Private consumption, yen appreciation and uncertainty over the outlook due to turmoil in the EU
First written in FY2017-Q1. 11 of 34 entries say "Reframed", first in FY2018-Q1. Latest entry: FY2027-H1.
Creek & River moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2020: 141 of 158 companies on the "Worse" side.
34 other companies' latest entry also says "Reframed".
- FY2027-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan’s economy continued on a gradual recovery trend. Personal consumption remained firm against a backdrop of improving employment and income conditions, while inbound demand also remained solid. Companies increasingly adopted advanced technologies, including generative AI, to address labor shortages and improve productivity, and initiatives to promote AI-related investment and digital transformation (DX) became even more active. However, the economic environment may be affected by instability in international affairs, including fluctuations in foreign exchange rates, heightened geopolitical risks in the Middle East, rising resource and energy prices, and the prolonged Russia-Ukraine situation, and the outlook remains uncertain.」
It points to a gradual recovery driven by personal consumption and inbound demand and increased investment in generative AI and DX, while identifying foreign exchange rates, geopolitical risks in the Middle East, resource and energy prices, and the Russia-Ukraine situation as sources of uncertainty. - FY2026WorsenedAnnual report
「The outlook remains uncertain, as geopolitical risks in the Middle East have increased further following large-scale military attacks on Iran by the United States and Israel, while resource and energy prices remain high and the situation between Russia and Ukraine continues.」
The description has become more specific, shifting from previous concerns about the situation in the Middle East to a further escalation of geopolitical risks in the Middle East triggered by military attacks on Iran by the United States and Israel. “Materialized” was used because the risk event has already occurred. - 2026-04-09ReframedEarnings
「The outlook remains uncertain, as geopolitical risks in the Middle East have increased further following large-scale military attacks on Iran by the United States and Israel, while resource and energy prices remain high and the situation between Russia and Ukraine continues.」
In addition to previously identified concerns over prices, foreign exchange and geopolitics, the company explicitly cited geopolitical risk in the Middle East relating to Iran. - FY2026-H1ReframedAnnual report
「During the current interim consolidated accounting period, Japan’s economy showed signs of recovery in some areas due to continued inbound demand, but the outlook remained uncertain, including because private consumption stagnated as prices rose. In addition, the situation continued to require close monitoring due to foreign exchange trends, the prolonged situation in Russia and Ukraine, geopolitical risks related to the situation in the Middle East, and the impact of tariff measures by the US Trump administration, among other factors.」
While indicating a partial recovery in social and economic activity, the report explicitly identifies sluggish private consumption due to rising prices, foreign exchange, the situations in Russia and Ukraine and the Middle East, and tariff measures by the US Trump administration as concerns in the external environment. - FY2025-H1RestatedAnnual report
「During the current interim consolidated accounting period, Japan’s economy was on a gradual recovery trend as the country moved toward coexistence with COVID-19, including a recovery in private consumption and increased inbound demand. However, the outlook remained uncertain due to the impact of soaring resource and energy prices, the depreciation of the yen, the prolonged situation in Russia and Ukraine, and geopolitical risks related to the situation in the Middle East, among other factors.」
The report presents both a gradual recovery in social and economic activity and uncertainty due to resource and energy prices, yen depreciation, and the situations in Russia and Ukraine and the Middle East. - FY2025-Q1ReframedAnnual report
「During the first quarter of the current consolidated cumulative period, social and economic activity in Japan was recovering gradually as the country moved toward coexistence with COVID-19, including a recovery in private consumption and increased inbound demand. However, continued concerns about social and economic conditions required close monitoring due to the impact of soaring resource and energy prices, the depreciation of the yen, the prolonged situation in Russia and Ukraine, and geopolitical risks related to the situation in the Middle East.」
While indicating a recovery in social and economic activity, the report identifies soaring resource and energy prices, yen depreciation, the prolonged situation in Russia and Ukraine, and geopolitical risks related to the situation in the Middle East as concerns in the external environment. - FY2024ReframedAnnual report
「Although social and economic activity surrounding the Group was recovering gradually as Japan moved toward coexistence with COVID-19, including a recovery in private consumption and increased inbound demand, social and economic conditions remained uncertain due to continued high resource and energy prices resulting from the depreciation of the yen and the prolonged situation in Russia and Ukraine.」
The description of the external environment has shifted from constraints caused by infectious disease to the coexistence of a gradual recovery in social and economic activity with uncertainty due to yen depreciation, the situation in Russia and Ukraine, and high resource and energy prices. - FY2024-Q3Gradual recovery alongside risks of downward pressure on consumptionAnnual report
「During the third quarter of the current consolidated cumulative period, social and economic activity was recovering gradually as Japan moved toward coexistence with COVID-19, wages rose and inbound demand recovered. However, the economy faced downside risks to private consumption due to the impact of soaring prices, including energy prices. In addition, geopolitical risks stemming from conflicts in Europe and the Middle East continued, leaving social and economic conditions uncertain.」
While indicating a gradual recovery in social and economic activity and a recovery in inbound demand, the report also identifies downside risks to private consumption from soaring prices and geopolitical risks associated with conflicts in Europe and the Middle East. - FY2024-Q2Progress toward normalization of social and economic activity alongside continued uncertaintyAnnual report
「During the second quarter of the current consolidated cumulative period, Japan’s economy was moving toward normalization as social and economic activity recovered, including the resumption of domestic capital investment and a recovery in inbound demand, while the risk of severe COVID-19 illness remained under control. However, it remained short of a full economic recovery due to the impact of soaring prices, including energy prices, among other factors. In addition, social and economic conditions remained uncertain due to geopolitical risks stemming from the conflict in Europe, among other factors.」
While progress toward normalization is indicated through control of the risk of severe COVID-19 illness, the resumption of capital investment and a recovery in inbound demand, uncertainty due to soaring prices and geopolitical risks stemming from the conflict in Europe continues to be indicated. - FY2024-Q1ReframedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan’s economy was moving toward normalization as the risk of severe COVID-19 illness, which had exerted a significant impact for approximately 3 years, came under control. However, it remained short of a full economic recovery due to the impact of soaring prices, including energy prices, among other factors. In addition, social and economic conditions remained uncertain due to geopolitical risks stemming from the conflict in Europe, among other factors.」
While the risk of severe COVID-19 illness has come under control and conditions are moving toward normalization, the external environment is viewed primarily in terms of soaring prices, including energy prices, and geopolitical risks stemming from the conflict in Europe. - FY2023ReframedAnnual report
「Although COVID-19-related restrictions have been eased and the economy shows signs of recovery, the economic environment surrounding the Group is expected to remain unpredictable due to concerns about the impact on the economy and society of soaring raw-material and energy prices, the conflict in Europe, and geopolitical risks in East Asia.」
While indicating the easing of restrictions and an economic recovery, the report newly identifies soaring raw-material and energy prices and considers them together with the conflict in Europe and geopolitical risks in East Asia as external-environment factors. - FY2023-Q3Easing of restrictions alongside an incomplete full recoveryAnnual report
「Although COVID-19-related restrictions were eased and the economy showed signs of recovery, it remained short of a full economic recovery due to the impact of the sharp depreciation of the yen against the dollar, among other factors.」
While the easing of restrictions and signs of an economic recovery are noted, uncertainty about the outlook continues due to the sharp depreciation of the yen, the conflict in Europe, rising fuel and grain prices, and geopolitical risks in East Asia. - FY2023-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan’s economy remained short of a full economic recovery due to renewed COVID-19 infections and the impact of a sharp depreciation of the yen against the dollar. In addition, social and economic conditions remained uncertain due to global economic issues, such as rising fuel and grain prices stemming from the conflict in Europe, and geopolitical risks in East Asia, among other factors.」
In addition to the previously cited infectious disease, conflict in Europe and geopolitical risks, the report explicitly identifies the sharp depreciation of the yen against the dollar and describes the external environment as remaining short of a full economic recovery. - FY2023-Q1Recovery underway alongside new global economic risksAnnual report
「During the first quarter of the current consolidated cumulative period, Japan’s economy was recovering as restrictions imposed due to COVID-19 were gradually eased, but disparities between industries remained unresolved and economic activity continued without reaching a full recovery. In addition, social and economic conditions remained uncertain due to global economic issues, such as rising fuel and grain prices stemming from the conflict in Europe, and geopolitical risks in East Asia, among other factors.」
While describing the easing of COVID-19 restrictions and an economic recovery, the report indicates that a full recovery has not been reached and identifies rising fuel and grain prices associated with the conflict in Europe and geopolitical risks in East Asia as new factors contributing to uncertainty. - FY2022WorsenedAnnual report
「The economic environment surrounding the Group is expected to remain unpredictable, as concerns persist about the impact on the economy and society of renewed COVID-19 infections, conflict in Europe and geopolitical risks in East Asia.」
In addition to the previously cited infectious disease and geopolitical risks in East Asia, conflict in Europe is explicitly identified as an external-environment risk, and the situation is described as unpredictable. - FY2022-Q3Coexistence of signs of containment and concerns about renewed infectionsAnnual report
「During the third quarter of the current consolidated cumulative period, signs of COVID-19 coming under control emerged as vaccinations expanded, but the full recovery of economic and consumption activity remained incomplete, and concerns about renewed infections caused by variant strains persisted. At the same time, geopolitical risks in East Asia remained, and social and economic conditions continued to face an uncertain outlook.」
While describing signs of COVID-19 coming under control as vaccinations expanded, the report continued to identify the recovery of economic and consumption activity as still underway, renewed infections caused by variant strains, and geopolitical risks in East Asia as factors contributing to uncertainty. - FY2022-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, economic activity in Japan continued to be constrained by repeated state of emergency declarations and priority preventive measures in response to COVID-19. Although vaccinations began and some consumption activity resumed, uncertainty about the outlook continued amid concerns about renewed infections caused by variant strains.」
Constraints on economic activity due to state of emergency declarations and other measures continued, while concerns about renewed infections caused by variant strains were added; the resumption of vaccinations and some consumption activity were also described. - FY2022-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the Japanese economy remained in an extremely difficult situation as a third state of emergency declaration was issued and extended due to the spread of COVID-19, placing significant constraints on economic activity. Although some recovery in economic activity was observed, the outlook for containment remained unclear due to concerns about renewed infections, and uncertainty about the outlook continued.」
The difficult external environment and uncertainty about the outlook continued due to the issuance and extension of the third state of emergency declaration and the lack of a clear outlook for containing infections. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, the Japanese economy remained in an extremely difficult situation as economic activity was severely constrained by the spread of COVID-19. Although moves toward reopening economic activity were observed, concerns about further infections persisted, and the outlook remained uncertain.」
The external environment is described as remaining extremely difficult, with significant constraints on economic activity continuing and concerns about further infections. - FY2021-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, the Japanese economy remained in an extremely difficult situation, including concerns about the outlook, as economic activity stagnated due to the spread of COVID-19 and prolonged US-China trade friction.」
The spread of COVID-19 and prolonged US-China trade friction caused economic activity to stagnate, continuing to underscore the severity of the external environment. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the Japanese economy remained in an extremely difficult situation, including concerns about a deterioration in domestic and overseas economies and volatility in financial and capital markets, as requests to refrain from going out and calls for business closures intensified following the issuance of a state of emergency declaration in response to the global spread of COVID-19.」
Risks have become more specific and severe, shifting from the possibility of wider infections and concerns about an economic slowdown to an extremely difficult economic environment involving the global spread of COVID-19, a state of emergency declaration, and requests to refrain from going out and suspend business operations. - FY2020ReframedAnnual report
「Concerns about a slowdown in the global economy spread, and the outlook remained uncertain due to the impact of US policy developments, concerns about slowing growth in the Chinese and emerging-market economies, geopolitical risks in Asia, and the possibility of wider COVID-19 infections.」
In addition to the previously cited US policy, the Chinese and emerging-market economies, and geopolitical risks, the possibility of wider COVID-19 infections and concerns about a slowdown in the global economy are explicitly identified. - FY2020-Q3RestatedAnnual report
「A sense of a slowdown in the global economy spread, and the outlook remained uncertain due to the impact of US policy developments and US-China trade friction, slowing growth in the Chinese and emerging-market economies, and geopolitical risks in the Middle East and East Asia, among other factors.」
Uncertainty due to US policy, US-China trade friction, the Chinese and emerging-market economies, geopolitical risks and a slowdown in the global economy continues to be described. - FY2020-Q2ReframedAnnual report
「A sense of a slowdown in the global economy spread, and the outlook remained uncertain due to the impact of US policy developments and US-China trade friction, slowing growth in the Chinese and emerging-market economies, and geopolitical risks in the Middle East and East Asia, among other factors.」
In addition to the previously cited US policy, the Chinese and emerging-market economies, and geopolitical risks, US-China trade friction and a slowdown in the global economy are explicitly identified as factors contributing to uncertainty in the external environment. - FY2019-Q3RestatedAnnual report
「Concerns about a slowdown in the global economy spread, and the outlook remained uncertain due to the impact of US policy developments, concerns about slowing growth in the Chinese and emerging-market economies, and geopolitical risks in the Middle East and East Asia, among other factors.」
In addition to US policy, the Chinese and emerging-market economies, and geopolitical risks in the Middle East and East Asia, concerns about a slowdown in the global economy continue to be described as factors contributing to uncertainty in the external environment. - FY2019-Q1RestatedAnnual report
「The outlook remained uncertain due to the impact of US policy developments, concerns about slowing growth in the Chinese and emerging-market economies, and geopolitical risks in the Middle East and East Asia, among other factors.」
Uncertainty about the outlook due to US policy, the Chinese and emerging-market economies, and geopolitical risks in the Middle East and East Asia continues to be described. - FY2018RestatedAnnual report
「The outlook remained uncertain due to the impact of US policy developments, concerns about slowing growth in the Chinese and emerging-market economies, and geopolitical risks in Asia, among other factors.」
Uncertainty due to US policy, the Chinese and emerging-market economies, and geopolitical risks in Asia continues to be described. - FY2018-Q3RestatedAnnual report
「The outlook remained uncertain due to the impact of US policy developments, concerns about slowing growth in the Chinese and emerging-market economies, and geopolitical risks in Asia, among other factors.」
Uncertainty about the outlook due to US policy, the Chinese and emerging-market economies, and geopolitical risks in Asia continues to be described. - FY2018-Q2ReframedAnnual report
「The outlook remained uncertain due to the impact of US policy developments, concerns about slowing growth in the Chinese and emerging-market economies, and geopolitical risks in Asia, among other factors.」
The regional description of geopolitical risks has changed from “the Middle East and East Asia” immediately prior to “Asia.” US policy developments and concerns about slowing growth in China and emerging markets continue to be described. - FY2018-Q1ReframedAnnual report
「The outlook remained uncertain due to the impact of US policy developments, concerns about slowing growth in the Chinese and emerging-market economies, and geopolitical risks in the Middle East and East Asia, among other factors.」
The description of external-environment risks has shifted from private consumption, yen appreciation and disruption in the EU to US policy, slowing growth in China and emerging markets, and geopolitical risks in the Middle East and East Asia. - FY2017RestatedAnnual report
「Uncertainty about the outlook is intensifying due to sluggish private consumption and disruption in EU countries, among other factors.」
Uncertainty in the external environment due to sluggish private consumption and disruption in EU countries continues to be described. - FY2017-Q3RestatedAnnual report
「While corporate earnings and employment conditions continue to improve, uncertainty about the outlook is intensifying due to sluggish growth in private consumption and disruption in EU countries, among other factors.」
Uncertainty about the outlook due to sluggish private consumption and disruption in EU countries continues to be described. - FY2017-Q2RestatedAnnual report
「While corporate earnings and employment conditions continue to improve, uncertainty about the outlook is intensifying due to sluggish growth in private consumption, the impact of yen appreciation on corporate performance, and disruption in EU countries, among other factors.」
Uncertainty about the outlook due to private consumption, yen appreciation and disruption in EU countries continues to be described as an external-environment risk. - FY2017-Q1First statedAnnual report
「While employment conditions continue to improve, uncertainty about the outlook is intensifying due to sluggish growth in private consumption, the impact of yen appreciation on corporate performance, and disruption in EU countries, among other factors.」
Private consumption, foreign exchange and overseas conditions are described as composite external-environment risks.