Uncertainty over the Outlook for the Domestic and Overseas Economies
First written in FY2017-Q1. 16 of 36 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-08-10.
Fuso Pharmaceutical Industries moved to the "Worse" side of this theme in 2016, 3 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
58 other companies' latest entry also says "Restated".
- FY2026-H1RestatedAnnual report
「During the interim accounting period, Japan's economy continued on a gradual recovery track, supported by improvements in employment and income conditions and increased inbound demand. Meanwhile, the economic outlook remained uncertain, owing to soaring resource and raw material prices, rising prices, U.S. trade policy and fluctuations in financial and capital markets, among other factors.」
While acknowledging the recovery driven by employment and income conditions and inbound demand, the company continues to cite resource and raw material prices, prices, U.S. trade policy and fluctuations in financial and capital markets as sources of uncertainty regarding the outlook. - FY2025Updated to include U.S. trade policy and other factors as uncertainties.Annual report
「During the fiscal year, Japan's economy remained on a gradual recovery track, owing to improvements in employment and income conditions and increased inbound demand. Meanwhile, the economic outlook remained uncertain, owing to the prolonged situations in Ukraine and the Middle East, soaring resource and raw material prices, rising prices, U.S. trade policy and fluctuations in financial and capital markets, among other factors.」
While acknowledging the recovery driven by employment and income conditions and inbound demand, the company lists U.S. trade policy and fluctuations in financial and capital markets as uncertainties, in addition to the international situation, resource prices and the yen's depreciation previously noted. - FY2024Added the Noto Peninsula Earthquake and other factors as uncertainties.Annual report
「Meanwhile, Japan's economy remained in an uncertain situation, owing to the prolonged situations in Ukraine and the Middle East, soaring resource and raw material prices, rising prices, the yen's depreciation, and the effects of the 2024 Noto Peninsula Earthquake, among other factors.」
The effects of the 2024 Noto Peninsula Earthquake are listed as an uncertainty, in addition to the international situation, resource and raw material prices, prices and the yen's depreciation previously noted. - FY2024-Q3Adding heightened tensions in the Middle East as a source of uncertaintyAnnual report
「During the cumulative third quarter, normalization of social and economic activity progressed as restrictions on movement were eased following the transition of COVID-19 to a Category V infectious disease, and the economy remained on a moderate recovery track. However, the outlook remained uncertain because of the prolonged situation in Ukraine, heightened tensions in the Middle East and other destabilizing global developments, surging resource and raw material prices, rising prices, and the ongoing depreciation of the yen.」
While acknowledging the normalization of social and economic activity and the moderate recovery track, the company identifies heightened tensions in the Middle East, in addition to the existing situation in Ukraine and other factors, as a source of uncertainty. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter, normalization of social and economic activity progressed as restrictions on movement were eased following the transition of COVID-19 to a Category V infectious disease, and the economy remained on a moderate recovery track. However, the outlook remained uncertain because of the prolonged situation in Ukraine, surging resource and raw material prices, rising prices, and the ongoing depreciation of the yen.」
While acknowledging the normalization of social and economic activity and the moderate recovery track, the company continues to cite uncertainty over the outlook resulting from the situation in Ukraine, resource and raw material prices, rising prices, and the depreciation of the yen. - FY2024-Q1Uncertainty persists despite progress toward normalization of economic activityAnnual report
「During the cumulative first quarter, normalization of social and economic activity progressed further as various restrictions were eased following the transition of COVID-19 to a Category V infectious disease, and the economy continued to show signs of a gradual recovery. However, the outlook remained uncertain because of the prolonged situation in Ukraine, surging resource and raw material prices, rising prices, and the rapid depreciation of the yen.」
The company refers to progress toward normalization following the transition of COVID-19 to a Category V infectious disease, while continuing to cite uncertainty over the outlook resulting from the situation in Ukraine, resource and raw material prices, rising prices, and the rapid depreciation of the yen. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy showed signs of normalization in social and economic activity as restrictions on movement were eased, despite the continuing impact of COVID-19. However, the outlook remained uncertain because of surging resource and raw material prices associated with the prolonged situation in Ukraine and rising prices resulting from the rapid depreciation of the yen.」
The company refers to normalization resulting from the easing of restrictions on movement, while continuing to cite uncertainty over the outlook resulting from the situation in Ukraine, surging resource and raw material prices, and the rapid depreciation of the yen and rising prices. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter, Japan's economy remained in a difficult situation as the renewed spread of infections caused by new variants continued, despite signs of recovery as restrictions on social and economic activity resulting from COVID-19 were eased. Concern about a renewed spread of infections persists, and the outlook remains uncertain because of surging resource and raw material prices associated with the prolonged situation in Ukraine and rising prices resulting from the rapid depreciation of the yen.」
The company refers to the easing of restrictions on social and economic activity and signs of an economic recovery, while continuing to cite uncertainty resulting from new variants, the situation in Ukraine, resource and raw material prices, and the rapid depreciation of the yen. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy was expected to recover as restrictions on social and economic activity resulting from COVID-19 were eased. However, the outlook remained uncertain amid the renewed spread of infections caused by new variants, surging resource and raw material prices associated with the prolonged situation in Ukraine, and rising prices resulting from the rapid depreciation of the yen.」
In addition to the existing risks from COVID-19 and new variants, the company identifies the prolonged situation in Ukraine, surging resource and raw material prices, the rapid depreciation of the yen, and rising prices as new sources of uncertainty. - FY2022WorsenedAnnual report
「During the fiscal year, Japan's economy remained in a difficult situation as restrictions on social and economic activity were prolonged, including through intermittent declarations of a state of emergency in many regions because of the spread of COVID-19. Although normalization of economic activity was expected as vaccination rates rose, the outlook remained uncertain amid concern about the renewed spread of infections caused by new variants, rising resource and raw material prices, and volatility in the financial and capital markets.」
The company identifies the prolonged COVID-19 pandemic and new variants, rising resource and raw material prices, and volatility in the financial and capital markets as new sources of uncertainty. - FY2022-Q3WorsenedAnnual report
「During the cumulative third quarter, Japan's economy remained in a difficult situation as the spread of COVID-19 continued to restrict social and economic activity, including through the reissuance of a state of emergency in many regions. Although normalization of economic activity was expected as restrictions on movement were eased following the lifting of the state of emergency and other measures, concern about a renewed spread of infections caused by new variants persisted, and the outlook remained uncertain.」
The company refers to expectations for normalization as restrictions on movement are eased, while identifying the renewed spread of infections caused by new variants as a specific source of uncertainty. - FY2022-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy remained in a difficult situation as social and economic activity continued to stagnate, despite progress in COVID-19 vaccinations and the reissuance of a state of emergency in many regions. Although recovery was again expected against the backdrop of an improving overseas economy, concern about the renewed spread of infections persisted, and the outlook remained uncertain.」
The company refers to progress in vaccinations and expectations for a recovery in overseas economies, but states that the difficult and uncertain economic environment continues because of the reissuance of a state of emergency, stagnation in social and economic activity, and concern about the renewed spread of infections. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy remained in a difficult situation as social and economic activity continued to stagnate, despite the start of COVID-19 vaccinations and the reissuance of a state of emergency in some regions. Although recovery was expected against the backdrop of an improving overseas economy, the renewed spread of infections worsened, and the outlook remained uncertain.」
The company refers to the start of vaccinations and expectations for a recovery in overseas economies, but describes the continuing difficult and uncertain economic environment resulting from the reissuance of a state of emergency, stagnation in social and economic activity, and the worsening renewed spread of infections. - FY2021WorsenedAnnual report
「During the fiscal year, Japan's economy remained in a difficult situation as the spread of COVID-19 stagnated social and economic activity in Japan and overseas. Although the economy showed signs of a gradual recovery as various government policies gradually raised the level of social and economic activity, the recovery weakened because of renewed infections and the reissuance of a state of emergency after the start of the year. As the renewed spread of infections worsened, the outlook remained uncertain.」
The company describes a difficult and uncertain economic environment resulting from the renewed and worsening spread of COVID-19, the reissuance of a state of emergency, and stagnation in social and economic activity. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter, Japan's economy remained in an extremely difficult situation as the prolonged spread of COVID-19 stagnated social and economic activity in Japan and overseas, reducing corporate earnings and personal consumption. Although exports and production showed signs of recovery as economic activity resumed in the latter half of the period, the outlook remained difficult and uncertain as infections continued to spread again recently.」
The company cites the prolonged and renewed spread of COVID-19, declining corporate earnings, and falling personal consumption, and describes the economic environment as extremely difficult and uncertain. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy remained in an extremely difficult situation as COVID-19 restricted social and economic activity in Japan and overseas, reducing personal consumption, exports, and production. Even after the government lifted the state of emergency, efforts to restore economic activity remained slow, and the outlook continued to be uncertain.」
The company describes the economic environment as extremely difficult, citing continued restrictions on social and economic activity and declines in personal consumption, exports, and production resulting from COVID-19. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy remained in a difficult situation as the global spread of COVID-19 restricted economic and social activity, reducing personal consumption, exports, and production and weakening employment conditions.」
The company describes the restriction of economic and social activity, declines in consumption, exports, and production, and deterioration in employment conditions resulting from the global spread of COVID-19, in addition to the existing US-China trade friction and slowing growth in China. - FY2020WorsenedAnnual report
「During the fiscal year, employment and income conditions improved in Japan. However, uncertainty intensified amid the impact of US-China trade issues and slowing growth in China, as well as stagnation in the global economy resulting from the spread of COVID-19.」
The company cites, in addition to the existing uncertainty resulting from US-China trade issues and slowing growth in China, the spread of COVID-19 and stagnation in the global economy, and states that uncertainty intensified further. - FY2020-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy remained on a moderate recovery track as employment and income conditions improved. However, the outlook remained uncertain because of the impact of prolonged US-China trade friction and slowing growth in China.」
While acknowledging the moderate recovery in the domestic economy, the company continues to cite uncertainty over the outlook resulting from prolonged US-China trade friction and slowing growth in China. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter, Japan's economy remained on a moderate recovery track as corporate earnings and employment conditions continued to improve. However, the outlook remained uncertain because of the impact of prolonged US-China trade friction and slowing overseas economies.」
While acknowledging the moderate recovery in the domestic economy, the company continues to cite uncertainty over the outlook resulting from prolonged US-China trade friction and slowing overseas economies. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter, Japan's economy remained on a moderate recovery track, with capital investment remaining firm as corporate earnings and employment conditions continued to improve. However, the outlook remained uncertain because of the impact of prolonged US-China trade friction and slowing growth in China.」
While acknowledging the moderate recovery in the domestic economy, the company continues to cite uncertainty over the outlook resulting from prolonged US-China trade friction and slowing growth in China. - FY2019WorsenedAnnual report
「During the fiscal year, Japan's economy remained on a moderate recovery track, with capital investment remaining firm against a backdrop of solid corporate earnings and improving employment and income conditions. However, the outlook remained uncertain amid concern about downside risks to the global economy from prolonged trade friction between the United States and China and slowing growth in China.」
While acknowledging the moderate recovery in the domestic economy, the company cites concern about downside risks to the global economy from prolonged US-China trade friction and slowing growth in China. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy remained on a moderate recovery track as corporate earnings remained solid and employment and income conditions continued to improve. However, the outlook remained uncertain amid concern about the impact on domestic and overseas economies of trade friction between the United States and China resulting from protectionist US policies.」
While acknowledging the moderate recovery in the domestic economy, the company cites trade friction between the United States and China resulting from protectionist US policies and states that uncertainty over the outlook continues. - FY2019-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy remained on a moderate recovery track as corporate earnings and employment and income conditions continued to improve. However, personal consumption remained firm but lacked strength, and the outlook for the economy remained uncertain amid concern about the impact on the global economy of intensifying trade friction resulting from the protectionist trade policies of the United States.」
In addition to the lack of strength in personal consumption, the company cites intensifying trade friction between the United States and China resulting from protectionist US trade policies, continuing and specifying uncertainty over the outlook for the domestic and overseas economies. - FY2019-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy remained on a moderate recovery track as corporate earnings and employment and income conditions continued to improve. However, personal consumption had not achieved a full-fledged recovery, and the outlook for the economy remained uncertain amid concern about the impact on the global economy of intensifying trade friction.」
While acknowledging the moderate recovery in the domestic economy, the company identifies the lack of a full recovery in personal consumption and concern about the impact on the global economy of intensifying trade friction as new sources of uncertainty. - FY2018RestatedAnnual report
「During the fiscal year, Japan's economy remained on a moderate recovery track as corporate earnings and employment and income conditions continued to improve. However, economic uncertainty remained because of concerns about the policies of the US administration and instability in East Asia and other regions, and the outlook for the economy remained uncertain.」
While acknowledging the moderate recovery in the domestic economy, the company states that uncertainty in overseas economies resulting from US policy and conditions in East Asia, as well as uncertainty over the outlook, continues. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy remained on a moderate recovery track as corporate earnings and employment and income conditions continued to improve. However, uncertainty in overseas economies remained because of concerns about the policies of the US administration and instability in East Asia and other regions, and uncertainty over the outlook continued.」
While characterizing the domestic economy as being on a moderate recovery track, the company cites uncertainty in overseas economies resulting from concerns about the policies of the US administration and instability in East Asia and other regions, and states that uncertainty over the outlook persists. - FY2018-Q2Specific risk factorsAnnual report
「During the cumulative second quarter, Japan's economy remained on a moderate recovery track as corporate earnings and employment and income conditions improved. However, the outlook remained uncertain because of risks including the impact of US economic policy and tensions in East Asia.」
While continuing to indicate uncertainty over the outlook, the company identifies US economic policy and tensions in East Asia as specific risk factors. - FY2018-Q1RestatedAnnual report
「During the cumulative first quarter, Japan's economy remained on a moderate recovery track as corporate earnings and employment and income conditions continued to improve and personal consumption showed signs of recovery. However, the outlook remained uncertain amid concern about the impact of instability in overseas economies, including slowing growth in emerging economies such as China and the policies of the new US administration.」
While characterizing the domestic economy as being on a moderate recovery track, the company cites slowing growth in emerging economies such as China and instability in overseas economies resulting from the policies of the new US administration, and states that uncertainty over the outlook persists. - FY2017RestatedAnnual report
「During the fiscal year, Japan's economy remained on a moderate recovery track as corporate earnings and employment and income conditions improved. However, uncertainty over the outlook remained, amid growing concern about slowing growth in emerging economies, including China, the UK's withdrawal from the EU, and the impact of uncertainty surrounding the policies of the new US administration.」
The company states that uncertainty over the outlook for the domestic and overseas economies continues because of slowing growth in emerging economies, the UK's withdrawal from the EU, and uncertainty over US policy, among other factors. - FY2017-Q3WorsenedAnnual report
「During the cumulative third quarter, Japan's economy was on a moderate recovery track but lacked strength, as employment and income conditions continued to improve and personal consumption remained firm. However, uncertainty over the outlook remained, amid growing concern about slowing growth in emerging economies, including China, the impact of the UK's withdrawal from the EU, and uncertainty surrounding future US economic and monetary policy.」
The company cites the lack of strength in the economy, concern about slowing growth in emerging economies, the UK's withdrawal from the EU, and uncertainty over US economic and monetary policy, and states that uncertainty over the outlook continues. - FY2017-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy remained generally weak, with corporate performance stagnating due to the stronger yen and personal consumption remaining sluggish, even as employment and income conditions improved gradually. The economy also remained in a situation of heightened uncertainty over the outlook, owing to slowing growth in emerging economies, including China, and the economic impact of the UK's withdrawal from the EU.」
The company cites the stronger yen, sluggish personal consumption, slowing growth in emerging economies, and the impact of the UK's withdrawal from the EU, and states that uncertainty over the outlook for the domestic and overseas economies increased. - FY2017-Q1First statedAnnual report
「In the pharmaceutical industry, the Ministry of Health, Labour and Welfare formulated a comprehensive strategy to strengthen the pharmaceutical industry, and the environment surrounding healthcare changed rapidly. As companies were required to further strengthen management in order to respond appropriately to changes in the market environment, the business environment remained challenging, with many issues to address, including higher research and development expenses, increased development risks and intensifying competition.」
The company identifies the rapidly changing healthcare environment, rising research and development expenses, increased development risks, and intensifying competition among companies as new risk themes in the continuing business environment.