Uncertainty Over the Global Economy and Domestic Business Conditions and Economic Stagnation
First written in FY2017-Q1. 11 of 29 entries say "Restated". Latest entry: FY2026-H1.
Sds Holdings moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
26 other companies' latest entry also says "Other".
- FY2026-H1Recovery in economic conditions alongside trade, geopolitical and Chinese economic concernsAnnual report
「During the interim consolidated accounting period, the Japanese economy continued to show a moderate recovery as wage and employment conditions improved. However, the outlook remained uncertain due to the impact of US trade policy, geopolitical risks surrounding the situation in Ukraine and the Middle East, and the stagnation of the Chinese economy.」
The disclosure points to improvements in wages and the employment environment and a gradual recovery in economic activity, while also citing US trade policy, the situations in Ukraine and the Middle East, and stagnation in China’s economy as factors contributing to an uncertain outlook. - FY2025Signs of economic recovery alongside policy shifts and geopolitical risksAnnual report
「The Japanese economy in the current consolidated fiscal year showed some signs of recovery as economic activity normalized, but uncertainty continues amid the prospect of major policy shifts following the inauguration of the U.S. president, Donald Trump, and persistently high geopolitical risks in Ukraine and the Middle East.」
While indicating signs of recovery as economic activity normalises, the Company also cites major policy shifts in the United States and geopolitical risks in Ukraine and the Middle East as new sources of uncertainty. - FY2025-H1The listing of signs of economic recovery alongside concerns over geopolitical conditions and high pricesAnnual report
「During the interim consolidated accounting period, Japan's economy showed signs of a gradual recovery, albeit a moderate one, as personal consumption and inbound demand recovered against a backdrop of improving employment and income conditions. However, the outlook remained uncertain due to the prolonged conflicts in the Middle East and Ukraine, the sluggish Chinese economy, soaring energy prices, and continued price increases.」
While indicating signs of an economic recovery driven by the employment and income environment, personal consumption and inbound demand, the company also identifies the situations in the Middle East and Ukraine, the slowdown in China's economy, soaring energy prices and rising prices as new sources of uncertainty. - FY2024Listing of economic normalization alongside geopolitical and yen depreciation concernsAnnual report
「During the fiscal year, Japan's economy was moving toward normalization of economic activity following the reclassification of COVID-19 as a Class 5 infectious disease, but the outlook remained uncertain due to instability in the global situation surrounding Eastern Europe and Russia and the Middle East, as well as the prolonged trend toward yen depreciation in Japan.」
While indicating the normalisation of economic activity following the reclassification of COVID-19 as a Class 5 disease, the Company cites uncertainty over the outlook due to instability in Eastern Europe and Russia and the Middle East, as well as the prolonged trend of yen depreciation. - FY2024-Q3The listing of economic normalization alongside high prices and high overseas interest ratesAnnual report
「During the third quarter of the consolidated cumulative period under review, economic activity in Japan moved toward normalization, partly because COVID-19 was reclassified as a Class 5 disease under the Infectious Diseases Control Law. At the same time, concerns remain about the impact on Japan of factors including rising prices and a slowing recovery due to high interest rates in overseas economies, which require close monitoring.」
While describing the normalization of economic activity following the transition of COVID-19 to Category 5 under the Infectious Diseases Control Law and other factors, the company also cites a slower pace of recovery due to rising prices and high interest rates in overseas economies as new concerns. - FY2024-Q2Economic recovery and multiple external concerns noted togetherAnnual report
「During the cumulative second quarter, Japan's economy was gradually recovering as economic activity normalized following the reclassification of COVID-19 as a Class 5 disease under the Infectious Diseases Control Law. However, the outlook remained uncertain due to the prolonged Russia-Ukraine situation, yen depreciation, rising prices, China's property-sector debt problems, and the prolonged monetary tightening in the United States.」
The company describes the normalization of economic activity and the economic recovery following the reclassification of COVID-19 as a Class 5 disease, while also identifying the situations in Russia and Ukraine, the weaker yen, rising prices, the debt problems of China's real estate industry and the prolonged monetary tightening in the United States as new sources of uncertainty. - FY2024-Q1Listing of economic recovery alongside risks from high prices and a downturn in overseas economiesAnnual report
「During the first-quarter cumulative period, the Japanese economy recovered moderately as employment and income conditions improved. However, concerns arose that downside risks to overseas economies resulting from global inflation and monetary tightening by countries in response could restrain the recovery trend in the Japanese economy.」
The Company describes improvements in the domestic employment and income environment and a gradual recovery, while also citing global inflation, monetary tightening in various countries and downside risks to overseas economies as new concerns. - FY2023Recovery in economic conditions and higher raw material and energy prices both citedAnnual report
「During the fiscal year, Japan's economy was in a difficult situation despite a gradual recovery, partly supported by the effects of various government policies, due also to soaring raw material and energy prices.」
The disclosure has been updated to state that, while the economy is showing signs of a gradual recovery, the economic environment remains challenging due to soaring raw material and energy prices. - FY2023-Q3Recovery alongside rising prices, supply constraints, and market volatilityAnnual report
「During the first 9 months of the fiscal year, the Japanese economy showed signs of a gradual recovery under the COVID-19 environment. However, close attention remained necessary to the effects of rising prices, supply-side constraints and volatility in the financial and capital markets, and the outlook remained uncertain.」
While indicating a gradual recovery in the economy under the COVID-19 environment, the company also cites rising prices, supply-side constraints, and volatility in the financial and capital markets as new concerns in the external environment. - FY2023-Q1The listing of a recovery trend alongside new external risksAnnual report
「During the first quarter consolidated cumulative period, Japan's economy remained in a difficult situation as the impact of the COVID-19 pandemic continued for an extended period, but signs of recovery emerged as vaccines became more widely available and economic and social activity moved towards normalisation. Meanwhile, continued close attention is required regarding the outlook, given the global semiconductor shortage and soaring resource prices resulting from Russia's invasion of Ukraine.」
While indicating a recovery in economic activity driven by the spread of vaccines and other factors, the Company identifies the global semiconductor shortage and higher resource prices associated with Russia's invasion of Ukraine as new external concerns. - FY2022WorsenedAnnual report
「In the domestic economy during the consolidated fiscal year under review, although the impact of COVID-19 gradually eased in the second half of the fiscal year, the challenging operating environment continued due to rising raw material prices and supply constraints, and the recovery in private-sector capital investment stalled.」
Alongside the easing of the effects of infectious diseases, the Company identifies rising raw material prices, supply constraints and a stalled recovery in private-sector capital investment as new challenging factors in the operating environment. - FY2022-Q3Economic recovery and caution over variant strains noted togetherAnnual report
「During the first 9 months of the current consolidated fiscal year, Japan's economy showed signs of recovery as the severe conditions caused by COVID-19 gradually eased, but the situation remained unpredictable, requiring close monitoring of the effectiveness of existing vaccines against the Omicron variant of COVID-19.」
While indicating an easing of the severe conditions caused by the COVID-19 pandemic and a recovery in economic activity, the company notes continued concerns about the Omicron variant and the effectiveness of existing vaccines. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter, Japan's economy remained in a difficult situation due to the impact of COVID-19. Although economic recovery is expected from measures to prevent the spread of infection and the effects of accelerated vaccination, close attention must be paid to the impact of infection trends on the domestic and overseas economies.」
While continuing to disclose the severe economic conditions caused by the COVID-19 pandemic, the company also indicates expectations for an economic recovery through infection prevention measures and vaccinations. - FY2021Continued severe conditions alongside signs of recoveryAnnual report
「During the fiscal year, Japan's economy remained in a difficult situation due to the impact of COVID-19, although signs of recovery were seen in capital investment and corporate earnings. The outlook requires close attention to the impact of infection trends on the domestic and overseas economies.」
Although the company states that the economic environment remains difficult due to COVID-19, it also notes signs of recovery in capital investment and corporate earnings. It says that continued attention is required regarding the impact of infection trends on domestic and overseas economies. - FY2021-Q3WorsenedAnnual report
「However, corporate earnings continued to decline substantially due to the impact of the pandemic, and capital investment decreased. Looking ahead, close attention must be paid to the risk that the spread of the pandemic could adversely affect domestic and overseas economies through its impact on socioeconomic activity.」
Although personal consumption is described as showing some signs of recovery, the Company explicitly identifies the continued sharp decline in corporate earnings and capital investment, as well as downside risks to domestic and overseas economies from the spread of infectious diseases. - FY2021-Q2Continued challenging conditions alongside signs of recoveryAnnual report
「During the six months ended 30 September, Japan’s economy remained in a severe condition due to the impact of COVID-19, but showed signs of recovery, partly due to the effects of various government policies.」
The report states that, while difficult economic conditions resulting from the COVID-19 pandemic continue, there are also signs of a recovery driven by various government policies. - FY2020WorsenedAnnual report
「In addition to the unstable political and economic environment, including US-China trade friction, the UK's withdrawal from the EU and deteriorating Japan-South Korea relations, conditions have rapidly worsened due to the spread of COVID-19, leaving the economy in a severe situation.」
In addition to the previous view of a gradual recovery and uncertainty in overseas economies, the assessment has changed to one that the economy is in a severe situation due to the spread of COVID-19 and its rapid deterioration. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, the Japanese economy remained on a moderate recovery trend against the backdrop of government economic and monetary policies. However, the outlook remained uncertain due to growing tensions among countries over trade issues, the United Kingdom’s withdrawal from the EU, and uncertainty surrounding overseas economic trends and policies, including those of China.」
While indicating a gradual recovery in the domestic economy, the disclosure continues to cite uncertainty about the outlook due to trade issues, the United Kingdom’s withdrawal from the EU, and uncertainty surrounding overseas economies and policies, including those of China. - FY2020-Q1RestatedAnnual report
「However, attention must be paid to the impact of overseas economic conditions, including the outlook for the Chinese economy, uncertainty regarding overseas economic trends and policies, and fluctuations in the financial and capital markets.」
The Company describes the domestic economy as being on a recovery trend, while citing the outlook for the Chinese economy, uncertainty surrounding overseas economies and policies, and volatility in financial and capital markets as external-environment risks. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy continued on a gradual recovery trend against a backdrop of recovering corporate earnings and improving employment conditions, despite geopolitical risks such as trade friction between the United States and China and conditions on the Korean Peninsula and in the Middle East.」
While indicating a gradual recovery trend in the domestic economy, the company continues to identify external and geopolitical risks, including US-China trade friction and conditions on the Korean Peninsula and in the Middle East. - FY2019-Q2RestatedAnnual report
「However, the outlook for the overseas economy remains uncertain due to various issues, including rising crude oil prices resulting from U.S. trade policy. In addition, the impact on the economy of successive natural disasters in Japan and overseas cannot be overlooked.」
While describing a gradual recovery in the domestic economy, the company continues to identify uncertainty in the external environment, including US trade policy, rising crude oil prices and the economic impact of natural disasters, as risks. - FY2019-Q1RestatedAnnual report
「During the three months ended the first quarter of the current fiscal year, Japan’s economy was on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment. However, uncertainty about the outlook for overseas economies remains due to US policy developments, instability in Europe on both the political and economic fronts, and the slowdown in China’s economy.」
While indicating a gradual recovery trend in the domestic economy, the Company continues to disclose uncertainty in overseas economies, including US policy developments, the situation in Europe and a slowdown in the Chinese economy. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy continued on a gradual recovery trend, supported by a recovery in corporate earnings and improvements in the employment environment, despite geopolitical risks including the North Korea issue.」
While stating that the domestic economy is showing a gradual recovery trend due to improvements in corporate earnings and the employment environment, the company notes that geopolitical risks, including the North Korea issue, remain. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter of the current fiscal year, Japan’s economy continued on a gradual recovery trend, as corporate earnings recovered, particularly among exporters, and capital expenditures began to recover, due to the recovery of the global economy and the trend toward a weaker yen. However, overseas conditions remain unpredictable, with concerns including uncertainty surrounding the Chinese and European economies, the U.S. administration and the situation involving North Korea.」
While indicating a gradual recovery trend in the domestic economy, the company continues to disclose uncertainty surrounding overseas conditions, including the Chinese and European economies, the US administration, and the situation in North Korea. - FY2018-Q1RestatedAnnual report
「However, the outlook for overseas economies remains uncertain due to U.S. policy developments, instability in Europe on both the political and economic fronts, and the slowdown of the Chinese economy, among other factors.」
The disclosure continues to describe Japan’s economy as being on a gradual recovery trend, while noting ongoing uncertainty about the outlook for overseas economies due to US policy developments, the situation in Europe and the slowdown in China’s economy. - FY2017RestatedAnnual report
「During the current consolidated fiscal year, Japan’s economy continued on a gradual recovery trend as corporate earnings and employment conditions improved against the backdrop of various government economic policies and monetary easing, while signs of recovery emerged in overseas economies. In particular, following the US presidential election, the yen weakened and share prices rose. However, uncertainty about the economic outlook remains, due to economic concerns in Europe and Asian countries and future political and economic developments in the United States.」
While indicating a trend toward a gradual economic recovery, the Company continues to cite uncertainty about the outlook due to economic concerns in Europe and Asian countries and political and economic developments in the United States. - FY2017-Q3RestatedAnnual report
「During the first 9 months of the fiscal year, the Japanese economy remained on a gradual recovery trend, as corporate earnings and employment conditions improved against the backdrop of various economic policies and monetary easing by the government and the Bank of Japan. However, the outlook remained uncertain due to the economic slowdown in emerging countries, including China, the UK's withdrawal from the EU and the impact of the US presidential election.」
While indicating improvements in corporate earnings and employment and a gradual recovery trend, the Company continues to cite uncertainty over the outlook due to economic conditions in emerging markets such as China, the UK's withdrawal from the EU and the impact of the US presidential election. - FY2017-Q2SoftenedAnnual report
「Corporate earnings and employment conditions continue to show signs of improvement, and the economy remains on a gradual recovery track. However, instability remains, including substantial fluctuations in foreign exchange and stock markets, and the outlook is still uncertain.」
The description changed from economic stagnation and an uncertain outlook in the previous quarter to an improving corporate earnings and employment environment and a gradual recovery trend. However, volatility in foreign exchange and equity markets and uncertainty about the outlook remain. - FY2017-Q1First statedAnnual report
「As uncertainty over the outlook for both the global and Japanese economies increased, including the decision for the United Kingdom to leave the EU at the end of the quarter, personal consumption and corporate investment both remained sluggish and signs of economic stagnation intensified.」
The Company identifies uncertainty in the external environment, including the UK’s decision to leave the EU, together with weak personal consumption and corporate investment, as risks to the operating environment.