Concerns over a slowdown in emerging-market economies and uncertainty about the outlook due to foreign-exchange fluctuations
First written in FY2017-Q1. 13 of 24 entries say "Restated". Latest entry: FY2027-H1.
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
55 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「During the interim consolidated accounting period (1 March 2026 to 31 August 2026), Japan's economy temporarily stalled, with personal consumption and housing investment remaining sluggish against the backdrop of rising resource prices attributable to the situation in the Middle East and other factors. However, corporate earnings remained at a certain level, and against the backdrop of continued wage increases and policy support, progress toward a virtuous cycle of rising wages and prices continued.」
The company continues to cite rising resource prices attributable to the situation in the Middle East, sluggish personal consumption and housing investment, and a temporary economic stall as concerns in the external environment. At the same time, it also notes progress toward a virtuous cycle driven by corporate earnings and wage increases. - FY2026ReframedAnnual report
「Going forward, although attention will be needed regarding uncertainty in the Middle East and the resulting surge in crude oil prices, as well as rising domestic prices, fiscal support is also expected, and the economy is considered likely to move toward a virtuous cycle in which wages rise along with prices.」
Rather than the previous need to monitor U.S. tariff policy and other factors, the filing identifies uncertainty in the Middle East, surging crude oil prices and rising domestic prices as new external environmental concerns. It also presents expectations for a virtuous cycle driven by fiscal support and wage increases. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, Japan's economy temporarily stagnated as personal consumption struggled against a backdrop of high prices amid continued uncertainty due to the impact of U.S. tariff policy and other factors. Going forward, Japan's economy is expected to slow temporarily due to downward pressure on overseas economies stemming from U.S. tariff policy, but the underlying trend is expected to remain one of gradual recovery, as corporate earnings remain at a certain level, corporate capital investment shows signs of recovery, and real wages are improving.」
The filing describes uncertainty due to U.S. tariff policy, sluggish personal consumption caused by high prices, stagnation in the economy and the prospect of a temporary slowdown, presenting the recovery outlook alongside downside risks. - FY2025Recovery outlook presented alongside interest rate hike and trade policy risksAnnual report
「Going forward, although it will be necessary to monitor various changes in domestic and overseas conditions, including continued interest rate hikes in Japan and the impact of U.S. trade policy, domestic economic activity is expected to remain on a gradual recovery trend, led by personal consumption, as domestic price increases ease somewhat and real wages improve.」
In addition to the previous need to monitor price increases and monetary policy, the filing cites continued interest rate hikes in Japan and U.S. trade policy as risk factors, while presenting an outlook for a continued gradual economic recovery. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period, Japan's economy saw personal consumption stagnate in its recovery amid continued price increases, but corporate earnings were generally improving, companies' willingness to invest remained strong, and the economy is considered to be recovering gradually. Going forward, although it will be necessary to monitor the impact of domestic and overseas monetary policies on the economy, personal consumption is expected to recover as domestic price increases ease somewhat and real wages improve, with the domestic economy expected to continue recovering, albeit gradually.」
While retaining the need to monitor the impact of rising prices and monetary policy, the filing points to improving real wages and the prospect of a continued economic recovery, with no major change in wording from the previous concerns over downside pressure on the economy. quantified is false and materialized is false. - FY2025-Q1SoftenedAnnual report
「During the cumulative consolidated first quarter, Japan's economy was weighed down by high prices, and personal consumption showed signs of stagnation in its recovery. However, corporate earnings generally improved, companies' willingness to invest remained strong, and the economy is considered to be recovering gradually. Going forward, although it will be necessary to monitor the impact of domestic and overseas monetary policies on the economy, inflation in Japan is expected to continue moderating and personal consumption is expected to recover as real wages begin to improve, with the domestic economy expected to remain on a gradual recovery trend.」
While retaining the need to monitor the impact of high prices and monetary policy, the filing points to moderating inflation, improving real wages and the prospect of a continued economic recovery, somewhat weakening the previous wording concerning downside risks to the economy. - FY2024-Q3SoftenedAnnual report
「During the cumulative consolidated third quarter, Japan's economy was showing signs of stagnation as personal consumption and corporate capital investment turned downward from the summer onward. However, domestic price increases are moderating, service consumption is showing signs of recovery, and companies' willingness to invest remains firm against a backdrop of strong corporate performance. The economy is therefore expected to continue recovering gradually.」
While describing stagnation in the domestic economy, the filing also points to moderating price increases, a recovery in service consumption and the prospect of a gradual economic recovery, somewhat weakening the previous wording concerning downside risks to the economy. - FY2024-Q2RestatedAnnual report
「Looking overseas, downward pressure on the economy from the cumulative effects of monetary tightening is expected to continue. Domestic price increases are also expected to remain high for the time being, and the pace of the domestic economic recovery is expected to remain gradual.」
We continue to describe downward pressure on the economy from overseas monetary tightening and concerns over a slowing economic recovery due to rising domestic prices. - FY2024-Q1RestatedAnnual report
「Looking overseas, although credit concerns at some European and U.S. banks are subsiding, concerns remain over downward pressure on the economy from the cumulative effects of monetary tightening. Domestic inflation is also expected to remain high for the time being, and the pace of the domestic economic recovery is expected to be gradual.」
We continue to describe overseas monetary tightening and credit concerns, as well as concerns over downward pressure on the economy from domestic inflation, as external sources of uncertainty. - FY2023RestatedAnnual report
「Meanwhile, concerns over an economic slowdown have emerged overseas as monetary tightening continues amid prolonged inflationary pressure. Against this backdrop, concerns also remain over the impact on the domestic economic recovery.」
We continue to describe the impact of overseas inflationary pressure, monetary tightening and concerns over an economic slowdown on the domestic economy as external sources of uncertainty. - FY2023-Q3WorsenedAnnual report
「Meanwhile, concerns remain over downside risks to the domestic economy from high prices and slowing overseas economies. For the time being, it is considered necessary to pay close attention to the impact of the spread of the eighth wave of COVID-19 infections, in addition to these risk factors.」
In addition to downside risks to the economy from high prices and slowing overseas economies, the filing explicitly identifies the impact of the spread of the eighth wave of COVID-19 infections as a risk factor, indicating broader external environmental concerns. - FY2023-Q2RestatedAnnual report
「However, since June this year, the rapid resurgence of infections, along with rising prices against a backdrop of higher resource prices and a weaker yen, has created concerns over downside risks to the economy. For the time being, it is considered necessary to pay close attention to the impact of global price increases and other factors on the domestic economy.」
As in the previous filing, we describe rising prices against a backdrop of higher resource prices and a weaker yen, and downside risks to the economy, as external environmental concerns. - FY2023-Q1ReframedAnnual report
「Meanwhile, concerns remain over downward pressure on personal consumption accompanying rising prices against a backdrop of higher resource prices and a weaker yen. The outlook for an economic recovery is considered to require close attention to these downside risks for the time being.」
The description of external environmental concerns has shifted from uncertainty caused by slowing emerging-market economies and currency fluctuations to rising prices against a backdrop of higher resource prices and a weaker yen, and downside risks to the economic recovery. - FY2021-Q1DroppedAnnual report
「During the cumulative consolidated first quarter, Japan's economy saw its outlook change sharply from the beginning of the year due to stagnation in economic activity caused by the spread of COVID-19 and sluggish personal consumption, and the impact is extremely difficult to predict.」
This filing does not explicitly mention the previous uncertainty caused by overseas economies and currency fluctuations, focusing instead on the impact of COVID-19 on the domestic economy. - FY2020-Q3RestatedAnnual report
「Although the economy is gradually recovering as corporate earnings remain firm, the economic outlook remains uncertain due to increasing instability in overseas conditions and other factors.」
We continue to describe uncertainty over the economic outlook due to increasing instability in overseas conditions. - FY2020-Q2RestatedAnnual report
「During the cumulative consolidated second quarter, Japan's economy remained on a gradual recovery trend against a backdrop of improving employment conditions and corporate earnings, but the economic outlook is becoming more uncertain due to increasing instability in overseas conditions and other factors.」
We continue to describe uncertainty over the economic outlook due to increasing instability in overseas conditions. - FY2020-Q1Renewed mention of uncertainty due to overseas conditionsAnnual report
「Although the economy remained on a gradual recovery trend against a backdrop of improving employment conditions and corporate earnings, the economic outlook is becoming more uncertain due to increasing instability in overseas conditions and other factors.」
Rather than the previous specific references to emerging-market economies and currency fluctuations, the filing again describes economic uncertainty caused by increasing instability in overseas conditions. It also states that there are no new risks or significant changes in the Risks Related to Business Operations section. - FY2018DroppedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a gradual recovery trend, as employment conditions and corporate earnings improved and signs of recovery emerged in personal consumption and capital investment.」
This filing does not contain the previous references to concerns over slowing emerging-market economies or currency fluctuations, and describes a gradual recovery trend in the domestic economy. - FY2018-Q1RestatedAnnual report
「During the cumulative consolidated first quarter, Japan's economy remained on a gradual recovery trend, with signs of improvement in employment and income conditions, although the outlook remained uncertain due to the impact of new U.S. policies, developments in the European and emerging-market economies, and other factors.」
We continue to describe uncertainty over the outlook due to U.S. policies and developments in the European and emerging-market economies, while also noting a gradual recovery trend in the domestic economy. - FY2017-Q3RestatedAnnual report
「During the cumulative consolidated third quarter, Japan's economy remained on a gradual recovery trend, but concerns over the impact of overseas economies and interest rate and foreign exchange market movements meant that the economic outlook remained uncertain.」
We continue to describe uncertainty over the economic outlook due to trends in overseas economies, interest rates and foreign exchange markets. - FY2017-Q2RestatedAnnual report
「The economic outlook remains uncertain amid slowing economies in emerging Asian countries and resource-rich countries, as well as currency fluctuations in overseas financial markets.」
We continue to describe the uncertainty caused by slowing emerging-market and resource-rich economies and currency fluctuations. - FY2017-Q1First statedAnnual report
「Meanwhile, the economic outlook remains uncertain due to concerns over slowing emerging-market economies, including China, and currency fluctuations.」
We cite slowing emerging-market economies and currency fluctuations as external environmental concerns.