Macroeconomic uncertainty, including a stronger yen, falling share prices and a downturn in economic conditions
First written in FY2016-Q2. 14 of 33 entries say "Restated". Latest entry: 2026-10-09.
First Brothers 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 2022: 131 of 176 companies on the "Worse" side.
58 other companies' latest entry also says "Restated".
- 2026-10-09RestatedEarnings
「主にファンドの投資対象となる都心・大型の不動産売買市場は、引き続き投資家の投資意欲は高いものの国外不動産市場の動向や長期金利上昇傾向等から慎重を要する取引環境となりました。」
投資家の意欲の高さと、国外不動産市場の動向・長期金利上昇傾向による慎重な取引環境が再確認された。 - FY2026-H1RestatedAnnual report
「During the current interim consolidated accounting period, the market for central-city and large-scale real estate transactions, which is primarily targeted by funds, became a transaction environment requiring a cautious approach due to trends in overseas real estate markets and the upward trend in interest rates, despite continued strong investor appetite.」
Although investor appetite remained strong, the view that trends in overseas real estate markets and the upward trend in interest rates were making the transaction environment more cautious was reaffirmed. - FY2025RestatedAnnual report
「During the current consolidated fiscal year, the market for central-city and large-scale real estate transactions, which is primarily targeted by funds, was a transaction environment requiring caution due to trends in overseas real estate markets and the upward trend in long-term interest rates, despite continued strong investor appetite.」
The full-year discussion reaffirmed the coexistence of strong investor appetite and a cautious transaction environment due to trends in overseas real estate markets and the upward trend in long-term interest rates. - FY2025-H1RestatedAnnual report
「During the current interim consolidated accounting period, the market for central-city and large-scale real estate transactions, which is primarily targeted by funds, became a transaction environment requiring a cautious approach due to trends in overseas real estate markets and the upward trend in long-term interest rates, despite continued strong investor appetite.」
Although investor appetite remained strong, the view that trends in overseas real estate markets and the upward trend in long-term interest rates were making the transaction environment more cautious was reaffirmed. - FY2024-Q2WorsenedAnnual report
「The transaction environment became one requiring caution due to trends in overseas real estate markets and the upward trend in long-term interest rates.」
In addition to the previously identified uncertainty in financial markets and overseas economies, trends in overseas real estate markets and the upward trend in long-term interest rates were identified as factors making the transaction environment more cautious. - FY2023-Q3RestatedAnnual report
「The outlook remains uncertain due to the continued global monetary tightening, concerns about a downturn in overseas economies, and the impact of rising prices and fluctuations in financial and capital markets.」
Uncertainty regarding the outlook arising from global monetary tightening, a downturn in overseas economies, rising prices and fluctuations in financial and capital markets was reaffirmed. - FY2023-Q2SoftenedAnnual report
「During the cumulative second quarter of the current fiscal year, Japan's economy remained on a trend of gradual recovery, with signs of improvement in employment and income conditions as social and economic activity moved further toward normalisation, including the reclassification of COVID-19 as a Class 5 disease. On the other hand, the outlook remained uncertain due to concerns about a downturn in overseas economies and rising prices amid continued global monetary tightening and other factors.」
Signs of the reclassification of COVID-19 as a Class 5 disease, the normalisation of social and economic activity and improvement in employment and income conditions were identified, resulting in a more recovery-oriented description than before. Meanwhile, uncertainty due to concerns about a downturn in overseas economies and rising prices remains. - FY2023-Q1ReframedAnnual report
「During the cumulative first quarter of the current fiscal year, Japan's economy recovered gradually, partly due to the effects of various policies implemented under the post-pandemic environment. On the other hand, the outlook remained uncertain due to concerns about a downturn in overseas economies and rising prices amid continued global monetary tightening and other factors.」
The focus of macroeconomic uncertainty shifted from the previously identified pandemic and financial market fluctuations to the continuation of global monetary tightening, concerns about a downturn in overseas economies and rising prices. - FY2022-Q3WorsenedAnnual report
「The outlook remained uncertain due to the impact on households and companies of fluctuations in financial and capital markets and rising prices amid continued global monetary tightening.」
In addition to the previously identified pandemic and geopolitical risks, fluctuations in financial and capital markets associated with global monetary tightening and the impact of rising prices on households and companies were identified as new sources of uncertainty. - FY2022-Q2WorsenedAnnual report
「The outlook remained uncertain due to rising raw material prices amid concerns about a sharp weakening of the yen and a prolonged situation in Ukraine, as well as downside risks arising from fluctuations in financial and capital markets.」
In addition to the previously identified pandemic and geopolitical risks, a sharp weakening of the yen, a prolonged situation in Ukraine, rising raw material prices and downside risks arising from fluctuations in financial and capital markets were explicitly identified. - FY2022-Q1WorsenedAnnual report
「The outlook remained uncertain due to the persistently high number of COVID-19 cases and geopolitical risks related to the situation in Ukraine.」
In addition to the persistently high number of COVID-19 cases, geopolitical risks related to the situation in Ukraine were explicitly identified as a new source of uncertainty. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy remained in difficult conditions, including the declaration of a state of emergency for certain regions. Although an economic recovery was expected, partly due to the effects of promoting COVID-19 vaccinations and improvement in overseas economies, the outlook remained uncertain.」
Difficult economic conditions due to the state of emergency and other measures, expectations for recovery driven by vaccinations and improvement in overseas economies, and uncertainty regarding the outlook were presented together, reaffirming the previous assessment of the macroeconomic environment. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter of the current fiscal year, Japan's economy was expected to recover, partly because COVID-19 vaccinations had begun and various policies were taking effect, while overseas economies were improving. However, the outlook remained uncertain, as a state of emergency was declared for certain regions and priority preventive measures were also applied.」
Expectations for an economic recovery driven by vaccinations, the effects of policies and improvement in overseas economies were presented alongside uncertainty regarding the outlook due to the state of emergency and other measures, maintaining the same pattern as in the previous quarter. - FY2021-Q1SoftenedAnnual report
「During the cumulative first quarter of the current fiscal year, Japan's economy was expected to recover, partly because COVID-19 vaccinations had begun and various policies were taking effect, while overseas economies were improving. However, the outlook remained uncertain, as a state of emergency was reissued for certain regions.」
The statement added that an economic recovery was expected as vaccinations began, policies took effect and overseas economies improved. Meanwhile, uncertainty regarding the outlook remained due to the reissuance of the state of emergency and other factors. - FY2020WorsenedAnnual report
「However, the outlook for economic activity remains uncertain due to the impact of COVID-19, and continued attention is required.」
Alongside the explanation that markets remain firm and the rental market is relatively stable, uncertainty regarding the outlook for economic activity due to COVID-19 remained in the full-year discussion, while the accounting estimates also indicated the risk of impairment losses if market conditions deteriorate. - FY2020-Q3SoftenedAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy remained in a difficult situation due to the impact of COVID-19, although some signs of recovery were seen, partly owing to the effects of various policies and improvement in overseas economies. If the spread of COVID-19 prolongs the stagnation of economic activity, it may affect the Group's results, and the Group will continue to closely monitor developments.」
Although difficult conditions due to the impact of COVID-19 were said to be continuing, some recovery attributable to the effects of policies and improvement in overseas economies was described. The risk of an impact on results if the stagnation of economic activity were prolonged remains. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter of the current fiscal year, Japan's economy continued to deteriorate rapidly due to the global spread of COVID-19. Although restrictions on social and economic activity imposed to prevent the spread of the infection were expected to be lifted gradually, difficult conditions were expected to continue for the time being, and it was necessary to closely monitor fluctuations in financial and capital markets. If the spread of COVID-19 prolongs the stagnation of economic activity, it may affect the Group's results, and the Group will continue to closely monitor developments.」
The rapid deterioration of the economy caused by COVID-19 continued, and restrictions on social and economic activity were expected to remain in place for the time being. The potential impact on results if the stagnation of economic activity were prolonged was also explicitly identified. - FY2020-Q1WorsenedAnnual report
「During the cumulative first quarter of the current fiscal year, Japan's economy remained on a trend of gradual recovery as corporate earnings and employment and income conditions improved. However, amid concerns that the global spread of COVID-19 could stall economic activity, it was necessary to closely monitor the risk of a downturn in domestic and overseas economies and fluctuations in financial and capital markets.」
In addition to the previously identified uncertainty in overseas economies and financial and capital markets, the stagnation of economic activity caused by the global spread of COVID-19 and the risk of a downturn in domestic and overseas economies were newly identified. - FY2019WorsenedAnnual report
「On the other hand, attention must be paid to uncertainty regarding the outlook, arising from trends in consumer sentiment following the consumption tax rate increase, developments surrounding trade issues, the outlook for China's economy, overseas economic developments including the UK's withdrawal from the EU, and the impact of fluctuations in financial and capital markets.」
In addition to the previously identified trade issues, China's economy and uncertainty in financial markets, consumer sentiment following the consumption tax rate increase and the UK's withdrawal from the EU were explicitly identified as sources of uncertainty. - FY2019-Q3WorsenedAnnual report
「On the other hand, attention must be paid to uncertainty regarding the outlook, arising from the impact on the global economy of heightened tensions surrounding trade issues, uncertainty in the global economy including the outlook for China's economy, and fluctuations in financial and capital markets.」
In addition to the previously identified trade issues and uncertainty in China's economy, heightened tensions surrounding trade issues were explicitly identified, highlighting sources of uncertainty in the global economy. - FY2019-Q1WorsenedAnnual report
「On the other hand, attention must be paid to uncertainty regarding the outlook, arising from the impact of trade issues on the global economy, uncertainty in overseas economies including the outlook for China's economy, and fluctuations in financial and capital markets.」
In addition to the previously identified trade issues, uncertainty in overseas economies and fluctuations in financial and capital markets, the outlook for China's economy was explicitly identified as a source of uncertainty. - FY2018-Q3WorsenedAnnual report
「Looking ahead, although attention must be paid to the impact of trade issues on the global economy, uncertainty in overseas economies and the impact of fluctuations in financial and capital markets, a continued gradual recovery is expected, partly due to the effects of various policies.」
In addition to the previously identified uncertainty in overseas economies and fluctuations in financial and capital markets, the impact of trade issues on the global economy was newly identified. - FY2018-Q2RestatedAnnual report
「Looking ahead, although attention must be paid to uncertainty in overseas economies and the impact of fluctuations in financial and capital markets, a continued gradual recovery is expected, partly due to the effects of various policies.」
The view that attention must be paid to uncertainty in overseas economies and fluctuations in financial and capital markets has been reiterated alongside expectations for an economic recovery. - FY2018-Q1RestatedAnnual report
「Looking ahead, while there are expectations for the effects of various policies, uncertainties remain, including increased uncertainty in overseas economies and the impact of fluctuations in financial and capital markets on corporate and household sentiment.」
Uncertainty arising from overseas economic conditions and fluctuations in financial and capital markets has been reiterated in the same terms as before. - FY2017RestatedAnnual report
「Looking ahead, while there are expectations for the effects of various policies, uncertainties remain, including increased uncertainty in overseas economies and the impact of financial and capital market trends on corporate and household sentiment.」
Uncertainty regarding overseas economic conditions and the impact of financial and capital markets on corporate and household sentiment has been reiterated in the same terms. - FY2017-Q2RestatedAnnual report
「Looking ahead, while there are expectations for the effects of various policies, uncertainties remain, including increased uncertainty in overseas economies and the impact of fluctuations in financial and capital markets on corporate and household sentiment.」
Uncertainty arising from overseas economic uncertainty and fluctuations in financial and capital markets has been reiterated in the same terms as in the previous quarter. - FY2017-Q1ReframedAnnual report
「Looking ahead, while there are expectations for the effects of various policies, uncertainties remain, including increased uncertainty in overseas economies and the impact of fluctuations in financial and capital markets on corporate and household sentiment.」
The previous quarter's references to a downturn in overseas economies and the UK's withdrawal from the EU have been consolidated into more general references to increased uncertainty in overseas economies and fluctuations in financial and capital markets. - FY2016WorsenedAnnual report
「Looking ahead, while there are expectations for the effects of various policies, uncertainties remain, including the risk of a downturn in overseas economies, increased uncertainty arising from the UK's withdrawal from the EU and other factors, and the impact of financial and capital market trends on corporate and household sentiment.」
In addition to the downturn in overseas economies and the impact of financial and capital markets, increased uncertainty arising from the UK's withdrawal from the EU and other factors was newly identified. - FY2016-Q3SoftenedAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy remained on a trend of gradual recovery, although it showed weakness amid concerns about the impact of the Kumamoto Earthquake and consumer trends, despite continued improvement in employment and income conditions. Looking ahead, while there are expectations for the effects of various policies, uncertainties remain, including the risk of a downturn in overseas economies and the impact of financial and capital market trends on corporate and household sentiment.」
The references to a stronger yen, falling share prices and a shift from recovery to weakness that were explicit in the previous quarter have been removed, while the continuation of a gradual recovery has been stated. Uncertainty regarding a downturn in overseas economies and the impact of financial and capital market trends remains. - FY2016-Q2First statedAnnual report
「During the cumulative second quarter of the current fiscal year, Japan's economy showed weakness after shifting from a trend of gradual recovery, amid concerns about the impact of the Kumamoto Earthquake and consumer trends, alongside unstable movements in financial and capital markets such as a stronger yen and falling share prices. Looking ahead, while there are expectations for increased tourism demand and lower loan interest rates, uncertainties remain, including the risk of a downturn in overseas economies and the impact of financial and capital market trends on corporate and household sentiment.」
External risks identified include financial market instability, weakness in the domestic economy, a downturn in overseas economies, and the impact on corporate and household sentiment.