Uncertainty over the outlook due to overseas monetary policy, economic slowdown and the UK's withdrawal from the EU
First written in FY2017-Q3. 16 of 32 entries say "Reframed", first in FY2017. Latest entry: FY2027-H1.
Nafco moved to the "Worse" side of this theme in 2024, 5 years after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
24 other companies' latest entry also says "Reframed".
- FY2027-H1ReframedAnnual report
「During the interim accounting period from 1 April 2026 to 30 September 2026, Japan's economy showed a gradual recovery, supported by improvements in employment and income conditions and continued strength in corporate capital investment. At the same time, uncertainty about the outlook persisted because of instability in the Middle East, U.S. trade policy and persistently high energy prices.」
It describes the recovery in the economy while identifying instability in the Middle East, U.S. trade policy and persistently high energy prices as factors contributing to the uncertain outlook. - 2026-08-07RestatedResults
「中東情勢の不安定化、米国の貿易政策、エネルギー価格の高止まりなど先行き不透明な状態が継続しております。」
中東情勢、米国の貿易政策、エネルギー価格を先行き不透明要因として継続記載している。 - FY2026RestatedAnnual report
「During the fiscal year, from 1 April 2025 to 31 March 2026, Japan's economy showed a gradual recovery, supported by improved employment and increases in nominal wages. However, the outlook remained uncertain due to factors including US tariff policies, worsening conditions in the Middle East, the slowdown in the Chinese economy and persistently high energy prices.」
While indicating an aspect of economic recovery, the company continues to cite US tariff policies, conditions in the Middle East, the Chinese economy and energy prices as factors creating uncertainty over the outlook. - FY2026-H1ReframedAnnual report
「During the interim accounting period, from 1 April 2025 to 30 September 2025, Japan's economy showed a gradual recovery, supported by improved employment and increases in nominal wages. However, the outlook remained uncertain due to factors including US tariff policies, unstable international conditions, the slowdown in the Chinese economy and persistently high energy prices.」
While indicating an aspect of economic recovery, the company cites US tariff policies, unstable international conditions, the slowdown in the Chinese economy and persistently high energy prices as factors creating uncertainty over the outlook. - FY2025-H1ReframedAnnual report
「During the interim accounting period, from 1 April 2024 to 30 September 2024, Japan's economy showed a gradual recovery due to the normalization of economic activity and the recovery in inbound demand. However, the outlook remained uncertain because of factors including the prolonged Russian invasion of Ukraine, worsening conditions in the Middle East, the slowdown in the Chinese economy and rising prices resulting from the yen's depreciation.」
While indicating the normalization of economic activity and the recovery in inbound demand, the company cites the prolonged Russian invasion of Ukraine, conditions in the Middle East, the slowdown in the Chinese economy, the yen's depreciation and rising prices as factors creating uncertainty over the outlook. - FY2024-Q3ReframedAnnual report
「During the cumulative third quarter under review, from 1 April 2023 to 31 December 2023, economic activity in Japan continued to normalize and the economy showed a gradual recovery following the reclassification of the novel coronavirus disease to Category 5. However, the outlook remained uncertain due to fluctuations in foreign exchange rates and soaring energy and raw material prices resulting from the prolonged situation in Ukraine.」
While indicating the normalization of economic activity and economic recovery following the reclassification of the novel coronavirus disease to Category 5, the company cites fluctuations in foreign exchange rates and soaring energy and raw material prices resulting from the prolonged situation in Ukraine as factors creating uncertainty over the outlook. - FY2024-Q2ReframedAnnual report
「During the cumulative second quarter under review, from 1 April 2023 to 30 September 2023, Japan's economy was gradually recovering following the reclassification of the novel coronavirus disease to Category 5, but the outlook remained uncertain due to soaring energy and raw material prices resulting from the prolonged situation in Ukraine and other factors.」
While acknowledging the economic recovery following the reclassification of the novel coronavirus disease to Category 5, the company cites the prolonged situation in Ukraine and soaring energy and raw material prices as the main factors creating uncertainty over the outlook. - FY2024-Q1ReframedAnnual report
「During the cumulative first quarter under review, restrictions on movement imposed to prevent the spread of the novel coronavirus disease were lifted, and the economy entered a gradual recovery path. However, the outlook remained uncertain, including because of soaring raw material prices resulting from the prolonged situation in Ukraine.」
While acknowledging the gradual economic recovery following the lifting of restrictions on movement, the wording identifies soaring raw material prices resulting from the prolonged situation in Ukraine, rather than the infectious disease pandemic and the yen's rapid depreciation, as the main factors creating uncertainty over the outlook. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter under review, from 1 April 2022 to 31 December 2022, the outlook remained uncertain due to an increase in cases caused by new variants of the novel coronavirus, the yen's depreciation and soaring energy prices.」
New variants of the novel coronavirus, the yen's depreciation and soaring energy prices continue to be cited as factors creating uncertainty over the outlook. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter under review, from 1 April 2022 to 30 September 2022, the outlook remained uncertain amid the lack of a clear prospect of bringing the novel coronavirus disease under control, soaring energy prices and the yen's rapid depreciation.」
The lack of a clear prospect of bringing the infectious disease pandemic under control, soaring energy prices and uncertainty caused by the yen's rapid depreciation continue to be cited. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter under review, from 1 April 2022 to 30 June 2022, Japan's economic outlook remained uncertain due to the prolonged novel coronavirus disease pandemic, rising raw material and energy prices resulting from the situation in Ukraine, and the yen's rapid depreciation.」
In addition to the prolonged novel coronavirus disease pandemic, rising raw material and energy prices resulting from the situation in Ukraine and the yen's rapid depreciation have been added as factors creating uncertainty over the outlook. - FY2022-Q3RestatedAnnual report
「During the cumulative third quarter under review, from 1 April 2021 to 31 December 2021, Japan's economy was gradually recovering as a result of measures including vaccinations against the novel coronavirus disease, but the outlook remained uncertain due to concerns over the spread of variants.」
While acknowledging the gradual recovery resulting from vaccinations and other measures, the company has reaffirmed its view that the outlook remains uncertain due to concerns over the spread of variants. - FY2022-Q2RestatedAnnual report
「During the cumulative second quarter under review, from 1 April 2021 to 30 September 2021, Japan's economy remained in a difficult situation with no clear prospect of bringing the novel coronavirus disease under control, despite progress in vaccinations.」
The company has reaffirmed its view that, while vaccinations are progressing, the economic environment remains difficult because there is no clear prospect of bringing the novel coronavirus disease under control. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter under review, from 1 April 2021 to 30 June 2021, vaccination against the novel coronavirus disease had begun, but Japan's economy remained in a difficult and uncertain situation, with states of emergency being declared again in some regions.」
The company has reaffirmed its view that, despite the start of vaccinations, the economic outlook remains uncertain and difficult due to states of emergency and other measures in some regions. - FY2021RestatedAnnual report
「During the fiscal year under review, Japan's economy remained in a difficult situation due to the spread of the novel coronavirus disease, and the impact on economic activity also remained uncertain.」
The impact of the spread of the novel coronavirus disease on economic activity and the uncertainty over the outlook continue to be cited. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter under review, from 1 April 2020 to 31 December 2020, some signs of economic reopening were observed as the impact of the novel coronavirus disease persisted, but the outlook remained uncertain because there was still no clear prospect of the pandemic being brought under control in Japan or overseas.」
The prolonged infectious disease pandemic and the uncertainty over prospects for bringing it under control continue to be cited as factors contributing to uncertainty in economic conditions. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter under review, from 1 April 2020 to 30 September 2020, Japan's economy remained in an extremely severe situation as the impact of the novel coronavirus disease persisted, although some signs of economic reopening were observed.」
The company states that, while there were some signs of economic reopening, the prolonged impact of the novel coronavirus disease meant that economic conditions remained extremely severe. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter under review, from 1 April 2020 to 30 June 2020, Japan's economy deteriorated rapidly under the impact of the novel coronavirus disease pandemic spreading worldwide and was in an extremely severe situation.」
The company states that, beyond the previous concerns over the spread of infectious disease and uncertainty in overseas economies, Japan's economy was deteriorating rapidly due to the novel coronavirus disease and was in an extremely severe situation. - FY2020ReframedAnnual report
「During the fiscal year under review, Japan's economy was on a gradual recovery path, with improvements in corporate earnings and the employment and income environment. However, the outlook remained uncertain due to growing concerns over overseas economic conditions, including escalating US-China trade friction and the UK's Brexit issue, as well as concerns that the consumption tax increase could worsen economic conditions and that the novel coronavirus disease could spread.」
In addition to the existing concerns over overseas economic conditions and the consumption tax, concerns over the spread of novel coronavirus disease have been added as a factor creating uncertainty over the outlook. - FY2020-Q3ReframedAnnual report
「During the cumulative third quarter under review, Japan's economy was on a gradual recovery path, with improvements in corporate earnings and the employment and income environment. However, the outlook remained uncertain due to growing concerns over overseas economic conditions, including escalating US-China trade friction, the UK's Brexit issue and heightened tensions in the Middle East, as well as concerns that the consumption tax increase could depress consumer sentiment.」
The specific examples of overseas and economic risks have been updated to include US-China trade friction, the UK's withdrawal from the EU, the situation in the Middle East, concerns over overseas economic conditions and depressed consumer sentiment resulting from the consumption tax increase. - FY2020-Q2ReframedAnnual report
「During the cumulative second quarter under review, Japan's economy was on a gradual recovery path, with improvements in corporate earnings and the employment and income environment. However, the outlook remained uncertain due to growing concerns over overseas economic conditions, including escalating US-China trade friction, the UK's Brexit issue and heightened tensions in the Middle East, as well as concerns that the consumption tax increase could worsen economic conditions.」
The specific examples of overseas and economic risks have been updated to include growing concerns over overseas economic conditions, US-China trade friction, the UK's withdrawal from the EU, the situation in the Middle East and concerns that the consumption tax increase could worsen economic conditions. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter under review, Japan's economy was on a gradual recovery path, with improvements in corporate earnings and the employment and income environment. However, personal consumption had not achieved a full-fledged recovery because of a persistent tendency to save prompted by uncertainty in overseas political and economic conditions and anxiety about the future, and the outlook remained uncertain.」
The company has reaffirmed its view that a tendency to save prompted by overseas political and economic uncertainty and anxiety about the future is hindering a full-fledged recovery in personal consumption and that the outlook remains uncertain. - FY2019ReframedAnnual report
「During the fiscal year under review, Japan's economy was on a gradual recovery path, with improvements in corporate earnings and the employment and income environment. However, personal consumption had not achieved a full-fledged recovery because of overseas economic uncertainty, the effects of volatility in financial and capital markets, and a persistent tendency to save prompted by anxiety about the future, and the outlook remained uncertain.」
The wording of the risk factors has been updated from the previous reference to overseas political and economic conditions to overseas economic uncertainty, volatility in financial and capital markets, and a tendency to save prompted by anxiety about the future. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter under review, Japan's economy was on a gradual recovery path, with improvements in corporate earnings and the employment and income environment. However, personal consumption had not achieved a full-fledged recovery because of a persistent tendency to save prompted by uncertainty in overseas political and economic conditions and anxiety about the future, and the outlook remained uncertain.」
A tendency to save prompted by uncertainty in overseas political and economic conditions and anxiety about the future continues to be cited as a factor creating uncertainty over the outlook and hindering a full-fledged recovery in personal consumption. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter under review, Japan's economy was on a gradual recovery path, with improvements in corporate earnings and the employment and income environment. However, personal consumption had not achieved a full-fledged recovery because of a persistent tendency to save prompted by uncertainty in overseas political and economic conditions and anxiety about the future, and the outlook remained uncertain.」
A tendency to save prompted by uncertainty in overseas political and economic conditions and anxiety about the future continues to be cited as a factor creating uncertainty over the outlook and hindering a full-fledged recovery in personal consumption. - FY2019-Q1ReframedAnnual report
「During the cumulative first quarter under review, Japan's economy was on a gradual recovery path, with improvements in corporate earnings and the employment and income environment. However, personal consumption had not achieved a full-fledged recovery because of a persistent tendency to save prompted by uncertainty in overseas political and economic conditions and anxiety about the future, and the outlook remained uncertain.」
A tendency to save prompted by uncertainty in overseas political and economic conditions and anxiety about the future is cited as a factor creating uncertainty over the outlook and hindering the recovery of personal consumption. - FY2018ReframedAnnual report
「Economic risks, including the effects of abnormal weather and unstable trends in the European and US economies, remain unresolved.」
The wording of overseas and economic risks has been updated from US policies, the Chinese and Asian economies, and geopolitical factors to economic risks including abnormal weather and unstable trends in the European and US economies. - FY2018-Q3ReframedAnnual report
「Meanwhile, personal consumption remained firm but lacked strength, as overseas political and economic uncertainty, heightened geopolitical risks and a tendency to save prompted by anxiety about the future encouraged consumers to economize.」
The wording of the factors creating uncertainty over the outlook has been updated from US policy management and political tensions with neighboring countries to overseas political and economic uncertainty, geopolitical risks and a tendency to save prompted by anxiety about the future. - FY2018-Q2ReframedAnnual report
「During the cumulative second quarter under review, Japan's economy continued on a gradual recovery path, with improvements in corporate earnings and employment conditions. However, the outlook remained uncertain amid concerns over uncertainty in the global economy resulting from US policy management and political tensions with neighboring countries.」
The specific examples of overseas and economic risks have shifted from the situation in Europe, the new US administration and the economies of China and emerging Asian countries to US policy management and political tensions with neighboring countries. - FY2018-Q1ReframedAnnual report
「During the cumulative first quarter under review, Japan's economy was on a gradual recovery path, supported by improved corporate earnings and employment conditions, but the outlook remained uncertain due to concerns over the situation in Europe and the policies of the new US administration, as well as uncertainty surrounding emerging Asian economies, including China.」
The factors cited as creating uncertainty over the outlook have expanded from the previous references to the slowdown in the Chinese economy and uncertainty surrounding the economic policies of the new US administration to include the situation in Europe and uncertainty surrounding emerging Asian economies. - FY2017ReframedAnnual report
「During the fiscal year under review, Japan's economy saw improvements in corporate earnings against the backdrop of the government's economic policies, but personal consumption remained slow to recover and the economy had not yet escaped deflation. The economic outlook remained uncertain due to the slowdown in the Chinese economy and uncertainty surrounding the economic policies of the new US administration.」
The focus of the overseas risk disclosures has shifted from the normalization of US monetary policy and the UK's withdrawal from the EU to the slowdown in the Chinese economy and uncertainty surrounding the economic policies of the new US administration. The weakness of domestic personal consumption and the failure to escape deflation are also mentioned. - FY2017-Q3First statedAnnual report
「Overseas, economic conditions remain uncertain, owing to factors including the impact of normalization of US monetary policy, the slowdown in the Chinese economy and the UK's withdrawal from the EU.」
US monetary policy, the Chinese economy and the UK's withdrawal from the EU are newly cited as factors contributing to uncertainty in the outlook for overseas economies.