Uncertainty over the outlook for the economy and external demand against the backdrop of the UK's withdrawal from the EU and other factors
First written in FY2017-Q1. 21 of 34 entries say "Restated". Latest entry: 2026-07-29.
Intramart moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
54 other companies' latest entry also says "Restated".
- 2026-07-29RestatedEarnings
「The outlook for the global economy remains uncertain against a backdrop of concerns about the outlook for the Chinese economy, uncertainty surrounding the situation in the Middle East and concerns about energy-price trends.」
Continues to describe uncertainty in the global economy driven by the Chinese economy, the situation in the Middle East and energy-price trends. - FY2026RestatedAnnual report
「Regarding the business environment, demand from companies for digital transformation and the use of AI is expected to continue expanding against the backdrop of efforts to improve productivity and strengthen competitiveness. However, conditions are expected to remain uncertain owing to changes in the external environment and intensifying competition.」
While anticipating growth in demand for DX and AI, the discussion continued to describe uncertainty owing to changes in the external environment and intensifying competition. - FY2026-H1WorsenedAnnual report
「Meanwhile, regarding the international situation, trade friction between the United States and China and uncertainty over tariff policies, continuing instability in the Middle East and Europe's energy supply problems remained risk factors for the global economy, and the outlook continued to be uncertain.」
In addition to the previously cited slowdown in China's economy and US economic policy, the discussion identified US-China trade friction and tariff policy, the situation in the Middle East and Europe's energy supply problems as risk factors for the global economy. - FY2025RestatedAnnual report
「During the fiscal year under review, Japan's economy generally remained on a recovery path as employment and income conditions improved. However, the outlook remained uncertain owing to global inflation, the slowdown in China's economy and developments in US economic policy.」
While indicating that the domestic economy was on a recovery path, the discussion continued to identify global inflation, the slowdown in China's economy and US economic policy as sources of uncertainty. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period under review, Japan's economy continued to recover, with corporate capital investment remaining solid against the backdrop of increased inbound demand and recovering semiconductor demand. Meanwhile, the global economy remained uncertain owing to the tense situations in Ukraine and the Middle East and concerns over slowing growth in China.」
While indicating that the domestic economy was on a recovery path, the discussion continued to describe uncertainty over the outlook for the global economy owing to the situations in Ukraine and the Middle East and concerns over slowing growth in China. - FY2024RestatedAnnual report
「During the fiscal year under review, Japan's economy continued on a recovery path as economic activity moved toward normalisation. However, the outlook remained uncertain owing to inflation caused by surging global energy and raw material prices and the unstable global situation.」
While indicating that economic activity was on a recovery path, the discussion continued to describe uncertainty over the outlook owing to surging energy and raw material prices, inflation and the unstable global situation. - FY2024-Q3RestatedAnnual report
「During the first nine months of the fiscal year under review, Japan's economy was on a gradual recovery path, supported by inbound demand and rebound demand centred on the services sector. However, the outlook remained uncertain owing to continuing instability in the international situation and concerns over persistently high prices.」
While indicating a gradual recovery supported by inbound demand and other factors, the discussion continued to describe uncertainty over the outlook owing to instability in the international situation and concerns over persistently high prices. - FY2024-Q2RestatedAnnual report
「During the first six months of the fiscal year under review, Japan's economy showed signs of a gradual recovery, supported by improving consumer sentiment and the recovery in inbound demand. However, the outlook remained uncertain owing to the impact of inflation caused by surging global energy and raw material prices.」
While referring to the economy's gradual recovery, the discussion continued to describe uncertainty over the outlook owing to surging energy and raw material prices and inflation. - FY2024-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, Japan's economy was gradually moving toward normalisation of economic activity and was on a gradual recovery path. However, the outlook remained uncertain owing to rising tensions surrounding Ukraine, global monetary tightening, and surging energy and raw material prices.」
While referring to the normalisation of economic activity and a gradual recovery path, the discussion continued to describe uncertainty over the outlook owing to the situation in Ukraine, global monetary tightening, and surging energy and raw material prices. - FY2023-Q3RestatedAnnual report
「During the first nine months of the fiscal year under review, restrictions on activity related to COVID-19 were eased and socioeconomic activity began to improve. However, the outlook for the economy remained uncertain owing to signs of a renewed spread of infections, inflation caused by surging global resource and raw material prices, and sharp foreign exchange fluctuations.」
While referring to the easing of activity restrictions and the improvement in socioeconomic activity, the discussion continued to describe uncertainty over the economic outlook owing to signs of renewed infections, surging resource and raw material prices, inflation and sharp foreign exchange fluctuations. - FY2023-Q2RestatedAnnual report
「During the first six months of the fiscal year under review, Japan's economy remained uncertain amid the continuing impact of COVID-19, rising international resource prices and inflation resulting from the rapid depreciation of the yen.」
The discussion continued to describe uncertainty over the economic outlook against the backdrop of COVID-19, surging resource prices, the rapid depreciation of the yen and rising prices. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the fiscal year under review, Japan's economy remained uncertain despite expectations of an economic recovery as the number of COVID-19 infections was contained and activity restrictions were eased. The yen depreciated sharply, foreign exchange markets became volatile, and resource prices surged as a result of Russia's invasion of Ukraine.」
While referring to expectations of an economic recovery from the containment of COVID-19 infections and the easing of activity restrictions, the discussion identified the sharp depreciation of the yen, foreign exchange market volatility and higher resource prices resulting from Russia's invasion of Ukraine as new sources of uncertainty. - FY2022-Q3SoftenedAnnual report
「During the first nine months of the fiscal year under review, the number of new infections fell substantially as COVID-19 vaccinations progressed, economic activity resumed and signs of a recovery in domestic consumption emerged. Meanwhile, the renewed spread of COVID-19 variants overseas continued, and the outlook remained uncertain.」
The discussion described vaccinations, the decline in new infections, the resumption of economic activity and a recovery in domestic consumption, indicating some easing from the severe domestic economic environment of the previous quarter. Meanwhile, the renewed spread of variants overseas and uncertainty over the outlook continued. - FY2022-Q2WorsenedAnnual report
「During the first six months of the fiscal year under review, Japan's economy faced difficult conditions for economic activity owing to the impact of a fourth state of emergency and other measures accompanying the renewed spread of COVID-19. Although the number of infections began to decline in the second half and both the state of emergency and priority preventive measures were lifted nationwide on 30 September, the outlook remained uncertain.」
The discussion stated that economic activity faced difficult conditions owing to a fourth state of emergency and other measures accompanying the renewed spread of infections, moving from the previous quarter's concerns over variants and a fifth wave to specific uncertainties involving actual constraints on economic activity. - FY2022-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, Japan's economy remained unpredictable, as concerns over the spread of highly infectious variants and a fifth wave of infections could not be dispelled despite the nationwide rollout of COVID-19 vaccinations.」
While referring to the progress of vaccinations, the discussion continued to describe uncertainty over the outlook for Japan's economy owing to the spread of variants and concerns over a fifth wave of infections. - FY2021-Q3WorsenedAnnual report
「During the first nine months of the fiscal year under review, some recovery in consumption was seen as a result of economic support measures and other factors, but the spread of COVID-19 began to accelerate again, and conditions remained uncertain.」
While noting some signs of recovery in consumption, the discussion explicitly identified the renewed spread of COVID-19 as a new source of uncertainty. - FY2021-Q2WorsenedAnnual report
「During the first six months of the fiscal year under review, Japan's economy remained in an extremely difficult situation as economic activity was restricted by the spread of COVID-19. Although economic activity resumed after the state of emergency was lifted, there was still no clear prospect of containing the spread of infections, and the outlook remained uncertain.」
The domestic economy was described as remaining in an "extremely difficult situation" owing to the impact of restrictions on economic activity caused by COVID-19, and the lack of a clear prospect for containing the spread of infections was explicitly stated. - FY2021-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, Japan's economy remained uncertain, as the recovery in personal consumption and corporate activity had yet to gain traction despite the lifting of the approximately two-month state of emergency relating to COVID-19. The global economy also remained unpredictable, as the spread of COVID-19 had yet to show signs of ending.」
The discussion continued to state that the recovery in personal consumption and corporate activity remained uncertain after the lifting of the state of emergency, and that there was no clear end in sight for the spread of COVID-19 in the global economy. - FY2020WorsenedAnnual report
「During the fiscal year under review, Japan's economy maintained solid domestic demand in the first half, supported by personal consumption under favourable employment conditions and capital investment aimed at labour saving and digitalisation. In the second half, however, the decline in personal consumption following the consumption tax increase and the spread of COVID-19 made the outlook increasingly difficult to assess.」
The spread of COVID-19 and the decline in personal consumption resulting from the consumption tax increase were explicitly identified as new sources of uncertainty for the domestic economy. - FY2020-Q3RestatedAnnual report
「Meanwhile, overseas economies remained in a situation requiring close attention to the impact of Brexit becoming increasingly likely, US-China trade friction and developments in the Middle East.」
The discussion continued to describe uncertainty in overseas economies owing to Brexit, US-China trade friction and developments in the Middle East. - FY2020-Q2WorsenedAnnual report
「During the first six months of the fiscal year under review, Japan's economy maintained solid domestic demand, supported by personal consumption under favourable employment conditions and capital investment aimed at labour saving and digitalisation, despite sluggish exports to Asia. Meanwhile, the global economy remained unpredictable owing to the unresolved Brexit issue, US-China trade friction and rising tensions in the Middle East.」
In addition to the previously cited US-China trade friction and other factors, the discussion explicitly identified the unresolved Brexit issue, tensions in the Middle East and sluggish exports to Asia, adding sources of uncertainty surrounding the global economy and external demand. - FY2020-Q1WorsenedAnnual report
「Meanwhile, although the US postponed additional tariffs as the US and China continued to trade threats over their trade friction, tensions surrounding Iran also mounted, and the global economy remained uncertain.」
In addition to US-China trade friction, the discussion identified delays in improvement in the export environment and rising tensions surrounding Iran, and continued to describe uncertainty over the outlook for the global economy. - FY2019RestatedAnnual report
「During the fiscal year under review, Japan's economy saw a gradual recovery in personal consumption against the backdrop of improvements in corporate earnings, employment and income conditions. Meanwhile, the global economy remained uncertain owing to disruption caused by US trade policy, US-China trade friction and the slowdown in regional Asian economies.」
While describing a gradual recovery in the domestic economy, the discussion continued to describe uncertainty in the global economy owing to US trade policy, US-China trade friction and the slowdown in regional Asian economies. - FY2019-Q3WorsenedAnnual report
「During the first nine months of the fiscal year under review, Japan's economy continued to see solid corporate performance and sustained improvements in employment and income conditions, although exports remained stalled. Meanwhile, the global economy remained unpredictable, as the prolonged US-China trade war and the slowdown in China's economy reduced the strength of external demand as a driver of economic growth.」
The discussion explicitly identified the prolonged US-China trade war and the slowdown in China's economy, in addition to the previously cited concerns over trade policy, as sources of uncertainty in the global economy, and described the reduced strength of external demand as an economic driver. - FY2019-Q2RestatedAnnual report
「During the first six months of the fiscal year under review, Japan's economy was hit by a succession of natural disasters, including the torrential rains in western Japan and the Hokkaido Eastern Iburi earthquake, but corporate earnings remained solid and employment and income conditions generally followed a gradual recovery path. Meanwhile, the impact of US trade policy on the global economy remained uncertain, and conditions continued to be unpredictable.」
While describing Japan's economy as being on a gradual recovery path, the discussion continued to describe uncertainty in the global economy arising from natural disasters and US trade policy. - FY2019-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, Japan's economy maintained a gradual increase in capital investment as corporate earnings improved. Personal consumption also showed signs of recovery against the backdrop of improving employment and income conditions. Meanwhile, opposition to the Trump administration's trade policies intensified in the global economy, and trade friction escalated as countries adopted retaliatory measures, including tariffs against the United States, leaving the outlook uncertain.」
While describing improvements in domestic capital investment, employment and income conditions, and personal consumption, the discussion continued to describe uncertainty over the outlook for the global economy against the backdrop of US trade policy and escalating trade friction caused by retaliatory tariffs against the United States. - FY2018RestatedAnnual report
「Exports increased against the backdrop of growth in overseas economies and improving appetite for capital investment, and corporate earnings remained solid. Employment and income conditions also continued to improve, and personal consumption entered a gradual recovery path. Meanwhile, the yen appreciated sharply amid concerns over a slowdown in the global economy after the US Trump administration referred to restrictions on steel imports, causing turmoil in financial markets, and conditions remained unpredictable.」
While describing the recovery in the domestic economy and corporate earnings, the discussion continued to note the stronger yen and turmoil in financial markets against the backdrop of US policies, as well as concerns over a slowdown in the global economy. - FY2018-Q3RestatedAnnual report
「Meanwhile, the global economy continued to face an uncertain outlook owing to political and economic policy developments in the United States and European countries, concerns over slowing growth in China, and geopolitical risks in the Middle East and East Asia.」
The domestic economy was described as being on a recovery path, supported by increased exports and improvements in corporate earnings, employment and income conditions, while the discussion continued to describe uncertainty in the global economy owing to policies in the United States and Europe, concerns over slowing growth in China and geopolitical risks. - FY2018-Q2RestatedAnnual report
「During the first six months of the fiscal year under review, Japan's economy continued on a generally gradual recovery path, as government-led economic measures improved corporate earnings, increased capital investment and improved employment and income conditions, while personal consumption also recovered. Meanwhile, the outlook for foreign exchange markets and the global economy as a whole remained uncertain because of concerns over US economic policy, the protracted Brexit negotiations and rising geopolitical risks surrounding North Korea.」
While describing a gradual recovery in the domestic economy, the discussion continued to describe uncertainty over the outlook for the global economy owing to US economic policy, the Brexit negotiations and geopolitical risks surrounding North Korea. - FY2018-Q1SoftenedAnnual report
「During the first quarter of the fiscal year under review, Japan's economy generally continued on a gradual recovery path despite the impact on financial and foreign exchange markets of the policies of the Trump administration and the French presidential election. This was supported by solid export earnings from shipments to China and other emerging economies and improving business confidence, particularly among large companies. Personal consumption also remained firm as employment and income conditions continued to improve.」
In contrast to the uncertainty previously described regarding the outlook for the economy and external demand, the discussion describes a gradual recovery accompanied by improvements in exports, business confidence, employment and income conditions, and personal consumption. - FY2017SoftenedAnnual report
「During the fiscal year under review, Japan's economy moved along a gradual recovery path. Although personal consumption fluctuated, exports, particularly of electronic components and communications equipment, increased as global IT demand recovered, supporting corporate activity.」
The wording has shifted from emphasising uncertainty over the outlook due to the stronger yen and overseas economies through the previous quarter to describing the recovery in global IT demand, increased exports and Japan's gradual economic recovery. - FY2017-Q3RestatedAnnual report
「Overseas, economic growth in emerging economies such as China slowed, concerns grew over the European economy following the decision on Brexit, and the outlook remained uncertain owing to the impact of the US administration transition and the normalisation of monetary policy.」
The discussion continued to describe uncertainty in overseas economies against the backdrop of slowing growth in emerging economies such as China, Brexit, the US administration transition and the normalisation of monetary policy. - FY2017-Q2RestatedAnnual report
「Meanwhile, as the sense that the Bank of Japan and the government had exhausted their economic stimulus measures in monetary and fiscal policy intensified, the yen appreciated, external demand for exports to the United States and Asia lacked strength as an economic driver, and concerns arose over the impact on corporate earnings. The domestic economy therefore required close attention to financial market developments. The outlook for the global economy also remained uncertain, owing to slowing growth in emerging economies, particularly China, depressed crude oil prices and Brexit.」
The discussion identified the stronger yen, weak external demand, concerns over the impact on corporate earnings, slower growth in emerging economies such as China, depressed crude oil prices and Brexit, and described the outlook for the domestic and global economies as uncertain, as in the previous quarter. - FY2017-Q1First statedAnnual report
「The anxiety surrounding Brexit led to a rapid appreciation of the yen and a substantial decline in share prices. In addition to the stronger yen, exports, particularly to China and the United States, declined, and external demand lacked strength as a driver of the economy, while sluggish growth in personal consumption continued to weigh on domestic demand. The economy remained stalled. Although conditions have shown some signs of settling recently, the outlook remains uncertain, with the economy vulnerable to downside risks through deterioration in sentiment and corporate earnings.」
The business environment during the quarter was described in terms of the stronger yen, falling share prices, declining exports, sluggish personal consumption and downside risks to the economy.