Business Impacts of Changes in Regulations in Each Country and Consumption Tax Rates
First written in FY2016. 4 of 10 entries say "Materialised", first in FY2017-Q1. Latest entry: FY2020.
Isetan Mitsukoshi Holdings moved to the "Worse" side of this theme in 2019, 3 years before the typical company in this theme (2022).
The whole theme swung hardest in 2025: 9 of 23 companies on the "Worse" side.
3 other companies' latest entry also says "Materialised".
- FY2020MaterialisedAnnual report
「In Japan, the consumption tax increase in October 2019 generated rush demand in personal consumption, but was followed by a continued decline due to the aftereffects, and conditions remained challenging.」
The consumption tax increase in October 2019 affected consumption trends through rush demand and the subsequent decline due to the aftereffects. - FY2020-Q3MaterialisedAnnual report
「The consumption tax rate was increased in October, significantly affecting consumer sentiment, personal consumption and the economy. Although the post-increase decline is expected to be limited compared with the previous increase in 2014, due to measures such as the introduction of a reduced tax rate and free education and childcare, as well as favorable employment conditions, there are also concerns that the adverse effects on sentiment may persist.」
It states that the consumption tax increase in October affected consumer sentiment, personal consumption and the economy. It also expresses concern that the deterioration in sentiment after the tax increase may persist. - FY2020-Q2MaterialisedAnnual report
「Favorable employment conditions and rush demand ahead of the consumption tax increase on 1 October provided support.」
Rush demand emerged ahead of the consumption tax increase, indicating that the risk of changes in the tax rate affecting consumption trends materialized in actual demand. - FY2020-Q1WorsenedAnnual report
「Consumer sentiment has weakened based on movements in the Consumer Confidence Index, and consumer sentiment is expected to deteriorate for the time being ahead of the consumption tax increase in October.」
It identifies the consumption tax increase in October 2019 as a specific timeframe and expects it to depress personal consumption. - FY2019WorsenedAnnual report
「In addition, concern exists regarding the impact on personal consumption of future increases in the consumption tax rate and other factors.」
With a consumption tax increase scheduled for the future, it continues to explicitly identify the impact on personal consumption as a risk arising from public regulation. - FY2019-Q2MitigatedAnnual report
「Although the pace of growth has recently slowed due to lower import tariffs in China and the effects of a succession of natural disasters, including earthquakes and typhoons, tax-free sales to visitors to Japan during the six-month consolidated period exceeded the previous year's level.」
Regarding China's import tariffs, previously cited as a factor depressing inbound demand, it states that tariffs were reduced this time. - FY2017RestatedAnnual report
「In addition, concern exists regarding the impact on personal consumption of future increases in the consumption tax rate and other factors.」
It continues to identify regulations in each country and the impact of future consumption tax increases on consumption trends as risks. - FY2017-Q2RestatedAnnual report
「The retail industry is facing extremely challenging conditions. Domestic personal consumption remains stagnant, while inbound demand, which had previously been strong, has fallen below the previous year due to the stronger yen and higher import tariffs in China, among other factors.」
As in the previous quarter, it states that higher import tariffs in China affected inbound demand, which fell below the previous year's level. - FY2017-Q1MaterialisedAnnual report
「The retail industry is facing extremely challenging conditions. Domestic personal consumption remains stagnant, while inbound demand, which had previously been strong, has fallen below the previous year due to the stronger yen and higher import tariffs in China, among other factors.」
It states that higher import tariffs in China affected inbound demand, which fell below the previous year's level, indicating that regulatory and institutional change risks have materialized in the actual business environment. - FY2016First statedAnnual report
「The business is also subject to laws and regulations relating to antitrust, consumer protection, taxation, foreign exchange controls, and the environment and recycling. ... In addition, concern exists regarding the impact on personal consumption of future increases in the consumption tax rate and other factors.」
It lists regulatory compliance costs, restrictions on activities and the impact of changes in consumption tax rates on consumption trends as risks.