Uncertainty in Overseas Economies Due to the Slowdown in the Chinese Economy and the UK's Decision to Leave the EU
First written in FY2017-Q1. 9 of 19 entries say "Reframed", first in FY2017-Q2. Latest entry: 2026-05-15.
TORIDOLL Holdings moved to the "Worse" side of this theme in 2023, 4 years after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 33 of 40 companies on the "Worse" side.
13 other companies' latest entry also says "Restated".
- 2026-05-15RestatedRevisions to earnings forecasts
「雇用情勢や賃金の上昇等による所得環境の改善に伴い、消費動向は緩やかな回復基調にあるものの、物価上昇の継続による消費意欲の減速や地政学リスクの高まり等により、先行き不透明な経営環境が続いております。」
消費意欲の減速や地政学リスクを含む外部環境の不透明性を継続して示している。 - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period (1 April 2025 to 30 September 2025), Japan's economy remained in an uncertain business environment. Consumption was on a gradual recovery trend as the income environment improved due to higher employment and wages, but consumer sentiment slowed amid continuing inflation and rising geopolitical risks.」
It explicitly identifies slowing consumer sentiment due to continuing inflation and rising geopolitical risks as factors creating uncertainty in the external environment. - FY2023-Q3ReframedAnnual report
「In Japan, compared with the same period of the previous year, when a state of emergency and priority preventive measures were implemented to prevent the spread of COVID-19, human mobility increased substantially and the number of customers at restaurants continued to recover. Overseas, business conditions recovered in Europe and the United States as restrictions on activities were largely lifted, while restrictions were also eased in Taiwan and Southeast Asia. Conditions differed by region, however, with restrictions on activities continuing in China and Hong Kong.」
It highlights regional differences in the external environment, with recovery progressing in Japan, Europe and the United States, Taiwan and Southeast Asia, while restrictions on activities continued in China and Hong Kong. - FY2021RestatedAnnual report
「The Japanese economy faced difficult conditions due to the spread of COVID-19.」
It continues to indicate uncertainty and challenging conditions in the external environment, including the spread of COVID-19. - FY2021-Q2WorsenedAnnual report
「During the first six months of the fiscal year ending 30 September 2020 (1 April 2020 to 30 September 2020), the Japanese economy faced difficult conditions due to the spread of COVID-19.」
It states that, in addition to the previous overseas economic and trade-friction issues, the domestic economy faced difficult conditions due to the spread of COVID-19. - FY2020-Q3RestatedAnnual report
「During the first nine months of the fiscal year ending 31 December 2019 (1 April 2019 to 31 December 2019), the Japanese economy remained on a gradual recovery trend as corporate earnings and employment conditions continued to improve. However, the outlook for the economy remained uncertain due to concerns including US-China trade friction, the outlook for the Chinese economy and uncertainty in overseas economies.」
US-China trade friction, the outlook for the Chinese economy and uncertainty in overseas economies continued to be cited as factors clouding the outlook for the economy. - FY2020-Q2RestatedAnnual report
「During the first six months of the fiscal year ending 30 September 2019 (1 April 2019 to 30 September 2019), the Japanese economy remained on a gradual recovery trend as corporate earnings and employment conditions continued to improve. However, the outlook for the economy remained uncertain due to concerns including US-China trade friction, the outlook for the Chinese economy and uncertainty in overseas economies.」
US-China trade friction, the outlook for the Chinese economy and uncertainty in overseas economies continued to be cited as factors clouding the outlook for the economy. - FY2020-Q1RestatedAnnual report
「During the first three months of the fiscal year ending 30 June 2019 (1 April 2019 to 30 June 2019), the Japanese economy remained on a gradual recovery trend as corporate earnings and employment conditions continued to improve. However, the outlook for the economy remained uncertain due to concerns including US-China trade friction, the outlook for the Chinese economy and uncertainty in overseas economies.」
US-China trade friction, the outlook for the Chinese economy and uncertainty in overseas economies continued to be cited as factors clouding the outlook for the economy. - FY2019-Q3RestatedAnnual report
「During the nine-month period ended the third quarter of the current consolidated fiscal year (1 April 2018 to 31 December 2018), Japan's economy was on a moderate recovery trend, supported by improvements in corporate performance and employment conditions. However, the outlook for the economy remained uncertain, owing in part to concerns over uncertainty surrounding US-China trade friction.」
Uncertainty surrounding US-China trade friction continued to be cited as a source of uncertainty regarding the economic outlook. - FY2019-Q2ReframedAnnual report
「However, concerns remain that worsening trade friction between the United States and China could affect economic conditions going forward.」
The focus of economic uncertainty shifted to the impact of worsening trade friction between the United States and China on economic conditions. - FY2019-Q1ReframedAnnual report
「In the food service industry, higher average spending per customer, driven by higher-value-added menu items and price revisions, supported sales, which exceeded the previous year's level for 22 consecutive months.」
For the quarter's business environment, the company identified the impact of the US's protectionist trade policies on the economy and financial markets as a concern, in addition to previous overseas economic and geopolitical factors. - FY2018ReframedAnnual report
「Although the economy is recovering moderately, with corporate earnings and employment conditions continuing to improve and signs of a recovery in personal consumption, uncertainty is expected to persist, partly because the overall food service market is expected to continue shrinking as the birthrate declines and the population ages.」
In the annual report, the contraction of the food service market due to the declining birthrate and aging population was placed at the forefront as a source of uncertainty in the economic and business environment, replacing the previous references to China's economy, the UK's withdrawal from the EU, the US administration and geopolitical risks in East Asia. - FY2018-Q3ReframedAnnual report
「During the nine-month period ended the third quarter of the current consolidated fiscal year, corporate earnings continued to improve overall against the backdrop of resilient domestic and overseas demand, while personal consumption maintained a moderate recovery trend, supported by improvements in employment and income conditions. Meanwhile, geopolitical risks in East Asia continued to rise, and uncertainty remained regarding the future course of the US administration.」
In addition to the future course of the US administration, the company explicitly identified rising geopolitical risks in East Asia as a source of economic uncertainty. - FY2018-Q2ReframedAnnual report
「During the six-month period ended the second quarter of the current consolidated fiscal year, business sentiment improved against the backdrop of resilient domestic and overseas demand, corporate activity showed signs of recovery, and personal consumption remained on a moderate recovery track. However, the outlook for the economy remained uncertain, owing to factors including the US administration's policy management and rising tensions surrounding North Korea.」
The focus of economic uncertainty shifted from the previous issues of the UK's withdrawal from the EU and the inauguration of the new US administration to the US administration's policy management and rising tensions surrounding North Korea. - FY2018-Q1ReframedAnnual report
「During the three-month period ended the first quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery track, supported by improvements in employment and income conditions. However, the outlook for the economy remained uncertain, owing to factors including the impact of US policy.」
The focus of economic uncertainty shifted from the previous references to China's economy and the UK's withdrawal from the EU to the impact of US policy. - FY2017RestatedAnnual report
「The outlook for the economy remains uncertain, owing to factors including the UK's withdrawal from the EU and financial market instability following the inauguration of the new US administration.」
The issue of the UK's withdrawal from the EU and financial market instability following the inauguration of the new US administration continued to be cited as sources of economic uncertainty at fiscal year-end. - FY2017-Q3ReframedAnnual report
「During the nine-month period ended the third quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery track, supported by government economic policies and the Bank of Japan's monetary easing, with improvements in corporate earnings and employment conditions. However, the outlook for the economy remained uncertain, owing to factors including the issue of the UK's withdrawal from the EU and financial market instability following the inauguration of the new US administration.」
The focus of uncertainty in overseas economies shifted from the previous references to China's economic slowdown and a sharp appreciation of the yen to the issue of the UK's withdrawal from the EU and financial market instability following the inauguration of the new US administration. - FY2017-Q2ReframedAnnual report
「During the six-month period ended the second quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery track, supported by government economic policies and the Bank of Japan's monetary easing, with improvements in corporate earnings and employment conditions. However, the outlook for the economy remained uncertain, owing to factors including China's continued economic slowdown and the impact of a sharp appreciation of the yen on the domestic economy.」
China's economic slowdown continued to be cited, while the impact of a sharp appreciation of the yen on the domestic economy was explicitly identified as a source of uncertainty instead of the previous reference to the UK's decision to leave the EU. - FY2017-Q1First statedAnnual report
「The outlook for the economy remains uncertain, owing to factors including developments in overseas economies, such as China's economy, where a slowdown has continued, and the UK's decision to leave the EU.」
The company separately identified, for the first time, uncertainty over overseas economies and the economic outlook resulting from China's ongoing slowdown and the UK's decision to leave the EU as business-environment risks for the quarter.