Downside Risks to the Economy from the Slowdown in Emerging Markets, the UK's Withdrawal from the EU and Yen Appreciation
First written in FY2016-Q3. 17 of 28 entries say "Worsened", first in FY2017-Q3. Latest entry: FY2024-Q2.
ImageONE moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
54 other companies' latest entry also says "Restated".
- FY2024-Q2RestatedAnnual report
「Social and economic activity has normalised further following the COVID-19 pandemic, and the economy has continued to recover moderately, supported by improving employment and income conditions and the recovery in inbound demand. However, the downturn in overseas economies, including the impact of global monetary tightening and concerns about the outlook for the Chinese economy, poses a risk of weighing on Japan's economy. The outlook remains uncertain because of rising prices, the continued depreciation of the yen, the situation in the Middle East and volatility in financial and capital markets.」
While acknowledging the recovery accompanying the normalisation of social and economic activity, the company continues to cite uncertainty arising from monetary tightening, the Chinese economy, rising prices, yen depreciation, the situation in the Middle East and volatility in financial and capital markets. - FY2024-Q1Recovery in economic activity coexisting with uncertaintyAnnual report
「Demand is recovering as social and economic activity normalises following the reclassification of COVID-19, but the downturn in overseas economies, including the impact of global monetary tightening and concerns about the outlook for the Chinese economy, poses a risk of weighing on Japan's economy. The outlook remains uncertain because of rising prices, the situation in the Middle East and volatility in financial and capital markets.」
While acknowledging the recovery in demand resulting from the normalisation of social and economic activity, the company continues to cite uncertainty arising from monetary tightening, the Chinese economy, rising prices, the situation in the Middle East and volatility in financial and capital markets. - FY2023WorsenedAnnual report
「During the fiscal year, Japan's economy showed signs of recovery as restrictions on activities related to COVID-19 were eased. However, the downturn in overseas economies, due to the impact of global monetary tightening and concerns about the outlook for the Chinese economy, posed a risk of weighing on Japan's economy. The outlook remained uncertain because of rising prices, the situation in the Middle East and volatility in financial and capital markets.」
In addition to uncertainty related to COVID-19, global monetary tightening, the outlook for the Chinese economy, rising prices, the situation in the Middle East and volatility in financial and capital markets are cited as downside factors. - FY2023-Q2RestatedAnnual report
「Meanwhile, as global monetary tightening and other factors continue, concerns remain that a downturn in overseas economies could weigh on Japan's economy. The outlook remains uncertain because of supply constraints related to the situation in Ukraine and price increases accompanying the rapid depreciation of the yen, among other factors.」
Global monetary tightening, a downturn in overseas economies, supply constraints related to the situation in Ukraine, and uncertainty caused by the rapid depreciation of the yen and rising prices continue to be cited. - FY2023-Q1WorsenedAnnual report
「Meanwhile, as global monetary tightening and other factors continue, concerns remain that a downturn in overseas economies could weigh on Japan's economy. The outlook also remains uncertain because of supply constraints related to the situation in Ukraine, inflation accompanying the rapid depreciation of the yen, developments in COVID-19 infections in China and the impact on global supply chains.」
Global monetary tightening, a downturn in overseas economies, supply constraints related to the situation in Ukraine, the rapid depreciation of the yen and rising prices, infection trends in China, and the impact on global supply chains are listed as factors clouding the outlook. - FY2022WorsenedAnnual report
「Concerns remain over the impact of global monetary tightening and the resulting sharp depreciation of the yen, higher raw material and fuel prices, the semiconductor shortage, and the prolonged situation in Ukraine, leaving the outlook uncertain.」
In addition to COVID-19 and the situation in Ukraine, global monetary tightening, the sharp depreciation of the yen, higher raw material and fuel prices, and the semiconductor shortage are listed as new sources of concern. - FY2022-Q3WorsenedAnnual report
「Meanwhile, the outlook for the global economy became unstable because of higher resource prices such as crude oil following the deterioration of the situation in Ukraine caused by Russia's military invasion, inflation concerns stemming from US-China trade friction, and financial market developments resulting from the rapid depreciation of the yen.」
In addition to the situation in Ukraine, higher resource prices and inflation concerns cited previously, US-China trade friction, the rapid depreciation of the yen and financial market developments are identified as destabilising factors. - FY2022-Q2WorsenedAnnual report
「Meanwhile, the global economy became unstable because the deterioration of the situation in Ukraine following Russia's military invasion led Western countries to strengthen economic sanctions against Russia, causing resource prices such as crude oil to rise, while concerns about inflation in the US also emerged.」
In addition to COVID-19 and variants, Russia's military invasion, the situation in Ukraine, economic sanctions, higher resource prices and concerns about inflation in the US are cited as factors destabilising the global economy. The emergence of these risk factors is explicitly stated. - FY2022-Q1WorsenedAnnual report
「During the first quarter of the current fiscal year (1 October 2021 to 31 December 2021), Japan's economy showed signs of a moderate recovery from October, when the state of emergency and priority preventive measures were lifted, supported by progress in vaccinations and the easing of restrictions on activities, although the outlook became uncertain amid concerns about the spread of infections following the emergence of a new variant while an end to the COVID-19 pandemic remained unforeseeable.」
While acknowledging a recovery supported by vaccinations and the easing of restrictions on activities, the company states that the outlook remains uncertain because of the emergence of a new variant and concerns about the spread of infections. - FY2021WorsenedAnnual report
「Although vaccinations are progressing, the outlook remains uncertain because of breakthrough infections and the emergence of new variants.」
While acknowledging progress in vaccinations, the company cites breakthrough infections and new variants as additional sources of uncertainty and states that recovery to pre-pandemic levels will take some time. - FY2021-Q3WorsenedAnnual report
「During the first three quarters of the current fiscal year (1 October 2020 to 30 June 2021), the economy had shown signs of a moderate recovery in some areas, supported by the effects of the government's various economic measures. However, a fourth state of emergency was declared in some regions because of the increase in people infected with COVID-19, and the outlook remained uncertain. If the spread of infections is contained as COVID-19 vaccinations progress, the economy is expected to recover, but a full recovery to pre-pandemic economic levels is expected to take time.」
While acknowledging a partial recovery in economic activity, the company cites the fourth state of emergency following an increase in infections and expects the return to full recovery to take time, with uncertainty about the outlook continuing. - FY2021-Q2WorsenedAnnual report
「During the second quarter of the current fiscal year (1 October 2020 to 31 March 2021), the economy had shown signs of a moderate recovery in some areas, supported by the effects of the government's various economic measures. However, a second state of emergency was declared in some regions because of the increase in people infected with COVID-19. Although efforts to balance infection prevention with economic activity had begun, infections involving variants were spreading globally, and the outlook remained extremely uncertain amid heightened concern about the spread of variants in Japan.」
While acknowledging a partial recovery in economic activity, the company cites the second state of emergency and the spread of infections involving variants, noting that the outlook remains extremely uncertain. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current fiscal year (1 October 2020 to 31 December 2020), the economy showed signs of a moderate recovery in some areas, partly because of the effects of the government's economic measures. However, signs of an increase in people infected with COVID-19 emerged, raising concerns that economic activity could stagnate if the movement of people and goods were restricted again, leaving the outlook extremely uncertain.」
While acknowledging a partial recovery in economic activity, the company cites signs of rising infections and concerns that restrictions on the movement of people and goods could cause economic activity to stagnate, describing the outlook as extremely uncertain. - FY2020WorsenedAnnual report
「During the fiscal year, Japan's economy deteriorated sharply because of the sharp slowdown in the global economy accompanying the worldwide spread of the novel coronavirus, the sharp decline in inbound demand and the sharp decline in domestic demand caused by requests to refrain from going out. Although some areas showed signs of improvement as domestic demand recovered and the global economy bottomed out, the risk of a second wave of the novel coronavirus is expected to depress economic sentiment and could cause further deterioration. Companies have therefore become more cautious about the outlook for economic conditions and their business performance.」
External-environment risks expanded from general uncertainty in overseas economies to the sharp slowdown in the global economy caused by the novel coronavirus, sharp declines in inbound and domestic demand, and the possibility of further deterioration from a second wave. - FY2020-Q3WorsenedAnnual report
「During the first three quarters of the current fiscal year, Japan's economy deteriorated sharply because of the sharp slowdown in the global economy accompanying the worldwide spread of the novel coronavirus, as well as a decline in inbound demand and requests to refrain from going out. Looking ahead, the possibility of a second wave of the novel coronavirus is expected to depress economic sentiment further.」
The worldwide spread of the novel coronavirus, the sharp slowdown in the global economy, declining inbound demand, requests to refrain from going out and the risk of a second wave are cited as factors that could further worsen economic sentiment. - FY2020-Q2WorsenedAnnual report
「During the second quarter of the current fiscal year, Japan's economy deteriorated sharply because of the slowdown in the Chinese economy accompanying the spread of the novel coronavirus, as well as a decline in inbound demand and requests to refrain from going out. Looking ahead, sentiment is being depressed by the lack of a foreseeable end to the spread of the novel coronavirus, and as infections spread to Europe, the US and elsewhere, the outlook for the global economy is deteriorating rapidly, with sentiment expected to worsen further.」
Compared with the previous concerns about the Chinese economy and the consumption tax increase, the risks have expanded in both scope and severity to include the spread of the novel coronavirus, a decline in inbound demand, a sharp deterioration in Japan's domestic economy caused by requests to refrain from going out, and a worsening outlook for the global economy. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current fiscal year, Japan's economy was deteriorating sharply because of the slowdown in overseas economies and other factors. The non-manufacturing sector also deteriorated because of a post-tax-increase decline in demand, although the extent of the deterioration remained limited compared with the previous consumption tax increase.」
The discussion has shifted from concerns about uncertainty in overseas economies and the consumption tax increase to a description of the actual deterioration in overseas economies and in Japan's domestic economy and non-manufacturing sector caused by the slowdown in overseas economies and the consumption tax increase. - FY2019WorsenedAnnual report
「However, many factors threaten to push down the economy, including the prolonged US-China trade friction and escalating tensions in the Middle East in overseas economies, and the impact of the consumption tax increase implemented in October on the domestic economy. The outlook therefore remains uncertain.」
In addition to the previous references to the Chinese economy, IT-related demand and labour shortages, US-China trade friction, the situation in the Middle East and the consumption tax increase are cited as downside factors, broadening the range of concerns. - FY2019-Q2WorsenedAnnual report
「During the second quarter of the current fiscal year, Japan's economy deteriorated because of the sluggish Chinese economy and IT-related demand, as well as labour shortages and a rebound in crude oil prices. Looking ahead, the outlook has become increasingly uncertain because the slowdown in the Chinese economy and IT-related demand is expected to continue for the time being and labour shortages are becoming more severe.」
The description has shifted from general references to uncertainty in overseas economies to an account of the actual deterioration in Japan's domestic economy caused by the sluggish Chinese economy and IT-related demand, a rebound in crude oil prices and labour shortages, together with an increasingly uncertain outlook. - FY2019-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, no new business or other risks arose. There were also no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
No material changes are reported in the existing external-environment risks relating to the slowdown in emerging markets, the UK's withdrawal from the EU, overseas political and economic conditions, financial market volatility and other factors. - FY2018RestatedAnnual report
「Although signs of a moderate recovery were evident in overseas economies, concerns continued over political and economic uncertainty and the impact of financial market volatility.」
Concerns about overseas economies continue to be expressed in general terms as uncertainty surrounding political and economic conditions and financial market volatility, rather than as issues affecting specific countries. - FY2018-Q3ReframedAnnual report
「During the first three quarters of the current fiscal year, Japan's economy continued to recover moderately, supported by resilient corporate earnings and improving employment conditions, while overseas economies remained a source of concern because of political and economic uncertainty and the impact of financial market volatility.」
Rather than the specific factors cited previously, such as the slowdown in emerging markets and the UK's withdrawal from the EU, the concerns are again described in general terms as uncertainty surrounding overseas political and economic conditions and financial market volatility. - FY2017DroppedAnnual report
「During the fiscal year, Japan's economy continued to expand, supported by a moderate acceleration in overseas economic growth, accommodative financial conditions and the effects of the government's large-scale economic measures.」
The uncertainty factors listed previously, including the slowdown in emerging markets, the UK's withdrawal from the EU and the new US administration, were not mentioned in this year's performance discussion, which instead described the economy as continuing to expand. - FY2017-Q3WorsenedAnnual report
「Meanwhile, the outlook remains uncertain, owing to the slowdown in emerging-market economies, the issue of the UK's withdrawal from the EU and developments in the policies of the new US administration, among other factors.」
In addition to the slowdown in emerging-market economies and the UK's withdrawal from the EU, the policies of the new US administration are cited as an uncertain factor, broadening the list of factors clouding the outlook. - FY2017-Q2RestatedAnnual report
「During the second quarter of the current fiscal year, Japan's economy continued to recover moderately overall despite the impact of overseas economies, where weakness persisted in some emerging markets.」
Overseas economies, where weakness persisted in some emerging markets, are cited, while the description that Japan's domestic economy is continuing to recover moderately remains unchanged. - FY2017-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, Japan's economy continued to recover moderately overall, although exports and production remained sluggish, partly because of the slowdown in emerging-market economies.」
The slowdown in emerging-market economies is cited, while the description that Japan's domestic economy is continuing to recover moderately remains unchanged. - FY2016SoftenedAnnual report
「During the fiscal year, Japan's economy continued to recover moderately overall, although exports and production remained sluggish, partly because of the slowdown in emerging-market economies,」
The slowdown in emerging-market economies continued to be mentioned, while the previously cited issue of the UK's withdrawal from the EU and continued yen appreciation were no longer stated explicitly. The description of the domestic economy changed to one of a moderate recovery. - FY2016-Q3First statedAnnual report
「Looking ahead, downside risks to the economy remain significant, including the issue of the UK's withdrawal from the EU and the resulting yen appreciation, leaving the outlook extremely uncertain.」
Downside risks to the economy, including the UK's withdrawal from the EU and continued yen appreciation, are cited.