Slowing Growth in Emerging Economies and Exchange Rate and Stock Price Volatility
First written in FY2017-Q1. 13 of 31 entries say "Reframed", first in FY2017-Q3. Latest entry: FY2027-H1.
Arbeit-Times moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
21 other companies' latest entry also says "Reframed".
- FY2027-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's economy remained on a gradual recovery track, with signs of a rebound in personal consumption against a backdrop of improving employment and income conditions. At the same time, the outlook for the economy remained uncertain due to resource price trends associated with the situation in the Middle East, rising prices, and the effects of natural disasters.」
While describing the economy as remaining on a gradual recovery track, the company replaced the previously cited external uncertainties, such as US tariff policy and the weaker yen, with resource prices associated with the situation in the Middle East, rising prices, and the effects of natural disasters. - FY2026ReframedAnnual report
「During the current consolidated fiscal year, Japan's economy remained on a moderate recovery trend, supported by solid corporate performance, improvements in employment and income conditions, continued private consumption despite the impact of rising prices, and robust inbound demand. However, the outlook remained uncertain due to high prices and raw-material costs, trends in foreign exchange markets amid the continued depreciation of the yen, and rising long-term interest rates.」
Regarding risks in the external environment, the wording shifted from its recent focus on unstable international conditions and US tariff policies to a focus on prices and raw-material costs, the weaker yen, and rising long-term interest rates. - 2026-04-09ReframedEarnings forecast revision
「Looking ahead, although Japan’s economy remains uncertain amid an unstable international situation arising from geopolitical risks and continuing inflation, companies’ hiring needs are expected to continue against the backdrop of a structural labor shortage.」
The company cited geopolitical risks, an unstable international situation and inflation as sources of uncertainty in the external environment, while also noting the continuing structural labor shortage and hiring needs. - FY2026-H1ReframedAnnual report
「Meanwhile, the outlook remained uncertain due to the impact of US tariff policies, prolonged unstable international conditions, the weaker yen, rising prices, and persistently high energy resource and raw-material prices.」
The impact of US tariff policies was newly identified as a source of uncertainty in the external environment, alongside unstable international conditions, the weaker yen, rising prices, and persistently high resource and raw-material prices. - FY2025-H1RestatedAnnual report
「Meanwhile, the outlook remained uncertain due to soaring energy resource and raw-material prices resulting from the prolonged instability overseas, as well as the impact of the weaker yen and rising prices on private consumption.」
The disclosure continued to cite prolonged instability overseas, soaring energy resource and raw-material prices, and the impact of the weaker yen and rising prices on private consumption as sources of uncertainty in the external environment. It did not quantify the risks or describe any specific events that had occurred. - FY2025-Q1WorsenedAnnual report
「However, the outlook for the economy remained uncertain as unstable conditions overseas continued for an extended period, the yen continued to weaken due in part to global monetary tightening, and prices of energy resources and raw materials continued to rise.」
Unstable conditions overseas, global monetary tightening, the weaker yen, and soaring energy resource and raw-material prices were identified as continuing factors, expanding and perpetuating uncertainty in the external environment. - FY2024-Q3ReframedAnnual report
「During the third quarter of the current consolidated cumulative period, Japan's economy showed signs of a gradual recovery as economic activity moved toward normalization following the easing of COVID-19 restrictions. However, unstable international conditions and soaring energy, resource and raw-material prices associated with the weaker yen continued, and the outlook remained uncertain.」
Regarding sources of uncertainty in the external environment, the wording shifted from its previous focus on the situation in Ukraine and other factors to a focus on unstable international conditions, the weaker yen, and soaring energy, resource and raw-material prices. - FY2024-Q2RestatedAnnual report
「Meanwhile, the outlook remained uncertain due to soaring energy and raw-material prices caused by the prolonged situation in Ukraine and other factors, and the resulting rise in prices.」
The disclosure continued to cite the prolonged situation in Ukraine, soaring energy and raw-material prices, and rising prices as sources of uncertainty in the external environment. - FY2024-Q1ReframedAnnual report
「However, the outlook remained uncertain due to the prolonged situation in Ukraine and soaring energy and resource prices.」
Regarding sources of uncertainty in overseas economies, the wording shifted from the previous reference to a sharp depreciation of the yen and higher purchase prices to a focus on the prolonged situation in Ukraine and soaring energy and resource prices. - FY2023-Q3WorsenedAnnual report
「However, the outlook remained uncertain as the prolonged situation in Ukraine and the widening interest-rate differential between Japan and the US led to a sharp depreciation of the yen, while higher purchase prices drove prices upward.」
In addition to the prolonged situation in Ukraine and the sharp depreciation of the yen, the disclosure expressly cited higher purchase prices and soaring prices, stating that uncertainty in the external economic environment persisted. - FY2023-Q2WorsenedAnnual report
「However, the outlook remained uncertain as the prolonged situation in Ukraine and the widening interest-rate differential between Japan and the US led to a sharp depreciation of the yen, causing energy and raw-material prices to soar.」
In addition to the previously cited situation in Ukraine and soaring resource prices, the disclosure expressly identified a sharp depreciation of the yen due to the widening Japan-US interest-rate differential and soaring energy and raw-material prices as sources of uncertainty. - FY2023-Q1WorsenedAnnual report
「However, the outlook remained uncertain due to the prolonged situation in Ukraine and rising energy and resource costs caused by the weaker yen, which in turn drove up prices.」
In addition to the previous sources of uncertainty, including infectious diseases and resource prices, the disclosure expressly cited the prolonged situation in Ukraine, higher energy and resource costs due to the weaker yen, and rising prices. - FY2022WorsenedAnnual report
「In the fourth quarter, the outlook remained uncertain due to a resurgence of infections caused by the emergence of new variants and other factors, as well as soaring resource prices.」
In addition to the resurgence of infections caused by new variants, soaring resource prices were expressly identified as a new source of uncertainty. - FY2022-Q3WorsenedAnnual report
「Although the lifting of the state of emergency in October following a decline in infections raised expectations for an economic recovery, concerns about a resurgence of infections due to the emergence of new variants and other factors remain, and the outlook continues to be uncertain.」
While expectations for an economic recovery following the lifting of the state of emergency were expressed, concerns about a resurgence of infections due to the emergence of new variants and other factors were added, and uncertainty about the outlook continued to be described. - FY2021-Q3ReframedAnnual report
「Although signs of a resumption of economic activity have recently emerged, the outlook remains uncertain due to the arrival of a third wave of COVID-19 infections and other factors.」
The disclosure changed from its previous focus on uncertainty related to overseas economies and US-China trade friction to identifying the third wave of COVID-19 infections as the main source of uncertainty. - FY2020WorsenedAnnual report
「However, uncertainty in overseas economies due to US-China trade friction, the UK's issue of leaving the EU, deteriorating conditions in the Middle East and other factors persisted, leaving the outlook uncertain.」
In addition to the previously cited US-China trade friction and the UK's issue of leaving the EU, deteriorating conditions in the Middle East were expressly identified as a factor behind uncertainty in overseas economies. - FY2020-Q3RestatedAnnual report
「However, uncertainty in overseas economies due to US-China trade friction, the UK's issue of leaving the EU and other factors persisted, leaving the outlook uncertain.」
The disclosure continued to describe uncertainty in overseas economies and uncertainty about the outlook due to US-China trade friction, the UK's issue of leaving the EU and other factors. - FY2020-Q2ReframedAnnual report
「However, uncertainty in overseas economies due to US-China trade friction, the UK's issue of leaving the EU and other factors persisted, leaving the outlook uncertain.」
Regarding uncertainty in overseas economies, the UK's issue of leaving the EU was expressly identified as a factor in addition to US-China trade friction. - FY2020-Q1RestatedAnnual report
「However, uncertainty in overseas economies due to the impact of US-China trade friction and other factors persisted, leaving the outlook uncertain.」
The disclosure continued to describe uncertainty in overseas economies and uncertainty about the outlook due to the impact of US-China trade friction. - FY2019RestatedAnnual report
「During the current consolidated fiscal year, Japan's economy remained on a moderate recovery trend, with corporate earnings improving. However, uncertainty in overseas economies due to the impact of US-China trade friction and other factors persisted, leaving the outlook uncertain.」
The disclosure continued to describe uncertainty in overseas economies and uncertainty about the outlook due to the impact of US-China trade friction. - FY2019-Q3ReframedAnnual report
「During the third quarter of the current consolidated cumulative period, Japan's economy remained on a moderate recovery trend, with corporate earnings improving. However, private consumption lacked strength domestically, while uncertainty in overseas economies due to the impact of US-China trade friction and other factors persisted, leaving the outlook uncertain.」
Regarding uncertainty in overseas economies, the wording was changed from the previous reference to the impact of US administration policies to wording that expressly identified the impact of US-China trade friction as a factor. - FY2019-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan's economy remained on a moderate recovery trend, with corporate earnings improving. However, private consumption lacked strength domestically, while uncertainty in overseas economies due to the impact of US administration policies and other factors persisted, leaving the outlook uncertain.」
The disclosure continued to describe uncertainty in overseas economies due to the impact of US administration policies and an uncertain outlook. - FY2019-Q1ReframedAnnual report
「However, the outlook remained uncertain due to uncertainty in overseas economies, including the impact of policies of the US administration.」
The disclosure cited the impact of US administration policies as a factor behind uncertainty in overseas economies. It did not directly mention emerging-market economies, including China, or geopolitical risks, which had been cited in the previous fiscal year. - FY2018WorsenedAnnual report
「The business environment surrounding our group's operations has remained on a moderate recovery trend, with corporate earnings improving. However, downside risks to the global economy remain, including US policy developments, concerns about a slowdown in emerging-market economies, particularly China, and heightened tensions in East Asia, which have increased caution regarding geopolitical risks. The outlook therefore remains uncertain.」
In addition to geopolitical risks and uncertainty in the global economy, the disclosure expressly cited concerns about a slowdown in emerging-market economies, particularly China, and heightened tensions in East Asia. - FY2018-Q3WorsenedAnnual report
「However, the outlook remained uncertain due to uncertainty in the global economy, including heightened geopolitical risks and the impact of policies of the US administration.」
The disclosure expressly cited heightened geopolitical risks regarding uncertainty in overseas economies and continued to describe uncertainty about the outlook for the global economy. - FY2018-Q2ReframedAnnual report
「However, the outlook remained uncertain due to uncertainty in overseas economies, including rising tensions in international affairs and the impact of policies of the US administration.」
Regarding uncertainty in overseas economies, the wording was changed from the previous reference to political developments in EU countries to rising tensions in international affairs and the impact of US administration policies. - FY2018-Q1ReframedAnnual report
「However, the outlook remained uncertain due to uncertainty in overseas economies, including the impact of political developments in EU countries and policies of the US administration.」
Regarding uncertainty in overseas economies, the wording was changed from the previously cited UK's issue of leaving the EU and uncertainty following the formation of a new US administration to the impact of political developments in EU countries and US administration policies. - FY2017WorsenedAnnual report
「However, the slowdown in emerging-market economies, including China, continued, and the outlook remained uncertain due to concerns about downside risks to the global economy, including the UK's issue of leaving the EU and uncertainty following the formation of a new US administration.」
In addition to slowing emerging-market economies and the UK's issue of leaving the EU, uncertainty following the formation of a new US administration was described as a new downside risk. - FY2017-Q3ReframedAnnual report
「However, the slowdown in emerging-market economies, including China, continued, and the outlook remained uncertain due to concerns about downside risks to the global economy, including the UK's issue of leaving the EU.」
The slowdown in emerging-market economies continued, while concerns about downside risks to the global economy, including the UK's issue of leaving the EU, were described as risk factors instead of the previously cited US interest-rate hikes, lower crude oil prices, and foreign exchange and stock-price volatility. - FY2017-Q2RestatedAnnual report
「However, the slowdown in emerging-market economies, including China, continued, while foreign exchange rates and stock prices remained highly volatile due to such factors affecting the global economy as US interest-rate hikes and lower crude oil prices. As a result, the outlook remained uncertain.」
The disclosure likewise described volatility in foreign exchange rates and stock prices and uncertainty about the outlook against a backdrop of slowing emerging-market economies, US interest-rate hikes and lower crude oil prices. - FY2017-Q1First statedAnnual report
「However, the slowdown in emerging-market economies, including China, continued, while foreign exchange rates and stock prices remained highly volatile due to such factors affecting the global economy as US interest-rate hikes and lower crude oil prices. As a result, the outlook remained uncertain.」
The disclosure described volatility in foreign exchange rates and stock prices and uncertainty about the outlook against a backdrop of slowing emerging-market economies, US interest-rate hikes and lower crude oil prices.