Uncertainty over the outlook due to yen appreciation, stock price volatility, and the slowdown in the Chinese economy
First written in FY2017-Q1. 13 of 33 entries say "Restated". Latest entry: FY2027-H1.
Besterra moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
23 other companies' latest entry also says "Reframed".
- FY2027-H1ReframedAnnual report
「Meanwhile, as the United States continued its high-interest-rate policy against a backdrop of inflationary pressure from its tariff policies, foreign exchange rates remained at historically weak yen levels, driven by factors including the interest rate differential between Japan and the United States. Against this backdrop, the stock market remained firm, and the Nikkei Stock Average at times reached new all-time highs. The Bank of Japan is considering steps toward normalising monetary policy, and we continue to closely monitor the impact on the Japanese economy of developments in the US economy and trade policy, as well as the direction of monetary policy.」
The factors contributing to uncertainty over the outlook have been identified as US tariff policy, inflationary pressure, high-interest-rate policy, the historically weak yen resulting from the Japan-US interest rate differential, and the normalisation of monetary policy. The stock market's firmness is also noted. - 2026-03-12RestatedEarnings
「At the same time, we must continue to monitor downside risks to economic activity arising from U.S. policy trends, the outlook for the Chinese economy and instability in energy markets, as well as the impact on personal consumption of high prices and disasters in various parts of Japan, and volatility in financial and capital markets resulting from conflicts around the world.」
The company continues to describe uncertainty arising from U.S. policy, the Chinese economy, energy conditions, high prices, disasters and conflicts. - FY2026-H1WorsenedAnnual report
「Meanwhile, a renewed strengthening of the US's protectionist trade policies could create headwinds for Japan's export industries, while continued price increases could put downward pressure on the economy as a whole by weakening consumer sentiment and affecting personal consumption.」
The factors contributing to the uncertain outlook now specifically include the renewed strengthening of the US's protectionist trade policies and the downside risk to personal consumption from rising prices. - FY2025ReframedAnnual report
「We are facing conditions not experienced for decades, namely "rapid price increases" and "a world with interest rates." Overseas economies continue to face many factors weighing on consumer sentiment, including "higher import and export costs resulting from geopolitical instability and persistently high energy costs" and "natural disasters occurring in various regions."」
The factors contributing to the uncertain outlook have been organized to include rapid price increases, rising interest rates, persistently high import, export and energy costs, and natural disasters, in addition to the previously cited weak yen and geopolitical risks. - FY2025-H1RestatedAnnual report
「Overseas economies continue to face numerous issues, including the prolonged Russia-Ukraine situation, civil wars in various regions, and natural disasters. The economic outlook is expected to remain uncertain due to surging resource and material prices and the depreciation of the yen resulting from these domestic and overseas issues.」
The outlook remains uncertain due to the situation in Russia and Ukraine, civil wars, natural disasters, soaring resource and material prices, and the ongoing depreciation of the yen. - FY2025-Q1RestatedAnnual report
「During the cumulative first-quarter consolidated period, the Japanese economy saw a gradual return of vitality across the country and signs of a recovery in economic activity as society moved toward living with COVID-19. At the same time, irregular economic conditions since the outbreak of COVID-19 and chronic labor shortages continued. Overseas economies continued to face numerous issues, including the prolonged Russia-Ukraine situation, civil wars in various regions, and natural disasters. The economic outlook is expected to remain uncertain due to surging resource and material prices and the depreciation of the yen resulting from these domestic and overseas issues.」
While indicating a recovery in economic activity, it continues to describe uncertainty over the outlook due to the prolonged Russia-Ukraine situation, civil wars, natural disasters, surging resource and material prices, and the depreciation of the yen. - FY2024-Q3ReframedAnnual report
「Meanwhile, overseas economies continue to face numerous issues, including the prolonged Russia-Ukraine situation, civil wars in various regions, and natural disasters. The economic outlook is expected to remain uncertain due to surging resource and material prices and the depreciation of the yen resulting from these domestic and overseas issues.」
In addition to the previously cited Russia-Ukraine situation, surging resource and material prices, and the depreciation of the yen, it explicitly identifies civil wars in various regions and natural disasters as factors behind uncertainty in overseas economies and over the outlook. It also describes society's progress toward living with COVID-19 and the recovery in economic activity. - FY2024-Q1ReframedAnnual report
「During the cumulative first-quarter consolidated period, economic activity showed signs of recovery as society moved toward living with COVID-19, but the outlook remains uncertain due to surging resource and material prices and the depreciation of the yen associated with the prolonged Russia-Ukraine situation.」
While indicating a recovery in economic activity as society moves toward living with COVID-19, it presents a structure in which the outlook remains uncertain due to the prolonged Russia-Ukraine situation, surging resource and material prices, and the depreciation of the yen. - FY2023-Q3RestatedAnnual report
「Although the infection situation for COVID-19 showed temporary signs of improvement, the timing of the containment of the spread of infection caused by new variants remains impossible to predict, and the situation continues to allow no room for complacency. In addition, the circumstances surrounding the Japanese economy remain extremely challenging due to concerns over geopolitical risks brought to the fore by Russia's invasion of Ukraine, the rapid depreciation of the yen, and surging resource and raw material prices, and the outlook for the economy remains uncertain.」
It describes uncertainty over the economic outlook in the same structure as the previous quarter, citing the inability to predict when the COVID-19 pandemic will subside, geopolitical risks associated with Russia's invasion of Ukraine, the rapid depreciation of the yen, and high resource and raw material prices. - FY2023-Q2ReframedAnnual report
「Although the infection situation for COVID-19 showed temporary signs of improvement, the timing of the containment of the spread of infection caused by new variants remains impossible to predict, and the situation continues to allow no room for complacency. In addition, the circumstances surrounding the Japanese economy remain extremely challenging due to concerns over geopolitical risks brought to the fore by Russia's invasion of Ukraine, the rapid depreciation of the yen, and surging resource and raw material prices, and the outlook for the economy remains uncertain.」
Uncertainty over the economic outlook continues, but this time the statement contrasts a temporary improvement in the infection situation with the spread of new variants and describes the timing of containment as impossible to predict. - FY2023-Q1WorsenedAnnual report
「The circumstances surrounding the Japanese economy remain extremely challenging due to concerns over geopolitical risks brought to the fore by Russia's invasion of Ukraine, the rapid depreciation of the yen, and surging resource and raw material prices, and the outlook for the economy remains uncertain.」
In addition to the previous uncertainty caused by COVID-19 and other factors, it identifies geopolitical risks associated with Russia's invasion of Ukraine, the rapid depreciation of the yen, and surging resource and raw material prices as new sources of uncertainty, describing the economic environment as extremely challenging. - FY2022-Q3ReframedAnnual report
「During the cumulative third-quarter consolidated period, corporate earnings and employment conditions deteriorated significantly as the spread of COVID-19 reduced corporate economic activity and personal consumption. Economic activity remained constrained amid repeated declarations of a state of emergency and the application of priority preventive measures, leaving conditions unstable. At the same time, as vaccinations progressed following the subsequent resurgence of infections and restrictions on movement were gradually eased, expectations for an economic recovery began to rise.」
While describing the significant deterioration in corporate earnings and employment conditions and the restraint on economic activity caused by COVID-19, it also expresses the view that expectations for an economic recovery are beginning to rise as vaccinations progress and restrictions on movement are eased. - FY2022-Q2RestatedAnnual report
「From early summer to early autumn 2020, after the first state of emergency was lifted, the economic environment showed temporary signs of recovery from the downturn caused by the pandemic. However, infections subsequently resurged, and despite the start of vaccinations, the challenging situation continues.」
It continues to explain that infections resurged after a temporary recovery and that the challenging economic environment has continued even after vaccinations began. - FY2022-Q1WorsenedAnnual report
「From early summer to early autumn 2020, after the first state of emergency was lifted, the economic environment showed temporary signs of recovery from the downturn caused by the pandemic. However, the subsequent resurgence of infections led to the continued challenging situation, including the declaration of a third state of emergency.」
It states that, following a temporary recovery, the economic environment again became challenging due to the resurgence of infections and the third state of emergency. - FY2021WorsenedAnnual report
「During the consolidated fiscal year, the global spread of COVID-19 had a major impact on society from the outset. As the spread of infection showed no sign of subsiding and the movement of people and goods was severely restricted, uncertainty over the outlook continued both internationally and domestically.」
In addition to the previous uncertainty in overseas economies and financial markets, it explicitly cites the global spread of COVID-19, movement restrictions, and increasing uncertainty over the outlook both domestically and overseas. - FY2021-Q3RestatedAnnual report
「During the cumulative third-quarter consolidated period, the Japanese economy continued to deteriorate rapidly due to the spread of COVID-19. Although the economy is in a phase in which the level of socioeconomic activity is being raised gradually while measures are taken to prevent the spread of infection, the extremely challenging conditions are expected to continue for the time being.」
It describes, in the same terms as the previous quarter, the rapid deterioration of the domestic economy due to the spread of COVID-19 and the outlook that extremely challenging conditions will continue for the time being. - FY2021-Q2RestatedAnnual report
「During the cumulative second-quarter period, the Japanese economy continued to deteriorate rapidly due to the spread of COVID-19. Although the economy is in a phase in which the level of socioeconomic activity is being raised gradually while measures are taken to prevent the spread of infection, the extremely challenging conditions are expected to continue for the time being.」
It continues from the previous quarter to describe the rapid deterioration of the economy due to the spread of COVID-19 and the outlook that extremely challenging conditions will continue for the time being. - FY2021-Q1WorsenedAnnual report
「During the cumulative first-quarter consolidated period, the Japanese economy continued to deteriorate rapidly due to the spread of COVID-19. Although the economy is entering a phase in which the level of socioeconomic activity will be raised gradually while measures are taken to prevent the spread of infection, the extremely challenging conditions are expected to continue for the time being.」
In addition to uncertainty in overseas economies and financial markets, it explicitly cites the rapid deterioration of the domestic economy due to the spread of COVID-19 and the expectation that conditions will remain extremely challenging for the time being. Because deterioration in the economic environment has actually occurred, materialized was also set to true. - FY2020WorsenedAnnual report
「However, the global economy remains uncertain due to developments in US-China trade tensions, progress on the UK's withdrawal from the EU, geopolitical risks in the Middle East, and the spread of a novel pneumonia originating in China.」
In addition to the previously cited US-China trade tensions and the UK's withdrawal from the EU, it identifies geopolitical risks in the Middle East and the spread of a novel pneumonia originating in China, broadening the factors contributing to uncertainty in the global economy. - FY2020-Q3RestatedAnnual report
「Meanwhile, concerns remain about the impact on the global economy of the risk of slower economic growth due to US-China trade tensions and volatility in financial and capital markets.」
It identifies concerns about slower growth due to US-China trade tensions and volatility in financial and capital markets as ongoing sources of uncertainty for the global economy. - FY2020-Q2RestatedAnnual report
「Meanwhile, concerns remain about the impact on the global economy of the risk of slower economic growth due to US-China trade tensions and volatility in financial and capital markets.」
It identifies concerns about slower growth due to US-China trade tensions and volatility in financial and capital markets as ongoing sources of uncertainty for the global economy. - FY2020-Q1RestatedAnnual report
「Meanwhile, concerns remain about the impact on the global economy of the risk of slower economic growth due to US-China trade tensions and volatility in financial and capital markets.」
It identifies concerns about slower growth due to US-China trade tensions and volatility in financial and capital markets as ongoing sources of uncertainty for the global economy. - FY2019WorsenedAnnual report
「However, protectionist tendencies strengthened, led by escalating US-China trade tensions, and uncertainty over the outlook for the global economy increased due to China's slowing growth, developments in Europe including the UK's withdrawal from the EU, and political instability in various countries.」
In addition to the previously cited uncertainty in overseas economies, it identifies escalating US-China trade tensions, stronger protectionism, and political instability in various countries, stating that uncertainty over the outlook for the global economy increased. - FY2019-Q3RestatedAnnual report
「Meanwhile, the outlook remains uncertain due to uncertainty in overseas economies, including geopolitical risks in Europe and Asia, developments in US monetary policy, and economic developments in China.」
It describes uncertainty in overseas economies and uncertainty over the outlook due to geopolitical risks in Europe and Asia, US monetary policy, and economic developments in China in the same terms as previously. - FY2019-Q2RestatedAnnual report
「Meanwhile, the outlook remains uncertain due to uncertainty in overseas economies, including geopolitical risks in Europe and Asia, developments in US monetary policy, and economic developments in China.」
It describes the same factors as the previous period, namely geopolitical risks in Europe and Asia, US monetary policy, and economic developments in China, behind uncertainty over the outlook for overseas economies. - FY2019-Q1ReframedAnnual report
「Meanwhile, the outlook remains uncertain due to uncertainty in overseas economies, including geopolitical risks in Europe and Asia, developments in US monetary policy, and economic developments in China.」
Uncertainty over the outlook due to overseas economies continues, with geopolitical risks in Europe and Asia, US monetary policy, and economic developments in China identified as the factors. - FY2018ReframedAnnual report
「However, the outlook for international financial and capital markets remains uncertain due to the spread of protectionist sentiment in Europe and North America and concerns about slowing economic activity in Asian countries, including China.」
Uncertainty over the outlook continues, with this time's factors identified as protectionism in Europe and North America and concerns about slowing economic activity in Asian countries, including China. - FY2018-Q3RestatedAnnual report
「However, concerns remain about the impact of uncertainty in overseas economies and volatility in financial markets, and the outlook continues to be uncertain.」
It continues to use the same wording as the previous quarter regarding uncertainty over the outlook due to uncertainty in overseas economies and volatility in financial markets. - FY2018-Q2ReframedAnnual report
「However, concerns remain about the impact of uncertainty in overseas economies and volatility in financial markets, and the outlook continues to be uncertain.」
Uncertainty over the outlook continues, but this time the factors are described as uncertainty in overseas economies and the impact of volatility in financial markets, replacing the previous direct references to the UK's withdrawal from the EU and the economies of China and emerging Asian countries. - FY2018-Q1WorsenedAnnual report
「During the cumulative first-quarter period, the economy remained on a gradual recovery trend, with corporate earnings and employment conditions improving as a result of various economic policies and monetary easing measures by the government and the Bank of Japan, despite lingering uncertainty over the outlook due to the growing impact of uncertainty surrounding the UK's withdrawal from the EU and the outlook for emerging Asian economies, including China.」
The UK’s withdrawal from the EU is described as having an "expanded impact," expressing a stronger impact than previously as a factor behind uncertainty over the outlook. Uncertainty surrounding emerging Asian economies, including China, also continues. - FY2017ReframedAnnual report
「The outlook for financial and capital markets has remained uncertain due to the impact of slowing economic growth in China and other emerging economies, as well as the spread of protectionist sentiment seen in the UK's decision to leave the EU and the US presidential election.」
The theme of uncertainty over the outlook continues, with this time's factors identified as the slowdown in China and emerging economies, the UK's withdrawal from the EU, the US presidential election, and the spread of protectionism. - FY2017-Q2ReframedAnnual report
「During the cumulative second-quarter period, the economy remained on a gradual recovery trend, with corporate earnings and employment conditions improving as a result of various economic policies and monetary easing measures by the government and the Bank of Japan, despite lingering uncertainty over the outlook due to slowing growth in emerging economies and the UK's withdrawal from the EU.」
The theme of uncertainty over the outlook continues, but the factors have shifted from the previous appreciation of the yen, volatile share prices, and China's economic slowdown to slowing growth in emerging economies and the UK's withdrawal from the EU. - FY2017-Q1First statedAnnual report
「During the cumulative first-quarter period, the economy remained on a gradual recovery trend, with corporate earnings and employment conditions improving as a result of various economic policies and monetary easing measures by the government and the Bank of Japan, despite lingering uncertainty over the outlook due to the yen's appreciation, volatile share prices, and the slowdown in China's economic growth.」
The company states that uncertainty over the outlook remains due to the yen's appreciation, volatile share prices, and the slowdown in China's economic growth.