Uncertainty over the outlook due to U.S. rate hikes and economic downturns in emerging markets and elsewhere
First written in FY2016-Q3. 11 of 36 entries say "Restated". Latest entry: 2026-06-09.
Ohmori 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: 160 of 184 companies on the "Worse" side.
56 other companies' latest entry also says "Restated".
- 2026-06-09RestatedEarnings
「Although the economy appeared to be on a gradual recovery trend, supported by improvements in the income environment from ongoing wage increases and expanding inbound demand amid continued inflation caused by yen depreciation and other factors, uncertainty about the outlook remains due to stalled consumer sentiment resulting from higher prices caused by yen depreciation and other factors, as well as rising tensions in the Middle East.」
The company continues to identify yen depreciation, inflation, and rising tensions in the Middle East as factors contributing to uncertainty about the outlook. - FY2026-H1U.S. tariff policy explicitly identifiedAnnual report
「During the interim consolidated accounting period, the Japanese economy remained on a gradual recovery track, supported by the effects of various policies and improvements in employment and income conditions. However, uncertainty about the outlook persisted due to continued inflation, the impact of US tariff policies, volatility in financial and capital markets, and other factors.」
In addition to overseas economic and policy trends and rising prices, the impact of US tariff policies is explicitly identified as a factor contributing to uncertainty about the outlook. - 2026-03-12WorsenedEarnings
「Amid continued uncertainty about the outlook due to ongoing inflation, the impact of U.S. tariff policies, and fluctuations in the financial and capital markets.」
In addition to ongoing inflation and related factors, the company explicitly identifies U.S. tariff policies and fluctuations in the financial and capital markets as sources of uncertainty about the outlook. - FY2025-H1Change in U.S. administration and slowdown in China explicitly identifiedAnnual report
「During the six-month interim consolidated fiscal period, the Japanese economy continued on a moderate recovery trend, supported by improvements in employment conditions and increased inbound demand. However, the outlook remained uncertain due to international uncertainty, including policy developments associated with the change in the U.S. administration and the economic slowdown in China, as well as the impact of higher prices resulting from surging raw material prices.」
In addition to the existing uncertainty in overseas economies, foreign exchange markets, and monetary tightening, the document explicitly identifies policy developments associated with the change in the U.S. administration, the economic slowdown in China, and higher prices resulting from surging raw material prices as specific factors. quantified is false; materialized is false. - FY2024-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, the Japanese economy remained on a recovery trend due to the normalization of economic activity and improvements in employment and income conditions. However, the outlook remained uncertain due to rapid yen depreciation, surging resource prices associated with heightened global tensions, and monetary tightening policies in various countries.」
While indicating the normalization of economic activity, the document explicitly identifies rapid yen depreciation, surging resource prices associated with heightened global tensions, and monetary tightening policies in various countries as factors contributing to uncertainty over the outlook. - FY2024-Q2Continued yen depreciation and inflation explicitly identifiedAnnual report
「During the first six months of the current consolidated fiscal year, the Japanese economy remained on a recovery trend due to improvements in employment and income conditions and stronger inbound demand accompanying an increase in visitors to Japan. However, the outlook remained uncertain as consumer prices continued to rise further due to yen depreciation, persistently high raw material prices, and other factors.」
While identifying factors supporting the economic recovery, the document explicitly states that yen depreciation, persistently high raw material prices, and further increases in consumer prices related to the previously cited sharp foreign exchange fluctuations and persistently high energy and raw material prices continue. - FY2024-Q1Easing COVID-19 impact and energy and foreign exchange risks explicitly identifiedAnnual report
「During the first three months of the current consolidated fiscal year, the Japanese economy remained on a recovery trend due to the recovery in inbound demand following the reclassification of COVID-19 to Category 5, as well as a recovery in personal consumption and capital investment. However, the outlook remained uncertain due to persistently high energy and raw material prices, a slowdown in the global economy, and sharp foreign exchange fluctuations.」
While indicating the reclassification of COVID-19 to Category 5 and a recovery in demand, the document explicitly identifies persistently high energy and raw material prices, a slowdown in the global economy, and sharp foreign exchange fluctuations as new factors contributing to uncertainty over the outlook. quantified is false; materialized is false. - FY2023RestatedAnnual report
「During the consolidated fiscal year, social and economic activity normalized as the classification of COVID-19 was revised, and the economy showed signs of a moderate recovery. However, the outlook remained uncertain due to a slowdown in overseas economies resulting from the prolonged situation in Ukraine and global monetary tightening.」
While indicating that the impact of COVID-19 has eased and social and economic activity has normalized, the document continues to cite the prolonged situation in Ukraine, global monetary tightening, and the uncertainty resulting from the slowdown in overseas economies. - FY2023-Q3Easing COVID-19 impact and continued monetary tighteningAnnual report
「During the first nine months of the current consolidated fiscal year, the economy showed signs of recovery as restrictions on social activity related to COVID-19 were gradually eased and economic activity normalized. However, the outlook remained uncertain due to surging resource and energy prices associated with the prolonged situation in Ukraine and global monetary tightening policies.」
While indicating the easing of restrictions on social activity related to COVID-19 and the normalization of economic activity, the document cites the prolonged situation in Ukraine, surging resource and energy prices, and global monetary tightening policies as factors contributing to uncertainty over the outlook. - FY2023-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year, signs of a recovery in economic activity emerged due to the easing of restrictions on movement related to COVID-19 and the effects of various policies. However, the outlook remained uncertain due to surging energy and raw material prices resulting from the prolonged situation in Ukraine and volatility in global financial and capital markets.」
While indicating a recovery in economic activity resulting from the easing of restrictions on movement, the document continues to identify and provide greater detail on the prolonged situation in Ukraine, surging energy and raw material prices, and volatility in global financial and capital markets as factors contributing to uncertainty over the outlook. - FY2023-Q1Easing COVID-19 impact and monetary tightening explicitly identifiedAnnual report
「During the first three months of the current consolidated fiscal year, the economy showed signs of recovery as normalization progressed through efforts to balance COVID-19 measures with economic activity. However, continued attention is required regarding the impact on the domestic economy of surging energy and raw material prices stemming from the situation in Ukraine and monetary tightening in various countries, and the outlook remains uncertain.」
The document indicates normalization through efforts to balance COVID-19 measures with economic activity, while continuing to explicitly identify surging energy and raw material prices stemming from the situation in Ukraine and monetary tightening in various countries as factors contributing to uncertainty over the outlook. - FY2022-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, signs of recovery in economic activity emerged as the impact of COVID-19 gradually eased. However, the outlook remained uncertain due to escalating tensions surrounding Ukraine, surging crude oil and raw material prices, rapid yen depreciation, and mounting inflationary pressures.」
While the easing impact of COVID-19 has brought signs of a recovery in economic activity, the situation in Ukraine, surging crude oil and raw material prices, rapid yen depreciation, and inflationary pressures are explicitly identified as new factors contributing to uncertainty. - FY2022-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year, restrictions on economic activity continued as a new variant of COVID-19 spread rapidly. In addition, semiconductor shortages and surging crude oil prices contributed to continued uncertainty over the outlook.」
In addition to restrictions on economic activity caused by a new variant of COVID-19, semiconductor shortages and surging crude oil prices are explicitly identified as new factors contributing to uncertainty. - FY2022-Q1RestatedAnnual report
「As restrictions on and easing of economic activity were repeatedly implemented in line with the declaration and lifting of states of emergency and increases and decreases in new infections due to COVID-19, the outlook remained uncertain and the challenging situation continued.」
The Company continues to recognize that repeated restrictions on and easing of economic activity due to COVID-19 have left the outlook uncertain and the situation challenging. - FY2021RestatedAnnual report
「During the consolidated fiscal year, economic and social activity in Japan continued to be constrained by the resurgence of COVID-19 infections, and the economy remained in a challenging situation as uncertainty over the outlook persisted.」
The document states that the resurgence of COVID-19, restrictions on economic and social activity, and uncertainty over the outlook continue. - FY2021-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, the outlook remained uncertain as the resurgence of COVID-19 led to a situation in which Tokyo issued its third state of emergency.」
The document explicitly identifies the resurgence of COVID-19 and the resulting issuance of Tokyo's third state of emergency, indicating that uncertainty over the outlook continues. - FY2021-Q2Continued stagnation due to the resurgence of infections and impact on construction estimates explicitly identifiedAnnual report
「During the first six months of the current consolidated fiscal year, the Japanese economy remained in a challenging situation as economic activity continued to stagnate due to the resurgence of COVID-19 infections. Regarding the impact of COVID-19, although it may affect estimated total construction costs and other estimates used to calculate revenue from completed construction under the percentage-of-completion method, including through increased cost of sales resulting from construction suspensions and delays, there is currently no impact.」
The document describes the resurgence of COVID-19 and the continued stagnation of economic activity, and specifies the potential impact of construction suspensions and delays on cost of sales and estimated total construction costs. However, it states that there is currently no impact. - FY2021-Q1WorsenedAnnual report
「Furthermore, as an increasing trend in the number of infected people has been observed since around the end of the first quarter, the uncertainty over the outlook is expected to continue.」
The document newly identifies the increasing trend in the number of people infected with COVID-19 and indicates that uncertainty over the outlook is expected to continue. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, the outlook for the economy remained uncertain amid concerns that U.S.-China trade friction and a consumption tax increase would dampen economic activity. In addition, following the global spread of COVID-19 and the stagnation of economic activity in Japan and overseas from 2020, signs of an economic downturn became increasingly pronounced.」
In addition to U.S.-China trade friction and the consumption tax increase, the annual disclosure explicitly identifies the global spread of COVID-19 and the economic downturn caused by the stagnation of economic activity. It also indicates that the impact on the Company's business is considered limited. - FY2020-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, concerns over a slowdown in the global economy due to the spread of COVID-19 infections caused uncertainty over the outlook to increase rapidly.」
The global spread of COVID-19 infections is identified as a specific factor, along with concerns over a slowdown in the global economy and the rapid increase in uncertainty over the outlook. quantified is false; materialized is false. - FY2020-Q2Overseas economic slowdown and weak exports explicitly identifiedAnnual report
「During the first six months of the current consolidated fiscal year, sentiment toward the economy showed signs of deterioration due to the slowdown in overseas economies and weak exports. However, personal consumption remained resilient as employment and income conditions continued to improve, while the economy remained on a moderate recovery trend as corporate earnings remained high.」
In addition to the existing uncertainty in overseas economies, the slowdown in overseas economies, weak exports, and the downward trend in economic sentiment are explicitly identified as business-environment factors. - FY2020-Q1Additional concern over a consumption tax increaseAnnual report
「During the first three months of the current consolidated fiscal year, the Japanese economy remained on a moderate recovery trend against the backdrop of continued improvements in employment and income conditions and high corporate earnings, although concerns were raised about the impact of U.S.-China trade issues on domestic financial and capital markets and the impact of a consumption tax increase on the Japanese economy.」
In addition to the existing U.S.-China trade issues and uncertainty in overseas economies and financial markets, the impact of a consumption tax increase on the Japanese economy is explicitly identified as a factor of concern. - FY2019RestatedAnnual report
「During the consolidated fiscal year, the Japanese economy remained on a moderate recovery trend against the backdrop of improvements in corporate earnings and employment and income conditions. However, attention must continue to be paid to uncertainty in overseas economies, including U.S.-China trade issues and the UK's exit from the EU, and its impact on domestic financial and capital markets, and the outlook for the economy remains uncertain.」
U.S.-China trade issues, the UK's exit from the EU, uncertainty in overseas economies, and the impact on domestic financial and capital markets continue to be cited as factors requiring attention regarding the economic outlook. - FY2019-Q3U.S.-China trade issues and the UK's exit from the EU explicitly identifiedAnnual report
「During the first nine months of the current consolidated fiscal year, the Japanese economy remained on a recovery trend against the backdrop of firm corporate performance and employment and income conditions. However, attention must continue to be paid to the impact on the global economy of trade issues between the United States and China, the UK's exit from the EU, and other matters, and the outlook for the economy remains uncertain.」
Trade issues between the United States and China and the UK's exit from the EU are explicitly identified as specific factors contributing to uncertainty in overseas economies. - FY2019-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, the Japanese economy remained on a moderate recovery trend, supported by improvements in corporate earnings and employment and income conditions, although attention must be paid to uncertainty in overseas economies and developments in financial and capital markets.」
Uncertainty in overseas economies and developments in financial and capital markets continue to be cited as factors requiring attention in the business environment. - FY2019-Q1Renewed identification of overseas uncertainty involving U.S.-China trade frictionAnnual report
「During the first three months of the current consolidated fiscal year, the Japanese economy remained on a moderate recovery trend, with corporate earnings improving, capital investment increasing, and employment and income conditions steadily improving under the government's and the Bank of Japan's economic and monetary policies, although attention must be paid to concerns over U.S.-China trade friction and uncertainty in overseas economies.」
The uncertainty in overseas economies, which was no longer directly mentioned in the previous fiscal year, is again explicitly identified, with concerns over U.S.-China trade friction cited as a specific factor. - FY2018DroppedAnnual report
「During the consolidated fiscal year, the Japanese economy continued on a moderate recovery trend as corporate earnings and employment and income conditions improved under the effects of various economic policies implemented by the government and monetary easing measures implemented by the Bank of Japan.」
The discussion of the operating environment and risks for the year no longer directly refers to the uncertainty in overseas economies relating to previous U.S. policies, emerging market economies, and geopolitical issues. - FY2018-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, the Japanese economy continued on a moderate recovery trend against the backdrop of the government's economic policies and the Bank of Japan's monetary easing, despite heightened risks arising from changes in the political situations of other countries and concerns about the global economy.」
In addition to uncertainty in overseas economies, the document explicitly identifies heightened risks arising from changes in the political situations of other countries and concerns about the global economy. - FY2018-Q2Geopolitical risk explicitly identifiedAnnual report
「During the first six months of the current consolidated fiscal year, the Japanese economy remained on a moderate recovery trend, with corporate performance recovering and employment and income conditions continuing to improve against the backdrop of various government policies and accommodative financial conditions, despite geopolitical risks and uncertainty in overseas economies.」
In addition to uncertainty in overseas economies, geopolitical risk is explicitly identified as an uncertainty factor in the business environment. - FY2018-Q1RestatedAnnual report
「During the first three months of the current consolidated fiscal year, the Japanese economy remained on a moderate recovery trend. Although attention must be paid to the impact of uncertainty in overseas economies and volatility in financial markets, corporate performance gradually recovered and employment and income conditions continued to improve against the backdrop of the government's economic policies and the Bank of Japan's monetary easing policy.」
Uncertainty in overseas economies and volatility in financial markets continue to be cited as factors requiring attention in the business environment. - FY2017RestatedAnnual report
「During the consolidated fiscal year, the Japanese economy remained on a moderate recovery trend as employment and income conditions continued to improve under the government's and the Bank of Japan's economic and monetary policies. Meanwhile, overseas economies remained uncertain due to the stagnation of the U.S. administration's economic policies, the economic slowdown in emerging markets, and other factors.」
The stagnation of the U.S. administration's economic policies and the economic slowdown in emerging markets continue to be cited as factors contributing to uncertainty in overseas economies. - FY2017-Q3RestatedAnnual report
「During the first nine months of the current consolidated fiscal year, the Japanese economy remained on a moderate recovery trend as employment and income conditions continued to improve under the government's and the Bank of Japan's economic and monetary policies. Meanwhile, the outlook for the economy remained uncertain due to the economic slowdown in emerging markets, including China, the UK's exit from the EU, and concerns over policy management by the Trump administration in the United States.」
The economic slowdown in emerging markets, including China, the UK's exit from the EU, and concerns over the U.S. administration's policy management continue to be cited as factors contributing to uncertainty over the economic outlook. - FY2017-Q2Additional overseas uncertainty factorsAnnual report
「During the first six months of the current consolidated fiscal year, the Japanese economy remained on a moderate recovery trend, with employment and income conditions continuing to improve against the backdrop of the government's economic and monetary policies. Meanwhile, overseas economies remained uncertain due to the economic slowdown in emerging Asian countries, including China, the UK's exit from the EU, and developments in policy management by the new U.S. administration.」
The economic slowdown in emerging Asian countries, including China, the UK's exit from the EU, and policy developments under the new U.S. administration are cited as factors contributing to uncertainty in overseas economies. - FY2017-Q1RestatedAnnual report
「In the construction industry, our Group's core business, public- and private-sector investment has remained firm, but the operating environment continues to be challenging due to persistently high construction material prices and other factors.」
Regarding overseas economies, the document cites the economic slowdown in emerging Asian countries, including China, as well as uncertainty arising from the UK's exit from the EU. - FY2016RestatedAnnual report
「Meanwhile, the outlook remains uncertain due to the economic slowdown in emerging markets, including China, and instability in financial markets.」
Although direct reference to U.S. rate hikes has been removed, the economic slowdown in emerging markets such as China and instability in financial markets continue to be cited as factors contributing to uncertainty over the outlook. - FY2016-Q3First statedAnnual report
「Meanwhile, the outlook remains uncertain due to U.S. interest rate hikes and economic downturns in emerging markets, including China, and resource-rich countries.」
U.S. monetary policy and economic downturns in emerging and resource-rich countries, including China, are identified as uncertainties in the business environment.