Uncertainty over the outlook for the domestic economy and emerging Asian economies
First written in FY2016-Q2. 16 of 37 entries say "Reframed", first in FY2017-Q2. Latest entry: 2026-09-30.
Bike O & Company 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.
58 other companies' latest entry also says "Restated".
- 2026-09-30RestatedRevisions to earnings forecasts
「In the fourth quarter, we will continue to take into account risks such as uncertainty in the external environment and plan to make investments in preparation for the next fiscal year and beyond, including investments in equipment.」
Although the earnings forecast has been revised upward, the company states that it will continue to take into account risks such as uncertainty in the external environment in the fourth quarter. - FY2026-H1MitigatedAnnual report
「During the interim consolidated accounting period under review, real GDP growth in the January-March quarter of 2026 was +1.8% on an annualized basis, marking positive growth for the second consecutive quarter. Regarding prices, the all-items index rose 1.4% year on year in April, while the core-core index excluding fresh food and energy rose 1.9%, with both rates of increase slowing. Real wages rose 1.4% in March, marking positive growth for the third consecutive month.」
The disclosure cites indicators showing improvement in real GDP, inflation and real wages, while also stating that the impact of the situation in the Middle East requires close monitoring. - FY2025WorsenedAnnual report
「During the consolidated fiscal year under review, real GDP growth in the July-September quarter was -2.3% on an annualized basis, marking the first negative growth in six quarters. Regarding prices, the all-items index rose 3.0% year on year in October, while the core-core index excluding fresh food and energy rose 3.1%, with increases continuing. Real wages remained on a downward trend due to the impact of rising prices, declining for the third consecutive month in October.」
While indicating a view that the economy is recovering moderately, the disclosure specifies negative GDP growth, rising prices and negative real wages as new sources of uncertainty. - FY2025-H1ReframedAnnual report
「During the interim consolidated accounting period under review, Japan’s economy contracted, with real GDP growth in the January-March quarter at an annualized rate of -0.2%, marking the first negative growth in four quarters. The Cabinet Office’s June Monthly Economic Report adopted a somewhat more cautious view, stating that “the economy is recovering moderately, but uncertainty stemming from US trade policy and other factors can be seen,” and that “regarding the outlook, improvements in employment and income conditions and the effects of various policies are expected to support a moderate recovery.” Regarding prices, the all-items index in April 2025 rose 3.6% year on year, exceeding 3% for the fifth consecutive month, particularly due to the continued surge in rice prices. Although wage growth remained solid amid high inflation, real wages declined for the third consecutive month. Among overseas factors, the impact of Trump’s tariffs on prices and exports has become a source of concern regarding the outlook for Japan’s economy.」
While indicating expectations for a moderate economic recovery, the disclosure identifies negative GDP growth, high inflation, negative real wages, and US trade policy and Trump’s tariffs as new sources of uncertainty. - FY2024ReframedAnnual report
「Meanwhile, the return of Mr. Trump as the next US president has made the impact on trade policy, including tariffs, and on the war in Ukraine and the Israel-Gaza war difficult to predict. Concerns about the prolonged weakness of the Chinese economy also remain, creating sources of concern regarding the outlook for Japan’s economy.」
The disclosure indicates a view that the economy is recovering moderately, while identifying US trade policy, the situations in Ukraine and Israel, and weakness in the Chinese economy as sources of concern for the outlook. - FY2024-Q2ReframedAnnual report
「In the motorcycle industry in which the Group operates, interest in motorcycles has begun to level off as social and economic activity normalizes in the post-COVID period.」
The disclosure presents a mixed domestic economic environment, citing weakness such as an annualized real GDP growth rate of -1.8%, a fourth consecutive quarterly decline in private consumption and core-core CPI of 2.4%, while also listing supportive factors including inbound demand, corporate performance, wage increases and tax cuts. - FY2024-Q1ReframedAnnual report
「During the cumulative first quarter under review, real GDP growth in the October-December quarter turned positive at an annualized rate of +0.4%, but private consumption remained weak, declining for the third consecutive quarter. In January, new negative factors also emerged, including the suspension of operations at some automobile manufacturers’ plants and the Noto Peninsula Earthquake. Although the core-core CPI was still high at 3.5% in January, the rate of increase continued to slow and signs of stabilization were visible. Meanwhile, geopolitical risks included the protracted conflicts in Ukraine and between Israel and Palestine, as well as China’s economic weakness and concerns about the next US president, and vigilance regarding the outlook for Japan’s economy continued.」
The disclosure points to supportive factors including GDP growth, inbound demand and corporate performance, while identifying weak private consumption, rising prices, plant shutdowns, the Noto Peninsula Earthquake, weakness in the Chinese economy and concerns about the next US president as new sources of uncertainty. - FY2023WorsenedAnnual report
「Meanwhile, geopolitical risks continue to cause concern, as the protracted conflict in Ukraine has been joined by the Israel-Palestine conflict, creating a new source of concern for Japan’s economy.」
In addition to the situation in Ukraine and other existing factors, the disclosure cites the Israel-Palestine conflict as a new source of concern for the economy. - FY2023-Q3ReframedAnnual report
「During the cumulative third quarter under review, real GDP growth in the April-June quarter was positive for the second consecutive quarter, indicating that the economic recovery was continuing. ... Meanwhile, inflationary pressures remained strong, continuing to weigh on the recovery in private consumption. In addition, downside risks to the overseas economy, including the effects of global monetary tightening and concerns about the outlook for the Chinese economy, pose a risk of weighing on Japan’s economy.」
The disclosure points to an economic recovery and strong corporate earnings, while identifying inflation, monetary tightening and concerns about the outlook for the Chinese economy as downside risks. - FY2023-Q2MitigatedAnnual report
「Although concerns over the situation in Ukraine and inflation remain, uncertainty is considered to have eased.」
The disclosure has shifted to stating that, although concerns over the situation in Ukraine and inflation remain, uncertainty surrounding domestic and overseas economic conditions has eased. - FY2023-Q1RestatedAnnual report
「However, despite the continuation of monetary tightening measures by advanced economies, global inflation has yet to subside, and conditions are expected to remain uncertain.」
The disclosure continues to describe the outlook as uncertain due to monetary tightening by advanced economies and rising global inflation. - FY2022WorsenedAnnual report
「However, conditions are expected to remain uncertain due to concerns about a slowdown in overseas economies resulting from rising global inflation and the monetary tightening measures adopted by advanced economies in response.」
In addition to the previously cited rise in inflation and monetary tightening measures, the disclosure explicitly cites concerns about a slowdown in overseas economies. - FY2022-Q3WorsenedAnnual report
「However, conditions are expected to remain uncertain due to the renewed spread of infections, rising global inflation extending beyond resource and raw-material prices, including energy prices, and the monetary tightening measures adopted by advanced economies in response.」
In addition to the renewed spread of infections, the disclosure adds rising global inflation and monetary tightening measures by advanced economies as new sources of uncertainty. - FY2022-Q2ReframedAnnual report
「During the cumulative second quarter under review, the difficult conditions caused by COVID-19 gradually eased following the lifting of the state of emergency and priority preventive measures, and social and economic activity showed signs of recovery. However, conditions are expected to remain uncertain because the effects of the rapid reopening of economic activity and rising resource and raw-material prices accompanying the worsening situation in Ukraine are difficult to predict.」
The disclosure points to easing of the impact of the pandemic and a recovery in social and economic activity, while citing the rapid reopening of the economy, the situation in Ukraine and rising resource and raw-material prices as new sources of uncertainty. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan’s economy was moving toward normalization of social and economic activity as the number of new infections declined due to the progress of COVID-19 vaccinations and other factors. However, conditions are expected to remain uncertain due to the renewed spread of COVID-19 caused by the new Omicron variant and Russia’s invasion of Ukraine.」
In addition to signs of recovery and normalization, the disclosure adds the renewed spread of the Omicron variant and Russia’s invasion of Ukraine as new sources of uncertainty. - FY2021ReframedAnnual report
「During the fiscal year under review, Japan’s economy moved toward normalization of economic and social activity as the rollout of COVID-19 vaccinations progressed and the number of new infections fell sharply. The recovery in exports and capital investment became more pronounced, and private consumption also showed signs of recovery. However, the timing of the end of the pandemic remains unclear due to the emergence of new COVID-19 variants, and conditions are expected to remain uncertain.」
The disclosure has shifted to describing signs of recovery and normalization resulting from vaccinations and the decline in infections, while stating that the timing of the end of the pandemic remains uncertain due to new variants. - FY2021-Q3ReframedAnnual report
「During the cumulative third quarter under review, the economies of Western countries and China began moving toward normalization as vaccination programs progressed, and the recovery in exports and capital investment became more pronounced. Meanwhile, although private consumption began to show signs of recovery as vaccinations progressed, it was weighed down by factors including the extension of the state of emergency due to the renewed spread of infections, and overall conditions are expected to remain uncertain.」
The disclosure continues to describe the outlook as uncertain, citing signs of recovery in overseas economies, exports, capital investment and private consumption, while also pointing to the drag from the renewed spread of infections and the extension of the state of emergency. - FY2021-Q2ReframedAnnual report
「During the cumulative second quarter under review, the economies of Western countries and China began moving toward normalization as vaccination programs progressed, and the recovery in exports and capital investment became more pronounced. However, although vaccinations had begun to advance, private consumption was weighed down by factors including the extension of the state of emergency, and overall conditions are expected to remain uncertain.」
The disclosure points to normalization in overseas economies and a recovery in exports and capital investment, while citing the drag on private consumption from the extension of the state of emergency and the uncertain outlook. - FY2021-Q1ReframedAnnual report
「During the cumulative first quarter under review, Japan’s economy showed signs of recovery due to large-scale global monetary easing and fiscal stimulus. However, uncertainty is expected to persist, including because the outlook for the spread of vaccinations remains unclear and the spread of COVID-19 has not yet begun to subside.」
The disclosure points to signs of recovery from monetary easing and fiscal stimulus, while citing the uncertain outlook for vaccination coverage and the lack of resolution of the pandemic as factors contributing to uncertainty. - FY2020RestatedAnnual report
「During the fiscal year under review, Japan’s economy remained in difficult conditions due to the stagnation of global economic activity caused by the spread of COVID-19. The outlook is also expected to remain uncertain, including due to concerns about the renewed spread and prolongation of COVID-19.」
The disclosure continues from the previous quarter to cite the economic stagnation caused by COVID-19 and concerns about its renewed spread and prolongation. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan’s economy showed a moderate recovery, supported by improvements in corporate earnings and employment and income conditions. However, as the global economy has entered a recession due to the spread of COVID-19, and concerns have emerged that the stagnation of economic activity may be prolonged, difficult conditions are expected to continue both in Japan and overseas.」
In addition to the global recession caused by COVID-19, the disclosure expresses concern that the stagnation of economic activity may be prolonged and describes the outlook in Japan and overseas as difficult. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter under review, Japan’s economy showed a moderate recovery, supported by improvements in corporate earnings and employment and income conditions. However, as the global economy is entering a recession due to the spread of COVID-19, difficult conditions are expected to continue both in Japan and overseas.」
Following the global recession caused by the spread of COVID-19, the disclosure describes the outlook in Japan and overseas as more difficult than before. - FY2020-Q1WorsenedAnnual report
「However, uncertainty remains over the outlook due to uncertainty in the global economy resulting from US-China trade friction, the spread of COVID-19 and other factors.」
In addition to US-China trade friction and other factors, the disclosure adds the spread of COVID-19 as a source of uncertainty in the global economy. - FY2019RestatedAnnual report
「However, uncertainty remains over the outlook due to uncertainty in the overseas economy resulting from US-China trade friction and other factors.」
The disclosure continues to cite uncertainty in the overseas economy resulting from US-China trade friction and other factors as a source of uncertainty over the outlook. - FY2019-Q3RestatedAnnual report
「However, uncertainty remains over the outlook due to uncertainty in the overseas economy resulting from US-China trade friction and other factors.」
The disclosure continues to cite uncertainty in the overseas economy resulting from US-China trade friction and other factors as a source of uncertainty over the outlook. - FY2019-Q2RestatedAnnual report
「However, uncertainty remains over the outlook due to uncertainty in the overseas economy resulting from US-China trade friction and other factors.」
The disclosure continues to cite uncertainty in the overseas economy resulting from US-China trade friction as a factor contributing to an uncertain outlook for the domestic economy. - FY2019-Q1ReframedAnnual report
「However, uncertainty remains over the outlook due to uncertainty in the overseas economy resulting from US-China trade friction and the planned increase in the consumption tax rate.」
In addition to geopolitical risk and US policy developments, the disclosure cites US-China trade friction and the planned increase in the consumption tax rate as sources of uncertainty. - FY2018-Q2ReframedAnnual report
「However, uncertainty remains over the outlook due to concerns about US policy developments and uncertainty in the overseas economy.」
The disclosure has shifted from the previous broad reference to geopolitical risk and other factors to wording that cites US policy developments and uncertainty in the overseas economy as contributing factors. - FY2018-Q1RestatedAnnual report
「However, uncertainty remains over the outlook, including the heightened geopolitical risk.」
The disclosure continues to describe the outlook as uncertain due to heightened geopolitical risk. - FY2017ReframedAnnual report
「However, uncertainty remains over the outlook, including the heightened geopolitical risk.」
The disclosure has shifted from listing specific factors affecting the overseas economy and political situation to the broader expression “heightened geopolitical risk.” - FY2017-Q3RestatedAnnual report
「However, uncertainty remains over the outlook, including concerns about the impact on the domestic economy of uncertainty in the overseas economy, changes in the political situation and other factors.」
The disclosure continues to cite concerns about the impact on the domestic economy of uncertainty in the overseas economy and changes in the political situation. - FY2017-Q2ReframedAnnual report
「However, uncertainty remains over the outlook, including concerns about the impact on the domestic economy of uncertainty in the overseas economy, changes in the political situation and other factors.」
The disclosure has shifted from listing specific factors, such as the UK’s withdrawal from the EU and policy changes by the new US administration, to more general wording about uncertainty in the overseas economy and changes in the political situation. - FY2017-Q1WorsenedAnnual report
「However, uncertainty remains over the outlook, including concerns about the impact on the domestic economy of heightened uncertainty in the overseas economy resulting from the UK’s withdrawal from the EU, policy changes by the new US administration and other factors.」
In addition to the UK’s withdrawal from the EU, the disclosure cites policy changes by the new US administration as a source of uncertainty in the overseas economy. - FY2016-Q3WorsenedAnnual report
「However, uncertainty remains over the outlook, including concerns about the impact on the domestic economy of worsening economic conditions in Asian countries, particularly China, and resource-rich countries, as well as heightened uncertainty in the overseas economy resulting from the UK’s withdrawal from the EU and other factors.」
In addition to downturns in Asian countries and resource-rich countries, the disclosure cites heightened uncertainty in the overseas economy resulting from the UK’s withdrawal from the EU and other factors. - FY2016-Q2First statedAnnual report
「However, uncertainty remains over the outlook, including concerns about the impact on the domestic economy of downturns in China and other emerging Asian economies and resource-rich countries.」
The disclosure cites concerns that downturns in emerging Asian economies and resource-rich countries could affect the domestic economy and describes the outlook as uncertain.