Uncertainty over the economic outlook and financial market volatility
First written in FY2016-Q2. 10 of 34 entries say "Worsened", first in FY2016-Q3. Latest entry: 2026-11-11.
Broadleaf 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: 50 of 72 companies on the "Worse" side.
76 other companies' latest entry also says "Restated".
- FY2026-H1Continued economic recovery and updated risks from the Middle East, yen depreciation, higher prices and rising interest ratesAnnual report
「During the six-month interim consolidated period from 1 January to 30 June 2026, Japan's economy continued to recover moderately, with consumer spending and capital investment remaining firm against a backdrop of improving employment and income conditions. At the same time, the prolonged escalation of tensions in the Middle East, yen depreciation, high prices and rising interest rates require continued monitoring, and the economic outlook remains uncertain.」
While a moderate recovery continued, supported by employment and income conditions, consumer spending and capital investment, the prolonged escalation of tensions in the Middle East, yen depreciation, high prices and rising interest rates continued to be identified as downside factors for the economy. - FY2025Continued economic recovery and updated interest rate and yen depreciation risksAnnual report
「During the consolidated fiscal year from 1 January to 31 December 2025, Japan's economy continued to recover moderately as employment and income conditions improved and various policies took effect. At the same time, continued high prices, rising interest rates and further yen depreciation posed downside risks to the economy, and the outlook remained uncertain.」
While maintaining the view that the economy was recovering moderately, rising interest rates and further yen depreciation were identified as downside risks in addition to high prices. - FY2025-H1Continued economic recovery and updated risks from US trade policy and higher pricesAnnual report
「During the six-month interim consolidated period from 1 January to 30 June 2025, Japan's economy continued to recover moderately as employment and income conditions improved and various policies took effect. At the same time, US trade policy and the decline in consumer sentiment resulting from continued higher prices posed downside risks to the economy, and the outlook remained uncertain.」
While maintaining the view that the economy would continue to recover moderately, US trade policy and declining consumer sentiment were specified as downside risks in addition to the previous factors such as higher prices. The actual occurrence of the risks themselves was not stated. - FY2024Continued economic recovery and updated downside risksAnnual report
「Japan's economy was on a moderate recovery trend during the consolidated fiscal year, but conditions remained highly uncertain due to downside risk factors including soaring energy prices, exchange-rate fluctuations and the effects of the situation in the Middle East.」
While maintaining the moderate recovery trend, soaring energy prices and exchange-rate fluctuations were identified as downside risks in addition to the previous factors of higher prices and the situation in the Middle East. - FY2024-H1Continued economic recovery and specification of downside risksAnnual report
「During the six-month interim consolidated period from 1 January to 30 June 2024, Japan's economy continued to recover moderately. Capital investment showed pronounced signs of recovery against a backdrop of firm corporate earnings. At the same time, downside risks to the economy, including higher prices driven by yen depreciation and the effects of high interest rates in Europe and the United States, remained, and conditions continued to be highly uncertain.」
While a moderate economic recovery and a recovery in capital investment were noted, downside risks from yen depreciation, higher prices and high interest rates in Europe and the United States were specified, and the view that conditions remained highly uncertain was stated. - FY2024-Q1MitigatedAnnual report
「During the first quarter from 1 January to 31 March 2024, Japan's economy continued to recover moderately.」
The description noted that the moderate recovery trend continued, putting the recovery trend at the forefront instead of focusing primarily on the previous sources of uncertainty. - FY2023Continued economic recovery and updated sources of uncertaintyAnnual report
「During the consolidated fiscal year from 1 January to 31 December 2023, Japan's economy recovered moderately as normalisation from the COVID-19 pandemic progressed, although some stagnation was seen. At the same time, the outlook remained uncertain due to higher prices, the situation in the Middle East and volatility in financial and capital markets.」
While a moderate recovery trend was noted, the situation in the Middle East was identified as a source of uncertainty in addition to the previous factors of higher prices and financial market volatility. - FY2023-Q3RestatedAnnual report
「During the first nine months from 1 January to 30 September 2023, Japan's economy continued to show signs of a moderate recovery as normalisation from the COVID-19 pandemic progressed. However, the outlook remained uncertain due to the prolonged situation between Russia and Ukraine and higher prices.」
While economic normalisation and a moderate recovery were noted, uncertainty over the outlook due to the prolonged situation between Russia and Ukraine and higher prices continued to be noted. - FY2023-Q2RestatedAnnual report
「During the first six months from 1 January to 30 June 2023, Japan's economy continued to show signs of a moderate recovery as normalisation from the COVID-19 pandemic progressed. However, the outlook remained uncertain due to the prolonged situation between Russia and Ukraine and higher prices.」
While normalisation from the COVID-19 pandemic and a moderate recovery were noted, uncertainty over the outlook due to the prolonged situation between Russia and Ukraine and higher prices continued to be noted. - FY2023-Q1MitigatedAnnual report
「During the first quarter from 1 January to 31 March 2023, Japan's economy continued to show signs of a moderate recovery as normalisation from the COVID-19 pandemic progressed. However, the outlook remained uncertain due to the prolonged situation between Russia and Ukraine and soaring prices.」
While economic normalisation from the COVID-19 pandemic and signs of a recovery continued, uncertainty resulting from the prolonged situation between Russia and Ukraine and soaring prices continued to be noted. - FY2022-Q3WorsenedAnnual report
「During the first nine months from 1 January to 30 September 2022, restrictions related to COVID-19 were gradually lifted in Japan and economic and social activity moved toward normalisation. At the same time, conditions required close monitoring of downside risks to the economy arising from higher prices, supply-side constraints, yen depreciation and volatility in financial and capital markets.」
While economic and social activity moved toward normalisation, higher prices and yen depreciation were explicitly identified in addition to the previous factors such as higher raw material prices and supply chain constraints, updating the factors weighing on the economy. - FY2022-Q2MitigatedAnnual report
「During the first six months from 1 January to 30 June 2022, restrictions related to COVID-19 were gradually lifted in Japan and economic and social activity moved toward normalisation. At the same time, conditions required close monitoring of downside risks to the economy arising from volatility in financial and capital markets, higher raw material prices and supply chain constraints amid uncertainty over the situation between Russia and Ukraine.」
Although restrictions related to COVID-19 were lifted and economic and social activity moved toward normalisation, downside risks to the economy from the situation between Russia and Ukraine, financial market volatility, higher raw material prices and supply chain constraints continued. - FY2022-Q1WorsenedAnnual report
「At the same time, amid uncertainty over the situation between Russia and Ukraine, conditions required close monitoring of downside risks to the economy arising from volatility in financial and capital markets, higher raw material prices and supply chain constraints.」
In addition to the previous risks from COVID-19 and financial markets, the situation between Russia and Ukraine, higher raw material prices and supply chain constraints were specified as downside risks to the economy. - FY2021-Q3RestatedAnnual report
「During the first nine months from 1 January to 30 September 2021, Japan's economy remained difficult due to the effects of COVID-19, but signs of a recovery emerged as various policies took effect, including thorough infection-control measures and the promotion of vaccination, and overseas economies improved. However, the impact of future developments in the disease on domestic and overseas economies and volatility in financial and capital markets require close monitoring, and conditions remain highly uncertain.」
The difficult conditions caused by COVID-19 coexisted with signs of a recovery, while concerns over developments in the disease and volatility in financial and capital markets continued to be noted. - FY2021-Q2RestatedAnnual report
「During the first six months from January to June 2021, Japan's economy remained difficult due to the effects of COVID-19, but signs of a recovery continued. Although a continued recovery is expected as various policies take effect and overseas economies improve, the impact of future developments in the disease on domestic and overseas economies requires close monitoring, and conditions remain highly uncertain.」
While difficult conditions continued under the effects of COVID-19, the view that signs of a recovery would continue and uncertainty over the outlook due to developments in the disease were both noted. - FY2021-Q1WorsenedAnnual report
「During the first quarter from 1 January to 31 March 2021, Japan's economy was significantly affected by the reissuance of a state of emergency while COVID-19 showed no signs of abating. After the state of emergency was lifted, business conditions, particularly in manufacturing, began to improve and capital investment also showed signs of recovery, but conditions remained generally difficult in non-manufacturing, particularly among small and medium-sized enterprises.」
Although improvements were seen in manufacturing and capital investment, the description noted that COVID-19 showed no signs of abating, a state of emergency had been reissued, and conditions remained difficult in non-manufacturing. - FY2020-Q3MitigatedAnnual report
「During the first nine months from 1 January to 30 September 2020, Japan's economy remained difficult due to the effects of COVID-19, but signs of a recovery emerged as social and economic activity was gradually resumed and overseas economies improved.」
Although conditions remained difficult due to COVID-19, signs of a recovery emerged as social and economic activity was gradually resumed and overseas economies improved. The description of the risk environment improved partly from the previous quarter's “extremely difficult environment.” quantified is false, and materialized is false. - FY2020-Q2WorsenedAnnual report
「During the first six months from 1 January to 30 June 2020, Japan's economy faced extremely difficult conditions as business activity and consumer spending rapidly stagnated following the declaration of a state of emergency in response to the spread of COVID-19. Although a recovery is expected as social and economic activity is gradually raised, developments in the disease in Japan and overseas remain highly uncertain.」
The spread of COVID-19 and the declaration of a state of emergency caused business activity and consumer spending to stagnate rapidly, and the economic environment was described as “extremely difficult.” The outlook for developments in the disease also remains highly uncertain. - FY2020-Q1WorsenedAnnual report
「During the first quarter from 1 January to 31 March 2020, Japan's economy was on a moderate recovery trend, supported by improvements in corporate earnings and employment and income conditions, but economic activity was forced to stagnate as COVID-19 spread worldwide. As a result, business sentiment deteriorated sharply, and the outlook became highly uncertain.」
Compared with the previous moderate recovery trend, the description explicitly noted the stagnation of economic activity and sharp deterioration in business sentiment resulting from the global spread of COVID-19, indicating that uncertainty over the outlook had increased further. - FY2019WorsenedAnnual report
「During the consolidated fiscal year from 1 January to 31 December 2019, Japan's economy remained uncertain due to heightened geopolitical risks arising from US-China trade friction and concerns over the situation in the Middle East, although it continued to recover moderately as corporate earnings and employment and income conditions improved.」
While the moderate recovery was maintained, the heightened geopolitical risks arising from the situation in the Middle East were explicitly identified in addition to US-China trade friction. - FY2019-Q3WorsenedAnnual report
「During the first nine months from 1 January to 30 September 2019, Japan's economy continued to recover moderately as employment and income conditions improved, but domestic and overseas economic conditions remained uncertain due to the effects of the consumption tax increase and uncertainty over the outlook for the Chinese economy resulting from the expansion of US-China trade friction, as well as the UK's EU withdrawal issue.」
While the moderate recovery was maintained, the effects following the consumption tax increase, the outlook for the Chinese economy, US-China trade friction and the UK's EU withdrawal issue were added and continued to be identified as sources of uncertainty. - FY2019-Q2WorsenedAnnual report
「In the information services industry to which the Group belongs, corporate investment has remained firm against a backdrop of increasingly diverse investment targets, including strategic areas such as digital marketing and big data analytics, as well as IT systems aimed at improving productivity through the wider adoption of work-style reforms. Under these conditions, the Group has adopted “Accelerating the evolution from package vendor to platform provider” as its medium- to long-term management policy,」
Although employment and income conditions, consumer spending and capital investment were described as firm, domestic and overseas economic conditions were expected to remain increasingly uncertain due to the expansion of US-China trade friction and the UK's EU withdrawal issue. - FY2019-Q1WorsenedAnnual report
「During the first quarter from 1 January to 31 March 2019, Japan's economy recovered moderately. Although some weakness was seen in exports and production, consumer spending and capital investment remained firm as employment and income conditions continued to improve.」
Although the moderate recovery trend was maintained, the description noted some weakness in exports and production, adding factors weighing on the economy to the previous year's description, which referred only to a recovery trend. - FY2018MitigatedAnnual report
「During the consolidated fiscal year, Japan's economy continued to recover moderately, supported by the gradual recovery of the global economy and improvements in corporate earnings and employment and income conditions.」
The description improved from concerns that the economy could deteriorate to a moderate recovery trend supported by the global economic recovery and improvements in corporate earnings and employment and income conditions. - FY2017RestatedAnnual report
「During the consolidated fiscal year from January 2017 through December 2017, Japan's economy continued to recover moderately, supported by improvements in corporate earnings and employment and income conditions. At the same time, risks that overseas economies could weigh on Japan's economy, including the effects of political developments in the United States and Europe and volatility in financial and capital markets, still require attention.」
The economy is described as being on a moderate recovery trend, while downside risks from political developments in the United States and Europe and volatility in financial and capital markets continue to be noted. - FY2017-Q3RestatedAnnual report
「During the first nine months of the fiscal year, Japan's economy continued to recover moderately, supported by improvements in corporate earnings and employment and income conditions. At the same time, risks that overseas economies could weigh on Japan's economy, including the effects of political developments in the United States and Europe and volatility in financial and capital markets, still require attention.」
The moderate recovery trend and downside risks from political developments in the United States and Europe and volatility in financial and capital markets continue to be noted. - FY2017-Q2RestatedAnnual report
「Risks that overseas economies could weigh on Japan's economy, including the effects of political developments in the United States and Europe and volatility in financial and capital markets, still require attention.」
The economy is described as being on a moderate recovery trend, while downside risks from political developments in the United States and Europe and volatility in financial and capital markets continue to be noted. - FY2017-Q1MitigatedAnnual report
「During the first quarter of the fiscal year, Japan's economy continued to recover moderately, supported by improved corporate earnings. Although risks to the domestic economy, including uncertainty over policies in the United States and other countries, warrant attention, a moderate recovery is expected to continue as employment and income conditions improve and the effects of various policies take hold.」
The description of the economy improved from concerns over a slowdown to a moderate recovery trend and expectations for recovery, while the risk factors were narrowed to uncertainty over policies in other countries and similar factors. - FY2016-Q3WorsenedAnnual report
「During the third quarter, Japan's economy remained uncertain. Corporate earnings and employment conditions improved as a result of the economic and monetary policies of the government and the Bank of Japan, but concerns remained over unstable conditions in the Middle East, slowing production and exports in emerging Asian countries, particularly China, and downside risks to the global economy resulting from the UK's withdrawal from the European Union.」
In addition to the previous concerns over an economic slowdown and financial market volatility, specific factors contributing to uncertainty were identified, including conditions in the Middle East, slowing production and exports in China and elsewhere, and downside risks resulting from the UK's withdrawal from the European Union, indicating that the sources of uncertainty had broadened. - FY2016-Q2First statedAnnual report
「The economic outlook remained uncertain due to concerns over slowing economic growth in emerging Asian countries, particularly China, and slowing economies in resource-rich countries, as well as the effects of financial market volatility.」
The business environment for the quarter describes concerns over an economic slowdown and the effects of financial market volatility.