Uncertainty over the outlook due to a slowdown in emerging-market economies
First written in FY2017-Q1. 16 of 36 entries say "Restated". Latest entry: FY2027-H1.
San-A moved to the "Worse" side of this theme in 2022, 3 years after 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
「Meanwhile, the outlook for the economy remains uncertain due to continued increases in raw material costs, uncertainty in overseas economies and the effects of foreign-exchange fluctuations, among other factors.」
The factors behind the uncertain outlook are now identified as continued increases in raw material costs, uncertainty in overseas economies and foreign-exchange fluctuations, rather than the US trade policy and unstable international conditions cited previously. - 2026-10-06ReframedEarnings
「Meanwhile, the outlook for the economy remains uncertain due to continued increases in raw material costs, uncertainty in overseas economies and the effects of foreign-exchange fluctuations, among other factors.」
先行き不透明感の要因を、原材料費上昇、海外経済の不確実性、為替変動として示している。 - FY2026ReframedAnnual report
「Meanwhile, the outlook remained uncertain due to continued increases in raw material prices, developments in U.S. trade policy and the unstable international situation, among other factors.」
In addition to the previously cited increases in raw material prices and U.S. trade policy, the unstable international situation is explicitly identified as a source of uncertainty regarding the outlook. - FY2026-H1ReframedAnnual report
「Meanwhile, the outlook remained uncertain due to continued increases in raw material prices and developments in U.S. trade policy, among other factors.」
The sources of uncertainty regarding the outlook shifted from the previously cited Russia-Ukraine situation, resource prices, interest rates and foreign exchange rates to continued increases in raw material prices and developments in U.S. trade policy. - FY2025-H1RestatedAnnual report
「Meanwhile, the outlook remained uncertain due to soaring resource and energy prices resulting from the prolonged Russia-Ukraine situation, interest rate hikes in Western countries and the accompanying fluctuations in foreign exchange rates.」
The prolonged Russia-Ukraine situation, resource and energy prices, policy interest rates in Western countries and foreign exchange fluctuations continue to be recognized as sources of uncertainty regarding the outlook. - FY2025-Q1RestatedAnnual report
「Meanwhile, the outlook remained uncertain due to soaring resource and energy prices resulting from the prolonged Russia-Ukraine situation, interest rate hikes in Western countries and the accompanying fluctuations in foreign exchange rates.」
The prolonged Russia-Ukraine situation, resource and energy prices, policy interest rates in Western countries and foreign exchange fluctuations continue to be recognized as sources of uncertainty regarding the outlook. - FY2024ReframedAnnual report
「During the fiscal year under review, Japan's economy showed signs of moving toward normalization as restrictions on activities were eased following the reclassification of COVID-19 as a Class 5 infectious disease. However, the outlook remained uncertain due to soaring resource and energy prices resulting from the prolonged Russia-Ukraine situation, interest rate hikes in Western countries and the accompanying fluctuations in foreign exchange rates.」
While indicating normalization following the reclassification of COVID-19 as a Class 5 infectious disease and the easing of activity restrictions, the report identifies resource and energy prices, policy interest rates in Western countries and foreign exchange fluctuations as sources of uncertainty. - FY2024-Q3RestatedAnnual report
「During the nine-month consolidated cumulative period ended 30 November 2023 (1 March 2023 to 30 November 2023), Japan's economy showed signs of moving toward normalization as restrictions on activities related to COVID-19 were eased. However, the outlook remained uncertain due to soaring resource and energy prices resulting from the prolonged Russia-Ukraine situation, interest rate hikes in Western countries and the accompanying fluctuations in foreign exchange rates.」
While referring to signs of economic activity moving toward normalization, uncertainty over the outlook due to the prolonged situation between Russia and Ukraine, surging resource and energy prices, increases in policy interest rates in Europe and the United States, and foreign exchange fluctuations continues to be recognized. - FY2024-Q2RestatedAnnual report
「During the first half of the current consolidated fiscal year (1 March 2023 to 31 August 2023), economic activity showed signs of moving toward normalization as restrictions related to COVID-19 were eased. However, the economic outlook remains uncertain due to surging resource and energy prices resulting from the prolonged situation between Russia and Ukraine, increases in policy interest rates in Europe and the United States, and the resulting fluctuations in foreign exchange markets.」
While referring to signs of economic activity moving toward normalization, uncertainty over the outlook due to the prolonged situation between Russia and Ukraine, surging resource and energy prices, increases in policy interest rates in Europe and the United States, and foreign exchange fluctuations continues to be recognized. - FY2024-Q1ReframedAnnual report
「During the first quarter of the current consolidated fiscal year (1 March 2023 to 31 May 2023), economic activity showed signs of moving toward normalization as restrictions related to the spread of COVID-19 were eased. However, the economic outlook remains uncertain due to surging resource and energy prices resulting from the prolonged situation between Russia and Ukraine, increases in policy interest rates in Europe and the United States, and the resulting fluctuations in foreign exchange markets.」
While referring to signs of economic activity moving toward normalization, the disclosure identified the prolonged situation between Russia and Ukraine, surging resource and energy prices, increases in policy interest rates in Europe and the United States, and foreign exchange fluctuations as new factors contributing to uncertainty. - FY2023-Q3ReframedAnnual report
「The operating environment is expected to remain uncertain due to high prices, the impact of COVID-19, and other factors.」
While referring to the recovery in economic activity, the disclosure identified high prices, in addition to the previously cited infection-related factors, the weak yen, and surging resource and energy prices, as factors contributing to uncertainty over the outlook for the retail sector. - FY2023-Q2ReframedAnnual report
「During the first half of the current consolidated fiscal year (1 March 2022 to 31 August 2022), social and economic activity showed signs of recovery due in part to the easing of restrictions on activities related to COVID-19. However, the economic outlook remains uncertain due to the renewed spread of infections caused by variants, volatility in foreign exchange markets caused by the sharp depreciation of the yen, and surging resource and energy prices resulting from the situation between Russia and Ukraine.」
While referring to the recovery in social and economic activity resulting from the easing of restrictions, the disclosure identified variants, the sharp depreciation of the yen, foreign exchange volatility, and surging resource and energy prices resulting from the situation between Russia and Ukraine as factors contributing to uncertainty. - FY2023-Q1ReframedAnnual report
「During the first quarter of the current consolidated fiscal year (1 March 2022 to 31 May 2022), economic activity showed signs of recovery following the lifting of priority preventive measures related to the spread of COVID-19. However, the economic outlook remains uncertain due to volatility in foreign exchange markets caused by the sharp depreciation of the yen and surging resource prices resulting from the situation between Russia and Ukraine.」
While referring to the recovery in economic activity and the lifting of priority preventive measures, the disclosure identified the sharp depreciation of the yen, foreign exchange market volatility, and surging resource prices resulting from the situation between Russia and Ukraine as new factors contributing to uncertainty. - FY2022WorsenedAnnual report
「Okinawa Prefecture, where the Group operates, is expected to face a persistently uncertain operating environment due to the impact of the spread of COVID-19 and rising energy prices, including crude oil prices.」
In addition to COVID-19, rising energy prices, particularly crude oil prices, were specifically identified as a new factor contributing to uncertainty over the outlook. - FY2022-Q3WorsenedAnnual report
「During the first 3 quarters of the current consolidated fiscal year (1 March 2021 to 30 November 2021), signs of an economic recovery emerged as economic activity gradually resumed after the state of emergency was lifted to prevent the spread of COVID-19. However, the outlook remains uncertain due to concerns over the spread of new variants.」
Uncertainty over the outlook continues to be recognized, while concerns over the spread of new variants were specifically identified as a factor this time. - FY2022-Q2RestatedAnnual report
「During the first half of the current consolidated fiscal year (1 March 2021 to 31 August 2021), signs of an economic recovery emerged as economic activity gradually resumed after the state of emergency was lifted to prevent the spread of COVID-19. However, the outlook remains uncertain because the state of emergency was reimposed due to an increase in new infections and there is no clear prospect of convergence. In Okinawa's retail sector, priority preventive measures were applied in April, and requests to shorten business hours were made from May through August following declarations of a state of emergency, leaving the operating environment persistently challenging.」
The recognition that the operating environment will remain uncertain and challenging due to the renewed spread of COVID-19, the state of emergency, and other factors continues. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year (1 March 2021 to 31 May 2021), signs of an economic recovery emerged as economic activity gradually resumed after the state of emergency was lifted to prevent the spread of COVID-19. However, the outlook remains uncertain because the state of emergency was reimposed due to an increase in new infections and there is no clear prospect of convergence. In Okinawa's retail sector, the application of priority preventive measures in April and requests to shorten business hours following the declaration of a state of emergency in May resulted in a persistently challenging operating environment.」
The recognition that an uncertain and challenging operating environment will continue remains unchanged due to the increase in COVID-19 infections, the reimposition of the state of emergency, and the priority preventive measures and state of emergency in Okinawa. - FY2021RestatedAnnual report
「During the current consolidated fiscal year, the Japanese economy remained in a severe condition due to the spread of COVID-19, including deterioration in personal consumption and corporate earnings. After the state of emergency was lifted, signs of an economic recovery emerged as economic activity gradually resumed, but the outlook remains uncertain because COVID-19 infections continue to spread again and there is no clear prospect of convergence.」
Uncertainty regarding the economic environment and the outlook, including the renewed spread of COVID-19 and the lack of clarity regarding when it will subside, continues to be recognized. - FY2021-Q3RestatedAnnual report
「During the first 3 quarters of the current consolidated fiscal year (1 March 2020 to 30 November 2020), the Japanese economy remained uncertain due to concerns over the impact of requests to refrain from going out and travel restrictions related to COVID-19, as well as fluctuations in domestic and overseas economies and financial and capital markets.」
Uncertainty over the outlook due to requests to refrain from going out and travel restrictions related to COVID-19, as well as fluctuations in domestic and overseas economies and financial and capital markets, continues to be recognized. - FY2021-Q2RestatedAnnual report
「During the first half of the current consolidated fiscal year (1 March 2020 to 31 August 2020), the Japanese economy remained uncertain due to concerns over the impact of requests to refrain from going out and travel restrictions related to COVID-19, as well as fluctuations in domestic and overseas economies and financial and capital markets.」
Uncertainty over the outlook due to requests to refrain from going out and travel restrictions related to COVID-19, as well as fluctuations in domestic and overseas economies and financial and capital markets, continues to be recognized. - FY2021-Q1ReframedAnnual report
「During the first quarter of the current consolidated fiscal year (1 March 2020 to 31 May 2020), the Japanese economy remained uncertain due to concerns over the impact of requests for self-restraint and travel restrictions related to COVID-19, as well as fluctuations in domestic and overseas economies and financial and capital markets.」
Requests for self-restraint and travel restrictions related to COVID-19, as well as fluctuations in domestic and overseas economies and financial and capital markets, were specifically identified as factors contributing to uncertainty over the outlook. - FY2020WorsenedAnnual report
「Regarding the outlook for the Japanese economy in the following consolidated fiscal year, an uncertain operating environment is expected to continue due to uncertainty in overseas economies, the spread of COVID-19, and other factors.」
In addition to the previously cited uncertainty in overseas economies and other factors, the impact of the spread of COVID-19 was specifically identified as a factor contributing to uncertainty over the outlook. - FY2020-Q3ReframedAnnual report
「The economy remained on a moderate recovery track as employment and income conditions continued to improve, supported by the effects of various policies. However, the outlook remains uncertain amid concerns over the impact of developments in US-China trade friction on the global economy and the impact of deteriorating Japan-South Korea relations on the domestic economy.」
Uncertainty over the outlook continues to be recognized, while the impact of deteriorating Japan-South Korea relations on the domestic economy was specifically identified in addition to US-China trade friction. - FY2020-Q2ReframedAnnual report
「The economy remained on a moderate recovery track as employment and income conditions continued to improve, supported by the effects of various policies. However, the outlook remains uncertain amid concerns over the impact of developments in US-China trade friction on the global economy and a decline in consumption due to the consumption tax increase.」
Uncertainty over the outlook continues to be recognized, while concerns over a decline in consumption due to the consumption tax increase were specifically identified in addition to US-China trade friction. - FY2020-Q1ReframedAnnual report
「The economy remained on a moderate recovery track as employment and income conditions continued to improve, supported by the effects of various policies. However, concerns over the impact of developments in US-China trade friction on the global economy and volatility in financial and capital markets mean that the outlook remains uncertain.」
Uncertainty over the outlook continues to be recognized, while the impact of US-China trade friction on the global economy was specifically identified as a factor this time. - FY2019ReframedAnnual report
「Regarding the outlook for the Japanese economy in the following consolidated fiscal year, employment and income conditions are expected to continue improving and the economy is expected to move toward a moderate recovery. However, an uncertain operating environment is expected to continue due to uncertainty in overseas economies, fluctuations in foreign exchange rates, and other factors.」
Uncertainty over the outlook continues, but the factors cited for the following consolidated fiscal year have broadened from the previously cited US protectionist trade policies and trade friction to include uncertainty in overseas economies and foreign exchange fluctuations. - FY2019-Q3RestatedAnnual report
「The economy remained on a moderate recovery track, with increases in corporate earnings and domestic capital investment and improvements in employment conditions, but the outlook remains uncertain as US protectionist trade policies expand trade friction.」
Uncertainty over the outlook, including the expansion of trade friction due to US protectionist trade policies, continues to be recognized. It was also stated that there were no significant changes in the business and other risks. - FY2019-Q2RestatedAnnual report
「The economy remained on a moderate recovery track, with increases in corporate earnings and domestic capital investment and improvements in employment conditions, but the outlook remains uncertain as US protectionist trade policies expand trade friction.」
Uncertainty over the outlook, including the expansion of trade friction due to US protectionist trade policies, continues to be recognized. It was also stated that there were no significant changes in the business and other risks. - FY2019-Q1ReframedAnnual report
「The economy remained on a moderate recovery track, with increases in corporate earnings and domestic capital investment and improvements in employment conditions, but the outlook remains uncertain as US protectionist trade policies expand trade friction.」
Uncertainty over the outlook continues to be recognized, while the expansion of trade friction due to US protectionist trade policies was specifically identified as a factor this time. - FY2018-Q3RestatedAnnual report
「The economy remained on a moderate recovery track, with improvements in corporate earnings and domestic capital investment, but the outlook remains uncertain due to the impact of uncertainty in overseas economies, volatility in financial markets, and other factors.」
Uncertainty over the outlook due to uncertainty in overseas economies and financial market volatility continues to be recognized. It was also stated that there were no significant changes in the business and other risks. - FY2018-Q2RestatedAnnual report
「The economy remained on a moderate recovery track, with improvements in corporate earnings and domestic capital investment, but the outlook remains uncertain due to the impact of uncertainty in overseas economies, volatility in financial markets, and other factors.」
Uncertainty over the outlook due to uncertainty in overseas economies and financial market volatility continues to be recognized. - FY2018-Q1RestatedAnnual report
「The economy remained on a moderate recovery track, with improvements in corporate earnings and domestic capital investment, but the outlook remains uncertain due to the impact of uncertainty in overseas economies, volatility in financial markets, and other factors.」
Uncertainty over the outlook due to uncertainty in overseas economies and financial market volatility continues to be recognized. It was stated that there were no new risks or significant changes in the business and other risks. - FY2017RestatedAnnual report
「The outlook remains uncertain due to the slowdown in overseas economies, the UK's withdrawal from the EU, and policies of the new US administration.」
Uncertainty regarding overseas economies, the UK's withdrawal from the EU, and policies of the new US administration continued to be recognized as the economic environment for the current and following consolidated fiscal years. - FY2017-Q3ReframedAnnual report
「The outlook remains uncertain due to the slowdown in overseas economies, volatility in interest rates and other financial markets, and the transition of the US administration.」
The presentation of risk factors changed from the previous reference to slowing economic growth in emerging markets, particularly China, to broader uncertainty in the macroeconomic environment, including overseas economies, financial market volatility, and the transition of the US administration. It also stated that there were no new risks or significant changes in the section on business and other risks. - FY2017-Q2RestatedAnnual report
「The outlook remains uncertain, with concerns including the impact of slowing economic growth in emerging markets, particularly China.」
Uncertainty over the outlook due to slowing economic growth in emerging markets and elsewhere was listed as the same risk as in the previous quarter. - FY2017-Q1First statedAnnual report
「The outlook remains uncertain, with concerns including the impact of slowing economic growth in emerging markets, particularly China.」
While the domestic economy was described as being on a moderate recovery track, the impact of slowing economic growth in emerging markets and elsewhere was identified as an external risk.