Economic Outlook Uncertainty Driven by Emerging-Market Slowdown, Yen Appreciation and U.S. Policy Shifts
First written in FY2017-Q2. 13 of 28 entries say "Restated". Latest entry: FY2026.
Dai-Ichi Cutter Kogyo K.K. moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
23 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「Meanwhile, continued attention will be required regarding the impact on the domestic economy of the destabilization of the international situation, including developments in the Middle East, uncertainty surrounding US trade policy and trends in resource and energy prices.」
The economic risk factors have been reorganized from the previous focus on US tariff policies and fluctuations in foreign exchange markets to developments in the Middle East, US trade policy and resource and energy prices. - 2026-05-15ReframedEarnings
「During the first 9 months of the current consolidated fiscal year, the Japanese economy remained on a gradual recovery track. Although it was affected by rising prices and uncertainty in overseas economies, domestic demand, including resilient personal consumption and capital investment, provided support.」
The description of economic uncertainty was reorganized from the previous reference to fluctuations in the trade policies of various countries and financial and capital markets to wording that includes rising prices and uncertainty in overseas economies. - FY2026-H1Reframing Around Trade Policy and Financial Market VolatilityAnnual report
「However, the outlook remains uncertain due to the risk of an economic downturn resulting from the impact of trade policies in various countries and fluctuations in financial and capital markets.」
The wording of the economic risk factors has been reorganized from the previous fiscal year's focus on US tariff policies and fluctuations in foreign exchange markets to the risk of an economic downturn resulting from trade policies in various countries and fluctuations in financial and capital markets. - FY2025ReframedAnnual report
「Regarding the future operating environment, the domestic economy is expected to remain on a recovery track. However, continued attention will be required regarding the impact on the domestic economy of US tariff policies and fluctuations in foreign exchange markets.」
The document identifies US tariff policies and fluctuations in foreign exchange markets as the main economic risk factors, replacing the previous focus on developments in the Middle East and resource and energy prices. - FY2025-H1Replacement of Economic Risk FactorsAnnual report
「However, continued attention will be required regarding the impact on the domestic economy of developments in the Middle East and fluctuations in financial and capital markets.」
The wording of the economic risk factors has been changed from the previous focus on the situation in Ukraine, resource prices and monetary tightening policies to developments in the Middle East and fluctuations in financial and capital markets. - FY2024Specification of Economic Risk FactorsAnnual report
「Regarding the future operating environment, domestic demand is expected to recover gradually as economic activity normalizes. However, continued attention will be required regarding the impact on the domestic economy of the sharp rise in resource and energy prices accompanying heightened global tensions and fluctuations in foreign exchange markets.」
The economic risk factors have been reorganized from the previous focus on the situation in Ukraine and monetary tightening policies to heightened global tensions, resource and energy prices, and fluctuations in foreign exchange markets. - FY2024-Q2Generalization of Risk-Factor WordingAnnual report
「However, continued attention will be required regarding the impact on the domestic economy of the sharp rise in resource prices accompanying heightened global tensions and monetary tightening policies in various countries.」
The description of risk factors has been generalized from the previous quarter's reference to the situation in Ukraine to the sharp rise in resource prices accompanying heightened global tensions. - FY2024-Q1RestatedAnnual report
「During the first 3 months of the current consolidated fiscal year, the economy was beginning to recover as economic activity normalized. However, continued attention will be required regarding the impact on the domestic economy of the sharp rise in resource and grain prices stemming from the situation in Ukraine and monetary tightening policies in various countries.」
While referring to the economic recovery resulting from the normalization of economic activity, the document continues to identify the sharp rise in resource and grain prices associated with the situation in Ukraine and monetary tightening policies in various countries as factors contributing to uncertainty. - FY2023-Q3RestatedAnnual report
「During the first 9 months of the current consolidated fiscal year, normalization progressed further as COVID-19 measures were balanced with economic activity, and the economy was beginning to recover. However, continued attention will be required regarding the impact on the domestic economy of the sharp rise in resource and grain prices stemming from the situation in Ukraine and monetary tightening policies in various countries.」
While referring to the normalization of economic activity, the document continues to identify the sharp rise in resource and grain prices associated with the situation in Ukraine and monetary tightening policies in various countries as factors contributing to economic uncertainty. - FY2023-Q2RestatedAnnual report
「However, continued attention will be required regarding the impact on the domestic economy of the sharp rise in resource and grain prices stemming from the situation in Ukraine and monetary tightening policies in various countries.」
While referring to normalization through the balancing of COVID-19 measures and economic activity, the document continues to identify the sharp rise in resource and grain prices associated with the situation in Ukraine and monetary tightening policies in various countries as factors contributing to economic uncertainty. - FY2023-Q1RestatedAnnual report
「However, continued attention will be required regarding the impact on the domestic economy of the sharp rise in resource prices stemming from the situation in Ukraine and monetary tightening policies in various countries.」
In addition to the sharp rise in resource prices associated with the situation in Ukraine, monetary tightening policies in various countries continue to be identified as factors contributing to uncertainty in the domestic economy. - FY2022-Q3WorsenedAnnual report
「Resource prices have also risen sharply following Russia's invasion of Ukraine, and concerns have arisen over the impact of these developments on the economy.」
The sharp rise in resource prices following Russia's invasion of Ukraine and concerns about the impact on the economy are identified as new factors contributing to economic uncertainty. - FY2022-Q2RestatedAnnual report
「During the first 6 months of the current consolidated fiscal year, Japan's economy remained in an uncertain situation as restrictions on economic activity due to the spread of COVID-19 continued.」
Restrictions on economic activity due to the spread of the infectious disease and continued uncertainty over the economic outlook are described again. - FY2022-Q1RestatedAnnual report
「During the first 3 months of the current consolidated fiscal year, Japan's economy remained in a difficult situation as restrictions on economic activity due to the spread of COVID-19 continued. In the domestic construction market, public investment, supported by the National Resilience Plan and other factors, remained relatively firm, but private-sector capital investment was sluggish under the impact of deteriorating corporate earnings, and the outlook remained uncertain.」
Restrictions on economic activity due to the infectious disease, sluggish private-sector capital investment and continued uncertainty over the outlook for the construction market are described again. - FY2021-Q3RestatedAnnual report
「During the first 9 months of the current consolidated fiscal year, Japan's economy remained in a difficult situation as economic activity stagnated due to the spread of COVID-19 and corporate earnings remained at low levels. In the domestic construction market, public investment, supported by the National Resilience Plan and other factors, remained relatively firm, but private-sector capital investment tended to contract under the impact of deteriorating corporate earnings, and the order environment is becoming increasingly challenging.」
The continuing stagnation of economic activity caused by the spread of the infectious disease, weak corporate earnings, the contractionary trend in private-sector capital investment and challenging order conditions are described again. - FY2021-Q2WorsenedAnnual report
「During the first 6 months of the current consolidated fiscal year, Japan's economy remained in a difficult situation as economic activity stagnated due to the spread of COVID-19 and corporate earnings remained at low levels. In the domestic construction market, public investment, supported by the National Resilience Plan and other factors, remained relatively firm, but private-sector capital investment tended to contract under the impact of deteriorating corporate earnings, and the order environment is becoming increasingly challenging.」
In addition to stagnating economic activity due to the spread of the infectious disease and weak corporate earnings, the contractionary trend in private-sector capital investment and deterioration in the order environment continue. - FY2021-Q1WorsenedAnnual report
「During the first 3 months of the current consolidated fiscal year, Japan's economy remained in a difficult situation as economic activity stagnated due to the spread of the novel coronavirus, resulting in declines in corporate earnings and personal consumption. In the domestic construction market, public investment, supported by the National Resilience Plan and other factors, remained relatively firm, but private-sector capital investment tended to contract under the impact of deteriorating corporate earnings, and the outlook remained uncertain.」
In addition to the stagnation of economic activity caused by the spread of the novel coronavirus, a tendency for private-sector capital investment to contract is described, and uncertainty over the outlook for the construction market continues. - FY2020MaterialisedAnnual report
「In the construction industry, public construction investment remained relatively firm, but the operating environment has become challenging, with some construction projects suspended or postponed due to the spread of the novel coronavirus.」
Construction work was in fact suspended or postponed due to the spread of the novel coronavirus, giving concrete form to uncertainty in the economic and order environment. - FY2020-Q3WorsenedAnnual report
「During the first 9 months of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track against a backdrop of improving corporate earnings and employment and income conditions. However, the outlook for the economy remains uncertain amid concerns about an economic downturn resulting from US-China trade friction and the consumption tax increase. In particular, concerns have recently arisen over the global spread of the novel coronavirus, increasing uncertainty.」
In addition to the previous concerns about US-China trade friction and the consumption tax increase, concerns about the global spread of the novel coronavirus are explicitly stated, and uncertainty over the economic outlook has increased. - FY2020-Q2RestatedAnnual report
「During the first 6 months of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track against a backdrop of improving corporate earnings and employment and income conditions. However, the outlook for the economy remains uncertain amid concerns about an economic downturn resulting from US-China trade friction and the consumption tax increase.」
Concerns about an economic downturn resulting from US-China trade friction and the consumption tax increase continue to be identified as factors contributing to uncertainty over the economic outlook. - FY2020-Q1ReframedAnnual report
「During the first 3 months of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track against a backdrop of improving corporate earnings and employment and income conditions. However, the outlook for the economy remains uncertain amid concerns about an economic downturn resulting from US-China trade issues and the consumption tax increase.」
After the previously stated uncertainty over the economic outlook disappeared once, it has been mentioned again, with the factors changed from emerging-market economies, yen appreciation and US policy to concerns about an economic slowdown resulting from US-China trade issues and the consumption tax increase. - FY2018DroppedAnnual report
「The construction industry also remained firm in both private-sector and public investment, and a stable order environment continued.」
The FY2018 full-year description of the economic environment and risks did not mention uncertainty relating to emerging-market economies, yen appreciation or US policy changes, but described a stable order environment. - FY2018-Q3RestatedAnnual report
「However, the outlook for the economy remains uncertain due to geopolitical risks and uncertainty in overseas economies.」
Geopolitical risks and uncertainty in overseas economies continue to be identified as factors contributing to uncertainty over the economic outlook. - FY2018-Q2RestatedAnnual report
「However, continued attention is required regarding uncertainty in emerging-market economies, including China, and developments in US economic policy, and the outlook for the economy remains uncertain.」
Uncertainty in emerging-market economies, including China, and developments in US economic policy continue to be identified as factors contributing to uncertainty over the economic outlook. - FY2018-Q1RestatedAnnual report
「However, continued attention is required regarding uncertainty in emerging-market economies, including China, and developments in US economic policy, and the outlook for the economy remains uncertain.」
Uncertainty in emerging-market economies, including China, and developments in US economic policy continue to be identified as factors contributing to uncertainty over the economic outlook. - FY2017RestatedAnnual report
「During the current consolidated fiscal year, Japan's economy remained on a gradual recovery track as employment and income continued to improve under the government's and the Bank of Japan's economic and monetary policies, and personal consumption also grew steadily. However, the outlook for the economy remains uncertain due to the slowdown in emerging-market economies, including China, and concerns about further yen appreciation.」
The slowdown in emerging-market economies and concerns about further yen appreciation continue to be identified as factors contributing to uncertainty over the economic outlook. - FY2017-Q3RestatedAnnual report
「During the first 9 months of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track as employment and income continued to improve under the government's and the Bank of Japan's economic and monetary policies, and personal consumption also grew steadily. However, the outlook for the economy remains uncertain due to the slowdown in emerging-market economies, including China, and the yen's appreciation.」
The slowdown in emerging-market economies and the yen's appreciation continue to be identified as factors contributing to uncertainty over the economic outlook. - FY2017-Q2First statedAnnual report
「The outlook for the economy remains uncertain due mainly to the slowdown in emerging-market economies, the yen's appreciation and concerns about policy changes accompanying the transition to a new US administration.」
The economic analysis explicitly identifies emerging-market economies, foreign exchange and US policy changes as factors contributing to uncertainty over the economic outlook for the first time.