Uncertainty over the economic outlook due to the slowdown in overseas economies and monetary policy
First written in FY2017-Q1. 24 of 39 entries say "Reframed", first in FY2017-Q2. Latest entry: FY2027-H1.
Maruchiyo Yamaokaya moved to the "Worse" side of this theme in 2017, 2 years before 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 continued to recover moderately, supported by increased demand related to AI and semiconductors and improvements in employment and income conditions. However, personal consumption and capital investment showed cautious movements due to the impact of rising crude oil and energy prices amid heightened tensions in the Middle East, rising prices, and the Bank of Japan’s policy rate hikes. The outlook for the economy therefore remains uncertain.」
The economy is described as being on a recovery track against a backdrop of AI and semiconductor demand and employment and income conditions, while the situation in the Middle East, crude oil and energy prices, rising prices, and Bank of Japan policy rate hikes are cited as factors contributing to uncertainty. - FY2026ReframedAnnual report
「Japan's domestic economy continues to recover gradually, with improvements in personal income and employment conditions and firm personal consumption. However, the economic outlook remains difficult to predict as yen depreciation has persisted, prices have continued to rise, and geopolitical risks, including changes of government in countries around the world, have had an impact.」
While acknowledging improvements in personal income, employment conditions and personal consumption, the description cites prolonged yen depreciation, rising prices, and geopolitical risks such as changes of government as sources of uncertainty. - FY2026-H1ReframedAnnual report
「During the interim accounting period under review, Japan's economy followed a moderate recovery trend, with personal consumption recovering on improvements in employment and income conditions. On the other hand, personal consumption has become more oriented toward saving as high prices for food and other goods persist, and the outlook remains uncertain because of concerns over the impact on prices of higher US tariffs and heightened tensions in the Middle East.」
While acknowledging the economic recovery trend, the description cites higher US tariffs, the situation in the Middle East, high food and other prices, and consumers' increased inclination to economize as sources of uncertainty, in addition to the existing factors such as yen depreciation and geopolitical risks. - FY2025ReframedAnnual report
「The economic outlook remains difficult to predict as yen depreciation has persisted, prices have continued to rise, and geopolitical risks, including changes of government in countries around the world, have had an impact.」
In addition to yen depreciation and rising prices, geopolitical risks such as changes of government in various countries are cited as factors contributing to uncertainty over the economic outlook. - FY2025-H1ReframedAnnual report
「Corporate activity has normalized and companies' earnings have improved, while wage increases and the government's tax-cut policies have supported personal income. However, consumers are increasingly inclined to economize because of prolonged high prices, and personal consumption has remained somewhat sluggish. Energy resources, raw materials and other materials also remain expensive, and changes in external conditions, including monetary policy in Japan and the United States and foreign exchange trends, will need to be closely monitored in assessing the outlook for the domestic economy.」
The description of economic risks has been updated to acknowledge the normalization of economic activity while focusing on high prices, sluggish personal consumption, monetary policy in Japan and the United States, and foreign exchange trends. - FY2025-Q1ReframedAnnual report
「The high prices of energy resources, raw materials and other materials have become chronic because of the worsening situation in the Middle East, the prolonged Russia-Ukraine situation, and the impact of entrenched yen depreciation. The domestic economic outlook remains difficult to predict.」
The factors contributing to uncertainty over the economic outlook have been updated to include the worsening situation in the Middle East and the chronic nature of high material costs, in addition to the international situation, yen depreciation and high prices. - FY2024ReframedAnnual report
「Japan's domestic economy is moving toward normalization, led by personal consumption and inbound demand. However, the international situation remains unstable, disrupting supply chains and driving up energy resource prices. Further price increases are also a concern because of global inflation and entrenched yen depreciation, and the economic outlook remains difficult to predict.」
While acknowledging the normalization of economic activity, the description has been updated from its previous focus on the infection and the situation in Ukraine to focus on the international situation, supply chain disruptions, high energy costs, global inflation, yen depreciation and rising prices as sources of uncertainty. - FY2024-Q3ReframedAnnual report
「Following the reclassification of COVID-19 as a Category V infectious disease, social activity and consumer behavior have regained their pre-pandemic vitality, and economic activity is normalizing. On the other hand, the domestic economy remains uncertain because the international situation is unstable, yen depreciation has become entrenched, and high prices for energy resources, raw materials and other goods have persisted.」
The description has been updated from a focus on activity restrictions caused by the infection to a framework in which economic activity is normalizing, while the unstable international situation, yen depreciation, and surging energy resource and raw material prices remain sources of economic uncertainty. - FY2024-Q2ReframedAnnual report
「As COVID-19 was reclassified as a Category V infectious disease in May, restrictions on activity were lifted, consumption became more active, and the economy began to recover gradually.」
The description has shifted from a focus on restrictions on activity and economic stagnation caused by the infection to a framework in which consumption is becoming more active, while the situation in Ukraine, yen depreciation, and concerns over rising prices remain. - FY2024-Q1ReframedAnnual report
「During the cumulative first quarter under review, Japan's economy was moving toward normalization as restrictions on activity related to COVID-19 ended, the easing of entry restrictions from overseas and the implementation of nationwide travel assistance significantly increased human mobility, and economic activity gradually picked up. On the other hand, the economic outlook remained uncertain because of the prolonged Russia-Ukraine situation, higher energy costs and raw material prices resulting from the yen's depreciation, and the resulting rise in prices.」
The description has shifted from a focus on restrictions on activity and the stagnation of economic activity caused by the infection to a framework in which the domestic economy is normalizing, while geopolitical risks, yen depreciation, and surging energy and raw material prices remain sources of uncertainty. - FY2023WorsenedAnnual report
「Uncertainty over the economic outlook has reached unprecedented levels, including because of Russia's invasion of Ukraine.」
The economic outlook is described as having become more uncertain than ever against a backdrop of geopolitical risks and surging resource prices. - FY2023-Q3RestatedAnnual report
「On the other hand, further increases in energy resources such as crude oil and raw material prices are a concern because geopolitical risks, including Russia's invasion of Ukraine, have been prolonged and because of the yen's depreciation. The economic outlook remains uncertain.」
The prolonged geopolitical risks, yen depreciation, and concerns over rising energy and raw material prices continue to be cited as factors contributing to uncertainty over the economic outlook. - FY2023-Q2RestatedAnnual report
「Energy resources such as crude oil and raw material prices continue to rise because geopolitical risks, including Russia's invasion of Ukraine, have been prolonged, and because of the impact of the yen's depreciation. The economic outlook remains uncertain.」
The prolonged geopolitical risks, yen depreciation, and rising energy and raw material prices continue to be cited as factors contributing to uncertainty over the economic outlook. - FY2023-Q1WorsenedAnnual report
「Although signs of recovery have emerged since restrictions were lifted, energy resources such as crude oil and raw material prices have surged because of the impact of geopolitical risks, including Russia's invasion of Ukraine. Further price increases are a concern given expectations for yen depreciation, and the economic outlook remains uncertain.」
In addition to the infection, Russia's invasion of Ukraine, surging energy and raw material prices, and concerns over further price increases due to expectations for yen depreciation are cited as factors contributing to economic uncertainty. - FY2022WorsenedAnnual report
「The economic outlook has become increasingly uncertain, including because of heightened geopolitical risks associated with Russia's invasion of Ukraine.」
In addition to the existing infectious disease and trade issues, heightened geopolitical risks associated with Russia's invasion of Ukraine are cited, indicating increased uncertainty over the economic outlook. - FY2022-Q3RestatedAnnual report
「During the cumulative third quarter under review, Japan's economy remained in an extremely difficult situation for corporate activity and personal consumption, as states of emergency and priority preventive measures were repeatedly declared across the country following the resurgence of COVID-19. On the other hand, the number of infections has been declining as vaccination rates rise, and restrictions on socioeconomic activity are gradually being eased, raising expectations for an economic recovery. However, the recovery has been very gradual.」
While the difficult conditions for corporate activity and personal consumption caused by the resurgence of the infection continue, expectations for an economic recovery driven by higher vaccination rates and the easing of restrictions are also cited. - FY2022-Q2RestatedAnnual report
「A third state of emergency was declared from 25 April. Even in areas where it was subsequently lifted, requests to refrain from nonessential outings and for restaurants, among others, to close or shorten their operating hours continued under priority preventive measures. However, the situation has worsened further, including because of the spread of variants. Although vaccinations have been progressing relatively smoothly, vaccinating all members of the public who wish to receive them will take time, and the economic outlook remains highly uncertain.」
The state of emergency, priority preventive measures, the spread of variants, and the time required to complete vaccinations continue to be cited as factors contributing to uncertainty over the economic outlook. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan's economy remained in an extremely difficult situation for corporate activity and personal consumption. In response to the spread of COVID-19, the government repeatedly issued second and third states of emergency, while local governments intermittently requested that people refrain from nonessential outings under priority preventive measures and requested restaurants, among others, to close or shorten their operating hours. The situation has worsened further, including because of the spread of variants. Although vaccinations have begun for healthcare workers and older people, vaccinating the entire population will take time, and the economic outlook remains highly uncertain.」
The spread of the infection and its variants, multiple states of emergency and priority preventive measures are cited as having further heightened uncertainty over the economic outlook. - FY2021-Q3WorsenedAnnual report
「The spread of the infection has yet to subside, and the timing of its containment remains unforeseeable, with concerns including the impact of second and third waves. Economic activity continues to recover only slowly.」
The continued spread of the infection, concerns over second and third waves, uncertainty over when the infection will be contained, and the slowing economic recovery are cited, indicating heightened uncertainty over the economic outlook. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy had continued to recover gradually on the back of improving employment conditions and personal income. However, as the COVID-19 pandemic spread worldwide, economies around the world slowed sharply. In addition, the economic outlook remained uncertain due to unstable political developments overseas, including the intensification of US-China trade friction.」
In addition to the existing trade issues and geopolitical risks, the global spread of COVID-19 and the sharp slowdown in the global economy are cited, indicating increased risks to the economic outlook. - FY2020-Q3WorsenedAnnual report
「While the economy continues to recover gradually on the back of resilient corporate earnings and improving employment conditions, the global economic environment has become unstable as worsening trade issues, including those between the United States and China, have persisted, leaving the economic outlook uncertain.」
While referring to the economic recovery, it identifies instability in the global economic environment caused by the prolonged worsening of trade issues as a source of uncertainty. - FY2020-Q2WorsenedAnnual report
「The outlook remains uncertain, amid rising concerns over a slowdown in the global economy resulting from worsening trade issues, including those between the United States and China, and continued geopolitical risks overseas, with potential impacts on financial and capital markets.」
It states that concerns over a slowdown in the global economy due to worsening trade issues have increased, adding to uncertainty over the economic outlook. - FY2020-Q1WorsenedAnnual report
「Although the economy continues to recover gradually on the back of improving corporate earnings and employment conditions, the recovery has lacked strength due to sluggish exports resulting from intensifying US-China trade friction, and the outlook remains uncertain amid continued geopolitical risks overseas and concerns over their impact on financial and capital markets.」
While referring to the economic recovery, it identifies intensifying US-China trade friction, sluggish exports and geopolitical risks overseas as sources of uncertainty. - FY2019ReframedAnnual report
「The economic outlook remains uncertain, amid concerns over the impact on financial and capital markets of the rise of protectionism, as seen in US-China trade friction, and geopolitical risks around the world.」
Although uncertainty over the economic outlook continues, the factors cited include US-China trade friction, the rise of protectionism and geopolitical risks around the world. - FY2019-Q3ReframedAnnual report
「While the economy is gradually recovering on the back of improving corporate earnings and employment conditions, the outlook remains uncertain, amid concerns over the impact on financial and capital markets of the rise of protectionism, including the US-China trade friction, and geopolitical risks.」
While also referring to the economic recovery, it identifies US-China trade friction, the rise of protectionism and geopolitical risks as new sources of uncertainty. - FY2019-Q2ReframedAnnual report
「While the economy is gradually recovering on the back of improving corporate earnings and employment conditions, the outlook remains uncertain, amid concerns over the impact on financial and capital markets of higher US long-term interest rates and trade friction resulting from protectionist policies.」
While also referring to the economic recovery, it identifies higher US long-term interest rates, protectionist policies and trade friction as new sources of uncertainty. - FY2019-Q1WorsenedAnnual report
「The economic outlook remains uncertain, amid continued concerns over the impact on financial and capital markets of rising geopolitical risks in East Asia.」
Uncertainty over the economic outlook continues, and rising geopolitical risks in East Asia are cited as a factor, with the risks described as having increased. - FY2018ReframedAnnual report
「The economic outlook remains uncertain, with various sources of concern around the world, including political risks and economic trends in the United States and Europe, concerns over slower growth in China and emerging-market economies, and geopolitical risks in Asia.」
Although uncertainty over the economic outlook continues, the factors are identified as political and economic developments in the United States and Europe, slower growth in China and emerging markets, and geopolitical risks in Asia. - FY2018-Q3ReframedAnnual report
「The economic outlook remains uncertain, amid concerns over the impact on financial and capital markets of the UK's withdrawal from the EU, policy developments under the new US administration, including protectionist measures, and rising geopolitical risks related to the situation on the Korean Peninsula.」
Although uncertainty over the economic outlook continues, geopolitical risks related to the situation on the Korean Peninsula are explicitly identified as a factor. - FY2018-Q2ReframedAnnual report
「The economic outlook remains uncertain, amid concerns over the impact on financial and capital markets of the UK's withdrawal from the EU, policy developments under the new US administration, including protectionist measures, and rising geopolitical risks in East Asia.」
Although uncertainty over the economic outlook continues, the factors cited include the UK's withdrawal from the EU, policy developments under the new US administration and rising geopolitical risks in East Asia. - FY2018-Q1ReframedAnnual report
「The economic outlook remains uncertain, amid concerns over the impact on financial and capital markets of the UK's withdrawal from the EU, policy uncertainty surrounding the new US administration and uncertainty in emerging-market economies, including China's.」
Although uncertainty over the economic outlook continues, the factors cited have been updated to include the UK's withdrawal from the EU, the new US administration and emerging-market economies, including China. - FY2017ReframedAnnual report
「Foreign exchange and equity markets have also been volatile due to downside risks in emerging and resource-rich economies, and the economic outlook remains highly uncertain.」
Although uncertainty over the economic outlook continues, the risk factors are identified as downside risks in emerging and resource-rich economies and volatility in foreign exchange and equity markets. - FY2017-Q3ReframedAnnual report
「The economic outlook remains uncertain, amid concerns over the impact on financial and capital markets of slowing economic growth in emerging markets, including China, and the UK's decision to leave the European Union.」
Although uncertainty over the economic outlook continues, the factors cited include slowing growth in emerging markets, including China, the UK's decision to leave the EU and the impact on financial and capital markets. - FY2017-Q2ReframedAnnual report
「Meanwhile, the economic outlook remains uncertain, as heightened caution over overseas developments, including concerns over slowing emerging-market economies and economic instability in Europe, including the UK's withdrawal from the EU, has increased volatility in stock prices and foreign exchange markets.」
Although uncertainty over the economic outlook continues, the factors have shifted from the Chinese economy and negative interest rates to emerging-market economies, the UK's withdrawal from the EU and economic instability in Europe. - FY2017-Q1First statedAnnual report
「The economic outlook remains uncertain, due in part to concerns over slowing overseas economies, including China's, and the impact of the Bank of Japan's adoption of negative interest rates.」
It identifies concerns over slowing overseas economies and the impact of negative interest rates as economic risks.