Resource prices, inflation and exchange-rate volatility associated with Russia’s invasion of Ukraine and other factors
First written in FY2022. 4 of 10 entries say "Worsened", first in FY2023-Q3. Latest entry: FY2026.
Biken Techno moved to the "Worse" side of this theme in 2026, 2 years after the typical company in this theme (2024).
The whole theme swung hardest in 2025: 10 of 18 companies on the "Worse" side.
3 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「The economic environment surrounding the industry has changed significantly. Regarding the situation in the Middle East, although the United States and Iran have signed a memorandum declaring an end to hostilities, uncertainty about the outlook remains. It is unclear whether inflation and concerns about the supply of equipment and materials caused by worries over stable crude oil supplies will subside, and there are many other uncertainties, including the impact of U.S. tariff policies and the economic impact of deteriorating relations with China.」
In addition to the existing risks related to resource prices, inflation and exchange-rate volatility, the company identifies the situation in the Middle East, concerns over crude oil supplies, U.S. tariff policies and deteriorating relations with China as new uncertainties. - FY2026-H1Added concerns about the outlook due to higher U.S. tariffsAnnual report
「The overall economy is being affected by compounding concerns about the outlook due to higher tariffs imposed by the United States, and the business environment remains uncertain.」
In addition to the existing risks related to resource prices, inflation and exchange-rate volatility, concerns about the overall economic outlook due to higher U.S. tariffs are described as an uncertainty in the external environment. - FY2025Added uncertainty arising from the impact of U.S. policiesAnnual report
「The impact on Japan from the Trump administration in the United States is also expected, and many uncertainties remain.」
In addition to the existing risks related to resource prices, inflation and exchange-rate volatility, the impact of U.S. government policies on the domestic economy is described as an uncertainty. - FY2023RestatedAnnual report
「However, inflation has accelerated sharply amid the Russian invasion of Ukraine and higher import costs due to the weaker yen, while personnel expenses are also rising, and the impact on the future earnings environment is expected to be quite severe.」
The company has reconfirmed its concerns about the earnings environment stemming from the invasion of Ukraine, surging resource prices and inflation, higher import costs due to the yen’s depreciation, and rising personnel expenses. - FY2023-Q3WorsenedAnnual report
「However, inflation has accelerated sharply amid the Russian invasion of Ukraine and higher import costs due to the weaker yen, while personnel expenses are also rising, and the impact on the future earnings environment is expected to be quite severe.」
Russia’s invasion of Ukraine and the yen’s depreciation have driven a sharp increase in import costs, leading to a steep rise in prices and heightening concerns about the earnings environment due to volatility in resource prices, inflation and exchange rates. - FY2023-Q2RestatedAnnual report
「Russia’s invasion of Ukraine, which began in the latter half of February this year, has continued for an extended period, and its impact has also contributed to higher resource prices. Foreign exchange markets in various countries, including the yen, have also become unstable, leaving the business environment uncertain.」
The company continues to describe an uncertain business environment due to the protracted invasion of Ukraine, surging resource prices and unstable foreign exchange markets, including the yen’s depreciation. - FY2023-Q1RestatedAnnual report
「In addition, the previously anticipated surge in resource prices was further exacerbated by the impact of Russia’s invasion of Ukraine toward the end of the previous fiscal year, the yen’s continued depreciation since April and unstable foreign exchange markets, leaving the business environment uncertain.」
The company continues to describe an uncertain business environment due to surging resource prices, Russia’s invasion of Ukraine, the yen’s continued depreciation and unstable foreign exchange markets. - FY2022First statedAnnual report
「In addition, the previously anticipated surge in resource prices was further exacerbated by the impact of Russia’s invasion of Ukraine toward the end of the fiscal year, the yen’s continued depreciation since April and unstable foreign exchange markets, leaving the business environment uncertain.」
The invasion of Ukraine, surging resource prices, the yen’s depreciation and increased exchange-rate volatility are described as new external risks making the business environment uncertain, while the surge in resource prices and other factors are explained as events that have already occurred.