Uncertainty over the outlook due to a slowdown in emerging economies, falling stock prices and yen appreciation
First written in FY2017-Q1. 15 of 39 entries say "Reframed", first in FY2019-Q1. Latest entry: FY2027-H1.
Maruzen moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
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 remained on a gradual recovery trend, supported by improvements in employment and income conditions and the effects of various government policies. However, the outlook remained uncertain due to the situation in the Middle East, natural disasters and financial and capital market conditions.」
While indicating that the domestic economy remains on a recovery trend, the disclosure identifies the situation in the Middle East, natural disasters and financial and capital market conditions, in addition to the previous US trade policies and geopolitical risks, as specific factors contributing to uncertainty. - 2026-07-10ReframedEarnings
「Although a gradual recovery trend continued due to improvements in employment and income conditions and the effects of various policies, uncertainty about the outlook remained due to the situation in the Middle East and the impact of financial and capital markets, among other factors.」
The company described Japan's economy as being on a recovery path while specifically identifying the situation in the Middle East and the impact of financial and capital markets as sources of continued uncertainty. - FY2026ReframedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a gradual recovery track due to improving employment and income conditions. However, the outlook remained uncertain due to the effects of US trade policy and growing geopolitical risks arising from international conditions, among other factors.」
While describing the domestic economy as remaining on a recovery track, the filing identifies US trade policy and growing geopolitical risks as specific factors contributing to uncertainty, replacing the previous references to international conditions and the Middle East, among others. - 2026-04-10RestatedEarnings
「Although Japan's economy continued on a gradual recovery path during the consolidated fiscal year under review (1 March 2025 to 28 February 2026), the outlook remained uncertain due to the impact of U.S. trade policy and rising geopolitical risks arising from the international situation.」
The company continued to describe Japan's economy as being on a recovery path while noting continued uncertainty over the outlook due to U.S. trade policy and geopolitical risks. - FY2026-H1ReframedAnnual report
「During the interim consolidated fiscal period, Japan's economy remained on a gradual recovery track due to improving employment and income conditions. However, the outlook remained uncertain due in part to the effects of US trade policy and growing geopolitical risks in the Middle East and elsewhere.」
While describing the domestic economy as remaining on a recovery track, the filing identifies US trade policy and geopolitical risks in the Middle East and elsewhere as specific factors contributing to uncertainty, in addition to the previously cited unstable international conditions and raw-material prices. - FY2025ReframedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a gradual recovery track as corporate earnings, employment and income conditions improved. However, the outlook remained uncertain due to unstable international conditions and persistently high raw-material prices, among other factors.」
While describing improvements in domestic corporate earnings, employment and income conditions, the filing does not mention the previously cited depreciation of the yen and identifies unstable international conditions and persistently high raw-material prices as the main factors contributing to uncertainty. - FY2025-H1RestatedAnnual report
「Meanwhile, the outlook remains uncertain due to unstable international conditions, the continuing depreciation of the yen and persistently high raw-material prices, among other factors.」
The filing continues to describe uncertainty over the outlook due to unstable international conditions, the depreciation of the yen and persistently high raw-material prices. - FY2025-Q1ReframedAnnual report
「During the first three months of the current fiscal year, social and economic activity moved toward normalization from the COVID-19 pandemic, and the economy remained on a recovery track. However, the outlook remained uncertain due to unstable international conditions, the depreciation of the yen and soaring raw-material and fuel prices, among other factors.」
While describing the normalization and recovery of social and economic activity, the filing explicitly identifies the depreciation of the yen and soaring raw-material and fuel prices, in addition to the previously cited international conditions and resource prices, as factors contributing to uncertainty over the outlook. - FY2024ReframedAnnual report
「During the consolidated fiscal year, economic activity improved as restrictions related to COVID-19 were lifted. However, difficult conditions continued due to the deterioration of international conditions, including the prolonged situation in Russia and Ukraine and the situation in the Middle East, resulting in high resource prices.」
While economic activity improved following the lifting of restrictions, the explanation has been updated to focus on international conditions, including the prolonged situation in Russia and Ukraine and the situation in the Middle East, and resource prices as factors contributing to uncertainty. - FY2024-Q3RestatedAnnual report
「During the first nine months of the current fiscal year, economic activity remained on a recovery track as restrictions on activity related to COVID-19 were eased. However, the outlook remained uncertain as the prolonged situation in Russia and Ukraine and the deterioration of international conditions caused resource prices to remain high.」
While economic activity remained on a recovery track following the easing of restrictions on activity, the filing continues to describe uncertainty over the outlook due to the prolonged situation in Russia and Ukraine, worsening international conditions and high resource prices. - FY2024-Q2RestatedAnnual report
「During the first six months of the current fiscal year, economic activity moved toward normalization as restrictions on activity related to COVID-19 were eased. However, the situation in Russia and Ukraine continued for an extended period, and the outlook remained uncertain due to soaring resource prices and its negative impact on the global economy.」
The filing continues to describe economic normalization following the easing of restrictions on activity, alongside uncertainty over the outlook due to the prolonged situation in Russia and Ukraine, soaring resource prices and its negative impact on the global economy. - FY2024-Q1ReframedAnnual report
「During the first three months of the current fiscal year, economic activity moved toward normalization as restrictions on activity related to COVID-19 were eased. However, the situation in Russia and Ukraine continued for an extended period, and the outlook remained uncertain due to soaring resource prices and its negative impact on the global economy.」
While restrictions on activity related to COVID-19 were eased and the economy moved toward normalization, the prolonged situation in Russia and Ukraine, soaring resource prices and its impact on the global economy continued to contribute to uncertainty over the outlook. - FY2023ReframedAnnual report
「During the consolidated fiscal year, COVID-19 subsided around the end of the fiscal year, but waves of infection continued for almost the entire year and affected economic and consumer activity. In addition, difficult conditions continued due to soaring resource prices caused by the situation in Russia and Ukraine and the rapid depreciation of the yen.」
While the subsiding of COVID-19 around the end of the fiscal year was identified as a recovery factor, waves of infection, soaring resource prices and the rapid depreciation of the yen were also cited as factors contributing to uncertainty in the economic environment, updating the risk profile. - FY2023-Q3ReframedAnnual report
「During the first nine months of the current fiscal year, the infection situation temporarily showed signs of improvement, but the situation remained one that required close monitoring due in part to the spread of new variants. In addition, the outlook remained uncertain due to soaring resource prices caused by the situation in Russia and Ukraine and the rapid depreciation of the yen.」
While the infection situation temporarily improved, new variants, soaring resource prices caused by the situation in Russia and Ukraine and the rapid depreciation of the yen continued to contribute to uncertainty, changing the main risk profile. - FY2023-Q2WorsenedAnnual report
「During the first six months of the current fiscal year, the spread of COVID-19 subsided around spring, but social and economic activity again began to contract due to the rapid expansion of the seventh wave from July onward. In addition, the outlook remained uncertain as soaring resource prices caused by the situation in Russia and Ukraine, its negative impact on the global economy and the rapid depreciation of the yen continued.」
The filing states that the rapid expansion of the seventh wave caused social and economic activity to contract again, while soaring resource prices and the rapid depreciation of the yen continued, increasing uncertainty over the outlook. - FY2023-Q1ReframedAnnual report
「During the first three months of the current fiscal year, the number of COVID-19 infections continued to decline and economic and consumer activity gradually moved toward normalization. However, the outlook remained uncertain due to soaring resource prices caused by the situation in Russia and Ukraine, its negative impact on the global economy and the rapid depreciation of the yen, among other factors.」
While restrictions on economic activity due to COVID-19 were being eased and activity was moving toward normalization, the situation in Russia and Ukraine, soaring resource prices, the impact on the global economy and the rapid depreciation of the yen were identified as new factors contributing to uncertainty, changing the main risk factors. - FY2022WorsenedAnnual report
「During the consolidated fiscal year, Japan's economy remained in an extremely difficult situation as waves of COVID-19 infection that had continued since the year before last persisted throughout the year, causing economic and consumer activity to decline. In addition, the outlook remained uncertain across the global economy, including Japan, due to high resource prices and semiconductor shortages.」
The filing explicitly identifies the year-round spread of COVID-19, along with high resource prices and semiconductor shortages, as new factors contributing to uncertainty. - FY2022-Q3SoftenedAnnual report
「During the first nine months of the current fiscal year, Japan's economy remained in an extremely difficult situation as the spread of COVID-19 since the previous year continued, with the fourth and fifth waves growing more severe month by month and economic and consumer activity declining. From September, however, the number of infections fell rapidly, and the state of emergency was lifted nationwide at the end of September. Although an improvement in business conditions is expected due in part to progress in domestic vaccination, the outlook remains uncertain due to the risk of new variants and concerns over a sixth wave.」
While the fourth and fifth waves left the economy in an extremely difficult situation, the filing describes a decline in infections, the lifting of the state of emergency and progress in vaccination from September onward. However, uncertainty over the outlook remains due to concerns over new variants and a sixth wave. - FY2022-Q2WorsenedAnnual report
「During the first six months of the current fiscal year, Japan's economy remained in an extremely difficult situation as the global spread of COVID-19 since the previous year continued to rage and economic and consumer activity declined. The fifth wave of COVID-19 infections showed no signs of abating, and states of emergency and priority preventive measures were expanded across the country, leaving the outlook uncertain.」
The filing states that the fifth wave of COVID-19 infections showed no signs of abating and that states of emergency and priority preventive measures were expanded across the country, while the decline in economic and consumer activity and uncertainty over the outlook continued. - FY2022-Q1WorsenedAnnual report
「During the first three months of the current fiscal year, Japan's economy remained in an extremely difficult situation as economic and consumer activity declined amid the global spread of COVID-19 since the previous year. In April 2021, a third state of emergency was declared in major metropolitan areas and elsewhere, and the outlook remains uncertain.」
As economic and consumer activity continued to decline due to COVID-19, a third state of emergency was declared, and the extremely difficult situation and uncertainty over the outlook continued. - FY2021WorsenedAnnual report
「During the fiscal year, the economy remained in an extremely difficult situation throughout the year due to the decline in economic and consumer activity accompanying the global spread of COVID-19.」
The filing describes the decline in economic and consumer activity caused by the spread of COVID-19 as having continued throughout the fiscal year, leaving the economic environment extremely difficult. - FY2021-Q3WorsenedAnnual report
「Although economic activity partially resumed in the latter half of the period, the situation has become one that requires close monitoring as the number of infections has begun to rise again, in what is referred to as the third wave. In addition, if the prolonged spread of COVID-19 causes domestic and overseas economies to stagnate and demand to decline substantially, it may affect our Group's business activities and ability to secure earnings.」
While acknowledging the partial resumption of economic activity, the filing explicitly identifies the renewed increase in infections in the third wave and the impact of the prolonged spread of COVID-19 on domestic and overseas economies and demand. Uncertainty over the outlook and risks therefore continue. It also describes the spread of infection and the decline in economic and consumer activity as events that actually occurred. - FY2021-Q2WorsenedAnnual report
「During the first six months of the current fiscal year, in addition to the economic deterioration caused by the intensification of US-China trade friction since the year before last and the consumption tax increase last year, the global spread of COVID-19 caused economic and consumer activity to decline sharply. The economy deteriorated rapidly and remained in an extremely difficult situation.」
The filing states that, in addition to the effects of US-China trade friction and the consumption tax increase, the spread of COVID-19 caused economic and consumer activity to decline sharply and the economy to deteriorate rapidly. - FY2021-Q1WorsenedAnnual report
「During the first three months of the current fiscal year, Japan's economy deteriorated rapidly and remained in an extremely difficult situation as the spread of COVID-19 severely restricted personal consumption and corporate activity.」
The filing states that the spread of COVID-19 severely restricted personal consumption and corporate activity, causing the economy to deteriorate rapidly and remain in an extremely difficult situation. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a gradual recovery track partly due to the effects of various policies. However, the downturn in personal consumption and other signs of economic deterioration intensified due to a series of natural disasters and the consumption tax increase. The outlook nevertheless remained uncertain amid concerns over US-China trade friction and the situation in the Middle East, among other factors.」
While uncertainty over the outlook continues, the impact of the COVID-19 pandemic was separately identified as a business-environment and risk factor, in addition to natural disasters, the consumption tax increase, US-China trade friction and concerns over the situation in the Middle East. - FY2020-Q3ReframedAnnual report
「Meanwhile, the economic outlook remained uncertain due to the prolonged US-China trade dispute, a series of natural disasters and the effects of the consumption tax increase, among other factors.」
Although uncertainty over the outlook continues, this filing identifies the prolonged US-China trade dispute, natural disasters and the effects of the consumption tax increase as concern factors, replacing the previously cited escalation of US-China trade friction and worsening Japan-South Korea relations, among others. - FY2020-Q2WorsenedAnnual report
「During the first six months of the current fiscal year, Japan's economy remained on a gradual recovery track due to improving employment and income conditions. Overseas, however, the global economy remained uncertain due to a further escalation of US-China trade friction, the UK's exit from the EU and worsening Japan-South Korea relations.」
Uncertainty in overseas economies continues, and in addition to the further escalation of US-China trade friction, worsening Japan-South Korea relations has been explicitly identified as a new factor. - FY2020-Q1WorsenedAnnual report
「During the first three months of the current fiscal year, Japan's economy remained on a gradual recovery track due to improving employment and income conditions. However, the outlook remained uncertain amid global economic uncertainty, including escalating US-China trade friction and the UK's exit from the EU.」
Uncertainty over the outlook continues, and this filing specifically cites the escalation of US-China trade friction and the UK's exit from the EU as factors. - FY2019ReframedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a gradual recovery track due to improving employment and income conditions. However, the economic outlook remained uncertain, and attention must be paid to developments in trade issues originating in the US and the outlook for the Chinese and European economies.」
Although uncertainty over the outlook continues, the concern factors have been specified and expanded from trade friction arising from US trade policy to trade issues originating in the US and the outlook for the Chinese and European economies. - FY2019-Q3ReframedAnnual report
「During the first nine months of the current fiscal year, Japan's economy remained on a gradual recovery track due to improving employment and income conditions. However, the economic outlook remained uncertain due to concerns including the risk of trade friction arising from US trade policy.」
Although uncertainty over the outlook continues, this explanation identifies the risk of trade friction arising from US trade policy as a specific concern, replacing the previously cited uncertainty in overseas economies and other factors. - FY2019-Q2RestatedAnnual report
「During the first six months of the current fiscal year, Japan's economy remained on a gradual recovery track due to improving employment and income conditions. However, the economic outlook remained uncertain due to concerns over intensifying labour shortages and uncertainty in overseas economies, among other factors.」
The filing continues to describe a recovery trend driven by improving employment and income conditions, while uncertainty over the outlook due to intensifying labour shortages and uncertainty in overseas economies remains. - FY2019-Q1ReframedAnnual report
「During the first three months of the current fiscal year, Japan's economy remained on a gradual recovery track due to improving employment and income conditions. However, the economic outlook remained uncertain due to growing labour shortages among companies and concerns over uncertainty in overseas economies, among other factors.」
Although uncertainty over the outlook continues, this explanation identifies growing labour shortages among companies and uncertainty in overseas economies, rather than the previously cited emerging-market economies and yen appreciation, as the factors. - FY2018RestatedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a gradual recovery track as employment and income conditions improved, despite concerns over uncertainty in overseas economies, and personal consumption also showed signs of recovery.」
The filing describes Japan's economy as being on a recovery track due to improving employment and income conditions and the recovery in personal consumption, while concerns over uncertainty in overseas economies remain. - FY2018-Q3RestatedAnnual report
「During the first nine months of the current fiscal year, Japan's economy remained on a gradual recovery track due to improving employment and income conditions, although concerns remained over uncertainty in overseas economies.」
The filing continues to describe Japan's economy as being on a gradual recovery track due to improving employment and income conditions, while concerns over uncertainty in overseas economies remain. - FY2018-Q2RestatedAnnual report
「During the first six months of the current fiscal year, Japan's economy remained on a gradual recovery track due to improving employment and income conditions, although concerns remained over uncertainty in overseas economies.」
The filing continues to describe Japan's economy as being on a gradual recovery track due to improving employment and income conditions, while concerns over uncertainty in overseas economies remain. - FY2018-Q1SoftenedAnnual report
「During the first three months of the current fiscal year, Japan's economy remained on a gradual recovery track due to improving employment and income conditions, although concerns remained over uncertainty in overseas economies.」
Although concerns over uncertainty in overseas economies remain, the specific factors previously identified, such as emerging-market economies, the UK's exit from the EU and yen appreciation, were not mentioned, and the domestic economy was described as being on a recovery track. - FY2017RestatedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a gradual recovery track as corporate earnings and employment conditions improved, but growth in personal consumption has recently stalled. Overseas, economic uncertainty increased due to the downturn in emerging-market economies and the UK's exit from the EU, among other factors, and the economic outlook remains uncertain.」
The filing continues to cite uncertainty in overseas economies due to the downturn in emerging-market economies and the UK's exit from the EU, as well as stalled personal consumption. - FY2017-Q2RestatedAnnual report
「During the first six months of the current fiscal year, Japan's economy remained on a gradual recovery track as employment and income conditions improved. However, corporate business conditions and personal consumption showed weakness, and uncertainty over the outlook increased due to the slowdown in emerging-market economies and yen appreciation against the backdrop of issues including the UK's exit from the EU.」
While the underlying uncertainty over the outlook due to the slowdown in emerging-market economies and yen appreciation continues, this explanation explicitly identifies the UK's exit from the EU as a new factor. - FY2017-Q1First statedAnnual report
「The foodservice, food-to-go and commercial baking industries, which are major customers of our Group, continue to face a challenging operating environment, with consumers remaining strongly focused on saving and labour costs remaining high. However, new openings and renovations, particularly among restaurant chains, supermarkets and accommodation providers, have been notable as companies respond to competition across industry and business-format boundaries and seek to capture inbound demand.」
The filing states that uncertainty over the outlook for corporate business conditions and personal consumption increased due to the slowdown in emerging-market economies, the decline in share prices since the beginning of the year and the yen's appreciation.