Sluggish Domestic Economy and Personal Consumption, and Uncertainty Over the Outlook
First written in FY2017-Q1. 17 of 39 entries say "Restated". Latest entry: 2026-10-15.
Y's table moved to the "Worse" side of this theme in 2022, 2 years after the typical company in this theme (2020).
The whole theme swung hardest in 2020: 10 of 14 companies on the "Worse" side.
5 other companies' latest entry also says "Worsened".
- 2026-10-15WorsenedEarnings
「しかしながら、４月以降は、中東情勢の影響等により燃料費・原材料価格が上昇し、また６月以降は日本各地で台風や記録的な大雨、地震等の自然災害による被害が相次いで発生したこと等により、法人需要及び消費者マインドの低下がみられました。」
中東情勢に加え、自然災害による法人需要および消費者マインドの低下が具体的に記載された。 - FY2027-H1WorsenedAnnual report
「Japan's economy during the interim consolidated accounting period maintained a gradual recovery trend, supported by developments such as improvements in the employment and income environment. However, uncertainty about the economic outlook remained high due to the impact of geopolitical risks, including the situation in the Middle East, as well as the increasing frequency and severity of natural disasters.」
While the gradual recovery trend continued, geopolitical risks, including the situation in the Middle East, and the increasing frequency and severity of natural disasters were specifically identified as new sources of economic uncertainty. - 2026-07-15WorsenedEarnings
「しかしながら、４月以降は、中東情勢の長期化に対する懸念、燃料費・原材料価格の上昇、石油由来資材の供給不安等を背景に先行き不透明感が高まり、法人需要及び消費者マインドの低下がみられました。加えて、人材不足も継続しており、事業環境は引き続き厳しい状況にあります。」
中東情勢の長期化、燃料費・原材料価格の上昇、資材供給不安、法人需要・消費者マインドの低下が具体的に記載され、事業環境の厳しさが示された。 - FY2026Added Japan-China relations and the situation in the Middle East as concerns for inbound demandAnnual report
「In the food service industry, recovery continued as consumer demand for dining out increased with improvements in employment and income conditions and inbound demand expanded. However, the business environment remained difficult because labor shortages and rising prices continued, while instability in Japan-China relations and the situation in the Middle East raised concerns about their impact on inbound demand.」
While indicating recovery in demand for dining out and inbound demand, the disclosure specifically identifies instability in Japan-China relations and the situation in the Middle East, in addition to international conditions and US trade policy, as sources of concern for inbound demand. - 2026-04-22WorsenedEarnings presentation
「2025年後半からの日中関係悪化の影響等を受けたインバウンド需要の伸び悩みや、大型店「XEX WEST」の業績回復の遅れが発生」
国際関係の悪化等を背景に、訪日外国人需要の伸び悩みが実績上の影響として示された。 - FY2026-H1WorsenedAnnual report
「During the six months ended the first half of the fiscal year, positive developments included wage increases and growth in the number of visitors to Japan in early spring. However, the economic outlook became increasingly uncertain because of unstable international conditions, US trade policy and other factors.」
While citing wage increases and growth in the number of visitors to Japan as positive developments, the disclosure states that uncertainty about the economic outlook was "increasing" because of unstable international conditions, US trade policy and other factors. - FY2025Added policy developments under the new US administration as a source of uncertaintyAnnual report
「During the fiscal year, positive developments included wage increases and growth in the number of visitors to Japan. However, the economic environment remained unstable amid price increases caused by the situation in Ukraine and the Israel-Palestine situation, as well as policy developments under the new US administration, among other factors.」
While citing wage increases and growth in the number of visitors to Japan as positive developments, the disclosure identifies international conditions, price increases and policy developments under the new US administration as sources of instability. - FY2025-H1RestatedAnnual report
「During the six months ended the first half of the fiscal year, positive developments included wage increases and growth in the number of visitors to Japan. However, the economic environment remained unstable amid price increases caused by the situation in Ukraine and the Israel-Palestine situation, among other factors.」
While citing wage increases and growth in the number of visitors to Japan as positive developments, the disclosure states that an unstable economic environment continued because of price increases caused by the situation in Ukraine and the Israel-Palestine situation. - FY2025-Q1RestatedAnnual report
「During the first three months of the fiscal year, positive developments included wage increases and growth in the number of visitors to Japan. However, the economic outlook remained uncertain amid price increases caused by the weakening yen, the situation in Ukraine and the Israel-Palestine situation, among other factors.」
While citing wage increases and growth in the number of visitors to Japan as positive developments, the disclosure continues to cite price increases caused by the weakening yen and international conditions, and uncertainty about the economic outlook. - FY2024RestatedAnnual report
「During the fiscal year, economic activity moved toward normalization as a result of the change in the legal classification of COVID-19 in May 2023, among other factors. However, the economic outlook remained uncertain amid price increases caused by the weakening yen, the situation in Ukraine and the Israel-Palestine situation, among other factors.」
The disclosure continues to describe the normalization of economic activity, price increases caused by the weakening yen, the situation in Ukraine and the Israel-Palestine situation, and uncertainty about the economic outlook as conditions in the economic environment for the full fiscal year. - FY2024-Q3Added the Israel-Palestine situation as a source of uncertaintyAnnual report
「During the first nine months of the fiscal year, economic activity moved toward normalization as mask-wearing was left to individual discretion in March 2023 and the legal classification of COVID-19 was changed in May, among other factors. However, the economic outlook remained uncertain amid price increases caused by the weakening yen, the situation in Ukraine and the Israel-Palestine situation, among other factors.」
While economic activity moved toward normalization, the Israel-Palestine situation was added to the weakening yen and the situation in Ukraine as a source of price increases and uncertainty about the economic outlook. - FY2024-Q2RestatedAnnual report
「During the first six months of the fiscal year, economic activity moved toward normalization as mask-wearing was left to individual discretion in March 2023 and the legal classification of COVID-19 was changed in May, among other factors. However, the economic outlook remained uncertain amid the weakening yen and price increases caused by the situation in Ukraine, among other factors.」
The disclosure continues to cite the normalization of economic activity, price increases caused by the weakening yen and the situation in Ukraine, and uncertainty about the economic outlook. - FY2024-Q1SoftenedAnnual report
「During the first three months of the fiscal year, economic activity moved toward normalization as mask-wearing was left to individual discretion in March 2023 and the legal classification of COVID-19 was changed in May, among other factors. However, the economic outlook remained uncertain amid the weakening yen and price increases caused by the situation in Ukraine, among other factors.」
Economic activity moved toward normalization, improving from the previous phase of deterioration centered on the pandemic, while price increases caused by the weakening yen and the situation in Ukraine and uncertainty about the economic outlook continued. - FY2023SoftenedAnnual report
「During the fiscal year, consumption activity was affected by the intermittent spread and temporary containment of COVID-19. The economic outlook remained uncertain amid currency fluctuations and price increases caused by the situation in Ukraine, among other factors.」
While the effects of the pandemic continued intermittently and price increases caused by currency fluctuations and the situation in Ukraine were added, uncertainty about the outlook remained. The wording shifted from the previous phase of rapid deterioration to one in which recovery and uncertainty coexist. - FY2023-Q3RestatedAnnual report
「During the first nine months of the fiscal year, consumption activity was affected by the intermittent spread and temporary containment of COVID-19. The economic outlook remained uncertain amid currency fluctuations and price increases caused by the situation in Ukraine, among other factors.」
The disclosure continues to cite the repeated spread and containment of infections, currency fluctuations, price increases caused by the situation in Ukraine and uncertainty about the economic outlook. - FY2023-Q2RestatedAnnual report
「During the first six months of the fiscal year, economic activity had been expected to gradually normalize following the nationwide lifting of priority preventive measures in response to the spread of COVID-19. However, the economic outlook remained uncertain because of the renewed spread of COVID-19, the weakening yen and price increases caused by the situation in Ukraine, among other factors.」
While expectations for the normalization of economic activity were indicated, the disclosure continued to cite uncertainty about the economic outlook caused by the renewed spread of infections, the weakening yen and price increases arising from the situation in Ukraine. - FY2023-Q1SoftenedAnnual report
「During the first three months of the fiscal year, priority preventive measures in response to the spread of COVID-19 were lifted nationwide, and economic activity gradually moved toward normalization. However, the economic outlook remained uncertain as prices rose because of the weakening yen, the situation in Ukraine and other factors.」
While indicating that economic activity was normalizing, the disclosure newly cites price increases caused by the weakening yen and the situation in Ukraine, as well as uncertainty about the outlook. The description shifted from a downturn centered on the pandemic to one in which recovery and new external uncertainties coexist. - FY2022WorsenedAnnual report
「In the food service industry, requests from local governments to shorten operating hours and stop or restrict the serving of alcoholic beverages ended during October 2021. However, the renewed spread of infections from January 2022 led to the implementation of priority preventive measures in response to the spread of disease in many prefectures, and businesses were again asked to restrict operations. The tendency to avoid nonessential, nonurgent outings and dining in large groups remained firmly entrenched, and an extremely difficult business environment continued.」
The disclosure describes an "extremely difficult business environment" in which operating restrictions were reimposed after being lifted temporarily, and the tendency to avoid nonessential, nonurgent outings and dining in large groups continued. - FY2022-Q3SoftenedAnnual report
「During the first nine months of the fiscal year, severe conditions continued as infections spread again, resulting in repeated declarations of a state of emergency and the issuance of priority preventive measures in response to the spread of disease, along with a sharp increase in the number of infections. However, the state of emergency was lifted nationwide in October 2021, and signs of recovery emerged as economic activity resumed gradually.」
Although severe conditions caused by the renewed spread of infections continued, the disclosure describes the lifting of the state of emergency from October 2021 and signs of recovery resulting from the resumption of economic activity. - FY2022-Q1RestatedAnnual report
「During the first three months of the fiscal year, the renewed spread of COVID-19 led to the issuance of a state of emergency and priority preventive measures in response to the spread of disease. Restrictions on economic activity continued to limit the movement of people, and uncertainty about the outlook persisted.」
The renewed spread of infections, restrictions on movement imposed by the government and local authorities, restrictions on economic activity and uncertainty about the outlook continued. - FY2021RestatedAnnual report
「During the fiscal year, economic activity stagnated because of the spread of COVID-19. Although signs of recovery began to emerge, the economy retreated whenever infections spread again, and uncertainty about the outlook continued.」
The disclosure continues to describe stagnation in economic activity, a temporary recovery, a retreat caused by renewed spread of infections and uncertainty about the outlook as conditions in the economic environment for the full fiscal year. - FY2021-Q3SoftenedAnnual report
「During the first nine months of the fiscal year, the effects of the global spread of COVID-19 continued for an extended period. Although there were signs of recovery, infections spread again, and the outlook remained uncertain.」
While uncertainty caused by the prolonged and renewed spread of infections continued, the disclosure also explicitly stated that there were "signs of recovery." - FY2021-Q2WorsenedAnnual report
「During the first six months of the fiscal year, the Japanese economy deteriorated significantly because the global spread of COVID-19 caused global economic activity to stagnate. Economic activity gradually resumed after the state of emergency was lifted, but signs of a second wave of infections emerged in July, and the outlook remained uncertain, with no end to the pandemic in sight.」
The disclosure newly states that economic activity "deteriorated significantly," and identifies signs of a second wave of infections and uncertainty about when the pandemic will end. - FY2021-Q1WorsenedAnnual report
「During the first three months of the fiscal year, the Japanese economy deteriorated rapidly as the effects of the global spread of COVID-19 worsened daily and domestic consumption activity declined sharply. As the spread of the virus was expected to continue for an extended period, the outlook became extremely uncertain.」
The disclosure states that domestic consumption deteriorated rapidly because of the spread of COVID-19, and explicitly changes the description of the deteriorating economic environment from "uncertain outlook" to "extremely uncertain outlook." - FY2020WorsenedAnnual report
「During the fiscal year, the Japanese economy remained on a gradual recovery path, but concerns arose about the impact on personal consumption of the consumption tax rate increase implemented in October 2019, and the outlook remained uncertain. In addition, from January 2020, the effects of the global spread of COVID-19 worsened daily, creating a situation in which the downturn in the global economy could become prolonged.」
In addition to concerns about personal consumption caused by the consumption tax rate increase, concerns that the global economic downturn caused by the spread of COVID-19 could become prolonged were added, worsening uncertainty in the economic environment. - FY2020-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy remained on a path of gradual recovery, but uncertainty about the outlook persisted, including because of the potential impact of US-China trade tensions on the global economy. Consumers' preference for low-priced dining out remained firmly entrenched, and concerns about the effects of the consumption tax rate increase continued.」
The disclosure continued from the previous quarter to cite the gradual recovery trend in the economy, uncertainty about the outlook caused by US-China trade tensions and concerns about the effects of the consumption tax rate increase. - FY2020-Q2Added concerns about a downturn in personal consumption caused by the consumption tax rate increaseAnnual report
「During the first six months of the fiscal year, the Japanese economy remained on a path of gradual recovery, with employment and income conditions continuing to improve as a result of various policies and other factors. However, uncertainty about the outlook persisted, including because of the potential impact of US-China trade tensions on the global economy. Domestic personal consumption was recovering, but consumers' preference for low-priced dining out remained firmly entrenched, and concerns arose that the consumption tax rate increase could depress personal consumption.」
Although the economy and personal consumption were described as recovering, concerns that the consumption tax rate increase could depress personal consumption were newly stated in addition to consumers' preference for low-priced dining out. - FY2020-Q1RestatedAnnual report
「During the first three months of the fiscal year, the Japanese economy remained on a path of gradual recovery, with employment and income conditions continuing to improve as a result of various policies and other factors. However, uncertainty about the outlook persisted, including because of the potential impact of US-China trade tensions on the global economy. Domestic personal consumption showed signs of recovery, but consumers' preference for low-priced dining out remained firmly entrenched.」
The disclosure indicates a gradual recovery trend in the economy and signs of recovery in personal consumption, while specifically citing US-China trade tensions as a source of uncertainty about the outlook. - FY2019-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy remained on a path of gradual recovery as employment and income conditions continued to improve. However, instability in overseas political and economic conditions persisted, and the economic outlook remained uncertain.」
The disclosure uses the same wording as the previous quarter for the gradual recovery trend in the economy and uncertainty about the outlook caused by instability in overseas political and economic conditions. - FY2019-Q2SoftenedAnnual report
「During the first six months of the fiscal year, the Japanese economy remained on a path of gradual recovery as employment and income conditions continued to improve. However, instability in overseas political and economic conditions persisted, and the economic outlook remained uncertain.」
The recovery trend in the economy and uncertainty about the outlook continued, but the wording changed from the previous quarter's "uncertainty in overseas economies is increasing" to "instability in overseas conditions persists." - FY2019-Q1WorsenedAnnual report
「During the first three months of the fiscal year, the Japanese economy remained on a path of gradual recovery as employment and other conditions continued to improve. However, uncertainty in overseas economies caused by instability in overseas political conditions increased, and the economic outlook remained uncertain.」
The disclosure indicates a recovery trend in the economy and signs of recovery in personal consumption, while stating that uncertainty in overseas economies caused by instability in overseas political conditions was "increasing." - FY2018RestatedAnnual report
「During the fiscal year, the Japanese economy remained on a path of gradual recovery as employment and income conditions continued to improve, but the outlook remained uncertain, partly because of growing uncertainty in overseas economies. Domestic personal consumption showed signs of recovery, but consumers' preference for low-priced dining out remained firmly entrenched.」
The disclosure indicates a recovery trend in the economy and signs of recovery in personal consumption, while stating that uncertainty in overseas economies and consumers' preference for low-priced dining out continued. - FY2018-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy remained on a path of gradual recovery as employment and income conditions continued to improve, but the outlook remained uncertain, partly because of US policy and political instability in East Asia. Domestic personal consumption showed signs of recovery, but consumers' preference for low-priced dining out remained firmly entrenched.」
The disclosure indicates a recovery trend in the economy and signs of recovery in personal consumption, while continuing to cite uncertainty about the outlook arising from US policy, political instability in East Asia and consumers' preference for low-priced dining out. - FY2018-Q2RestatedAnnual report
「During the first six months of the fiscal year, the Japanese economy remained on a path of gradual recovery as employment and income conditions continued to improve, but the outlook remained uncertain, partly because of US policy and political instability in East Asia. Domestic personal consumption showed signs of recovery, but consumers' preference for low-priced dining out remained firmly entrenched.」
The disclosure indicates a recovery trend in the economy and signs of recovery in personal consumption, while continuing to cite uncertainty about the outlook arising from US policy and political instability in East Asia. - FY2018-Q1SoftenedAnnual report
「During the first three months of the fiscal year, the Japanese economy remained on a path of gradual recovery, supported by improvements in employment and other factors, but the outlook remained uncertain, partly because of the effects of US policy. Domestic personal consumption showed signs of recovery recently, but consumers' preference for low-priced dining out remained firmly entrenched.」
The economy is described as being on a "path of gradual recovery," and personal consumption as showing "signs of recovery," indicating an improvement from the previous emphasis solely on stagnation and weakness. However, uncertainty related to US policy and the preference for low-priced dining out continued. - FY2017RestatedAnnual report
「During the fiscal year, the Japanese economy was stagnant, partly because the pace of improvement in corporate earnings slowed. Domestic personal consumption remained sluggish without reaching a full-fledged recovery. The outlook for the economy remained uncertain because of the further postponement of the consumption tax increase, the UK's withdrawal from the EU and the change of government in the United States, among other factors.」
The disclosure continues to cite uncertainty about the outlook caused by economic stagnation, weak personal consumption and the further postponement of the consumption tax increase. The change of government in the United States was added as a source of uncertainty. - FY2017-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy was stagnant, partly because the pace of improvement in corporate earnings slowed. Domestic personal consumption remained sluggish, partly due to the Kumamoto Earthquake and other factors. The outlook for the economy remained uncertain because of the further postponement of the consumption tax increase, the UK's withdrawal from the EU and uncertainty in the global economy, among other factors.」
The disclosure continues to cite uncertainty caused by economic stagnation, weak personal consumption, the further postponement of the consumption tax increase and the UK's withdrawal from the EU, among other factors. - FY2017-Q2RestatedAnnual report
「During the first six months of the fiscal year, the Japanese economy was stagnant, partly because the pace of improvement in corporate earnings slowed. Domestic personal consumption remained sluggish, partly due to the Kumamoto Earthquake and other factors. The outlook for the economy remained uncertain because of the further postponement of the consumption tax increase and the UK's withdrawal from the EU, among other factors.」
The disclosure continues to cite economic stagnation, weak personal consumption and uncertainty caused by the further postponement of the consumption tax increase. Although the UK's withdrawal from the EU is also cited as a source of uncertainty, it states that there were no material changes to business and other risks. - FY2017-Q1First statedAnnual report
「The slowdown in the pace of improvement in corporate earnings heightened the sense of stagnation. Domestic personal consumption remained sluggish, partly due to the Kumamoto Earthquake and other factors. The outlook for the economy remained uncertain, including because the consumption tax increase was postponed again.」
The disclosure identifies economic stagnation, weak personal consumption and uncertainty caused by the postponement of the consumption tax increase as external-environment risks.