Demand fluctuations driven by economic conditions, interest rates and housing tax policy
First written in FY2016. 18 of 29 entries say "Worsened", first in FY2019-Q3. Latest entry: 2026-06-05.
Ki-Star Real Estate moved to the "Worse" side of this theme in 2019, 2 years before the typical company in this theme (2021).
The whole theme swung hardest in 2020: 36 of 51 companies on the "Worse" side.
20 other companies' latest entry also says "Worsened".
- FY2026-H1WorsenedAnnual report
「Demand in the housing industry in which our group operates has remained firm as the supply-demand balance has improved due to a decline in housing starts and other factors. However, concerns remain about the impact on customers' willingness to purchase from elevated housing prices due to soaring raw material prices and rising mortgage rates.」
While housing demand is described as firm, the disclosure newly identifies the impact of elevated housing prices and rising mortgage rates on customers' willingness to purchase. - FY2025-H1WorsenedAnnual report
「The housing industry in which our group operates continues to face concerns about declining sentiment toward home purchases as housing prices rise against a backdrop of soaring material prices and higher labor costs, while mortgage rates are also trending upward.」
The disclosure explicitly identifies rising material prices and labor costs, an upward trend in mortgage rates and concerns about declining sentiment toward home purchases. - FY2024-Q3WorsenedAnnual report
「During the current third-quarter consolidated cumulative period, Japan's economy recovered gradually as economic activity normalized following the reclassification of COVID-19 as a Class 5 disease, and corporate sentiment also improved. However, numerous downside risks to the economy remain, including continuing surges in raw material prices and energy costs, yen depreciation and unstable international conditions.」
The disclosure notes the normalization of economic activity and improved corporate sentiment, while citing soaring raw material and energy costs, yen depreciation and unstable international conditions, and states that numerous downside risks to the economy remain. - FY2024-Q2RestatedAnnual report
「During the current second-quarter consolidated cumulative period, Japan's economy has been recovering gradually as economic activity normalizes following the reclassification of COVID-19 as a Class 5 disease. However, uncertainty about the outlook has persisted due to factors including soaring raw material prices and energy costs, continuing yen depreciation and a slowdown in overseas economies.」
The disclosure describes the normalization of economic activity and a gradual recovery, while continuing to cite uncertainty about the outlook due to soaring raw material and energy costs, yen depreciation and a slowdown in overseas economies. - FY2024-Q1RestatedAnnual report
「During the current first-quarter consolidated cumulative period, Japan's economy has been recovering gradually as economic activity resumes following the reclassification of COVID-19 as a Class 5 disease. However, uncertainty about the outlook has persisted due to factors including the prolonged Russia-Ukraine war, continuing price increases and a slowdown in overseas economies.」
The disclosure describes the resumption of economic activity following the reclassification of COVID-19 as a Class 5 disease, while continuing to cite uncertainty about the outlook due to the Russia-Ukraine war, rising prices and a slowdown in overseas economies. - FY2023SoftenedAnnual report
「However, as the Bank of Japan is appropriately controlling the stability of the financial system, we believe that the likelihood of a sharp change is low at present.」
While the risk of demand fluctuations due to economic conditions, interest rates and housing tax policy is disclosed, the company adds that the likelihood of a sharp change is low because the financial system is stable. - FY2023-Q3WorsenedAnnual report
「During the current third-quarter consolidated cumulative period, the sharp recovery in inbound demand following the substantial easing of border controls related to COVID-19 was supported by yen depreciation, and sentiment in consumption-related sectors such as accommodation and food services improved significantly. However, the continuing depreciation of the yen and the prolonged war in Ukraine caused a sharp rise in prices, placing pressure on household finances, and uncertainty about the economic outlook has persisted.」
Yen depreciation, the prolonged war in Ukraine and pressure on household finances from sharply rising prices are explicitly identified as new sources of economic uncertainty. - FY2023-Q2WorsenedAnnual report
「During the current second-quarter consolidated cumulative period, Japan's economy showed signs of recovery in non-manufacturing industries due to a recovery in services consumption following a decline in COVID-19 cases and travel subsidies, as well as increased inbound demand following the partial easing of border controls. However, business sentiment in manufacturing has deteriorated due to factors including the prolonged war in Ukraine and higher prices caused by the continuing depreciation of the yen.」
In addition to uncertainty related to COVID-19, the disclosure explicitly identifies the prolonged war in Ukraine, yen depreciation and deteriorating manufacturing sentiment caused by higher prices. - FY2023-Q1WorsenedAnnual report
「During the current first-quarter consolidated cumulative period, Japan's economy showed signs of recovery as the easing of restrictions on activities supported a recovery in services consumption and higher limits on inbound arrivals increased inbound demand, amid continuing price increases due to soaring crude oil prices, yen depreciation and other factors. However, COVID-19 cases have increased again, and uncertainty about the outlook has persisted.」
In addition to the existing economic and infectious disease risks, the disclosure explicitly identifies soaring crude oil prices, yen depreciation and rising prices, and states that COVID-19 cases have increased again and uncertainty about the outlook continues. - FY2022-Q3WorsenedAnnual report
「During the current third-quarter consolidated cumulative period, Japan's economy showed signs of recovery from the prolonged economic stagnation as COVID-19 infections, which had repeatedly expanded and contracted, declined sharply. However, a new variant was detected and infections began spreading rapidly again, so uncertainty about the economic outlook due to the COVID-19 pandemic has persisted.」
The disclosure states that infections began spreading again following a decline, due to a new variant, and that uncertainty about the economic outlook has persisted. - FY2022-Q2WorsenedAnnual report
「During the current second-quarter consolidated cumulative period, the impact of COVID-19 on economic activity continued, including economic losses from holding the Tokyo Olympic and Paralympic Games without spectators, despite the significant economic benefits that had been expected, and the declaration of a state of emergency and priority preventive measures following explosive growth in infections.」
The disclosure states that the impact on economic activity has been prolonged due to the spread of COVID-19 infections, declarations of a state of emergency and other factors. - FY2021-Q3WorsenedAnnual report
「During the current third-quarter consolidated cumulative period, Japan's economy had shown signs of recovery as economic policies, including the Go To campaign, were implemented to restore domestic consumption, which had declined due to the impact of COVID-19. However, a second state of emergency was declared as infections began spreading again, raising concerns about a deterioration in economic conditions due to a prolonged slump in personal consumption and a rising unemployment rate.」
The second state of emergency declared following the renewed spread of COVID-19, the prolonged slump in personal consumption and the rising unemployment rate are explicitly identified as factors raising concerns about an economic downturn. - FY2021-Q2WorsenedAnnual report
「In Europe, COVID-19 infections have been spreading again, and some countries, including the French Republic, have introduced lockdown measures. As a result, economic activity that had finally begun to recover has stalled again in some countries, and a global normalization of economic conditions remains unforeseeable.」
The disclosure cites the renewed spread of COVID-19 infections in Europe and lockdowns, and explicitly states that normalization of the global economy cannot be foreseen. - FY2021-Q1WorsenedAnnual report
「The housing industry in which our group operates saw greater customer caution toward home purchases due to frequent natural disasters and worsening employment conditions caused by the impact of COVID-19. At the same time, demand for detached houses has increased as people seek to spend the longer periods at home resulting from remote work and requests to refrain from going out more comfortably.」
The disclosure indicates that worsening employment conditions and other factors have increased caution toward home purchases. It also notes rising demand for detached houses. - FY2020WorsenedAnnual report
「In addition, the impact of COVID-19 has caused a decline in customer traffic due to requests to refrain from going out, as well as delays in construction schedules due to late deliveries of housing equipment resulting from factory closures and reduced operating capacity.」
In addition to the existing risks relating to economic conditions, interest rates and tax policy, the disclosure states that declines in customer traffic due to COVID-19, delays in equipment deliveries and construction delays had actually occurred. - FY2020-Q3RestatedAnnual report
「In addition, uncertainty about the outlook for the global economy has intensified amid worsening Japan-South Korea relations and US-China trade friction.」
Uncertainty about the outlook for the global economy arising from worsening Japan-South Korea relations and US-China trade friction continues to be disclosed. - FY2020-Q2RestatedAnnual report
「In addition, uncertainty about the outlook for the global economy has intensified amid worsening Japan-South Korea relations and US-China trade friction.」
Uncertainty about the outlook for the global economy arising from worsening Japan-South Korea relations and US-China trade friction continues to be disclosed. - FY2020-Q1WorsenedAnnual report
「In addition, uncertainty about the outlook for the global economy has intensified amid worsening Japan-South Korea relations and US-China trade friction.」
Worsening Japan-South Korea relations and US-China trade friction are explicitly identified as new sources of uncertainty, with uncertainty about the outlook for the global economy intensifying. - FY2019WorsenedAnnual report
「At the same time, with respect to the global economy, downside risks are viewed as greater than upside risks due to factors including a slowdown in the Chinese economy and US-China trade friction, and uncertainty about the outlook has persisted.」
Downside economic risks and uncertainty about the outlook are explicitly identified against a backdrop of a slowdown in the Chinese economy and US-China trade friction. - FY2019-Q3WorsenedAnnual report
「At the same time, uncertainty about the outlook has persisted due to downside risks to the economy, including a slowdown in the Chinese economy and an increasingly protectionist stance in the United States.」
A slowdown in the Chinese economy and an increasingly protectionist stance in the United States are explicitly identified as downside economic risks and factors contributing to uncertainty about the outlook. - FY2018RestatedAnnual report
「If unfavorable changes occur for homebuyers, they may affect our group's performance and financial condition.」
The risk of fluctuations in housing demand due to economic conditions, financial conditions and housing tax policy continues to be disclosed. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
It was determined that there had been no material change in the risk of demand fluctuations due to economic conditions, interest rates and housing tax policy. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
It was determined that there had been no material change in the risk of demand fluctuations due to economic conditions, interest rates and housing tax policy. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
It was determined that there had been no material change in the risk of demand fluctuations due to economic trends, interest rate trends and housing tax policy. - FY2017-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
It was determined that there had been no material change in the risk of demand fluctuations due to economic conditions, interest rates and housing tax policy. - FY2016First statedAnnual report
「If unfavorable changes occur for homebuyers, they may affect the company's performance and financial condition.」
Changes in economic conditions, financial conditions and housing tax policy are identified as risks against a backdrop of dependence on individual customers and mortgage lending.