Sluggish Domestic Consumption and Increased Reliance on the US Economy
First written in FY2016. 13 of 26 entries say "Restated". Latest entry: FY2026-H1.
The whole theme swung hardest in 2020: 141 of 158 companies on the "Worse" side.
24 other companies' latest entry also says "Other".
- FY2026-H1US tariff policy identified as an uncertainty factorAnnual report
「Meanwhile, the outlook for the global economy remains uncertain due to the impact of U.S. tariff policies, volatility in financial and capital markets and other factors.」
Although it stated that there had been no material changes to the risks themselves, the description of the economic environment explicitly identified U.S. tariff policies and volatility in financial and capital markets as sources of uncertainty for the global economy. - FY2025Geopolitical risk explicitly identified as a standalone itemAnnual report
「(22) Geopolitical Risk If geopolitical risks increase, they may affect the operating results of the Group.」
In addition to the previous descriptions of economic and international conditions, geopolitical risk was explicitly identified as a standalone risk item. - FY2025-H1Price, foreign-exchange and geopolitical risks specifiedAnnual report
「During the interim consolidated fiscal period, the Japanese economy continued to recover moderately, supported by improvements in employment and income conditions and expanding inbound demand. However, concerns remain over the decline in personal consumption caused by persistently rising prices and unstable foreign exchange markets, and the situation requires continued monitoring. Meanwhile, the outlook for the global economy remains highly uncertain due to unstable financial and capital markets, the prolonged Russia-Ukraine conflict and the increasingly severe situation in the Middle East.」
Although the Business and Other Risks section stated that there had been no new risks or material changes, the description of the economic environment identified high prices, foreign exchange markets, financial and capital markets, the Russia-Ukraine conflict and the situation in the Middle East as specific sources of uncertainty. - FY2023RestatedAnnual report
「If changes in socioeconomic conditions result in rising prices or sluggish consumption, economic developments and business operations in each country could affect the Group's operating results.」
The impact of rising prices, sluggish consumption and business operations and economic developments in each country continued to be identified as economic environment risks. - FY2023-Q3RestatedAnnual report
「During the third quarter of the current consolidated fiscal year, various prices, including raw material costs, continued to rise sharply as a result of the substantial depreciation of the yen. However, personal consumption showed signs of recovery due to an increase in foreign tourists following the easing of border measures and other factors. Meanwhile, although the global economy slowed as policy interest rates were raised in response to high inflation, personal consumption remained solid.」
The analysis noted the weaker yen, rising prices, the increase in foreign tourists, and the economic slowdown resulting from high inflation and policy rate increases, while stating that there were no material changes in the business and other risks. - FY2023-Q2RestatedAnnual report
「Meanwhile, although the global economy remained on a recovery trend as restrictions on movement were eased in many countries, conditions requiring close monitoring of the impact of international conditions and other factors persisted.」
While recognising the global economy's recovery trend, the risk assessment continued to identify the need to monitor the outlook in light of international conditions and other factors. - FY2023-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan showed signs of economic recovery, including the easing of restrictions as COVID-19 cases declined. However, the economy remained uncertain due to the prolonged spread of infections. Meanwhile, although COVID-19 cases also showed a declining trend globally, strong downward pressure on the economy from unstable international conditions meant that the global outlook also remained uncertain.」
Although restrictions were eased and COVID-19 cases declined in Japan and overseas, the continued spread of infections and unstable international conditions were cited as factors contributing to uncertainty about the economic outlook. - FY2022International conflicts, financial markets and rising prices were addedAnnual report
「Meanwhile, the global economy remained uncertain due to international conflicts, expanding risks in the financial and capital markets, rising prices and the ongoing impact of COVID-19.」
In addition to COVID-19 and variants, international conflicts, expanding risks in the financial and capital markets and rising prices were cited as factors contributing to uncertainty in the global economy. - FY2022-Q3Supply constraints on semiconductors and other items were addedAnnual report
「Meanwhile, the global economy remained uncertain as COVID-19 variants spread rapidly and supply constraints on semiconductors and other items continued for an extended period.」
In addition to the existing infection and variant risks, the prolonged supply constraints on semiconductors and other items were cited as a factor contributing to uncertainty in the global economy. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan remained in a difficult situation, as the resurgence of COVID-19 infections led to the issuance of states of emergency and the implementation of priority preventive measures, restricting economic activity. Meanwhile, although economic activity was normalising in some advanced countries against a backdrop of vaccine rollout, the global outlook remained uncertain due to the spread of COVID-19 variants.」
The continued resurgence of infections and restrictions on economic activity in Japan, as well as uncertainty about the global outlook due to COVID-19 variants, were noted. - FY2021Economic risk expanded to include Russia and ChinaAnnual report
「As we operate stores in the United States, the Russian Federation and the People's Republic of China, economic developments in each country could affect the Group's operating results.」
In addition to the existing dependence on domestic consumption and the US economy, the impact of economic developments in each country associated with store openings in the Russian Federation and the People's Republic of China was explicitly noted. - FY2021-Q3The resurgence of infections, variants and entry restrictions were addedAnnual report
「However, the outlook remained uncertain, including restrictions on additional economic measures resulting from the resurgence of COVID-19 infections. Meanwhile, although COVID-19 vaccinations began in some countries, the reporting of new variants led countries to implement entry restrictions and lockdowns, and the outlook for the global economy remained uncertain.」
Restrictions on additional economic measures due to the resurgence of infections in Japan, as well as entry restrictions and lockdowns following reports of new variants globally, were cited as factors contributing to uncertainty about the outlook. - FY2021-Q2RestatedAnnual report
「However, conditions requiring continued close monitoring persisted, including the resurgence of COVID-19 infections.」
It was noted that although the domestic economy showed signs of recovery, the outlook remained uncertain due to the resurgence of infections. No material changes were identified in the infection-related risks themselves from the securities report for the previous fiscal year. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the Japanese economy remained in an extremely difficult situation. The spread of COVID-19 led to the issuance of a state of emergency, restrictions on corporate activity and requests for people to refrain from going out, resulting in economic stagnation against a backdrop of declining personal consumption. Meanwhile, the global economy also slowed sharply due to lockdowns and other measures implemented in response to the spread of COVID-19, and the outlook remained uncertain.」
In addition to the existing trade and policy uncertainty, the stagnation of the domestic economy and sharp slowdown in the global economy caused by COVID-19 were noted. - FY2020-Q3The consumption tax rate increase and the situation in the Middle East were addedAnnual report
「During the third quarter of the current consolidated fiscal year, personal consumption in Japan began to recover against a backdrop of solid corporate earnings and improving employment and income conditions, and the economy remained on a moderate recovery trend. However, a temporary decline occurred following the increase in the consumption tax rate. Meanwhile, the global economy remained uncertain due to the prolonged US-China trade dispute and the UK's withdrawal from the EU, as well as the situation in the Middle East.」
The temporary decline in personal consumption following the consumption tax rate increase was noted in Japan, while the US-China trade dispute, the UK's withdrawal from the EU and the situation in the Middle East were cited as factors contributing to uncertainty in the global economy. - FY2020-Q2The UK-EU withdrawal issue was addedAnnual report
「Meanwhile, the global economy also showed signs of stagnation, with the outlook remaining uncertain due to the prolonged US-China trade dispute and concerns about a no-deal withdrawal in the UK's withdrawal from the EU.」
In addition to the US-China trade dispute, concerns about a no-deal withdrawal in the UK's withdrawal from the EU were explicitly identified as factors contributing to uncertainty in the global economy. - FY2020-Q1WorsenedAnnual report
「Meanwhile, the outlook for the global economy remained uncertain due to the prolonged US-China trade dispute and other factors. The US economy was also affected by these factors and showed signs of stagnation.」
Instead of the previous juxtaposition of a solid US economy and uncertainty, the analysis noted stagnation in the US economy resulting from the US-China trade dispute. - FY2019-Q3RestatedAnnual report
「The US economy remained solid, supported by increased personal consumption and capital investment against a backdrop of improving employment and income conditions. However, uncertainty persisted due to the emergence of trade disputes with various countries, including the trade dispute with China, and uncertainty over government policies.」
Although the US economy was described as solid, continued uncertainty about the outlook due to trade disputes and policy uncertainty was noted. - FY2019-Q2RestatedAnnual report
「During the second quarter of the current consolidated fiscal year, the Japanese economy remained on a moderate recovery trend as employment and income conditions improved. However, sentiment temporarily stagnated due to a series of natural disasters and other factors, while corporate activity became more robust, including through increased capital investment, and corporate earnings remained solid. The US economy also continued to expand solidly, supported by improving employment conditions and rising income. However, uncertainty persisted, including growing concerns about trade friction resulting from protectionist trade policies.」
The continued uncertainty in the economic environment was noted, including the temporary stagnation in economic sentiment caused by natural disasters in Japan, as well as US protectionist trade policies and concerns about trade friction. - FY2019-Q1RestatedAnnual report
「Although the US economy continued to grow moderately, tensions increased due to the government's protectionist trade policies, and uncertainty about the outlook increased amid trade friction and geopolitical risks.」
Although no material changes were reported in the business and other risks section, the analysis of operating results cited uncertainty about the outlook resulting from the US's protectionist trade policies, trade friction and geopolitical risks. - FY2018RestatedAnnual report
「If consumption in Japan weakens, this could affect the development of our Group's businesses and its performance. In addition, as we are promoting the opening of stores in the United States, developments in the US economy could affect the Group's performance.」
The continued weakness in domestic consumption and developments in the US economy were identified as risks. - FY2018-Q3RestatedAnnual report
「Meanwhile, although overseas economies remained on a moderate recovery trend, uncertainty persisted due to factors including uncertainty over the policies of various countries and volatility in the financial and capital markets.」
Although no material changes were reported in the business and other risks section, the analysis of operating results continued to cite uncertainty in overseas economies, including uncertainty over the policies of various countries and volatility in the financial and capital markets. - FY2018-Q2Expansion of economic risk factorsAnnual report
「During the second quarter of the current consolidated fiscal year, the Japanese economy continued to recover moderately as employment and income conditions improved, while the US and European economies also showed signs of recovery amid improving employment conditions. However, uncertainty over the policies of various countries and rising global geopolitical risks raised concerns about their impact on the domestic economy, and the outlook remained uncertain.」
In addition to domestic consumption and the US economy, uncertainty over the policies of various countries and global geopolitical risks were cited as factors contributing to uncertainty about the economic outlook. - FY2017RestatedAnnual report
「If consumption in Japan becomes even weaker, this could affect the development of our Group's businesses and its performance. In addition, as we are promoting the opening of stores in the United States, developments in the US economy are increasingly likely to affect the Group's performance.」
The continued weakness in domestic consumption and greater dependence on the US economy were identified as risks. - FY2017-Q3RestatedAnnual report
「However, personal consumption and private-sector capital investment remained weak relative to growth in income and earnings. With consumer sentiment continuing to be subdued, the preference for thrift remained entrenched, and uncertainty about the economic outlook continued.」
The continued weakness in personal consumption, preference for thrift and uncertainty about the economic outlook were noted. - FY2016First statedAnnual report
「If consumption in Japan becomes even weaker, this could affect the development of our Group's businesses and its performance. In addition, as we are promoting the opening of stores in the United States, developments in the US economy are increasingly likely to affect the Group's performance.」
In addition to domestic consumption, the impact of the US economy associated with the expansion of stores in the United States was identified as a risk.