Uncertainty over the outlook due to a slowdown in overseas economies and negative interest rates
First written in FY2017-Q1. 15 of 32 entries say "Reframed", first in FY2017-Q2. Latest entry: FY2027-H1.
Hub moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 125 of 168 companies on the "Worse" side.
65 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「However, the outlook for the domestic economy remains uncertain due to a decline in consumer sentiment caused by rising prices, heightened tensions in the Middle East, the protracted Russian invasion of Ukraine, developments in U.S. trade policy, worsening Japan-China relations and foreign exchange volatility.」
While the economy is showing signs of recovery, the company identified the decline in consumer sentiment caused by rising prices, the situation in the Middle East, the invasion of Ukraine, U.S. trade policy, Japan-China relations and foreign exchange volatility as factors making the outlook uncertain. - 2026-07-14RestatedEarnings
「雇用・所得環境の改善や堅調なインバウンド需要に支えられて緩やかな回復基調を維持しておりますが、中東情勢の緊迫化や為替の影響に伴う物価高を背景として、エネルギーコスト、原材料費、及び人件費の上昇傾向が一段と強まっており、依然として先行き不透明な状況が続いております。」
回復要因を併記しながら、中東情勢、為替、物価高およびコスト上昇による先行き不透明感を引き続き示している。 - FY2026RestatedAnnual report
「During the fiscal year, the Japanese economy maintained a gradual recovery trend, supported by improvements in employment and income conditions and firm inbound demand. However, it also experienced a trend toward higher energy costs, raw material costs, logistics costs and labor costs against a backdrop of higher prices resulting from worsening overseas conditions and exchange-rate effects.」
The disclosure presents both the recovery driven by employment and income conditions and inbound demand, and increases in various costs resulting from overseas conditions and exchange rates. - FY2026-H1ReframedAnnual report
「During the interim accounting period, the Japanese economy maintained a gradual recovery trend, supported by improvements in employment and income conditions and firm inbound demand. However, concerns remained persistent as consumer and corporate prices continued to rise and the impact of US trade policies and other factors on the international economy remained uncertain.」
While indicating a gradual recovery driven by employment and income conditions and inbound demand, the disclosure identifies rising prices and uncertainty surrounding US trade policies and other factors as new concerns. - FY2025-H1RestatedAnnual report
「During the interim accounting period, the Japanese economy continued to recover gradually, with personal consumption beginning to rebound and inbound demand also increasing, although some areas remained sluggish.」
The disclosure indicates a gradual recovery due to a rebound in personal consumption and an increase in inbound demand, presenting this recovery trend alongside the previous description of uncertainty in the economic environment. - FY2025-Q1ReframedAnnual report
「The operating environment remained severe, incorporating a trend toward higher energy costs, raw material costs, logistics costs and labor costs against a backdrop of worsening overseas conditions and higher prices resulting from exchange-rate effects.」
Specific factors contributing to uncertainty over the outlook are identified as higher prices due to worsening overseas conditions and exchange-rate effects, and increases in various costs. - FY2024-Q3ReframedAnnual report
「However, upward pressure on energy and raw material prices continued to intensify amid unstable international conditions, and the operating environment remained severe.」
The description has shifted from the previous focus on uncertainty over the outlook due to uncertainty in overseas economies and geopolitical risks to specific factors consisting of unstable international conditions and upward pressure on energy and raw material prices. - FY2024-Q2ReframedAnnual report
「During the six months ended 30 September, the Japanese economy continued to recover gradually, supported by a rebound in inbound consumption as the impact of COVID-19 subsided and by a recovery in consumer sentiment led by domestic demand. However, the outlook remained uncertain due to prolonged instability in international conditions and surging energy and raw material prices.」
While noting the impact of COVID-19 and the recovery in inbound and domestic demand, the disclosure identifies prolonged instability in international conditions and surging energy and raw material prices as factors contributing to uncertainty over the outlook. - FY2024-Q1ReframedAnnual report
「Meanwhile, risks remained from prolonged instability in international conditions, surging energy and raw material prices, and volatility in financial and capital markets resulting from the global review of policy interest rates, leaving the outlook uncertain.」
In addition to the previous references to overseas economies and geopolitical risks, the disclosure specifically identifies unstable international conditions, surging energy and raw material prices, and volatility risks in financial and capital markets resulting from policy interest-rate reviews as factors contributing to uncertainty over the economic outlook. - FY2023ReframedAnnual report
「Meanwhile, prices were affected by rising resource prices and exchange-rate movements amid unstable international conditions, leaving the outlook uncertain.」
International conditions, resource prices, exchange rates and their impact on prices were identified as specific factors contributing to uncertainty over the economic outlook. - FY2023-Q2WorsenedAnnual report
「During the six months ended 30 September, although the period covered by priority preventive measures was prolonged, economic conditions began normalizing after the measures were lifted in late March, and our business performance also followed a gradual recovery trend. However, in addition to the seventh wave of infections, which expanded from June, energy and raw material costs continued to rise as geopolitical risks materialized, and our business environment remained severe.」
While normalization of the economy and a gradual recovery trend were indicated from late March onward, the business environment and outlook remained difficult due to the seventh wave of infections and surging costs resulting from geopolitical risks. - FY2023-Q1WorsenedAnnual report
「However, continued restrictions on the number of customers allowed into stores and rising energy and raw material costs resulting from the emergence of geopolitical risks are affecting our business environment.」
Regarding factors contributing to uncertainty over the outlook, the disclosure states that geopolitical risks have materialized and are affecting the business environment through surging energy and raw material costs, replacing the previous reference to uncertainty in overseas and global conditions. - FY2022WorsenedAnnual report
「In addition to the recent rapid spread of the Omicron variant, risks related to surging energy costs and prices due to worsening global conditions have increased, and the difficult outlook continues.」
The description has changed to indicate a difficult outlook for the economy and the business environment against a backdrop of worsening overseas and global conditions and the spread of infections. - FY2022-Q3WorsenedAnnual report
「Meanwhile, the possibility of a sixth wave of COVID-19 infections remained, including the discovery of domestically infected people with the Omicron variant, and the outlook remained unforeseeable.」
The possibility of a sixth wave of COVID-19 infections was newly identified, and the disclosure describes the economic outlook as remaining unforeseeable. - FY2022-Q2WorsenedAnnual report
「The spread of COVID-19 continued, and personal consumption activity remained stagnant due to the expansion and extension of priority preventive measures and states of emergency. Although vaccinations were gradually progressing in Japan, the economic outlook remained uncertain.」
The spread of infections, the expansion and extension of measures and declarations, and the stagnation of personal consumption continued, and uncertainty over the economic outlook persisted. - FY2021-Q1WorsenedAnnual report
「During the three months ended 30 June, the Japanese economy remained in an extremely severe condition against a backdrop of a significant stagnation in consumer activity caused by the global spread of COVID-19.」
The description has shifted from uncertainty over the outlook due to uncertainty in overseas economies and other factors to an “extremely severe” economic situation due to the global spread of COVID-19 and significant stagnation in consumer activity. - FY2020WorsenedAnnual report
「During the fiscal year, the Japanese economy had been following a gradual recovery trend, initially supported by improvements in corporate earnings and employment conditions. However, following the start of the new year, the global spread of COVID-19 resulted in a situation in which the outlook became completely unforeseeable.」
The description has intensified from the previous uncertainty over the outlook due to uncertainty in overseas economies and other factors to a situation in which the outlook is “completely unforeseeable” due to the global spread of COVID-19. - FY2020-Q3WorsenedAnnual report
「During the nine months ended 31 December, the Japanese economy continued to recover gradually as corporate earnings and employment conditions improved. However, the economic outlook remained uncertain amid concerns about the impact of a prolonged US-China trade dispute on overseas economies.」
Amid continuing uncertainty over the outlook, a prolonged US-China trade dispute and its impact on slowing overseas economies were identified as specific concerns. - FY2020-Q2ReframedAnnual report
「During the six months ended 30 September, the Japanese economy continued to recover gradually as corporate earnings and employment conditions improved. However, the economic outlook remained uncertain amid concerns about the impact of global trade friction and uncertainty in economic conditions.」
Although uncertainty over the economic outlook continues, the specific concerns identified this time are global trade friction and uncertainty in economic conditions. - FY2020-Q1RestatedAnnual report
「During the three months ended 30 June, the Japanese economy continued to recover gradually as corporate earnings and employment conditions improved. However, the economic outlook remained uncertain amid concerns about the impact of uncertainty in overseas political and economic conditions.」
The disclosure continues to indicate both a gradual economic recovery trend and uncertainty over the outlook due to uncertainty in overseas political and economic conditions. - FY2019WorsenedAnnual report
「During the fiscal year, the Japanese economy followed a gradual recovery trend as employment and income conditions improved. However, the economic outlook remained uncertain due to unstable consumer sentiment amid uncertainty in overseas political and economic conditions and natural disasters occurring in Japan.」
In addition to uncertainty in overseas political and economic conditions, unstable consumer sentiment due to natural disasters and other events in Japan was identified as a factor contributing to uncertainty over the outlook. - FY2019-Q3WorsenedAnnual report
「During the nine months ended 31 December, the Japanese economy followed a gradual recovery trend, supported by improvements in employment and income conditions. However, the economic outlook remained uncertain due to growing uncertainty in overseas economies and unstable consumer sentiment amid factors including rising prices.」
Amid continuing uncertainty over the outlook, growing uncertainty in overseas economies and unstable consumer sentiment due to factors including rising prices were identified as specific concerns. - FY2019-Q2ReframedAnnual report
「During the six months ended 30 September, the Japanese economy followed a gradual recovery trend as wages and employment conditions continued to improve. However, the economic outlook remained uncertain due to unstable consumer sentiment amid factors including rising prices.」
Although uncertainty over the economic outlook continues, unstable consumer sentiment due to factors including rising prices was identified as a specific factor, in addition to uncertainty in overseas economies. - FY2019-Q1ReframedAnnual report
「During the three months ended 30 June, the Japanese economy followed a gradual recovery trend, supported by improvements in corporate earnings and employment conditions. However, the economic outlook remained uncertain amid concerns about the impact of uncertainty in overseas political and economic conditions.」
Although uncertainty over the economic outlook continues, the concerns are presented in generalized terms this time as uncertainty in overseas political and economic conditions. - FY2018RestatedAnnual report
「During the fiscal year, the Japanese economy continued to recover gradually as employment and income conditions improved. However, the economic outlook remained uncertain amid concerns about the impact of uncertainty in overseas economies and rising geopolitical risks.」
The disclosure continues to indicate both a gradual economic recovery and uncertainty over the outlook due to uncertainty in overseas economies and geopolitical risks. - FY2018-Q3ReframedAnnual report
「During the nine months ended 31 December, the Japanese economy continued to recover gradually as employment and income conditions improved against a backdrop of labor shortages and corporate earnings continued to improve. However, the economic outlook remained uncertain amid concerns about the impact of uncertainty in overseas economies and rising geopolitical risks.」
Although uncertainty over the economic outlook continues, the concerns are presented in generalized terms this time as uncertainty in overseas economies and rising geopolitical risks. - FY2018-Q2ReframedAnnual report
「During the six months ended 30 September, the Japanese economy continued to recover gradually as corporate earnings and employment conditions improved. However, the economic outlook remained uncertain amid concerns about the impact of the UK's withdrawal from the EU, the policies of the new US administration and rising geopolitical risks in East Asia.」
Although uncertainty over the economic outlook continues, the specific concerns identified this time are the UK's withdrawal from the EU, the policies of the new US administration and geopolitical risks in East Asia. - FY2018-Q1ReframedAnnual report
「During the three months ended 30 June, the Japanese economy continued to recover gradually as corporate earnings and employment conditions improved. However, personal consumption remained sluggish against a backdrop of rising prices, and concerns about the impact of uncertainty in overseas economies left the economic outlook uncertain.」
Although uncertainty over the economic outlook continues, the specific factors identified this time are sluggish personal consumption and uncertainty in overseas economies. - FY2017ReframedAnnual report
「During the fiscal year, the Japanese economy continued to recover gradually, supported by improvements in corporate earnings and employment conditions. However, personal consumption remained sluggish, and the economic outlook continued to be uncertain amid concerns about the impact of a slowdown in overseas economies.」
Although uncertainty over the economic outlook continues, this disclosure identifies sluggish personal consumption and the impact of a slowdown in overseas economies as specific concerns. - FY2017-Q3ReframedAnnual report
「During the nine months ended 31 December, the Japanese economy remained on a gradual recovery trend as employment and income conditions continued to improve. However, corporate earnings showed signs of stagnation due to the impact of the strong yen, while personal consumption remained firmly cost-conscious against a backdrop of rising prices, leaving the economic outlook uncertain.」
Although uncertainty over the economic outlook continues, this disclosure identifies stagnation in corporate earnings due to the strong yen and consumers' cost-consciousness as specific factors, replacing the previous references to the Chinese economy and the UK's withdrawal from the EU. - FY2017-Q2ReframedAnnual report
「During the six months ended 30 September, the Japanese economy followed a gradual recovery trend as employment and income conditions continued to improve. However, the economic outlook remained uncertain due to factors including exchange-rate fluctuations resulting from the slowdown in the Chinese economy and the issue of the UK's withdrawal from the EU.」
Although uncertainty over the outlook remains a continuing theme, the specific concerns have shifted from factors such as negative interest rates to the UK's withdrawal from the EU and exchange-rate fluctuations. The risks have not been quantified, and the slowdown in the Chinese economy and the UK's withdrawal from the EU are described as events that have occurred. - FY2017-Q1First statedAnnual report
「Although the economy followed a gradual recovery trend overall, with signs of improvement in corporate earnings and the employment environment, many concerns remain, including the risk of a slowdown in overseas economies, particularly China, and the impact of the Bank of Japan's introduction of negative interest rates. The economic outlook therefore remains uncertain.」
Alongside the recovery trend in the domestic economy, the disclosure cites concerns over a slowdown in overseas economies and the impact of negative interest rates as factors contributing to uncertainty over the outlook.