Downside Risks to the Global Economy and Uncertainty over the Economic Outlook
First written in FY2017-Q1. 17 of 37 entries say "Restated". Latest entry: 2026-10-13.
DOUTOR・NICHIRES Holdings Co.,Ltd. moved to the "Worse" side of this theme in 2021, 1 year after the typical company in this theme (2020).
The whole theme swung hardest in 2022: 106 of 135 companies on the "Worse" side.
76 other companies' latest entry also says "Worsened".
- 2026-10-13WorsenedRevision of earnings forecasts
「気候変動による災害の多発や地政学リスクの増大に伴う世界的な物価の高騰に歯止めがかかっていない中」
地政学リスクの増大と世界的な物価高騰が継続しているとの表現が示され、外部環境の下振れ要因が強まっている。 - FY2027-H1WorsenedAnnual report
「Meanwhile, amid increasing geopolitical risks, including the prolonged Russia-Ukraine conflict and conflicts in the Middle East, commodity prices, including energy and grain prices, have remained high. In Japan, concerns over naphtha procurement have driven up the prices of raw materials for various products. As prices have risen faster than incomes have improved, consumers have become more inclined to economize, increasing uncertainty about the outlook.」
In addition to the existing geopolitical risks, high commodity prices and prices rising faster than income conditions improved, it newly cites higher raw material costs due to concerns about procuring naphtha, broadening the factors contributing to uncertainty about the outlook. - 2026-07-13RestatedEarnings
「Meanwhile, amid increasing geopolitical risks, including the prolonged Russia-Ukraine conflict and conflicts in the Middle East, commodity prices, including energy and grain prices, have remained high. In Japan, concerns over naphtha procurement have driven up the prices of raw materials for various products. As prices have risen faster than incomes have improved, consumers have become more inclined to economize, increasing uncertainty about the outlook.」
地政学リスク、コモディティ価格の高値定着、物価上昇および消費者の節約志向による先行き不透明感を継続して記載している。 - FY2026RestatedAnnual report
「In addition to increasing geopolitical risks, including the prolonged Russia-Ukraine situation, various international uncertainties such as US tariff policy caused commodity prices, particularly for energy and grain, to remain elevated. Prices rose faster than income conditions improved, and consumers' increasing preference for saving further increased uncertainty about the outlook.」
Uncertainty about the outlook continues against the backdrop of geopolitical risks, US tariff policy, commodity prices remaining elevated, and prices rising faster than income conditions improved. - 2026-04-14RestatedEarnings
「In addition to increasing geopolitical risks, including the prolonged Russia-Ukraine situation, various international uncertainties such as US tariff policy caused commodity prices, particularly for energy and grain, to remain elevated. Prices rose faster than income conditions improved, and consumers' increasing preference for saving further increased uncertainty about the outlook.」
国際情勢、米国の関税政策、コモディティ価格の高止まり、物価上昇および消費者の節約志向を挙げ、先行き不透明感の増加を継続して示している。 - FY2026-H1WorsenedAnnual report
「Meanwhile, commodity prices, particularly for energy and grain, remained elevated due to various international factors, including the prolonged Russia-Ukraine situation, conflicts in the Middle East and US tariff policies. Prices rose faster than income conditions improved, increasing uncertainty about the outlook.」
In addition to the Russia-Ukraine situation and conflicts in the Middle East, it identifies US tariff policy as a new factor and notes increased uncertainty due to commodity prices remaining elevated and prices rising faster than income conditions improved. - FY2025RestatedAnnual report
「Meanwhile, commodity prices, particularly for energy and grain, rose markedly due to various international factors, including the prolonged Russia-Ukraine situation and the conflict in Gaza. With exchange-rate trends also unstable, consumer prices rose substantially, particularly for food and other items directly related to daily life, and consumption gradually began to weaken, increasing uncertainty about the outlook.」
Weakening consumption and uncertainty about the outlook continue against the backdrop of the international situation, commodity prices, exchange rates and rising prices. - FY2025-H1WorsenedAnnual report
「Meanwhile, commodity prices, particularly for energy and grain, rose markedly due to various international factors, including the prolonged Russia-Ukraine situation and the conflict in Gaza. With exchange-rate trends also unstable, consumer prices rose substantially, and consumption began to weaken, increasing uncertainty about the outlook.」
It indicates that consumption was beginning to weaken against the backdrop of the international situation, commodity prices, exchange rates and rising prices, reflecting increasing concern about economic and consumption conditions. - FY2025-Q1Economic conditions remain steady, but uncertainty is increasing due to the international situation and yen depreciationAnnual report
「During the first quarter of the current consolidated fiscal year (1 March 2024 to 31 May 2024), Japan's economy remained steady as the impact of COVID-19 subsided, human mobility became more active, and income conditions improved with wage increases at many companies. Meanwhile, commodity prices, particularly for energy and grain, rose markedly due to various international factors, including the prolonged Russia-Ukraine situation and the conflict in Gaza. Prices also rose substantially amid the ongoing depreciation of the yen, increasing uncertainty about the outlook.」
While recognizing that economic conditions remained steady due to the fading impact of COVID-19, increased human mobility and improved income conditions resulting from wage increases, it states that uncertainty about the outlook increased due to the prolonged Russia-Ukraine situation, the conflict in Gaza, higher commodity prices and rising prices amid yen depreciation. - FY2024RestatedAnnual report
「However, consumer prices continued to rise, particularly for food and other items directly related to daily life. Although wage increases became more widespread, including among large companies, they did not keep pace with rising prices, leaving uncertainty about the outlook unchanged.」
While recognizing economic normalization, the recovery in human mobility, and the easing of high commodity prices and yen depreciation, it reconfirms that uncertainty about the outlook remains unchanged due to rising prices, particularly for food, and wage increases lagging behind. - FY2024-Q3Economic normalization and easing commodity prices and yen depreciation, but uncertainty continues due to rising pricesAnnual report
「During the first nine months of the current consolidated fiscal year (1 March 2023 to 30 November 2023), Japan's economy continued to normalize as operating restrictions related to COVID-19 were lifted and COVID-19 was reclassified to Category V. Human mobility became more active, and consumption improved, also benefiting from inbound tourism. In addition, the sharp rise in commodity prices, including for energy and grain, resulting from various international factors including the Ukraine situation, and the depreciation of the yen began to ease. However, consumer prices continued to rise, particularly for food and other items directly related to daily life, and consumers were beginning to experience fatigue from price increases. Uncertainty about the outlook remained unchanged.」
While noting the lifting of operating restrictions, improvements in human mobility and consumption, and the easing of high commodity prices and yen depreciation, it states that uncertainty about the outlook remains unchanged due to rising consumer prices and consumers' fatigue from price increases. - FY2024-Q2RestatedAnnual report
「Meanwhile, commodity prices, particularly for energy and grain, continued to rise sharply due to various international factors, including the Ukraine situation. Together with the ongoing depreciation of the yen, this gradually pushed up consumer prices and increased uncertainty about the outlook.」
While recognizing economic normalization following the lifting of operating restrictions, it continues to indicate uncertainty about the outlook due to high commodity prices, yen depreciation and rising consumer prices. - FY2024-Q1Economic normalization after operating restrictions were lifted, but uncertainty increased due to rising pricesAnnual report
「During the first quarter of the current consolidated fiscal year (1 March 2023 to 31 May 2023), Japan's economy moved toward normalization as operating restrictions were lifted, partly because COVID-19 was reclassified to Category V, and human mobility became more active. Meanwhile, commodity prices, particularly for energy and grain, rose markedly due to factors including the Ukraine situation, and prices increased further as the yen weakened, adding to uncertainty about the outlook.」
While indicating economic normalization due to the lifting of operating restrictions and increased human mobility, it states that uncertainty about the outlook increased due to rising commodity prices and prices generally amid yen depreciation. - FY2023Economic recovery continues, but uncertainty remains due to rising pricesAnnual report
「During the current consolidated fiscal year, Japan's economy gradually recovered as the operating restrictions imposed due to COVID-19 were lifted and the flow of people became more active. Meanwhile, various international factors, including the Ukraine situation, caused upward pressure on commodity prices, particularly for energy and grain, to drive a sharp rise in corporate prices. Consumer prices also rose, increasing uncertainty about the outlook.」
While indicating an economic recovery following the lifting of operating restrictions and increased human mobility, it states that uncertainty about the outlook increased due to higher commodity, corporate and consumer prices against the backdrop of the Ukraine situation and other factors. - FY2023-Q3WorsenedAnnual report
「The spread of COVID-19, which remains a matter of concern, and various factors including the Ukraine situation increased upward pressure on commodity prices, particularly for energy and grain. This caused corporate prices to rise sharply, which in turn pushed up consumer prices. As uncertainty about the outlook became pronounced, consumption was increasingly likely to remain weak for an extended period.」
It states that higher corporate prices resulting from rising commodity prices have spread to consumer prices, making uncertainty about the outlook more pronounced and increasing concern about the economic environment. - FY2023-Q2WorsenedAnnual report
「The seventh wave of COVID-19, which had continued since the year before last, reduced the flow of people that had been gaining momentum, forcing the economy, which had been gradually returning to normal, to temporarily stagnate. In addition, shortages of commodities, including energy and grain, as well as semiconductors, became pronounced due to various international factors, including the Ukraine situation. Corporate prices rose sharply, increasing uncertainty about the outlook and making it increasingly likely that consumption would remain weak for an extended period.」
In addition to the decline in human mobility and temporary economic stagnation caused by the seventh wave, it continues to strongly indicate uncertainty about the outlook and the possibility of prolonged weakness in consumption amid ongoing shortages of commodities and semiconductors and rising corporate prices. - FY2023-Q1WorsenedAnnual report
「Meanwhile, shortages of commodities, including energy and grain, as well as semiconductors, became pronounced due to the Ukraine situation and lockdowns associated with China's zero-COVID policy. Corporate prices rose sharply, increasing uncertainty about the outlook and making it increasingly likely that consumption would remain weak for an extended period.」
In addition to the previous infectious disease concerns and weakness in consumption, it cites the Ukraine situation, lockdowns in China, shortages of commodities and semiconductors, and rising corporate prices, stating that uncertainty about the outlook and the possibility of prolonged weakness in consumption have intensified. - FY2022-Q3Recovery trend becoming more pronounced, but uncertainty continues due to the Omicron variantAnnual report
「Even under these conditions, operating results gradually improved after the state of emergency was lifted in October, and the recovery trend has become more pronounced. However, the threat from the Omicron variant has increased, uncertainty about the outlook remains unchanged, and consumption is increasingly likely to remain weak for an extended period.」
While indicating improved operating results and a recovery trend after the state of emergency was lifted, it states that uncertainty about the outlook remains unchanged due to the threat from the Omicron variant and the possibility of prolonged weakness in consumption. - FY2022-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year (1 March 2021 to 31 August 2021), uncertainty about the outlook continued to increase amid the spread of COVID-19 since the previous year, with priority preventive measures and states of emergency continuing intermittently. In addition, prolonged rainfall mainly in western Japan and the holding of the Tokyo Olympics without spectators contributed to the normalization of calls to refrain from going out, making it increasingly likely that consumption would remain weak for an extended period.」
It states that uncertainty about the outlook increased against the backdrop of continuing states of emergency, the normalization of refraining from going out and prolonged rainfall, raising the likelihood of prolonged weakness in consumption. - FY2022-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year (1 March 2021 to 31 May 2021), uncertainty about the outlook remained amid the continuing spread of COVID-19 since the previous year, including the issuance of priority preventive measures and the third state of emergency. Consumption was increasingly likely to remain weak for an extended period.」
In addition to the spread of COVID-19, priority preventive measures and the third state of emergency were issued, continuing to strongly indicate uncertainty about the outlook and the prospect of prolonged weakness in consumption. - FY2021-Q3RestatedAnnual report
「Although the economy has gradually shown signs of recovery from the worst period under the state of emergency, partly due to the government's economic measures, the trend toward improving employment conditions has also changed sharply and deteriorated markedly. As a result, consumption is expected to remain weak for an extended period.」
While recognizing the recovery trend from the worst period under the state of emergency, it continues to indicate worsening employment conditions and the prospect of prolonged weakness in consumption. - FY2021-Q2Partial recovery from the worst period, but worsening employment and prolonged weakness in consumptionAnnual report
「Although the economy has gradually shown signs of recovery from the worst period under the state of emergency, partly due to the government's economic measures, the trend toward improving employment conditions has also changed sharply and deteriorated markedly. As a result, consumption is expected to remain weak for an extended period.」
Although the economy has gradually shown signs of recovery from the worst period under the state of emergency, worsening employment conditions have become increasingly evident, and consumption is expected to remain weak for an extended period. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year (1 March 2020 to 31 May 2020), Japan's economy deteriorated rapidly. The global spread of COVID-19 increased unexpected social unrest, while consumption activity in Japan also contracted sharply, heightening uncertainty about the outlook.」
In addition to the previous trade friction and uncertainty in overseas economies, it notes the social unrest, weakening consumption and rapid economic deterioration caused by the spread of COVID-19, indicating a substantial increase in concern about the economic environment. - FY2020-Q3RestatedAnnual report
「During the first nine months of the current consolidated fiscal year (1 March 2019 to 30 November 2019), Japan's economy showed steady growth, supported in part by improving employment conditions and the impact of the extended holiday period. However, signs of a change in economic trends emerged amid uncertainty in overseas economies and the effects of global trade friction.」
While describing economic conditions as steady, it continues to note signs of a change in economic trends due to uncertainty in overseas economies and global trade friction. - FY2020-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year (1 March 2019 to 31 August 2019), Japan's economy showed steady growth, supported in part by improving employment conditions and the impact of the extended holiday period. However, signs of a change in economic trends emerged amid uncertainty in overseas economies and the effects of global trade friction.」
While describing economic conditions as steady, it continues to note signs of a change in economic trends due to uncertainty in overseas economies and global trade friction. - FY2020-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year (1 March 2019 to 31 May 2019), Japan's economy showed steady growth, supported in part by improving employment conditions and the impact of the extended holiday period. However, signs of a change in economic trends emerged amid uncertainty in overseas economies and the effects of global trade friction.」
While describing economic conditions as steady, it continues to note signs of a change in economic trends due to uncertainty in overseas economies and global trade friction. - FY2019RestatedAnnual report
「Japan’s economic environment continues to contain many uncertainties regarding future developments, including the decline in the working-age population in an aging society, uncertainty in overseas economies and the effects of volatility in financial markets.」
In addition to uncertainty in overseas economies and volatility in financial markets, the decline in the working-age population is cited as a factor contributing to continued uncertainty over the outlook. - FY2019-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, Japan’s economy remained on a gradual recovery trajectory, including improvements in employment conditions resulting from the continued economic and monetary policy measures of the government and the Bank of Japan. However, signs of a shift in economic trends were observed, partly due to the effects of global trade friction.」
While recognizing the economic recovery trajectory, the disclosure continues to cite signs of a shift in economic trends caused by global trade friction and uncertainty over the outlook. - FY2019-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period (1 March 2018 to 31 August 2018), Japan’s economy remained on a gradual recovery trajectory, including improvements in employment conditions resulting from the continued economic and monetary policy measures of the government and the Bank of Japan. However, signs of a shift in economic trends were also observed, partly due to the effects of global trade friction.」
The disclosure continues to cite signs of a shift in economic trends caused by global trade friction and uncertainty over the outlook. - FY2019-Q1WorsenedAnnual report
「The economy remained on a gradual recovery trajectory, mainly as a result of improvements in employment conditions attributable to the continued economic and monetary policy measures of the government and the Bank of Japan. However, signs of a shift in economic trends emerged, partly due to the effects of global trade friction.」
In addition to downside risks to the global economy, the disclosure identifies signs of a shift in economic trends resulting from the effects of global trade friction as a further factor warranting caution regarding the economic environment. - FY2018-Q3RestatedAnnual report
「The benefits of the expanding global economy continued to spread gradually, and the economy remained on a recovery trajectory, including improvements in employment conditions resulting from the continued economic and monetary policy measures of the government and the Bank of Japan. However, although inbound tourism provided a benefit, domestic employment conditions improved without accompanying wage growth, and concerns over rising prices remained. As a result, personal consumption remained sluggish.」
While recognizing the expansion of the global economy and the economic recovery trajectory, the disclosure states that uncertainty over the domestic economic outlook continued amid improving employment conditions without wage growth and concerns over rising prices. - FY2018-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan’s economy was on a gradual recovery trajectory, with the benefits of the gradually expanding global economy spreading progressively, and with continued economic and monetary policy measures by the government and the Bank of Japan contributing to improvements in employment conditions. However, employment conditions improved without accompanying wage growth, and concerns over rising prices remained. As a result, consumer spending lacked sufficient strength to recover overall, and the outlook remained uncertain. The economy continued to operate in conditions that could not be viewed optimistically.」
While recognizing the gradual expansion of the global economy, the disclosure states that uncertainty over the outlook for the domestic economy continued amid improving employment conditions without wage growth and concerns over rising prices. - FY2018-Q1SoftenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, the Japanese economy remained on a moderate recovery track, as the benefits of the gradually expanding global economy spread progressively and the government’s and Bank of Japan’s ongoing economic and monetary policies improved employment conditions. However, employment conditions improved without corresponding wage increases, and concerns over rising prices meant that the recovery in overall consumption lacked sufficient strength. The outlook therefore remained uncertain, and conditions remained such that optimism was not warranted.」
The previous reference to downside risks to the global economy has disappeared, reflecting a shift toward the view that the global economy is expanding moderately. Uncertainty over the outlook for the domestic economy nevertheless remains. - FY2017RestatedAnnual report
「However, the outlook remains uncertain due to downside risks in emerging Asian economies, particularly China, the impact of U.S. policy measures, and the effects of the U.K.'s withdrawal from the EU.」
Cites emerging Asian economies, U.S. policy and the U.K.'s withdrawal from the EU as factors contributing to continued uncertainty over the outlook for the global and overseas economies. - FY2017-Q3RestatedAnnual report
「Although downside risks to the global economy have materialized and uncertainty has increased, expectations of a global economic recovery are gradually rising on expectations for the new administration following the outcome of the U.S. presidential election.」
Alongside the continued uncertainty caused by materialized downside risks to the global economy, the company also presents the view that expectations for a global economic recovery are gradually rising on hopes for a new administration following the U.S. presidential election. - FY2017-Q2WorsenedAnnual report
「Downside risks to the global economy have materialized, increasing uncertainty.」
The wording has progressed from “have begun to materialize” in the previous period to stating that downside risks to the global economy have materialized, signaling heightened caution regarding the external environment. - FY2017-Q1First statedAnnual report
「Uncertainty has increased, as downside risks to the global economy have begun to materialize.」
Indicates a view of the external environment that downside risks to the global economy have begun to materialize.