Downturn in Economic Activity and Surging Resource Prices Due to Geopolitical Risks, Including Those Involving Russia and Ukraine
First written in FY2023-Q1. 3 of 8 entries say "Restated". Latest entry: FY2027-H1.
The whole theme swung hardest in 2020: 23 of 34 companies on the "Worse" side.
52 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「During the interim consolidated accounting period from 1 February 2026 to 31 July 2026, the Japanese economy remained on a moderate recovery trend, as personal consumption and capital investment recovered despite uncertainty resulting from the deterioration of the international situation, including the situation in the Middle East.」
Although continued uncertainty resulting from the deterioration of the international situation, including the situation in the Middle East, is noted, the recovery in personal consumption and capital investment and the economic recovery are also described. - 2026-06-12RestatedEarnings
「The Company took various measures to address material shortages and other issues arising from the situation in the Middle East, and their impact on business performance remained minor.」
Material shortages and other issues arising from the situation in the Middle East were identified as concerns, but their impact on business performance was described as minor. - FY2026Impact of U.S. trade policy and the situation in the Middle East addedAnnual report
「Although the current environment includes downside risks from the impact of U.S. trade policy and the situation in the Middle East, a moderate economic recovery is expected due in part to the effects of various policies.」
In addition to the previous risks of an overseas economic downturn and monetary tightening, the impact of U.S. trade policy and the situation in the Middle East was explicitly identified as a downside risk. - 2026-03-17ReframedFinancial Results Presentation
「Heightened international tensions, including Ukraine, the Middle East and U.S.-China confrontation, are a concern.」
The examples of geopolitical risks were recast from the previous reference to the Russia-Ukraine situation and similar matters to wording that includes Ukraine, the Middle East and U.S.-China confrontation. - FY2025ReframedAnnual report
「The continued high level of interest rates in Europe and the United States and the continued stagnation of China's property market, among other factors, pose a risk of an overseas economic downturn weighing on the Japanese economy.」
The specific description of external risks was revised from one focused primarily on the situation involving Russia and Ukraine to an overseas economic downturn resulting from continued high interest rates in Europe and the United States and stagnation in China's property market. - FY2023-Q3RestatedAnnual report
「We also need to closely monitor the risk of higher costs resulting from inflation due to the prolonged situation in Ukraine and the impact of the yen's depreciation.」
The risk of higher prices and costs driven by the prolonged situation in Ukraine and the weaker yen has continued from the previous quarter. - FY2023-Q2WorsenedAnnual report
「We also need to closely monitor the risk of higher costs resulting from surging material prices due to the prolonged situation in Ukraine and the impact of the yen's depreciation.」
The previous explanation of surging resource prices due to escalating tensions between Russia and Ukraine was made more specific as a risk of higher material prices and costs driven by the prolonged situation in Ukraine and the weaker yen. - FY2023-Q1First statedAnnual report
「The outlook remains uncertain, including due to surging resource prices resulting from escalating tensions between Russia and Ukraine. The company will also need to closely monitor the risk of an economic downturn caused by geopolitical risks in Ukraine and the Middle East.」
Surging resource prices accompanying escalating tensions between Russia and Ukraine, and economic downside from geopolitical risks in Ukraine and the Middle East, are identified as new external risks.