Uncertainty over the economic outlook due to a stronger yen, falling stock prices and a downturn in overseas economies
First written in FY2017-Q2. 17 of 35 entries say "Reframed", first in FY2018-Q2. Latest entry: FY2027-H1.
Kaitori Okoku moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2020: 141 of 158 companies on the "Worse" side.
34 other companies' latest entry also says "Reframed".
- FY2027-H1ReframedAnnual report
「During the interim accounting period, Japan’s economy remained on a moderate recovery trend, supported by improvements in employment and income conditions. At the same time, the outlook for the economy continued to require attention because of geopolitical risks, including the situation in the Middle East, trends in raw-material and energy prices, and concerns about a slowdown in overseas economies.」
The company describes Japan’s domestic economy as being on a recovery trend, supported by improvements in employment and income conditions, while identifying the Middle East situation and other geopolitical risks, raw-material and energy prices, and concerns about a slowdown in overseas economies as continuing sources of uncertainty. - FY2026ReframedAnnual report
「Regarding the outlook for the economic environment, a gradual recovery centered on domestic demand is expected as the simultaneous rise in prices, wages, and interest rates becomes entrenched. However, the outlook is expected to remain uncertain due to numerous destabilizing factors, including the implementation of economic policies by U.S. President Trump, mounting geopolitical risks, and the prolonged stagnation of the Chinese economy.」
The company has reorganized the sources of uncertainty from its previous focus on infectious disease, yen depreciation, and soaring prices to include rising prices, wages, and interest rates, U.S. economic policy, geopolitical risks, and the prolonged stagnation of the Chinese economy. - FY2026-H1ReframedAnnual report
「During the interim accounting period under review, a gradual recovery centered on domestic demand is expected amid rising prices, wages, and interest rates. However, the outlook remains uncertain due to the impact of trade friction caused by "Trump tariffs," geopolitical risks associated with war, a slowdown in the Chinese economy, and continued instability in domestic political developments.」
While indicating expectations for a gradual recovery centered on domestic demand, the company lists trade friction caused by Trump tariffs, geopolitical risks associated with war, a slowdown in the Chinese economy, and instability in domestic political developments as new sources of uncertainty. - FY2025ReframedAnnual report
「Regarding the outlook for the economic environment, a gradual recovery led by domestic demand is expected, but the outlook is expected to remain uncertain due to numerous destabilizing factors, including geopolitical risks, changes in the economic policies of U.S. President Trump, and developments in the Chinese economy.」
In addition to the previous view of the external environment, including yen depreciation and soaring prices, the company identifies geopolitical risks, changes in U.S. economic policy, and developments in the Chinese economy as sources of uncertainty. - FY2025-H1ReframedAnnual report
「During the interim accounting period under review, Japan's economy had overcome the COVID-19 pandemic, and economic and social activity was gradually returning to normal. The number of visitors from overseas was also increasing, and the economy was recovering to pre-COVID crisis levels. However, the outlook remains uncertain due to the prolonged situations in Ukraine and the Middle East, China's economic slowdown, political uncertainty in Japan and the United States, sharp foreign exchange fluctuations, soaring prices, and labor shortages.」
While indicating that economic and social activity had returned to normal and recovered to pre-COVID crisis levels, the company lists the situations in Ukraine and the Middle East, China's economy, political developments in Japan and the United States, foreign exchange fluctuations, soaring prices, and labor shortages as sources of uncertainty. - FY2025-Q1ReframedAnnual report
「Having overcome the COVID-19 pandemic, society and the economy showed positive developments, including unprecedentedly large wage increases and strong corporate appetite for investment. However, personal consumption has lacked strength due to such factors as a weaker yen and stronger dollar in the foreign exchange market and the resulting decline in real wages, and the outlook for the economy is expected to remain uncertain.」
The company's view of the external environment has shifted from one centered on restrictions on economic activity caused by COVID-19 to one that indicates positive developments driven by wage increases and investment appetite, while identifying a weaker yen and stronger dollar, soaring prices, declining real wages, and weak personal consumption as sources of uncertainty. - FY2024-Q3WorsenedAnnual report
「As the COVID-19 pandemic subsided, the economy gradually recovered, led by domestic demand. However, the outlook is expected to remain uncertain due to the prolonged situations in Ukraine and Palestine, China's economic slowdown, a weaker yen, and soaring prices.」
While indicating an economic recovery led by domestic demand, the company explicitly identifies the situation in Palestine, in addition to the previously cited situations in Ukraine and China, the weaker yen, and soaring prices, as a source of uncertainty. - FY2024-Q2ReframedAnnual report
「Although the economy recovered to pre-COVID crisis levels as the COVID-19 pandemic subsided, the outlook is expected to remain uncertain due to the prolonged situation in Ukraine, China's economic slowdown, a weaker yen and stronger dollar, and soaring prices.」
While stating that the economy recovered to pre-COVID crisis levels after the pandemic subsided, the company identifies the prolonged situation in Ukraine, China's economic slowdown, a weaker yen and stronger dollar, and soaring prices as sources of uncertainty. - FY2024-Q1ReframedAnnual report
「As the COVID-19 pandemic subsided, economic activity showed signs of a gradual recovery. However, the outlook for the economy is expected to remain uncertain due to the prolonged situation in Ukraine, a weaker yen and stronger dollar in the foreign exchange market, and soaring prices.」
While recognizing a shift from restrictions on economic activity caused by COVID-19 toward a recovery in economic activity, the company explicitly identifies the prolonged situation in Ukraine, a weaker yen and stronger dollar, and soaring prices as new sources of uncertainty. - FY2023ReframedAnnual report
「During the fiscal year under review, Japan's economy was gradually returning to normal as restrictions on movement were lifted and the COVID-19 pandemic moved toward an end. However, the outlook remains uncertain due to the prolonged Russia-Ukraine situation, soaring prices for various raw materials, and the yen's rapid depreciation.」
While recognizing a shift from restrictions on economic activity caused by COVID-19 toward normalization and a recovery in the flow of people, the company also identifies the Russia-Ukraine situation, soaring raw-material prices, and the yen's rapid depreciation as new sources of uncertainty. - FY2023-Q2WorsenedAnnual report
「Although countries around the world have chosen to coexist with COVID-19 and a recovery is expected as restrictions are lifted or eased, the outlook is expected to remain uncertain as Russia's invasion of Ukraine has heightened tensions in the international situation and the yen has depreciated sharply while resource prices have risen.」
While indicating expectations for a recovery from the easing of restrictions, the company identifies Russia's invasion of Ukraine, the yen's sharp depreciation, and rising resource prices as new sources of uncertainty. - FY2023-Q1ReframedAnnual report
「Although countries around the world have chosen to coexist with COVID-19 and a recovery is expected as restrictions are eased, the outlook is expected to remain uncertain due to Russia's invasion of Ukraine.」
While indicating coexistence with COVID-19 and expectations for a recovery resulting from the easing of restrictions, the company also identifies Russia's invasion of Ukraine as a new source of uncertainty. - FY2022WorsenedAnnual report
「Corporate earnings are becoming increasingly polarized amid the COVID-19 pandemic, and disparities across industries are expected to widen in the global and Japanese economies. Although a recovery had been expected as vaccines became more widely available, the outlook is expected to remain uncertain due to Russia's invasion of Ukraine. In the retail industry, difficult conditions are expected to continue, including rising prices, higher labor costs, labor shortages, and a prolonged stagnation in personal consumption.」
In addition to polarization and uncertainty during the pandemic, the company identifies Russia's invasion of Ukraine, rising prices, higher labor costs, labor shortages, and a prolonged stagnation in personal consumption as new concerns. - FY2022-Q3WorsenedAnnual report
「The impact of COVID-19 remains substantial, and some industries and business formats have suffered devastating damage. Although the number of new infections had been trending downward following the rollout of vaccines, the highly contagious Omicron variant spread worldwide, and unprecedentedly severe conditions are expected to continue ahead.」
Amid continuing severe external conditions caused by COVID-19, the company identifies the global spread of the highly contagious Omicron variant as a new concern and characterizes the outlook as "unprecedentedly severe." - FY2022-Q2ReframedAnnual report
「During the cumulative second quarter under review, Japan's economy was severely affected by the global spread of COVID-19. Economic activity was significantly restricted, and some industries and business formats suffered devastating damage. Although expectations for a recovery have risen with the rollout of vaccines, the outlook remains uncertain due to highly contagious variants and other factors.」
The outlook has shifted from the previous view centered on restrictions on economic activity caused by infectious disease to one that cites both expectations for a recovery through vaccination and uncertainty caused by highly contagious variants. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan's economy was severely affected by the global spread of COVID-19. Economic activity was significantly restricted, and some industries and business formats suffered devastating damage. As the international situation has become even more unstable, the outlook remains uncertain.」
In addition to restrictions on economic activity caused by COVID-19, the company identifies the further destabilization of the international situation as a factor contributing to the uncertain outlook. - FY2021ReframedAnnual report
「Regarding the outlook for the economic environment, corporate earnings are becoming increasingly polarized amid the COVID-19 pandemic, and disparities across industries are expected to widen in the global and Japanese economies. Although a recovery is expected as vaccines become more widely available, the outlook is expected to remain uncertain.」
The description of economic uncertainty has shifted from the previous account of a sharp deterioration caused by the spread of infectious disease to an outlook that includes increasingly polarized corporate earnings, widening disparities between industries, and expectations of a recovery as vaccines become more widely available. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan's economy was severely affected by the global spread of COVID-19. Economic activity was significantly restricted, and some industries and business formats suffered devastating damage. Unprecedentedly severe conditions are expected to continue ahead.」
The company continues to describe restrictions on economic activity and devastating damage to industries and business formats caused by COVID-19, while characterizing the outlook as "unprecedentedly severe." - FY2021-Q2WorsenedAnnual report
「During the six months ended 30 September, economic activity was substantially restricted and the economy contracted sharply due to the global spread of COVID-19, with some industries and business formats suffering devastating damage. The global and Japanese economies were in a severe situation.」
The company explicitly identifies substantial restrictions on economic activity and an economic contraction caused by COVID-19, describing conditions in the global and Japanese economies as severe. - FY2021-Q1WorsenedAnnual report
「During the three months ended 30 June, Japan's economy deteriorated sharply due to the global spread of COVID-19, with some industries and business formats suffering devastating damage. The global and Japanese economies were heading toward a sharp downturn.」
Risk perceptions have become more severe, shifting from uncertainty caused by the slowdown in the global economy and other factors to a sharp economic downturn caused by the spread of COVID-19, with some industries and business formats suffering devastating damage. - FY2020WorsenedAnnual report
「Regarding the outlook for the future economic environment, COVID-19 had already assumed the characteristics of a pandemic, and the global and Japanese economies were heading toward a sharp downturn. In addition, consumer behavior had become increasingly difficult to predict due to the consumption tax increase, COVID-19 and other factors, and the company expected the retail industry to continue facing a difficult environment with persistent uncertainty.」
In addition to uncertainty caused by overseas economies and the global situation, the company explicitly identifies uncertainty in consumer behavior resulting from the spread of COVID-19 and the consumption tax increase. - FY2020-Q3ReframedAnnual report
「During the nine months ended 31 December, Japan's economy showed some signs of stagnation in corporate earnings, although the income environment continued to recover steadily. However, the outlook remained uncertain because the global situation was generally unstable.」
The factor cited for economic uncertainty has shifted from the previous quarter's "the global economy generally lacks momentum" to "the global situation is generally unstable." The company also states that corporate earnings show some signs of stagnation, while the income environment is recovering steadily. - FY2020-Q2ReframedAnnual report
「During the six months ended 30 September, Japan's economy continued to show improvements in corporate earnings and real incomes, and domestic demand remained firm. However, the outlook remained uncertain because the global economy generally lacked momentum.」
The factor cited for uncertainty about the economic outlook has shifted from downturns in overseas economies and trade friction to the global economy generally lacking momentum. - FY2020-Q1RestatedAnnual report
「During the three months ended 30 June, Japan's economy showed signs of a moderate recovery, with continued improvements in corporate earnings and the employment and income environment. However, the outlook remained uncertain due to the slowdown in the global economy, trade friction and other factors.」
The company points to improvements in corporate earnings and the employment and income environment while continuing to describe uncertainty about the outlook due to the slowdown in the global economy and trade friction. - FY2019ReframedAnnual report
「During the fiscal year, Japan's economy showed signs of a moderate recovery, with continued improvements in corporate earnings and the employment and income environment. However, the outlook remained uncertain due to the slowdown in the global economy, trade friction and other factors.」
The factors cited for uncertainty about the economic outlook have shifted from the foreign exchange market and downturns in overseas economies to the slowdown in the global economy, trade friction and other factors. - FY2019-Q3RestatedAnnual report
「During the nine months ended 31 December, Japan's economy showed a moderate recovery, with improvements in employment conditions and corporate earnings. However, the outlook remained uncertain due to unfavorable weather, sluggish growth in real incomes caused by rising prices, and instability in the international situation.」
The company points to improvements in employment and corporate earnings while continuing to describe uncertainty about the outlook due to unfavorable weather, sluggish growth in real incomes caused by rising prices, and instability in the international situation. - FY2019-Q2ReframedAnnual report
「During the six months ended 30 September, Japan's economy continued to recover moderately, with improvements in corporate earnings and the employment environment. However, the outlook remained uncertain due to unfavorable weather, sluggish growth in real incomes caused by rising prices, and instability in overseas economies.」
The factors cited for uncertainty about the economic outlook have become more specific, shifting from references to foreign exchange and overseas economies to unfavorable weather, sluggish growth in real incomes caused by rising prices, and instability in overseas economies. - FY2019-Q1RestatedAnnual report
「During the three months ended 30 June, Japan's economy was expected to continue recovering moderately, with corporate earnings improving and the employment and income environment continuing to recover, although the economic outlook remained uncertain due to uncertainty in overseas economies.」
The company points to a recovery in corporate earnings and the employment and income environment while continuing to describe uncertainty about the economic outlook due to uncertainty in overseas economies. - FY2018RestatedAnnual report
「During the fiscal year, Japan's economy showed signs of a moderate recovery against a backdrop of improving corporate earnings, particularly at large companies, and an improving employment environment. However, the economic outlook remained uncertain due to tensions in the global situation.」
The company points to improvements in corporate earnings and the employment environment while continuing to describe uncertainty about the economic outlook due to tensions in the global situation. - FY2018-Q3RestatedAnnual report
「During the nine months ended 31 December, Japan's economy showed improvements in employment conditions and corporate earnings and signs of a recovery in personal consumption. However, the economic outlook remained uncertain due to instability in the international situation.」
The company points to improvements in employment, corporate earnings and personal consumption while continuing to describe uncertainty about the economic outlook due to instability in the international situation. - FY2018-Q2ReframedAnnual report
「During the six months ended 30 September, Japan's economy continued to recover moderately, with improvements in the employment environment and corporate earnings and signs of a recovery in personal consumption. However, the outlook remained uncertain due to instability in the international situation.」
While the stated concern has shifted from the previous focus on a stronger yen, falling share prices and a downturn in overseas economies to instability in the international situation, domestic economic conditions and personal consumption are described as recovering or showing signs of a recovery. - FY2018-Q1SoftenedAnnual report
「During the three months ended 30 June, Japan's economy continued to show a moderate recovery, with improvements in the employment environment and corporate earnings, although personal consumption remained sluggish.」
The company describes a moderate economic recovery while noting that personal consumption remains sluggish. - FY2017RestatedAnnual report
「During the fiscal year, Japan's economy showed signs of a moderate recovery against a backdrop of government policies improving the income and employment environment, but the economic outlook remained uncertain due to volatile foreign exchange markets and the downturn in overseas economies.」
The company continues to describe uncertainty about the economic outlook due to volatile foreign exchange markets and the downturn in overseas economies as an external factor. - FY2017-Q3WorsenedAnnual report
「During the nine months ended 31 December, Japan's economy showed a moderate recovery as government policies improved the income and employment environment, but the outlook remained uncertain due to volatile foreign exchange markets and the downturn in overseas economies. In the retail sector, seasonal merchandise performed poorly because of unfavorable weather, and the prolonged weakness in personal consumption showed signs of continuing.」
In addition to uncertainty caused by foreign exchange markets and the downturn in overseas economies, the company describes signs that weak personal consumption are becoming prolonged, giving concrete form to concerns about the external environment. - FY2017-Q2First statedAnnual report
「Although a moderate recovery was seen as government policies improved the income and employment environment, the economic outlook remains uncertain due to the stronger yen, falling share prices and the downturn in overseas economies.」
The company describes an external environment in which the economic outlook remains uncertain against a backdrop of a stronger yen, falling share prices and a downturn in overseas economies.