Suppression of Economic Activity and Downside Risks Due to COVID-19
First written in FY2020-Q2. 8 of 15 entries say "Softened", first in FY2021-Q1. Latest entry: FY2024-Q1.
The whole theme swung hardest in 2020: 103 of 175 companies on the "Worse" side.
- FY2024-Q1SoftenedAnnual report
「During the first-quarter year-to-date consolidated period, the recovery in demand following the lifting of movement restrictions related to COVID-19 was nearing an end, and the economic recovery proceeded at a gradual pace.」
The disclosure shifted from focusing on movement restrictions and constraints on economic activity due to the infection to describing the end of the recovery in demand following the lifting of movement restrictions and a gradual economic recovery. - FY2023RestatedAnnual report
「If the infection spreads, our group will prioritize the safety of employees and business partners and implement measures to prevent further spread, including staggered working hours, promotion of working from home (telework), and the introduction of videoconferencing.」
The disclosure continues to describe the potential impact of an infection spread on business activities and the related measures, including staggered working hours, telework and videoconferencing. - FY2023-Q3SoftenedAnnual report
「During the third-quarter year-to-date consolidated period, economic activity in Japan moved toward normalization following the lifting of restrictions on movement related to COVID-19, and personal consumption and capital investment showed signs of recovery.」
Regarding COVID-19, the disclosure described the lifting of movement restrictions, the normalization of economic activity, and the recovery in personal consumption and capital investment, while the description of the risk of constrained economic activity weakened further. - FY2023-Q2SoftenedAnnual report
「During the second-quarter year-to-date consolidated period, the Japanese economy showed signs of a gradual recovery, partly due to the easing of COVID-19 countermeasures and the effects of various policies.」
The Japanese economy showed signs of recovery due to the easing of infection-control measures and the effects of policy measures, and the description of the risk of constrained economic activity due to the infection weakened further. Meanwhile, overseas economies were described as slowing due to monetary tightening and other factors. - FY2023-Q1SoftenedAnnual report
「During the first-quarter year-to-date consolidated period, the Japanese economy continued to be affected by the spread of COVID-19, but signs of a gradual recovery emerged under the “with-COVID” environment, partly due to the effects of various policies.」
Although the impact of the infection remained, the disclosure emphasized the “with-COVID” environment, the effects of policy measures and signs of recovery, indicating that risk recognition had weakened from previously. - FY2022-Q3SoftenedAnnual report
「During the third-quarter year-to-date consolidated period, economic activity in Japan moved toward normalization and showed signs of recovery, partly due to the increased vaccination rate against COVID-19. Overseas, although China was affected by a renewed spread of the infection, economic activity continued to normalize and showed signs of recovery.」
While describing the impact of the infection and its renewed spread in China, the disclosure changed to describe signs of recovery in Japan and overseas due to the higher vaccination rate and the normalization of economic activity. - FY2022-Q2WorsenedAnnual report
「During the second-quarter year-to-date consolidated period, the Japanese economy showed temporary signs of recovery, partly due to the increased vaccination rate as a measure to prevent the spread of the infection, but economic activity remained stagnant as the spread of a new variant continued.」
The disclosure described a temporary recovery due to the higher vaccination rate, while stating that the Japanese economy remained stagnant as the new variant spread. - FY2022-Q1SoftenedAnnual report
「In Japan, personal consumption showed signs of recovery, partly because the state of emergency and other measures declared in response to the spread of the infection were fully lifted from October onward. Overseas economies also showed signs of recovery as economic activity moved toward normalization, although the infection continued to spread.」
Although the infection continued to spread, the disclosure changed to describe signs of recovery in domestic and overseas personal consumption and economies following the lifting of the state of emergency and the normalization of economic activity. - FY2021RestatedAnnual report
「To prevent the spread of COVID-19, our group has prioritized the safety of employees and business partners and implemented measures based on announcements and requests from the government and local authorities, including restrictions on nonessential business travel, staggered working hours, promotion of working from home (telework), and the introduction of videoconferencing.」
The impact of the infection on business activities and the related measures, including restrictions on business travel, staggered working hours, telework and videoconferencing, continue. - FY2021-Q3SoftenedAnnual report
「During the third-quarter year-to-date consolidated period, the Japanese economy remained highly uncertain due to the continuing impact of the infection and the trend toward renewed spread of variant strains. Meanwhile, personal consumption and corporate earnings showed signs of recovery as the vaccination rate improved, and there were also signs of the effects of various government policies, including business-continuity subsidy programs.」
Although uncertainty due to the infection and variant strains remained, the disclosure described a recovery in personal consumption and corporate earnings as the vaccination rate improved. - FY2021-Q2WorsenedAnnual report
「During the second-quarter year-to-date consolidated period, the Japanese economy remained in a situation of considerable uncertainty. Personal consumption was weak due to the impact of COVID-19 (hereinafter, the “infection”), while corporate earnings were expected to show signs of recovery. Overseas economies also remained in difficult conditions: although China showed signs of recovery, economic activity in the United States and Europe was constrained by the impact of the infection.」
Uncertainty remained due to the spread of variant strains, while economic activity continued to be constrained in the United States and Europe. - FY2021-Q1SoftenedAnnual report
「In the agricultural and forestry machinery industry, the group's main business, the effects of various policies were evident in increased shipments and production of machinery for both the domestic and export markets compared with the same quarter of the previous year.」
Although the impact of the infection continues, shipments and production of agricultural and forestry machinery for domestic and export markets increased, and the disclosure also describes an improvement in the business environment due to policy measures. - FY2020RestatedAnnual report
「To prevent the spread of COVID-19, our group has prioritized the safety of employees and business partners and implemented measures based on announcements and requests from the government and local authorities, including restrictions on nonessential business travel, staggered working hours, promotion of working from home (telework), and the introduction of videoconferencing.」
For the risks of economic deterioration and stagnation in business activities due to the spread of infection, the full-year disclosure describes specific internal measures and the impact on the business if the situation becomes prolonged or more serious. - FY2020-Q3WorsenedAnnual report
「In Japan, home-center distribution increased, led by brush cutters. In agricultural distribution, however, sales of high-performance crop-protection machines and other products declined, partly due to restrictions on sales activities and the cancellation of trade shows to prevent the spread of infection. As a result, domestic sales were ¥18,885 million, down 1.6% from the same quarter of the previous year. Overseas, sales of industrial pumps increased, but sales of high-performance crop-protection machines and brush cutters declined, partly because sales activities were constrained by the impact of the infection. As a result, overseas sales were ¥5,521 million, down 7.1% from the same quarter of the previous year.」
Restrictions on sales activities due to the infection were reflected in lower sales of high-performance crop-protection machines and brush cutters in Japan and overseas, as well as lower domestic and overseas sales. - FY2020-Q2First statedAnnual report
「However, the economy has been significantly weakened by the impact of COVID-19, which developed into a major problem after the beginning of the year, and extremely difficult conditions continue. Overseas economies are also experiencing constrained economic activity and a rapid slowdown due to the global pandemic, and there is a risk of a further downturn in the outlook.」
The domestic economy was weakened, overseas economic activity was constrained and slowed rapidly, and the risk of a further downturn was first explicitly identified as part of the actual business environment due to the global COVID-19 pandemic.