Uncertainty over the outlook for economic conditions and the advertising market
First written in FY2017-Q1. 31 of 40 entries say "Restated". Latest entry: FY2027-H1.
No other company in this theme has enough history to compare yet.
- FY2027-H1RestatedAnnual report
「Japan's economy during the interim consolidated accounting period was expected to undergo a gradual recovery, supported by improvements in employment and income conditions and the effects of various policies. However, concerns over the impact of the situation in the Middle East, natural disasters and fluctuations in financial and capital markets have left the outlook uncertain.」
While indicating expectations for a gradual recovery, the report continues to cite uncertainty over the outlook due to the situation in the Middle East, natural disasters and fluctuations in financial and capital markets. - FY2026RestatedAnnual report
「During the consolidated fiscal year under review, a moderate recovery in Japan's economy is expected to continue, supported by improvements in the employment and income environment and the effects of various policies, but the outlook remains uncertain due to concerns over the impact of conditions in the Middle East, developments surrounding US trade policy, and the effects of volatility in financial and capital markets.」
While indicating expectations for a moderate recovery, the Company continues to describe uncertainty over the economic outlook against a backdrop of conditions in the Middle East, US trade policy, and volatility in financial and capital markets. - FY2026-H1RestatedAnnual report
「During the interim consolidated fiscal year under review, a moderate recovery in Japan's economy is expected to continue, partly as a result of various policies, but the impact of US trade policy and the effects of continued price increases on personal consumption represent downside risks to Japan's economy. In addition, there are concerns over the effects of volatility in financial and capital markets, and the outlook remains uncertain.」
While indicating expectations for an economic recovery, the Company continues to describe downside risks to the economy and uncertainty over the outlook due to US trade policy, rising prices, and volatility in financial and capital markets. - FY2025RestatedAnnual report
「During the consolidated fiscal year under review, a moderate recovery in Japan's economy is expected to continue, partly as a result of various policies, but the outlook remains uncertain due to concerns over the impact of continued price increases on personal consumption, developments in US policies, including trade policy, and the effects of volatility in financial and capital markets.」
While indicating expectations for an economic recovery, the Company continues to describe uncertainty over the outlook due to rising prices, developments in US policy, and volatility in financial and capital markets. - FY2025-H1RestatedAnnual report
「During the interim consolidated fiscal year under review, a moderate recovery in Japan's economy is expected to continue, partly as a result of various policies, but the outlook remains uncertain due to concerns over the risk that a downturn in overseas economies, caused by the continuation of high interest rates in Europe and the United States and the stagnation of China's real estate market, could depress Japan's economy, as well as rising prices and the effects of volatility in financial and capital markets.」
While indicating expectations for a moderate economic recovery, the Company continues to describe uncertainty over the outlook due to high interest rates in Europe and the United States, stagnation in China's real estate market, a downturn in overseas economies, rising prices, and volatility in financial and capital markets. - FY2024RestatedAnnual report
「During the consolidated fiscal year under review, a moderate recovery in Japan's economy is expected to continue, partly as a result of various policies, but the outlook remains uncertain due to concerns over the effects of global monetary tightening, the risk that a downturn in overseas economies could depress Japan's economy, rising prices, and the effects of volatility in financial and capital markets.」
While indicating expectations for an economic recovery and growth in the advertising market, the Company continues to describe uncertainty over the outlook surrounding monetary tightening, overseas economies, prices, and financial markets. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter of the consolidated fiscal year under review, a moderate recovery in Japan's economy is expected to continue, partly as a result of various policies, but the outlook remains uncertain due to concerns over the effects of global monetary tightening, the risk that a downturn in overseas economies could depress Japan's economy, rising prices, and the effects of volatility in financial and capital markets.」
While indicating expectations for an economic recovery, the Company continues to describe uncertainty over the outlook due to global monetary tightening, a downturn in overseas economies, rising prices, and volatility in financial and capital markets. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter of the consolidated fiscal year under review, a moderate recovery in Japan's economy is expected to continue, partly as a result of various policies, but the outlook remains uncertain due to concerns over the effects of global monetary tightening, the risk that a downturn in overseas economies could depress Japan's economy, rising prices, and the effects of volatility in financial and capital markets.」
While indicating expectations for an economic recovery, the Company continues to describe uncertainty over the outlook due to global monetary tightening, a downturn in overseas economies, rising prices, and volatility in financial and capital markets. - FY2024-Q1RestatedAnnual report
「During the cumulative first quarter of the consolidated fiscal year under review, Japan's economy is expected to recover, supported by improvements in the employment and income environment and the effects of various policies, but the outlook remains uncertain due to concerns over downside risks to overseas economies, rising prices, and the effects of volatility in capital markets amid continued global monetary tightening.」
While indicating improvements in the employment and income environment and expectations for an economic recovery, the Company continues to describe uncertainty over the outlook against a backdrop of global monetary tightening, a downturn in overseas economies, rising prices, and volatility in capital markets. - FY2023-Q3RestatedAnnual report
「The advertising industry, which is our Group's primary market, had become more active as the impact of COVID-19 eased, but companies have become cautious about advertising expenditures amid an increasingly uncertain economic outlook. Since the industry is highly sensitive to economic trends, the outlook for the advertising market has also become uncertain.」
While acknowledging the increasing activity in the advertising market, the Company states that uncertainty over the advertising market's outlook continues against a backdrop of economic uncertainty and companies' cautious stance toward advertising expenditures. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter of the consolidated fiscal year under review, Japan's economy is expected to recover, partly as a result of various policies, but the outlook remains uncertain due to concerns over the risk that a downturn in overseas economies could depress Japan's economy amid continued global monetary tightening, as well as the effects of rising prices, supply constraints, and volatility in financial and capital markets. The advertising industry, which is our Group's primary market, was also becoming more active as the impact of COVID-19 eased. However, amid the economic environment and economic trends described above, moves by companies to reduce advertising expenditures had also begun to emerge.」
While acknowledging the increasing activity in the advertising market, the Company states that moves by companies to reduce advertising expenditures have begun to emerge, in addition to global monetary tightening, downturns in overseas economies, rising prices, and supply constraints. - FY2023-Q1WorsenedAnnual report
「Events, exhibitions, concerts and stage productions, which are our core business areas, had begun to resume and the advertising market was becoming more active, but moves to reduce advertising expenditures also emerged due to the impact of the economic environment described above, and the outlook has become increasingly uncertain.」
While acknowledging the resumption of events and other activities and the increasing activity in the advertising market, the Company states that moves to reduce advertising expenditures have emerged due to the economic environment and that the outlook for the advertising market has "become increasingly uncertain." - FY2022Market recovery and geopolitical risksAnnual report
「The advertising industry, which is our Group's primary market, saw domestic advertising expenditures in 2021 reach ¥6.7998 trillion, or 110.4% of the previous year's level (according to Dentsu Inc.), and the advertising market recovered significantly as the impact of COVID-19 eased. Meanwhile, although events and conventional advertising and promotional campaigns, which are among our core business areas, gradually resumed, promotional media advertising expenditures declined year on year due to the major impact of COVID-19 in this area, and difficult business conditions continued in some businesses.」
The advertising market as a whole recovered significantly to 110.4% of the previous year's level, while difficult conditions continued in some businesses, including promotional media advertising expenditures. The Company also states that developments in the global economy require close monitoring due to Russia's invasion of Ukraine and other factors, presenting the recovery alongside new sources of uncertainty. - FY2022-Q3RestatedAnnual report
「The advertising industry, which is our Group's primary market, had also begun to resume events, exhibitions, concerts and stage productions, which are our core business areas, and signs of recovery had emerged in the advertising and entertainment markets. However, the outlook remains uncertain, as does the economic environment, amid concerns over the spread of the Omicron variant of COVID-19.」
While acknowledging the resumption of events and other activities and signs of recovery in the advertising and entertainment markets, the Company states that uncertainty over the market outlook continues due to concerns over the spread of the Omicron variant and other factors. - FY2022-Q2RestatedAnnual report
「The advertising industry, which is our Group's primary market, had not yet fully resumed events, exhibitions, concerts and stage productions, which are our core business areas, because states of emergency and priority preventive measures against the spread of disease had continued. However, vaccination was progressing and signs of a moderate recovery had begun to emerge in the advertising and entertainment markets. Nevertheless, the end of COVID-19 is still not in sight, event organizers remain cautious about holding events, and the difficult business environment continues.」
While describing progress in vaccinations and signs of recovery in the advertising and entertainment markets, the Company reconfirms that the end of the pandemic is not in sight, event organizers remain cautious, and difficult business conditions continue. It also additionally identifies downside risks to the overall economy through supply chains. - FY2022-Q1RestatedAnnual report
「The advertising industry, which is our Group's primary market, has still not seen the end of COVID-19, and with states of emergency and priority preventive measures against the spread of disease continuing in some regions, the full-scale resumption of events, exhibitions, concerts and stage productions, which are our core business areas, has not yet been achieved.」
The end of the pandemic is not in sight, and because events and other activities have not fully resumed, serious concerns over the impact on advertising demand continue. - FY2021WorsenedAnnual report
「The advertising industry, which is our Group's primary market, saw domestic advertising expenditures in 2020 reach ¥6.1594 trillion, or 88.8% of the previous year's level (according to Dentsu Inc.), resulting in negative growth for the first time in 9 years due to the spread of COVID-19.」
For the advertising market, the Company records not only the existing uncertainty over the outlook but also actual domestic advertising expenditures of 88.8% of the previous year's level, representing negative growth for the first time in 9 years. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter of the consolidated fiscal year under review, Japan's economy remained in a difficult situation due to the impact of COVID-19. Although a recovery is expected to continue, supported by the effects of various policies and improvements in overseas economies, concerns remain over the risk that the spread of the pandemic could depress domestic and overseas economies and the effects of volatility in financial and capital markets, and the outlook remains uncertain. The advertising industry, which is our Group's primary market, also remains in a difficult business environment, particularly in events, exhibitions, concerts and stage productions, as COVID-19 infections have begun to spread again, and concerns over its impact on advertising demand continue to be serious.」
The Company explicitly identifies the renewed spread of COVID-19 and states that the risk of a downturn in socioeconomic activity and serious concerns over advertising demand continue. - FY2021-Q2RestatedAnnual report
「The advertising industry, which is our Group's primary market, remains in a difficult business environment as the end of COVID-19 is still not in sight, and there has been no change in the situation in which its impact on advertising demand is a serious concern.」
The Company states that the end of COVID-19 is not in sight and that the difficult business environment in the advertising industry and concerns over its impact on advertising demand continue. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter of the consolidated fiscal year under review, Japan's economy was in an extremely difficult situation due to the impact of COVID-19. Although a recovery is expected, partly as a result of various policies, concerns remain over developments in the pandemic in Japan and overseas and the effects of volatility in financial and capital markets, and the outlook remains uncertain. The advertising industry, which is our Group's primary market, is also operating in a difficult business environment due to the impact of COVID-19 and is particularly susceptible to economic trends. Accordingly, there has been no change in the situation in which its impact is a serious concern.」
The Company states that COVID-19 has placed the domestic economy in an "extremely difficult situation" and that the advertising industry is also operating in a difficult business environment in which its impact is a serious concern. The uncertainty that continued from the previous fiscal year is presented in this quarter as a more specific difficult business environment. - FY2020WorsenedAnnual report
「During the consolidated fiscal year under review, Japan's economy has been significantly depressed in the near term by the impact of COVID-19, and difficult conditions are expected to continue going forward. There are also concerns over the risk that the pandemic could further depress domestic and overseas economies, as well as the effects of volatility in financial and capital markets, and the outlook remains uncertain.」
In addition to the existing uncertainty in overseas economies and financial markets, the Company explicitly identifies the significant economic downturn caused by COVID-19 and additional downside risks, indicating that uncertainty over the economy and advertising market has intensified. - FY2020-Q3RestatedAnnual report
「The advertising industry, which is our Group's primary market, continues to face uncertainty over the economic outlook, although expectations remain for demand related to the Tokyo Olympic and Paralympic Games. At the same time, concerns remain that the scale of exhibitions could shrink as exhibition and competition venues in the Kanto region are used for the Olympic and Paralympic Games, and the situation remains unchanged in that sufficient attention must be paid to future developments.」
The Company reconfirms that uncertainty over the outlook for the economy and advertising market continues against a backdrop of the US-China trade dispute, the UK's departure from the EU, volatility in financial and capital markets, and consumer sentiment following the consumption tax rate increase. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter of the consolidated fiscal year under review, Japan's economy was recovering moderately, supported by the effects of various policies and continued improvements in the employment and income environment, but uncertainty remains due to concerns over the impact of developments in the US-China trade dispute on the global economy, rising crude oil prices, and volatility in financial and capital markets, and the outlook remains uncertain. The advertising industry, which is our Group's primary market, is closely linked to economic trends and operates in an industry environment that is particularly susceptible to their effects. Accordingly, the situation remains unchanged in that sufficient attention must be paid to the outlook in light of the impact of the economic trends described above.」
While acknowledging the moderate economic recovery, the Company continues to describe uncertainty over the outlook for the economy and advertising market against a backdrop of the US-China trade dispute, rising crude oil prices, and volatility in financial and capital markets. No quantification of the risk or specific potential events is provided. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter of the consolidated fiscal year under review, Japan's economy was recovering moderately, supported by the effects of various policies and continued improvements in the employment and income environment, but many sources of concern remain, including weak exports and production, uncertainty over the US-China trade dispute and overseas economies and policies, and the effects of volatility in financial and capital markets, and uncertainty over the economic outlook remains unresolved. The advertising industry, which is our Group's primary market, is also facing an uncertain outlook due to the impact of the economic trends described above.」
While acknowledging improvements in the employment and income environment and the moderate economic recovery, the Company continues to describe uncertainty over the outlook for the economy and advertising market against a backdrop of weak exports and production, the US-China trade dispute, uncertainty over overseas economies and policies, and volatility in financial and capital markets. - FY2019-Q3WorsenedAnnual report
「During the cumulative third quarter of the consolidated fiscal year under review, Japan's economy continued to recover moderately, with corporate earnings remaining strong, partly as a result of the effects of various policies and continued improvements in the employment and income environment. However, many sources of concern remain, including the impact of developments in trade issues on the global economy, uncertainty in overseas economies, and the effects of volatility in financial and capital markets, and uncertainty over the economic outlook has been increasing. The advertising industry, which is our Group's primary market, has remained at approximately the same level as the previous year, making conditions more difficult than those in the domestic economy.」
The description of uncertainty over the economic outlook has intensified from "remains unresolved" in the previous quarter to "has been increasing," while the advertising industry is described as remaining at approximately the previous year's level and facing more difficult conditions than the domestic economy. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter of the consolidated fiscal year under review, Japan's economy was recovering moderately, supported by continued improvements in the employment and income environment and the effects of various policies, but many sources of concern remain, including the impact of developments in trade issues on the global economy, uncertainty in overseas economies, and the effects of volatility in financial and capital markets, and uncertainty over the economic outlook remains unresolved. The advertising industry, which is our Group's primary market, is closely linked to economic trends and operates in an industry environment that is particularly susceptible to their effects. Accordingly, sufficient attention must be paid to the outlook in light of the impact of the economic trends described above.」
While acknowledging improvements in the employment and income environment and the economic recovery, the Company continues to describe uncertainty over the economy and advertising market against a backdrop of trade issues, uncertainty in overseas economies, and volatility in financial and capital markets. - FY2019-Q1RestatedAnnual report
「The advertising industry, which is our Group's primary market, is also facing an uncertain outlook due to the impact of the economic trends described above.」
While corporate earnings and the employment and income environment continue to improve, uncertainty over the outlook for the economy and advertising market continues against a backdrop of uncertainty in overseas economies and volatility in financial and capital markets. - FY2018RestatedAnnual report
「The advertising industry, which is our Group's primary market, saw domestic advertising expenditures in 2017 reach ¥6.3907 trillion, or 101.6% of the previous year's level (according to Dentsu Inc.), increasing alongside the economic expansion, which was the second-longest in the postwar period, and exceeding the previous year's level for the sixth consecutive year.」
While describing the expansion of the advertising market, the Company reconfirms that uncertainty over the economic outlook continues against a backdrop of uncertainty over US policy and volatility in financial and capital markets. - FY2018-Q3RestatedAnnual report
「Overseas economies are also on a moderate recovery trend, but many sources of concern remain, including uncertainty over the policies of the new US administration and the effects of volatility in financial and capital markets, and uncertainty over the economic outlook remains unresolved amid unstable international conditions. The advertising industry, which is our Group's primary market, has remained only slightly above the level of the same period of the previous year, but is facing an uncertain outlook due to the impact of the economic trends described above.」
Although overseas economies and the advertising market are slightly above the levels of the same period of the previous year, uncertainty over the outlook for the economy and advertising market continues against a backdrop of the policies of the new US administration, volatility in financial and capital markets, and unstable international conditions. - FY2018-Q2RestatedAnnual report
「The advertising industry, which is our Group's primary market, has generally remained on track, but is facing an uncertain outlook due to the impact of the economic trends described above.」
Although the advertising industry is described as generally performing well, uncertainty over its outlook continues against a backdrop of uncertainty in overseas economies and volatility in financial and capital markets. - FY2018-Q1RestatedAnnual report
「The advertising industry, which is our Group's primary market, is also facing an uncertain outlook due to the impact of the economic trends described above.」
While acknowledging improvements in the employment and income environment and corporate earnings, the Company states that uncertainty over the outlook for the economy and advertising market continues against a backdrop of uncertainty in overseas economies and volatility in financial and capital markets. - FY2017RestatedAnnual report
「During the consolidated fiscal year under review, Japan's economy continued to recover moderately, with corporate earnings remaining firm, partly as a result of improvements in the employment and income environment and the effects of various economic measures, although many sources of concern remain, including the effects of the normalization of US monetary policy and uncertainty over policy, and uncertainty over the economic outlook remains unresolved.」
While acknowledging the recovery trend in the economy, the Company continues to describe uncertainty over the outlook for the economy and advertising market against a backdrop of the normalization of US monetary policy and policy uncertainty. - FY2017-Q3RestatedAnnual report
「In addition, the outlook for overseas conditions remains extremely fluid, including the economic policies of the incoming US administration, developments surrounding important elections in Europe, and the UK's departure from the EU, and uncertainty over the economic outlook remains unresolved. The advertising industry, which is our Group's primary market, is also facing an uncertain outlook due to the impact of the economic trends described above.」
Although the specific examples of overseas conditions have been updated, the assessment that uncertainty over the outlook for the economy and advertising market continues is unchanged. - FY2017-Q2RestatedAnnual report
「There are many sources of concern, including downside risks to emerging Asian economies, including China, and resource-rich economies, as well as the UK's departure from the EU, and uncertainty over the economic outlook remains unresolved. The advertising industry, which is our Group's primary market, also continues to face an uncertain outlook due to the impact of the economic trends described above.」
Although additional sources of concern, such as the UK's departure from the EU, are listed, the assessment that the advertising market's outlook remains uncertain is unchanged from the previous period. - FY2017-Q2RestatedAnnual report
「There are many sources of concern, including downside risks to emerging Asian economies, including China, and resource-rich economies, as well as the UK's departure from the EU, and uncertainty over the economic outlook remains unresolved. The advertising industry, which is our Group's primary market, also continues to face an uncertain outlook due to the impact of the economic trends described above.」
Although additional sources of concern, such as the UK's departure from the EU, are listed, the assessment that the advertising market's outlook remains uncertain is unchanged from the previous period. - FY2017-Q1First statedAnnual report
「The advertising industry, which is our Group's primary market, is also facing an uncertain outlook due to the impact of the economic trends described above.」
Although the economy is on a recovery trend, the Company identifies uncertainty in the advertising market as a risk, against a backdrop that includes concerns over downside risks to emerging Asian economies, including China, and resource-rich economies.