middle East and persistently high energy prices as factors of uncertainty. - FY2024-Q2RestatedAnnual report
「Meanwhile, the outlook remained uncertain amid concern over downward pressure on the economy from volatility in financial and capital markets as global monetary tightening continued, as well as rising prices against a backdrop of persistently high raw material prices resulting from prolonged tensions in Ukraine.」
The company continues to identify global monetary tightening, volatility in financial and capital markets, prolonged tensions in Ukraine, persistently high raw material prices and rising prices as sources of uncertainty in the external environment. - FY2024-Q1ReframedAnnual report
「During the cumulative first quarter of the current fiscal year, Japan's economy remained on a path of moderate recovery as economic and social activity normalized following the reclassification of COVID-19 to Category 5 under the Infectious Diseases Control Law and the easing of restrictions on activity. Meanwhile, the outlook remained uncertain amid concern over downward pressure on the economy from volatility in financial and capital markets as global monetary tightening continued, as well as rising prices against a backdrop of persistently high raw material prices resulting from prolonged tensions in Ukraine.」
In Japan, the company describes the normalization of economic and social activity following the reclassification of COVID-19 to Category 5 and the easing of restrictions on activity, while citing global monetary tightening, volatility in financial and capital markets, the situation in Ukraine, persistently high raw material prices and rising prices as factors of uncertainty. - FY2023-Q3Added the renewed spread of COVID-19 and the normalization of economic and social activityAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy recovered moderately and economic and social activity moved toward normalization, supported by the effects of measures to contain COVID-19 despite a renewed spread of infections. Meanwhile, the outlook remained uncertain amid concern over downside risks from a sharp yen depreciation caused by volatility in financial and capital markets as global monetary tightening progressed, as well as soaring raw material prices and supply constraints resulting from prolonged tensions in Ukraine.」
While continuing to cite global monetary tightening, rapid yen depreciation, the situation in Ukraine, soaring raw material prices and supply constraints as downside factors, the company also describes the renewed spread of COVID-19 and the normalization of economic and social activity in Japan. - FY2023-Q2Added rapid yen depreciation and global monetary tightening as external environment risksAnnual report
「Meanwhile, the outlook remained uncertain amid concern over downside risks from a sharp yen depreciation caused by volatility in financial and capital markets as global monetary tightening progressed, as well as soaring raw material prices and supply constraints resulting from prolonged tensions in Ukraine and restrictions on economic activity in China.」
In addition to existing factors including COVID-19, the situation in Ukraine, restrictions on economic activity in China, soaring raw material prices and supply constraints, the company cites global monetary tightening, volatility in financial and capital markets and rapid yen depreciation as factors of concern in the external environment. - FY2023-Q1ReframedAnnual report
「During the cumulative first quarter of the current fiscal year, Japan's economy showed signs of recovery as economic and social activity normalized with the decline in COVID-19 cases. However, the outlook remained uncertain amid concern over downside risks from the renewed spread of infections, prolonged tensions in Ukraine, soaring raw material prices and supply constraints resulting from restrictions on economic activity in China, and volatility in financial and capital markets.」
While describing the normalization of economic and social activity, the company cites renewed spread of infections, prolonged tensions in Ukraine, restrictions on economic activity in China, soaring raw material prices, supply constraints and volatility in financial and capital markets as downside factors. - FY2022ReframedAnnual report
「Toward the end of the fiscal year, the outlook remained unpredictable amid concern over downside risks from soaring raw material prices and volatility in financial and capital markets, as variant strains spread and the situation in Ukraine deteriorated.」
In addition to COVID-19, the company cites variant strains, the deterioration of the situation in Ukraine, soaring raw material prices and volatility in financial and capital markets as new downside factors in the external environment. - FY2022-Q3ReframedAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy continued to face an uncertain outlook because of intermittent declarations of a state of emergency and the application of priority preventive measures to stop the spread of COVID-19, but showed signs of recovery as vaccination progressed and restrictions on activity were temporarily lifted at the end of September. Meanwhile, although the global economy was on a recovery trend, conditions remained unpredictable because of soaring raw material prices and the spread of variant strains.」
The company describes a recovery in Japan supported by progress in vaccinations and the temporary lifting of restrictions on activity, while citing soaring raw material prices and the spread of variant strains as factors of uncertainty in the global economy. - FY2022-Q2ReframedAnnual report
「Meanwhile, although the global economy was on a recovery trend, conditions remained unpredictable because of the resurgence of COVID-19 infections, soaring raw material prices and semiconductor shortages.」
In addition to the resurgence of COVID-19 infections, the company has added soaring raw material prices and semiconductor shortages as factors of uncertainty in the global economy. - FY2022-Q1ReframedAnnual report
「During the cumulative first quarter of the current fiscal year, Japan's economy continued to show signs of recovery, but the outlook remained uncertain because of intermittent declarations of a state of emergency and the application of priority preventive measures to stop the spread of COVID-19. Meanwhile, although the US and Chinese economies were accelerating their recovery from the COVID-19 crisis, some emerging-market regions still showed no signs of containing the virus, and conditions remained unpredictable.」
The company continues to cite Japan's state of emergency declarations and priority preventive measures to stop the spread of COVID-19 as factors of uncertainty, while describing regional differences, namely accelerating recoveries in the United States and China and delayed containment in emerging economies. - FY2021RestatedAnnual report
「During the current consolidated fiscal year, economic activity in Japan stagnated because of the impact of requests to refrain from going out and requests for business closures as COVID-19 spread, causing sentiment to deteriorate sharply. Although signs of a recovery subsequently emerged, the number of infections rose sharply toward year-end, leaving the outlook uncertain. Overseas economies also remained unpredictable, as the spread of COVID-19 showed no signs of abating.」
The company continues to identify stagnation in domestic and overseas economies and uncertainty over the outlook resulting from the spread of COVID-19 as external environment risks. - FY2021-Q3RestatedAnnual report
「During the cumulative first quarter of the current fiscal year, economic activity in Japan stagnated because of the impact of requests to refrain from going out and requests for business closures as COVID-19 spread, causing sentiment to deteriorate sharply. Although signs of a recovery subsequently emerged, the number of infections rose sharply from November, leaving the outlook uncertain. Overseas economies also remained unpredictable, as the spread of COVID-19 showed no signs of abating.」
The company continues to describe stagnation in domestic and overseas economic activity and uncertainty over the outlook resulting from the spread of COVID-19 as external environment risks. - FY2021-Q1RestatedAnnual report
「During the cumulative first quarter of the current fiscal year, economic activity in Japan stagnated because of the impact of requests to refrain from going out and requests for business closures as COVID-19 spread, causing sentiment to deteriorate sharply and leaving the outlook uncertain. Overseas economies also remained unpredictable, as the spread of COVID-19 showed no signs of abating.」
The company continues to describe stagnation in domestic and overseas economic activity and uncertainty over the outlook resulting from the spread of COVID-19 as external environment risks. - FY2020Added COVID-19 as an external environment riskAnnual report
「However, in addition to uncertainty in overseas political and economic conditions, including prolonged trade friction and the outlook for the Chinese economy, the economy deteriorated sharply and conditions became severe because of the impact of COVID-19.」
In addition to existing overseas risks, including trade friction and the Chinese economy, the company identifies the sharp economic downturn caused by COVID-19 as a factor of uncertainty. - FY2020-Q3RestatedAnnual report
「Meanwhile, the outlook remained uncertain amid concern over the effects of uncertainty in overseas political and economic conditions, including prolonged trade friction and the outlook for the Chinese economy, as well as volatility in financial and capital markets.」
The company continues to cite trade friction, the outlook for the Chinese economy, uncertainty in overseas political and economic conditions and volatility in financial and capital markets as factors of concern in the external environment. - FY2020-Q2RestatedAnnual report
「Meanwhile, the outlook remained uncertain amid concern over the effects of uncertainty in overseas political and economic conditions, including prolonged trade friction and the outlook for the Chinese economy, as well as volatility in financial and capital markets.」
The company continues to cite uncertainty in overseas political and economic conditions, trade friction, the outlook for the Chinese economy and volatility in financial and capital markets as factors of concern in the external environment. - FY2020-Q1ReframedAnnual report
「Meanwhile, the outlook remained uncertain amid concern over the effects of uncertainty in overseas political and economic conditions, including prolonged trade friction and the outlook for the Chinese economy, as well as volatility in financial and capital markets.」
The framework of uncertainty in the overseas environment remains, but this time the company cites trade friction, the outlook for the Chinese economy, uncertainty in overseas political and economic conditions and volatility in financial and capital markets as factors of concern. - FY2019-Q3ReframedAnnual report
「However, the outlook remained uncertain amid concern over the adverse effects of protectionist trade policies in various countries and instability in Europe.」
The company cites protectionist trade policies and, in addition, instability in Europe as sources of uncertainty in overseas economies. - FY2019-Q2RestatedAnnual report
「However, although the global economy was recovering moderately, the outlook remained uncertain amid concern over the adverse effects of protectionist measures by various countries.」
The company continues to describe protectionist moves by various countries as a source of uncertainty in overseas economies. - FY2019-Q1ReframedAnnual report
「However, although the global economy was recovering moderately, the outlook remained uncertain amid concern over the adverse effects of protectionist measures by various countries.」
The framework of uncertainty over the outlook arising from overseas developments remains, but this time the company cites concern over the adverse effects of protectionist measures by various countries. - FY2018RestatedAnnual report
「However, although the global economy was recovering moderately, the outlook remained uncertain amid political turmoil in the United States and geopolitical risks in East Asia.」
The company cites uncertainty in the overseas environment arising from political turmoil in the United States and geopolitical risks in East Asia as external risks for the full fiscal year. - FY2018-Q3ReframedAnnual report
「However, although the global economy was recovering moderately, the outlook remained uncertain amid political turmoil in the United States and geopolitical risks in East Asia.」
The framework of uncertainty over the outlook arising from overseas developments remains, but this time the company cites political turmoil in the United States and geopolitical risks in East Asia as the factors. - FY2018-Q2RestatedAnnual report
「However, the outlook remained uncertain, mainly because of overseas factors, including concern over political risks in Europe and the United States and rising geopolitical risks involving Syria and North Korea.」
The company continues to cite political risks in Europe and the United States and geopolitical risks, including in Syria and North Korea, as factors contributing to uncertainty in the overseas environment. - FY2018-Q1ReframedAnnual report
「However, the outlook remained uncertain amid heightened concern over political risks in Europe and the United States and rising geopolitical risks, including in Syria and North Korea.」
The framework of uncertainty over the outlook arising from overseas developments remains, but the focus has shifted from emerging-market economic conditions, the UK's EU withdrawal and US policy to political risks in Europe and the United States and geopolitical risks, including in Syria and North Korea. - FY2017RestatedAnnual report
「However, the outlook remained uncertain, owing to concerns over slowing growth in emerging economies, the UK's EU withdrawal issue and increasing uncertainty over the economic policies of the new US administration.」
The company continues to describe uncertainty in overseas economies and policies as factors clouding the outlook. - FY2017-Q3ReframedAnnual report
「However, the outlook remained uncertain amid downside risks arising from overseas developments, including concerns over slowing growth in emerging economies, the UK's EU withdrawal issue and uncertainty over the policies of the new US administration.」
The framework of downside risks arising from overseas developments remains, but yen appreciation is not mentioned this time, while uncertainty over the policies of the new US administration has been added as a new factor. - FY2017-Q2RestatedAnnual report
「However, in addition to the yen's appreciation stalling improvements in corporate earnings, the economy faced downside risks from uncertainty in overseas economies, including concerns over slowing growth in emerging Asian economies, particularly China, and the UK's EU withdrawal issue, leaving the outlook uncertain.」
The company continues to cite yen appreciation, concerns over slowing growth in emerging Asian economies and uncertainty in overseas economies related to the UK's EU withdrawal issue as downside risks. - FY2017-Q1First statedAnnual report
「As the yen's appreciation began to stall improvements in corporate earnings, the economy also faced downside risks from uncertainty in overseas economies, including slowing growth in emerging Asian economies, particularly China, and the UK's decision to leave the European Union (EU), leaving the outlook uncertain.」
The company cites yen appreciation, slowing growth in emerging Asian economies and the UK's withdrawal from the EU as external downside factors.