Constraints on the domestic economic recovery caused by persistent labor shortages
First written in FY2019-Q3. 5 of 7 entries say "Restated". Latest entry: FY2024.
The whole theme swung hardest in 2025: 36 of 60 companies on the "Worse" side.
37 other companies' latest entry also says "Restated".
- FY2024RestatedAnnual report
「Labor shortages are particularly acute in Japan, and wages are also trending upward. As a result, the economy is remaining resilient.」
The Company describes labor shortages and rising wages as conditions affecting the domestic economy. In the nursing-care business, the cost of securing personnel continues to increase. - FY2024-Q2RestatedAnnual report
「In Japan, persistently high prices are identified as a risk factor. Rising energy and food prices are increasing costs and, together with higher labor costs resulting from chronic labor shortages, are putting pressure on corporate earnings.」
The Company continues to explain that higher labor costs resulting from chronic labor shortages are, alongside high prices and rising energy prices, a factor putting pressure on corporate earnings. - FY2024-Q1WorsenedAnnual report
「In Japan, persistently high prices are identified as a risk factor. Rising energy and food prices are increasing costs and, together with higher labor costs resulting from chronic labor shortages, are putting pressure on corporate earnings. Cost increases originating overseas carry substantial volatility risk, making future costs difficult to predict. By contrast, labor-cost increases resulting from labor shortages are expected to persist over the long term.」
The Company explicitly identifies higher labor costs resulting from chronic labor shortages as a factor putting pressure on corporate earnings, and explains that they are expected to persist longer than cost increases originating overseas. - FY2022RestatedAnnual report
「The Company faces many challenges, including intensifying competition among existing operators and a shortage of care workers resulting from the declining working-age population, and expects the difficult business environment to continue.」
The shortage of workers resulting from the declining working-age population continues to be cited, alongside intensifying competition, as a factor contributing to the difficult business environment. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter of the consolidated fiscal year under review, Japan's economy faced concerns about a recession, with persistent labor shortages and emerging weakness in exports, among other factors, although」
The Company continues to identify persistent labor shortages as a constraint on the domestic economy. It also cites weak exports and concerns about an economic downturn. - FY2019RestatedAnnual report
「Persistent labor shortages have acted as a constraint, leaving the economy in only a gradual recovery.」
The Company continues to disclose the macroeconomic risk that persistent labor shortages are constraining the recovery of the domestic economy. - FY2019-Q3First statedAnnual report
「During the cumulative third quarter, Japan’s economy showed signs of recovery in personal consumption in addition to sustained improvement in corporate performance, but the persistent labor shortage acted as a drag, leaving the economy in a gradual recovery.」
For the first time, separately identifies persistent labor shortages as a macroeconomic risk constraining Japan’s economic recovery despite improvements in corporate performance and personal consumption.