Uncertainty over the outlook due to slowing growth in emerging Asian economies and other factors
First written in FY2016-Q2. 17 of 29 entries say "Worsened", first in FY2016-Q3. Latest entry: FY2026-H1.
Tsuchiya Holdings moved to the "Worse" side of this theme in 2016, 3 years before 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".
- FY2026-H1WorsenedAnnual report
「During the current interim consolidated accounting period, Japan's economy maintained a gradual recovery trend, supported by improvements in the employment and income environment and increases in capital investment. Meanwhile, continued price increases, including higher energy prices against a backdrop of heightened tensions in the Middle East, raised concerns about the impact on private consumption, and the trend will continue to be closely monitored.」
While indicating a gradual recovery trend, the disclosure identifies heightened tensions in the Middle East, higher energy prices, rising prices, and the impact on private consumption as new uncertainty factors. - FY2025-H1WorsenedAnnual report
「Meanwhile, private consumption has shown signs of stagnation as rising prices have increased consumers' inclination to save, while downside risks to the economy, including the impact of U.S. policy developments, are increasing.」
While describing the domestic economy as being on a gradual recovery trend, the disclosure adds and specifies consumers' increased inclination to save due to higher prices and U.S. policy developments as downside risks to the economy. - FY2024ReframedAnnual report
「Regarding the outlook for Japan's economy, private consumption is showing signs of recovery as the employment and income environment improves, and a gradual economic recovery is expected to continue. However, the outlook remains uncertain due to further price increases and volatility in foreign exchange and financial and capital markets.」
The disclosure has shifted from its previous focus on COVID-19 and overseas conditions to expectations for a domestic recovery, while identifying high prices and volatility in foreign exchange and financial and capital markets as uncertainty factors. - FY2024-Q2ReframedAnnual report
「In Hokkaido's economy, inbound demand recovered and private consumption showed signs of recovery. Various economic benefits are expected as construction of semiconductor plants and efforts to attract data centers progress, along with coordination toward using the National Strategic Special Zones system to promote GX (green transformation) investment, including investment in renewable energy.」
While indicating recovery in Japan's and Hokkaido's economies, the disclosure specifies Hokkaido's economic drivers as inbound demand, semiconductor plants, data centers, and GX investment. - FY2024-Q1ReframedAnnual report
「During the first quarter of the current consolidated cumulative period, economic activity continued to expand, led by private consumption. Although signs of a pause emerged due to the rise in the consumer price index, Japan's economy overall maintained a gradual recovery trend as the employment and income environment and corporate earnings improved. In Hokkaido's economy, private consumption showed signs of recovery, while signs of an economic recovery emerged as development progressed in areas surrounding the construction of Rapidus株式会社's semiconductor plant and coordination advanced toward using the National Strategic Special Zones system to build a concentration of GX (green transformation) industries.」
The focus has shifted from the previous emphasis on uncertainty in overseas economies to the gradual recovery of Japan's and Hokkaido's economies and progress in regional development driven by the semiconductor plant and the concentration of GX industries. - FY2023-Q3ReframedAnnual report
「During the third quarter of the current consolidated cumulative period, following the reclassification of COVID-19 as a Class 5 infectious disease, private consumption and capital investment showed signs of recovery as economic activity normalised. However, uncertainty regarding the outlook continued, including the risk that higher prices resulting from surging raw-material and energy costs and rising labor costs, the prolonged situation in Ukraine, and downside risks to the global economy from global monetary tightening would weigh on Japan's economy.」
While explicitly noting the reclassification of COVID-19 as a Class 5 infectious disease and the normalisation of economic activity, the disclosure identifies raw-material and energy prices, labor costs, the situation in Ukraine, and global monetary tightening as uncertainty factors for the outlook. - FY2023-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, economic activity moved toward normalisation as the impact of COVID-19 eased, and private consumption recovered. However, uncertainty regarding the outlook continued, including the risk that higher prices resulting from surging raw-material and energy costs and downside risks to the global economy from global monetary tightening would weigh on Japan's economy.」
While referring to the easing impact of COVID-19 and the recovery in private consumption, the disclosure explicitly identifies surging raw-material and energy prices, higher prices, and downside risks from global monetary tightening. - FY2023-Q1ReframedAnnual report
「During the first quarter of the current consolidated cumulative period, the impact of COVID-19 on economic activity was gradually moving toward normalisation and signs of a gradual economic recovery emerged. However, uncertainty regarding the outlook continued due to factors including declining real wages resulting from higher prices and the impact of global monetary tightening.」
As the impact of COVID-19 on economic activity moved toward normalisation, the external-environment uncertainty factors shifted to higher prices, declining real wages, and global monetary tightening. - FY2022WorsenedAnnual report
「Regarding the outlook for Japan's economy, economic activity was moving toward normalisation, partly due to the effects of various government economic support measures addressing COVID-19. However, the outlook for the economy remained highly uncertain amid monetary tightening accompanying global inflation, elevated resource prices, and the prolonged depreciation of the yen.」
While referring to the diminishing impact of COVID-19 and the normalisation of economic activity, the disclosure explicitly identifies global inflation, monetary tightening, elevated resource prices, and the prolonged depreciation of the yen as new uncertainty factors. - FY2022-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, the global economy showed signs of recovering from the impact of COVID-19, but the outlook remained uncertain due to the prolonged situation in Ukraine, surging energy and raw-material prices resulting from supply-chain disruptions, and volatility in financial and capital markets. Japan's economy was recovering as economic activity normalised, but uncertainty regarding the outlook continued, including a rise in the corporate goods price index, due to the impact of the global economy and the yen's depreciation resulting from the widening interest-rate differential between Japan and the United States.」
While indicating a recovery from COVID-19, the disclosure identifies the prolonged situation in Ukraine, supply-chain disruptions, surging energy and raw-material prices, volatility in financial markets, the yen's depreciation, and the rise in the corporate goods price index as new uncertainty factors. - FY2022-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, the global economy showed signs of recovering from the impact of COVID-19. As the global economy normalised, inflation accelerated due to surging resource prices resulting from supply-chain disruptions, while concerns arose over the impact on the real economy of volatility in financial and capital markets and Russia's invasion of Ukraine and the resulting economic sanctions.」
While indicating a recovery from the pandemic, the disclosure explicitly identifies surging resource prices, accelerating inflation, volatility in financial markets, and Russia's invasion of Ukraine and the resulting economic sanctions as new external-environment factors, heightening concerns about the outlook. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, vaccination against COVID-19 was progressing, but infections caused by variants were spreading. Economic activity remained subject to restrictions, including the repeated reissuance of states of emergency and implementation of priority preventive measures in some areas, particularly the Tokyo metropolitan area, leaving the outlook uncertain.」
Although vaccination was progressing, restrictions on economic activity and uncertainty regarding the outlook continued due to the spread of infections caused by variants, the reissuance of states of emergency, and the repeated implementation of priority preventive measures. - FY2021-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, some recovery in private consumption was observed, but COVID-19 was spreading again. Although expectations for an economic recovery following vaccination increased, uncertainty regarding the outlook persisted because the timing of containment remained unclear.」
While referring to expectations for a recovery following vaccination, the disclosure states that the outlook remains uncertain because COVID-19 is spreading again and the timing of containment cannot be forecast. - FY2021-Q1ReframedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy continued to face a difficult business environment, including stagnant economic activity and deteriorating private consumption due to the spread of COVID-19. Although expectations for a recovery increased as some signs of a recovery emerged and a COVID-19 vaccine was approved, uncertainty regarding the outlook persisted.」
While describing stagnant economic activity and deteriorating private consumption due to COVID-19, the disclosure also refers to expectations for a recovery following vaccine approval and maintains its emphasis on uncertainty regarding the outlook. - FY2020WorsenedAnnual report
「Regarding the outlook for Japan's economy, the prolonged economic downturn is a concern due to the impact of the spread of COVID-19, and as there is still no clear prospect of containment, the difficult economic environment is expected to continue.」
The disclosure explicitly states that the spread of COVID-19 raises concerns about a prolonged economic downturn and that there is still no clear prospect of containment. - FY2020-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, Japan's economy continued to face the October 2019 consumption tax increase, trade issues between the United States and China, and the slowdown in overseas economies, as well as sluggish private consumption and stagnant economic activity due to the spread of COVID-19. Although economic activity resumed following the lifting of the state of emergency, the economic recovery remained slow and the outlook remained highly uncertain.」
The consumption tax increase, trade issues, the slowdown in overseas economies, and weak consumption and stagnant economic activity due to the spread of COVID-19 continued to be cited as external-environment factors, while the economic recovery remained slow even after the state of emergency was lifted. - FY2020-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan's economy remained in a difficult position, as the October 2019 consumption tax increase, trade issues between the United States and China, and the slowdown in overseas economies continued, while private consumption remained sluggish and economic activity stagnated due to the spread of COVID-19. The outlook for the economy has become highly uncertain.」
In addition to the previous consumption tax increase, trade issues, and slowdown in overseas economies, the disclosure states that weak private consumption and stagnant economic activity due to the spread of COVID-19 have continued, using more severe wording regarding the economic outlook. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy continued to show a gradual recovery trend as the employment and income environment continued to improve. However, uncertainty regarding the outlook persisted due to concerns about weakening consumer sentiment following the consumption tax increase implemented in October 2019, the prolonged U.S.-China trade friction, and the spread of COVID-19.」
In addition to the previous consumption tax increase and U.S.-China trade friction, the spread of COVID-19 was explicitly identified as an uncertainty factor for the outlook. - FY2019WorsenedAnnual report
「Meanwhile, the outlook remains uncertain due to factors including the prolonged U.S.-China trade friction and the economic slowdown in China.」
In addition to the previously described recovery trend supported by domestic demand, the prolonged U.S.-China trade friction and the economic slowdown in China were explicitly identified as uncertainty factors. - FY2019-Q3ReframedAnnual report
「During the third quarter of the current consolidated cumulative period, Japan's economy maintained a gradual recovery trend, supported by domestic demand including private consumption and capital investment.」
The focus has shifted from the uncertainty regarding the outlook caused by trade friction and the consumption tax increase described in the previous quarter to the continuation of a gradual recovery trend supported by domestic demand. - FY2019-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan's economy maintained a gradual recovery trend as the employment and income environment continued to improve, but uncertainty persisted due to trade friction and the planned increase in the consumption tax.」
In addition to the recovery trend in the previous quarter, trade friction and the planned increase in the consumption tax were explicitly identified as uncertainty factors for the outlook. - FY2019-Q1ReframedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy continued to show a gradual recovery trend, with corporate earnings remaining firm as private consumption and capital investment recovered.」
Whereas the previous fiscal year described uncertainty regarding the outlook due to trade friction and other factors, the focus has shifted to the continuing recovery trend, accompanied by a recovery in private consumption and capital investment and firm corporate earnings. - FY2018WorsenedAnnual report
「Regarding the outlook for Japan's economy, although conditions remain uncertain due to trade friction and other factors, a gradual recovery trend is expected to continue, supported by a recovery in private consumption and capital investment and improvements in corporate earnings.」
In addition to the previous concerns about downside risks to economic conditions in Asian countries and uncertainty over U.S. policy, trade friction was cited as an uncertainty factor for the outlook. - FY2017-Q3ReframedAnnual report
「During the third quarter of the current consolidated cumulative period, Japan's economy maintained a gradual recovery trend, supported by improvements in the employment and income environment against a backdrop of labor shortages, despite concerns about downside risks to economic conditions in Asian countries and uncertainty over U.S. policy.」
The wording has changed from the previous expression, "uncertainty regarding the outlook for overseas economies and elsewhere," to specific factors: concerns about downside risks to economic conditions in Asian countries and uncertainty over U.S. policy. - FY2017-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan's economy remained subject to heightened uncertainty regarding the outlook for overseas economies and elsewhere, but maintained a gradual recovery trend due to improvements in the employment and income environment amid labor shortages and upside in corporate earnings accompanying the yen's depreciation.」
Uncertainty regarding the outlook for overseas economies and elsewhere is described as having "increased," indicating heightened uncertainty in the external environment. - FY2017-Q1ReframedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy remained uncertain due to factors including uncertainty in overseas economies. However, it entered a gradual recovery trend as corporate earnings outperformed expectations amid the yen's depreciation and the employment and income environment improved against a backdrop of labor shortages.」
The wording has changed from specific references to the economic slowdown in emerging Asian countries and the rapid appreciation of the yen to the general expression "uncertainty in overseas economies." - FY2016WorsenedAnnual report
「The economy remains uncertain, with the impact of the economic slowdown in emerging Asian countries and elsewhere and sluggish exports resulting from the rapid appreciation of the yen.」
In addition to the slowdown in emerging Asian countries and elsewhere, the rapid appreciation of the yen and sluggish exports have been explicitly identified as uncertainty factors. - FY2016-Q3WorsenedAnnual report
「During the nine-month period ended in the third quarter, Japan's economy continued to see improvements in employment and income conditions due to various economic stimulus measures implemented by the government. However, uncertainty over the outlook continued because of the economic slowdown in emerging Asian economies and other factors, as well as the UK's withdrawal from the EU.」
In addition to the economic slowdown in emerging Asian countries and elsewhere, the UK's withdrawal from the EU was explicitly identified as an uncertainty factor, broadening the sources of external-environment risk. - FY2016-Q2First statedAnnual report
「Japan's economy was on a recovery trend in corporate earnings and employment conditions, supported by the government's economic policies and the Bank of Japan's monetary policy. However, exports showed signs of weakness due to the impact of the slowdown in emerging Asian economies and other factors, and uncertainty over the outlook continued.」
The company noted the recovery trend in Japan's domestic economy while describing uncertainty over the outlook due to the slowdown in emerging Asian economies and weak exports.