Uncertainty over the outlook due to economic slowdowns in emerging and resource-rich countries
First written in FY2016-Q2. 21 of 37 entries say "Restated". Latest entry: FY2026-H1.
Takahashi Curtain Wall 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: 124 of 167 companies on the "Worse" side.
6 other companies' latest entry also says "Materialised".
- FY2026-H1MaterialisedAnnual report
「Meanwhile, the impact of external risks on exports and production has become apparent, including higher crude oil prices associated with U.S. tariff policies and heightened tensions in the Middle East. Although signs of an autonomous recovery in domestic demand are emerging, cost-push pressure from the uncertain global situation continues to impede an acceleration in economic growth.」
The description of higher crude oil prices associated with U.S. tariff policies and heightened tensions in the Middle East has shifted from a potential concern to an observed impact on exports and production. - FY2025ReframedAnnual report
「During the fiscal year, Japan's economy remained on a moderate recovery path. Exports were sluggish due to the impact of higher U.S. tariffs, but real wages turned positive in the annual spring wage negotiations and personal consumption provided support. However, while the economy is normalizing, geopolitical risks such as U.S.-China tensions continue to cast a shadow.」
The company shifts from an emphasis on prolonged wars, yen depreciation and inflation to new concerns over higher U.S. tariffs and U.S.-China tensions, while also recognizing a moderate recovery supported by real wages and personal consumption. - 2026-03-06WorsenedGeneral Meetings of Shareholders
「Meanwhile, the outlook for the economy remains uncertain due to the prolonged geopolitical risks, foreign exchange fluctuations associated with trends in monetary policy in various countries, and persistently high resource and energy prices.」
Geopolitical risks, foreign exchange fluctuations, and persistently high resource and energy prices are cited as uncertainties in the external environment. - FY2025-H1WorsenedAnnual report
「During the interim period, Japan's economy continued to face higher costs due to the prolonged Russia-Ukraine and Israel-Hamas wars and continued yen depreciation. Labor shortages caused by work-style reforms in the construction and transportation industries became rapidly more severe, and inflation accelerated.」
The company continues to cite the prolonged wars, yen depreciation, labor shortages and higher costs, explicitly noting that labor shortages have worsened and inflation has accelerated. - FY2024RestatedAnnual report
「During the fiscal year, Japan's economy remained inflationary due to the prolonged Russia-Ukraine and Israel-Hamas wars and continued yen depreciation. Labor shortages caused by work-style reforms in the construction and transportation industries are rapidly becoming more severe, and costs are expected to rise across the board, with inflation expected to accelerate.」
The company continues to cite the prolonged wars, yen depreciation, inflation and cost increases caused by labor shortages in the construction and transportation industries as external environmental factors. - FY2024-H1WorsenedAnnual report
「During the interim period, Japan's economy remained inflationary due to the prolonged Russia-Ukraine and Israel-Hamas wars and continued yen depreciation. In addition, labor shortages caused by work-style reforms in the construction and transportation industries are rapidly becoming more severe, and costs are expected to rise across the board, with substantial inflation anticipated.」
In addition to the prolonged wars, yen depreciation and higher prices, the company cites worsening labor shortages caused by work-style reforms in the construction and transportation industries and expects broad-based cost increases and substantial inflation. - FY2024-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, Japan's economy was affected not only by expected negative factors such as the prolonged Russia-Ukraine war and sluggish European economies, but also by the sharp yen depreciation resulting from the resilience of the U.S. economy despite monetary tightening, and unexpected events such as the Israel-Hamas war. Although some industries showed signs of a moderate recovery due to the recovery in inbound demand, higher prices caused by yen depreciation continued, and the outlook remains uncertain.」
In addition to the previously cited Russia-Ukraine situation, yen depreciation and higher prices, the company cites sluggish European economies, sharp yen depreciation against the backdrop of the U.S. economy and the Israel-Hamas war, broadening the range of external uncertainties. - FY2023-Q3RestatedAnnual report
「During the third quarter of the fiscal year, Japan's economy showed signs of a moderate recovery in some industries due to the normalization of socioeconomic activity following the reclassification of COVID-19 under the Infectious Diseases Control Law and the recovery in inbound demand. However, the effects of surging resource and energy prices due to the prolonged Russian invasion of Ukraine and higher prices caused by yen depreciation continued, and the outlook remains uncertain.」
The company continues to recognize the normalization of socioeconomic activity and the recovery in inbound demand, while citing uncertainty over the outlook arising from the prolonged invasion of Ukraine, surging resource and energy prices, yen depreciation and higher prices. - FY2023-Q2RestatedAnnual report
「During the second quarter of the fiscal year, Japan's economy showed signs of a moderate recovery in some industries due to the normalization of socioeconomic activity following the reclassification of COVID-19 under the Infectious Diseases Control Law and the recovery in inbound demand. However, the effects of surging resource and energy prices due to the prolonged Russian invasion of Ukraine and higher prices caused by yen depreciation continued, and the outlook remains uncertain.」
The company continues to recognize the normalization of socioeconomic activity and the recovery in inbound demand, while citing uncertainty over the outlook arising from the prolonged invasion of Ukraine, surging resource and energy prices, yen depreciation and higher prices. - FY2023-Q1RestatedAnnual report
「During the first quarter of the fiscal year, Japan's economy remained in a difficult state after being significantly depressed by Russia's invasion of Ukraine, yen depreciation and higher prices. Corporate earnings and production activity showed signs of weakness, and the outlook for domestic and overseas economies remains uncertain because a renewed spread of COVID-19 and a resolution to the Ukraine situation are not in sight.」
The company continues to cite Russia's invasion of Ukraine, yen depreciation, higher prices, the renewed spread of COVID-19 and the lack of visibility on a resolution to the Ukraine situation as sources of uncertainty over the domestic and overseas economic outlook. - FY2022RestatedAnnual report
「During the fiscal year, Japan's economy remained in a difficult state after being significantly depressed by Russia's invasion of Ukraine, yen depreciation and higher prices. Corporate earnings and production activity showed signs of weakness, and the outlook for domestic and overseas economies remains uncertain because a renewed spread of COVID-19 and a resolution to the Ukraine situation are not in sight.」
The company continues to cite Russia's invasion of Ukraine, yen depreciation, higher prices, the renewed spread of COVID-19 and the lack of visibility on a resolution to the Ukraine situation as sources of uncertainty over the domestic and overseas economic outlook. - FY2022-Q3RestatedAnnual report
「During the third quarter of the fiscal year, Japan's economy remained in a difficult state after being significantly depressed by Russia's invasion of Ukraine, yen depreciation and higher prices. Corporate earnings and production activity showed signs of weakness, and the outlook for domestic and overseas economies remains uncertain because a renewed spread of COVID-19 and a resolution to the Ukraine situation are not in sight.」
The company continues to cite Russia's invasion of Ukraine, yen depreciation, higher prices, the renewed spread of COVID-19 and the lack of visibility on a resolution to the Ukraine situation as sources of uncertainty over the domestic and overseas economic outlook. - FY2022-Q2WorsenedAnnual report
「During the second quarter of the fiscal year, Japan's economy remained in a difficult state after being significantly depressed by Russia's invasion of Ukraine, yen depreciation and higher prices. Corporate earnings and production activity showed signs of weakness, and the outlook for domestic and overseas economies remains uncertain because a renewed spread of COVID-19 and a resolution to the Ukraine situation are not in sight.」
In addition to the Ukraine situation and the pandemic, the company cites yen depreciation, higher prices and the renewed spread of COVID-19, continuing to emphasize downward pressure on Japan's economy and uncertainty over the outlook. - FY2022-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, Japan's economy remained in a difficult state after being significantly depressed by COVID-19, disruptions to logistics and Russia's invasion of Ukraine. Corporate earnings and production activity showed signs of weakness, and the outlook for domestic and overseas economies remains uncertain because the timing of the end of COVID-19 and a resolution to the Ukraine situation is unclear.」
In addition to the existing downward pressure from COVID-19, the company cites logistics disruptions and Russia's invasion of Ukraine, along with uncertainty over when these issues will be resolved. - FY2021-Q3RestatedAnnual report
「During the third quarter of the fiscal year, Japan's economy remained in a difficult state after being significantly depressed by the impact of COVID-19. Corporate earnings and production activity showed signs of weakness. Although the spread of the infection had been brought under control, the outlook for domestic and overseas economies remains uncertain.」
The company continues to cite the downward pressure from COVID-19, weakening corporate earnings and production activity, and uncertainty over the outlook for domestic and overseas economies, while adding that the spread of the infection had been brought under control. - FY2021-Q2RestatedAnnual report
「During the second quarter of the fiscal year, Japan's economy remained in a difficult state after being significantly depressed by the impact of COVID-19. Corporate earnings and production activity showed signs of weakness, and the outlook for domestic and overseas economies remains uncertain due to the continuing effects of the spread of the infection.」
The company continues to cite the downward pressure from COVID-19, weakening corporate earnings and production activity, and uncertainty over the outlook for domestic and overseas economies. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, Japan's economy remained in a difficult state as the spread of COVID-19 severely constrained economic activity and the movement of people in Japan and overseas. The end of the spread of the infection is still not in sight overseas, raising concerns that its impact on the economy could be prolonged, and the outlook remains uncertain.」
The company states that COVID-19 severely constrained economic activity and the movement of people, and cites concerns that the difficult economic conditions and the impact of the infection could persist, deepening the existing uncertainty over the outlook. - FY2020WorsenedAnnual report
「During the fiscal year, Japan's economy remained in a difficult state after being significantly depressed by the global spread of COVID-19. Although economic activity showed signs of recovery for a time, the spread of the infection has intensified again, raising concerns over a decline in personal consumption and deterioration in overseas economies, leaving the outlook uncertain.」
The company adds the renewed spread of COVID-19, weaker personal consumption and concerns over deteriorating overseas economies, increasing uncertainty over the outlook. - FY2020-Q3RestatedAnnual report
「The economy was significantly depressed by the impact of COVID-19 and remained in a difficult state. Although some signs of recovery in domestic economic activity emerged after the lifting of the state of emergency, concerns over a renewed spread of the infection remain, and the outlook for domestic and overseas economies remains uncertain.」
The company continues to cite the downward pressure on the domestic economy from COVID-19 and uncertainty over the outlook for domestic and overseas economies amid concerns over the spread of the infection. - FY2020-Q2WorsenedAnnual report
「The economy was significantly depressed by the impact of COVID-19 and remained in a difficult state. Corporate earnings and production activity showed signs of weakness, and the outlook for domestic and overseas economies remains uncertain due to the continuing effects of the spread of the infection.」
The company continues to describe Japan's economy as significantly depressed by COVID-19, with corporate earnings and production activity weakening. - FY2020-Q1WorsenedAnnual report
「The economy was significantly depressed by the impact of COVID-19 and remained in a difficult state. Corporate earnings and production activity showed signs of weakness, and the outlook for domestic and overseas economies remains uncertain due to the continuing effects of the spread of the infection.」
In addition to uncertainty arising from overseas economic factors, the company describes Japan's economy as having been significantly depressed by COVID-19, with corporate earnings and production activity weakening, deepening its risk assessment. - FY2019WorsenedAnnual report
「However, concerns remain over the severe damage caused by typhoons and torrential rain and the impact of the consumption-tax increase on personal consumption. In addition, numerous factors could adversely affect Japan's economy, including the impact of COVID-19 on the global economy, trade issues centered on the United States and China, China's economic slowdown and the United Kingdom's withdrawal from the EU, and the outlook remains uncertain.」
In addition to the existing uncertainty arising from overseas economies and trade issues, the company cites COVID-19, the consumption-tax increase and damage from typhoons and torrential rain, broadening the range of concerns. - FY2019-Q2RestatedAnnual report
「Overseas, numerous factors could adversely affect Japan's economy, including trade issues centered on the United States and China, a slowdown in China's economy and the United Kingdom's withdrawal from the EU, and the outlook remains uncertain.」
The company continues to cite uncertainty in overseas economies arising from U.S.-China trade issues, China's economic slowdown and the United Kingdom's withdrawal from the EU. It states that there have been no significant changes to the risk items. - FY2019-Q1RestatedAnnual report
「Overseas, numerous factors could adversely affect Japan's economy, including trade issues centered on the United States and China, a slowdown in China's economy and the United Kingdom's withdrawal from the EU, and the outlook remains uncertain.」
The company continues to cite uncertainty in overseas economies arising from U.S.-China trade issues, China's economic slowdown and the United Kingdom's withdrawal from the EU. - FY2018RestatedAnnual report
「However, concerns remain over growing uncertainty in overseas economies, including U.S.-China trade frictions and the United Kingdom's withdrawal from the EU, as well as the impact of volatility in the financial and capital markets, leaving continued uncertainty over the outlook.」
The company continues to cite uncertainty over the outlook arising from U.S.-China trade frictions, the United Kingdom's withdrawal from the EU and volatility in the financial and capital markets. - FY2018-Q3RestatedAnnual report
「During the third quarter of the fiscal year, Japan's economy remained on a moderate recovery path, with corporate earnings performing well and employment and income conditions remaining favorable. However, overseas factors, including U.S. interest-rate hikes and U.S.-China trade frictions, could adversely affect Japan's economy, and the outlook remains uncertain.」
While describing the domestic economy as being on a recovery path, the company continues to cite uncertainty over the outlook arising from overseas factors such as U.S. interest-rate hikes and U.S.-China trade frictions. - FY2018-Q2RestatedAnnual report
「Looking overseas, numerous factors could adversely affect Japan's economy, including trade frictions originating in the United States, a surge in global crude oil prices and geopolitical risks in the Middle East and East Asia. The outlook therefore remains uncertain.」
The company continues to cite uncertainty arising from overseas factors, including trade frictions originating in the United States, higher crude oil prices and geopolitical risks in the Middle East and East Asia. - FY2018-Q1RestatedAnnual report
「Overseas, deep-seated concerns remain over protectionist policy developments in the United States and geopolitical risks involving the Middle East and North Korea. The outlook remains uncertain, with the foreign-exchange market shifting toward yen appreciation from the beginning of the year.」
The company continues to cite uncertainty over the outlook arising from U.S. policy developments, geopolitical risks involving the Middle East and North Korea, and the trend toward yen appreciation. - FY2017RestatedAnnual report
「Although economies overseas are generally recovering, concerns affecting the global economy remain, including policy developments in Europe and the United States, economic conditions in emerging economies and geopolitical risks involving North Korea and the Middle East, and the situation remains difficult to predict.」
The company continues to cite global economic uncertainty and an uncertain outlook arising from policy developments in Europe and the United States, emerging-market economies and geopolitical risks involving North Korea and the Middle East. - FY2017-Q3RestatedAnnual report
「Overseas, concerns affecting the global economy remain, including policy developments in Europe and the United States, economic conditions in emerging economies and geopolitical risks involving North Korea, and the situation remains difficult to predict.」
The company continues to cite global economic uncertainty arising from policy developments in Europe and the United States, emerging-market economies and geopolitical risks involving North Korea. - FY2017-Q2RestatedAnnual report
「Overseas, uncertainty in the global economy remains high due to political uncertainty in Europe and the United States and geopolitical risks involving North Korea and the Middle East, and the situation remains difficult to predict.」
The company continues to cite global economic uncertainty and an uncertain outlook arising from political uncertainty in Europe and the United States and geopolitical risks involving North Korea and the Middle East. - FY2017-Q1RestatedAnnual report
「During the first quarter of the fiscal year, Japan's economy was on a moderate recovery path as employment and income conditions improved against the backdrop of government economic policies. However, uncertainty in the global economy remains high due to concerns over the policies of the new U.S. administration and heightened geopolitical risks, and the outlook remains uncertain.」
The new U.S. administration's policy direction and geopolitical risks are cited as additional examples, while the previous themes of global economic uncertainty and an uncertain outlook remain unchanged. - FY2016RestatedAnnual report
「Japan's economy is expected to remain in a challenging business environment marked by various risks arising from international conditions, while the recovery remains slow.」
The company continues to cite the slow economic recovery and risks arising from international conditions as factors affecting the business environment. - FY2016-Q3RestatedAnnual report
「The outlook remains uncertain, with the yen continuing to appreciate and the stock market remaining weak amid persistent concerns over downside risks to the global economy stemming from economic slowdowns in emerging and resource-rich economies and the United Kingdom's withdrawal from the EU.」
The company continues to identify uncertainty over the outlook arising from economic slowdowns in emerging and resource-rich economies, the United Kingdom's withdrawal from the EU, yen appreciation and weakness in the stock market. - FY2016-Q2First statedAnnual report
「The outlook remains uncertain, as the yen continues to strengthen and stock prices remain weak amid economic slowdowns in emerging and resource-rich countries, concerns over the UK's withdrawal from the EU, and other factors.」
Uncertainty in the external economic environment and the trend toward a stronger yen and weaker stock prices are identified as business-environment risks.