Economic stagnation caused by weaker external demand and signs of weakness in corporate earnings
First written in FY2019-Q3. 2 of 22 entries say "Restated". Latest entry: 2026-05-13.
Takamatsu Construction Group moved to the "Worse" side of this theme in 2026, 7 years after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
66 other companies' latest entry also says "Worsened".
- 2026-05-13WorsenedEarnings presentation
「なお、本業績予想は直近の中東情勢緊迫化を受けた原油価格高騰などの影響については、現時点で先行きが不透明な状況のため、織り込んでいない。」
中東情勢の緊迫化と原油価格高騰を、業績予想に織り込んでいない不透明要因として示している。 - FY2025A gradual recovery coexisting with trade policy and inflation risksAnnual report
「While employment improved and nominal wages increased, keeping the economy on a moderate recovery trend, uncertainty over the outlook continued as the risk of a downturn increased due to persistent price increases and U.S. trade policies, among other factors.」
While pointing to a recovery trend driven by improvements in employment and nominal wages, the company newly emphasized the downside risks from rising prices and U.S. trade policies. - FY2025-H1Recovery trend, yen depreciation and higher prices amid global uncertaintyAnnual report
「During the current interim consolidated accounting period, Japan's economy remained on a moderate recovery trend, with gradual improvements in employment and an increase in nominal wages. At the same time, uncertainty over the outlook continued due to higher prices caused by the depreciation of the yen and rising tensions in the global situation.」
While pointing to a moderate recovery trend due to improvements in employment and nominal wages, the company also cited uncertainty arising from higher prices caused by the depreciation of the yen and rising global tensions. - FY2024-Q3Recovery trend alongside concerns over a downturn overseasAnnual report
「During the first nine months of the current consolidated cumulative period, Japan's economy followed a moderate recovery trend, with improvements in personal consumption and the employment and income environment, partly due to the effects of various government policies. On the other hand, a downturn in overseas economies, resulting from the effects of global monetary tightening and concerns over the outlook for the Chinese economy, posed a risk of weighing on Japan's economy. In addition, uncertainty continued as international conflicts and other destabilizing factors persisted, making the economic outlook unforeseeable.」
While pointing to a moderate recovery trend in the domestic economy, the company continued to express concern over a downturn caused by global monetary tightening, the outlook for the Chinese economy and the prolonged nature of international conflicts. - FY2024-Q2Continued economic recovery alongside factors of concernAnnual report
「During the first half of the current consolidated cumulative period, the economy continued to recover moderately as personal consumption and capital investment showed signs of recovery accompanying the normalization of economic activity. However, uncertainty continued due to numerous factors of concern, including the possibility of an overseas economic downturn against the backdrop of global monetary tightening and other factors, the prolonged situation in Ukraine, persistently high global energy prices, and soaring raw material and equipment prices resulting from the depreciation of the yen.」
While pointing to the normalization of economic activity and recovery in personal consumption and capital investment, the company maintained its view of uncertainty arising from monetary tightening, overseas economies, the situation in Ukraine, and energy and equipment prices. - FY2024-Q1Economic recovery alongside factors of concernAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy showed signs of a moderate recovery as restrictions on personal activity related to COVID-19 were eased and personal consumption and the employment and income environment improved. However, uncertainty continued due to numerous factors of concern, including the continuation of monetary tightening policies in various countries, a downturn in overseas economies, rising prices, the prolonged situation in Ukraine, soaring global energy costs and higher raw material and equipment prices.」
While the easing of restrictions and other factors pointed to an economic recovery, the company also cited uncertainty arising from monetary tightening, overseas economies, prices of commodities, energy and equipment, and the situation in Ukraine. - FY2023Economic recovery expectations alongside financial and resource risksAnnual report
「Social and economic activity showed signs of gradually normalizing as restrictions related to COVID-19 were eased and various policies took effect, and expectations for a full-fledged economic recovery are growing. On the other hand, the downturn in overseas economies could affect Japan's economy due to volatility in global financial and capital markets caused by financial instability, including bank failures in the United States.」
While noting the normalization of social and economic activity and expectations for an economic recovery, the company also described uncertainty arising from financial instability, surging resource prices and supply constraints. - FY2023-Q3Normalization alongside continued uncertainty over the outlookAnnual report
「During the first nine months of the current consolidated cumulative period, social and economic activity showed signs of moving toward normalization as restrictions on personal activity were eased and vaccines became more widely available, despite the prolonged impact of COVID-19. Meanwhile, the global economy remained sluggish due to continued monetary tightening and other factors, affecting the Japanese economy. In addition, the outlook remained uncertain due to higher raw material, equipment and energy prices caused by the depreciation of the yen, as well as economic instability resulting from the prolonged situation in Ukraine.」
While the easing of restrictions and wider vaccine availability pointed to the normalization of social and economic activity, the company maintained its view that the outlook was uncertain due to monetary tightening, the depreciation of the yen, higher prices and the situation in Ukraine. - FY2023-Q2Easing of restrictions alongside yen depreciation and higher resource pricesAnnual report
「During the first half of the current consolidated cumulative period, Japan's economy showed signs of moving toward normalization of social and economic activity as restrictions on personal activity were eased, although the effects of COVID-19 remained. At the same time, the economy could stagnate due to rising raw material, equipment and energy prices resulting from the historically weak yen against the backdrop of a widening Japan-U.S. interest rate differential, as well as economic instability caused by the prolonged situation in Ukraine.」
While the easing of restrictions showed signs of social and economic activity moving toward normalization, the company also cited the risk of an economic downturn caused by the historically weak yen, rising prices and the situation in Ukraine. - FY2023-Q1Economic recovery and uncertainty over the outlookAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy remained affected by COVID-19, but economic activity remained relatively firm as the way of life adapted to living with COVID-19 became more widespread. At the same time, the outlook remained uncertain due to higher import prices resulting from supply chain disruptions and a significant depreciation of the yen, as well as surging resource prices caused by the situation in Ukraine and other factors.」
While economic activity remained relatively firm as living with COVID-19 became more established, the company maintained its view that the outlook was uncertain, citing supply chain disruptions, the depreciation of the yen and surging resource prices caused by the situation in Ukraine. - FY2022Surging resource prices and uncertainty over the outlookAnnual report
「Concerns have arisen over surging resource prices caused by supply chain disruptions, the depreciation of the yen and the situation in Ukraine, leaving the outlook uncertain.」
In addition to the economic uncertainty caused by the pandemic, supply chain disruptions, the depreciation of the yen and the situation in Ukraine are cited as factors of concern due to their impact on resource prices. - FY2022-Q3Resurgence of infections and continued uncertainty over the outlookAnnual report
「On 1 October 2021, the lifting of the state of emergency and other measures eased restrictions on personal activity, raising expectations for the subsequent normalization of economic activity. However, since December of the same year, the Omicron variant has caused infections to surge worldwide, leaving the outlook for economic conditions uncertain.」
While the easing of restrictions on personal activity raised expectations for the normalization of economic activity, uncertainty over the outlook has persisted as infections surged due to the Omicron variant. - FY2022-Q2Improving infection trends and stronger expectations for an economic recoveryAnnual report
「The number of infections has remained subdued after peaking in August, while Japan's vaccination rate has also risen, leading us to expect an economic recovery.」
While a complete resolution of COVID-19 remains unforeseeable, the subdued number of infections and rising vaccination rate have led to expectations of an economic recovery in addition to concerns about a resurgence of infections in the previous quarter. - FY2022-Q1Vaccine hopes alongside a resurgence of infectionsAnnual report
「Regarding the outlook for economic conditions, a recovery in the economy is expected as the COVID-19 vaccination rate rises, but infections have recently begun to spread again and their containment remains difficult to foresee. The company therefore expects efforts to coexist with COVID-19 to continue for some time.」
The company indicated that expectations for an economic recovery from rising vaccination rates coexisted with a resurgence of infections and uncertainty over when they would be contained, leaving the economic environment characterized by both recovery expectations and difficult conditions. - FY2021-Q3Resurgence of infections and an uncertain outlookAnnual report
「However, infections with the novel coronavirus have been spreading again since the end of the third quarter, and the outlook remains uncertain.」
Although signs of recovery emerged after the lifting of the state of emergency, COVID-19 infections began to spread again from the end of the third quarter, and the company indicated that the outlook remained uncertain. - FY2021-Q2RestatedAnnual report
「The pace of economic recovery remains slow, and the company expects difficult economic conditions to continue because of concerns about further spread of infection.」
The company has reconfirmed its recognition that rapid economic deterioration caused by the spread of COVID-19 and difficult economic conditions will continue. - FY2021-Q1Continued rapid economic deteriorationAnnual report
「The economy entered an extremely difficult situation due to its rapid deterioration as the spread of COVID-19 severely restricted personal consumption and corporate activities. Going forward, it will be necessary to gradually raise the level of socioeconomic activity while implementing measures to prevent the spread of infection, but the company expects the extremely difficult situation to continue because of concerns about further outbreaks.」
The assessment changed from the previous economic stagnation to rapid deterioration caused by COVID-19 and the expectation that an extremely difficult situation would continue. - FY2020Recognition of an economic crisis caused by COVID-19Annual report
「Japan's economy is currently facing a crisis more severe than the Lehman shock due to the global spread of the novel coronavirus disease.」
The company's assessment changed from the previous recognition of economic stagnation to a crisis more severe than the Lehman shock caused by the spread of the novel coronavirus. - FY2020-Q3Continued economic stagnation, with some improvement in the order environmentAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, the Japanese economy showed increasingly pronounced signs of stagnation compared with the previous fiscal year, when moderate growth continued, as corporate earnings and housing starts weakened amid the US-China trade friction and the consumption tax rate increase.」
The company continues to cite weakness in corporate earnings and housing starts and economic stagnation against the backdrop of US-China trade friction and the consumption tax rate increase. - FY2020-Q2Increasingly pronounced economic stagnationAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, the Japanese economy showed increasingly pronounced signs of stagnation compared with the previous fiscal year, when moderate growth continued, as corporate earnings and housing starts weakened.」
The company cited weakness in corporate earnings and housing starts, indicating that economic stagnation had become more pronounced than in the previous fiscal year. - FY2019RestatedAnnual report
「The economy remained on a moderate recovery path, as in the previous fiscal year, but the year was also marked by signs of stagnation, including weaker external demand toward the end of the fiscal year.」
The company has reconfirmed the recovery trend in the domestic economy and the signs of stagnation caused by weaker external demand as the economic environment for the full fiscal year. - FY2019-Q3First statedAnnual report
「The economy remained on a moderate recovery path, as in the previous fiscal year, but signs of stagnation have begun to emerge, including weaker external demand and a slowdown in the earnings of some companies.」
The company indicated that, although the domestic economy remained on a recovery path, signs of stagnation had begun to emerge due to weaker external demand and a slowdown in the earnings of some companies.