Uncertainty over the outlook stemming from the UK's exit from the EU and yen appreciation
First written in FY2017-Q1. 8 of 17 entries say "Reframed", first in FY2018. Latest entry: 2026-11-11.
Natori moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
The whole theme swung hardest in 2019: 99 of 176 companies on the "Worse" side.
60 other companies' latest entry also says "Worsened".
- FY2026ReframedAnnual report
「Uncertainty about the outlook is still expected to persist due to concerns that continued price increases will slow consumption and the impact of soaring energy prices, particularly crude oil prices, as tensions in the Middle East escalate.」
The factors contributing to uncertainty about the outlook were organised and expanded to include continued price increases and concerns over slowing consumption, higher energy prices due to the situation in the Middle East, US trade policy and the situation in Ukraine. - FY2024ReframedAnnual report
「The easing of restrictions on activities following the transition of COVID-19 to Category V is expected to support growth in leisure demand and inbound consumption. However, uncertainty about the outlook is still expected to persist due to soaring global raw material prices, unstable energy prices resulting from the prolonged situation in Ukraine and heightened tensions in the Middle East, concerns over yen depreciation, the response to the 2024 logistics problem, and rising prices generally.」
While expectations for a recovery in demand are indicated, in addition to the previous factors of high raw material prices, yen depreciation and the situation in Ukraine, heightened tensions in the Middle East, the 2024 logistics problem and rising prices are identified as factors contributing to uncertainty about the outlook. - FY2023ReframedAnnual report
「The easing of restrictions on activities related to COVID-19 is expected to support a recovery in leisure demand and inbound consumption. However, uncertainty about the outlook is still expected to persist due to soaring global raw material prices, unstable energy prices resulting from the prolonged situation in Russia and Ukraine, concerns over foreign exchange fluctuations, and rising prices generally.」
While expectations for a recovery in demand due to the easing of restrictions on activities are indicated, raw material prices, the situation in Russia and Ukraine, energy prices, foreign exchange rates and rising prices are identified as the main factors contributing to uncertainty about the outlook. - FY2023-Q3RestatedAnnual report
「In addition to rising energy prices associated with Russia's invasion of Ukraine, soaring global raw material prices and the rapid depreciation of the yen, the scale and timing of the end of the impact of the COVID-19 pandemic cannot be foreseen. Uncertainty about the outlook therefore continues, and the impact is expected to continue during the current consolidated fiscal year.」
The impact of energy prices, raw material prices, yen depreciation and COVID-19 continues to be described as factors contributing to uncertainty about the outlook. - FY2023-Q2RestatedAnnual report
「In addition to rising energy prices associated with Russia's invasion of Ukraine, soaring global raw material prices and the rapid depreciation of the yen, the scale and timing of the end of the impact of the COVID-19 pandemic cannot be foreseen. Uncertainty about the outlook therefore continues, and the impact is expected to continue during the current consolidated fiscal year.」
Russia's invasion of Ukraine, rising energy prices, soaring raw material prices, the rapid depreciation of the yen and the impact of COVID-19 continue to be described as factors contributing to uncertainty about the outlook. - FY2023-Q1ReframedAnnual report
「In addition to rising energy prices associated with Russia's invasion of Ukraine, soaring global raw material prices and the rapid depreciation of the yen, the scale and timing of the end of the impact of the COVID-19 pandemic cannot be foreseen. Uncertainty about the outlook therefore continues, and the impact is expected to continue during the current consolidated fiscal year.」
In addition to the previous factors of trade friction and COVID-19, Russia's invasion of Ukraine, rising energy prices, soaring global raw material prices and the rapid depreciation of the yen are described as factors contributing to uncertainty about the outlook. - FY2020ReframedAnnual report
「During the current consolidated fiscal year, corporate earnings and personal consumption in Japan remained lacklustre. In addition to concerns over trade friction, labour shortages and the slowdown of the Chinese economy, uncertainty has increased more than before because the future impact on consumer behaviour and corporate activities of the worldwide spread of COVID-19 cannot be foreseen.」
In addition to the previous factors of trade friction, labour shortages and the slowdown of the Chinese economy, the worldwide spread of COVID-19 was added as a factor contributing to economic and consumption-related uncertainty. - FY2019ReframedAnnual report
「During the current consolidated fiscal year, although corporate earnings in Japan improved, personal consumption remained lacklustre, and uncertainty about the outlook increased due to concerns over trade friction, labour shortages and the slowdown of the Chinese economy.」
The description of external environmental risks changed from the previous references to Brexit, yen appreciation and natural disasters, among others, to trade friction, labour shortages and the slowdown of the Chinese economy. - FY2019-Q2ReframedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, although corporate earnings in Japan continued to perform well, uncertainty about the outlook increased due to labour shortages, various effects arising from the appearance of a trade war, higher crude oil prices and a succession of natural disasters.」
Instead of the previous references to Brexit, yen appreciation and turmoil in international financial markets, labour shortages, a trade war, higher crude oil prices and a succession of natural disasters are described as factors contributing to uncertainty about the outlook. - FY2018ReframedAnnual report
「During the current consolidated fiscal year, although corporate earnings and the employment environment in Japan improved, personal consumption remained lacklustre. In addition, uncertainty about the outlook continued to increase due to concerns over trade friction and yen appreciation stemming from the decline in US equity markets.」
The description of external environmental risks changed from the previous references to Brexit and turmoil in international financial markets to trade friction and yen appreciation triggered by the decline in US equity markets. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, although corporate earnings in Japan remained strong, personal consumption remained lacklustre, and uncertainty about the outlook continued to increase.」
While strong corporate earnings are noted, weakness in personal consumption and continued uncertainty about the outlook are also described. - FY2017RestatedAnnual report
「During the current consolidated fiscal year, although corporate earnings and the employment environment in Japan improved, personal consumption remained lacklustre. In addition, turmoil spread through international financial markets, including sharp foreign exchange fluctuations following Brexit and the US presidential election, and uncertainty about the outlook increased.」
Weak corporate earnings and personal consumption, Brexit, sharp foreign exchange fluctuations following the US presidential election, and turmoil in international financial markets continue to be described as risks to the outlook. - FY2017-Q3Addition and specification of risk factorsAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, although the employment environment in Japan improved, corporate earnings and personal consumption remained lacklustre. In addition, turmoil spread through international financial markets, including sharp foreign exchange fluctuations following Brexit and the US presidential election, and uncertainty about the outlook increased.」
In addition to the previous concerns of weak corporate earnings and personal consumption, Brexit and turmoil in international financial markets, sharp foreign exchange fluctuations following the US presidential election are cited as a specific factor. - FY2017-Q2RestatedAnnual report
「Corporate earnings and personal consumption have remained lacklustre, while turmoil has spread through international financial markets due in part to the impact of Brexit, and the yen has appreciated, leading to growing uncertainty about the outlook.」
The continued risks described are weak corporate earnings and personal consumption, Brexit, turmoil in international financial markets, and uncertainty about the outlook due to yen appreciation. - FY2017-Q1MaterialisedAnnual report
「Although the employment environment has improved, uncertainty about the outlook for corporate earnings and personal consumption, among other areas, has spread against the backdrop of unstable international financial markets, where the yen has appreciated partly due to the impact of Brexit.」
Brexit and the progress of yen appreciation are described as external conditions that have already occurred, leading to uncertainty over the outlook for corporate earnings and personal consumption.