Yen appreciation, falling stock prices and uncertainty over overseas conditions
First written in FY2017-Q1. 14 of 36 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-08-07.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- 2026-08-07RestatedEarnings
「Meanwhile, continued attention is required regarding uncertainty over the economic outlook, including the impact of surging raw material and commodity prices, prolonged geopolitical risks, heightened tensions in the Middle East, and fluctuations in financial and capital markets, including domestic interest-rate trends.」
Uncertainty over the economic outlook arising from higher raw material and commodity prices, geopolitical risks, the situation in the Middle East, and financial-market volatility continued to be reported. - FY2026WorsenedAnnual report
「In addition to soaring raw-material and consumer prices, the impact of changes in Japan's monetary policy, intensifying trade friction caused by US tariff policy and rising tensions surrounding the situations in Ukraine and the Middle East require continued monitoring as sources of uncertainty about the economic outlook.」
While the domestic economy continued its gradual recovery, changes in monetary policy, intensifying trade friction caused by US tariff policy and rising tensions surrounding the situations in Ukraine and the Middle East were explicitly identified as sources of uncertainty. - 2026-05-08RestatedRevision of earnings forecasts
「Meanwhile, continued attention is required regarding uncertainty over the economic outlook, including the impact of surging raw material and commodity prices, changes in Japan's monetary policy, intensifying trade friction resulting from US tariff policy, and heightened tensions in Ukraine and the Middle East.」
Changes in monetary policy, trade friction resulting from US tariff policy, and conditions in Ukraine and the Middle East continued to be cited as sources of uncertainty over the economic outlook. - FY2026-H1WorsenedAnnual report
「Meanwhile, in addition to soaring raw-material and consumer prices, uncertainty about the economic outlook remained high due to factors including the impact of US tariff policy on the economy and the situation in Ukraine and conflicts in the Middle East.」
In addition to the previous trade policies and geopolitical risks, the impact of US tariff policy on the economy and conflicts in the Middle East were explicitly identified, and uncertainty about the outlook for the domestic economy remained high. - FY2025WorsenedAnnual report
「During the current consolidated fiscal year, domestic demand increased due to higher personal consumption accompanying improvements in employment and income conditions and a recovery in corporate capital investment, while the recovery in inbound demand supported continued gradual economic growth. Meanwhile, uncertainty about the economic outlook increased further due to soaring raw-material and consumer prices, the economic impact of rapid foreign exchange movements, concerns about stagnation in the Chinese economy and instability surrounding the situations in Ukraine and the Middle East.」
While domestic demand and inbound demand recovered, soaring raw-material and consumer prices, rapid foreign exchange movements, the Chinese economy and the situations in Ukraine and the Middle East were cited, and uncertainty about the outlook was reported to have "increased further." - FY2025-H1RestatedAnnual report
「During the current interim consolidated fiscal year, the Japanese economy showed a gradual recovery due to improvements in employment and income conditions and a recovery in inbound demand. However, uncertainty about the economic outlook continued due to soaring raw-material and consumer prices, the economic impact of yen depreciation, concerns about the outlook for the Chinese economy and instability surrounding the situations in Ukraine and the Middle East.」
While the economy recovered gradually, uncertainty about the outlook continued due to soaring raw-material and consumer prices, yen depreciation, the Chinese economy and the situations in Ukraine and the Middle East. - FY2024The impact of yen depreciation and foreign exchange volatility explicitly identifiedAnnual report
「The outlook for the global and Japanese economies is expected to remain uncertain due to the impact of soaring raw-material and consumer prices, geopolitical risks, concerns about the outlook for the Chinese economy and sharp foreign exchange movements caused by volatility in the financial and capital markets.」
In addition to the previously identified geopolitical risks and concerns about the Chinese economy, the impact of sharp foreign exchange movements caused by volatility in the financial and capital markets was explicitly identified as a source of uncertainty about the economic outlook. - FY2024-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, economic and social activity normalized at an accelerated pace as restrictions on activity related to COVID-19 were lifted. The economy showed a gradual recovery due to a recovery in inbound demand and improvements in employment and income conditions. However, in addition to soaring raw-material and consumer prices, concerns arose about the economic impact of the situations in Ukraine and the Middle East, and uncertainty about the economic outlook continued. Downside risks to the global economy were also a concern, against a backdrop of monetary tightening policies in Europe and the United States, concerns about the outlook for the Chinese economy and geopolitical risks, and developments going forward need to be closely monitored.」
While normalization of economic and social activity and improvements in employment and income conditions were reported, downside concerns arising from the situations in Ukraine and the Middle East, monetary tightening, the Chinese economy and geopolitical risks were explicitly identified. - FY2024-Q2Accelerating economic normalization coexists with concerns about a slowdown in the global economyAnnual report
「During the first six months of the current consolidated fiscal year, economic and social activity normalized at an accelerated pace following the change in the legal classification of COVID-19 to Category 5 in May 2023. The economy showed a gradual recovery, including increased movement of people and a recovery in inbound demand. However, in addition to soaring raw-material and consumer prices, concerns arose about the economic impact of the prolonged situation in Ukraine, and uncertainty about the economic outlook continued.」
In addition to the continued recovery in economic and social activity and inbound demand from the previous quarter, the acceleration of normalization and an increase in the movement of people were reported this time. Meanwhile, in addition to soaring raw-material and consumer prices and the situation in Ukraine, concerns about a slowdown in the global economy were expressed due to monetary tightening policies and the outlook for the Chinese economy, with recovery coexisting with uncertainty in the external environment. - FY2024-Q1Normalization of economic activity coexists with uncertainty in the external environmentAnnual report
「During the first three months of the current consolidated fiscal year, economic and social activity moved further toward normalization following the change in the legal classification of COVID-19 to Category 5 in May 2023, and a recovery in inbound demand and other areas was seen. However, in addition to soaring raw-material and consumer prices, concerns arose about the economic impact of the prolonged situation in Ukraine, and uncertainty about the economic outlook continued.」
While the change in the legal classification of the infectious disease was accompanied by a recovery in economic and social activity and inbound demand, uncertainty continued due to soaring raw-material and consumer prices and the prolonged situation in Ukraine. - FY2023RestatedAnnual report
「Although the impact of shortages of semiconductors and other products had improved except for some products, uncertainty about the economic outlook continued due to higher resource prices associated with the prolonged situation in Ukraine, rapid yen depreciation caused by volatility in the financial and capital markets, soaring raw-material prices and rising prices.」
While shortages of semiconductors and other products improved in part, uncertainty continued due to the situation in Ukraine, rapid yen depreciation, soaring resource and raw-material prices and rising prices. The risks have emerged in the actual economic environment. - FY2023-Q3Partial improvement in supply shortages and continuing uncertaintyAnnual report
「Although the impact of shortages of semiconductors and other products had improved for some products, uncertainty about the economic outlook continued due to higher resource prices associated with the prolonged situation in Ukraine, rapid yen depreciation caused by volatility in the financial and capital markets, soaring raw-material prices and rising prices.」
While shortages of semiconductors and other products were reported to have improved for some products, uncertainty about the economic outlook continued due to the situation in Ukraine, rapid yen depreciation, soaring resource and raw-material prices and rising prices. - FY2023-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year, economic and social activity moved toward normalization as restrictions on activity to prevent the spread of COVID-19 were eased, and there were signs of recovery. However, in addition to the impact of shortages of semiconductors and other products, the prolonged situation in Ukraine led to higher resource prices, while rapid yen depreciation caused by volatility in the financial and capital markets, soaring raw-material prices and rising prices also contributed to continued uncertainty about the economic outlook.」
While recovery through the normalization of economic and social activity was reported, new sources of uncertainty were specifically listed, including rapid yen depreciation, higher resource and raw-material prices, rising prices and volatility in the financial and capital markets. - FY2023-Q1WorsenedAnnual report
「During the first three months of the current consolidated fiscal year, economic and social activity moved toward normalization as restrictions on activity to prevent the spread of COVID-19 were eased, and there were signs of recovery. However, in addition to the impact of shortages of semiconductors and other products and rising raw-material prices, concerns arose about the economic impact of the prolonged situation in Ukraine, and uncertainty about the economic outlook continued.」
While signs of recovery through the normalization of economic and social activity were reported, shortages of semiconductors and other products, rising raw-material prices and the prolonged situation in Ukraine were identified as new sources of uncertainty. - FY2022-Q3Expectations for an economic recovery coexist with supply constraints and concerns about variantsAnnual report
「During the first nine months of the current consolidated fiscal year, the lifting in October 2021 of the third state of emergency declaration and other measures concerning COVID-19, together with the promotion of COVID-19 vaccinations, led to expectations for an economic recovery as corporate activity recovered. However, in addition to the impact of semiconductor shortages and rising raw-material prices, concerns arose about a renewed spread of COVID-19 due to the emergence of a highly transmissible new variant, and uncertainty about the economic outlook continued.」
While expectations for an economic recovery were expressed against a backdrop of the lifting of the state of emergency declaration and vaccination, concerns about a renewed spread of infections due to a new variant were added to semiconductor shortages and rising raw-material prices, and uncertainty about the outlook continued. - FY2022-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, an economic recovery was expected due to the effects of some corporate earnings and various government policies. However, conditions remained difficult as the renewed spread of COVID-19 led to the reissuance of the state of emergency declaration and the application of priority preventive measures, restricting people's activities and economic activity and causing personal consumption to decline. Although expectations for infection control and economic recovery grew as COVID-19 vaccinations were promoted, uncertainty about the outlook continued.」
The renewed spread of infections, restrictions on activities, the decline in personal consumption and uncertainty about the outlook continued. Expectations for a recovery through vaccination were also noted. - FY2022-Q1WorsenedAnnual report
「During the first three months of the current consolidated fiscal year, some corporate earnings showed signs of recovery. However, conditions remained difficult as the renewed spread of COVID-19 led to the reissuance of the state of emergency declaration and the application of priority preventive measures, restricting people's activities and economic activity and causing personal consumption to decline.」
The reissuance of the state of emergency declaration and other measures following the renewed spread of infections, requests to refrain from activities, restrictions on economic activity and the decline in personal consumption were reported, and difficult conditions in the domestic economy continued. - FY2021-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, although economic activity showed signs of a gradual recovery as its level was raised in stages while infection-control measures were implemented under various government initiatives, the spread of COVID-19 again showed signs of increasing toward year-end. Concerns remained about a prolonged period before the outbreak could be contained, and the situation required attention to the increasing downside risk to the economy. The global economy also experienced a substantial downturn as US-China tensions continued and restrictions on activity remained in place in European countries to prevent the spread of COVID-19.」
Although economic activity showed signs of recovery, renewed spread of infections toward year-end, a prolonged period before containment and increasing downside risks to the economy were explicitly identified. The global economy was also described as having suffered a substantial downturn, with uncertainty increasing from the infectious-disease risks identified through the previous quarter. - FY2021-Q2Expectations for an economic recovery and concerns about a renewed spread of infections coexistAnnual report
「During the first six months of the current consolidated fiscal year, the Japanese economy deteriorated rapidly due to the spread of COVID-19. After the government's state of emergency declaration was lifted, economic activity was gradually raised while infection-control measures were implemented, and there were signs of a gradual recovery. However, concerns remained about a prolonged period before the outbreak could be contained and a renewed spread of infections, uncertainty about the outlook remained high, and the negative impact on corporate earnings is expected to be prolonged.」
Although economic activity showed signs of a gradual recovery after the state of emergency declaration was lifted, concerns remained about a prolonged period before the outbreak could be contained and a renewed spread of infections, and the negative impact on corporate earnings was expected to be prolonged. - FY2021-Q1WorsenedAnnual report
「During the first three months of the current consolidated fiscal year, the Japanese economy deteriorated rapidly as the spread of COVID-19 led to a sharp decline in domestic and overseas demand and restrictions on activity, including requests to refrain from going out. Although economic activity began to recover following the lifting of the government's state of emergency declaration, uncertainty about when the outbreak would subside remained high, and the negative impact on corporate earnings is expected to be prolonged.」
The spread of COVID-19 caused domestic and overseas demand to decline sharply, and the domestic economy was reported to have deteriorated rapidly. Even after the state of emergency declaration was lifted, the timing of containment remained uncertain, and the negative impact on corporate earnings was expected to be prolonged. Concerns about the impact of US-China tensions and the UK's departure from the EU on the European economy were also cited as risk factors. - FY2020WorsenedAnnual report
「Toward the end of the fiscal year, the global spread of COVID-19 affected people's lives and corporate activities, resulting in a sharp slowdown.」
In addition to the previous trade policies, conditions in Europe and geopolitical risks, the global spread of COVID-19 was cited, and the outlook for the economy was reported to have become even more uncertain. - FY2020-Q3WorsenedAnnual report
「Meanwhile, in the global economy, uncertainty about the outlook has increased due to factors including the impact of trade friction caused by US trade policy, the outlook for the Chinese economy, the stagnation of the European economy affected by the UK's departure from the EU, geopolitical risks in the Middle East and East Asia, and volatility risks in the financial and capital markets.」
In addition to the previous references to US trade policy, the European economy, geopolitical risks in East Asia and volatility in the financial and capital markets, the outlook for the Chinese economy and geopolitical risks in the Middle East were explicitly identified, and uncertainty about the outlook for the global economy was reported to have increased. - FY2020-Q2RestatedAnnual report
「Meanwhile, in the global economy, uncertainty about the outlook has increased due to factors including the impact of trade friction caused by US trade policy, the stagnation of the European economy affected by the UK's departure from the EU, geopolitical risks in East Asia and volatility risks in the financial and capital markets.」
US trade policy, the UK's departure from the EU, geopolitical risks in East Asia and volatility risks in the financial and capital markets were cited, and continuing uncertainty about the outlook for the global economy was reported. - FY2020-Q1RestatedAnnual report
「Meanwhile, in the global economy, uncertainty about the outlook has increased due to factors including the impact of trade friction caused by US trade policy, the stagnation of the European economy affected by the UK's departure from the EU, geopolitical risks in East Asia and volatility risks in the financial and capital markets.」
US trade policy, the UK's departure from the EU, geopolitical risks in East Asia and volatility risks in the financial and capital markets were cited, and continuing uncertainty about the outlook for the global economy was reported. - FY2019RestatedAnnual report
「Meanwhile, in the global economy, uncertainty about the outlook increased due to factors including the impact of trade friction caused by the protectionist trade policies of the United States, the stagnation of the European economy affected by the UK's departure from the EU, geopolitical risks in East Asia and volatility risks in the financial and capital markets, and it is necessary to closely monitor developments going forward.」
The uncertainty surrounding the global economy through the previous quarter continued for the full year, with factors including the UK's departure from the EU and stagnation in the European economy specifically described. - FY2019-Q3WorsenedAnnual report
「Meanwhile, in the global economy, uncertainty about the outlook increased due to factors including the impact of trade friction caused by the protectionist trade policies of the United States, unstable political conditions in Europe, geopolitical risks in East Asia and volatility risks in the financial and capital markets.」
The protectionist trade policies of the United States, European politics, geopolitical risks in East Asia and volatility risks in the financial and capital markets continued to be cited, with the uncertainty about the outlook described as having "increased." - FY2019-Q2RestatedAnnual report
「In overseas economies, the global economy as a whole is becoming increasingly unstable and the outlook is uncertain, due to factors including the impact of trade friction caused by the protectionist trade policies of the United States, unstable political conditions in Europe, geopolitical risks in East Asia and volatility risks in the financial and capital markets.」
US trade policy and trade friction, European politics, geopolitical risks in East Asia and volatility in the financial and capital markets were cited, and continuing instability and uncertainty in the outlook for the global economy were reported. - FY2019-Q1WorsenedAnnual report
「In overseas economies, the global economy as a whole is becoming increasingly unstable and the outlook is uncertain, due to factors including US trade policy, unstable political conditions in Europe, geopolitical risks in East Asia and volatility risks in the financial and capital markets.」
In addition to the previous uncertainty surrounding overseas conditions, US trade policy, European politics, geopolitical risks in East Asia and volatility in the financial and capital markets were listed, with the scope and description of the risks expanded to encompass increasing instability across the global economy. - FY2018RestatedAnnual report
「During the current consolidated fiscal year, the Japanese economy remained on a gradual recovery track, supported by domestic and overseas demand. Personal consumption improved gradually against a backdrop of stable foreign exchange rates and share prices, while corporate earnings benefited from solid growth in overseas economies, including increased exports to Europe, the United States and Asia, solid construction-related activity and inbound demand, and improved willingness to invest in capital.」
A gradual economic recovery was also reported for the full year, against a backdrop of stable foreign exchange rates and share prices and solid exports and inbound demand. - FY2018-Q3RestatedAnnual report
「During the first nine months of the current consolidated fiscal year, the Japanese economy continued its gradual recovery. Corporate earnings maintained their growth momentum, supported by solid domestic and overseas demand, including increased exports and a recovery in capital investment, amid a stable trend of yen depreciation and rising share prices. Consumption also remained on a recovery track, supported by improving employment conditions and resilient inbound demand.」
The stable trend of yen depreciation and rising share prices, the growth momentum in corporate earnings and the recovery in consumption continued, and the recovery trend through the previous quarter was reiterated. - FY2018-Q2The trend of yen depreciation and rising share prices and the economic recovery continuedAnnual report
「During the first six months of the current consolidated fiscal year, the Japanese economy remained on a gradual recovery track. Against a backdrop of a continued stable trend of yen depreciation and rising share prices and expanding employment, personal consumption became more resilient. Corporate earnings also benefited from moderate growth in overseas economies, with production increasing across a broad range of manufacturing industries, led by semiconductors, electronic components and automobiles. Exports to the United States and Asia remained at high levels, while the non-manufacturing sector maintained solid performance in construction-related activity and inbound demand.」
The stable foreign exchange rates and share prices and the recovery trend seen in the previous quarter continued, accompanied by a trend of yen depreciation and rising share prices, resilient personal consumption, and solid exports and inbound demand. - FY2018-Q1RestatedAnnual report
「During the first three months of the current consolidated fiscal year, the Japanese economy remained on a gradual recovery track, as personal consumption improved gradually against a backdrop of stable foreign exchange rates and share prices and solid employment and income conditions, while corporate earnings benefited from increased production, higher exports to Europe and the United States, increased public investment and a recovery in inbound demand.」
The gradual economic recovery described in the previous fiscal year continued, and foreign exchange rates and share prices were reported to have remained stable. - FY2017Changed from yen appreciation and falling share prices to a trend toward economic recoveryAnnual report
「Until midway through the period, the trend of yen appreciation and falling share prices continued amid a lack of strength in personal consumption and concerns about the outlook for the global economy and international conditions, but following the results of last November's US presidential election, the yen rapidly depreciated and share prices rose. Along with this, corporate earnings also showed a gradual improvement in the manufacturing sector, due to a recovery in exports and the completion of inventory adjustments」
The reversal to yen depreciation and rising share prices indicated in the quarterly report was also confirmed for the full year, and the economy was described as being on a gradual recovery track. Meanwhile, uncertainty surrounding overseas conditions remains. - FY2017-Q3Changed from yen appreciation and falling share prices to yen depreciation and rising share pricesAnnual report
「During the first nine months of the current consolidated fiscal year, the Japanese economy continued to experience yen appreciation and falling share prices amid continued weakness in personal consumption and concerns about the outlook for the global economy and international conditions, but following the results of the US presidential election in November, the yen rapidly depreciated and share prices rose.」
The previously prevailing trend of yen appreciation and falling share prices was described as having reversed to rapid yen depreciation and rising share prices after the US presidential election in November. Meanwhile, uncertainty surrounding overseas conditions remains. - FY2017-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year, the Japanese economy continued to experience yen appreciation and falling share prices amid prolonged weakness in personal consumption and concerns about the outlook for the global economy and worsening international conditions, particularly in the Middle East and East Asia.」
The trend of yen appreciation and falling share prices continued, with foreign exchange losses from the stronger yen amounting to ¥23 million, identified as a factor behind the ¥30 million year-on-year increase in ordinary loss. - FY2017-Q1First statedAnnual report
「The yen appreciated further and share prices fell further due to the UK's departure from the EU and worsening international conditions, particularly in the Middle East.」
The deterioration in overseas conditions and the progression of yen appreciation and falling share prices are becoming evident in the business environment and as foreign exchange losses.