Weak Corporate Earnings and Personal Consumption Due to Yen Appreciation and Falling Share Prices
First written in FY2016-Q3. 15 of 33 entries say "Worsened", first in FY2019-Q1. Latest entry: 2026-09-11.
Wesco Holdings moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
66 other companies' latest entry also says "Worsened".
- 2026-09-11WorsenedEarnings
「Meanwhile, the outlook for the economy remained uncertain, as geopolitical risks increased due to the worsening situation in the Middle East and other factors, while resource prices surged, inflation progressed, and exchange rates and interest rates fluctuated sharply.」
The company identified business-environment risks including the worsening situation in the Middle East, surging resource prices and interest-rate volatility, in addition to previously cited uncertainties. - FY2025WorsenedAnnual report
「During the current consolidated fiscal year, the Japanese economy remained uncertain due to sharp exchange-rate fluctuations, rising prices and concerns over the impact of US tariff policy, among other factors.」
In addition to the previous exchange-rate fluctuations and rising prices, the disclosure newly identifies concerns over the impact of US tariff policy as a factor contributing to uncertainty. - FY2025-H1ReframedAnnual report
「During the current interim consolidated accounting period, the Japanese economy remained uncertain due to sharp exchange-rate fluctuations, rising prices and increasing geopolitical risks.」
Compared with the previous descriptions of global monetary tightening and surging resource prices, the disclosure now identifies sharp exchange-rate fluctuations, rising prices and increasing geopolitical risks as the main factors contributing to uncertainty. - FY2024-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, the Japanese economy remained uncertain due to the effects of global monetary tightening, sharp exchange-rate fluctuations, rising prices and other factors.」
The disclosure continues to describe uncertainty over the economic outlook due to global monetary tightening, exchange-rate fluctuations and rising prices. - FY2024-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the Japanese economy remained uncertain due to the effects of global monetary tightening, sharp exchange-rate fluctuations, rising prices and other factors.」
In addition to the previous geopolitical risks, surging resource prices and inflation, the disclosure identifies global monetary tightening and sharp exchange-rate fluctuations as factors contributing to uncertainty. - FY2023RestatedAnnual report
「During the current consolidated fiscal year, the Japanese economy remained uncertain due to rising geopolitical risks, surging resource prices and advancing inflation.」
The disclosure continues to describe uncertainty over the economic outlook due to geopolitical risks, surging resource prices and inflation. - FY2023-Q3ReframedAnnual report
「During the third quarter of the current consolidated cumulative period, various economic activities were normalizing as the legal classification of COVID-19 was revised. However, geopolitical risks increased and resource prices surged due to the prolonged situation involving Russia and Ukraine, while the yen depreciated sharply and prices continued to rise, leaving the economic outlook uncertain.」
While noting the revision of COVID-19's legal classification and the normalization of economic activity, the disclosure continues to identify uncertainty arising from the situation involving Russia and Ukraine, surging resource prices, yen depreciation and rising prices. - FY2023-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, various economic activities were normalizing despite the prolonged COVID-19 pandemic. However, geopolitical risks increased and resource prices surged due to the prolonged situation involving Russia and Ukraine, while the yen depreciated sharply and prices continued to rise, leaving the economic outlook uncertain.」
The disclosure continues to describe uncertainty over the economic outlook due to the prolonged pandemic, the situation involving Russia and Ukraine, surging resource prices, the rapid depreciation of the yen and rising prices. - FY2023-Q1WorsenedAnnual report
「Meanwhile, in the sports facility operations and aquarium operations businesses, the renewed spread of highly transmissible COVID-19 variants and soaring electricity costs for operating the facilities and feed costs for keeping the animals have affected business performance.」
In addition to COVID-19, surging resource prices, yen depreciation and inflation, the disclosure states that soaring electricity costs and aquarium feed costs have actually affected the performance of both businesses. - FY2022WorsenedAnnual report
「During the current consolidated fiscal year, vaccinations against COVID-19 progressed and restrictions on economic activity were gradually eased. However, geopolitical risks increased and resource prices surged following Russia's invasion of Ukraine, while the rapid depreciation of the yen and other factors also left the economic outlook uncertain.」
In addition to uncertainty caused by COVID-19, Russia's invasion of Ukraine, surging resource prices and the rapid depreciation of the yen have been added as new external factors affecting the business environment. - FY2022-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, vaccinations progressed in response to the spread of COVID-19, but various economic activities remained restricted, including through the reimplementation of priority preventive measures. In addition, geopolitical risks increased following Russia's invasion of Ukraine, and the impact of inflation, including surging resource prices, was also severe, leaving the economic outlook uncertain.」
In addition to COVID-19, variants and restrictions on economic activity, the disclosure newly identifies geopolitical risks resulting from Russia's invasion of Ukraine, surging resource prices and inflation as factors contributing to uncertainty. - FY2022-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, the number of new infections was contained as COVID-19 vaccinations became more widespread. However, the rapid spread of a new variant, the Omicron variant, led to the reimplementation of priority preventive measures, and various economic activities remained restricted, leaving the economic outlook uncertain.」
While noting that the spread of vaccinations has contained the number of new infections, the disclosure states that restrictions on economic activity have continued due to the rapid spread of the Omicron variant and the reimplementation of priority preventive measures. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, COVID-19 continued to spread from the previous consolidated fiscal year, and various economic activities remained restricted, including through the reissuance of the state of emergency declaration and the implementation of priority preventive measures.」
The disclosure continues to describe the spread of COVID-19, restrictions on economic activity due to state of emergency declarations and other measures, and uncertainty over the outlook. - FY2021WorsenedAnnual report
「Going forward, there are expectations that the spread of COVID-19 will subside and economic activity will normalize as vaccines become widely available worldwide. However, more transmissible variants than previous strains are spreading, and it is expected to take some time for the number of members using sports facilities and the number of aquarium visitors to recover.」
In addition to the previous uncertainty caused by the spread of infection and state of emergency declarations, the disclosure points to the spread of highly transmissible variants and the prospect of a prolonged recovery in demand. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, various economic activities in Japan remained restricted due to the spread of COVID-19, and the state of emergency was declared again. The outlook for the economy therefore remained uncertain.」
In addition to restrictions on economic activity due to COVID-19, the disclosure refers to the reissuance of the state of emergency declaration, with uncertainty over the economic outlook continuing. - FY2021-Q2WorsenedAnnual report
「However, as the spread of COVID-19 accelerated again, a state of emergency was declared once more, and the outlook for the economy remained uncertain.」
The disclosure states that uncertainty over the economic outlook has continued and intensified due to the renewed spread of COVID-19 and the reissuance of the state of emergency declaration. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the Japanese economy was severely affected in terms of consumption, demand for services and personal interaction by the global spread of COVID-19, and the outlook for the economy remained uncertain.」
The disclosure states that the impact of COVID-19 has continued to severely affect consumption, demand for services and personal interaction. - FY2020-Q3MaterialisedAnnual report
「Meanwhile, because the spread of COVID-19 led to the suspension of operations at some facilities, the Company refunded March and April membership fees and took other measures at some facilities, including Able Hiroshima, one of its major large-scale facilities. As a result, revenue was roughly in line with the previous year.」
Concerns over the economy and demand stemming from COVID-19 have materialized as actual business impacts, including the suspension of operations at sports facilities and membership-fee refunds. - FY2020-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, the Japanese economy remained on a gradual recovery track, supported by improvements in corporate earnings and the employment and income environment. However, the outlook for the economy remained uncertain amid concerns over trade friction between the United States and China and a downturn in the global economy caused by the spread of the novel coronavirus (COVID-19).」
In addition to the previous concerns over US-China trade friction and a downturn in the Chinese economy, the disclosure newly identifies concerns over a downturn in the global economy due to the spread of the novel coronavirus. - FY2020-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, the Japanese economy remained on a gradual recovery track, supported by improvements in corporate earnings and the employment and income environment. However, the outlook for the economy remained uncertain amid concerns over trade friction between the United States and China and a downturn in the Chinese economy.」
While pointing to improvements in corporate earnings and the employment and income environment, the disclosure continues to describe uncertainty over the economic outlook due to US-China trade friction and concerns over a downturn in the Chinese economy. - FY2019-Q3WorsenedAnnual report
「Meanwhile, uncertainty about the economic outlook has increased due to US-China trade friction and signs of a slowdown in the Chinese economy.」
The previous concerns about trade friction and a slowdown in the Chinese economy are described as increasing uncertainty about the economic outlook. - FY2019-Q2WorsenedAnnual report
「During the second quarter of the consolidated fiscal year, the Japanese economy was expected to continue recovering, supported by improvements in employment and income conditions. However, the economic environment was temporarily expected to deteriorate due in part to the effects of a series of natural disasters, leaving the economic outlook uncertain. Concerns were also raised about the effects of trade friction caused by the hard-line policies of the US administration and the slowdown in the Chinese economy.」
In addition to the previous concerns about trade friction involving the US administration, the company cites the effects of successive natural disasters and concerns about a slowdown in the Chinese economy, broadening the factors contributing to uncertainty about the economic outlook. - FY2019-Q1WorsenedAnnual report
「However, concerns about trade friction have increased as a result of the hard-line policies of the US administration, leaving the economic outlook uncertain.」
In addition to the previous references to unstable international conditions, the company states that concerns about trade friction caused by the hard-line policies of the US administration have increased. - FY2018ReframedAnnual report
「During the consolidated fiscal year, the Japanese economy continued to recover moderately, supported by improvements in corporate earnings and employment conditions resulting from the effects of the government's domestic economic measures. However, the economy remained uncertain due to unstable international conditions, particularly involving the governments of the United States and European countries.」
The focus has shifted from the previous references to yen appreciation, falling share prices and overseas economies to uncertainty about the outlook due to unstable international conditions, particularly involving the governments of the United States and European countries. - FY2018-Q3ReframedAnnual report
「During the third quarter of the consolidated fiscal year, the Japanese economy continued to recover moderately overall, supported by improvements in corporate earnings and employment conditions.」
The reference to firm exports in the previous quarter is absent, and the description has been streamlined to a moderate recovery trend supported by improvements in corporate earnings and employment conditions. - FY2018-Q2RestatedAnnual report
「During the second quarter of the consolidated fiscal year, the Japanese economy continued to recover moderately overall, supported by firm exports and improvements in corporate earnings and employment conditions.」
The company continues to describe the economic environment as one of firm exports, improving corporate earnings and employment conditions, and a moderate recovery trend. - FY2018-Q1SoftenedAnnual report
「During the first quarter of the consolidated fiscal year, the Japanese economy continued to recover moderately overall, supported by firm exports and improvements in corporate earnings and employment conditions.」
Unlike previous filings, this filing does not cite uncertainty about the outlook due to yen appreciation, falling share prices and overseas economies; instead, it emphasizes improvements in exports, corporate earnings and employment conditions and a moderate recovery trend. - FY2017ReframedAnnual report
「During the consolidated fiscal year, the Japanese economy continued to recover moderately, supported by improvements in corporate earnings and employment conditions resulting from the effects of the government's domestic economic measures. However, the economy remained uncertain due to the economic policies of the US administration and unstable international conditions.」
The factors contributing to uncertainty in the external environment have been recast from the impact of the new US administration and overseas economies as the economic policies of the US administration and unstable international conditions. - FY2017-Q3RestatedAnnual report
「During the third quarter of the consolidated fiscal year, the Japanese economy continued to recover moderately overall, supported by improvements in corporate earnings and employment conditions. However, the outlook remained uncertain due to concerns about the impact of the new US administration on the Japanese economy and downside risks in overseas economies.」
The company continues to cite uncertainty about the outlook due to concerns about the impact of the new US administration and downside risks in overseas economies. - FY2017-Q2ReframedAnnual report
「During the second quarter of the consolidated fiscal year, the Japanese economy continued to recover moderately overall, supported by improvements in corporate earnings and employment conditions. However, the outlook remained uncertain due to concerns about the impact of the new US administration on the Japanese economy and downside risks in overseas economies.」
The description of factors clouding the external environment has shifted from the previous yen appreciation and falling share prices to concerns about the impact of the new US administration and downside risks in overseas economies. - FY2017-Q1ReframedAnnual report
「During the first quarter of the consolidated fiscal year, the Japanese economy continued to recover moderately overall, supported by improvements in corporate earnings and employment conditions. However, the economic outlook remained uncertain due to downside risks in overseas economies and share prices.」
The description of the external environment has shifted from yen appreciation and falling share prices to uncertainty about the outlook arising from downside risks in overseas economies and share prices. - FY2016ReframedAnnual report
「During the consolidated fiscal year, the Japanese economy continued to recover moderately, supported by the effects of the government's domestic economic measures. However, concerns about a slowdown in the global economy and continued yen appreciation left the economic outlook uncertain.」
The annual report shifts its focus from the previous quarter's falling share prices and weak corporate earnings and personal consumption to concerns about a slowdown in the global economy and the uncertainty surrounding the economy due to yen appreciation. - FY2016-Q3First statedAnnual report
「The economy remained uncertain, with corporate earnings and personal consumption weakening as the yen appreciated and share prices declined.」
The external factors affecting the economic environment during the quarter included yen appreciation, falling share prices, and weak corporate earnings and personal consumption.