Uncertainty over the Outlook Resulting from China's Economic Slowdown, Yen Appreciation and the UK's Withdrawal from the EU
First written in FY2017-Q1. 22 of 29 entries say "Reframed", first in FY2017-Q3. Latest entry: FY2026-H1.
HONYAKU Center 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: 140 of 172 companies on the "Worse" side.
28 other companies' latest entry also says "Reframed".
- FY2026-H1ReframedAnnual report
「During the interim consolidated accounting period, the economy followed a moderate recovery trend due to improving employment and income conditions and the effects of various policies. Meanwhile, concern over the outlook resulting from US trade policy and a slowdown in overseas economies, continued price increases and volatility in financial and capital markets remains under close watch as downside risks to the economy, and the environment remains uncertain.」
While acknowledging a moderate economic recovery, the filing identifies US trade policy, a slowdown in overseas economies, rising prices and volatility in financial and capital markets as factors contributing to concern over the outlook. - FY2025-H1ReframedAnnual report
「During the interim consolidated accounting period, the economy followed a moderate recovery trend as economic activity moved toward normalization, supported by improving employment and income conditions and stronger corporate appetite for capital investment. However, the outlook remains uncertain due to soaring raw-material and energy prices resulting from prolonged international tensions, the impact of exchange-rate movements and the continued pursuit of global monetary-tightening policies.」
While acknowledging the normalization of economic activity, improving employment and income conditions, and stronger appetite for capital investment, the filing identifies international tensions, raw-material and energy prices, exchange-rate movements and global monetary tightening as factors contributing to uncertainty. - FY2024-Q3ReframedAnnual report
「During the third quarter of the current consolidated cumulative period, economic activity moved toward normalization and the economy showed some signs of recovery as various restrictions related to COVID-19 were eased. However, concern over an economic slowdown has grown due to factors including rising geopolitical risks, soaring raw-material prices, rising prices and the impact of global monetary tightening, and the outlook remains uncertain.」
While acknowledging the normalization of economic activity and the recovery in the economy, the filing identifies concern over an economic slowdown caused by geopolitical risks, rising raw-material prices and prices generally, and global monetary tightening as factors contributing to uncertainty. - FY2024-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, the economy showed some signs of a moderate recovery as various restrictions related to COVID-19 were eased. However, concern over a downturn in overseas economies has grown against the backdrop of rising geopolitical risks, soaring raw-material prices, rising prices and global monetary tightening, and the outlook remains uncertain.」
While acknowledging the recovery in economic activity, the filing continues to describe uncertainty caused by geopolitical risks, rising raw-material prices and prices generally, global monetary tightening and concern over a downturn in overseas economies. - FY2024-Q1ReframedAnnual report
「During the first quarter of the current consolidated cumulative period, the economy showed some signs of a moderate recovery as various restrictions related to COVID-19 were eased. However, concern over a downturn in overseas economies has grown against the backdrop of rising geopolitical risks, soaring raw-material prices, rising prices and global monetary tightening, and the outlook remains uncertain.」
The factors contributing to uncertainty in the external environment have been reorganized from the previous explanation centered on the pandemic and the situation in Ukraine to geopolitical risks, soaring raw-material prices, rising prices, global monetary tightening and concern over a downturn in overseas economies. - FY2023ReframedAnnual report
「During the current consolidated fiscal year, the economy showed some signs of recovery due to the effects of measures against COVID-19 and various measures targeting economic and social activity. However, concerns over accelerating inflation and an economic downturn have grown due to soaring raw-material and energy prices caused by the prolonged situation in Ukraine and rapid exchange-rate movements amid global monetary tightening, and the outlook remains uncertain.」
While acknowledging the recovery in economic activity, the filing organizes the factors contributing to uncertainty as the situation in Ukraine, soaring raw-material and energy prices, monetary tightening, rapid exchange-rate movements, and concern over inflation and an economic downturn. - FY2023-Q3ReframedAnnual report
「During the third quarter of the current consolidated cumulative period, the economy showed some signs of recovery due to the effects of measures against COVID-19 and various measures targeting economic and social activity. However, the outlook remains uncertain due to factors including the prolonged situation in Ukraine and soaring raw-material and energy prices resulting from rapid exchange-rate movements.」
The description of uncertainty in the external environment has shifted from explicitly citing the renewed spread of COVID-19 in China and supply constraints to focusing on the prolonged situation in Ukraine, rapid exchange-rate movements, and soaring raw-material and energy prices. - FY2023-Q2ReframedAnnual report
「During the second quarter of the current consolidated cumulative period, the economy showed some signs of recovery due to the effects of measures against COVID-19 and various measures targeting economic and social activity. However, the outlook remains uncertain due to constraints on raw-material and energy supplies against the backdrop of the prolonged situation in Ukraine and a renewed spread of COVID-19 in China, as well as rising prices associated with rapid exchange-rate movements.」
While acknowledging the recovery in economic activity, the filing identifies the situation in Ukraine, the renewed spread of COVID-19 in China, constraints on raw-material and energy supplies, rapid exchange-rate movements and rising prices as factors contributing to uncertainty. - FY2023-Q1ReframedAnnual report
「During the first quarter of the current consolidated cumulative period, the economy showed some signs of recovery as measures against COVID-19 and various activity restrictions were eased. However, concern over a slowdown in the pace of recovery remains due to constraints on the supply of raw materials and energy against the backdrop of the prolonged conflict in Ukraine and a renewed spread of COVID-19 in China, as well as rising prices accompanying the rapid depreciation of the yen, and the outlook remains uncertain.」
The factors contributing to uncertainty in the external environment have become more specific, including the pandemic and the situation in Ukraine, constraints on raw-material and energy supplies, rapid yen depreciation and rising prices. - FY2022ReframedAnnual report
「During the current consolidated fiscal year, the Japanese economy remained in a severe situation as economic activity was restricted by intermittent states of emergency while the impact of COVID-19 continued, and some corporate earnings and personal consumption remained sluggish. Although restrictions were gradually eased as vaccinations progressed, the outlook remained uncertain due to a renewed spread caused by new variants and the deterioration of the situation in Ukraine in February of this year.」
The deterioration of the situation in Ukraine has been added to COVID-19 and variants as a new factor contributing to uncertainty, expanding the risk factors in the external environment. - FY2022-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, the economy remained in a severe situation as economic activity was restricted by intermittent states of emergency while the impact of the prolonged spread of COVID-19 continued, and some corporate earnings and personal consumption remained sluggish. Although vaccinations were expected to bring the disease under control, concern remained over a renewed spread caused by new variants, and the outlook remained uncertain.」
The filing continues to describe the prolonged pandemic, restrictions on economic activity, sluggish corporate earnings and personal consumption, expectations that vaccinations will bring the disease under control, and concern over a renewed spread caused by variants. - FY2022-Q2ReframedAnnual report
「During the second quarter of the current consolidated cumulative period, the economy remained in a severe situation as economic activity was restricted by intermittent states of emergency while the impact of the prolonged spread of COVID-19 continued, and some corporate earnings and personal consumption remained sluggish. Although the gradual rollout of vaccinations is expected to bring the disease under control, concern remains over a renewed spread caused by variants, and the outlook remains uncertain.」
The description of uncertainty in the external environment has shifted to one that lists the prolonged pandemic, intermittent states of emergency, progress in vaccinations and concern over a renewed spread caused by variants. - FY2021ReframedAnnual report
「During the current consolidated fiscal year, the Japanese economy declined sharply in the first half due to the global spread of COVID-19, but showed some signs of recovery in the second half. However, the pace of recovery slowed after the renewed spread of the disease, including the effects of a second state of emergency declared in January 2021, and the outlook remains uncertain.」
The description of uncertainty in the external environment has changed to include the sharp decline in the first half caused by COVID-19, some recovery in the second half, and slower recovery due to the renewed spread of infections and the state of emergency. - FY2021-Q3ReframedAnnual report
「During the third quarter of the current consolidated cumulative period, the economy deteriorated rapidly in the first quarter as economic activity stagnated and contracted due to the global spread of COVID-19. From the second quarter onward, the spread of infections showed signs of easing, and some recovery in the domestic economy was seen with fiscal support. However, further spread of the disease has been a concern since the end of the year, and the outlook remains uncertain.」
The description has shifted to one that lists the rapid deterioration caused by COVID-19, some recovery from the second quarter onward, and concern over a renewed spread of infections from the end of the year onward. - FY2021-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, the economy deteriorated rapidly as economic activity stagnated and contracted due to the global spread of COVID-19. Although some signs of recovery in domestic economic activity emerged after the state of emergency was lifted, conditions remained uncertain due to trends in the spread of the disease in Japan and overseas and continuing concern about the outlook.」
While acknowledging the stagnation and contraction of economic activity caused by COVID-19 and some recovery after the state of emergency was lifted, the filing continues to describe uncertainty due to infection trends and concern about the outlook. - FY2021-Q1ReframedAnnual report
「During the first quarter of the current consolidated cumulative period, the Japanese economy remained in an extremely severe situation as economic activity was significantly restricted by the global spread of COVID-19, compounded by concern about the outlook.」
The description of the external environment shifted from uncertainty centered on trade friction, the Chinese economy and financial markets to restrictions on economic activity caused by COVID-19 and concern about the outlook. - FY2020-Q3ReframedAnnual report
「During the third quarter of the current consolidated cumulative period, the Japanese economy continued on a moderate recovery trend, supported by increased capital investment underpinned by strong corporate performance. However, with growing concern over a slowdown in the global economy due to trade friction resulting from US trade policy, slowing growth in the Chinese economy and the outlook for the UK's withdrawal from the EU, some exports and production showed signs of stagnation, and the outlook remained uncertain.」
In addition to trade friction resulting from US trade policy and slowing growth in the Chinese economy, the outlook for the UK's withdrawal from the EU and concern over a slowdown in the global economy are identified as factors contributing to uncertainty over the outlook. - FY2020-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, the Japanese economy remained uncertain due to the impact of factors including trade friction resulting from US trade policy, slowing growth in the Chinese economy and volatility in financial and capital markets.」
Trade friction resulting from US trade policy, slowing growth in the Chinese economy and volatility in financial and capital markets continue to be identified as factors contributing to uncertainty over the outlook. - FY2020-Q1ReframedAnnual report
「During the first quarter of the current consolidated cumulative period, the Japanese economy remained uncertain due to factors including trade friction resulting from US trade policy, slowing growth in the Chinese economy and volatility in financial and capital markets.」
Trade friction resulting from US trade policy, factors related to the Chinese economy that have been cited previously, and volatility in financial and capital markets are listed as factors contributing to uncertainty over the outlook. - FY2019ReframedAnnual report
「During the current consolidated fiscal year, the Japanese economy continued on a moderate recovery trend, supported by improving corporate earnings and employment conditions, but remained uncertain due to rising uncertainty in the global economy, including the impact of trade friction resulting from US trade policy, volatility in financial and capital markets and the UK's withdrawal from the EU.」
In addition to trade friction resulting from US trade policy and volatility in financial and capital markets, the issue of the UK's withdrawal from the EU is explicitly identified as a factor contributing to uncertainty over the outlook. - FY2019-Q3ReframedAnnual report
「During the third quarter of the current consolidated cumulative period, the Japanese economy continued on a moderate recovery trend, supported by improving corporate earnings and employment conditions, but remained uncertain due to rising uncertainty in overseas economies, including the impact of trade friction resulting from US trade policy and volatility in financial and capital markets.」
In addition to trade friction resulting from US trade policy, the impact of volatility in financial and capital markets is explicitly identified as a factor contributing to uncertainty over the outlook. - FY2019-Q2ReframedAnnual report
「During the second quarter of the current consolidated cumulative period, the Japanese economy continued on a moderate recovery trend, supported by improving corporate earnings and employment conditions, but remained uncertain due to factors including the impact of trade friction resulting from US trade policy.」
The cause of uncertainty over the outlook is expressed as trade friction resulting from US trade policy, replacing the previous reference to trade friction between the United States and China and between the United States and Europe. - FY2019-Q1ReframedAnnual report
「During the first quarter of the current consolidated cumulative period, the Japanese economy continued on a moderate recovery trend, supported by improving corporate earnings and employment conditions, but remained uncertain due to factors including the impact of trade friction between the United States and China and between the United States and Europe.」
Uncertainty in the external environment is again mentioned, with the concerns shifting from the previous slowdown in the Chinese economy, yen appreciation and the United Kingdom's withdrawal from the EU to trade friction between the United States and China and between the United States and Europe. - FY2018-Q3DroppedAnnual report
「The economy continued on a moderate recovery trend, supported by improving corporate earnings and employment conditions. The US economy also expanded moderately as improved employment conditions drove increases in personal consumption and capital investment, while the European economy continued to recover moderately.」
This filing does not mention uncertainty over the outlook caused by the slowdown in the Chinese economy, yen appreciation or the United Kingdom's withdrawal from the EU, and instead describes recovery trends in Japan, the United States and Europe. - FY2018-Q1ReframedAnnual report
「While the economies of the United States and Europe were also showing signs of recovery, conditions remained uncertain due to developments in the Chinese and emerging-market economies, resource-rich economies and rising geopolitical risks.」
Although uncertainty in the external environment continues, the concerns have shifted from the Chinese economy, yen appreciation and the United Kingdom's withdrawal from the EU to the Chinese and emerging-market economies, resource-rich economies and geopolitical risks. - FY2017ReframedAnnual report
「Regarding the outlook for the Japanese economy, a continued moderate recovery is expected as the effects of various economic policies take hold. However, with concerns including the impact of political developments in the United States and Europe and volatility in financial and capital markets, the business environment is expected to remain difficult to view optimistically.」
While acknowledging a moderate economic recovery, the note identifies political developments in the United States and Europe and volatility in financial and capital markets as concerns, replacing the previous references to the Chinese economy and yen appreciation. - FY2017-Q3ReframedAnnual report
「During the nine-month consolidated period ended the third quarter, Japan's economy was on a gradual recovery trend, with improvements seen in employment and income conditions, but the outlook for the economy remained less than optimistic due to heightened uncertainty in overseas economies resulting from the economic slowdown in emerging countries, the UK's EU withdrawal issue, and the impact of the US presidential election, among other factors.」
The theme of uncertainty in the external environment continues, but the factors cited have shifted from a focus on China and yen appreciation to emerging-market economies, the UK's EU withdrawal and the impact of the US presidential election. - FY2017-Q2RestatedAnnual report
「During the six-month consolidated period ended the second quarter, Japan's economy was on a gradual recovery trend as a result of the government's various economic policies, but conditions remained uncertain due to the impact of yen appreciation on corporate earnings, the economic slowdown in emerging Asian countries including China, and the UK's EU withdrawal issue.」
Yen appreciation, the economic slowdown in emerging Asian countries including China, and the UK's EU withdrawal issue continue to be cited as factors contributing to uncertainty. - FY2017-Q1First statedAnnual report
「Although the economy was on a gradual recovery trend as a result of the government's various economic policies, conditions remained uncertain due to the continued slowdown in the Chinese economy, the impact of yen appreciation on corporate earnings, and the decision by referendum for the UK to leave the EU.」
The slowdown in the Chinese economy, yen appreciation and the UK's decision to leave the EU are cited as external factors contributing to uncertainty.