Downside risks to overseas economic activity
First written in FY2016. 9 of 21 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2022: 129 of 170 companies on the "Worse" side.
73 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「Meanwhile, the recovery in personal consumption appeared sluggish due to prolonged price increases and other factors, while conditions of uncertainty about the outlook continue because of the unstable overseas situation and uncertainty surrounding the global economy, monetary policy and foreign exchange trends.」
It continued to identify sluggish personal consumption due to high prices, the unstable overseas situation, and uncertainty surrounding the global economy, monetary policy and foreign exchange trends as concerns in the external environment. - FY2026-H1Continued slowdown in consumption due to U.S. trade policy and high pricesAnnual report
「During the current interim consolidated accounting period, Japan's economy remained on a gradual recovery track, supported by improvements in employment and income conditions and the recovery in corporate earnings, although the recovery in personal consumption appeared sluggish due to the impact of U.S. trade policy on the global economy and surging prices.」
It continued to specifically identify the effects of U.S. trade policy and surging prices on the global economy and personal consumption, and described conditions in which the recovery in personal consumption appeared sluggish. - FY2025Explicit identification of concerns over U.S. trade policy and the Chinese economyAnnual report
「Japan's economy grew steadily during the current consolidated fiscal year, supported by more active corporate economic activity and capital investment and expanded external demand resulting from the recovery in inbound demand. However, uncertainty about the outlook remains, including concerns over U.S. trade policy, the future of the Chinese economy, the impact of prolonged price increases on personal consumption, and future monetary policy and foreign exchange trends.」
While identifying factors supporting economic recovery, it listed U.S. trade policy, the Chinese economy, high prices, and monetary policy and foreign exchange trends as new specific concerns. - FY2025-H1Coexistence of economic improvement and risks from yen depreciation and higher pricesAnnual report
「Although corporate economic activity, the recovery in inbound demand and growth in personal consumption are steadily improving, the trend toward yen depreciation and surging prices is prolonged, and the outlook for monetary policy and foreign exchange trends remains difficult to assess. Conditions in which the economic outlook cannot be viewed optimistically continue.」
It explained that corporate activity, inbound demand and personal consumption are improving, while the trend toward yen depreciation, surging prices and uncertainty over monetary policy and foreign exchange trends continue. - FY2024-Q3WorsenedAnnual report
「Meanwhile, downside risks to the economy remain, including the increasingly persistent yen depreciation, prolonged price increases and the unstable international situation, and conditions of uncertainty about the outlook continue. In light of higher materials, logistics and labor costs, the outlook is considered unlikely to be optimistic.」
In addition to the previously identified yen depreciation, price increases and downturn in overseas economies, it specifically identified the effects of the unstable international situation and higher materials, logistics and labor costs, indicating that the outlook could not be viewed optimistically. Cost increases are described as actual factors affecting the business. - FY2024-Q2Continued explicit identification of surging prices and yen depreciationAnnual report
「Meanwhile, although the continued surge in various prices, further yen depreciation and the effects of a downturn in overseas economies warrant close attention, the economy overall is showing signs of recovery.」
In addition to the downturn risk in overseas economies, it specifically identified continued price increases and further yen depreciation as factors that could affect domestic economic conditions. Meanwhile, it explained that the economy is showing signs of recovery. - FY2023-Q3Explicit identification of inflation riskAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy has been gradually recovering, although the risks to domestic economic conditions from a downturn in overseas economies, rising prices and volatility in financial and capital markets warrant close attention, due in part to measures against COVID-19 and the effects of various policies.」
In addition to the previously identified risk of a downturn in overseas economies, it specifically identified the risks to domestic economic conditions from rising prices and volatility in financial and capital markets. - FY2023-Q2Explicit reference to the risk of accelerated yen depreciationAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy has been gradually recovering as economic activity normalizes, driven by measures against COVID-19 and the effects of various policies, although the risks to domestic economic conditions from a downturn in overseas economies and the accelerating yen depreciation warrant close attention.」
In addition to the downturn risk in overseas economies, it specifically identified the risk that accelerating yen depreciation could affect domestic economic conditions. Meanwhile, it explained that economic activity is gradually recovering. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, Japan's economy was on a moderate recovery trend as corporate earnings and employment conditions improved, but the economic environment deteriorated rapidly and the outlook remained uncertain due to a slowdown in overseas economies, contraction in personal consumption following the consumption tax increase, and the global spread of COVID-19.」
In addition to the previously identified uncertainty in overseas economies and financial markets, the Company discloses a slowdown in overseas economies, contraction in personal consumption due to the consumption tax increase, and the rapid deterioration of the economic environment caused by the global spread of COVID-19. - FY2020-Q3RestatedAnnual report
「During the nine-month consolidated cumulative period, Japan's economy remained on a moderate recovery trend due to improvements in corporate earnings and employment conditions, although the outlook remained uncertain due to uncertainty in overseas economies, volatility in financial and capital markets and other factors.」
Uncertainty about the economic outlook due to uncertainty in overseas economies and volatility in financial and capital markets continues to be disclosed. - FY2020-Q1Explicit reference to US-China trade friction and concerns about a slowdown in ChinaAnnual report
「During the three-month consolidated cumulative period, Japan's economy continued on a moderate recovery trend due to improvements in corporate earnings and employment and income conditions. Meanwhile, the economic outlook remained uncertain against a backdrop of US-China trade friction and concerns about a slowdown in China's economy.」
In addition to the previously identified uncertainty in overseas economies, the Company explicitly identifies US-China trade friction and concerns about a slowdown in China's economy as factors contributing to uncertainty about the economic outlook. - FY2019RestatedAnnual report
「Although the outlook remained uncertain due to uncertainty in overseas economies and volatility in financial and capital markets, the domestic leisure and entertainment market remained firm, maintaining its growth trend of recent years against a backdrop of rising demand for experiential consumption.」
While acknowledging uncertainty in overseas economies and financial and capital markets, the Company continues to view the domestic leisure and entertainment market as firm. - FY2019-Q3RestatedAnnual report
「During the nine-month consolidated cumulative period, Japan's economy continued on a moderate recovery trend, supported by improving corporate earnings and employment conditions, although the outlook remained uncertain due to the impact of uncertainty in overseas economies and volatility in financial and capital markets,」
While indicating that Japan's economy remains on a recovery trend, the Company continues to identify uncertainty about the outlook caused by uncertainty in overseas economies and volatility in financial and capital markets as an external concern. - FY2018RestatedAnnual report
「Although the outlook remained uncertain due to the impact of uncertainty in overseas economies and volatility in financial and capital markets,」
Uncertainty about the economic outlook due to uncertainty in overseas economies and volatility in financial and capital markets continues to be identified. - FY2018-Q3RestatedAnnual report
「During the nine-month consolidated cumulative period, Japan's economy remained on a moderate recovery trend, supported by improving corporate earnings and employment conditions, although the outlook remained uncertain due to the impact of uncertainty in overseas economies and volatility in financial and capital markets,」
Uncertainty about the economic outlook due to uncertainty in overseas economies and volatility in financial and capital markets continues to be disclosed. - FY2018-Q1RestatedAnnual report
「During the three-month consolidated cumulative period, Japan's economy remained on a moderate recovery trend, supported by improving corporate earnings and employment and income conditions, although the outlook remained uncertain due to uncertainty in overseas economies,」
While describing Japan's economy as being on a moderate recovery trend, the Company continues to identify uncertainty in overseas economies as a source of uncertainty about the economic outlook. - FY2017RestatedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a moderate recovery trend, supported by improving corporate earnings and employment conditions, although the outlook remained uncertain due to the impact of uncertainty in overseas economies and volatility in financial and capital markets,」
Uncertainty about the economic outlook due to uncertainty in overseas economies and volatility in financial and capital markets continues to be disclosed. - FY2017-Q3RestatedAnnual report
「During the nine-month consolidated cumulative period, Japan's economy remained on a moderate recovery trend, supported by improving corporate earnings and employment conditions, although the outlook remained uncertain due to the impact of uncertainty in overseas economies and volatility in financial and capital markets. Meanwhile, the domestic leisure and entertainment market remained strong, maintaining its growth trend of recent years.」
Uncertainty about the economic outlook due to uncertainty in overseas economies and volatility in financial and capital markets continues to be identified as an external concern. - FY2017-Q2Concern addedAnnual report
「The outlook remained uncertain amid concerns about adverse effects on the global economy stemming from the UK's withdrawal from the EU.」
Regarding downside risks to overseas economies and the global economy, the Company cites the UK's withdrawal from the EU as an additional concern, alongside the previously identified risks relating to China, emerging-market economies and political conditions overseas. - FY2017-Q1WorsenedAnnual report
「In addition to economic trends in emerging markets, including China, and political instability overseas, concerns have grown that corporate earnings could deteriorate as the yen has rapidly entered an appreciating trend, increasing uncertainty about the economic outlook.」
In addition to the previously identified downside risks to overseas economies, including China's, the Company cites emerging-market economies, political instability overseas and concerns about deteriorating corporate earnings due to rapid yen appreciation, stating that uncertainty about the economic outlook has increased. - FY2016First statedAnnual report
「Although there are downside risks to overseas economies, including China's, the economy has remained on a moderate recovery trend, with corporate earnings and employment conditions improving,」
As part of its assessment of the external operating environment, the Company identifies downside risks to overseas economies, including China's, as risk factors.