Resilience of Domestic Demand and Gradual Recovery of the Domestic Economy Amid Sluggish External Demand
First written in FY2020-Q1. 10 of 24 entries say "Worsened", first in FY2020. Latest entry: 2026-05-15.
Powdertech moved to the "Worse" side of this theme in 2022, 2 years after the typical company in this theme (2020).
The whole theme swung hardest in 2020: 23 of 54 companies on the "Worse" side.
1 other company's latest entry also says "Worsened".
- 2026-05-15WorsenedEarnings presentation
「At this point, we have not incorporated the impact of higher costs resulting from increases in energy and petroleum-related product prices caused by soaring crude oil prices amid turmoil in the Middle East, as these effects are difficult to forecast.」
The possibility of higher crude oil, energy and related prices resulting from turmoil in the Middle East is explicitly identified as an uncertain factor not incorporated into the FY2026 earnings forecast. - FY2026-H1US tariff talks provisionally concludedAnnual report
「In this segment, while tariff negotiations with the U.S. reached a provisional conclusion, electrophotographic carriers remained solid from the previous fiscal year, and sales volume exceeded the same period of the previous year.」
The discussion of overseas uncertainties now includes the statement that tariff negotiations with the U.S. reached a provisional conclusion. - FY2025Domestic recovery coexists with overseas uncertaintyAnnual report
「During the period under review, Japan's economy maintained its recovery trend despite headwinds including labor shortages and a slowdown in overseas economies. Progress in overcoming deflation continued as prices, land prices and wages rose, while inbound demand also expanded. In the U.S., uncertainty increased amid expectations that tariff policy would change significantly following the change in administration.」
Japan maintained its recovery trend on the back of rising wages and expanding inbound demand, while uncertainty was noted due to the slowdown in overseas economies and expected changes in U.S. tariff policy. - FY2025-H1Domestic recovery alongside external uncertaintyAnnual report
「During the interim consolidated accounting period under review, Japan's economy showed signs of recovery in economic activity, supported by improvements in employment and income conditions and strong inbound consumption. However, the outlook remained uncertain due to concerns over deepening economic fragmentation resulting from the situations in Ukraine and the Middle East, concerns over a slowdown in the Chinese economy, and the impact on the economy of changes in monetary policy, mainly in the U.S. and Europe.」
Domestically, the economy showed signs of recovery against a backdrop of improving employment and income conditions and inbound consumption, while uncertainty over the outlook persisted due to geopolitical conditions, the slowdown in the Chinese economy, and changes in monetary policy in the U.S. and Europe. - FY2024Regional disparities in economic recovery and continuing uncertaintyAnnual report
「During the period under review, economic conditions became increasingly uncertain as Russia's invasion of Ukraine continued, tensions escalated in the Middle East, geopolitical risks increased, and the outlook for prices, including resource prices, became more uncertain. The U.S. economy generally remained strong, with favorable employment conditions and firm equity markets, while Europe's economy remained weak and China's recovery lacked momentum. In Japan, the economy continued to recover.」
While geopolitical risks and uncertainty over the outlook for prices increased further, regional differences persisted, with recoveries in the U.S. and Japan, a weakening European economy, and insufficient momentum in China's recovery. - FY2024-Q3WorsenedAnnual report
「During the cumulative nine-month period under review, economic conditions became increasingly uncertain, as Russia's invasion of Ukraine continued, tensions escalated in the Middle East, geopolitical risks increased, and the outlook for prices, including resource prices, became more uncertain. In the U.S., interest rate hikes were seen as having peaked, employment remained favorable, and equity markets stayed at high levels, indicating that the economy was generally solid. In Europe, prolonged inflation finally began to slow and interest rate hikes were halted, but the economy remained weak. In China, service consumption remained solid after the lifting of the zero-COVID policy, but the property market continued to stagnate and signs of deflation emerged, leaving the economic recovery lacking momentum. In Japan, prices continued to rise, but the economy showed a moderate recovery trend, led by private consumption.」
The prolonged situation in Ukraine was compounded by rising tensions in the Middle East, further increasing geopolitical risks and uncertainty over resource prices and inflation. By region, the U.S. remained solid, while Europe's economy continued to weaken and China's recovery lacked momentum. - FY2024-Q2RestatedAnnual report
「During the second quarter of the current fiscal year, uncertainty about the outlook continued due to higher resource prices and inflation resulting from the prolonged situation in Ukraine. In the US, monetary tightening continued, but personal consumption remained firm against a favorable employment backdrop. In Europe, the economy remained weak due to prolonged inflation. In China, service consumption remained firm after the lifting of the zero-COVID policy, but the pace of economic recovery slowed due to the sluggish real estate market and other factors. In Japan, the economy shifted into the post-COVID period and showed signs of gradual recovery, led by personal consumption.」
Amid continued uncertainty caused by high resource prices and inflation, we maintain our regional economic assessment: the U.S. remains resilient, Europe is weakening, China's recovery is slowing, and Japan is recovering moderately. - FY2024-Q1Regional disparities in economic recovery and continuing uncertaintyAnnual report
「During the first quarter of the current fiscal year, uncertainty about the outlook continued due to higher resource prices and inflation resulting from the prolonged situation in Ukraine. In the US, monetary tightening continued, but personal consumption remained firm against a favorable employment backdrop. In Europe, the economy remained weak due to prolonged high inflation. In China, service consumption remained firm after the lifting of the zero-COVID policy, but the pace of economic recovery slowed due to the sluggish real estate market and other factors. In Japan, the economy showed signs of gradual recovery, led by personal consumption, after the legal classification of COVID-19 was downgraded.」
The regional economic assessment indicates that, while uncertainty due to the situation in Ukraine, higher resource prices and inflation continued, personal consumption in the US and Japan was recovering, Europe remained weak, and China’s recovery slowed. - FY2023WorsenedAnnual report
「During the current fiscal year, while measures to control COVID-19 were eased, uncertainty about the outlook increased due to supply chain disruptions and soaring energy prices resulting from lockdowns in China and the prolonged situation in Ukraine. In the US, the economy continued to recover, but monetary tightening was implemented to curb inflation. In Europe, high inflation continued, and the pace of economic recovery in the US and Europe slowed.」
While the easing of COVID-19 measures and recovery in some regions were noted, uncertainty about the outlook continued and became more concrete due to China’s slower recovery, high inflation and monetary tightening in the US and Europe, and supply chain disruptions. - FY2023-Q3WorsenedAnnual report
「During the third quarter of the current fiscal year, while measures to control COVID-19 were eased, uncertainty about the outlook increased due to supply chain disruptions and soaring energy prices resulting from lockdowns in China and the prolonged situation in Ukraine. In the US, the economy continued to recover, but monetary tightening was implemented to curb inflation. In Europe, high inflation, including persistently high energy prices, continued, slowing the pace of economic recovery in the US and Europe. In China, the economy slowed due to the impact of the zero-COVID policy and stagnation in the real estate market. In Japan, although higher resource prices and the weaker yen pushed up prices, personal consumption showed signs of recovering as activity restrictions were eased.」
Although the easing of COVID-19 measures and the recovery in Japanese personal consumption provided support, factors clouding the economic outlook became more pronounced and expanded, including lockdowns and stagnation in China’s real estate market, high inflation and monetary tightening in the US and Europe, and supply chain disruptions resulting from the prolonged situation in Ukraine. - FY2023-Q2WorsenedAnnual report
「During the second quarter of the current fiscal year, while measures to control COVID-19 were eased, uncertainty about the outlook increased due to supply chain disruptions and soaring energy prices resulting from lockdowns in China and the prolonged situation in Ukraine. The US economy continued to recover, but monetary tightening was implemented to curb inflation. In Europe, the pace of economic recovery slowed due to inflation, including persistently high energy prices. In China, the economy slowed due to the impact of the zero-COVID policy and stagnation in the real estate market. In Japan, although higher resource prices and the weaker yen pushed up prices, personal consumption showed signs of recovering as activity restrictions were eased.」
While the easing of COVID-19 measures and the recovery in Japanese personal consumption were noted, uncertainty about the outlook increased due to lockdowns and an economic slowdown in China, a slower recovery in Europe, inflation, soaring energy prices and supply chain disruptions. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current fiscal year, while countries eased measures to control COVID-19, uncertainty about the outlook increased due to supply chain disruptions and soaring energy prices resulting from lockdowns in China and the situation in Ukraine.」
Although the easing of measures to control COVID-19 supported recovery, uncertainty about the outlook increased due to lockdowns in China, the situation in Ukraine, supply chain disruptions and soaring energy prices. - FY2022WorsenedAnnual report
「During the current fiscal year, there were intermittent waves of COVID-19 infections, soaring crude oil prices, shortages of materials and logistics disruptions. However, as countries implemented COVID-19 measures and eased restrictions on activity, employment recovered in the US and growth was seen mainly in personal consumption, while Europe and Japan also showed signs of economic recovery. In China, the pace of economic recovery slowed due to strict activity restrictions and other measures to control COVID-19. Toward the end of the fiscal year, the Ukraine crisis caused further energy price increases and supply chain disruptions, increasing uncertainty about the outlook.」
While the US, Europe and Japan showed signs of recovery, uncertainty about the outlook increased due to China’s slower recovery, higher crude oil prices, material shortages, logistics disruptions, and energy price increases and supply chain disruptions caused by the Ukraine crisis. - FY2022-Q3WorsenedAnnual report
「In China, the pace of economic recovery slowed due to higher resource prices and other factors. In addition, toward the end of the year, a rapid spread of COVID-19 variants and supply chain disruptions occurred worldwide, increasing uncertainty about the outlook.」
While recovery progressed in some overseas economies, China’s recovery slowed, and uncertainty about the outlook increased due to the rapid spread of COVID-19 variants and supply chain disruptions. - FY2022-Q2Overseas recovery continues, China’s recovery slows, and domestic consumption weakensAnnual report
「During the second quarter of the current fiscal year, vaccination against COVID-19 progressed. Employment recovered in the US, and growth was seen mainly in personal consumption. In Europe, the economy recovered as activity restrictions were eased. In China, the pace of economic recovery slowed due to higher resource prices and other factors. In Japan, personal consumption remained weak after the state of emergency was reissued.」
The regional economic assessment indicates that recovery continued in the US and Europe, while China’s recovery slowed due to higher resource prices and other factors, and personal consumption in Japan weakened following the reissuance of the state of emergency. - FY2022-Q1Overseas economies recover, while domestic consumption slows againAnnual report
「During the first quarter of the current fiscal year, vaccination against COVID-19 progressed. In the US, the economy grew, led by personal consumption, supported by the effects of economic stimulus measures. In Europe, the economy began to recover as activity restrictions were gradually eased. In China, the economic recovery continued, led by domestic demand and exports. In Japan, the declaration of a state of emergency was reissued, and personal consumption, which had temporarily recovered, showed signs of slowing again.」
The view changed from the previous fiscal year’s global recession and limited recovery prospects to a regional assessment in which recovery was progressing in the US, Europe and China, while personal consumption in Japan was slowing again due to the reissued state of emergency. - FY2021RestatedAnnual report
「Although the Japanese economy had bottomed out, its recovery remained limited and it continued to remain below pre-pandemic levels.」
The view remains that the domestic economy has bottomed out, but its recovery remains limited and it remains below pre-pandemic levels. - FY2021-Q3RestatedAnnual report
「During the third quarter of the current fiscal year, economic activity stagnated significantly due to travel bans, lockdowns and other measures implemented by countries to prevent the spread of COVID-19. The recovery thereafter proceeded at a slow pace as the effects of COVID-19 continued for longer.」
Although economic activity turned toward recovery after stagnating, the recovery remained slow as the effects of COVID-19 persisted. - FY2021-Q2Economic activity resumed, but recovery remained slowAnnual report
「During the second quarter of the current fiscal year, economic activity stagnated significantly due to travel bans, lockdowns and other measures implemented by countries to prevent the spread of COVID-19. Economic activity then gradually resumed, but the recovery proceeded at a slow pace.」
The description states that, although economic activity gradually resumed, the global economic recovery remained slow. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current fiscal year, the global spread of COVID-19 continued. Although economic activity was resuming in many countries, the timing of an end to the pandemic remained unclear and the economic outlook continued to be uncertain. In Japan, the declaration of a state of emergency severely restricted personal consumption and corporate activity, causing the economy to contract sharply.」
The description states that, in addition to the continuing global spread of COVID-19 and uncertainty over when it would end, the declaration of a state of emergency restricted personal consumption and corporate activity in Japan, resulting in a sharp economic contraction. - FY2020WorsenedAnnual report
「In Japan, although favorable employment conditions continued, the economy showed signs of deterioration due to weak external demand, the consumption tax increase, a major typhoon and a sharp decline in inbound demand. In addition, as the fourth quarter began, the global spread of COVID-19 made the outlook for the economy uncertain, although its impact on our business performance was limited.」
The description of the domestic economy changed from the previous view of stagnation to deterioration due to weak external demand and other factors, with uncertainty about the outlook arising from COVID-19 added. - FY2020-Q3From gradual recovery to stagnationAnnual report
「In Japan, although favorable employment conditions continued, manufacturing showed signs of slowing due to weak external demand, and the economy remained flat as the effects of the consumption tax increase and a major typhoon were added.」
The view of the domestic economy changed from the gradual recovery seen through the previous quarter amid weak external demand to stagnation, accompanied by a manufacturing slowdown and the effects of the consumption tax increase and a major typhoon. - FY2020-Q2RestatedAnnual report
「In Japan, manufacturing showed signs of slowing due to weak external demand, but the economy continued to recover gradually, led by personal consumption against a favorable employment and income backdrop.」
In Japan, the description pairs a slowdown in manufacturing due to weak external demand with a gradual recovery led by personal consumption against a favorable employment and income backdrop, maintaining the economic view from the previous quarter. - FY2020-Q1First statedAnnual report
「During the first quarter of the current fiscal year, the global economy was a source of concern due to US-China trade friction. Personal consumption in the United States remained firm, while Europe saw weak exports and other factors, although domestic demand remained resilient. In China, among emerging markets, the economic slowdown continued due to the impact of declining exports and other factors. In Japan, exports declined amid weak external demand, but the economy continued to recover gradually, led by personal consumption against a favorable employment and income backdrop.」
The description presents the economic environment by region and type of demand, covering firm personal consumption in the US, weak exports in Europe, China’s economic slowdown, and weak external demand alongside the recovery in domestic demand and personal consumption in Japan.