Uncertainty surrounding the domestic economy due to the slowdown in emerging-market economies and other factors
First written in FY2016. 11 of 38 entries say "Worsened", first in FY2020. Latest entry: FY2026.
Ohmura Shigyo moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2019: 99 of 176 companies on the "Worse" side.
28 other companies' latest entry also says "Other".
- FY2026Explicitly identifies US tariff policy and rising tensions in Japan-China relationsAnnual report
「Although a gradual recovery trend is evident due to improvements in the employment and income environment and other factors, the outlook remains uncertain due to U.S. tariff policies, rising tensions in Japan-China relations, the continuing depreciation of the yen, and increases in various costs, including labor and transportation costs.」
While indicating a recovery trend, it identifies U.S. tariff policies, rising tensions in Japan-China relations, the continuing depreciation of the yen, and increases in labor, transportation, and other costs as sources of uncertainty regarding the outlook. - FY2026-H1Uncertainty persists, including over U.S. tariffs, rising interest rates, and political developments.Annual report
「However, the outlook remains uncertain due to persistently high prices for various items, including raw materials, the continuing depreciation of the yen, the upward trend in interest rates, and political developments in Japan and abroad.」
While noting solid corporate performance supported by inbound demand and other factors, it identifies persistently high prices, the depreciation of the yen, the upward trend in interest rates, and political developments in Japan and abroad as sources of uncertainty regarding the outlook. - FY2025WorsenedAnnual report
「Although a gradual recovery trend has continued, the economy has remained in a challenging situation due to persistently high raw material prices, rising resource, labor, transportation, and other costs, fluctuations in interest rates and foreign exchange rates, and U.S. tariff policies.」
In addition to the previously cited increases in raw material, resource, labor, and transportation costs, it explicitly identifies fluctuations in interest rates and foreign exchange rates and U.S. tariff policies as concerns in the operating environment. - FY2025-H1Focus shifts to rising labor, transportation, and other costs amid a recovery trend.Annual report
「During the interim accounting period, Japan's economy showed a gradual recovery, supported by improvements in the employment and income environment, which improved private consumption, and by expanding inbound demand. However, it remained in a challenging situation due to persistently high raw material and resource prices and various price increases, including labor and transportation costs.」
While indicating a gradual recovery supported by private consumption and inbound demand, it identifies persistently high raw material and resource prices and rising labor and transportation costs as factors contributing to the challenging operating environment. - FY2024WorsenedAnnual report
「Economic activity is continuing to normalize and the economy is gradually recovering. However, the outlook remains uncertain due to persistently high raw material costs, the protracted Russia-Ukraine situation, developments in the Middle East, and the continuing depreciation of the yen.」
While indicating an economic recovery and normalization, it explicitly identifies persistently high raw material costs, the Russia-Ukraine situation, developments in the Middle East, and the continuing depreciation of the yen as sources of uncertainty regarding the outlook. - FY2024-Q3Adds the continued economic recovery and the recovery in employment and inbound demand.Annual report
「During the cumulative third quarter period, Japan's economy continued to recover gradually as economic activity normalized. Although positive developments included improvements in the employment and income environment and a recovery in inbound demand, the economy remained in a challenging situation, with raw material and resource prices continuing to remain elevated.」
As normalization of economic activity and a gradual economic recovery continue, it adds improvements in the employment and income environment and a recovery in inbound demand as positive developments. Meanwhile, the challenging conditions caused by persistently high raw material and resource prices continue. - FY2024-Q2Economic activity normalizes and the economy recovers, while high prices remain elevated.Annual report
「During the cumulative second quarter period, Japan's economy was gradually recovering as economic activity normalized. However, it remained in a challenging situation, with raw material and resource prices continuing to remain elevated.」
The focus shifted from the previous quarter's concerns over declining real wages and weaker consumer sentiment to the normalization of economic activity and a gradual economic recovery. Meanwhile, the challenging situation caused by persistently high raw material and resource prices continues. - FY2024-Q1Focus shifts to normalization following the reclassification of COVID-19 and concerns over prices and real wages.Annual report
「During the cumulative first quarter period, Japan's economy remained in a challenging situation. Restrictions on activities were eased and economic and social activity gradually moved toward normalization following the reclassification of COVID-19 as a Class 5 disease. At the same time, concerns over weaker consumer sentiment arose due to persistently high raw material and resource prices and declining real wages resulting from rising prices.」
While indicating the normalization of activity following the change in COVID-19's legal classification, it identifies persistently high raw material and resource prices, rising prices, and concerns over weaker consumer sentiment due to declining real wages as new sources of uncertainty. - FY2023Indicates expectations for the normalization of economic activity while uncertainty persists.Annual report
「Although the outlook remains challenging due to trends in raw material prices, rising prices, and soaring resource and energy prices, we expect economic activity to normalize following the reclassification of COVID-19 to a lower-risk category.」
While the challenging outlook caused by high raw material and resource prices continues, it newly indicates expectations for the normalization of economic activity following the reclassification of COVID-19 to a lower-risk category. - FY2023-Q3Adds concerns over the spread of the eighth wave of COVID-19 infections.Annual report
「However, uncertainty has persisted due to soaring raw material and resource prices, as well as concerns over the situation in Ukraine and the spread of the eighth wave of COVID-19 infections.」
While indicating progress toward normalization of economic activity, it explicitly identifies soaring raw material and resource prices, the situation in Ukraine, and concerns over the spread of the eighth wave of COVID-19 infections. - FY2023-Q2Adds the depreciation of the yen, higher resource prices, and the Russia-Ukraine situation amid the normalization of economic activity.Annual report
「During the cumulative second quarter period, Japan's economy was gradually moving toward normalization of economic activity from the severe conditions caused by COVID-19. However, uncertainty has persisted due to soaring raw material and resource prices, the rapid depreciation of the yen, and the protracted Russia-Ukraine situation.」
While indicating progress toward normalization of economic activity, it identifies soaring raw material and resource prices, the rapid depreciation of the yen, and the protracted Russia-Ukraine situation as new sources of uncertainty. - FY2023-Q1Added higher costs due to rapid yen depreciation and surging material and resource pricesAnnual report
「During the cumulative first quarter, economic activity showed signs of returning to normal as restrictions on movement related to COVID-19 were eased. However, difficult conditions continued, with various costs, including transportation costs, rising due to surging material and resource prices and rapid yen depreciation.」
While noting the easing of restrictions on activities and the movement toward economic normalization, it identifies rising transportation and other costs driven by soaring material and resource prices and the rapid depreciation of the yen as new concerns. - FY2022WorsenedAnnual report
「Although economic activity gradually resumed as measures to contain COVID-19 expanded, including the spread of vaccination, difficult conditions have persisted due to surging raw material prices and rising resource prices resulting from heightened tensions over Ukraine.」
In addition to the prolonged impact of COVID-19, cites surging raw material prices and rising resource prices due to heightened tensions over Ukraine as new concerns in the operating environment. - FY2022-Q3Lists progress in the economic recovery alongside the risk of renewed spread due to variantsAnnual report
「During the cumulative third quarter, the difficult conditions gradually eased and signs of an economic recovery emerged due to the spread of vaccination against COVID-19 and the lifting of the state of emergency. However, the risk of renewed infections was not eliminated due to the emergence of new variants, and conditions remained uncertain.」
While indicating an economic rebound due to the spread of vaccination and the lifting of the state of emergency, continues to cite the risk of renewed infections due to variants and uncertainty in the outlook. - FY2022-Q2Added signs of recovery from measures to contain infections while uncertainty continuesAnnual report
「Although signs of a recovery in activity toward an economic rebound have recently emerged due to policies to contain the spread of infections, such as promoting vaccination, uncertainty continues.」
While continuing to cite the difficult economic environment caused by COVID-19, newly indicates signs of recovery in activity due to policies such as vaccination programs. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter, the spread of COVID-19, which had continued since the previous fiscal year, remained unabated. Social and economic activity continued to be restricted by measures such as requests to refrain from going out and reduced operating hours in some businesses, resulting in continued difficult conditions and an uncertain outlook.」
Continues to cite the spread of COVID-19, restrictions on social and economic activity, difficult economic conditions and uncertainty in the outlook. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter, as the global spread of COVID-19 prolonged its impact in Japan, some economic activity recovered after the lifting of the state of emergency. However, the outlook for the economy remained uncertain because the timing of the end of the pandemic could not yet be predicted due to renewed infections.」
States that the prolonged impact and renewed spread of COVID-19 have made it impossible to predict when the pandemic will end, and that uncertainty in the economic outlook continues. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy remained in a difficult environment as economic activity continued to stagnate due to the spread of COVID-19. Although some signs of recovery in economic activity emerged after the lifting of the state of emergency, the outlook remained uncertain because the global economic recovery was delayed amid continuing outbreaks in Europe, the US and emerging markets, and because of concerns about a renewed spread of infections in Japan.」
Explicitly identifies continued stagnation in economic activity caused by COVID-19, the spread of infections in Europe, the US and emerging markets, delays in the global economic recovery, and concerns about a renewed spread of infections in Japan as factors contributing to uncertainty in the outlook. - FY2021-Q1WorsenedAnnual report
「The outlook remains uncertain due to concerns over a second wave of infections even after the lifting of the state of emergency.」
Concerns over a second wave of COVID-19 infections have been added, and uncertainty in the outlook for the domestic economy continues. - FY2020Sharp economic slowdown and heightened uncertainty due to the novel coronavirusAnnual report
「The economy slowed sharply toward the end of the fiscal year due to the consumption tax increase, natural disasters and the spread of the novel coronavirus.」
In addition to overseas economic conditions and trade issues, explicitly identifies the sharp economic slowdown caused by the spread of the novel coronavirus as a factor contributing to uncertainty in the domestic economy. - FY2020-Q3Added Brexit as a factor contributing to uncertaintyAnnual report
「However, concerns over US-China trade friction and Brexit have intensified, and the outlook for the domestic economy remains uncertain.」
Explicitly identifies Brexit as a factor of concern in addition to the previously cited US-China trade friction. - FY2020-Q2Factors contributing to uncertainty expanded to include US-China trade friction and worsening economic sentiment in EuropeAnnual report
「During the cumulative second quarter, Japan's economy continued to recover gradually against a backdrop of economic and monetary policies implemented by the government and the Bank of Japan, but the outlook remained uncertain due to the impact of US-China trade friction and worsening economic sentiment in Europe.」
While a gradual recovery continues, cites the impact of US-China trade friction and worsening economic sentiment in Europe as factors contributing to uncertainty in the outlook. - FY2020-Q1Explicitly identifies deterioration in external demand due to US-China tensions and a slowdown in ChinaAnnual report
「According to the Japanese government's June Monthly Economic Report, its economic assessment remained unchanged at “the economy is gradually recovering, although exports and production remain weak.” However, external demand has deteriorated due to the slowdown in China's economy resulting from intensifying US-China trade friction, and stagnant conditions have persisted.」
Links the previously cited US-China trade friction and slowdown in China's economy to deteriorating external demand and persistent stagnation. - FY2019Factors contributing to uncertainty changed to US-China trade friction and geopolitical risks in AsiaAnnual report
「However, the outlook is expected to remain uncertain because the US-China trade friction issue cannot be foreseen and because of geopolitical risks in Asia.」
In addition to US-China trade friction, cites geopolitical risks in Asia as a factor contributing to uncertainty in the outlook. - FY2019-Q3Factors contributing to uncertainty changed to US-China trade friction and concerns over a global economic slowdownAnnual report
「However, concerns over US-China trade friction and a slowdown in the global economy, led by China, have intensified, and the outlook for the domestic economy remains uncertain.」
While noting the recovery trend in corporate earnings and employment conditions, cites US-China trade friction and concerns over a slowdown in the global economy, led by China, as factors contributing to uncertainty in the domestic economy. - FY2019-Q2Factors contributing to uncertainty changed to natural disasters and trade issuesAnnual report
「During the cumulative second quarter, Japan's economy remained on a gradual recovery path against a backdrop of recovering corporate earnings and a strong employment environment. However, the economic outlook is expected to remain uncertain due to the impact of natural disasters in Japan and trade issues overseas.」
While indicating a gradual economic recovery, cites natural disasters in Japan and trade issues overseas as factors contributing to uncertainty in the economic outlook. - FY2019-Q1Factors contributing to uncertainty changed to rising costs due to higher crude oil prices and labor shortagesAnnual report
「During the cumulative first quarter, Japan's economy continued to grow gradually on the back of a strong global economy. However, difficult conditions persisted, with the outlook remaining uncertain due to higher raw material prices caused by higher crude oil prices and rising labor costs caused by labor shortages.」
Rather than the previous political and economic developments in the US, Europe and China, cites higher raw material prices caused by higher crude oil prices and rising labor costs caused by labor shortages as factors contributing to uncertainty in the outlook. - FY2018Factors contributing to uncertainty in the outlook changed to US policies and uncertainty over economic policy in AsiaAnnual report
「However, the outlook is expected to remain uncertain due to the impact of US policy administration and concerns over economic and policy uncertainty in Asia.」
Rather than the previous domestic labor shortages and rising logistics costs, cites US policy administration and economic and policy uncertainty in Asia as factors contributing to uncertainty in the outlook. - FY2018-Q3Factors contributing to uncertainty in the outlook changed from domestic labor shortages and rising logistics costsAnnual report
「During the cumulative third quarter, Japan's economy continued on a gradual recovery path due to improvements in corporate earnings and the employment environment, but the outlook remained uncertain because of domestic labor shortages, rising logistics costs and other factors.」
While indicating a gradual economic recovery, cites domestic labor shortages and rising logistics costs as factors contributing to uncertainty in the outlook. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter, corporate earnings in Japan were on a gradual recovery trend against a backdrop of the government's economic policies and the Bank of Japan's monetary easing, but the recovery was not strongly felt because of sluggish growth in personal income and other factors. Although the US economy remained firm, the economic outlook is expected to remain uncertain depending on political and economic developments in Europe and China.」
Continues to cite uncertainty in the economic outlook due to sluggish personal income growth and political and economic developments in Europe and China, while noting the recovery trend in corporate earnings. - FY2018-Q1RestatedAnnual report
「During the cumulative first quarter, Japan's economy showed a gradual recovery in corporate earnings against a backdrop of the government's economic policies and the Bank of Japan's monetary easing, but the economic outlook is expected to remain uncertain depending on US policies and political and economic developments in Europe and China.」
Continues to cite uncertainty in the outlook due to political and economic developments in the US, Europe and China, while noting the economy's gradual recovery trend. - FY2017RestatedAnnual report
「However, the outlook remains uncertain, as weaknesses have emerged in the political capabilities of the US administration and in some emerging markets.」
Continues to cite uncertainty in the outlook due to weakness in the US administration and emerging markets, while noting the domestic economy's recovery trend. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy remained on a gradual recovery path due to the government's various economic policies, but conditions remained unpredictable because of the change in the US administration and the UK's Brexit issue, as well as economic weakness in China and other emerging markets.」
Continues to cite uncertainty due to the change in the US administration, Brexit and economic weakness in China and other emerging markets, while noting the economy's gradual recovery. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter, Japan's economy continued to face an uncertain outlook, despite signs of improvement in corporate earnings and the employment environment, due in part to stagnating earnings at export companies caused by yen appreciation and economic slowdowns in emerging markets and elsewhere.」
Continues to cite uncertainty in the outlook due to yen appreciation and economic slowdowns in emerging markets and elsewhere, while noting improvements in corporate earnings and the employment environment. - FY2017-Q1RestatedAnnual report
「Corporate earnings have also been recovering gradually, but the economic outlook is expected to remain uncertain depending on developments such as yen appreciation, falling stock prices and an economic slowdown in China.」
Continues to cite uncertainty in the economic outlook due to the slowdown in China's economy and other factors. - FY2016First statedAnnual report
「The outlook for the domestic economy remains uncertain due to the economic slowdown in China and other emerging markets, declines in crude oil and resource prices, and other factors.」
Identifies emerging-market economies and crude oil and resource prices as factors contributing to uncertainty in the outlook for the domestic economy.