Weak business sentiment and consumer confidence
First written in FY2017-Q1. 15 of 38 entries say "Restated". Latest entry: FY2027-H1.
Felissimo moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
19 other companies' latest entry also says "Reframed".
- FY2027-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's economy was expected to recover moderately as employment and income conditions improved and the effects of various policies emerged. However, the outlook remained uncertain, with a need to closely monitor the situation in the Middle East and the effects of natural disasters, as well as the impact of volatility in financial and capital markets.」
While pointing to improving employment and income conditions and expectations of a moderate recovery, the company identified the situation in the Middle East and natural disasters, in addition to continued volatility in financial and capital markets, as factors requiring close attention, thereby reshaping the external risk profile. - FY2026RestatedAnnual report
「The outlook remained uncertain due to the impact of unstable international conditions, including rising prices, volatility in financial and foreign exchange markets, and developments in U.S. trade policies such as tariff increases.」
The report continues to describe uncertainty over the outlook due to high prices, volatility in financial and foreign exchange markets, US tariff policy, and the unstable international situation. - FY2026-H1WorsenedAnnual report
「In addition to the existing uncertainty arising from high prices and the international situation, downside risks to the economy from US trade policy increased, while the impact of rising prices on personal consumption and other factors also became risks weighing on Japan's economy. Greater attention was also required to the effects of volatility in financial and capital markets, and the outlook remained uncertain.」
In addition to the previous uncertainty from high prices and the international situation, the report explicitly identifies downside risks to the economy from US trade policy and volatility in financial and capital markets, indicating that external-environment risks had intensified. - FY2025WorsenedAnnual report
「For the fiscal year ending February 2026, the business environment is assumed to remain uncertain. The pace of economic recovery could slow due to issues including a slowdown in the global economy, restrained capital investment resulting from weaker corporate performance, and labor shortages, all stemming from an unstable international environment affected by high prices, volatility in financial and foreign exchange markets, and the US administration's tariff increases.」
High prices, volatility in financial and foreign exchange markets, US tariff policy, a slowdown in the global economy, restrained capital investment, and labor shortages are listed as new sources of uncertainty. - FY2025-Q1WorsenedAnnual report
「At the same time, personal consumption remained sluggish under the impact of higher prices resulting from soaring raw material and energy prices and rising import costs amid the yen's depreciation trend.」
It states that soaring raw material and energy prices and higher import costs caused by the yen's depreciation are hindering the recovery in personal consumption through higher prices. - FY2024-Q3RestatedAnnual report
「During the nine-month period ended 30 November 2023 (1 March 2023 to 30 November 2023), Japan's economy was expected to continue its gradual recovery toward the normalization of economic activity following the reclassification of COVID-19 as a Class 5 infectious disease. However, the outlook remained uncertain due to inflation driven by soaring energy and raw material prices and the effects of global monetary tightening.」
The report continues to describe uncertainty over the outlook due to high prices and global monetary tightening, while noting expectations for the reclassification of COVID-19 and the normalization of economic activity. - FY2024-Q2ReframedAnnual report
「While the COVID-19 pandemic was reclassified as a Category V infectious disease and a gradual recovery toward the normalization of economic activity was expected to continue, the economic outlook remained uncertain due to inflation caused by soaring energy and raw-material prices and the impact of global monetary tightening.」
While indicating expectations for the transition of COVID-19 to Category V and the normalization of economic activity, continued uncertainty due to inflation and global monetary tightening is noted. - FY2024-Q1RestatedAnnual report
「However, the economic outlook remained uncertain due to inflation caused by soaring energy and raw-material prices and the impact of global monetary tightening.」
Continued uncertainty regarding the economic outlook due to soaring energy and raw-material prices and global monetary tightening is noted. - FY2023RestatedAnnual report
「Japan's economy during the consolidated fiscal year showed signs of moving toward normalization following the easing of restrictions related to COVID-19. However, the economic outlook remained uncertain due to rapid yen depreciation and inflation caused by soaring energy and raw-material prices.」
While recognizing the normalization of economic activity, continued uncertainty regarding the outlook due to yen depreciation and soaring energy and raw-material prices is noted. - FY2023-Q3RestatedAnnual report
「During the cumulative first nine months of the consolidated fiscal year from 1 March 2022 to 30 November 2022, economic activity showed signs of moving toward normalization following the easing of restrictions related to COVID-19. However, the economic outlook remained uncertain due to rapid yen depreciation and inflation caused by soaring crude oil and raw-material prices.」
While recognizing progress toward normalization of economic activity, continued uncertainty regarding the outlook due to rapid yen depreciation, soaring crude oil and raw-material prices, and inflation is noted. - FY2023-Q2WorsenedAnnual report
「However, the outlook remained uncertain due to the impact of the renewed spread of the COVID-19 pandemic, as well as rapid yen depreciation caused by monetary policies in various countries and soaring crude oil and raw-material prices.」
The renewed spread of the pandemic, rapid yen depreciation, and soaring crude oil and raw-material prices are cited as sources of uncertainty in the external environment. - FY2023-Q1ReframedAnnual report
「During the cumulative first quarter of the consolidated fiscal year from 1 March 2022 to 31 May 2022, economic activity moved toward normalization following the full lifting of priority preventive measures in March, and the economy showed temporary signs of recovery. However, the outlook remained uncertain due to the still-unforeseeable end of the COVID-19 pandemic, rising geopolitical risks including Russia's invasion of Ukraine, soaring resource prices, supply constraints and higher crude oil prices.」
While recognizing the normalization of economic activity and a temporary economic recovery, COVID-19, Russia's invasion of Ukraine, soaring resource prices, supply constraints and higher crude oil prices are identified as sources of uncertainty regarding the outlook. - FY2022ReframedAnnual report
「Japan's economy during the consolidated fiscal year showed signs that the COVID-19 pandemic was subsiding as vaccination progressed nationwide, and the economy temporarily showed signs of recovery partly due to the effects of various policies. However, from December 2021 onward, the spread of the Omicron variant led to the reintroduction of priority preventive measures in many prefectures, and the outlook remained uncertain.」
While recognizing signs that the pandemic was subsiding due to vaccinations and a temporary economic recovery, the view has been revised to one of an uncertain outlook due to the spread of the Omicron variant and the priority preventive measures. - FY2022-Q3RestatedAnnual report
「During the cumulative first nine months of the consolidated fiscal year from 1 March 2021 to 30 November 2021, difficult economic conditions due to the COVID-19 pandemic continued, while personal consumption showed signs of recovery following the lifting of the state of emergency.」
While maintaining the view that difficult economic conditions caused by the COVID-19 pandemic continue, the recovery in personal consumption following the lifting of the state of emergency is also noted. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter of the consolidated fiscal year from 1 March 2021 to 31 May 2021, the impact of the COVID-19 pandemic on Japan's economy remained significant. Although vaccinations had begun, a state of emergency had been declared in some regions, and the outlook remained uncertain. Personal consumption showed some signs of recovery, but the difficult conditions persisted amid uncertainty over the end of the pandemic.」
The significant ongoing impact of the COVID-19 pandemic, the state of emergency, the uncertain outlook, and the prolonged difficult conditions for personal consumption are noted. - FY2021RestatedAnnual report
「In the retail sector, personal consumption continued to recover, including through the ongoing expansion of online shopping driven by stay-at-home consumption, but the economic outlook remained uncertain as the end of the COVID-19 pandemic remained unforeseeable.」
While recognizing the expansion of online shopping and the recovery in personal consumption, the existing view of an uncertain outlook due to the lack of visibility regarding the end of the COVID-19 pandemic continues. - FY2021-Q3RestatedAnnual report
「During the cumulative first nine months of the consolidated fiscal year from 1 March 2020 to 30 November 2020, Japan's economy continued to deteriorate rapidly due to the impact of the COVID-19 pandemic and remained in a difficult condition. Although personal consumption showed signs of recovery, economic conditions remained difficult amid concerns over the spread of the pandemic.」
The impact of the COVID-19 pandemic on the economy and personal consumption, together with difficult economic conditions, continues to be noted. The recovery in personal consumption is also mentioned, with no major change in the wording from the previous quarter. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter of the consolidated fiscal year from 1 March 2020 to 31 August 2020, Japan's economy continued to deteriorate rapidly due to the impact of the COVID-19 pandemic and remained in a difficult condition. Although personal consumption showed signs of recovery, economic conditions remained difficult amid concerns over the spread of the pandemic.」
The continued economic deterioration and difficult economic conditions caused by the COVID-19 pandemic are noted. Signs of recovery in personal consumption are also presented. - FY2021-Q1MaterialisedAnnual report
「During the cumulative first quarter of the consolidated fiscal year from 1 March 2020 to 31 May 2020, Japan's economy continued to deteriorate rapidly due to the impact of the COVID-19 pandemic and was in an extremely severe condition. Personal consumption also declined rapidly due to the impact of the pandemic.」
The impact of the COVID-19 pandemic is described as having caused an actual rapid deterioration in the domestic economy and a rapid decline in personal consumption. - FY2020WorsenedAnnual report
「However, the outlook remained uncertain due to the impact of developments surrounding trade issues on overseas economies, fluctuations in financial and capital markets, and the impact of the COVID-19 pandemic on domestic and overseas economies.」
In addition to uncertainty in overseas economies, the impact of the COVID-19 pandemic on domestic and overseas economies is cited as a new source of uncertainty. - FY2020-Q3WorsenedAnnual report
「However, the outlook remained uncertain due to uncertainty in overseas economies, including developments in trade issues and the outlook for China's economy, as well as trends in consumer confidence following the consumption tax rate increase.」
In addition to uncertainty in overseas economies, trends in consumer confidence following the consumption tax rate increase are cited as a source of uncertainty, adding to the external-environment risks. - FY2020-Q2RestatedAnnual report
「However, the outlook remained uncertain due to uncertainty in overseas economies, including developments in trade issues and the future of China's economy.」
While recognizing a moderate recovery trend in the domestic economy, uncertainty arising from trade issues and the outlook for China's economy continues to be noted. - FY2020-Q1WorsenedAnnual report
「However, the outlook remained uncertain as concerns over a prolonged US-China trade dispute and an economic slowdown in China and Europe intensified further.」
The prolonged US-China trade dispute and increasingly strong concerns over an economic slowdown in China and Europe are noted in addition to the existing trade issues and uncertainty in overseas economies. - FY2019WorsenedAnnual report
「However, the outlook remained uncertain due to the potential impact of trade issues on the global economy, uncertainty in overseas economies, and the economic impact of successive natural disasters.」
While recognizing a moderate recovery in the domestic economy, the impact of successive natural disasters is cited, in addition to trade issues and uncertainty in overseas economies, as a source of uncertainty. - FY2019-Q3WorsenedAnnual report
「During the cumulative first nine months of the consolidated fiscal year from 1 March 2018 to 30 November 2018, Japan's economy remained on a moderate recovery track as corporate earnings and employment and income conditions continued to improve. However, the outlook remained uncertain due to the potential impact of trade issues on the global economy, uncertainty in overseas economies, and the economic impact of successive natural disasters.」
While recognizing a moderate recovery in the domestic economy, the impact of successive natural disasters has been added to trade issues and uncertainty in overseas economies as a source of uncertainty. - FY2019-Q2ReframedAnnual report
「During the cumulative second quarter of the consolidated fiscal year from 1 March 2018 to 31 August 2018, Japan's economy remained on a moderate recovery track as corporate earnings and employment and income conditions continued to improve, but remained uncertain due to the potential impact of trade issues on the global economy and uncertainty in overseas economies.」
While recognizing domestic corporate earnings, employment and income conditions, and the economic recovery, trade issues and uncertainty in overseas economies are identified as new sources of uncertainty. - FY2019-Q1MitigatedAnnual report
「During the cumulative first quarter of the consolidated fiscal year from 1 March 2018 to 31 May 2018, Japan's economy remained on a moderate recovery track overall, with personal consumption continuing to recover against a backdrop of strong corporate earnings and improving employment and income conditions.」
The recovery in corporate earnings, employment and income conditions, and personal consumption, together with the moderate recovery trend, is noted, while the previous references to weak consumer confidence and business sentiment have receded. - FY2018ReframedAnnual report
「Personal consumption and consumer confidence recovered, and personal consumption generally remained firm. However, the outlook for the economy remained uncertain due to the spread of protectionist sentiment in Europe and North America and concerns over geopolitical risks in Asia.」
While weakness in domestic personal consumption and consumer confidence eased, protectionism in Europe and North America and geopolitical risks in Asia were identified as factors contributing to an uncertain outlook. - FY2018-Q3RestatedAnnual report
「During the cumulative first nine months of the consolidated fiscal year from 1 March 2017 to 30 November 2017, Japan's economy remained on a moderate recovery track as personal consumption and capital investment also showed signs of recovery amid continued improvement in employment and income conditions.」
The recovery in employment and income conditions, personal consumption and capital investment, together with the moderate recovery trend, reflects the same view of the external environment as in the previous quarter. - FY2018-Q2MitigatedAnnual report
「During the cumulative second quarter of the consolidated fiscal year from 1 March 2017 to 31 August 2017, Japan's economy remained on a moderate recovery track as personal consumption and capital investment also showed signs of recovery amid continued improvement in employment and income conditions.」
The recovery in personal consumption and capital investment, in addition to employment and income conditions, is noted, indicating that the weakness of the external economic environment has continued to ease. - FY2018-Q1MitigatedAnnual report
「During the cumulative first quarter of the consolidated fiscal year from 1 March 2017 to 31 May 2017, Japan's economy remained on a moderate recovery track overall, as personal consumption continued to recover while employment and income conditions continued to improve.」
The recovery in personal consumption and the moderate recovery trend are noted, indicating that the weakness of the external environment has eased from the previous references to stalled consumption and an uncertain outlook. - FY2017RestatedAnnual report
「Although personal consumption showed some signs of stagnation amid improving employment conditions, it generally continued to recover.」
The references to both stalled and recovering personal consumption continue the previous description of the external environment. - FY2017-Q3MitigatedAnnual report
「During the cumulative first nine months of the consolidated fiscal year from 1 March 2016 to 30 November 2016, Japan's economy remained on a moderate recovery track as employment conditions continued to improve and personal consumption remained firm.」
The improvement in employment conditions, resilience in personal consumption and moderate economic recovery are noted, indicating that the weakness of the external environment has eased from the previous references to stalled personal consumption and an uncertain outlook. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter of the consolidated fiscal year from 1 March 2016 to 31 August 2016, Japan's economy showed signs of a moderate recovery as employment and income conditions continued to improve, but the outlook remained uncertain, including because personal consumption had stalled.」
The improvement in employment and income conditions, the stagnation in personal consumption, and the uncertain outlook are presented together, continuing the existing description of the external environment. - FY2017-Q1First statedAnnual report
「Business sentiment and consumer confidence remained weak.」
Weak business sentiment and consumer confidence were cited as external factors in the economic environment.