Uncertainty over the economic outlook due to yen appreciation and the UK’s withdrawal from the EU
First written in FY2016-Q2. 15 of 37 entries say "Restated". Latest entry: 2026-10-26.
Fujiya 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: 125 of 168 companies on the "Worse" side.
7 other companies' latest entry also says "Materialised".
- FY2026-H1WorsenedAnnual report
「Although the impact of developments in the Middle East requires close monitoring, the economy is recovering gradually as employment and income conditions improve.」
While stating that the economy is recovering gradually, this newly identifies developments in the Middle East as an external risk factor requiring close monitoring. - 2026-04-27WorsenedEarnings
「As the external environment became increasingly uncertain, amid rising crude-oil prices and unstable foreign-exchange movements associated with heightened geopolitical risks, including the increasingly tense situation in the Middle East,」
In addition to rising prices and delayed recovery in personal consumption, the company identified geopolitical risks, crude-oil prices and unstable foreign-exchange markets as sources of uncertainty in the external environment. - FY2025ReframedAnnual report
「During the current consolidated fiscal year, Japan’s economy saw improvements in employment and income conditions and a recovery in the number of visitors to Japan. However, the recovery in personal consumption remained gradual as the impact of higher prices continued.」
The economic assessment has shifted from uncertainty centered on yen appreciation and the UK’s EU withdrawal to the continuing impact of higher prices and the slow recovery in personal consumption. - FY2025-H1RestatedAnnual report
「Japan’s economy is recovering gradually as employment and income conditions improve and various government policies take effect. However, the food industry remains difficult because, in addition to higher raw material prices, labor costs and logistics costs are rising and consumers’ preference for saving in response to price increases is strengthening.」
Continues to describe a gradual economic recovery alongside difficult conditions in the food industry caused by rising costs and consumers’ preference for saving in response to higher prices. - FY2024RestatedAnnual report
「The economic environment surrounding the Group is expected to remain difficult because, in addition to customers’ preference for saving in response to higher food prices, there are concerns over soaring raw material and energy prices and higher labor costs.」
Continues to view the business environment as difficult because of customers’ preference for saving in response to higher food prices, soaring raw material and energy prices, and concerns over higher labor costs. - FY2024-H1RestatedAnnual report
「During the six-month interim consolidated accounting period (1 January–30 June 2024), Japan’s economy recovered gradually as various government measures took effect. However, the food industry remained difficult because soaring raw material and energy prices increased customers’ preference for saving in response to price increases.」
Continues to describe an economic recovery supported by government measures and difficult conditions in the food industry due to soaring raw material and energy prices and customers’ preference for saving. - FY2024-Q1RestatedAnnual report
「During the three-month period ended 31 March of the first quarter of the current consolidated fiscal year (1 January–31 March 2024), Japan’s economy recovered gradually as various government measures took effect. However, the food industry remained difficult because soaring raw material and energy prices increased customers’ preference for saving in response to price increases.」
Continues to recognize a gradual economic recovery due to government measures, while stating that the food industry remains difficult because of soaring raw material and energy prices and customers’ preference for saving in response to higher prices. - FY2023-Q3SoftenedAnnual report
「During the nine-month period ended 30 September of the third quarter of the current consolidated fiscal year (1 January–30 September 2023), an economic recovery was expected as employment and income conditions improved and various policies took effect. However, the food industry remained in a difficult situation because soaring raw material and energy prices increased customers’ preference for saving in response to food price increases.」
Expectations of an economic recovery supported by improving employment and income conditions and the effects of government policies were added. However, the food industry remained difficult because soaring raw material and energy prices strengthened customers’ preference for saving in response to higher food prices. - FY2023-Q2RestatedAnnual report
「During the six-month period ended 30 June of the second quarter of the current consolidated fiscal year (1 January–30 June 2023), Japan’s economy remained difficult due in part to soaring raw material and energy prices, despite expectations of an economic recovery supported by various policies under the living-with-COVID-19 approach.」
Continues to describe expectations of an economic recovery under the living-with-COVID-19 policies alongside a difficult economic environment caused by soaring raw material and energy prices. - FY2023-Q1SoftenedAnnual report
「During the three-month period ended 31 March of the first quarter of the current consolidated fiscal year (1 January–31 March 2023), Japan’s economy remained difficult due in part to soaring raw material and energy prices, despite expectations of an economic recovery supported by the government’s policies aimed at living with COVID-19.」
Although expectations of an economic recovery supported by the government’s living-with-COVID-19 policies are expressed, the economy is still viewed as difficult because of soaring raw material and energy prices. - FY2022RestatedAnnual report
「During the current consolidated fiscal year, Japan’s economy remained difficult due in part to the impact of COVID-19 and rising raw material and energy prices.」
Continues to state that Japan’s economy remains difficult because of COVID-19 and higher raw material and energy prices. - FY2022-Q3WorsenedAnnual report
「During the nine-month period ended 30 September of the third quarter of the current consolidated fiscal year (1 January–30 September 2022), Japan’s economy remained difficult due in part to the impact of COVID-19 and rising raw material and energy prices.」
The description shifted from signs of recovery and the lifting of restrictions in the previous quarter to continued difficult conditions due to COVID-19 and higher raw material and energy prices. - FY2022-Q2SoftenedAnnual report
「During the six-month period ended 30 June of the second quarter of the current consolidated fiscal year (1 January–30 June 2022), Japan’s economy showed signs of recovery after the Priority Preventive Measures to Prevent the Spread of Disease, introduced in response to the renewed spread of COVID-19, were lifted. However, the outlook remained uncertain due in part to rising energy prices.」
The lifting of the Priority Preventive Measures to Prevent the Spread of Disease and signs of recovery softened the economic assessment compared with the previous quarter, while uncertainty over the outlook continued because of rising energy prices and other factors. - FY2022-Q1WorsenedAnnual report
「During the three-month period ended 31 March of the first quarter of the current consolidated fiscal year (1 January–31 March 2022), Japan’s economy showed signs of recovery, but remained difficult as COVID-19 infections spread again.」
Recognizes signs of an economic recovery while stating that the renewed spread of COVID-19 has left conditions difficult. - FY2021SoftenedAnnual report
「During the current consolidated fiscal year, Japan’s economy remained difficult under the impact of the spread of the novel coronavirus, although vaccinations progressed and signs of a recovery in economic activity emerged.」
The progress of vaccinations and signs of an economic recovery have been newly cited, making the description more balanced, although difficult conditions caused by the spread of infection continue. - FY2021-Q3RestatedAnnual report
「During the nine-month period ended 30 September of the third quarter of the current consolidated fiscal year (1 January–30 September 2021), Japan’s economy remained difficult due to the continuing spread of the novel coronavirus, although vaccinations were progressing.」
Although the progress of vaccinations has been added, the assessment that economic conditions remain difficult because of the spread of the novel coronavirus continues. - FY2021-Q2SoftenedAnnual report
「During the six-month period ended 30 June of the second quarter of the current consolidated fiscal year (1 January–30 June 2021), Japan’s economy remained difficult due to the continuing spread of the novel coronavirus, although COVID-19 vaccinations had begun.」
The start of vaccinations is newly identified as a mitigating factor, and the wording has shifted from “extremely difficult” in the previous quarter to “difficult,” while the impact of the spread of infection continues. - FY2021-Q1RestatedAnnual report
「During the three-month period ended 31 March of the first quarter of the current consolidated fiscal year (1 January–31 March 2021), Japan’s economy was in an extremely difficult situation due to the impact of the novel coronavirus, which was spreading worldwide.」
The extremely difficult condition of the domestic economy due to the novel coronavirus continued. - FY2020-Q3RestatedAnnual report
「During the nine-month period ended 30 September of the third quarter of the current consolidated fiscal year (1 January–30 September 2020), Japan’s economy deteriorated rapidly and entered an extremely difficult situation due to the impact of the novel coronavirus, which was spreading worldwide.」
States that the rapid deterioration of Japan’s economy and the extremely difficult situation caused by the novel coronavirus continued. - FY2020-Q2WorsenedAnnual report
「During the six-month period ended 30 June of the second quarter of the current consolidated fiscal year (1 January–30 June 2020), Japan’s economy continued to deteriorate rapidly as the novel coronavirus spread worldwide and remains in an extremely difficult situation. The economic outlook is expected to remain uncertain for the time being.」
The description has worsened to a rapidly deteriorating economy and an extremely difficult situation due to COVID-19, while uncertainty over the outlook continues. - FY2020-Q1WorsenedAnnual report
「During the three-month period ended 31 March of the first quarter of the current consolidated fiscal year (1 January–31 March 2020), Japan’s economy was on a gradual recovery track due to improvements in employment and income conditions, but was substantially pushed down by the spread of the novel coronavirus, leaving the outlook uncertain.」
In addition to the economy’s existing weakness and uncertainty, the spread of the novel coronavirus substantially pushed down economic activity and intensified uncertainty over the outlook. - FY2019WorsenedAnnual report
「The economic environment surrounding the Group is expected to recover gradually as the improvement in employment and income conditions continues. However, in addition to concerns that the consumption tax rate increase will weaken consumer sentiment, there are concerns about an economic slowdown after the closing of the Tokyo Olympic and Paralympic Games, as well as higher prices for certain raw materials and labor costs due to labor shortages. Accordingly, the business environment is expected to remain difficult.」
While a gradual economic recovery is expected, new concerns are explicitly identified: the consumption tax rate increase, a possible economic slowdown after the Tokyo Olympic and Paralympic Games, higher prices for certain raw materials, and higher labor costs due to labor shortages. - FY2019-Q3RestatedAnnual report
「During the nine-month period ended 30 September of the third quarter of the current consolidated fiscal year (1 January–30 September 2019), Japan’s economy continued to recover gradually, helped by improvements in employment and income conditions, but lacked strength as weakness was evident in exports and production.」
Continues to recognize a gradual recovery supported by improved employment and income conditions, while stating that weakness in exports and production has left the economy lacking strength. - FY2019-Q2RestatedAnnual report
「During the six-month period ended 30 June of the second quarter of the current consolidated fiscal year (1 January–30 June 2019), Japan’s economy continued to recover gradually, helped by improvements in employment and income conditions, but lacked strength as weakness was evident in exports and production.」
Continues to recognize a gradual recovery supported by improved employment and income conditions, while stating that weakness in exports and production has left the recovery lacking strength. - FY2019-Q1RestatedAnnual report
「During the three-month period ended 31 March of the first quarter of the current consolidated fiscal year (1 January–31 March 2019), Japan’s economy continued to recover gradually, helped by improvements in employment and income conditions, but showed some weakness, including a slowdown in the improvement of corporate earnings, and lacked strength.」
Continues to recognize a gradual recovery supported by improved employment and income conditions, while stating that the recovery lacks strength because corporate earnings are improving more slowly and weakness is evident in some areas. - FY2018RestatedAnnual report
「During the fiscal year, the Japanese economy continued to recover gradually, with capital investment increasing against a backdrop of improved corporate earnings and personal consumption continuing to show signs of recovery as employment and income conditions improved. However, the recovery lacked strength because of uncertainty over the outlook.」
Maintains the view that the economy is recovering gradually but lacks strength because of continued uncertainty over the outlook. - FY2018-Q3WorsenedAnnual report
「During the nine-month period ended 30 September 2018, the Japanese economy continued to recover gradually, with capital investment increasing against a backdrop of improved corporate earnings and personal consumption showing signs of recovery as employment and income conditions improved. However, the recovery lacked strength because of uncertainty over the outlook.」
While the economy continued to recover gradually, the statement adds that the recovery lacked strength because of uncertainty over the outlook, re-emphasizing uncertainty and weakness compared with the recovery trend described in the previous quarter. - FY2018-Q1SoftenedAnnual report
「During the three-month period ended 31 March 2018, the Japanese economy continued to recover gradually, with capital investment increasing against a backdrop of improved corporate earnings.」
The description has shifted from emphasizing uncertainty over the economic outlook to a gradual economic recovery driven by improved corporate earnings and capital investment, although the business environment in the food industry remains challenging. - FY2017SoftenedAnnual report
「The economic environment surrounding the Group is expected to see a gradual recovery as improvements in employment and income conditions continue. However, consumers’ entrenched preference for lower prices and concerns about higher prices for imported raw materials due to the yen’s depreciation are expected to keep the business environment challenging.」
While the outlook for a gradual economic recovery has emerged, the company states that the business environment is expected to remain challenging due to consumers’ preference for lower prices and concerns about higher imported raw-material costs resulting from yen depreciation. - FY2017-Q3SoftenedAnnual report
「During the nine-month period ended 30 September 2017, the Japanese economy continued on a gradual recovery path, supported by improvements in corporate earnings and other factors, while personal consumption also began to recover gradually as employment and income conditions improved.」
The description has shifted from emphasizing heightened uncertainty over the economic outlook to describing a gradual recovery supported by improving corporate earnings and employment and income conditions. - FY2017-Q2RestatedAnnual report
「However, as uncertainty over the economic outlook has persisted, consumer sentiment has stagnated and personal consumption has remained sluggish.」
Although no specific factors such as yen appreciation or the UK’s withdrawal from the EU are cited, uncertainty over the economic outlook and sluggish personal consumption have continued. - FY2017-Q1WorsenedAnnual report
「However, in addition to lower sales in the China business due to the slowdown in the Chinese economy and differences in the timing of the Chinese New Year, foreign exchange effects meant that the Group as a whole did not achieve sales at the level of the same period of the previous year, and profit also fell below the prior-year level.」
States that, in addition to general uncertainty over the economic outlook, the slowdown in the Chinese economy, intensifying competition and differences in the timing of the Chinese New Year translated into lower sales in the China business, resulting in lower sales and profit for the Group as a whole. - FY2016RestatedAnnual report
「During the fiscal year, the Japanese economy saw corporate earnings stall due to yen appreciation and falling stock prices from the beginning of the year through the first half, as well as the slowdown in the Chinese economy. Although the economy shifted to yen depreciation and rising stock prices toward year-end following the US presidential election and subsequent monetary policy, personal consumption remained sluggish throughout the year amid continued uncertainty over the economic outlook.」
Reiterates the year-round impact of yen appreciation, falling stock prices, the slowdown in the Chinese economy, the US presidential election and monetary policy on uncertainty over the economic outlook. - FY2016-Q3WorsenedAnnual report
「During the nine-month period ended 30 September 2016, the Japanese economy was affected by yen appreciation and falling stock prices since the beginning of the year, as well as by the slowdown in the Chinese economy and the UK’s withdrawal from the EU, further increasing uncertainty over the economic outlook.」
In addition to yen appreciation, falling stock prices and the UK’s withdrawal from the EU, the slowdown in the Chinese economy is explicitly identified as a factor contributing to uncertainty, broadening the range of risk factors. - FY2016-Q2First statedAnnual report
「Against the backdrop of yen appreciation and falling stock prices since the beginning of the year, concerns have also emerged about the adverse impact on the Japanese economy of further yen appreciation stemming from the UK’s withdrawal from the EU, further increasing uncertainty over the economic outlook.」
States that uncertainty over the economic outlook has increased against the backdrop of yen appreciation and the UK’s withdrawal from the EU.