Business environment uncertainty stemming from Asian and European economies, yen appreciation and sluggish personal consumption
First written in FY2016-Q3. 13 of 33 entries say "Restated". Latest entry: FY2026-H1.
GiG Works 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: 124 of 167 companies on the "Worse" side.
23 other companies' latest entry also says "Reframed".
- FY2026-H1ReframedAnnual report
「During the first six months of the fiscal year, Japan's economy followed a gradual recovery trend, with personal consumption and capital investment showing signs of recovery against a backdrop of improving employment and income conditions and growing inbound demand. However, the outlook remained uncertain because of continued price increases, uncertainty in overseas economies, including US trade policy, and rising geopolitical risks.」
The company cited employment and income conditions and inbound demand as recovery factors, while identifying US trade policy, uncertainty in overseas economies and rising geopolitical risks as new sources of uncertainty. - FY2025RestatedAnnual report
「In addition to rising prices caused by higher energy and raw-material costs, the impact of US economic policies means that the economic outlook remains uncertain.」
The company continued to cite energy and raw-material prices, rising prices and US economic policies as sources of uncertainty about the economic outlook. - FY2025-H1ReframedAnnual report
「However, the economic outlook remains uncertain because of rising prices caused by higher energy and raw-material costs, sharp exchange-rate movements and the impact of US policy developments.」
The focus shifted from the situation in Ukraine and monetary tightening to energy and raw-material prices, exchange-rate movements and US policy developments as sources of uncertainty. - FY2024-Q2RestatedAnnual report
「Japan's economy showed signs of recovery as economic activity returned to normal following the easing of the social impact of COVID-19. However, the economic outlook remained uncertain because soaring prices, against a backdrop of heightened social tensions and global monetary tightening, were affecting the economy.」
The company continued to cite the normalization of economic activity and recovery, while identifying heightened social tensions, global monetary tightening and soaring prices as sources of uncertainty. - FY2024-Q1RestatedAnnual report
「Japan's economy showed signs of recovery as the classification of COVID-19 was changed to Category V and economic activity returned to normal. However, the economic outlook remained uncertain because of soaring prices against a backdrop of heightened social tensions and global monetary tightening.」
The company continued to cite the recovery supported by the reclassification of COVID-19 as a Category V disease and the normalization of economic activity, while identifying heightened social tensions, monetary tightening and soaring prices as sources of uncertainty. - FY2023ReframedAnnual report
「Japan's economy showed some signs of recovery as the classification of COVID-19 was lowered to Category V and economic activity returned to normal. However, the economic outlook remained uncertain because of soaring prices against a backdrop of heightened social tensions and global monetary tightening.」
The company cited a recovery supported by the reclassification of COVID-19 as a Category V disease and the normalization of economic activity, while identifying heightened social tensions, global monetary tightening and soaring prices as new sources of uncertainty. - FY2023-Q3RestatedAnnual report
「Japan's economy showed some signs of recovery as restrictions related to COVID-19 were lifted and inbound demand recovered. However, the economic outlook remained uncertain because of soaring prices against a backdrop of the prolonged situation in Ukraine and global monetary tightening.」
The company continued to cite the recovery supported by lifted restrictions and inbound demand, while identifying the prolonged situation in Ukraine, monetary tightening and soaring prices as sources of uncertainty. - FY2023-Q2ReframedAnnual report
「Japan's economy showed some signs of recovery as restrictions related to COVID-19 were lifted and inbound demand recovered. However, the economic outlook remained uncertain because of rising prices against a backdrop of the prolonged situation in Ukraine and global monetary tightening.」
The company cited the lifting of restrictions and recovery in inbound demand, while identifying the situation in Ukraine, global monetary tightening and rising prices as sources of uncertainty. - FY2023-Q1ReframedAnnual report
「Japan's economy showed signs of a recovery as COVID-19 continued for an extended period and various restrictions were eased. However, the economic outlook remained uncertain because yen depreciation continued against a backdrop of rising prices caused by the prolonged situation in Ukraine and global monetary tightening.」
The company cited a recovery supported by the easing of restrictions, while identifying the situation in Ukraine, rising prices, global monetary tightening and yen depreciation as sources of uncertainty. - FY2022WorsenedAnnual report
「Japan's economy showed signs of a gradual recovery as economic activity resumed, supported by progress in COVID-19 vaccinations and the effects of measures to control the infection. However, the economic outlook remained uncertain amid concerns about rising prices caused by the prolonged situation in Ukraine, yen depreciation against a backdrop of global monetary tightening, and the spread of new variants.」
The company cited the resumption of economic activity supported by vaccinations and infection-control measures, while adding the prolonged situation in Ukraine, rising prices, global monetary tightening, yen depreciation and new variants as sources of uncertainty. - FY2022-Q2RestatedAnnual report
「Although the impact of COVID-19 continued for an extended period, the economy showed signs of a gradual recovery as vaccinations progressed. However, the economic outlook remained uncertain amid concerns about the spread of new variants.」
The company continued to cite the prolonged impact of COVID-19, the recovery supported by vaccinations, concerns about new variants and uncertainty about the economic outlook. - FY2022-Q1WorsenedAnnual report
「Although the difficult conditions caused by COVID-19 continued, the economy showed signs of a gradual recovery as vaccinations progressed. However, the economic outlook remained uncertain amid concerns about the spread of new variants.」
Signs of a recovery supported by vaccinations were noted, while concern about the spread of new variants added to the uncertainty surrounding the economic outlook. - FY2021MitigatedAnnual report
「Although the difficult conditions caused by the global impact of COVID-19 continued, the lifting of emergency declarations as vaccinations progressed raised expectations for a recovery in economic activity. Nevertheless, the economic outlook remained uncertain.」
While difficult conditions and uncertainty caused by COVID-19 continued, expectations for a recovery in economic activity emerged as vaccinations progressed and emergency declarations were lifted. - FY2021-Q3WorsenedAnnual report
「The global impact of COVID-19 continued to stagnate economic activity. Repeated emergency declarations and priority preventive measures to prevent the spread of the virus were issued, and the economic outlook remained uncertain.」
In addition to emergency declarations, the issuance of priority preventive measures to prevent the spread of the virus was specifically cited, with continued uncertainty about the economic outlook. - FY2021-Q2WorsenedAnnual report
「Japan's economy continued to be affected by the stagnation of economic activity caused by COVID-19. A third emergency declaration was issued, and the company recognizes that the economic outlook remains uncertain.」
In addition to the continued stagnation of economic activity caused by COVID-19, the third emergency declaration was specifically cited, with continued uncertainty about the economic outlook. - FY2021-Q1WorsenedAnnual report
「Japan's economy continued to be affected by the stagnation of economic activity caused by COVID-19. A second emergency declaration was issued at the beginning of the year, and the company recognizes that the economic outlook remains uncertain.」
In addition to the continued stagnation of economic activity caused by COVID-19, the second emergency declaration issued at the beginning of the year was specifically cited, with continued uncertainty about the economic outlook. - FY2020-Q3WorsenedAnnual report
「However, following the spread of COVID-19 and requests for emergency declarations and people to refrain from going out, real GDP for April-June 2020, based on the second preliminary estimate and annualized, fell 28.1%, the largest decline in the postwar period, leaving the outlook extremely uncertain.」
The deterioration in the economy caused by COVID-19 was quantified as the largest postwar decline in real GDP, and the outlook was described as extremely uncertain. - FY2020-Q2WorsenedAnnual report
「However, following the spread of COVID-19 and emergency declarations and requests for people to refrain from going out, the economy is feared to decline more sharply than during the Lehman shock, and the outlook remains extremely uncertain.」
The spread of COVID-19, emergency declarations and requests for people to refrain from going out worsened the previously uncertain economic and consumption environment, prompting concern that the economic downturn could exceed that during the Lehman shock. - FY2020-Q1WorsenedAnnual report
「Japan's economy remained uncertain because of US-China trade tensions and the spread of pneumonia caused by the novel coronavirus, officially designated COVID-19, mainly in China. Although the income environment was gradually improving, personal consumption declined because of the increase in the consumption tax rate, and a recovery accompanied by an improvement in consumer sentiment remained difficult to view optimistically.」
The spread of the novel coronavirus was added to the uncertainty caused by US-China trade tensions. The decline in personal consumption caused by the consumption tax increase was also cited, broadening the sources of uncertainty in the business environment. - FY2019RestatedAnnual report
「Japan's economy remained uncertain, with concerns about a global economic slowdown triggered by US-China trade tensions continuing. Although the income environment was improving, personal consumption remained difficult to view optimistically in terms of a recovery accompanied by an improvement in consumer sentiment, partly because consumers continued to focus on saving and growth in disposable income slowed.」
The company continued to cite concerns about a global economic slowdown triggered by US-China trade tensions and a cautious view of personal consumption. - FY2019-Q3ReframedAnnual report
「During the first nine months of the fiscal year, concerns about a global economic slowdown triggered by US-China trade tensions increased. In Japan, corporate earnings remained firm as the government's economic policies and the Bank of Japan's continued monetary easing supported the recovery. However, although the income environment was improving, personal consumption remained difficult to view optimistically in terms of a recovery accompanied by an improvement in consumer sentiment, partly because consumers continued to focus on saving and growth in disposable income slowed.」
The focus of global economic uncertainty shifted from risks related to US administration policies to concerns about a global economic slowdown triggered by US-China trade tensions. The cautious view of personal consumption continued. - FY2019-Q2RestatedAnnual report
「During the first six months of the fiscal year ending October 2019, Japan's economy remained firm, with corporate earnings continuing to recover amid the government's economic policies and the Bank of Japan's continued monetary easing. However, although the income environment was improving, personal consumption remained difficult to view optimistically in terms of a recovery accompanied by an improvement in consumer sentiment, partly because consumers continued to focus on saving and growth in disposable income slowed.」
The company continued to cite the risks of policy changes under the Trump administration and uncertainty in the global economy, as well as a cautious view of personal consumption due to cost-consciousness and slower growth in disposable income. - FY2019-Q1RestatedAnnual report
「During the first quarter of the fiscal year ending October 2019, Japan's economy remained firm, with corporate earnings continuing to recover amid the government's economic policies and the Bank of Japan's continued monetary easing. However, although the income environment was improving, personal consumption remained difficult to view optimistically in terms of a recovery accompanied by an improvement in consumer sentiment, partly because consumers continued to focus on saving and growth in disposable income slowed.」
The company continued to cite the risks of policy changes under the Trump administration and uncertainty in the global economy, as well as a cautious view of personal consumption due to cost-consciousness and slower growth in disposable income. - FY2018RestatedAnnual report
「During the consolidated fiscal year from 1 November 2017 to 31 October 2018, Japan's economy remained firm, with corporate earnings continuing to recover amid the government's economic policies and the Bank of Japan's continued monetary easing. However, although the income environment was improving, personal consumption remained difficult to view optimistically in terms of a recovery accompanied by an improvement in consumer sentiment, partly because consumers continued to focus on saving and growth in disposable income slowed.」
The company continued to cite the risks of policy changes affecting the global economy and a cautious view of personal consumption. - FY2018-Q3RestatedAnnual report
「During the first nine months of the fiscal year ending October 2018, Japan's economy remained firm, with corporate earnings continuing to recover amid the government's economic policies and the Bank of Japan's continued monetary easing. However, the impact of policy changes under the Trump administration and their effect on the global economy remained uncertain. Although the income environment was improving, personal consumption remained difficult to view optimistically in terms of a recovery accompanied by an improvement in consumer sentiment, partly because consumers continued to focus on saving and growth in disposable income slowed.」
The company continued to cite the risks of policy changes under the Trump administration and uncertainty in the global economy, as well as a cautious view of personal consumption due to cost-consciousness and slower growth in disposable income. - FY2018-Q2ReframedAnnual report
「During the first six months of the fiscal year ending October 2018, Japan's economy remained firm, with corporate earnings continuing to recover amid the government's economic policies and the Bank of Japan's continued monetary easing. At the same time, the impact on the global economy remained uncertain because the risks of policy changes under the Trump administration had become evident and political uncertainty continued in East Asia. Although the income environment was improving, personal consumption remained difficult to view optimistically in terms of a recovery accompanied by an improvement in consumer sentiment, partly because consumers continued to focus on saving and growth in disposable income slowed.」
The sources of global economic uncertainty were recast as the evident risks of policy changes under the Trump administration and political conditions in East Asia. Corporate earnings remained firm, while the cautious view of personal consumption continued. - FY2018-Q1RestatedAnnual report
「During the first quarter of the fiscal year ending October 2018, Japan's economy remained firm, with corporate earnings continuing to recover amid the government's economic policies and the Bank of Japan's continued monetary easing. However, although the income environment was improving, personal consumption remained difficult to view optimistically in terms of a recovery accompanied by an improvement in consumer sentiment, partly because consumers continued to focus on saving and growth in disposable income slowed.」
The company continued to cite global economic uncertainty and a cautious view of personal consumption because of continued cost-consciousness and slower growth in disposable income. - FY2017RestatedAnnual report
「During the consolidated fiscal year from 1 November 2016 to 31 October 2017, Japan's economy remained firm, with corporate earnings continuing to recover amid the government's economic policies and the Bank of Japan's continued monetary easing. However, although the income environment was improving, personal consumption remained difficult to view optimistically in terms of a recovery accompanied by an improvement in consumer sentiment, partly because consumers continued to focus on saving and growth in disposable income slowed.」
The company continued to cite global economic uncertainty and a cautious view of an economic recovery because consumers remained focused on saving and growth in disposable income slowed. - FY2017-Q3ReframedAnnual report
「During the first nine months of the fiscal year ending October 2017, Japan's economy remained firm, with corporate earnings continuing to recover amid the government's economic policies and the Bank of Japan's continued monetary easing. However, the impact of policy changes by the new US president, North Korea's nuclear and missile issues, and the UK's withdrawal from the EU on the global economy remained uncertain. Although the income environment was improving, personal consumption remained difficult to view optimistically as consumers continued to focus on saving and growth in disposable income slowed.」
North Korea's nuclear and missile issues were newly identified as a source of global economic uncertainty. Corporate earnings remained firm, while personal consumption continued to be viewed cautiously because of cost-consciousness and slower growth in disposable income. - FY2017-Q2ReframedAnnual report
「During the first six months of the fiscal year ending October 2017, Japan's economy remained firm, with corporate earnings continuing to recover amid the government's economic policies and the Bank of Japan's continued monetary easing. At the same time, the impact of policy changes by the new US president and the UK's withdrawal from the EU on the global economy remained uncertain. Personal consumption continued to face difficulties in achieving a full recovery, partly because consumers remained focused on saving and growth in disposable income slowed.」
While global economic uncertainty continued to be cited, domestic corporate earnings were described as recovering and remaining firm. The focus regarding personal consumption shifted to continued cost-consciousness and slower growth in disposable income. - FY2017-Q1ReframedAnnual report
「During the first quarter of the current consolidated cumulative period (from 1 November 2016 to 31 January 2017), Japan's economy continued to recover, supported by the government's economic policies and the Bank of Japan's continued monetary easing. However, the direction of policy changes following the election of a new US president and their impact on the global economy remained unclear, while personal consumption was slow to recover and the business environment continued to be uncertain.」
The focus shifted from the previously cited Asian and European economies and yen appreciation to policy changes by the new US administration and their impact on the global economy, while the delayed recovery in personal consumption and uncertainty in the business environment continued to be noted. - FY2016RestatedAnnual report
「During the current consolidated fiscal year (from 1 November 2015 to 31 October 2016), Japan's economy was affected by the increasingly apparent downturn in the European economy stemming from issues including the slowdown in the economies of emerging Asian countries, including China, and the UK's withdrawal from the EU. Although the government's economic policies and the Bank of Japan's continued monetary easing supported an economic recovery, personal consumption remained slow to recover, and the business environment continued to be uncertain.」
The disclosure continues to describe uncertainty in the Asian and European economies and the delayed recovery in personal consumption as business-environment conditions. - FY2016-Q3MaterialisedAnnual report
「The slowdown in the economies of emerging Asian countries, including China, and the downturn in the European economy stemming from issues including the UK's withdrawal from the EU have become increasingly apparent. Although the government's economic policies and the Bank of Japan's continued monetary easing have had an economic stimulus effect, the business environment remains uncertain, partly due to the impact of yen appreciation and sluggish personal consumption.」
The disclosure identifies the evident downturn in the European economy and the impact of yen appreciation and sluggish personal consumption as business-environment risks.