Uncertainty over the outlook due to a slowdown in the economic recovery, rapid yen appreciation and the UK's withdrawal from the EU
First written in FY2017-Q1. 14 of 34 entries say "Reframed", first in FY2017-Q3. Latest entry: 2026-07-30.
Nichia Steel Works moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2025: 15 of 18 companies on the "Worse" side.
6 other companies' latest entry also says "Restated".
- 2026-07-30RestatedEarnings
「During the first quarter of the current fiscal year, Japan's economy remained in an uncertain outlook amid the tariff and trade policies of the Trump administration in the United States, geopolitical risks and the slowdown in the Chinese economy. Domestic steel demand remained sluggish, particularly in the construction and civil engineering sectors, where weakness persisted because of labor shortages and soaring prices for materials and equipment.」
The disclosure continued to cite tariff and trade policies, geopolitical risks, the slowdown in the Chinese economy and sluggish domestic steel demand. - FY2026WorsenedAnnual report
「Japan's economy is facing increasingly uncertain and unpredictable conditions as concerns over the tariffs and trade policies of the Trump administration in the United States remain unresolved, the slowdown in the Chinese economy and the emergence of geopolitical risks such as the situation in the Middle East have had an impact, and the yen has depreciated against this backdrop. In some areas, these conditions are beginning to affect economic activity through higher product prices and supply constraints.」
In addition to the previously cited tariffs and trade policies, economic conditions in China, Europe and the United States, and foreign exchange rates, the statement explicitly identifies the situation in the Middle East and the yen's depreciation, stating that uncertainty and unpredictability about the outlook have increased further. - 2026-05-14WorsenedEarnings
「Japan's economy is facing increasingly uncertain and opaque conditions. Uncertainty over the tariff and trade policies of the Trump administration in the United States remains unresolved, while the slowdown in the Chinese economy and the emergence of geopolitical risks, including the situation in the Middle East, have contributed to the yen's depreciation. Against this backdrop, the impact on economic activity is beginning to emerge in the form of higher product prices and supply constraints.」
In addition to the existing uncertainty surrounding tariff and trade policies, geopolitical risks and the Chinese economy, the disclosure specifically cited the emergence of risks related to the situation in the Middle East, the yen's depreciation, higher prices and supply constraints, stating that uncertainty had deepened further. - FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period, Japan's economy remained uncertain as geopolitical risks, economic conditions in Europe, the United States and China, the tariffs and trade policies of the Trump administration in the United States, foreign exchange rates and other factors combined to affect the economy.」
The combination of uncertain factors, including the tariffs and trade policies of the Trump administration in the United States identified in the previous fiscal year, continued during the current interim period. - FY2025WorsenedAnnual report
「Japan's economy has become considerably more uncertain and unpredictable than before because the tariffs and trade policies of the Trump administration in the United States could have a significant impact on global economic conditions and fluctuations in stock and foreign exchange markets.」
In addition to the previously cited geopolitical risks, economic conditions in China, Europe and the United States, and foreign exchange rates, the statement explicitly identifies the tariffs and trade policies of the US administration as a new source of uncertainty and states that uncertainty has increased considerably from before. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period, Japan's economy remained uncertain as geopolitical risks, economic conditions in China, Europe and the United States, foreign exchange rates and other factors combined to affect the economy.」
Uncertainty about the outlook due to geopolitical risks, economic conditions in China, Europe and the United States, and foreign exchange rates has continued from the end of the previous fiscal year and the previous interim period. - FY2024RestatedAnnual report
「Japan's economy is expected to continue recovering gradually, but the outlook is expected to remain uncertain due to geopolitical risks, economic conditions in China, Europe and the United States, foreign exchange rates and other factors.」
While acknowledging a gradual economic recovery, uncertainty about the outlook due to geopolitical risks, economic conditions in China, Europe and the United States, and foreign exchange rates continues. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy continued to recover gradually, but the outlook remained uncertain as geopolitical risks, China's economic slowdown, the effects of interest rate increases in Europe and the United States, foreign exchange rates and other factors combined to affect the economy.」
While maintaining the assessment of a gradual recovery, uncertainty about the outlook due to geopolitical risks, China's economy, interest rate increases in Europe and the United States, and foreign exchange rates continues. - FY2023-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy remained uncertain as a combination of factors, including higher prices for imported resources and raw materials due to geopolitical risks and other factors, supply chain disruptions in Japan and overseas, an economic slowdown caused by declining real estate investment in China, and the risk of recession associated with interest rate increases in Europe and the United States, continued to affect the economy.」
In addition to the previous assessment of delayed economic recovery and higher resource prices, the statement explicitly identifies an economic slowdown caused by declining real estate investment in China and the risk of recession associated with interest rate increases in Europe and the United States, updating the sources of uncertainty about the outlook. - FY2023-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy remained uncertain as a combination of factors, including higher prices for imported resources and raw materials, including the effects of the situation in Ukraine and the yen's depreciation, supply chain disruptions in Japan and overseas, and concerns over economic slowdowns in Europe, the United States and China, continued to affect the economy.」
In addition to the previously cited situation in Ukraine, the yen's depreciation, higher resource prices and supply chain disruptions, concerns over economic slowdowns in Europe, the United States and China are explicitly identified as new sources of uncertainty. - FY2023-Q1RestatedAnnual report
「The sluggishness of personal consumption amid the COVID-19 pandemic, higher prices for imported resources and raw materials, including the effects of the situation in Ukraine and the yen's depreciation, and supply chain disruptions in Japan and overseas have combined to leave the economy expected to require a considerable period of time to achieve a full recovery.」
The view that a full recovery will be delayed by COVID-19, weak personal consumption, the situation in Ukraine, the yen's depreciation, higher resource prices and supply chain disruptions continues to be expressed, as it was at the end of the previous fiscal year. - FY2022ReframedAnnual report
「Japan's economy is expected to require a considerable period of time to achieve a full recovery, as the sluggishness of personal consumption amid the COVID-19 pandemic, higher prices for imported resources and raw materials, including the effects of the situation in Ukraine and the yen's depreciation, and supply chain disruptions in Japan and overseas have combined to weigh on the economy.」
In addition to the slow recovery caused by COVID-19, the statement explicitly identifies the situation in Ukraine, the yen's depreciation, higher prices for imported resources and raw materials, and supply chain disruptions as combined factors, indicating that a full recovery will take longer. - FY2022-Q3RestatedAnnual report
「Japan's economy was recovering from the severe recession caused by the global spread of COVID-19 in the same quarter of the previous year, but the recovery remained slow due in part to weak personal consumption.」
Although the economy is recovering year on year, the assessment that the recovery is slow due in part to weak personal consumption has continued from the previous quarter. - FY2022-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy was recovering from the severe recession caused by the global spread of COVID-19 in the same quarter of the previous year, but the recovery remained slow due in part to weak personal consumption.」
While maintaining the assessment that the economy is recovering year on year, the statement newly explicitly identifies the slow pace of recovery, citing weak personal consumption and other factors. - FY2022-Q1ReframedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy was recovering from the severe recession caused by the global spread of COVID-19 in the same quarter of the previous year, but remained midway through its recovery and had not reached pre-pandemic levels.」
While acknowledging the recovery from the severe recession in the same quarter of the previous year, the assessment changed to one that the economy remained below pre-pandemic levels and was still in the process of recovering. - FY2021ReframedAnnual report
「Japan's economy is expected to require a considerable period of time to achieve a full recovery after suffering a severe recession amid the global spread of COVID-19, and we have no choice but to assume that relatively challenging market conditions will continue.」
While incorporating the assessment at the third quarter that demand for automobiles and construction is recovering, the full-year outlook again points to a severe recession, a prolonged period before a full recovery, and challenging market conditions. - FY2021-Q3ReframedAnnual report
「Japan's economy suffered a severe recession exceeding that following the Lehman shock in the first quarter as a result of the global spread of COVID-19 and is still in the process of recovering.」
While maintaining the assessment that the severe recession is continuing, the additional assessment is that the economy is "still in the process of recovering." - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy was experiencing a severe recession exceeding that following the Lehman shock as a result of the global spread of COVID-19.」
The assessment of a severe recession exceeding that following the Lehman shock as a result of the COVID-19 pandemic has continued from the previous quarter. - FY2021-Q1MaterialisedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy was experiencing a severe recession exceeding that following the Lehman shock as a result of the global spread of COVID-19.」
At the end of the previous fiscal year, a severe recession had been described as an "outlook," but during the current quarter the assessment changed to one that the recession caused by COVID-19 was actually unfolding. - FY2020WorsenedAnnual report
「Japan's economy is expected to face a severe recession exceeding that following the Lehman shock.」
Risk recognition has strengthened from the previous references to a slowing recovery and uncertainty to an outlook for a severe recession exceeding that following the Lehman shock, against the backdrop of the consumption tax increase and the COVID-19 pandemic. - FY2020-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy became increasingly uncertain, as private-sector capital investment remained solid, but personal consumption was affected by a decline following the front-loaded demand ahead of the consumption tax increase, while exports stagnated against the backdrop of a slowdown in the global economy and corporate earnings deteriorated.」
While acknowledging the resilience of private-sector capital investment, the statement identifies the post-front-loaded-demand decline in consumption, the slowdown in the global economy, weak exports and deteriorating corporate earnings as new sources of uncertainty. - FY2020-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy became increasingly uncertain, as personal consumption was recovering gradually, but exports weakened against the backdrop of a slowdown in the Chinese economy and corporate earnings turned negative.」
While acknowledging the recovery in personal consumption, the statement identifies the slowdown in the Chinese economy, weak exports and the deterioration of corporate earnings into negative territory as new sources of uncertainty. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy was recovering gradually, as personal consumption and private-sector capital investment showed some signs of recovery and corporate earnings improved.」
Based on the recovery in personal consumption and private-sector capital investment and improvements in corporate earnings, the view that the economy is recovering gradually continues to be expressed. - FY2019RestatedAnnual report
「Although the economy is recovering gradually, uncertainty about the outlook, including trends in public works, has also increased, and we recognize that the business environment surrounding the Company remains uncertain.」
While maintaining the assessment of an economic recovery, the statement continues to express uncertainty about the outlook, including trends in public works. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy was recovering gradually, as personal consumption and private-sector capital investment showed some signs of recovery, labor market conditions were tight and corporate earnings improved.」
Based on the recovery in personal consumption and private-sector capital investment and improvements in labor market conditions and corporate earnings, the view that the economy is recovering gradually continues to be expressed. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy was recovering gradually, as personal consumption and private-sector capital investment showed some signs of recovery, labor market conditions were tight and corporate earnings improved.」
Based on the recovery in personal consumption and private-sector capital investment and improvements in labor market conditions and corporate earnings, the view that the economy is recovering gradually continues to be expressed. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy was recovering gradually, as private-sector capital investment and personal consumption showed some signs of recovery, labor market conditions were tight and corporate earnings improved.」
The view that the economy is recovering gradually continues to be expressed from the previous fiscal year. - FY2018ReframedAnnual report
「Although the economy is recovering gradually, uncertainty about the outlook, including trends in local government demand, has also increased, and we recognize that the business environment surrounding the Company remains uncertain.」
While the assessment of an economic recovery has been maintained, trends in local government demand have been explicitly identified as a new source of uncertainty, strengthening concerns about the business environment. - FY2018-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy was recovering gradually, as private-sector capital investment and personal consumption showed some signs of recovery, labor market conditions were tight and corporate earnings improved.」
The assessment has changed from the previous view of a slow economic recovery and uncertain political and economic conditions to one of a gradual recovery, based on improvements in private-sector capital investment, personal consumption and corporate earnings. - FY2018-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued to recover only slowly. Although public investment showed signs of increasing and personal consumption was gradually recovering, private-sector capital investment lacked momentum. In addition, while tight labor market conditions and improved corporate earnings, particularly in export-related industries, supported the economy, the outlook remained uncertain because of the lack of clarity surrounding political and economic developments in East Asia, Europe and the United States.」
While acknowledging the recovery in public investment and personal consumption and the improvement in the earnings of export-related companies, the statement continues to highlight weak private-sector capital investment and uncertainty surrounding political and economic conditions in East Asia, Europe and the United States. - FY2018-Q1ReframedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy continued to recover only slowly. Although private-sector capital investment showed some signs of recovery, personal consumption and public investment lacked momentum. In addition, while corporate earnings, particularly in export-related industries, improved, the economic outlook remained uncertain because of the lack of clarity surrounding future political and economic developments in East Asia, Europe and the United States.」
While acknowledging improvements in private-sector capital investment and the earnings of export-related companies, the statement identifies weak personal consumption and public investment, as well as uncertainty surrounding political and economic conditions in East Asia, Europe and the United States, as new concerns. - FY2017-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy continued to recover only slowly, as private-sector capital investment remained sluggish and personal consumption lacked momentum. Although the yen's depreciation following the US presidential election has improved corporate earnings, particularly in export-related industries, concerns over protectionist policies in the United States have left the economic outlook uncertain.」
While acknowledging the improvement in export-related earnings resulting from the yen's depreciation, the statement identifies concerns over protectionist policies in the United States as a new source of uncertainty, replacing the previous concerns over the yen's appreciation and the UK's withdrawal from the EU. - FY2017-Q2SoftenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued to recover only slowly, as private-sector capital investment remained sluggish and personal consumption lacked momentum. In addition, the appreciation of the yen affected corporate earnings, particularly in export-related industries, leaving the economic outlook uncertain.」
The slowdown in the economic recovery and the impact of the stronger yen continue, but the previous reference to the UK's EU withdrawal issue has been dropped, while the wording on the yen has been softened from a "sharp appreciation of the yen" to "the yen's appreciation." - FY2017-Q1First statedAnnual report
「Private-sector capital investment and public investment remained sluggish, while personal consumption also lacked momentum, and the economy continued to recover only slowly. In addition, following the sharp appreciation of the yen since January this year and the UK's EU withdrawal issue, the economic outlook has become increasingly uncertain.」
The deterioration in the domestic economy, foreign exchange rates and the UK's EU withdrawal issue are collectively cited as factors contributing to a more challenging external environment.