Downside risks to the economy from Brexit and natural disasters
First written in FY2017-Q2. 6 of 34 entries say "Worsened", first in FY2020. Latest entry: FY2026.
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- FY2026Continued uncertainty due to international conditions and yen depreciationAnnual report
「During the current consolidated fiscal year, Japan’s economy remained on a moderate recovery trend as employment and income conditions improved. However, the outlook remains uncertain because of rising prices resulting from unstable international conditions and the continued depreciation of the yen.」
While a recovery trend supported by improvements in employment and income conditions is noted, uncertainty resulting from unstable international conditions, yen depreciation and rising prices continues to be cited. - FY2026-H1Uncertainty from U.S. tariff policy, foreign exchange fluctuations and labor shortagesAnnual report
「During the current interim consolidated fiscal period, Japan’s economy was on a moderate recovery trend as employment and income remained stable. However, the outlook remains uncertain because of the impact of U.S. tariff policy, foreign exchange fluctuation risks and rising labor costs resulting from labor shortages.」
While a recovery trend supported by stable employment and income is noted, U.S. tariff policy, foreign exchange fluctuations and rising labor costs resulting from labor shortages are cited as sources of uncertainty about the outlook. - FY2025Economic recovery alongside uncertainty from trade policy and the international situationAnnual report
「During the current consolidated fiscal year, Japan’s economy remained on a moderate recovery trend, supported by increased inbound demand and other factors, despite sluggish consumer spending due to rising prices. However, the economic outlook remains uncertain because of U.S. trade policy and increasing instability in the international situation.」
While a moderate economic recovery supported by inbound demand and other factors is noted, sluggish consumer spending due to rising prices, U.S. trade policy and the international situation are cited as sources of uncertainty. - FY2025-H1Economic recovery alongside uncertainty from prices, foreign exchange rates and the international situationAnnual report
「During the current interim consolidated fiscal period, Japan’s economy showed improvements in employment and income conditions and an increase in inbound demand. However, the outlook remains uncertain because of continuing price increases, foreign exchange fluctuations, the international situation and concerns over an economic deterioration.」
While improvements in employment and income conditions and increased inbound demand are noted, uncertainty about the outlook resulting from rising prices, foreign exchange fluctuations, the international situation and concerns over an economic deterioration continues to be cited. - FY2024Economic recovery alongside uncertainty from yen depreciation and the international situationAnnual report
「During the current consolidated fiscal year, Japan’s economy showed signs of recovery, supported by growth in inbound demand as restrictions on activity related to COVID-19 were eased. However, the outlook remains uncertain because of rising prices resulting from unstable international conditions and the continued depreciation of the yen.」
While a recovery in the economy resulting from the easing of restrictions and inbound demand is noted, uncertainty resulting from unstable international conditions, yen depreciation and rising prices continues to be cited. - FY2024-Q3Economic recovery alongside uncertainty from China’s economy and higher resource pricesAnnual report
「During the third quarter of the current consolidated fiscal year, social and economic activity in Japan continued to normalize as restrictions on activity related to COVID-19 were eased, and the economy remained on a moderate recovery trend. However, the outlook remains uncertain because of unstable economic conditions reflected in developments in China’s economy and soaring energy and resource prices.」
While the normalization of social and economic activity and the economic recovery resulting from the easing of restrictions are noted, uncertainty about the outlook resulting from instability in China’s economy and soaring energy and resource prices is also cited. - FY2024-Q2Economic recovery alongside uncertainty from higher resource prices and yen depreciationAnnual report
「During the second quarter of the current consolidated fiscal year, Japan’s economy was gradually recovering as restrictions on activity related to COVID-19 were eased and inbound demand recovered. However, the outlook remains uncertain because imported resource prices have remained elevated for an extended period and the yen has continued to depreciate.」
While an economic recovery resulting from the easing of restrictions on activity and the recovery in inbound demand is noted, the outlook is described as uncertain because imported resource prices have remained elevated and the yen has continued to depreciate. - FY2024-Q1Economic recovery alongside uncertainty from foreign exchange rates and the international situationAnnual report
「During the current consolidated fiscal year, economic activity in Japan was gradually normalizing as restrictions were eased following the classification of COVID-19 as a Class 5 infectious disease. However, the outlook remains uncertain because of rising prices resulting from sharp fluctuations in foreign exchange rates and unstable international conditions.」
While the normalization of economic activity following the reclassification of COVID-19 as a Class 5 infectious disease and other measures is noted, uncertainty about the outlook resulting from sharp foreign exchange rate fluctuations, the international situation and rising prices is also cited. - FY2023WorsenedAnnual report
「The operating environment surrounding our group remains difficult, as competition with other companies has intensified further in addition to soaring raw material prices resulting from the prolonged situation in Ukraine and rising energy prices.」
The operating environment is described as difficult, with competition intensifying further in addition to soaring raw material prices resulting from the situation in Ukraine and rising energy prices. - FY2023-Q3WorsenedAnnual report
「During the third quarter of the current consolidated fiscal year, economic activity in Japan gradually recovered as restrictions on activity related to COVID-19 were eased. However, the outlook has become even more uncertain due to the spread of infections toward year-end, in addition to sharp fluctuations in foreign exchange rates and the prolonged situation in Ukraine.」
While a recovery in economic activity resulting from the easing of restrictions is noted, it is stated that uncertainty about the outlook increased further because of the spread of infections toward year-end, sharp foreign exchange rate movements and the prolonged situation in Ukraine. - FY2023-Q2RestatedAnnual report
「During the second quarter of the current consolidated fiscal year, Japan’s economy saw the arrival of the seventh wave of COVID-19, but expectations for an economic recovery rose as restrictions on activity were eased. However, the outlook remains uncertain because prices have risen against a backdrop of the rapid depreciation of the yen caused by interest-rate differentials with overseas markets and the prolonged situation in Ukraine.」
While expectations for an economic recovery resulting from the easing of restrictions on activity are noted, the outlook has remained uncertain because of the rapid depreciation of the yen, the prolonged situation in Ukraine and rising prices. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, expectations for an economic recovery rose as restrictions on activity related to COVID-19 were eased. However, the rapid depreciation of the yen and the prolonged situation in Ukraine drove resource and raw material prices higher, raising concerns over an economic slowdown and leaving the outlook uncertain.」
While expectations for an economic recovery resulting from the easing of restrictions on activity are noted, the rapid depreciation of the yen, the prolonged situation in Ukraine, soaring resource and raw material prices, and concerns over an economic slowdown are also cited as new sources of uncertainty. - FY2022WorsenedAnnual report
「During the current consolidated fiscal year, expectations for an economic recovery rose temporarily as COVID-19 vaccinations progressed. However, in addition to new variants, the continuing lack of visibility on when the pandemic will subside and the stagnation of global logistics and soaring resource prices have prevented an economic recovery from progressing, and the outlook remains uncertain.」
While expectations for a recovery driven by vaccinations are noted, new variants, stagnant global logistics and soaring resource prices have continued to contribute to uncertainty about the economic outlook. - FY2022-Q3Economic recovery alongside concerns over a new variant outbreakAnnual report
「During the third quarter of the current consolidated fiscal year, Japan’s economy showed signs of recovery as vaccinations against COVID-19 expanded to younger age groups and the state of emergency was lifted. However, concerns over outbreaks of new COVID-19 variants remain, and the economic outlook continues to be uncertain.」
While the recovery in the economy resulting from progress in vaccinations and the lifting of the state of emergency is noted, concerns over outbreaks of new variants are additionally identified as a source of uncertainty about the outlook. - FY2022-Q2RestatedAnnual report
「During the second quarter of the current consolidated fiscal year, Japan’s economy remained in difficult conditions, with repeated states of emergency in response to the spread of COVID-19 causing stagnation in corporate activity and consumer spending. Although vaccinations have expanded to younger age groups, the economic outlook remains unpredictable.」
The stagnation of corporate activity and consumer spending caused by states of emergency and the progress of vaccinations are noted together. The economic outlook is described as remaining unpredictable. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, the spread of COVID-19, which had resurged toward the end of the previous year, remained unabated. Although vaccination progressed and consumer spending began to recover, restrictions on activity accompanying repeated declarations of a state of emergency have left conditions unpredictable.」
While signs of a recovery in consumer spending resulting from vaccinations are noted, the continued spread of COVID-19 and restrictions on activity under states of emergency and other measures continue to be identified as external environmental risks. - FY2021-Q3WorsenedAnnual report
「After the state of emergency declared in response to COVID-19 was lifted, Japan’s economy showed signs of recovery, supported in part by policies aimed at revitalizing economic activity. However, as infections have continued to spread overseas and have begun to recur in Japan toward year-end, conditions are expected to remain increasingly difficult going forward.」
While economic activity has shown signs of recovery, it is recognized that conditions are likely to remain increasingly difficult because of the continued spread of infections overseas and their resurgence in Japan toward year-end. - FY2021-Q2RestatedAnnual report
「During the second quarter of the current consolidated fiscal year, Japan’s economy stagnated significantly due to the spread of COVID-19 and the resulting state of emergency. Consumer spending showed signs of recovery from July onward after the state of emergency was lifted, but difficult conditions have continued because the timing of the end of the pandemic in Japan and overseas remains uncertain.」
While economic stagnation caused by the spread of COVID-19 and the state of emergency has continued, consumer spending has shown signs of recovery since July. The timing of the end of the pandemic is described as uncertain. - FY2021-Q1MaterialisedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan’s economy stagnated significantly as corporate activity and consumer spending were severely curtailed by the state of emergency declared in March in response to the spread of COVID-19. The outlook remains uncertain, as concerns over the spread of COVID-19 persist even after the state of emergency was lifted.」
Regarding the spread of COVID-19, previously cited as a downside risk to the economy, it is noted that corporate activity and consumer spending actually experienced significant stagnation. - FY2020WorsenedAnnual report
「During the current consolidated fiscal year, Japan’s economy had remained on a moderate recovery trend against a backdrop of solid corporate earnings and improving employment and income conditions. However, concerns over a global decline in economic activity resulting from U.S.-China trade friction, the slowdown in China’s economy and the spread of COVID-19 have further heightened uncertainty about the outlook.」
In addition to the existing uncertainty from U.S.-China trade friction and the slowdown in China’s economy, concerns over a global decline in economic activity resulting from the spread of COVID-19 are also noted. - FY2020-Q3Additional concern over the situation in the Middle EastAnnual report
「During the third quarter of the current consolidated fiscal year, Japan’s economy continued to benefit from solid consumer spending and improving employment and income conditions, with limited impact from the consumption tax increase. However, concerns remain over the impact of the prolonged U.S.-China trade friction and the situation in the Middle East, and the outlook remains uncertain.」
While noting solid consumer spending and other positive factors, the prolonged U.S.-China trade friction and the situation in the Middle East are cited as sources of uncertainty for the outlook. - FY2020-Q2Uncertainty from U.S.-China trade friction and deteriorating Japan-South Korea relationsAnnual report
「During the second quarter of the current consolidated fiscal year, Japan’s economy was on a moderate recovery trend, supported by increased capital investment and solid consumer spending resulting from improved income conditions. However, concerns remain over the impact of the protracted U.S.-China trade friction and deteriorating Japan-South Korea relations, leaving the outlook uncertain.」
While describing the domestic economy as being on a moderate recovery trend, the protracted U.S.-China trade friction and deteriorating Japan-South Korea relations are cited as sources of uncertainty for corporate performance. - FY2020-Q1Uncertainty from Japan-South Korea relations and U.S.-China trade frictionAnnual report
「During the first quarter of the current consolidated fiscal year, Japan’s economy showed a moderate recovery, with corporate performance and consumer spending improving as a result of better employment conditions and increased domestic demand. However, the outlook remains uncertain, amid concerns over the impact on corporate performance of U.S.-China trade friction and unstable Japan-South Korea relations.」
While describing the domestic economy as being on a moderate recovery trend, the impact on corporate performance of U.S.-China trade friction and unstable Japan-South Korea relations is cited as a source of uncertainty. - FY2019Continued slowdown in China’s economy, U.S.-China trade friction and the U.K.’s withdrawal from the EUAnnual report
「During the current consolidated fiscal year, Japan’s economy remained on a moderate recovery trend against a backdrop of solid corporate earnings and improving employment and income conditions. However, the outlook remains uncertain, amid concerns over the impact on corporate performance of U.S.-China trade friction, the slowdown in China’s economy and the U.K.’s withdrawal from the EU.」
Concerns over the slowdown in China’s economy and U.S.-China trade friction continue to be noted, while the U.K.’s withdrawal from the EU is also cited as a source of uncertainty in the external environment. - FY2019-Q3Uncertainty from the slowdown in China’s economy and U.S.-China trade frictionAnnual report
「During the third quarter of the current consolidated fiscal year, Japan’s economy remained firm against a backdrop of improved corporate performance and employment conditions. However, concerns remain that uncertainty in the global economy will increase as a result of the slowdown in China’s economy and U.S.-China trade friction, and the outlook for the economy remains uncertain.」
The slowdown in China’s economy and increased uncertainty resulting from U.S.-China trade friction are cited as downside risks and sources of uncertainty for the economy. - FY2019-Q2Ongoing concerns over U.S.-China trade frictionAnnual report
「During the second quarter of the current consolidated fiscal year, Japan’s economy was on a moderate recovery trend, supported by a recovery in consumer spending and improving employment conditions, although the impact of U.S.-China trade friction remains a concern.」
The impact of U.S.-China trade friction continues to be cited as an uncertainty affecting the external economic environment. At the same time, the moderate economic recovery driven by a recovery in consumer spending and improving employment conditions is also noted. - FY2019-Q1Concerns over U.S. protectionism and trade frictionAnnual report
「During the first quarter of the current consolidated fiscal year, Japan’s economy showed signs of improvement in capital investment and employment and income conditions against a backdrop of improved corporate earnings. However, concerns over trade friction arising from the protectionist policies of the United States have emerged, and the outlook for the economy remains uncertain.」
In addition to traditional factors such as the international situation, concerns over trade friction resulting from U.S. protectionist policies are cited as an uncertainty affecting the external economic environment. - FY2018Changes in external-environment factorsAnnual report
「During the current consolidated fiscal year, the Japanese economy remained on a gradual recovery trend, supported by increased capital investment accompanying improved corporate performance and improved consumer sentiment, despite concerns about a downturn due to US trade policy and conditions in North Korea.」
The Company identified US trade policy and conditions in North Korea as downside factors in the external economic environment, replacing the previously cited factors including US monetary policy. - FY2018-Q3Concerns about US monetary policy and North KoreaAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, the Japanese economy remained on a gradual recovery trend due to economic stimulus measures by the government and the Bank of Japan, but the outlook remained uncertain due to the impact of US monetary policy and conditions in North Korea.」
The Company identified the impact of US monetary policy and conditions in North Korea as sources of uncertainty in the external economic environment, replacing the factors cited through the previous quarter. - FY2018-Q2Changes in the factors behind higher corporate costs due to labour shortagesAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, the Japanese economy remained on a recovery trend, supported by expanding exports of electronic components and automotive-related parts. However, the outlook remained uncertain as labour shortages increased corporate costs, including personnel expenses.」
The Company described the Japanese economy as being on a recovery trend due to expanding exports, while identifying higher corporate costs, including personnel expenses, caused by labour shortages as a source of uncertainty in the external environment. - FY2018-Q1Changes in the factors affecting the global economic recovery and sluggish personal consumptionAnnual report
「During the cumulative first quarter under review, the Japanese economy remained firm due to a recovery in exports driven by a global economic recovery and yen depreciation, but the outlook remained uncertain as personal consumption stagnated.」
Regarding the external economic environment, the Company noted a recovery in the global economy and exports due to yen depreciation, while also citing uncertainty about the outlook due to sluggish personal consumption. - FY2017Concerns about emerging-market economies and international conditionsAnnual report
「As international tensions rise, concerns about a slowdown in emerging-market economies are spreading, and the outlook for the economy remains uncertain.」
As factors behind concerns about a downturn in the external economy, the Company identified rising international tensions and concerns about a slowdown in emerging-market economies, following Brexit, natural disasters, expectations for economic policy after the US presidential election, and weakness in China, South Korea and other economies. - FY2017-Q3Changes in the factors behind concerns about an external economic downturnAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, the Japanese economy was on a recovery trend, benefiting from the rise in stock prices and the stronger dollar driven by expectations for US economic policy following the US presidential election. However, concerns about economic weakness in emerging economies such as China and South Korea made the outlook uncertain.」
Regarding the external economic environment, the Company identified recovery factors following the US presidential election and concerns about economic weakness in emerging economies such as China and South Korea, rather than Brexit and natural disasters, which had been cited in the previous quarter. - FY2017-Q2First statedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, the Japanese economy remained on a gradual recovery trend due to the economic and monetary policies of the government and the Bank of Japan, but the outlook remained uncertain amid concerns about market volatility stemming from the Brexit issue and downside effects from natural disasters such as typhoons and torrential rain.」
For the first time, the Company identified market volatility stemming from Brexit and concerns about an economic downturn caused by natural disasters such as typhoons and torrential rain as external-environment risks separate from the individual risks previously identified.