Growing Business Environment Uncertainty Due to a China and Emerging-Market Slowdown and a Stronger Yen
First written in FY2016. 6 of 18 entries say "Worsened", first in FY2018. Latest entry: FY2026.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- FY2026RestatedAnnual report
「During the consolidated fiscal year from 1 April 2025 to 31 March 2026, unstable overseas conditions persisted, and economic conditions remained uncertain.」
It continues to identify instability in overseas conditions and uncertainty about the economic outlook as business-environment risks. - 2026-05-12WorsenedFinancial results
「However, as the current economic outlook is highly uncertain, we hereby inform you that the accuracy of our earnings forecasts has declined compared with the past.」
The Company explicitly highlighted the high level of uncertainty, including uncertainty concerning overseas conditions, which reduced the accuracy of its earnings forecasts. - FY2026-H1RestatedAnnual report
「During the six-month interim consolidated accounting period from 1 April 2025 to 30 September 2025, overseas conditions remained unstable, and economic conditions remained uncertain.」
It continues to identify instability in overseas conditions and uncertainty about the economic outlook as business-environment risks. - FY2025-H1RestatedAnnual report
「During the six-month interim consolidated accounting period from 1 April 2024 to 30 September 2024, the economy continued to recover gradually, but increasingly tense international conditions and rising resource prices and other factors also persisted, leaving economic conditions uncertain.」
While indicating that the economic recovery is continuing, it continues to describe uncertainty about the outlook due to increasingly tense international conditions and rising resource prices. - FY2024-Q3RestatedAnnual report
「During the nine-month consolidated cumulative period from 1 April 2023 to 31 December 2023, COVID-19 was reclassified as a Category 5 disease under the Infectious Diseases Control Law, economic and social activity normalized, and the economy gradually recovered. However, increasingly tense international conditions and rising resource prices and other factors persisted, and economic conditions remained uncertain.」
While indicating the normalization of economic and social activity and the gradual economic recovery, it continues to describe international conditions, rising resource prices, and uncertainty about the economic outlook. - FY2024-Q2RestatedAnnual report
「Although COVID-19 was reclassified as a Category 5 disease under the Infectious Diseases Control Law, economic and social activity normalized and the economy gradually recovered, economic conditions remained uncertain due to increasingly tense international conditions, rising resource prices and other factors, and the continued depreciation of the yen.」
While indicating the normalization of economic and social activity and the gradual economic recovery, it continues to describe uncertainty about the outlook arising from international conditions, resource prices, and the depreciation of the yen. - FY2024-Q1ReframedAnnual report
「During the three-month consolidated cumulative period from 1 April 2023 to 30 June 2023, COVID-19 was reclassified as a Category 5 disease under the Infectious Diseases Control Law, and the normalization of economic and social activity progressed. However, increasingly tense international conditions and rising resource prices and other factors continued, and economic conditions remained uncertain.」
While indicating the reclassification of COVID-19 under the Infectious Diseases Control Law and the normalization of economic and social activity, it identifies increasingly tense international conditions and rising resource prices as remaining external-environment risks. - FY2023-Q3ReframedAnnual report
「As social and economic activity gradually normalized after the COVID-19 pandemic, the economy continued to recover gradually. However, economic conditions remained uncertain due to increasingly tense international conditions, rising resource prices, and other factors.」
While placing the normalization of social and economic activity after the COVID-19 pandemic and the economic recovery at the beginning, it continues to identify increasingly tense international conditions and rising resource prices as risks causing uncertainty about the outlook. - FY2023-Q2RestatedAnnual report
「During the six-month consolidated cumulative period from 1 April 2022 to 30 September 2022, economic activity restrictions resulting from COVID-19 were eased and society moved toward a new phase of living with COVID-19. Although the economy was gradually recovering, economic conditions remained uncertain due to increasingly tense international conditions, rising resource prices and other factors, and the continued depreciation of the yen.」
While indicating that restrictions on economic activity caused by COVID-19 have been eased and the economy is recovering, it continues to describe uncertainty about the outlook arising from international conditions, resource prices, and the depreciation of the yen. - FY2022WorsenedAnnual report
「Matters that could have a significant impact on investors' decisions include the uncertain timing of the end of the COVID-19 pandemic, a sharp rise in resource prices and other factors, increasingly tense international conditions, and the depreciation of the yen, all of which could worsen corporate performance.」
In addition to the previous uncertainty surrounding infectious diseases and overseas economies, it newly identifies sharp increases in resource prices and other factors, increasingly tense international conditions, and the depreciation of the yen as factors contributing to deteriorating performance. - FY2022-Q3WorsenedAnnual report
「During the nine-month consolidated cumulative period from 1 April 2021 to 31 December 2021, economic conditions remained difficult because economic activity was intermittently restricted by the impact of COVID-19. Although signs of recovery emerged after the state of emergency was lifted, the outlook remained uncertain due to the rapid spread of new variants overseas and other factors.」
It states that difficult economic conditions and uncertainty about the outlook continue against a backdrop of restrictions on economic activity and the rapid spread of new variants. - FY2021WorsenedAnnual report
「During the consolidated fiscal year from 1 April 2020 to 31 March 2021, economic conditions deteriorated rapidly as the spread of COVID-19 led to a state of emergency being declared in April 2020, significantly restricting economic activity.」
The growing lack of clarity in the external economic environment has become evident throughout the year in the form of the state of emergency, weakness in customers' investment in technological development, and a challenging order environment. - FY2019WorsenedAnnual report
「Although demand related to the Tokyo Olympics scheduled for July 2020 is expected to support the Japanese domestic economy, overseas political and economic developments, including US-China trade friction, have become more complex, increasing uncertainty and the lack of visibility, and the situation cannot be viewed optimistically.」
Regarding overseas economic risks, the company explicitly identifies US-China trade friction in addition to the previous uncertainty, emphasizing the increasing uncertainty and lack of clarity. - FY2018WorsenedAnnual report
「Political and economic developments overseas have become more complex, increasing uncertainty and the lack of visibility, and the situation cannot be viewed optimistically. In Japan, however, the economy is expected to expand at a relatively solid pace, supported by demand related to the Tokyo Olympics scheduled for July 2020, among other factors.」
The description has shifted to explicitly highlighting growing uncertainty and lack of visibility in the overseas political and economic environment, while expecting solid growth in the domestic economy. - FY2017-Q3SoftenedAnnual report
「During the nine-month consolidated period of the third quarter (1 April 2016 to 31 December 2016), the Japanese economy continued its moderate recovery trend, as overseas economies maintained stable growth despite lingering weakness in some emerging markets.」
Although weakness remained in some emerging markets, the report points to stable growth in overseas economies and a moderate recovery in the domestic economy, reducing the emphasis on risks compared with the previous wording, which had focused on uncertainty and lack of visibility. - FY2017-Q2ReframedAnnual report
「The outlook remains uncertain due to uncertainty in overseas economies arising from economic problems in emerging-market and resource-rich countries, among other factors.」
The external economic uncertainties are now described as uncertainty in overseas economies caused by economic problems in emerging-market and resource-rich countries. - FY2017-Q1ReframedAnnual report
「Under these circumstances, major manufacturers, the company's key customers, continued investing in technology development with a view to the next generation, regardless of economic conditions. As a result, the number of personnel in operation increased steadily amid a solid order environment.」
In its explanation of the economic environment, the report identifies the UK's withdrawal from the EU as an additional source of uncertainty, alongside the previously cited slowdown in China and emerging markets and the stronger yen. - FY2016First statedAnnual report
「The outlook became uncertain due to factors including a slowdown in the Chinese economy and emerging-market economies, as well as the yen's appreciation since the beginning of the year.」
Changes in the external economic environment are described as a risk to the business environment for the fiscal year.