Uncertainty over the economic outlook due to the slowdown in emerging markets, sharp foreign-exchange volatility, and other factors
First written in FY2017-Q2. 9 of 30 entries say "Worsened", first in FY2020-Q1. Latest entry: FY2026.
Kudo 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: 144 of 176 companies on the "Worse" side.
25 other companies' latest entry also says "Other".
- FY2026Domestic recovery alongside continued external uncertaintyAnnual report
「During the consolidated fiscal year, Japan's economy remained in a phase of moderate growth, supported by the employment and income environment underpinning private consumption. Meanwhile, the situation continues to require attention to risks affecting the economic outlook, including the impact of rising prices, including energy-price fluctuations mainly resulting from the situation in the Middle East, on consumer sentiment, and higher interest rates resulting from the Bank of Japan's monetary policy normalization.」
While characterizing the domestic economy as being in a phase of moderate growth, the disclosure identifies rising prices, energy-price fluctuations, and higher interest rates resulting from monetary policy normalization as factors requiring attention regarding the economic outlook. - FY2026-H1Addition of concerns over greater frugality and weaker consumer spendingAnnual report
「During the interim consolidated period, Japan's economy maintained a moderate recovery as corporate earnings remained solid, supported by improvements in employment conditions and income levels. Meanwhile, the outlook remained uncertain due to US policy developments, fluctuations in foreign exchange markets, higher raw-material prices, growing thrift-consciousness against a backdrop of high prices, and concerns over declining consumer willingness to spend.」
While indicating a moderate recovery in the domestic economy, the disclosure specifically identifies, in addition to the previous US policies, foreign exchange and price factors, growing thrift-consciousness and declining consumer willingness to spend due to high prices as factors of concern. - FY2025Domestic recovery alongside external uncertaintyAnnual report
「During the consolidated fiscal year, Japan's economy recovered moderately as the employment and income environment improved, supported in part by the effects of various policies. Meanwhile, close attention must be paid to the impact of continued price increases on private consumption, changes in energy prices associated with US trade policy and the situation in the Middle East, and fluctuations in financial and capital markets, and the business environment surrounding the Company remains uncertain.」
While indicating a moderate recovery in the domestic economy, the disclosure identifies rising prices, US trade policy, energy-price fluctuations associated with the situation in the Middle East, and financial-market fluctuations as factors contributing to uncertainty. - FY2025-H1Addition of persistently high interest rates in the US and Europe and stagnation in China's property marketAnnual report
「A downturn in overseas economies associated with persistently high interest rates in the US and Europe and continued stagnation in China's property market poses a risk of weighing on Japan's economy. In addition, close attention must be paid to the impact of rising prices, US policy developments, the situation in the Middle East, and fluctuations in financial and capital markets, and the business environment surrounding the Company remains uncertain.」
In addition to the existing monetary tightening, rising prices, US policies, the situation in the Middle East, and financial-market fluctuations, the disclosure specifically identifies persistently high interest rates in the US and Europe and stagnation in China's property market as factors contributing to a downturn in overseas economies. - FY2024-Q2Addition of the Chinese economy and the situation in the Middle EastAnnual report
「Close attention is needed to downside risks from overseas economic conditions, including continued global monetary tightening and concerns over the outlook for China's economy, the impact of a weaker yen and rising prices on households and companies, the situation in the Middle East, and fluctuations in financial and capital markets, and the business environment surrounding the Company remains uncertain.」
In addition to the existing global monetary tightening, weaker yen, rising prices, and fluctuations in financial and capital markets, concerns over China's economic outlook and the situation in the Middle East have been added as downside risks. - FY2024-Q1RestatedAnnual report
「During the cumulative first quarter, Japan's economy continued to recover moderately as socioeconomic activity normalized following the reclassification of COVID-19 as a Class 5 infectious disease, with private consumption and corporate capital investment showing signs of recovery. Meanwhile, close attention is needed to downside risks from the impact of a weaker yen and rising prices on households and companies amid continued global monetary tightening, the prolonged situation in Ukraine, and fluctuations in financial and capital markets, and the business environment surrounding the Company remains uncertain.」
While indicating the normalization of socioeconomic activity and a moderate economic recovery, the disclosure continues to cite global monetary tightening, a weaker yen, rising prices, the situation in Ukraine, and downside risks from fluctuations in financial markets. - FY2023Reframing of risk factors following the easing of the impact of COVID-19Annual report
「During the fiscal year, Japan's economy remained on a moderate recovery trend as the impact of COVID-19 eased and socioeconomic activity normalized, with the employment and income environment showing signs of improvement. Meanwhile, close attention is needed to downside risks from the impact of a weaker yen and rising prices on households and companies amid continued global monetary tightening, the prolonged situation in Ukraine, and fluctuations in financial and capital markets, and the business environment surrounding the Company remains uncertain.」
While the wording changed from stagnation in economic activity caused by the COVID-19 pandemic to normalization of socioeconomic activity and a moderate recovery, the disclosure cites global monetary tightening, a weaker yen, rising prices, the situation in Ukraine, and financial-market fluctuations as the main downside factors. - FY2023-Q3Replacement and continuation of risk factorsAnnual report
「During the cumulative third quarter, Japan's economy was in a position to recover as government economic measures and other policies supported a recovery in the economy under the living-with-COVID approach. Meanwhile, as global monetary tightening, rising prices and supply constraints continued, a downturn in overseas economies posed a risk of weighing on Japan's economy, and the situation continued to require close monitoring.」
While expecting a recovery driven by government measures under the living-with-COVID approach, the disclosure reframes the main factors requiring attention, from the previous infectious-disease and geopolitical factors to global monetary tightening, rising prices, supply constraints, and a downturn in overseas economies. - FY2023-Q2Replacement and continuation of risk factorsAnnual report
「The situation continues to require attention to downside risks from the prolonged situation in Ukraine, supply constraints and higher raw-material prices resulting from restrictions on economic activity in China, and fluctuations in financial and capital markets, and the business environment surrounding the Company remains uncertain.」
In addition to the previous uncertainty related to infectious diseases and monetary tightening, the disclosure cites the prolonged situation in Ukraine, restrictions on economic activity in China, higher raw-material prices, supply constraints, and financial-market fluctuations as downside factors. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy showed signs of a moderate recovery as economic and social activity normalized due to the effects of various policies and measures to address COVID-19. However, overseas economies remain sluggish due to global monetary tightening, which could cause Japan's economy to weaken, and the business environment surrounding the Company remains uncertain as prices continue to rise.」
While indicating a recovery driven by the normalization of economic and social activity, the disclosure identifies global monetary tightening, sluggish overseas economies, the risk of a domestic economic slowdown, and rising prices as new factors contributing to uncertainty. - FY2022-Q3WorsenedAnnual report
「During the cumulative third quarter, Japan's economy showed signs of recovery as the challenging conditions caused by COVID-19 eased, supported by the effects of various policies and improvements in overseas economies. However, close attention is needed to downside risks from rising tensions surrounding Ukraine, higher raw-material prices, fluctuations in financial and capital markets, surging resource prices including crude oil, and supply-side constraints, and uncertainty in the business environment surrounding the Company is increasing.」
While indicating an economic recovery, the disclosure cites conditions in Ukraine, surging raw-material and resource prices, fluctuations in financial markets, and supply constraints as new downside factors, and states that uncertainty in the business environment is increasing. - FY2022-Q2Recovery trend alongside Omicron and higher resource pricesAnnual report
「During the cumulative second quarter, Japan's economy showed signs of recovery as the effects of various policies took hold and vaccination progressed alongside measures to prevent the spread of infection, although some weakness remained due to COVID-19. Meanwhile, after Omicron cases were confirmed at the end of November and infections spread again in January, priority preventive measures were applied in many regions, and the outlook remained uncertain.」
While indicating a recovery driven by vaccination and the effects of government policies, the disclosure states that uncertainty regarding the outlook persists due to the renewed spread of infection from Omicron and the application of priority preventive measures. - FY2022-Q1Expectation of a recovery under challenging economic conditionsAnnual report
「During the cumulative first quarter, Japan's economy remained in a challenging condition due to COVID-19. Although a recovery is expected to continue, partly as a result of measures to prevent the spread of infection and various government policies, the situation requires close attention to rising downside risks to domestic and overseas economic activity from the impact of the spread of infection on socioeconomic activity.」
While stating that the economy remains challenging due to COVID-19, the disclosure expresses expectations for a recovery driven by infection-control measures and government policies and continues to call for attention to downside risks. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter, Japan's economic outlook remained uncertain following the spread of COVID-19, including the issuance of a second state of emergency in January 2021. Although a recovery is expected to continue, partly as a result of various government policies, close attention must be paid to rising downside risks to socioeconomic activity from the spread of infection in Japan and overseas.」
Following the spread of COVID-19, a second state of emergency was declared, and rising downside risks to socioeconomic activity and uncertainty regarding the outlook continued. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economic outlook remained uncertain due to COVID-19. Although a recovery is expected to continue, partly as a result of various government policies, close attention must be paid to rising downside risks to socioeconomic activity from the spread of infection in Japan and overseas.」
The disclosure indicates that uncertainty regarding the outlook due to COVID-19 persists and specifically identifies rising downside risks to socioeconomic activity from the spread of infection in Japan and overseas. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy continued to see declines in corporate earnings and weakness in employment and income conditions due to COVID-19. Although private consumption showed signs of recovery as the level of socioeconomic activity was gradually raised while measures were taken to prevent the spread of infection, the outlook remained uncertain due to concerns over the continued spread of the virus.」
The disclosure states that declines in corporate earnings and weakness in employment and income conditions continued due to COVID-19, and that the outlook remained uncertain because of concerns over the spread of infection. - FY2020WorsenedAnnual report
「Although corporate earnings and the employment and income environment continued to improve and the economy remained on a moderate recovery trend overall, the impact of the spread of COVID-19 in 2020 caused domestic and overseas economic activity to stagnate, making the economic downturn increasingly pronounced.」
In addition to the previous trade issues and uncertainty over overseas economies, the disclosure states that COVID-19 caused domestic and overseas economic activity to stagnate, making the economic downturn increasingly pronounced. - FY2020-Q3WorsenedAnnual report
「Although corporate earnings and the employment and income environment continued to improve and the economy remained on a moderate recovery trend, downside risks to domestic and overseas economic activity increased in 2020 as the COVID-19 pandemic spread worldwide, and the economy is deteriorating rapidly.」
In addition to the previous uncertainty over trade issues and overseas economies, the disclosure states that the worldwide spread of COVID-19 has increased downside risks to domestic and overseas economic activity and that the economy is deteriorating rapidly. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy continued to recover moderately. Although corporate earnings remained at high levels, exports weakened and declining profits became pronounced in some manufacturing industries. Employment and the income environment continued to improve against the backdrop of the government's economic and monetary measures, and private consumption recovered. However, global economic uncertainty has increased due to the prolonged US-China trade dispute, and the need to monitor the economic outlook remains, including consumer sentiment after the consumption tax increase and the impact of a series of natural disasters in Japan.」
While indicating a moderate recovery in the domestic economy, the disclosure cites weak exports, declining profits in some manufacturing industries, the prolonged US-China trade dispute, consumer sentiment after the consumption tax increase, and natural disasters as factors requiring attention regarding the outlook. - FY2020-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy continued to recover moderately. Although exports and production remained weak, corporate earnings and the employment and income environment continued to improve against the backdrop of the government's economic and monetary measures, and private consumption recovered. However, the need to monitor the economic outlook remains, including the impact of rising tensions over trade issues on the global economy and the impact of a series of natural disasters in Japan.」
While indicating a moderate recovery in the domestic economy, the disclosure newly specifies weakness in exports and production and rising tensions over trade issues, indicating heightened factors requiring attention regarding the outlook. - FY2019RestatedAnnual report
「During the fiscal year, Japan's economy continued to recover moderately, as private consumption recovered and capital investment increased amid continued improvement in corporate earnings and the employment and income environment. Meanwhile, the need to monitor the outlook remains due to the impact of developments in trade issues on the global economy, uncertainty over overseas economic conditions and policies, and fluctuations in financial and capital markets.」
While acknowledging Japan's moderate economic recovery, trade issues, uncertainty over overseas economies and policies, and fluctuations in financial and capital markets continue to be cited as factors requiring attention. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy continued to recover moderately, as private consumption recovered and capital investment increased amid continued improvement in corporate earnings and the employment and income environment. Meanwhile, the need to monitor the outlook remains due to the impact of developments in trade issues on the global economy, uncertainty over overseas economic conditions and policies, and fluctuations in financial and capital markets.」
While acknowledging Japan's moderate economic recovery, trade issues, uncertainty over overseas economies and policies, and fluctuations in financial and capital markets continue to be cited as factors requiring attention regarding the outlook. - FY2019-Q2Reframing of uncertainty in overseas economiesAnnual report
「During the cumulative second quarter, Japan's economy continued to recover moderately, despite the need to monitor the impact of developments in trade issues on the global economy and uncertainty in overseas economies, with private consumption recovering, corporate earnings improving and capital investment increasing.」
While acknowledging the economic recovery, trade issues and uncertainty in overseas economies, rather than the previous reference to domestic natural disasters, are cited as factors requiring attention. - FY2019-Q1Trade issues and additional domestic natural disastersAnnual report
「However, conditions continue to require attention to the outlook for the economy, including the impact of developments in trade issues on the global economy and the effects of successive natural disasters occurring in Japan.」
In place of the previous references to conditions in the US, Europe and Asia, trade issues and domestic natural disasters are cited as factors requiring attention regarding the economic outlook. - FY2018-Q3Reorganized the overseas risk factorsAnnual report
「Although risk factors including geopolitical risks in Europe and policy uncertainty in emerging Asian economies remain, the domestic economy continues to recover moderately.」
The disclosure refines its wording on overseas policy and geopolitical risks while stating that the domestic economy continues to recover moderately. - FY2018-Q2RestatedAnnual report
「Although risk factors including policy instability in the US, political instability in Europe, and rising tensions in the Far East remain, the domestic economy continues to recover moderately.」
While citing overseas policy, political and geopolitical risks, the disclosure restates the view that the domestic economy is on a moderate recovery trend. - FY2018-Q1Domestic economic recovery alongside external risksAnnual report
「Although there were risk factors including policy instability in the US, political instability in Europe, and rising tensions in the Far East, the domestic economy continues to recover moderately.」
While citing overseas policy, political and geopolitical risks, the disclosure states that the domestic economy is on a moderate recovery trend. - FY2017RestatedAnnual report
「Meanwhile, the outlook for the economy remains uncertain due to growing uncertainty over the policies of the new US administration, European political developments including moves toward the UK's withdrawal from the EU, and slowing economic growth in emerging Asian economies.」
The new US administration, the UK's withdrawal from the EU, European political developments, and slowing growth in emerging Asian economies continue to be cited as factors contributing to an uncertain economic outlook. - FY2017-Q3RestatedAnnual report
「Meanwhile, the outlook for the economy remains uncertain, amid European political developments, including moves toward the UK's withdrawal from the EU, slowing economic growth in emerging Asian economies, and growing uncertainty over the policies of the new US administration.」
European political developments, slowing growth in emerging Asian economies, and uncertainty over the policies of the new US administration continue to be cited as factors contributing to an uncertain economic outlook. - FY2017-Q2First statedAnnual report
「Meanwhile, the outlook for the economy remains uncertain, with financial and capital markets disrupted by sharp exchange-rate fluctuations against a backdrop of economic slowdowns in emerging economies, particularly China, the UK's withdrawal from the EU, and the results of the US presidential election.」
Economic slowdowns in emerging economies, the UK's withdrawal from the EU, and exchange-rate volatility and disruption in financial and capital markets arising from the US presidential election are cited as factors contributing to an uncertain economic outlook.