Stagnation in Economic Measures and Instability in Foreign Exchange and Equity Markets
First written in FY2017-Q1. 13 of 36 entries say "Reframed", first in FY2017-Q3. Latest entry: 2026-10-14.
Shin Maint Holdings moved to the "Worse" side of this theme in 2016, 6 years before the typical company in this theme (2022).
The whole theme swung hardest in 2020: 40 of 57 companies on the "Worse" side.
60 other companies' latest entry also says "Restated".
- 2026-10-14RestatedEarnings
「However, in addition to factors expected to weigh on socioeconomic activity, including rising consumer prices, the prolonged situation in Russia and Ukraine, the escalating situation in the Middle East, a slowdown in the Chinese economy, growing upward pressure on interest rates, developments in U.S. policies such as trade policy, and foreign-exchange conditions characterized by a weaker yen, multiple factors affecting corporate activity are combining domestically as well, including upward pressure on energy costs and increasingly severe labor shortages. The outlook for the economy therefore remains uncertain.」
既存の外部環境リスクに加え、エネルギーコスト上昇圧力及び人手不足の深刻化を含む先行き不透明感を再確認している。 - FY2027-H1RestatedAnnual report
「However, in addition to factors expected to weigh on socioeconomic activity, including rising consumer prices, the prolonged situation in Russia and Ukraine, the escalating situation in the Middle East, a slowdown in the Chinese economy, growing upward pressure on interest rates, developments in U.S. policies such as trade policy, and foreign-exchange conditions characterized by a weaker yen, multiple factors affecting corporate activity are combining domestically as well, including upward pressure on energy costs and increasingly severe labor shortages. The outlook for the economy therefore remains uncertain.」
While recognizing the economic recovery trend, the description continues to characterize the outlook as uncertain, citing prices, geopolitical conditions, the Chinese economy, interest rates, U.S. policies, yen depreciation, energy costs and labor shortages as factors weighing on corporate activity. - FY2026WorsenedAnnual report
「However, in addition to factors expected to weigh on socioeconomic activity, including rising consumer prices, the prolonged situation in Russia and Ukraine, the escalating situation in the Middle East, a slowdown in the Chinese economy, growing upward pressure on interest rates, developments in U.S. policies such as trade policy, and economic conditions characterized by a weaker yen, multiple factors affecting corporate activity are combining domestically as well, including upward pressure on energy costs and increasingly severe labor shortages. The outlook for the economy therefore remains uncertain.」
In addition to the existing factors relating to geopolitical conditions, prices and interest rates, U.S. policies, the Chinese economy and yen depreciation, the description expressly identifies domestic upward pressure on energy costs and increasingly severe labor shortages as factors affecting corporate activity. - FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period, Japan’s economy saw a gradual recovery as employment and income conditions improved with the normalization of socioeconomic activity, aided by the effects of various government policies. However, in addition to factors expected to weigh on socioeconomic activity, including rising consumer prices, the prolonged situation in Russia and Ukraine, the escalating situation in the Middle East, a slowdown in the Chinese economy, growing upward pressure on interest rates, developments in U.S. policies such as trade policy, and economic conditions characterized by a weaker yen, the risk of increasing instability in domestic politics is also expected. The outlook for the economy therefore remains uncertain.」
While recognizing the economic recovery trend, the description continues to characterize the outlook as uncertain, citing rising prices, geopolitical conditions, the Chinese economy, interest rates, U.S. trade policy, yen depreciation and domestic politics as factors weighing on the economy. - FY2025WorsenedAnnual report
「However, in addition to factors expected to weigh on socioeconomic activity, including rising consumer prices, the prolonged situation in Russia and Ukraine, the escalating situation in the Middle East, a slowdown in the Chinese economy, growing upward pressure on interest rates, developments in U.S. policies such as trade policy, and economic conditions characterized by a weaker yen, the risk of increasing instability in domestic politics is also expected. The outlook for the economy therefore remains uncertain.」
In addition to the existing factors relating to geopolitical conditions, prices and interest rates, the Chinese economy and yen depreciation, U.S. trade policy and the risk of increasing instability in domestic politics are expressly identified, providing further detail on external-environment factors weighing on the economy. - FY2025-H1RestatedAnnual report
「However, factors expected to weigh on socioeconomic activity include rising consumer prices, the prolonged situation in Russia and Ukraine, the escalating situation in the Middle East, a slowdown in the Chinese economy, growing upward pressure on interest rates, and economic conditions characterized by a weaker yen. The outlook for the economy therefore remains uncertain.」
While recognizing the economic recovery, the description continues to characterize the outlook as uncertain, citing rising prices, geopolitical conditions, the slowdown in the Chinese economy, upward pressure on interest rates and yen depreciation as factors weighing on the economy. - FY2025-Q1WorsenedAnnual report
「However, factors expected to weigh on socioeconomic activity include the prolonged situation in Russia and Ukraine, the escalating situation in the Middle East, a slowdown in the Chinese economy, growing upward pressure on global prices and interest rates, and economic conditions characterized by a weaker yen. The outlook for the economy therefore remains uncertain.」
In addition to the existing factors relating to the situation in Russia and Ukraine, prices and interest rates, and yen depreciation, the escalating situation in the Middle East and the slowdown in the Chinese economy are expressly identified, providing further detail on external-environment factors weighing on the economy. - FY2024-Q3RestatedAnnual report
「Meanwhile, the outlook for the economy remains uncertain, as factors expected to weigh on socioeconomic activity, including the prolonged situation in Russia and Ukraine, global inflation and higher interest rates, and the rapid depreciation of the yen, are expected to intensify.」
While recognizing the recovery trend as the impact of the pandemic on economic activity has eased, the description continues to characterize the outlook as uncertain, citing geopolitical conditions, prices and interest rates, and yen depreciation as factors weighing on the economy. - FY2024-Q1ReframedAnnual report
「Meanwhile, the outlook for the economy remains uncertain, as factors expected to weigh on socioeconomic activity, including the prolonged situation in Russia and Ukraine, global inflation and higher interest rates, and the rapid depreciation of the yen, are expected to intensify.」
While recognizing the reduced impact of COVID-19 on economic activity and an economic recovery, the description continues to characterize the outlook as uncertain, citing the situation in Russia and Ukraine, prices and interest rates, and yen depreciation as factors weighing on the economy. - FY2023WorsenedAnnual report
「Meanwhile, the outlook for the economy remains uncertain, as factors expected to weigh on socioeconomic activity, including the prolonged situation in Russia and Ukraine, global inflation and higher interest rates, and the rapid depreciation of the yen, are expected to intensify.」
While recognizing signs of an economic recovery, the description expressly identifies the prolonged situation in Russia and Ukraine, global inflation and higher interest rates, and the rapid depreciation of the yen as new factors weighing on the economy. - FY2023-Q2WorsenedAnnual report
「During the six-month period ended in the second quarter of the current consolidated fiscal year, Japan’s economy gradually moved toward reopening as vaccinations became more widespread and various government policies took effect, despite the continuing impact of COVID-19. However, the outlook remains uncertain amid the renewed spread of infections caused by the Omicron variant, the rapid depreciation of the yen resulting from monetary policies in Japan and the United States, and soaring crude oil and raw-material prices associated with the prolonged situation in Russia and Ukraine.」
In addition to the existing risks from the pandemic, the situation in Russia and Ukraine, yen depreciation and higher resource prices, the description expressly identifies the renewed spread caused by the Omicron variant, monetary policies in Japan and the United States, and soaring crude oil and raw-material prices, providing greater detail on external-environment risks. - FY2023-Q1WorsenedAnnual report
「However, amid the escalating situation in Russia and Ukraine, soaring resource prices and the rapid depreciation of the yen, the outlook for the economy remains uncertain.」
In addition to COVID-19, the escalating situation in Russia and Ukraine, soaring resource prices and the rapid depreciation of the yen are expressly identified as external-environment concerns, and uncertainty about the economic outlook continues. - FY2022ReframedAnnual report
「Although moves toward the normalization of economic activity were observed, including the nationwide lifting of the state of emergency and priority preventive measures as COVID-19 vaccinations became more widespread, economic activity was again restricted as the number of infections rose amid the emergence of new variants, and the outlook remains uncertain.」
While recognizing the normalization trend resulting from vaccinations and the lifting of restrictions, the description also identifies the renewed spread of infections from new variants and renewed restrictions on economic activity as external-environment risks. - FY2022-Q3ReframedAnnual report
「During the nine-month period ended in the third quarter of the current consolidated fiscal year, Japan’s economy remained in a difficult situation, with restrictions on economic activity and sluggish personal consumption due to the spread of COVID-19. Although the normalization of economic activity is expected as COVID-19 vaccinations become more widespread and the state of emergency is lifted, the outlook for the economy remains uncertain.」
The description now notes restrictions on economic activity and sluggish personal consumption while also adding expectations for normalization following the wider rollout of vaccinations and the lifting of the state of emergency, shifting to language that presents both the difficult conditions under the pandemic and expectations for normalization. - FY2022-Q2RestatedAnnual report
「During the cumulative second-quarter period, economic activity was heavily restricted by the reissuance of a state of emergency and requests to refrain from going out in response to the spread of COVID-19. Personal consumption and corporate activity remained stagnant, and conditions continued to be severe. In addition, the timing of the end of the outbreak remained unforeseeable, and the economic outlook continued to be uncertain.」
The report continues to identify restrictions on economic activity due to the state of emergency and requests to refrain from going out, stagnation in personal consumption and corporate activity, and uncertainty over when the outbreak will subside as external-environment risks. - FY2022-Q1RestatedAnnual report
「During the cumulative first-quarter period, economic activity was heavily restricted by the reissuance of a state of emergency and requests to refrain from going out in response to the spread of COVID-19. Personal consumption and corporate activity remained stagnant, and conditions continued to be severe. In addition, the timing of the end of the outbreak remained unforeseeable, and the economic outlook continued to be uncertain.」
The report continues to identify restrictions on economic activity due to the reissuance of a state of emergency and requests to refrain from going out, together with uncertainty over when the outbreak will subside, as external-environment risks. It states that there had been no material change in the nature of the risks in the risk section. - FY2021RestatedAnnual report
「During the fiscal year, Japan’s economy faced an unprecedented situation due to the global spread of COVID-19. Although economic activity was gradually resuming, infections had begun to spread again since the end of the previous year, with no sign yet of the outbreak subsiding, and concerns remained that the impact on economic activity, personal consumption and corporate capital investment would be prolonged.」
We reconfirm concerns over a further spread of COVID-19 and the prolonged impact on economic activity, personal consumption and capital investment. - FY2021-Q3WorsenedAnnual report
「During the cumulative third-quarter period, Japan’s economy remained in negative growth, with personal consumption, capital investment and exports declining sharply due to the global spread of COVID-19. Although vaccine development was progressing, the number of new COVID-19 cases in Japan had recently begun to rise again, and the outlook remained uncertain.」
It explains that negative growth continued due to sharp declines in personal consumption, capital investment and exports, and that uncertainty about the outlook continued as the number of new infections rose again. - FY2021-Q2WorsenedAnnual report
「During the cumulative second-quarter period, Japan’s economy recorded what was described as the worst downturn since the end of World War II, as economic activity remained heavily restricted due to the global spread of COVID-19. Although there were signs that economic activity was gradually being restored, concerns remained over a further spread of the infection, and strong uncertainty continued.」
The report describes the severe restrictions on economic activity caused by COVID-19 and an economic downturn described as the worst since the end of World War II, and also expresses concern over a further spread of the infection. - FY2021-Q1WorsenedAnnual report
「During the cumulative first-quarter period, Japan’s economy was significantly affected by the declaration of a state of emergency issued in response to the spread of COVID-19, which had a major impact on economic activity. Although the state of emergency related to COVID-19 had been lifted at that point, it remained difficult to determine when the outbreak would subside, and conditions remained such that the economic outlook was difficult to predict.」
The report describes the state of emergency related to COVID-19 and its actual impact on economic activity, and states that it remained difficult to predict when the outbreak would subside or how the economy would develop even after the declaration was lifted. It also states that there had been no new occurrence or material change in business and other risks. - FY2020WorsenedAnnual report
「During the fiscal year, Japan’s economy remained flat as the global economic recovery slowed, despite moderate improvements in employment and income conditions. Looking ahead, concerns remained over sluggish personal consumption due to the consumption tax increase in October of the previous year and a slowdown in economic activity caused by the global spread of COVID-19, and conditions remained uncertain.」
In addition to the slowing global economic recovery, the report points to concerns over a slowdown in personal consumption and economic activity caused by the consumption tax increase and the global spread of COVID-19, indicating heightened external-environment risks. - FY2020-Q3WorsenedAnnual report
「Personal consumption continued to recover gradually against a backdrop of improving employment and income conditions. Meanwhile, the global economy faced very strong signs of a slowdown, with uncertainty about the outlook increasing against the backdrop of the US-China trade war, activity in trade and investment being constrained, and economic growth losing momentum.」
In addition to the previous concerns over trade issues and uncertainty in overseas economies, the report points to increasing uncertainty about the outlook arising from the US-China trade war, stagnation in trade and investment activity, and strong signs of an economic slowdown, indicating heightened external-environment risks. It does not quantify the risks or state that they have actually affected the company’s performance. - FY2020-Q2ReframedAnnual report
「During the cumulative second-quarter period, personal consumption in Japan continued to recover gradually against a backdrop of improving employment and income conditions. However, attention was required regarding the impact of developments in trade issues on the global economy, uncertainty in overseas economies and volatility in financial and capital markets.」
While acknowledging the recovery in domestic personal consumption, the report identifies trade issues, uncertainty in overseas economies and volatility in financial and capital markets as external-environment concerns. - FY2020-Q1ReframedAnnual report
「During the cumulative first-quarter period, Japan’s economy continued on a recovery track, with personal consumption gradually recovering against a backdrop of improving employment and income conditions, although the overall economy showed signs of stagnation. Meanwhile, the global economy faced numerous downside risks and the outlook remained uncertain, due to concerns over a slowdown in China arising from prolonged US-China trade tensions and uncertainty surrounding the UK’s withdrawal from the EU.」
While acknowledging signs of stagnation in the domestic economy, the report organizes the external-environment risks for the global economy as downside risks arising from prolonged US-China trade tensions, concerns over a slowdown in China and the UK’s withdrawal from the EU. - FY2019ReframedAnnual report
「However, risks of a downturn in the global economy remained, including the UK’s withdrawal from the EU, trade tensions between the United States and China, and slowing growth in China and other emerging economies, and the business environment remained uncertain.」
In addition to the previous concerns over trade issues, overseas economies and financial markets, the report identifies Brexit, US-China trade tensions and slowing growth in China and emerging economies as downside risks to the global economy. - FY2019-Q3RestatedAnnual report
「During the cumulative third-quarter period, Japan’s economy remained on a gradual recovery track as employment and income conditions continued to improve. However, attention continued to be required regarding the impact of developments in trade issues on the global economy, uncertainty in overseas economies and volatility in financial and capital markets.」
While acknowledging improvements in employment and income conditions and a gradual recovery, the report continues to identify trade issues, uncertainty in overseas economies and volatility in financial and capital markets as external-environment concerns. - FY2019-Q2ReframedAnnual report
「During the cumulative second-quarter period, personal consumption in Japan continued to recover gradually against a backdrop of improving employment and income conditions. However, attention was required regarding the impact of developments in trade issues on the global economy, uncertainty in overseas economies and volatility in financial and capital markets.」
While acknowledging the continued economic recovery, the report identifies trade issues, uncertainty in overseas economies and volatility in financial and capital markets, in addition to geopolitical risks and developments in emerging Asian economies, as external-environment concerns. - FY2019-Q1ReframedAnnual report
「During the cumulative first-quarter period, Japan’s economy remained uncertain, although personal consumption continued to recover gradually against a backdrop of improving employment and income conditions, as uncertainty in the global economy remained high due to geopolitical risks, economic developments in emerging Asian countries and volatility in financial and capital markets.」
While acknowledging the economic recovery, the description has shifted from concerns over political tensions with neighboring countries and emerging economies to external-environment risks centered on geopolitical risks, developments in emerging Asian economies and volatility in financial and capital markets. - FY2018ReframedAnnual report
「During the fiscal year, Japan’s economy became increasingly uncertain despite a gradual recovery in personal consumption supported by improvements in employment and income conditions, amid continuing political tensions with neighboring countries and growing concerns about the outlook for emerging economies, particularly China.」
While acknowledging progress in the economic recovery, the description has shifted to external-environment risks centered on political tensions with neighboring countries and concerns over emerging economies such as China. - FY2018-Q3RestatedAnnual report
「During the cumulative third-quarter period, Japan’s economy remained on a gradual recovery track as corporate earnings and the associated improvement in employment conditions continued. However, labor shortages remained unresolved, and concerns over the global situation meant that uncertainty about the outlook continued.」
While acknowledging a gradual economic recovery, the report continues to identify uncertainty about the outlook arising from labor shortages and concerns over the global situation as risks. - FY2018-Q2ReframedAnnual report
「During the cumulative second-quarter period, Japan’s economy continued on a gradual recovery track as corporate earnings and employment conditions improved and expectations for capital investment increased. However, labor shortages remained unresolved, and concerns over the global situation meant that uncertainty about the outlook continued.」
While acknowledging the gradual recovery trend and rising expectations for capital investment, the description has shifted from concerns over rising costs in the previous quarter to uncertainty about the outlook centered on labor shortages and concerns over the global situation. - FY2018-Q1ReframedAnnual report
「During the cumulative first-quarter period, Japan’s economy continued on a gradual recovery track as corporate earnings and employment conditions improved. However, concerns over labor shortages and rising costs remained unresolved, and uncertainty about the outlook continued amid instability in the global situation.」
The description of risks has shifted from the previous fiscal year’s focus on economic stagnation, yen appreciation and a slowdown in overseas economies to uncertainty about the outlook arising from labor shortages, rising costs and an unstable global situation, while acknowledging a gradual recovery. - FY2017ReframedAnnual report
「During the fiscal year, Japan’s economy remained stagnant due to a slowdown in the economies of China and other emerging countries through the middle of the year, the impact of yen appreciation, and sluggish personal consumption throughout the year.」
The annual report identifies the external-environment concerns as a slowdown in overseas economies, yen appreciation and sluggish personal consumption. - FY2017-Q3ReframedAnnual report
「During the cumulative third-quarter period, Japan’s economy remained uncertain, with concerns over downside risks arising from a slowdown in overseas economies and signs of stagnation in personal consumption and corporate earnings, despite progress in corporate earnings, employment conditions and income.」
The external-environment concerns have shifted from the UK’s withdrawal from the EU and other issues in the previous quarter to downside risks from a slowdown in overseas economies. Stagnation in personal consumption and corporate earnings, together with uncertainty about the outlook, has continued. - FY2017-Q2WorsenedAnnual report
「During the cumulative second-quarter period, Japan’s economy remained uncertain, with concerns over overseas economic developments, including the UK’s withdrawal from the EU, and signs of stagnation in personal consumption and corporate earnings, despite progress in improving corporate earnings and employment.」
In place of the previous reference to foreign exchange and equity markets, concerns over overseas economies, including the UK’s withdrawal from the EU, and stagnation in personal consumption and corporate earnings are presented as risks. - FY2017-Q1First statedAnnual report
「While corporate earnings and employment conditions have improved, government economic measures have shown increasing signs of stagnation, and foreign exchange and equity markets have remained volatile, leaving the outlook uncertain.」
Identifies the stagnation of economic measures, volatility in foreign exchange and equity markets, and continued uncertainty about the outlook as external factors, alongside improvements in corporate earnings and employment.