Moderate economic recovery and stagnant private consumption
First written in FY2017-Q1. 19 of 37 entries say "Reframed", first in FY2017-Q2. Latest entry: 2026-11-12.
Hazama Ando moved to the "Worse" side of this theme in 2022, 2 years after the typical company in this theme (2020).
The whole theme swung hardest in 2020: 29 of 66 companies on the "Worse" side.
15 other companies' latest entry also says "Reframed".
- 2026-11-12ReframedRevision to earnings forecast
「Looking ahead, a moderate recovery is expected against the backdrop of improvements in employment and income conditions and other factors, but it will be necessary to closely monitor the effects of the situation in the Middle East and natural disasters on economic activity. In addition, continued attention must be paid to the effects of financial and capital market volatility and other factors.」
中東情勢と金融資本市場への注意を継続しつつ、自然災害の経済活動への影響を明示している。 - FY2027-H1ReframedAnnual report
「During the current interim consolidated accounting period, Japan's economy continued to recover gradually as personal consumption began to pick up and corporate earnings improved. A gradual recovery is expected to continue, supported by improvements in the employment and income environment, among other factors, but close attention must be paid to the impact of the situation in the Middle East and natural disasters on economic activity. Continued attention must also be paid to the impact of volatility in financial and capital markets, among other factors.」
The company identifies the recovery in personal consumption and improvement in corporate earnings as factors supporting the economic recovery, and explicitly adds natural disasters to the situation in the Middle East as downside factors. - 2026-08-05RestatedResults
「A gradual recovery is expected going forward, supported by improvements in employment and income conditions. However, attention must be paid to downside risks to the economy, including the impact of the situation in the Middle East. Continued attention must also be paid to the effects of volatility in financial and capital markets.」
The company continues to caution about downside risks to the economy from the situation in the Middle East and volatility in financial and capital markets. - FY2026ReframedAnnual report
「During the current consolidated fiscal year, Japan's economy continued to recover gradually as the employment and income environment improved. The recovery trend is expected to continue, but attention must be paid to downside risks to the economy, including the impact of the situation in the Middle East and developments concerning U.S. trade policy.」
While maintaining its view of a gradual recovery driven by improvements in the employment and income environment, the company newly identifies the situation in the Middle East and U.S. trade policy as downside factors going forward. - FY2026-H1RestatedAnnual report
「During the current interim consolidated accounting period, Japan's economy continued to recover gradually as the employment and income environment improved. The recovery is expected to continue, but attention must be paid to the impact of U.S. trade policy on the global economy, while the impact of continued price increases on personal consumption also poses a downside risk to Japan's economy. Continued attention must also be paid to the impact of volatility in financial and capital markets, among other factors.」
The company continues to point to a gradual recovery driven by improvements in the employment and income environment, while maintaining its previous concerns over U.S. trade policy, price increases, personal consumption and financial and capital markets. - FY2025ReframedAnnual report
「The economy is expected to continue recovering, but the impact of U.S. trade policy on the global economy and the impact of continued price increases on personal consumption pose downside risks to Japan's economy. Closer attention must also be paid to the impact of volatility in financial and capital markets, among other factors.」
In addition to concerns over monetary measures in various countries and a downturn in overseas economies, the impact of U.S. trade policy and price increases on personal consumption is now explicitly identified as a downside factor for the economy. - FY2025-H1ReframedAnnual report
「During the current interim consolidated accounting period, Japan's economy continued to recover gradually as the employment and income environment improved.」
The description has changed from the previous focus on the normalization of economic and social activity to a gradual recovery driven by improvements in the employment and income environment. - FY2024-Q3RestatedAnnual report
「During the cumulative first nine months of the current consolidated fiscal year, Japan's economy gradually recovered as economic and social activity continued to normalize.」
We continue to believe that the domestic economy is gradually recovering against a backdrop of the normalization of economic and social activity. - FY2024-Q2RestatedAnnual report
「During the first 6 months of the consolidated fiscal year, Japan's economy gradually recovered as economic and social activity normalized.」
We continue to believe that the domestic economy is gradually recovering against a backdrop of the normalization of economic and social activity. - FY2024-Q1ReframedAnnual report
「During the first 3 months of the consolidated fiscal year, Japan's economy gradually recovered as economic and social activity normalized. A continued recovery is also expected as employment and income conditions improve. However, as global monetary tightening continues, a downturn in overseas economies poses a risk of putting downward pressure on Japan's economy. Close attention must also be paid to the effects of rising prices and energy costs and volatility in the financial and capital markets.」
The wording changed from “recovery” in the sense of a rebound as economic and social activity normalized to “economic recovery,” with improvements in employment and income conditions identified as a factor supporting the recovery. At the same time, the company continued to caution against global monetary tightening, a downturn in overseas economies, rising prices and energy costs, and volatility in the financial and capital markets. - FY2023ReframedAnnual report
「During the consolidated fiscal year, Japan's economy gradually recovered as economic and social activity normalized, although the outlook remained uncertain due to soaring raw material prices and rising prices.」
The company's assessment changed from its previous focus on difficult conditions caused by the pandemic to one indicating normalization of economic and social activity and a gradual recovery, while also noting uncertainty caused by higher raw material prices and rising prices. - FY2023-Q3RestatedAnnual report
「During the first 9 months of the consolidated fiscal year, Japan's economy gradually recovered.」
As in the previous quarter, the company indicated that the domestic economy was gradually recovering. - FY2023-Q2ReframedAnnual report
「During the first 6 months of the consolidated fiscal year, Japan's economy gradually recovered as economic and social activity normalized. Going forward, a recovery is also expected, partly due to the effects of various policies. However, as global monetary tightening continues, a downturn in overseas economies poses a risk of putting downward pressure on Japan's economy. Close attention must also be paid to the effects of rising prices, supply-side constraints, and volatility in the financial and capital markets.」
While indicating a recovery as economic and social activity normalized, the company identified global monetary tightening, a downturn in overseas economies, rising prices, supply constraints and volatility in the financial and capital markets, in addition to the previously cited geopolitical risks, as specific matters requiring attention. - FY2023-Q1ReframedAnnual report
「During the first 3 months of the consolidated fiscal year, Japan's economy showed signs of recovery as economic and social activity normalized, although concerns remained about the impact of geopolitical risks and other factors.」
The company's assessment changed from its previous focus on difficult conditions caused by COVID-19 and caution regarding variants to one reflecting the normalization of economic and social activity and signs of recovery. It also added concerns about geopolitical risks. - FY2022-Q3WorsenedAnnual report
「During the third-quarter cumulative period of the current consolidated fiscal year, Japan’s economy showed signs of recovery from the impact of COVID-19, but the risk of infection from new variants was rising and uncertain conditions continued.」
While there were signs of recovery from the impact of the pandemic, the company explicitly noted the rising infection risk from new variants and the continuation of an uncertain outlook. - FY2022-Q2ReframedAnnual report
「Looking ahead, a recovery is expected as the effects of various policies and improvements in overseas economies take hold while infection-control measures are thoroughly implemented and vaccinations progress, but it will be necessary to closely monitor the effects of domestic and overseas infection trends and financial and capital market volatility and other factors.」
The company described difficult economic conditions due to the continuing impact of the pandemic, while adding expectations for an economic recovery driven by vaccinations, the effects of government policies and improvements in overseas economies. It identified domestic and international infection trends and volatility in the financial and capital markets as matters requiring attention. - FY2022-Q1RestatedAnnual report
「During the first 3 months of the consolidated fiscal year, Japan's economy showed signs of recovery from the impact of COVID-19, but difficult conditions continued to persist.」
The company reaffirmed its view that, while there were signs of recovery from the impact of the pandemic, economic conditions remained difficult. - FY2021RestatedAnnual report
「During the consolidated fiscal year, Japan's economy showed signs of recovery from the impact of COVID-19, but difficult conditions persisted.」
The company reaffirmed its view that, while there were signs of a recovery from the impact of the pandemic, difficult economic conditions persisted. - FY2021-Q3RestatedAnnual report
「During the third-quarter cumulative period of the current consolidated fiscal year, Japan’s economy showed signs of recovery from the impact of COVID-19, but remained in a difficult situation.」
While there were signs of a recovery from the impact of the pandemic, the company continued to view the economy as remaining difficult. - FY2021-Q2ReframedAnnual report
「During the second-quarter cumulative period of the current consolidated fiscal year, Japan’s economy remained in a difficult situation due to the impact of COVID-19, although signs of a recovery were seen.」
While difficult economic conditions caused by the impact of the pandemic continued, the company added signs of a recovery to its assessment of the difficult conditions in the previous quarter. - FY2021-Q1RestatedAnnual report
「During the first-quarter cumulative period of the current consolidated fiscal year, Japan’s economy remained in a difficult situation, with corporate earnings declining due to the impact of COVID-19.」
The company continues to view economic conditions as difficult, with corporate earnings declining due to COVID-19. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, Japan's economy had been recovering moderately, but the economy deteriorated rapidly due to the spread of COVID-19, with both domestic and external demand coming under downward pressure, resulting in extremely difficult conditions.」
The company's view changed from the previous view of a moderate economic recovery to one that the economy had deteriorated rapidly due to the spread of COVID-19 and was in an extremely difficult situation. - FY2020-Q3RestatedAnnual report
「During the first 9 months of the consolidated fiscal year, Japan's economy recovered moderately. Although exports remained weak, corporate earnings stayed at a high level as employment and income conditions continued to improve.」
The company continued to view the economy as recovering moderately, against a backdrop of corporate earnings remaining at a high level and improvements in employment and income conditions, despite continued weakness in exports. - FY2020-Q2ReframedAnnual report
「During the first 6 months of the consolidated fiscal year, Japan's economy recovered moderately. Although weakness centered on exports persisted, corporate earnings remained at a high level, supported by steady improvements in employment and income conditions.」
While weakness centered on exports persisted, the company identified the high level of corporate earnings and improvements in employment and income conditions as factors supporting the economic recovery. - FY2020-Q1ReframedAnnual report
「During the first 3 months of the consolidated fiscal year, Japan's economy recovered moderately, with corporate earnings remaining solid at a high level and employment and income conditions continuing to improve.」
The company identified the resilience of corporate earnings and improvements in employment and income conditions as factors supporting the economic recovery. - FY2019RestatedAnnual report
「Regarding the future business environment, a continued economic recovery is expected as employment conditions steadily improve and private consumption continues to recover. However, attention must be paid to the impact of uncertainty in domestic and international political and economic conditions.」
The company cited expectations for an economic recovery supported by improvements in employment conditions and private consumption, while also noting the uncertainty in domestic and international political and economic conditions. - FY2019-Q3ReframedAnnual report
「During the first 9 months of the consolidated fiscal year, Japan's economy continued to recover moderately, with employment conditions steadily improving, private consumption continuing to recover, and private-sector capital investment also increasing.」
The company specifically identified increases in employment, private consumption and private-sector capital investment as factors supporting the economic recovery. - FY2019-Q2ReframedAnnual report
「During the first 6 months of the consolidated fiscal year, Japan's economy continued to recover moderately, with employment conditions steadily improving and private consumption continuing to recover.」
The company identified improvements in employment conditions and the recovery in private consumption as factors supporting the economic recovery. It also expressed expectations for a recovery ahead, while adding a note of caution regarding uncertainty in domestic and international political and economic conditions. - FY2019-Q1RestatedAnnual report
「During the first 3 months of the consolidated fiscal year, Japan's economy continued to recover moderately, with corporate earnings improving, private consumption recovering, and private-sector capital investment also increasing.」
The company continued to view the economy as recovering moderately, against a backdrop of improvements in corporate earnings, private consumption and private-sector capital investment. - FY2018RestatedAnnual report
「During the consolidated fiscal year, Japan's economy recovered moderately, with corporate earnings improving, private consumption recovering, and private-sector capital investment also increasing.」
The company continued to characterize the economy as recovering moderately, against a backdrop of improvements in corporate earnings, private consumption and private-sector capital investment. - FY2018-Q3RestatedAnnual report
「During the first 9 months of the consolidated fiscal year, Japan's economy continued to recover moderately, supported by improvements in corporate earnings and the recovery in private consumption and private-sector capital investment.」
The company continued to describe a moderate economic recovery, supported by improvements in corporate earnings and the recovery in private consumption and private-sector capital investment. - FY2018-Q2RestatedAnnual report
「During the first 6 months of the consolidated fiscal year, Japan's economy continued to recover moderately, supported by improvements in corporate earnings and the recovery in private consumption and private-sector capital investment.」
The company continued to describe a moderate economic recovery, supported by improvements in corporate earnings and the recovery in private consumption and private-sector capital investment. - FY2018-Q1ReframedAnnual report
「During the first 3 months of the consolidated fiscal year, Japan's economy continued to recover moderately, supported by improvements in corporate earnings and the recovery in private consumption and private-sector capital investment.」
The company identified improvements in corporate earnings and the recovery in private consumption and private-sector capital investment as factors supporting the recovery. - FY2017ReframedAnnual report
「During the consolidated fiscal year, Japan's economy continued to recover moderately, with corporate earnings improving and private consumption also showing signs of recovery.」
The company described a moderate economic recovery, citing improvements in corporate earnings and the recovery in private consumption. - FY2017-Q3ReframedAnnual report
「During the first 9 months of the consolidated fiscal year, Japan's economy continued to recover moderately. Although improvement in corporate earnings stalled, employment and income conditions continued to improve, and private consumption also showed signs of recovery.」
While improvement in corporate earnings stalled, the company added the recovery in private consumption to its description of a moderate economic recovery. - FY2017-Q2ReframedAnnual report
「During the first 6 months of the consolidated fiscal year, Japan's economy continued to recover moderately. Although private consumption remained cautious, public and private investment, which had been declining moderately, also showed solid performance. Corporate earnings were favorable, leading to a recovery in employment and income conditions.」
While private consumption remained cautious, the company expanded its description of the economic recovery to include solid public and private investment, corporate earnings, and the recovery in employment and income conditions. - FY2017-Q1First statedAnnual report
「Looking ahead, uncertainty has increased following the UK's decision to leave the EU. Although slower overseas growth and further yen appreciation could put downward pressure on the domestic economy, the economy is expected to remain on a recovery trend, supported by the effects of various government policies.」
The company indicated expectations for an economic recovery, while noting stagnant private consumption and concerns about downward pressure from the external environment.