Uncertainty over the Outlook Due to Overseas Economic Conditions, Exchange Rates and Stock Prices
First written in FY2016. 16 of 33 entries say "Reframed", first in FY2017-Q4. Latest entry: FY2027-H1.
Ye Digital 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 recovered moderately due to improvements in employment and income conditions and the government's economic measures, but the outlook remained uncertain due to concerns over the prolonged geopolitical risks resulting from the situation in the Middle East, higher prices and volatility in financial markets.」
Regarding external environmental risks, the description of the factors of concern has changed from the previous concerns regarding U.S. trade policies and China's economy to the prolonged geopolitical risks resulting from the situation in the Middle East, higher prices and volatility in financial markets. - FY2026ReframedAnnual report
「Looking ahead, the economic environment surrounding our Group is expected to remain on a path of gradual recovery due to improvements in employment and income conditions and the government's economic measures. However, although the impact of U.S. trade policies is expected to ease, concerns remain over the prolonged nature of geopolitical risks, including soaring crude oil prices due to the situation in Iran, and the economic outlook is expected to remain uncertain.」
The description of the factors of concern has changed from the previous concerns regarding U.S. trade policies and China's economy to the easing impact of U.S. trade policies and the prolonged nature of geopolitical risks, including soaring crude oil prices due to the situation in Iran. - FY2026-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's economy recovered moderately as improvements in employment and income conditions continued, but the outlook remained uncertain, with some weakness in private consumption due to higher prices and downward pressure on corporate earnings from U.S. trade policies.」
In addition to the previous concerns regarding geopolitical risks and China's economy, the disclosure cites downward pressure on corporate earnings from U.S. trade policies and weakness in private consumption due to higher prices as factors of concern regarding the external environment. The presentation continues to include both an economic recovery and uncertainty about the outlook. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period, Japan's economy recovered moderately due to increased capital investment, improvements in employment and income conditions and other factors, but the economic outlook remained uncertain due to geopolitical risks, concerns about the outlook for China's economy, volatility in financial and capital markets and other factors.」
While describing an economic recovery driven by increased capital investment and improvements in employment and income conditions, the disclosure continues to cite uncertainty due to geopolitical risks, the outlook for China's economy and volatility in financial and capital markets. - FY2025-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy recovered moderately as capital investment increased and employment and income conditions improved, but the economic outlook remained uncertain due to factors including geopolitical risks, concerns about the outlook for China's economy and volatility in financial and capital markets.」
While describing an economic recovery driven by increased capital investment and improvements in employment and income conditions, the disclosure continues to cite uncertainty due to geopolitical risks, the outlook for China's economy and volatility in financial and capital markets. - FY2024ReframedAnnual report
「Looking ahead, the economy is expected to continue its gradual recovery, driven by strong corporate earnings, increased capital investment and improvements in employment and income conditions. However, the economic outlook is expected to remain uncertain due to factors including a slowdown in overseas economies caused by geopolitical risks and concerns over stagnation in China's economy, as well as volatility in financial and capital markets.」
While identifying factors supporting the economic recovery, the disclosure organizes geopolitical risks, concerns over stagnation in China's economy, a slowdown in overseas economies and volatility in financial and capital markets as factors contributing to uncertainty. - FY2024-Q3ReframedAnnual report
「During the third quarter of the current consolidated fiscal year, Japan's economy recovered moderately, supported by the effects of various policies as corporate earnings remained at high levels and employment and income conditions improved. However, crude oil prices rose due to geopolitical risks, and global monetary tightening continued, affecting financial and foreign exchange markets as well as Japan's economy and prices, so the outlook remained uncertain.」
Factors of concern regarding the external environment include higher crude oil prices due to geopolitical risks, continued global monetary tightening, and the impact on financial and foreign exchange markets, Japan's domestic economy and prices. The disclosure presents both an economic recovery and continued uncertainty about the outlook. - FY2024-Q2ReframedAnnual report
「During the second quarter of the current consolidated fiscal year, Japan's economy recovered moderately as employment and income conditions improved, but uncertainty about the outlook continued due to the impact of global monetary tightening, concerns about the outlook for China's economy, and higher prices caused by prolonged geopolitical risks.」
Regarding factors contributing to uncertainty in the external environment, the wording has changed from the previous quarter's references to global inflationary pressure and a downturn in overseas economies to global monetary tightening, concerns about the outlook for China's economy, and higher prices resulting from prolonged geopolitical risks. - FY2024-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy recovered moderately as social and economic activity normalized following the COVID-19 pandemic, but uncertainty about the outlook continued due to global inflationary pressure, a downturn in overseas economies caused by monetary tightening, geopolitical risks and prolonged high prices.」
While describing the normalization of social and economic activity and the economic recovery, the disclosure identifies global inflationary pressure, a downturn in overseas economies caused by monetary tightening, geopolitical risks and prolonged high prices as new factors contributing to uncertainty. - FY2023-Q3ReframedAnnual report
「During the third quarter of the current consolidated fiscal year, Japan's economy recovered moderately under the government's various policies, including the easing of restrictions on activity, in a post-pandemic environment. However, the economic outlook remained uncertain due to factors including a renewed spread of COVID-19, shortages of raw material supplies caused by the prolonged situation in Ukraine and other factors, and sharp yen depreciation and rising prices against a backdrop of higher resource prices and global monetary tightening.」
Regarding the external environment, the disclosure indicates that the easing of restrictions on activity in a post-pandemic environment has supported an economic recovery, while continuing to describe uncertainty caused by a renewed spread of infections, shortages of raw material supplies, higher resource prices, and yen depreciation and rising prices against a backdrop of monetary tightening. - FY2023-Q2WorsenedAnnual report
「However, the economic outlook remained uncertain due to factors including a renewed spread of COVID-19, supply-side constraints, higher resource prices resulting from the prolonged situation in Ukraine, and sharp yen depreciation and rising prices against a backdrop of global monetary tightening.」
In addition to the previous uncertainty caused by the pandemic and the situation in Ukraine, the disclosure identifies supply constraints, higher resource prices, and sharp yen depreciation and rising prices against a backdrop of global monetary tightening as factors of concern. - FY2023-Q1ReframedAnnual report
「During the first quarter of the current consolidated fiscal year, signs of an economic recovery emerged in Japan as the impact of COVID-19 eased. However, the outlook remained uncertain, as in the previous fiscal year, due in part to the renewed spread of COVID-19 in China and the prolonged situation in Ukraine.」
While describing signs of an economic recovery as the impact of the pandemic eased, the disclosure identifies the renewed spread of infections in China and the prolonged situation in Ukraine as new factors contributing to uncertainty. - FY2022WorsenedAnnual report
「Looking ahead, the economic outlook is expected to remain uncertain due to the impact of soaring energy and raw material prices resulting from COVID-19 and the situation in Ukraine.」
In addition to the previous concerns regarding the pandemic and mutant variants, the disclosure identifies soaring energy and raw material prices resulting from the situation in Ukraine as new factors of concern. - FY2022-Q3RestatedAnnual report
「During the third quarter of the current consolidated fiscal year, repeated emergency declarations and other measures were issued due to the spread of COVID-19, and conditions remained severe. As the vaccination rate increased, the emergency declarations and other measures were lifted in October, and signs of an economic recovery were seen, particularly in manufacturing. However, concerns remained over the risk of a renewed spread of infections due to the emergence of COVID-19 variants and other factors, and uncertainty about the outlook continued.」
While describing the higher vaccination rate, the lifting of the emergency declarations and an economic recovery centered on manufacturing, the disclosure continues to cite the risk of a renewed spread of infections due to the emergence of variants and other factors, as well as uncertainty about the outlook. - FY2022-Q2ReframedAnnual report
「While repeated emergency declarations and other measures were issued due to the spread of COVID-19 and conditions remained severe, vaccinations progressed and signs of an economic recovery were seen, particularly in manufacturing. However, concerns remained over a renewed spread of infections caused by mutant variants, and the outlook continued to be uncertain.」
While continuing to describe the severe conditions caused by the pandemic and concerns over a renewed spread of mutant variants, the disclosure newly also mentions progress in vaccinations and signs of an economic recovery, particularly in manufacturing. - FY2022-Q1ReframedAnnual report
「During the first quarter of the current consolidated fiscal year, vaccination against COVID-19 progressed in some advanced countries, and vaccinations began in Japan, raising expectations for an end to the spread of infections and an economic recovery. However, the situation remains unpredictable due to the risk of the spread of mutant variants.」
While indicating expectations for progress in vaccinations and an economic recovery, the disclosure newly specifies the risk of the spread of mutant variants and continues to indicate uncertainty in the external environment. - FY2021ReframedAnnual report
「Looking ahead, although conditions are expected to remain severe due to the impact of COVID-19, restrictions on social and economic activity are expected to be eased gradually as vaccination progresses, and the economy is expected to recover.」
While continuing to describe the severe conditions caused by the pandemic, the disclosure adds an outlook for an economic recovery driven by the spread of vaccinations and the easing of restrictions on social and economic activity. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the current consolidated fiscal year, Japan's economy experienced a rapid slowdown as emergency declarations and other measures were issued by the government and local authorities to prevent the spread of COVID-19, including requests for businesses to suspend operations and for people to refrain from going out, which affected various economic activities, including those of companies. After the emergency declarations were lifted, economic activity gradually resumed and showed some signs of recovery, but the number of new COVID-19 cases, which had been declining, began to rise again, and uncertainty about the outlook continued.」
The disclosure states that the impact on economic activity expanded due to emergency declarations and other measures, resulting in a rapid economic slowdown. Even after some recovery in economic activity, the number of new infections rose again, and uncertainty about the outlook persisted. - FY2021-Q2WorsenedAnnual report
「During the second quarter of the current consolidated fiscal year, the global spread of COVID-19 continued, and with no end to the spread of infections in Japan in sight, the government and local authorities issued preventive measures including requests for businesses to suspend operations and for people to refrain from going out. The impact spread to various economic activities, including those of companies, and uncertainty about the outlook continued.」
The disclosure states that the global spread of COVID-19 continued and that the impact on economic activity, including corporate activity, expanded due to domestic requests for businesses to suspend operations and for people to refrain from going out, heightening uncertainty about the outlook. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy deteriorated as the spread of COVID-19 severely restricted private consumption and corporate activities, and extremely high uncertainty continued.」
In addition to the previous uncertainty caused by U.S.-China trade friction and other factors, the disclosure states that the spread of COVID-19 restricted private consumption and corporate activities, resulting in an economic downturn and exceptionally high uncertainty. - FY2020WorsenedAnnual report
「Looking ahead, numerous factors are raising concerns about the outlook, including the impact of the global spread of COVID-19 on domestic and overseas economies, corporate activities and IT investment, which had previously been strong. The business environment is taking on an entirely different character from the previous fiscal year.」
In addition to the uncertainty caused by U.S.-China trade friction and other factors, the disclosure cites the impact of the global spread of COVID-19 on the economy, corporate activities and IT investment, heightening concerns about a business environment entirely different from that of the previous fiscal year. - FY2020-Q3RestatedAnnual report
「During the third quarter of the current consolidated fiscal year, Japan's economy continued to face an uncertain outlook due to the impact of unstable international conditions, including U.S.-China trade friction.」
Uncertainty regarding the outlook due to unstable international conditions, including U.S.-China trade friction, continues to be cited as a factor of concern regarding the external environment. - FY2020-Q2ReframedAnnual report
「During the second quarter of the current consolidated fiscal year, Japan's economy remained weak, with corporate earnings lacking strength, and the outlook continued to be uncertain due to the impact of unstable international conditions, including prolonged U.S.-China trade friction.」
Regarding factors contributing to uncertainty in the external environment, the wording has changed from the previous concern over intensifying U.S.-China trade friction to the prolonged nature of U.S.-China trade friction and the impact of unstable international conditions. - FY2020-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy remained weak, with improvements in corporate earnings having stalled, and the outlook continued to be uncertain due to concerns including intensifying U.S.-China trade friction.」
The disclosure continues to cite stalled improvements in corporate earnings and uncertainty regarding the outlook due to concerns over intensifying U.S.-China trade friction. - FY2019RestatedAnnual report
「Looking ahead, the outlook is expected to remain uncertain due to concerns over intensifying U.S.-China trade friction and a pause in improvements in corporate earnings in some areas.」
The external environment continues to be described as uncertain due to concerns including intensifying U.S.-China trade friction. - FY2019-Q3RestatedAnnual report
「During the third quarter of the current consolidated fiscal year, Japan's economy continued on a path of gradual recovery due to improvements in corporate earnings and employment conditions, but the outlook remained uncertain due to uncertainty surrounding developments in U.S.-China trade friction.」
While the economy is on a path of gradual recovery, uncertainty surrounding the outlook due to developments in U.S.-China trade friction continues to be disclosed. - FY2019-Q2ReframedAnnual report
「During the second quarter of the current consolidated fiscal year, Japan's economy continued on a path of gradual recovery due to improvements in corporate earnings and employment conditions, but remained uncertain due to uncertainty surrounding developments in U.S.-China trade friction.」
In addition to the previous concerns regarding U.S. policy developments and the impact of emerging economies such as China on overseas economies, uncertainty surrounding developments in U.S.-China trade friction is cited as a factor of concern regarding the external environment. - FY2019-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy continued on a path of gradual recovery, supported by improvements in corporate earnings and employment conditions, but remained uncertain due to U.S. policy developments and the impact of emerging economies such as China on overseas economies.」
Uncertainty regarding the outlook due to U.S. policy developments and the impact of emerging economies such as China continues to be cited as a concern regarding the external environment. - FY2018ReframedAnnual report
「Looking ahead, the outlook is expected to remain uncertain due to U.S. policy developments and the impact of emerging economies such as China on overseas economies, although the economy is expected to remain on a path of gradual recovery, supported by improvements in corporate earnings and employment conditions.」
The factors of concern regarding the external environment are described as U.S. policy developments and the impact on overseas economies of emerging economies such as China. Factors supporting the economic recovery are also listed, and the wording of the factors of concern has changed from the previous disclosure. - FY2018-Q2WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy continued on a path of gradual recovery, with signs of improvement in corporate earnings and private consumption, but remained uncertain due to concerns including policy developments under the U.S. administration and rising global geopolitical risks.」
Rising global geopolitical risks, in addition to policy developments under the U.S. administration, are explicitly identified as factors of concern regarding the external environment. - FY2017ReframedAnnual report
「During the fiscal year under review, Japan's economy was generally on a path of gradual recovery, but remained uncertain due to factors including slowing growth in emerging economies, the UK's withdrawal from the EU and developments in policy management by the new U.S. administration.」
Regarding external environmental risks, the factors of concern have changed from the previous list of crude oil prices, yen appreciation and declining stock prices to slowing growth in emerging economies, the UK's withdrawal from the EU and policy management by the new U.S. administration. - FY2017-Q4ReframedAnnual report
「Against this backdrop, the information services industry to which our Group belongs is expected to see the expanded application of technologies such as cloud computing, big data, IoT/M2M (Internet of Things/Machine to Machine) and AI in business.」
The framework of an uncertain outlook for the external environment has been maintained. While the Business and Other Risks section states that there have been no material changes, the business performance analysis identifies slowing growth in emerging economies and policy uncertainty under the new U.S. administration as additional concerns, rather than the previous list of crude oil prices, yen appreciation and declining stock prices. - FY2016First statedAnnual report
「The economic outlook is expected to remain uncertain due to the impact on overseas economies of slowing growth in emerging and resource-rich countries such as China, falling crude oil prices, yen appreciation and declining stock prices.」
Slowing growth in China and elsewhere, crude oil prices, yen appreciation and declining stock prices are cited as external risks relating to the future business environment.