Uncertainty and Lack of Visibility over the Outlook for the Global Economy
First written in FY2017-Q3. 15 of 30 entries say "Reframed", first in FY2018-Q3. Latest entry: 2026-08-14.
Sharingtechnology moved to the "Worse" side of this theme in 2018, 2 years before the typical company in this theme (2020).
The whole theme swung hardest in 2022: 104 of 134 companies on the "Worse" side.
66 other companies' latest entry also says "Restated".
- 2026-08-14RestatedEarnings
「Meanwhile, uncertainty about the outlook remains due to factors including a slowdown in personal consumption resulting from continued inflation and higher resource prices resulting from increasing geopolitical risks in the Middle East.」
The uncertainty caused by inflation and geopolitical risks in the Middle East, identified in FY2026-H1, was reiterated in the third-quarter results for the same disclosure period. - FY2026-H1ReframedAnnual report
「During the interim consolidated period, Japan's economy showed signs of a gradual recovery against a backdrop of the implementation of various policies and improvements in employment and income conditions. However, the outlook remained uncertain due to prolonged price increases, developments in U.S. trade policy and geopolitical risks in the Middle East, among other factors.」
While describing the economy as being on a gradual recovery trend, the company identified prolonged price increases, U.S. trade policy and geopolitical risks in the Middle East as sources of uncertainty about the outlook. - FY2025ReframedAnnual report
「During the fiscal year, Japan's economy showed signs of a gradual recovery against a backdrop of improving employment and income conditions and a recovery in corporate earnings. However, the outlook remained uncertain due to the impact of rising prices, fluctuations in resource prices and U.S. trade policies, among other factors.」
While indicating a recovery trend in the economy, the company identified rising prices, fluctuations in resource prices and U.S. trade policies, among other factors, as sources of uncertainty. - FY2025-H1ReframedAnnual report
「During the interim consolidated period, Japan's economy showed signs of a gradual recovery due to improvements in employment and income conditions and the expansion of inbound demand. However, the outlook remained uncertain due to the impact of rising prices, sharp exchange-rate fluctuations and future policy developments in the United States.」
While indicating a recovery trend supported by improvements in employment and income conditions and the expansion of inbound demand, the company cited rising prices, sharp exchange-rate fluctuations and U.S. policy developments as new sources of uncertainty. - FY2024ReframedAnnual report
「During the fiscal year, Japan's economy remained uncertain due to sharp exchange-rate fluctuations, rising prices caused by soaring raw material and energy prices, volatility in global financial and capital markets, and the prolonged instability of overseas conditions. At the same time, socioeconomic activity normalized as the COVID-19 pandemic subsided, and the economy showed signs of a gradual recovery supported by the recovery in inbound consumption due to the increase in visitors to Japan and improvements in employment and income conditions.」
While indicating the normalization of socioeconomic activity and a recovery in the economy as the COVID-19 pandemic subsided, the company cited exchange rates, prices, financial markets and overseas conditions as sources of uncertainty. - FY2024-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy remained uncertain due to continued inflation caused by persistently high energy prices and rising prices overall, as well as fluctuations in interest rates and exchange rates resulting from global monetary tightening. At the same time, signs of a gradual recovery were evident, including the revitalization of inbound consumption due to the increase in visitors to Japan and the recovery of face-to-face service businesses.」
While continuing to cite uncertainty due to ongoing inflation, global monetary tightening, and fluctuations in interest rates and exchange rates, the company added inbound consumption and the recovery of face-to-face service businesses as factors supporting recovery. - FY2024-Q1ReframedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy remained uncertain due to continued inflation caused by persistently high energy prices and rising prices overall, as well as the upward trend in long-term interest rates. At the same time, signs of a gradual recovery were evident due to the recovery in inbound demand and improvements in employment and income conditions.」
While identifying persistently high energy prices, rising prices overall and the upward trend in long-term interest rates as sources of uncertainty about the outlook, the company also cited signs of recovery due to the recovery in inbound demand and improvements in employment and income conditions. - FY2023ReframedAnnual report
「During the fiscal year, economic activity in Japan continued to normalize following the COVID-19 pandemic, while concerns about a global recession and geopolitical risks were increasing. The outlook remained uncertain due to the renewed rise in resource and energy prices and the risk of exchange-rate fluctuations.」
While indicating the normalization of economic activity following the COVID-19 pandemic, the company shifted from its previous explanation centered on the disease to one identifying a global recession, geopolitical risks, resource and energy prices, and exchange-rate fluctuations as the main sources of uncertainty. - FY2023-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy remained uncertain as resource prices and prices overall soared globally due in part to accelerating inflation, causing domestic prices to rise rapidly. At the same time, signs of a recovery in future economic activity began to emerge as COVID-19 was moved to Category 5, equivalent to seasonal influenza.」
While continuing to indicate uncertainty about the outlook due to soaring resource prices and prices overall, the company shifted to an explanation that signs of a recovery in economic activity had begun to emerge following the classification of COVID-19 as Category 5. - FY2023-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy remained uncertain as resource prices and prices overall soared globally due in part to accelerating inflation, causing domestic prices to rise rapidly. At the same time, signs of a recovery in future economic activity began to emerge as restrictions on movement related to COVID-19 were gradually eased and personal consumption recovered moderately.」
The sources of uncertainty about the outlook shifted from the previous explanation, which included monetary tightening and the depreciation of the yen, to soaring global resource prices and overall prices and rising domestic prices. At the same time, the company also cited signs of recovery resulting from the easing of restrictions on movement and the recovery in personal consumption. - FY2023-Q1ReframedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy showed signs of a recovery in corporate activity and personal consumption as restrictions on movement related to COVID-19 were eased and economic activity gradually resumed. However, the economic outlook remained uncertain due to the increasing risk of a downside in the economy associated with global monetary tightening and the rapid depreciation of the yen.」
While indicating the resumption and recovery of economic activity following the easing of restrictions on movement, the company identified the risk of a downside in the economy associated with global monetary tightening and the rapid depreciation of the yen as new sources of uncertainty, rather than focusing on COVID-19 and resource prices as before. - FY2022ReframedAnnual report
「During the fiscal year, Japan's economy showed signs of a gradual recovery as restrictions on movement related to COVID-19 were eased in stages. However, the economic outlook remained uncertain due in part to soaring resource prices and the rapid depreciation of the yen.」
The company shifted from its previous explanation centered on stagnation and uncertainty caused by COVID-19 to one indicating signs of recovery due to the easing of restrictions on movement, while also describing uncertainty about the outlook due to soaring resource prices and the rapid depreciation of the yen. - FY2022-Q3WorsenedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy showed signs of normalization, including the easing of restrictions on movement, as measures against COVID-19 became established, but the risk of a renewed spread of infections was increasing in the near term. In addition, volatility in financial and capital markets and prolonged inflation due to soaring resource prices were concerns for the global economy, and the economic outlook remained uncertain.」
While indicating progress toward the normalization of economic activity, the company cited the increasing risk of a renewed spread of infections, volatility in financial and capital markets, and prolonged inflation due to soaring resource prices, with uncertainty about the outlook continuing. - FY2022-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy showed signs of recovery as vaccinations and treatments for COVID-19 became more widespread. As for the outlook, expectations for an economic recovery were increasing as economic and social activity moved toward normalization with thorough infection-control measures, supported by the effects of various policies and improvements in overseas economies. However, volatility in financial and capital markets and the prospect of prolonged inflation due to soaring resource prices were concerns in the near term and required close monitoring.」
The company shifted from its previous explanation, centered on uncertainty caused by COVID-19, to one indicating the normalization of economic activity and expectations for recovery. At the same time, it cited volatility in financial and capital markets and prolonged inflation due to soaring resource prices as new concerns. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy remained uncertain. As vaccinations and treatments for COVID-19 became more widespread, severe cases were expected to subside and efforts were being made to gradually raise the level of social activity while implementing infection-control measures.」
While indicating expectations for a recovery as vaccinations and treatments for COVID-19 became more widespread, the company continued to explain that the economic outlook remained uncertain due to the disease. - FY2021RestatedAnnual report
「During the fiscal year, Japan's economy was in an extremely difficult situation due to the impact of COVID-19. As for the outlook, while infection numbers were expected to subside as vaccinations became more widespread and efforts were made to bring the pandemic under control, socioeconomic activity was being gradually restored while infection-control measures were taken, and uncertainty continued.」
In addition to expectations for a recovery from vaccinations, the company continued to describe the difficult economic conditions caused by COVID-19 and uncertainty about the outlook. - FY2021-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy showed signs of recovery as some economic activity resumed and vaccinations began after stagnating due to COVID-19. However, the outlook remained uncertain due to the reimposition of the state of emergency and the implementation of priority preventive measures to prevent the spread of the disease amid a resurgence of infections.」
While indicating that the resumption of economic activity and the start of vaccinations were supporting recovery, the company continued to describe an uncertain outlook due to the resurgence of infections, the reimposition of the state of emergency and the implementation of priority preventive measures to prevent the spread of the disease. - FY2021-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy showed signs of recovery as some economic activity resumed after stagnating due to COVID-19. However, the outlook remained uncertain, as the state of emergency was reimposed amid a resurgence of infections.」
While some recovery was evident after the economic stagnation caused by COVID-19, the company continued to describe an uncertain outlook due to the resurgence of infections and the reimposition of the state of emergency. - FY2021-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy deteriorated rapidly due to the impact of COVID-19. The outlook also remained uncertain, as there was still no clear prospect of containing the spread of infection.」
The company continued to describe the deterioration in the economy caused by COVID-19 and uncertainty about the outlook due to the lack of a clear prospect for containing the spread of infection. - FY2020WorsenedAnnual report
「During the fiscal year, Japan's economy shifted from a gradual recovery trend to an extremely difficult situation due to the impact of COVID-19. As for the outlook, measures were being taken to prevent the spread of infection while gradually raising the level of socioeconomic activity, but conditions were expected to remain extremely uncertain.」
The company explained that COVID-19 had caused the economy to shift from its previous recovery trend to an extremely difficult situation, with the outlook also extremely uncertain. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy shifted from a gradual recovery trend to rapid deterioration due to the impact of COVID-19 and was in an extremely difficult situation. As for the outlook, measures were being taken to prevent the spread of infection while gradually raising the level of socioeconomic activity, but the extremely difficult situation was expected to continue for the time being.」
The wording became more severe, moving from the difficult conditions described through the previous quarter to a rapid deterioration in the economy due to COVID-19 and an extremely difficult near-term outlook. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy had remained on a gradual recovery trend until around the middle of the period, but the outlook for corporate earnings and employment and income conditions was expected to remain difficult due to the impact of COVID-19.」
In addition to the previous uncertainty surrounding overseas economies and financial markets, the company specifically cited COVID-19's impact on corporate earnings and employment and income conditions, indicating a difficult outlook. - FY2020-Q1RestatedAnnual report
「However, the unstable financial markets resulting from the prolonged U.S.-China trade friction and tensions in the Middle East, together with the consumption tax increase in October last year, created a risk that consumer sentiment would deteriorate, and uncertainty about the outlook continued.」
The company continued to describe uncertainty about the outlook due to U.S.-China trade friction, conditions in the Middle East, financial markets and the consumption tax increase. - FY2019RestatedAnnual report
「However, the unstable equity market resulting from the prolonged U.S.-China trade friction and worsening conditions in the Middle East, together with the October consumption tax increase, created a risk that consumer sentiment would deteriorate, and uncertainty about the outlook continued.」
While indicating that the domestic economy was on a gradual recovery trend, the company continued to describe uncertainty about the outlook due to U.S.-China trade friction, conditions in the Middle East and the consumption tax increase. - FY2019-Q3WorsenedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy continued on a gradual recovery trend against a backdrop of solid employment and income conditions. However, uncertainty about the outlook was increasing due to concerns about intensifying U.S.-China trade friction, economic slowdowns in Europe, the United States and China, geopolitical risks in the Middle East and on the Korean Peninsula, and the impact on personal consumption and other areas of the consumption tax increase scheduled by the government for October this year.」
While maintaining that the domestic economy was on a gradual recovery trend, the company newly specified U.S.-China trade friction, economic slowdowns in Europe, the United States and China, geopolitical risks, and the impact of the consumption tax increase, and described increasing uncertainty about the outlook. - FY2019-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued on a gradual recovery trend, supported by favorable corporate earnings and improvements in employment and income conditions resulting from the government's economic policies and the Bank of Japan's monetary easing. However, uncertainty about the outlook was increasing due to trade issues, uncertainty in overseas economies such as Europe and China, and volatility in financial and capital markets.」
The company described the domestic economy as maintaining its recovery trend, while citing trade issues, uncertainty in overseas economies and volatility in financial and capital markets, and stated that uncertainty about the outlook was increasing. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy remained on a gradual recovery trend, supported by the government's economic policies and the Bank of Japan's monetary easing, with corporate earnings and employment conditions continuing to improve.」
The explanation in the previous filing was continued, describing the domestic economy as being on a gradual recovery trend against a backdrop of improving corporate earnings and employment conditions. - FY2018-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy remained on a gradual recovery trend, supported by improvements in employment and corporate earnings.」
The previous framing of uncertainty and an unclear outlook for the global economy was not used; the domestic economy was described as being on a gradual recovery trend due to improvements in employment and corporate earnings. - FY2017RestatedAnnual report
「However, concerns about the policies of the new U.S. administration and its protectionist tendencies, turmoil in the European economy resulting from the UK's withdrawal from the EU, and economic slowdowns in China, other emerging Asian countries and resource-rich countries caused fluctuations in foreign-exchange rates and equity markets, and uncertainty about the outlook continued.」
The annual report continued to describe uncertainty about the outlook for the global economy, policies and foreign-exchange rates. - FY2017-Q3First statedAnnual report
「The outlook remained uncertain due to uncertainty in the global economy, including sharp exchange-rate fluctuations, the UK's withdrawal from the EU, the protectionist economic policies of the Trump administration in the United States, and economic trends in emerging Asian countries, particularly China, and resource-rich countries.」
Described as uncertainty in the business environment in the performance analysis. The formal "Business and Other Risks" section contains no applicable items.