Risk of uncertainty surrounding the economic outlook arising from global developments, yen appreciation and falling stock prices, and negative interest rate policies
First written in FY2017-Q2. 18 of 39 entries say "Worsened", first in FY2018-Q1. Latest entry: 2026-11-04.
Isamu Paint moved to the "Worse" side of this theme in 2018, 4 years before the typical company in this theme (2022).
The whole theme swung hardest in 2020: 44 of 63 companies on the "Worse" side.
69 other companies' latest entry also says "Restated".
- FY2026WorsenedAnnual report
「Regarding the economic outlook, the outlook remains extremely uncertain because the impact on the Japanese economy cannot be forecast of the reversal of front-loaded demand from March 2026; supply concerns for crude oil and other commodities resulting from conditions in the Middle East; the prolonged situation in Ukraine; trends in energy prices, including crude oil prices; the further emergence of the 2024 issue facing the logistics and transportation industries; and US policy developments, including trade policy.」
In addition to geopolitical developments, energy prices and US policies, the document identifies the reversal of front-loaded demand, concerns about crude oil supplies due to conditions in the Middle East, and the further emergence of the logistics industry's 2024 issue, expanding the sources of uncertainty for the economic outlook. The impact of US trade policy on the automotive industry is also cited as an actual development. - FY2026-H1WorsenedAnnual report
「During the interim consolidated fiscal period, the Japanese economy was affected by US trade policy, particularly in the automotive industry. Improvement in corporate earnings stalled, although personal consumption showed signs of recovery.」
The document newly provides specifics on the impact of US trade policy, particularly on the automotive industry, and the stalled improvement in corporate earnings. - FY2025WorsenedAnnual report
「Regarding the economic outlook, the outlook remains extremely uncertain because the impact on the Japanese economy cannot be forecast of trends in energy prices, including crude oil prices, resulting from the prolonged situation in Ukraine and conditions in the Middle East; the emergence of the 2024 issue facing the logistics and transportation industries; and US policy developments, including trade policy.」
In addition to the previously cited situations in Ukraine and the Middle East and energy prices, the document explicitly identifies the emergence of the 2024 issue facing the logistics and transportation industries and US trade policy as new concerns for the economic and business environment. - FY2025-H1WorsenedAnnual report
「Although the global economy is showing signs of recovery despite a stall in some regions, downside risk remains from conditions in the Middle East, the impact of high interest rates in Europe and the United States, and rising prices. In Japan, concerns include persistently high raw material and energy prices, elevated corporate and consumer price indices, and stagnant consumer sentiment due to natural disasters, and the environment surrounding the Group remains unpredictable.」
In addition to continuing to identify downside risk to the economy from conditions in the Middle East, high interest rates in Europe and the United States and rising prices, the document newly identifies stagnant consumer sentiment due to natural disasters as a concern. - FY2024WorsenedAnnual report
「Downside risk remains from the prolonged situation in Ukraine, conditions in the Middle East, the impact of global monetary tightening and rising prices.」
In addition to the previously cited downside risks to the economy from the situation in Ukraine, monetary tightening and rising prices, the document explicitly identifies conditions in the Middle East. - FY2024-Q3RestatedAnnual report
「Although the global economy is showing signs of recovery despite weakness in some regions, downside risk remains from the prolonged situation in Ukraine, the impact of global monetary tightening and rising prices.」
The document continues to indicate downside risk to the economy from the prolonged situation in Ukraine, global monetary tightening and rising prices. - FY2024-Q2RestatedAnnual report
「Although the global economy is showing signs of recovery despite a stall in some regions, downside risk remains from the prolonged situation in Ukraine, the impact of global monetary tightening and rising prices.」
The document continues to indicate downside risk to the economy from the prolonged situation in Ukraine, global monetary tightening and rising prices. - FY2024-Q1RestatedAnnual report
「Although the global economy is showing signs of recovery despite a stall in some regions, downside risk remains from the prolonged situation in Ukraine, the impact of global monetary tightening and rising prices.」
The document continues to indicate downside risk to the economy from the prolonged situation in Ukraine, global monetary tightening and rising prices. It does not state that any new type of risk has been added since the end of the previous fiscal year. - FY2023WorsenedAnnual report
「The outlook remains uncertain due to the prolonged situation in Ukraine, surging resource prices, disruption to supply chains and the downside impact on the economy of monetary tightening in Europe and the United States to contain accelerating inflation.」
In addition to the prolonged situation in Ukraine, surging resource prices and supply chain disruption, the document explicitly identifies a downturn in overseas economies resulting from monetary tightening in Europe and the United States, providing greater specificity regarding external environment risks. - FY2023-Q3RestatedAnnual report
「Japan is showing signs of economic recovery, but uncertainty over the situation in Ukraine continues, and the environment surrounding the Group remains unpredictable due to rising energy and raw material prices, supply-side constraints, and increases in corporate and consumer price indices.」
The document continues to indicate uncertainty in the external environment due to the situation in Ukraine, rising energy and raw material prices, supply constraints and higher prices. - FY2023-Q2RestatedAnnual report
「Japan is showing signs of economic recovery, but uncertainty over the situation in Ukraine continues, and the environment surrounding the Group remains unpredictable due to rising energy and raw material prices, supply-side constraints, and increases in corporate and consumer price indices.」
The document continues to indicate uncertainty in the external environment due to the situation in Ukraine, rising energy and raw material prices, supply constraints, and increases in corporate and consumer prices. - FY2023-Q1WorsenedAnnual report
「Although the global economy is showing signs of recovery despite a stall in some regions, Japan is also showing signs of recovery due to the effects of COVID-19 vaccinations, the availability of treatments and improvements in the healthcare system. However, the environment surrounding the Group remains unpredictable amid uncertainty over the situation in Ukraine, the lingering impact of restrictions on economic activity in China, rising raw material prices, supply-side constraints, and increases in corporate and consumer price indices.」
While indicating an economic recovery, the document identifies the situation in Ukraine, restrictions on economic activity in China, rising raw material prices, supply constraints and higher prices, providing greater specificity regarding external environment risks. - FY2022WorsenedAnnual report
「The environment surrounding the Group remains unpredictable due to the resurgence of COVID-19, trends in energy prices, including crude oil prices, resulting from the situation in Ukraine, and rising corporate and consumer price indices.」
In addition to the previously cited uncertainties related to infections and crude oil prices, the document newly identifies the situation in Ukraine, energy prices, and rising corporate and consumer prices. - FY2022-Q3RestatedAnnual report
「Although the global economy remains in a difficult situation due to the worldwide spread of COVID-19, signs of recovery are evident. In Japan, although economic recovery is expected to be supported by third COVID-19 vaccine doses, the availability of treatments and improvements in the healthcare system, the environment surrounding the Group remains unpredictable due to the resurgence of infections and trends in crude oil prices.」
Although signs of recovery are evident in the global economy, concerns about the outlook due to a resurgence of infections, crude oil prices and uncertainty in the global economy continue. - FY2022-Q2RestatedAnnual report
「Although the global economy remains in a difficult situation due to the worldwide spread of COVID-19, signs of recovery are evident. In Japan, although economic recovery is expected to be supported by the effects of COVID-19 vaccinations, the development and availability of treatments, and improvements in the healthcare system, the environment surrounding the Group remains unpredictable due to the resurgence of infections and trends in crude oil prices.」
Although signs of recovery are evident in the global economy, concerns about the outlook due to a resurgence of infections, crude oil prices and uncertainty in the global economy continue. - FY2022-Q1RestatedAnnual report
「Although the global economy remains in a difficult situation due to the worldwide spread of COVID-19, signs of recovery are evident. In Japan, although the effects of COVID-19 vaccinations are expected to support recovery, the environment surrounding the Group remains unpredictable due to the resurgence of infections and trends in crude oil prices.」
Although signs of recovery in the global economy are evident, the uncertain external environment resulting from a resurgence of infections and trends in crude oil prices continues. - FY2021RestatedAnnual report
「Although the situation surrounding the Group remains unpredictable, the Group expects its earnings environment to gradually recover as the effects of vaccine distribution emerge and the movement of people recovers while efforts continue to balance measures against COVID-19 with economic activity.」
The uncertain external environment resulting from COVID-19, stagnant economic activity and trends in crude oil prices continues. At the same time, the document indicates an outlook for recovery in the earnings environment as vaccines become more widely available and the movement of people recovers. - FY2021-Q3WorsenedAnnual report
「The global economy faces downside risk from the economic impact of a resurgence of COVID-19 infections. In Japan as well, the environment surrounding the Group remains unpredictable, including a resurgence of infections toward the end of the year and trends in crude oil prices.」
In addition to the existing concerns about a resurgence of infections, the document explicitly identifies downside risk to the economy from the resulting economic impact and refers to a renewed domestic spread of infections toward year-end. - FY2021-Q2RestatedAnnual report
「Meanwhile, although the global economy is showing signs of recovery from difficult conditions amid the global COVID-19 pandemic, concerns remain over a resurgence of infections, and the environment surrounding the Group remains unpredictable, including trends in crude oil prices.」
Although the global economy is showing signs of recovery, an uncertain environment due to the resurgence of infections and trends in crude oil prices continues. - FY2021-Q1RestatedAnnual report
「During the first quarter of the consolidated fiscal year, the Japanese economy was in an extremely difficult situation due to the impact of the COVID-19 pandemic. Following the lifting of the state of emergency, corporate earnings remained under severe pressure, although some signs of improvement were evident. Personal consumption showed signs of recovery, but capital investment and employment conditions remained weak. Meanwhile, although the global economy is expected to recover from difficult conditions amid the worldwide spread of COVID-19, the environment surrounding the Group remains unpredictable, including due to trends in crude oil prices.」
The COVID-19 pandemic left the domestic economy in an extremely difficult situation, with weakness evident in corporate earnings, capital investment and employment conditions. At the same time, the document notes signs of improvement and recovery in personal consumption and some areas of corporate earnings. - FY2020MaterialisedAnnual report
「As the fiscal year ending March 2020 approached, corporate earnings, employment and income conditions, and personal consumption deteriorated rapidly due to the impact of the COVID-19 pandemic, and the fiscal year ended with the economic outlook remaining extremely uncertain.」
The document states that, in addition to the previously cited trade issues and geopolitical risks, corporate earnings, employment and consumption actually deteriorated rapidly due to the COVID-19 pandemic. - FY2020-Q3WorsenedAnnual report
「Meanwhile, the environment surrounding the Group remains unpredictable, amid developments in the policies of the U.S. administration, trade issues, renewed political instability in Europe, crude oil prices resulting from the situation in the Middle East, trends in consumer sentiment following the consumption tax rate increase, and the impact of a succession of natural disasters on the economy.」
In addition to the previously cited developments in US administration policies, trade issues, political instability in Europe, crude oil prices resulting from conditions in the Middle East and natural disasters, the document explicitly identifies consumer sentiment after the consumption tax rate increase as a new concern. - FY2020-Q2WorsenedAnnual report
「Meanwhile, the environment surrounding the Group remains unpredictable, amid developments in the policies of the U.S. administration, trade issues, renewed political instability in Europe, trends in crude oil prices resulting from the situation in the Middle East, and the impact of a succession of natural disasters on the economy.」
In addition to the "trend in crude oil prices" and other factors cited in the previous quarter, the document explicitly identifies crude oil price trends resulting from conditions in the Middle East and the economic impact of a succession of natural disasters, providing greater specificity regarding concerns about the external environment. - FY2020-Q1SoftenedAnnual report
「Meanwhile, the environment surrounding the Group remains unpredictable, amid developments in the policies of the U.S. administration, trade issues, renewed political instability in Europe, and trends in crude oil prices.」
Developments in US administration policies, trade issues and political instability in Europe continue to be identified as concerns, but the upward trend in crude oil prices and the economic impact of a succession of natural disasters mentioned in the previous fiscal year are no longer included, partially reducing the emphasis on external environment risks. - FY2019WorsenedAnnual report
「During the consolidated fiscal year, the Japanese economy remained on a moderate recovery trend, supported by improvements in corporate earnings and employment and income conditions, and capital investment also showed an upward trend. However, the environment surrounding the Group remains unpredictable due to developments in US administration policies, trade issues, political instability in Europe, the upward trend in crude oil prices and the economic impact of a succession of natural disasters.」
In addition to developments in US administration policies, trade issues, political instability in Europe and the upward trend in crude oil prices, the document explicitly identifies the economic impact of a succession of natural disasters, providing greater specificity regarding concerns about the external environment. - FY2019-Q3MitigatedAnnual report
「Meanwhile, although the rise in crude oil prices is beginning to ease, the environment surrounding the Group remains unpredictable, amid developments in the policies of the U.S. administration, trade issues, and renewed political instability in Europe.」
Rising crude oil prices are said to be subsiding, easing some external environment risks. However, uncertainty due to developments in US administration policies, trade issues and political instability in Europe continues to be indicated. - FY2019-Q2WorsenedAnnual report
「Meanwhile, the environment surrounding the Group remains unpredictable, amid developments in the policies of the U.S. administration, trade issues, political instability in Europe, rising crude oil prices, and the impact of a succession of natural disasters on the economy.」
In addition to the previously cited developments in US administration policies, trade issues, political instability in Europe and rising crude oil prices, the document explicitly identifies the economic impact of a succession of natural disasters as a new concern. - FY2019-Q1WorsenedAnnual report
「Meanwhile, the environment surrounding the Group remains unpredictable, amid developments in the policies of the U.S. administration, trade issues, renewed political instability in Europe, and rising crude oil prices.」
In addition to the previously cited developments in US administration policies and geopolitical concerns, the document explicitly identifies trade issues, renewed political instability in Europe and rising crude oil prices as concerns regarding the external environment. - FY2018WorsenedAnnual report
「During the consolidated fiscal year, the Japanese economy saw improvements in corporate earnings and employment and income conditions, as well as signs of recovery in capital investment, against a backdrop of the government's economic policies and the Bank of Japan's monetary policy. However, concerns about developments in US administration policies, trade friction and rising global geopolitical risks have driven raw material prices higher, while the direction of share prices and exchange rates remains unclear and concerns about the impact of uncertainty in overseas economies and volatility in financial and capital markets continue.」
In addition to the previously cited US administration and geopolitical risks, the document explicitly identifies trade friction and the upward trend in raw material prices, providing greater specificity regarding uncertainty in the economic and market environment. - FY2018-Q3RestatedAnnual report
「During the first 3 quarters of the consolidated fiscal year, the Japanese economy saw steady improvement in employment and income conditions and a gradual increase in capital investment. Signs of recovery also continued in China and other emerging Asian economies. However, concerns about developments in US administration policies and rising global geopolitical risks have left the direction of crude oil prices and exchange rates unclear, and concerns about the impact of uncertainty in overseas economies and volatility in financial and capital markets continue.」
Developments in US administration policies, global geopolitical risks, uncertainty over crude oil prices and exchange rates, uncertainty in overseas economies, and volatility in financial and capital markets continue to be cited as concerns for the economic outlook. - FY2018-Q2RestatedAnnual report
「During the first six months of the fiscal year, the Japanese economy showed improvements in employment and income conditions and signs of a recovery in capital investment. Emerging Asian economies, including China, also showed signs of recovery. However, concerns over the policies of the U.S. administration and rising global geopolitical risks have left the direction of crude oil prices and foreign exchange rates uncertain, and concerns remain over the impact of uncertainty in overseas economies and volatility in financial and capital markets.」
Developments in US administration policies, global geopolitical risks, uncertainty over crude oil prices and exchange rates, and volatility in financial and capital markets continue to be cited as concerns for the economic outlook. - FY2018-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, the Japanese economy showed improvements in employment and income conditions and signs of a recovery in capital investment. Emerging Asian economies, including China, also showed signs of recovery. However, concerns over the policies of the U.S. administration and rising global geopolitical risks have left the direction of crude oil prices and foreign exchange rates uncertain, and the economic outlook remains unclear.」
The document identifies developments in US administration policies and rising global geopolitical risks as new concerns, and states that the outlook remains uncertain because the direction of crude oil prices and exchange rates remains unclear. - FY2017RestatedAnnual report
「Regarding the outlook, the domestic economy is on a recovery trend against a backdrop of the government's economic policies and the Bank of Japan's monetary easing, but there are concerns about the impact of economic policies adopted by governments in the United States, Europe and elsewhere on share prices, exchange rates and raw material prices.」
The impact of overseas conditions and economic policies of governments around the world on share prices, exchange rates and raw material prices continues to be identified as a source of uncertainty for the outlook. - FY2017-Q3RestatedAnnual report
「The outlook remains uncertain, as exchange rates and share prices have fluctuated sharply due to the UK's withdrawal from the EU and the transition to a new US administration.」
The document identifies the UK's withdrawal from the EU and the transition to a new US administration as new sources of uncertainty, while stating that sharp fluctuations in exchange rates and share prices and an uncertain outlook continue. - FY2017-Q2First statedAnnual report
「The period was marked by growing uncertainty over the economic outlook, amid concerns about global conditions and a slowdown in the Chinese economy, rapid yen appreciation and falling share prices, and the Bank of Japan's negative interest rate policy.」
In addition to the slowdown in the Chinese economy, the document newly identifies concerns about global conditions, rapid yen appreciation and falling share prices, and the negative interest rate policy as factors contributing to uncertainty over the economic outlook.