Market Volatility and Heightened Uncertainty over the Outlook Due to the Emerging-Market Slowdown, the UK's EU Withdrawal Issue and Other Factors
First written in FY2016-Q3. 21 of 37 entries say "Reframed", first in FY2017. Latest entry: 2026-08-14.
Career 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: 140 of 176 companies on the "Worse" side.
35 other companies' latest entry also says "Reframed".
- FY2026-H1ReframedAnnual report
「Meanwhile, corporate prices and costs related to capital investment remain elevated. In addition, the outlook for the economy remains uncertain due to factors including sharp fluctuations in foreign-exchange and financial and capital markets, growing geopolitical risks such as concerns about supplies of fuel oil and petroleum products and soaring resource and energy prices associated with escalating tensions in the Middle East.」
The disclosure identifies elevated corporate prices and capital-investment-related costs, fluctuations in foreign-exchange and financial and capital markets, conditions in the Middle East, concerns about supplies of fuel oil and petroleum products, and soaring resource and energy prices as external sources of uncertainty. - FY2025ReframedAnnual report
「During the fiscal year, the Japanese economy continued to recover moderately, driven by improving employment and income conditions. However, the situation remained unpredictable as geopolitical risks and rising prices persisted.」
While describing improving employment and income conditions and a moderate recovery, the disclosure continues to identify geopolitical risks and rising prices as sources of uncertainty. - FY2025-H1ReframedAnnual report
「During the interim consolidated accounting period, the Japanese economy remained on a moderate recovery path as employment and income conditions improved, supported by the effects of various policies. However, the outlook remained uncertain due to factors including rising prices, future U.S. policy developments, conditions in the Middle East and volatility in financial and capital markets, as well as downside risks in overseas economies associated with continued high interest rates in Europe and the United States and a slowdown in the Chinese economy.」
While describing a moderate recovery path, the disclosure lists future U.S. policy developments, conditions in the Middle East, high interest rates in Europe and the United States, and a slowdown in the Chinese economy, in addition to the previous risk factors, including downside risks in overseas economies. - FY2024ReframedAnnual report
「During the fiscal year, a moderate recovery is expected to continue as employment and income conditions improve, supported by the effects of various policies. However, although the environment surrounding households and companies is improving, the situation remains unpredictable as high interest rates continue in Europe and the United States, concerns remain about the outlook for the Chinese economy, and inflation caused by soaring energy and raw-material costs persists.」
While describing improving employment and income conditions and a moderate recovery, the disclosure identifies high interest rates in Europe and the United States, the Chinese economy, energy and raw-material prices, and rising prices as new sources of uncertainty. - FY2024-Q2ReframedAnnual report
「During the six months ended [the current second quarter], the Japanese economy recovered moderately, although some signs of stagnation have recently emerged. Going forward, a moderate recovery is expected to continue as employment and income conditions improve. However, downside risks in overseas economies, including the continued impact of global monetary tightening and concerns about the outlook for the Chinese economy, pose a risk of exerting downward pressure on Japan's economy. Close attention is also required to the effects of rising prices, conditions in the Middle East and volatility in financial and capital markets.」
While expressing expectations for an economic recovery, the description has shifted from focusing on the situation in Ukraine and foreign-exchange fluctuations to listing risks including the Chinese economy, rising prices, conditions in the Middle East and volatility in financial and capital markets. - FY2024-Q1ReframedAnnual report
「During the three months ended [the first quarter], social and economic activity moved toward normalization following the reclassification of COVID-19 as a Class 5 disease. Domestic economic activity entered a recovery phase as inbound consumption and private consumption recovered. However, the outlook remained uncertain due to factors including the protracted situation in Ukraine and sharp foreign-exchange fluctuations associated with global monetary tightening.」
The description has shifted from focusing on activity restrictions caused by COVID-19 to describing the recovery of the domestic economy following the reclassification of COVID-19 as a Class 5 disease, together with uncertainty caused by the situation in Ukraine, monetary tightening and foreign-exchange fluctuations. - FY2023ReframedAnnual report
「During the fiscal year, the Japanese economy continued to recover as economic activity normalized. Although higher prices have constrained consumption, signs of recovery included a recovery in automobile exports, particularly to Europe and the United States, as supply constraints eased. Despite growing uncertainty surrounding overseas economies, companies maintained relatively high investment plans, including increased investment related to digital transformation.」
The description of the external environment has shifted from focusing on activity restrictions caused by COVID-19 to covering the normalization of economic activity, higher prices, uncertainty surrounding overseas economies and corporate investment. - FY2023-Q3WorsenedAnnual report
「During the nine months ended [the current third quarter], signs of recovery emerged as social and economic activity moved toward normalization following the easing of restrictions related to COVID-19. However, the outlook remained uncertain due to factors including soaring energy and raw-material prices resulting from the protracted situation in Ukraine and concerns about an economic downturn caused by global monetary tightening amid concerns about inflation.」
While indicating normalization of social and economic activity and signs of recovery, the disclosure identifies the protracted situation in Ukraine, soaring energy and raw-material prices, global monetary tightening and concerns about an economic downturn as sources of uncertainty. - FY2023-Q2ReframedAnnual report
「During the six months ended [the current second quarter], signs of recovery emerged as social and economic activity moved toward normalization following the easing of restrictions related to COVID-19. However, the outlook remained uncertain due to factors including the protracted situation in Ukraine and soaring energy and raw-material prices resulting from foreign-exchange fluctuations.」
While indicating signs of recovery from the easing of activity restrictions and normalization of social and economic activity, the disclosure identifies the protracted situation in Ukraine, foreign-exchange fluctuations and soaring energy and raw-material prices as sources of uncertainty. Some of the risk factors are described as actual price increases. - FY2023-Q1ReframedAnnual report
「During the three months ended [the first quarter], although activity restrictions were eased as the impact of COVID-19 continued for an extended period and there were signs of progress toward normalizing social and economic activity, the outlook remained uncertain due to factors including the protracted situation in Ukraine and sharp foreign-exchange fluctuations associated with global monetary tightening.」
While indicating the easing of activity restrictions and progress toward normalizing social and economic activity, the disclosure describes uncertainty about the outlook due to the protracted situation in Ukraine, global monetary tightening and sharp foreign-exchange fluctuations. - FY2022WorsenedAnnual report
「However, the outlook for the domestic economy remains uncertain due to factors including the impact of the spread of highly contagious new variants, inflation caused by soaring resource and energy prices as the situation in Ukraine becomes protracted, and the yen's depreciation resulting from global monetary tightening.」
The disclosure specifically identifies new variants, the situation in Ukraine, soaring resource and energy prices, inflation, global monetary tightening and yen depreciation, in addition to the previous infectious-disease risks, as sources of uncertainty. - FY2022-Q3RestatedAnnual report
「During the nine months ended [the current third quarter], although the difficult conditions caused by COVID-19 were gradually easing, the risk of a renewed spread of infections remained unresolved as infections involving variants such as Omicron increased rapidly, and the economic outlook remained uncertain.」
The disclosure continues to describe the easing of the difficult conditions caused by COVID-19, the rapid increase in infections involving variants such as Omicron, the risk of a renewed spread and uncertainty about the economic outlook. - FY2022-Q2WorsenedAnnual report
「During the six months ended [the current second quarter], although the difficult conditions caused by COVID-19 were gradually easing, the risk of a renewed spread of infections remained unresolved as infections involving variants such as Omicron increased rapidly, and the economic outlook remained uncertain.」
While indicating that the difficult conditions were easing, the disclosure specifically describes the rapid increase in infections involving variants such as Omicron and the risk of a renewed spread, and states that uncertainty about the outlook continues. The actual occurrence of the risk is described as a rapid increase in infections. - FY2022-Q1ReframedAnnual report
「During the three months ended [the first quarter], although the difficult conditions caused by COVID-19 were gradually easing, concerns about the spread of new variants meant that the outlook remained uncertain.」
The wording has shifted to describing both the gradual easing of the difficult conditions caused by COVID-19 and concerns about new variants and uncertainty about the outlook. - FY2021ReframedAnnual report
「However, downside risks to the economy arising from the possible reissuance of a state of emergency due to new variants and other factors have not been eliminated, and the situation remains unpredictable.」
While indicating progress toward normalization through vaccinations and the lifting of the state of emergency, the disclosure specifically identifies downside risks from new variants and the reissuance of a state of emergency. - FY2021-Q3ReframedAnnual report
「During the nine months ended [the current third quarter], Japan's economy remained in a difficult situation, as the recovery in economic activity was sluggish following repeated declarations of a state of emergency and the implementation of priority preventive measures to curb the spread of COVID-19. Going forward, the start of COVID-19 vaccinations is expected to bring the spread of infections under control and support a recovery in the domestic economy, but the outlook remains uncertain.」
While expressing expectations that vaccinations will bring the pandemic under control and the economy will recover, the disclosure continues to describe the difficult economic conditions caused by states of emergency and related measures, as well as uncertainty about the outlook. - FY2021-Q2RestatedAnnual report
「Further spread of COVID-19 could, depending on how the situation develops, affect the performance and financial condition of our group, and we will continue to monitor the situation closely.」
The potential impact of further COVID-19 spread on performance and financial condition continues to be cited as a risk. - FY2021-Q1RestatedAnnual report
「Further spread of COVID-19 could, depending on how the situation develops, affect the performance and financial condition of our group, and we will continue to monitor the situation closely.」
The potential impact of further COVID-19 spread on performance and financial condition continues to be cited as a risk. - FY2020RestatedAnnual report
「During the fiscal year, the Japanese economy continued on a moderate recovery path, supported by factors including expanded corporate earnings and improved employment and income conditions. However, as COVID-19 spread globally, a state of emergency was declared in Japan and various measures were implemented. As a result, domestic and overseas economic activity has been significantly affected.」
The global spread of COVID-19, the state of emergency in Japan and the significant impact on economic activity continue to be cited as external sources of uncertainty. - FY2020-Q3WorsenedAnnual report
「During the nine months ended [the current third quarter], the Japanese economy continued on a moderate recovery path, supported by factors including expanded corporate earnings and improved employment and income conditions. However, as COVID-19 spread globally, a state of emergency was declared in Japan and various measures were implemented. As a result, domestic and overseas economic activity has been significantly affected.」
The disclosure adds the state of emergency declared in Japan and various measures taken there to the spread of COVID-19, and explains that domestic and overseas economic activity continues to be significantly affected. - FY2020-Q2WorsenedAnnual report
「During the six months ended [the current second quarter], the Japanese economy continued on a moderate recovery path, supported by factors including expanded corporate earnings and improved employment and income conditions. However, the global spread of COVID-19 has made its negative impact on domestic and overseas economic activity apparent.」
In addition to the conventional trade issues and uncertainty surrounding overseas economic conditions, the disclosure states that the negative impact of the global spread of COVID-19 on domestic and overseas economic activity has become apparent. - FY2020-Q1ReframedAnnual report
「During the three months ended [the current first quarter], the Japanese economy continued on a moderate recovery path, supported by factors including expanded corporate earnings and improved employment and income conditions. However, the outlook remains uncertain due to trade issues and rising uncertainty surrounding overseas economic conditions.」
The wording has shifted from the previous period's specific listing of U.S. trade policy, the Chinese economy and geopolitical risks to focusing on trade issues and uncertainty surrounding overseas economic conditions. - FY2019ReframedAnnual report
「During the fiscal year, the Japanese economy continued on a moderate recovery path, supported by factors including expanded corporate earnings and improved employment conditions against the backdrop of various government and Bank of Japan policies. However, the outlook remains uncertain due to factors including U.S. trade policy, developments in the Chinese economy and geopolitical risks.」
The wording has returned from the immediately preceding quarter's reference to uncertainty surrounding developments in trade issues and overseas economic conditions and policies to specifically listing U.S. trade policy, the Chinese economy and geopolitical risks. - FY2019-Q3ReframedAnnual report
「During the nine months ended [the current third quarter], the Japanese economy continued on a moderate recovery path, supported by factors including expanded corporate earnings and improved employment conditions against the backdrop of various government and Bank of Japan policies. However, the outlook remains uncertain due to developments in trade issues and rising uncertainty surrounding overseas economic conditions and policies.」
The wording has shifted from the previous listing of trade issues, the UK's withdrawal from the EU and volatility in financial and capital markets to developments in trade issues and uncertainty surrounding overseas economic conditions and policies. - FY2019-Q2ReframedAnnual report
「During the six months ended [the current second quarter], the Japanese economy continued on a moderate recovery path, supported by factors including expanded corporate earnings and improved employment conditions against the backdrop of various government and Bank of Japan policies. However, the outlook remains uncertain due to factors including developments in trade issues, the UK's withdrawal from the EU and volatility in financial and capital markets.」
In addition to trade issues and volatility in financial and capital markets, the UK's withdrawal from the EU is again specifically listed as a source of uncertainty. - FY2019-Q1ReframedAnnual report
「During the three months ended [the current first quarter], the Japanese economy continued on a moderate recovery path, supported by factors including expanded corporate earnings and improved employment conditions against the backdrop of various government and Bank of Japan policies. However, the outlook remains uncertain due to factors including trade issues and volatility in financial and capital markets.」
The wording has shifted from specifically listing U.S. trade policy, the Chinese economy and geopolitical risks to identifying trade issues and volatility in financial and capital markets as sources of uncertainty. - FY2018ReframedAnnual report
「During the fiscal year, the Japanese economy continued on a moderate recovery path, supported by factors including expanded corporate earnings and improved employment conditions against the backdrop of various government and Bank of Japan policies. However, the outlook remains uncertain due to factors including U.S. trade policy, developments in the Chinese economy and geopolitical risks.」
The description has shifted from the previous wording of overseas policy developments and geopolitical risks to specifically identifying U.S. trade policy, developments in the Chinese economy and geopolitical risks as sources of uncertainty. - FY2018-Q3RestatedAnnual report
「During the nine months ended [the current third quarter], the Japanese economy continued on a moderate recovery path, supported by factors including expanded corporate earnings and improved employment conditions against the backdrop of various government and Bank of Japan policies. However, the outlook remains uncertain due to policy developments overseas, particularly in the United States, and rising geopolitical risks.」
The uncertainty surrounding the economic outlook due to overseas policy developments and geopolitical risks continues to be noted. - FY2018-Q1RestatedAnnual report
「During the cumulative first quarter, Japan’s economy continued on a moderate recovery trend, supported by improvements in corporate earnings and employment conditions. However, the outlook remained uncertain due to policy developments overseas, including in the United States, and rising geopolitical risks.」
It continues to describe uncertainty over the economic outlook due to policy developments overseas and geopolitical risks. - FY2017ReframedAnnual report
「During the fiscal year, Japan’s economy continued on a moderate recovery trend, supported by improvements in corporate earnings and employment conditions. However, the outlook for the economy remained uncertain due to rising geopolitical risks and unstable political developments overseas.」
The wording shifted from listing China, emerging-market economies, and the UK’s exit from the EU to focusing on geopolitical risks and unstable political developments overseas. - FY2017-Q3RestatedAnnual report
「Meanwhile, the outlook remained uncertain due to uncertainty surrounding policies under the new US administration and the slowdown in the Chinese and emerging-market economies.」
It continues to describe uncertainty over the outlook due to uncertainty surrounding policies under the new US administration and the slowdown in the Chinese and emerging-market economies. - FY2017-Q2RestatedAnnual report
「However, the outlook for the economy remained uncertain due to policy developments under the new US administration, the slowdown in the Chinese and emerging-market economies, and the UK’s exit from the EU.」
It continues to describe uncertainty over the outlook due to policy developments under the new US administration, the slowdown in the Chinese and emerging-market economies, and the UK’s exit from the EU. - FY2017-Q1RestatedAnnual report
「However, the outlook for the economy remained uncertain due to the transition of power in the United States, the slowdown in the Chinese and emerging-market economies, and the UK’s exit from the EU.」
It newly cites the transition of power in the United States, while continuing to describe uncertainty over the outlook due to the slowdown in the Chinese and emerging-market economies and the UK’s exit from the EU. - FY2016RestatedAnnual report
「During the fiscal year, Japan’s economy continued on a moderate recovery trend, as economic and monetary policies introduced by the Japanese government and the Bank of Japan had a positive effect, with improvements in corporate earnings and employment conditions, despite lingering concerns over developments in other countries, including the slowdown in China’s economy and the UK’s exit from the EU.」
It continues to cite external factors, including the slowdown in China’s economy and the UK’s exit from the EU, as causes for concern. - FY2016-Q3First statedAnnual report
「However, the outlook remained uncertain due to sharp fluctuations in foreign exchange and equity markets, amid concerns over a slowdown in emerging-market economies, including China, and the UK’s exit from the European Union (EU).」
It cites emerging-market economies, the UK’s exit from the EU, and volatility in foreign exchange and equity markets as factors contributing to uncertainty over the outlook.