Performance Fluctuations Driven by Systems Investment Trends and the Competitive Environment
First written in FY2016. 21 of 32 entries say "Restated". Latest entry: 2026-07-30.
The whole theme swung hardest in 2020: 6 of 13 companies on the "Worse" side.
6 other companies' latest entry also says "Restated".
- 2026-07-30RestatedFinancial results briefing materials
「Domestic IT demand remains strong」
This reconfirms the strength of domestic IT demand and orders. - FY2026-H1RestatedAnnual report
「Demand for DX (digital transformation) aimed at business expansion, strengthening competitiveness and increasing value added remained strong, and system investment by customer companies remained solid.」
While geopolitical risks, U.S. tariff policy, rising prices and other uncertain factors remained, the company continued to view customer demand for DX and system investment as solid. - FY2025-H1RestatedAnnual report
「Although the impact of conditions in the Middle East and concerns about the outlook for the Chinese economy, as well as domestic price increases and the effects of exchange-rate and interest-rate trends on corporate earnings, require close monitoring, domestic corporate earnings continued to improve. Demand for DX (digital transformation) aimed at business expansion and strengthening competitiveness remained strong, and system investment by customer companies remained solid.」
While continuing to identify conditions in the Middle East and China, prices, and exchange rates and interest rates as factors requiring attention, the company described domestic corporate earnings as improving and system investment by customer companies as solid. - FY2024WorsenedAnnual report
「On the other hand, downside risks to overseas economies, including the effects of global monetary tightening and concerns about the outlook for the Chinese economy, could weigh on Japan’s economy, and the outlook remained uncertain. In addition, the effects of rising prices, conditions in the Middle East and volatility in financial markets following the Bank of Japan’s decision to end negative interest rates require close attention.」
In addition to downside risks to overseas economies, the Chinese economy, rising prices, conditions in the Middle East and volatility in financial markets, the Bank of Japan’s decision to end negative interest rates was identified as a factor requiring attention. - FY2024-Q3RestatedAnnual report
「Corporate earnings were improving overall, and system investment by customer companies remained solid.」
While the external environment included uncertain factors such as downside risks to overseas economies, the company continued to describe corporate earnings as improving and system investment by customer companies as solid. - FY2024-Q2MitigatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy was recovering moderately, but downside risks to overseas economies, including the effects of global monetary tightening and concerns about the outlook for the Chinese economy, could weigh on Japan’s economy, and the outlook remained uncertain. In addition, the effects of rising prices and volatility in financial markets require close attention. Corporate earnings were improving overall, and system investment by customer companies remained solid.」
While continuing to monitor global monetary tightening, concerns about the outlook for the Chinese economy, rising prices and volatility in financial markets, the company described system investment by customer companies as having remained solid, changing from the previous description of a “moderate increase.” - FY2024-Q1RestatedAnnual report
「Corporate earnings were improving moderately overall. System investment by customer companies increased moderately.」
The company continued to view corporate earnings as improving and system investment by customer companies as increasing moderately. - FY2023RestatedAnnual report
「Corporate earnings were improving overall, although a tendency toward weakness was evident in some areas. System investment by customer companies increased moderately.」
While continuing to monitor downside risks to overseas economies, rising prices, supply constraints and volatility in financial markets, the company viewed system investment by customer companies as increasing moderately. - FY2023-Q3WorsenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy was recovering moderately, but downside risks to overseas economies, including those arising from global monetary tightening, could weigh on Japan’s economy, and the outlook remained uncertain. In addition, the effects of rising prices, supply-side constraints and volatility in financial and capital markets, as well as COVID-19 infection trends in China, require close attention.」
In addition to downside risks to overseas economies from global monetary tightening, rising prices, supply constraints, volatility in financial and capital markets and COVID-19 infection trends in China were newly identified as factors requiring attention. System investment by customer companies was described as increasing moderately. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy was recovering moderately, but downside risks to overseas economies, including those arising from global monetary tightening, could weigh on Japan’s economy, and the outlook remained uncertain. Corporate earnings were improving overall, although some weakness was evident. System investment by customer companies increased moderately.」
While corporate earnings and system investment by customer companies were described as improving and increasing, respectively, downside risks to overseas economies from global monetary tightening and uncertainty over the outlook were newly specified. - FY2023-Q1RestatedAnnual report
「Corporate earnings were improving overall, although some weakness was evident. System investment by customer companies increased moderately.」
While some weakness remained in corporate earnings, the company continued to view system investment by customer companies as having increased moderately. - FY2022RestatedAnnual report
「While some non-manufacturing industries showed weakness amid the continuing impact of the infection, corporate earnings were improving overall. System investment by customer companies increased moderately.」
The company continued to view system investment by customer companies as having recovered from its previously restrained trend and as having increased moderately. - FY2022-Q3RestatedAnnual report
「While the impact of the infection persisted and some industries showed weakness, corporate earnings were recovering overall. System investment by customer companies was on a moderate upward trend.」
Corporate earnings were recovering overall, although weakness remained in some industries, and the company continued to view system investment by customer companies as being on a moderate upward trend. No major change in assessment from the previous quarter was indicated. - FY2022-Q2MitigatedAnnual report
「Corporate earnings showed weakness in some industries due to the impact of the infection, and the situation continued to require close monitoring, but overall they were recovering. System investment by customer companies was on a moderate upward trend.」
While some weakness remained in corporate earnings, system investment by customer companies was described as having improved from a “recovery trend” in the previous quarter to a “moderate upward trend.” - FY2022-Q1MitigatedAnnual report
「Although some industries continued to show weakness due to the impact of COVID-19 and required close monitoring, corporate earnings were recovering overall, and customer companies' system investment showed signs of recovery.」
The disclosure stated that, although the impact of COVID-19 remained, corporate earnings were recovering overall and customer companies' system investment had changed from a trend of restraint to a trend of recovery. - FY2021-Q3MitigatedAnnual report
「Corporate earnings continued to decline due to the impact of COVID-19, and customer companies' system investment showed signs of restraint, but it was recovering in the third quarter.」
Although customer companies' system investment remained restrained, signs of recovery emerged in the third quarter. The disclosure indicated partial improvement from the assessment through the previous quarter that restraint would continue. - FY2021-Q2RestatedAnnual report
「During the six months ended the second quarter, the Japanese economy remained in a difficult situation due to the impact of COVID-19, although signs of recovery had recently emerged. Corporate earnings continued to decline due to the impact of COVID-19, while customer companies' system investment showed signs of restraint.」
The disclosure stated that signs of recovery had emerged in the economic environment, while the decline in corporate earnings and restraint in customer companies' system investment continued. No significant change in risk assessment from the previous quarter was indicated. - FY2021-Q1WorsenedAnnual report
「Corporate earnings declined sharply due to the impact of COVID-19, while customer companies' system investment showed signs of restraint.」
The assessment changed from system investment remaining firm to customer companies' system investment showing signs of restraint due to the impact of COVID-19. - FY2020WorsenedAnnual report
「The Japanese economy continued to recover gradually during the fiscal year, but economic activity fell sharply due to the global spread of COVID-19, increasing uncertainty about the outlook.」
The disclosure added the sharp decline in economic activity and increased uncertainty about the outlook caused by the global spread of COVID-19 to the previous weakness in exports and manufacturing. - FY2020-Q3WorsenedAnnual report
「During the nine months ended the third quarter, the Japanese economy was recovering gradually, although exports remained weak and weakness, particularly in manufacturing, intensified. Corporate sentiment became increasingly cautious, particularly in manufacturing, but corporate earnings remained at a high level and system investment by customer companies continued to be firm.」
The disclosure stated that exports remained weak, economic weakness, particularly in manufacturing, intensified, and corporate sentiment became increasingly cautious. Meanwhile, corporate earnings and customer companies' system investment were described as firm. - FY2020-Q2RestatedAnnual report
「During the six months ended the second quarter, the Japanese economy was recovering gradually, although weakness persisted, particularly in exports. Although corporate sentiment, particularly in the manufacturing sector, became increasingly cautious, corporate earnings remained high and resilient, and system investment by customer companies continued to be firm.」
The disclosure cited economic weakness centered on exports and increasingly cautious corporate sentiment, particularly in manufacturing, while continuing to state that corporate earnings were resilient and customer companies' system investment was firm. - FY2020-Q1RestatedAnnual report
「During the first quarter, the Japanese economy was recovering gradually. Although corporate sentiment, particularly in the manufacturing sector, showed signs of caution, corporate earnings remained high and resilient, and system investment by customer companies continued to be firm.」
The disclosure continued to describe a gradual economic recovery, cautious corporate sentiment, particularly in manufacturing, high and resilient corporate earnings, and firm system investment by customer companies. - FY2019-Q2RestatedAnnual report
「During the six months ended the second quarter, the Japanese economy was recovering gradually. Corporate earnings remained at a high level, and system investment by customer companies continued to be firm.」
The disclosure continued to describe a gradual economic recovery, high corporate earnings and firm system investment by customer companies. - FY2019-Q1RestatedAnnual report
「During the first quarter, the Japanese economy was recovering gradually. Corporate earnings remained at a high level, and system investment by customer companies continued to be firm.」
The disclosure continued to describe a gradual economic recovery, high corporate earnings and firm system investment by customer companies. - FY2018RestatedAnnual report
「During the fiscal year, the Japanese economy remained on a gradual recovery trend. Corporate earnings remained at a high level, and system investment by customer companies continued to be firm.」
The disclosure continued to describe a gradual economic recovery, high corporate earnings and firm system investment by customer companies. - FY2018-Q2RestatedAnnual report
「During the six months ended the second quarter, the Japanese economy remained on a gradual recovery trend. Corporate earnings remained at a high level, and system investment by customer companies continued to be firm.」
The disclosure continued to describe a gradual economic recovery, high corporate earnings and firm system investment by customer companies. - FY2018-Q1RestatedAnnual report
「During the first quarter, the Japanese economy remained on a gradual recovery trend. Corporate earnings remained at a high level, and system investment by customer companies continued to be firm.」
No major change in the economic environment was disclosed, and the company continued to state that corporate earnings were high and customer companies' system investment was firm. - FY2017RestatedAnnual report
「During the fiscal year, the Japanese economy remained on a gradual recovery trend despite concerns about uncertainty in overseas economies, including the slowdown in the Chinese economy. Corporate earnings remained at a high level, and system investment by customer companies remained firm.」
The company continued to express concern about uncertainty in overseas economies while maintaining that customer companies' system investment was firm. - FY2017-Q3RestatedAnnual report
「During the nine months ended the third quarter, the Japanese economy remained on a gradual recovery trend despite concerns about uncertainty in overseas economies. Corporate earnings remained at a high level, and system investment by customer companies continued to be firm.」
The disclosure cited uncertainty in overseas economies as a concern, while describing corporate earnings and customer companies' system investment as firm. This was consistent with the statement that there had been no significant change in risk. - FY2017-Q2RestatedAnnual report
「During the six months ended the second quarter, the Japanese economy continued on a gradual recovery trend despite the effects of the slowdown in the Chinese economy and fluctuations in resource prices, foreign exchange rates and share prices. Although corporate sentiment showed signs of caution, corporate earnings remained at a high level and system investment by customer companies continued to be firm.」
The disclosure continued to cite the slowdown in the Chinese economy, fluctuations in resource prices, foreign exchange rates and share prices, and cautious corporate sentiment. Meanwhile, customer companies' system investment remained firm, with no significant change in the risk environment indicated. - FY2017-Q1RestatedAnnual report
「During the first quarter, the Japanese economy continued on a gradual recovery trend despite the effects of the slowdown in the Chinese economy and fluctuations in resource prices, foreign exchange rates and share prices. Corporate sentiment became increasingly cautious, but system investment by customer companies remained firm.」
External factors such as the slowdown in the Chinese economy and cautious corporate sentiment continued. Meanwhile, customer companies' system investment remained firm, and no significant change in risk was reported. This was an intangible external risk, with no quantification or actual occurrence confirmed. In adjacent revenue conditions, sales declined year on year. - FY2016First statedAnnual report
「The Japanese economy continued on a gradual recovery trend during the fiscal year, and system investment by customer companies also remained firm. However, corporate sentiment became increasingly cautious due to the slowdown in the Chinese economy and the effects of fluctuations in resource prices, foreign exchange rates and share prices, and a slowdown in system investment became evident in the fourth quarter.」
The disclosure stated that system investment showed signs of slowing in the fourth quarter of FY2016 against a backdrop including the slowdown in the Chinese economy.