Yen Appreciation, Overseas Economic Slowdown, and Uncertainty Surrounding Domestic Private Consumption
First written in FY2017-Q1. 12 of 29 entries say "Worsened", first in FY2017-Q2. Latest entry: FY2027-H1.
Treasure Factory moved to the "Worse" side of this theme in 2016, 3 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
1 other company's latest entry also says "Softened".
- FY2027-H1SoftenedAnnual report
「During the interim consolidated accounting period, Japan’s economy continued to recover moderately against a backdrop of improving employment and income conditions. Personal consumption showed signs of recovery amid a moderate increase in real total employee income, but consumer confidence remained weak due to the moderate rise in consumer prices and developments in U.S. trade policy, leaving the outlook uncertain.」
The company continues to view the outlook as uncertain, citing weak consumer confidence, rising prices and U.S. trade policy, despite signs of recovery in the economy and personal consumption. - 2026-07-09RestatedEarnings
「The outlook remains uncertain because of developments in U.S. trade policy and weak consumer sentiment resulting from continued price inflation.」
The company continued to characterize the outlook as uncertain, citing U.S. trade policy, inflation and weak consumer sentiment. - FY2026WorsenedAnnual report
「During the consolidated fiscal year, Japan’s economy remained on a moderate recovery track, supported by improvements in employment and income conditions as well as expanding inbound demand. However, the outlook remains uncertain due to the effects of sustained price increases, exchange-rate fluctuations, persistently high raw material prices and rising geopolitical risks worldwide.」
The company continues to view the outlook as uncertain, citing sustained price increases, exchange-rate fluctuations, persistently high raw material prices and geopolitical risks, despite the economy’s recovery trend. - 2026-04-09WorsenedRevision of earnings forecasts
「The outlook remains uncertain because of the effects of continued inflation, exchange-rate fluctuations, persistently high raw-material prices and rising geopolitical risks worldwide.」
The company continued to characterize the outlook as uncertain, citing prices, foreign exchange, raw-material costs and geopolitical risks. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, Japan’s economy was on a moderate recovery track, supported by improvements in employment and income conditions. However, the outlook remains uncertain due to concerns about U.S. trade policy and declining consumer confidence amid continued price increases.」
The company continues to view the outlook as uncertain, citing concerns about U.S. trade policy and declining consumer confidence due to rising prices, while noting that the economy remains on a moderate recovery track. - FY2025-H1WorsenedAnnual report
「During the first six months of the current fiscal year, Japan's economy showed a moderate recovery, driven by expanding inbound demand from an increase in visitors to Japan and improvements in employment and income conditions. Meanwhile, the outlook remained uncertain amid unstable overseas conditions, rising prices caused by the yen's depreciation, and rapid shifts in foreign exchange trends.」
While indicating a moderate recovery trend in the economy, the report cites unstable overseas conditions, rising prices caused by the yen's depreciation, and rapid shifts in foreign exchange trends, and continues to assess the outlook as uncertain. - FY2024SoftenedAnnual report
「During the current fiscal year, Japan's economy recovered as personal consumption normalized and inbound demand expanded following the reclassification of COVID-19 under Category V. Meanwhile, the outlook remained uncertain amid concerns about foreign exchange trends, including the depreciation of the yen, soaring energy prices due to geopolitical risks, and rising prices.」
While the report indicates an economic recovery driven by the normalization of personal consumption and the expansion of inbound demand, uncertainty remains due to the depreciation of the yen, geopolitical risks, soaring energy prices, and rising prices. - FY2024-Q3SoftenedAnnual report
「During the first nine months of the current fiscal year, social and economic activity continued to normalize following the reclassification of COVID-19, and inbound demand also recovered as the number of overseas tourists increased. Meanwhile, uncertainty persisted because of rising prices resulting from the global surge in raw material prices and volatility in financial and capital markets.」
While the report indicates the normalization of social and economic activity and a recovery in inbound demand, uncertainty due to rising prices and volatility in financial and capital markets has continued. - FY2024-Q2WorsenedAnnual report
「During the first six months of the current fiscal year, social and economic activity continued to normalize following the reclassification of COVID-19, but uncertainty persisted because of continued price increases and volatility in financial and capital markets.」
While social and economic activity continued to normalize, continued price increases and volatility in financial and capital markets were newly identified, and the assessment that the outlook remains uncertain continued. - FY2024-Q1SoftenedAnnual report
「During the first quarter of the current fiscal year, economic activity continued to normalize, including the reclassification of COVID-19 under Category V of Japan's Infectious Diseases Act. However, the economic outlook remained uncertain amid concerns about foreign exchange trends, including the depreciation of the yen, soaring energy prices resulting from the prolonged Russia-Ukraine situation, and rising prices.」
While the report adds the assessment that economic activity has continued to normalize, including the reclassification of COVID-19 under Category V, uncertainty regarding the outlook due to the yen's depreciation, soaring energy prices, and rising prices has continued. - FY2023-Q3RestatedAnnual report
「During the first nine months of the current fiscal year, Japan's economy entered a recovery trend centered on personal consumption as restrictions on activities were lifted, despite the continuing effects of COVID-19. Meanwhile, the outlook for the economy remained uncertain amid concerns about foreign exchange trends, including the rapid depreciation of the yen, and rising prices.」
While personal consumption entered a recovery trend after restrictions on activities were lifted, uncertainty regarding the economic outlook continued amid concerns about foreign exchange trends, including the rapid depreciation of the yen, and rising prices. - FY2023-Q2WorsenedAnnual report
「During the first six months of the current fiscal year, Japan's economy saw a recovery in foot traffic as restrictions on activities were lifted, despite an increase in infections during the seventh wave of COVID-19. Meanwhile, the outlook for the economy remained uncertain amid concerns about the rapid depreciation of the yen and rising prices.」
While foot traffic began to recover after restrictions on activities were lifted, concerns about the rapid depreciation of the yen and rising prices were newly identified, and uncertainty regarding the economic outlook continued. - FY2022-Q3SoftenedAnnual report
「As COVID-19 vaccinations progressed smoothly, the number of new infections declined. After the state of emergency declaration was lifted at the end of September, restrictions on economic activity were gradually eased, and consumption activity generally showed signs of recovery.」
While infections surged from late July through August, the report states that consumption activity showed signs of recovery as vaccinations progressed, infections declined, and the state of emergency declaration was lifted at the end of September. - FY2022-Q2Consumption recovery slowed in August amid a resurgence in infectionsAnnual report
「However, the rapid increase in COVID-19 cases from late July temporarily slowed consumption activity in August, after it had been on a recovery trend through July.」
Although consumption activity was generally recovering, the rapid increase in infections from late July temporarily slowed consumption activity in August. - FY2022-Q1WorsenedAnnual report
「During the first quarter of the current fiscal year, economic activity was restricted as the reissuance of the state of emergency declaration in response to the spread of COVID-19 affected the operations of large commercial facilities and restaurants. In addition, inbound demand remained sluggish because of restrictions on overseas travel, and domestic consumption had yet to achieve a full-scale recovery.」
The reissuance of the state of emergency declaration restricted economic activity, while inbound demand remained sluggish because of restrictions on overseas travel and domestic consumption continued to lack a full recovery. - FY2021-Q3WorsenedAnnual report
「During the first nine months of the current fiscal year, Japan's economy faced severe conditions as a result of the spread of COVID-19, but personal consumption showed signs of recovery as economic activity resumed. Meanwhile, the risk of a resurgence in infections remained a concern.」
While describing the recovery in personal consumption resulting from the resumption of economic activity, the report explicitly states that the risk of a resurgence in infections remains a concern. - FY2021-Q2SoftenedAnnual report
「During the first six months of the current fiscal year, Japan's economy faced severe conditions as a result of the spread of COVID-19, but personal consumption showed signs of recovery as economic activity resumed.」
While severe conditions continued because of COVID-19, the report describes signs of a recovery in personal consumption as economic activity resumed, representing a partial easing from the previous quarter's description of severe constraints on economic activity and an economic downturn. - FY2021-Q1MaterialisedAnnual report
「During the first quarter of the current fiscal year, Japan's economy was significantly constrained by the spread of COVID-19, entered a downturn, and continued to face an uncertain outlook.」
The impact of COVID-19, which had been identified as a risk in the previous fiscal year, is now described as the actual economic environment, characterized by constraints on economic activity, an economic downturn, and an uncertain outlook. - FY2020WorsenedAnnual report
「During the current fiscal year, Japan's economy continued on a moderate recovery trend, supported by improvements in employment and income conditions and corporate earnings. However, the outlook remained uncertain due to the global spread of COVID-19.」
While indicating a moderate recovery trend, the report adds the assessment that the outlook is uncertain because of the global spread of COVID-19. - FY2020-Q3WorsenedAnnual report
「The market for used-goods retailing continued to expand, driven by the multi-store development of reuse shop chains and the growing adoption of flea-market apps. Meanwhile, events affecting the retail industry also occurred, including the consumption tax increase in October and large typhoons making landfall in the Tokyo metropolitan area between September and October.」
In addition to its assessment of market expansion and the competitive environment, the report explicitly identifies the consumption tax increase and large typhoons making landfall in the Tokyo metropolitan area as events affecting the retail industry. - FY2019SoftenedAnnual report
「During the current fiscal year, Japan's economy continued on a moderate recovery trend, supported by improvements in employment and income conditions and corporate earnings, despite the effects of labor shortages and other factors.」
The description has continued to shift from a period emphasizing an uncertain outlook and weak consumption to a moderate recovery trend supported by improvements in employment and income conditions and corporate earnings. At the same time, labor shortages remain an issue. - FY2018SoftenedAnnual report
「During the current fiscal year, Japan's economy continued to show a moderate recovery trend overall, with improvements in corporate earnings and employment and income conditions, although factors including labor shortages weighed on corporate earnings. Personal consumption also followed a moderate recovery trend.」
Regarding personal consumption, the assessment has changed from the previous description that it lacked strength and that the outlook was uncertain to a moderate recovery trend. At the same time, labor shortages remain a factor weighing on corporate earnings. - FY2018-Q3SoftenedAnnual report
「During the first nine months of the current fiscal year, corporate earnings and employment and income conditions continued to improve, and personal consumption showed a moderate recovery. However, consumers remained strongly inclined to economize, and consumption continued to lack momentum.」
Regarding personal consumption, the description that it lacked strength and that the outlook was uncertain has been supplemented by an indication of a moderate recovery trend. At the same time, the inclination to economize and weak consumption continue. - FY2018-Q2RestatedAnnual report
「During the first six months of the current fiscal year, Japan's employment and income conditions improved, but consumption lacked momentum. In addition, the outlook remained uncertain amid growing uncertainty in overseas economies.」
The report continues to state that the outlook is uncertain because consumption lacks strength and overseas economies remain uncertain. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, corporate earnings and capital investment remained firm. Although wage increases driven by labor shortages were seen in personal consumption, it lacked strength.」
The report continues to state that personal consumption lacks strength. - FY2017SoftenedAnnual report
「During the current fiscal year, Japan's economy showed signs of a moderate recovery, including improvements in corporate earnings and employment, while personal consumption remained flat.」
The description has changed from the appreciation of the yen, slowing overseas economies, slowing inbound demand, and heightened uncertainty presented in the quarterly report to a moderate recovery trend and flat personal consumption for the full year. - FY2017-Q3WorsenedAnnual report
「During the first nine months of the current fiscal year, Japan's economy showed signs of improvement in employment, but personal consumption remained sluggish. In addition, amid slowing inbound demand and growing uncertainty in overseas economies, the outlook for the economy remained uncertain.」
As personal consumption continued to lag, the report newly identifies slowing inbound demand and growing uncertainty in overseas economies. - FY2017-Q2WorsenedAnnual report
「During the first six months of the current fiscal year, the effects of the yen's appreciation and slowing economies in emerging Asian and resource-producing countries continued, and corporate earnings remained sluggish. Personal consumption also remained weak, partly because of the adverse weather caused by successive typhoons during the summer.」
While the effects of the yen's appreciation and slowing overseas economies continued, adverse weather caused by successive typhoons was an additional factor, and corporate earnings remained sluggish while personal consumption continued to be weak. - FY2017-Q1First statedAnnual report
「During the first quarter of the current fiscal year, Japan's economy continued to show improvements in employment and income conditions. However, the outlook remained uncertain amid the yen's appreciation, slowing economies in emerging Asian and resource-producing countries, and a pause in domestic personal consumption.」
The report identifies the yen's appreciation, slowing economies in emerging Asian and resource-producing countries, and stagnant domestic personal consumption as current conditions, and describes the outlook as uncertain.