Risk from Trends in Customers’ Capital Investment
First written in FY2016. 8 of 39 entries say "Worsened", first in FY2017-Q1. Latest entry: 2026-11-10.
Kaji Technology 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 2019: 16 of 35 companies on the "Worse" side.
17 other companies' latest entry also says "Mitigated".
- 2026-11-10MitigatedResults
「In the Bank of Japan's Tankan survey conducted in September 2026, the capital investment plan for fiscal 2026 for all company sizes and industries was revised upward to a 7.6% year-on-year increase from 6.8% at the time of the previous survey, indicating that capital investment continues to trend steadily.」
設備投資計画の伸び率が前回調査から上方修正され、設備投資需要の堅調さが示された。 - FY2027-H1MitigatedAnnual report
「In the Bank of Japan's Tankan survey conducted in September 2026, the capital investment plan for fiscal 2026 for all company sizes and industries was revised upward to a 7.6% year-on-year increase from 6.8% at the time of the previous survey, indicating that capital investment continues to trend steadily.」
Customers' capital investment plans for fiscal 2026 were revised upward to a 7.6% year-on-year increase from the 6.8% increase in the previous survey, and the capital investment environment was described as steady. - 2026-07-31SoftenedResults
「2026年度の設備投資計画(全規模・全産業)においても、2025年度実績比で6.8％増と前回調査時点の1.3％から上方修正されており、堅調に推移していることがうかがえます。」
設備投資計画は前回調査から上方修正された一方、前年比の増加率は6.8％と、直近の開示で示された伸び率からは低い水準となっている。 - FY2026Capital investment plans remain firm, but growth is slowingAnnual report
「According to the Bank of Japan Tankan (March 2026 survey), the capital investment plan for fiscal 2025 covering all enterprises and all industries was revised slightly downward from 8.5% in the previous survey to a 7.9% increase year on year. However, the downward revision was smaller than in typical years, and the investment plan is considered to remain firm.」
The customer companies’ capital investment plan remained firm at a 7.9% increase year on year, but was revised downward from the 8.5% increase in the previous survey. - FY2026-H1MitigatedAnnual report
「In the Bank of Japan Tankan’s capital investment plan for fiscal 2025 covering all enterprises and all industries (September 2025 survey), the plan was also revised upward from a 6.7% increase in the previous survey to an 8.4% increase year on year. Investment demand to address structural challenges, including labor-saving measures, decarbonization and digital transformation in response to labor shortages, is believed to be driving the increase.」
The customer companies’ capital investment plan was revised upward to an 8.4% increase year on year, and investment demand for labor-saving measures, decarbonization and digital transformation was reported to be driving the increase. - FY2025SoftenedAnnual report
「According to the Bank of Japan Tankan (March 2025 survey), the capital investment plan for fiscal 2024 covering all enterprises and all industries was revised slightly downward from a 9.7% increase in the previous December survey to an 8.1% increase year on year, but remained a firm investment plan.」
The customer companies’ capital investment plan remained firm at an 8.1% increase year on year, but was revised downward from the 9.7% increase in the previous survey, indicating slower growth. - FY2025-H1Capital investment plans remain firm, but growth is slowingAnnual report
「According to the Bank of Japan Tankan (September 2024 survey), the capital investment plan for fiscal 2024 covering all enterprises and all industries was revised modestly upward from the previous June survey, to an 8.9% increase year on year from 8.4%, and is considered to remain firm.」
The customer companies’ capital investment plan was revised modestly upward to an 8.9% increase year on year and remained firm, although growth slowed from the high rate recorded in the previous fiscal year. - FY2024SoftenedAnnual report
「According to the Bank of Japan Tankan (March 2024 survey), the capital investment plan for fiscal 2023 covering all enterprises and all industries was revised slightly downward from the previous December survey, to a 10.7% increase year on year, but continued to show strong growth and remained a firm investment plan.」
The customer companies’ capital investment plan remained firm, up 10.7% year on year, but was revised downward from the previous December survey. - FY2024-Q3Capital investment remains firm, but the outlook for business conditions is deterioratingAnnual report
「According to the Bank of Japan Tankan (December 2023 survey), the capital investment plan for this fiscal year covering all enterprises and all industries remained firm, up 12.8% year on year. Meanwhile, the outlook for business conditions deteriorated among both manufacturers and non-manufacturers, indicating caution regarding downside risks at home and abroad, including a slowdown in the US economy and worsening labor shortages.」
The customer companies’ capital investment plan remained firm, up 12.8% year on year, while the outlook for business conditions deteriorated among both manufacturers and non-manufacturers, with a slowdown in the US economy and labor shortages identified as downside risks. - FY2024-Q2Capital investment remains firm, but caution about the outlookAnnual report
「According to the Bank of Japan Tankan (September 2023 survey), this fiscal year’s capital investment plan was revised upward to a 13.0% increase year on year and remained firm. Meanwhile, the outlook for business conditions showed a modest improvement among manufacturers and a clear deterioration among non-manufacturers, indicating an overall cautious stance toward the outlook.」
The customer companies’ capital investment plan was revised upward to a 13.0% increase year on year and remained firm, while a cautious stance toward the outlook for business conditions was indicated. - FY2024-Q1MitigatedAnnual report
「According to the Bank of Japan Tankan (June 2023 survey), the capital investment plan for fiscal 2023 covering all enterprises and all industries was revised substantially upward to an 11.8% increase year on year, the second-highest growth rate ever recorded for a June survey, after fiscal 2022.」
The customer companies’ capital investment plan was revised substantially upward to an 11.8% increase year on year, indicating an improvement from the weakness in capital investment demand and cautious stance seen through the previous fiscal year. - FY2023SoftenedAnnual report
「According to the Bank of Japan Tankan (March 2023 survey), the capital investment plan for fiscal 2022 covering all enterprises and all industries continued to show strong growth, up 11.4% year on year. Although it was revised downward from the 15.1% increase in the December survey, plans for a substantial recovery from the previous year were maintained.」
The customer companies’ capital investment plan continued to show strong growth, but was revised downward from a 15.1% increase in the December survey to an 11.4% increase, indicating slower growth amid the improving trend. - FY2023-Q3SoftenedAnnual report
「According to the Bank of Japan Tankan (December 2022 survey), the capital investment plan for fiscal 2022 covering all enterprises and all industries was revised downward from a 16.4% increase in the September survey to a 15.1% increase year on year, but plans for a substantial recovery from the previous year were maintained.」
The customer companies’ capital investment plan remained up 15.1% year on year, although it was revised downward from the 16.4% increase in the September survey. Growth slowed somewhat while the capital investment environment remained on an improving trend. - FY2023-Q2MitigatedAnnual report
「According to the Bank of Japan Tankan (September 2022 survey), the capital investment plan for fiscal 2022 covering all enterprises and all industries was up 16.4% year on year, the highest growth rate ever recorded for a September survey since the survey began, giving the impression that capital investment plans restrained during the pandemic had begun to move forward substantially.」
The customer companies’ capital investment plan was up 16.4% year on year, the highest growth rate ever recorded for a September survey. The description indicated an improvement in the capital investment environment from the weakness and cautious stance seen through the previous fiscal year. - FY2023-Q1MitigatedAnnual report
「According to the Bank of Japan Tankan (June 2022 survey), the capital investment plan for fiscal 2022 covering all enterprises and all industries was revised substantially upward, to a 14.1% increase year on year.」
The customer companies’ capital investment plan was revised substantially upward to a 14.1% increase year on year, indicating an improvement from the weak demand and cautious stance toward investment reported in the previous fiscal year. However, the ordinary profit plan was down 3.6% year on year. - FY2022WorsenedAnnual report
「If the prolonged weakness in demand for capital investment due to the impact of COVID-19 continues, it could affect operating performance and other results. At present, there has been no significant change in order trends, but to minimize these risks, we will closely monitor capital investment trends in each industry and make every effort to develop new demand and expand orders.」
The prolonged weakness in customer demand for capital investment continues to be cited as a risk. The Bank of Japan Tankan’s capital investment plan for fiscal 2021 was revised downward to a 4.6% increase year on year, slowing from the previous 7.9% increase. - FY2022-Q3RestatedAnnual report
「According to the Bank of Japan Tankan (December 2021 survey), the capital investment plan for fiscal 2021 covering all enterprises and all industries was up 7.9% year on year, at the same level as the September survey.」
The customer companies’ capital investment plan was up 7.9% year on year, at the same level as in the previous survey. No significant change in the capital investment environment was indicated. - FY2022-Q2MitigatedAnnual report
「According to the Bank of Japan Tankan (September 2021 survey), the capital investment plan for fiscal 2021 covering all enterprises and all industries was revised upward to a 7.9% increase year on year from 7.1% in the June survey. Although both manufacturers and non-manufacturers revised their plans upward, they had still not regained pre-pandemic levels, suggesting that a cautious investment stance remained in place.」
The customer companies’ capital investment plan was revised upward to a 7.9% increase year on year, improving from the previous 7.1% increase. At the same time, the lack of a recovery to pre-pandemic levels and a cautious investment stance were also noted. - FY2022-Q1MitigatedAnnual report
「According to the Bank of Japan Tankan (June 2021 survey), the capital investment plan for fiscal 2021 covering all enterprises and all industries was revised substantially upward, to a 7.1% increase year on year from a 0.5% increase in the March survey. This is believed to reflect plans for increased investment by manufacturers benefiting from firm exports and production, as well as non-manufacturers responding to recovering earnings and the execution of previously postponed investment.」
The customer companies’ capital investment plan was revised substantially upward to a 7.1% increase year on year, indicating an improvement in the capital investment environment from the previous description of a 5.5% decline year on year. - FY2021WorsenedAnnual report
「According to the Bank of Japan Tankan (March 2021 survey), the ordinary profit plan for fiscal 2020 was revised upward from a 35.3% decline year on year in the December survey to a 30.3% decline, but was expected to end at a very low level compared with typical years. The capital investment plan, meanwhile, was revised further downward, from a 3.9% decline year on year in the December survey to a 5.5% decline.」
Customer companies’ ordinary profit plan was down 30.3% year on year and their capital investment plan was down 5.5%, indicating that the environment surrounding capital investment demand continued to deteriorate. - FY2021-Q3WorsenedAnnual report
「Similarly, the capital investment plan for all enterprises and all industries was revised further downward, to a 3.9% decline year on year from a 2.7% decline in the September survey.」
The customer companies’ capital investment plan was revised further downward, from a 2.7% decline year on year to a 3.9% decline, indicating worsening risks related to customer capital investment trends. - FY2021-Q2WorsenedAnnual report
「According to the Bank of Japan Tankan (September 2020 survey), the ordinary profit plan for fiscal 2020 covering all enterprises and all industries was revised substantially downward again, to a 28.5% decline from the previous fiscal year, compared with a 19.8% decline in the June survey. The results indicated that companies had become cautious about their earnings outlook while the risk of a resurgence in infections remained. In line with the earnings outlook, the capital investment plan for all enterprises and all industries was also revised downward, to a 2.7% decline from the previous fiscal year, compared with a 0.8% decline in the June survey.」
The earnings outlook and capital investment plan of customer companies were revised further downward from the June survey, with the capital investment plan down 2.7% year on year. - FY2021-Q1WorsenedAnnual report
「According to the Bank of Japan Tankan (June 2020 survey), the capital investment plan for fiscal 2020 covering all enterprises and all industries was revised downward from a 0.4% decline in the March survey to a 0.8% decline year on year. This was an unusual result for a June survey, which has typically produced upward revisions.」
The customer companies’ capital investment plan was revised downward to a 0.8% decline year on year, an unusual downward revision for a June survey. The description indicated a further deterioration in risks related to customer capital investment trends. - FY2020WorsenedAnnual report
「There are currently concerns that the spread of COVID-19 could reduce demand for capital investment, and depending on future developments, this could affect operating performance and other results. At present, there has been no significant change in order trends, but to minimize these risks, we will closely monitor capital investment trends in each industry and make every effort to develop new demand and expand orders.」
The risk related to customer capital investment trends was compounded by concerns that COVID-19 could reduce demand for capital investment. At the time of filing, however, the company explained that there had been no significant change in order trends. - FY2020-Q3ReframedAnnual report
「According to the Bank of Japan Tankan (December 2019 survey), the capital investment plan for fiscal 2019 covering all enterprises and all industries was revised upward to a 3.3% increase year on year, although the revision was modest compared with typical years.」
The customer companies’ capital investment plan was revised upward to a 3.3% increase year on year, but the revision was described as modest compared with typical years. The description changed to indicate that, while the capital investment environment remained on an upward trend, growth was limited. - FY2020-Q2ReframedAnnual report
「According to the Bank of Japan Tankan (September 2019 survey), the capital investment plan for fiscal 2019 covering all enterprises and all industries was revised upward by a modest 2.4% year on year.」
The customer companies’ capital investment plan was revised upward modestly to a 2.4% increase year on year, but the increase was described as limited. - FY2020-Q1WorsenedAnnual report
「According to the Bank of Japan Tankan (June 2019 survey), the capital investment plan for fiscal 2019 covering all enterprises and all industries was revised upward by a modest 2.3% year on year compared with typical years.」
The customer companies’ capital investment plan was limited to a 2.3% increase year on year, indicating a slowdown from the strong growth reported in the previous fiscal year. - FY2019RestatedAnnual report
「Sales trends for the Company's principal products, special high-pressure compressors, may be affected by the capital investment activity of companies, particularly in the manufacturing sector. To minimize these risks, the Company will closely monitor capital investment trends in each industry and work diligently to develop new demand and expand orders. However, changes in the economic environment may affect the Company's operating results, financial condition and other matters.」
The risk that customer companies’ capital investment trends could affect sales remains, and efforts to develop demand and expand orders are continuing. - FY2019-Q3ReframedAnnual report
「According to the Bank of Japan Tankan (December 2018 survey), the capital investment plan for fiscal 2018 covering all enterprises and all industries was revised upward from the September survey to a 10.4% increase year on year, maintaining a historically high level and confirming the strength of companies’ capital investment appetite.」
The customer companies’ capital investment plan was revised upward to a 10.4% increase year on year and remained at a historically high level. Compared with the 8.5% increase year on year reported in the previous quarter, the description indicated stronger investment appetite. - FY2019-Q2ReframedAnnual report
「However, the capital investment plan for all enterprises and all industries was up 8.5% year on year, virtually unchanged from the June survey, but continued to show strong growth compared with typical years, indicating that companies’ investment appetite remains robust.」
The customer companies’ capital investment environment was described as robust, with investment appetite strong and capital investment up 8.5% year on year. - FY2019-Q1ReframedAnnual report
「However, capital investment plans across companies of all sizes and industries were revised upward by 9.0% from the March survey and are now projected to increase 7.9% year on year. With abundant cash flow, companies appear willing to invest mainly in rationalization and labor-saving measures in response to labor shortages.」
The description of customer companies’ capital investment was revised upward to a 7.9% increase year on year, and investment appetite focused mainly on rationalization and labor-saving investment was noted, representing a change from the previous description of caution. - FY2018RestatedAnnual report
「Sales trends for the Company's principal products, special high-pressure compressors, may be affected by the capital investment activity of companies, particularly in the manufacturing sector. To minimize these risks, the Company will closely monitor capital investment trends in each industry and work diligently to develop new demand and expand orders. However, changes in the economic environment may affect the Company's operating results, financial condition and other matters.」
The Company continues to address the risk that customer companies' capital investment trends may affect sales of special high-pressure compressors by developing demand and expanding orders. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter of the current fiscal year, there were no occurrences of matters concerning the business situation, accounting situation or other matters described in the quarterly report that could have a material impact on investors’ decisions, and no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
The Company states that there have been no significant changes in business and other risks, including the risk related to customers' capital investment trends. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter of the current fiscal year, there were no occurrences of matters concerning the business situation, accounting situation or other matters described in the quarterly report that could have a material impact on investors’ decisions, and no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
The Company states that there have been no significant changes regarding the risk related to customers' capital investment trends. - FY2017RestatedAnnual report
「Sales trends for the Company's principal products, special high-pressure compressors, may be affected by the capital investment activity of companies, particularly in the manufacturing sector.」
The Company continues to identify the risk that customer companies' capital investment trends may affect sales of special high-pressure compressors. - FY2017-Q3RestatedAnnual report
「Although capital investment plans for fiscal 2016 increased year on year across companies of all sizes and industries, they remained somewhat cautious against a backdrop of uncertainty in domestic and overseas economies, despite corporate earnings remaining at high levels.」
Although companies' capital investment plans were described as increasing year on year overall, caution remained due to uncertainty in domestic and overseas economies. The Company states that there have been no significant changes in business and other risks. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter of the current fiscal year, there were no occurrences of matters concerning the business situation, accounting situation or other matters described in the quarterly report that could have a material impact on investors’ decisions, and no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
The Company states that there have been no significant changes regarding the risk related to customers' capital investment trends. Although economic analysis describes capital investment plans in the manufacturing sector as somewhat cautious, this is not considered a significant change in the risk. - FY2017-Q1WorsenedAnnual report
「In addition, companies may adopt a more cautious investment stance as uncertainty has increased since the beginning of the year. Under these circumstances, sales during the cumulative first quarter were sluggish, decreasing 4.5% year on year to ¥792 million, as the order environment was more challenging than in the previous fiscal year.」
In addition to the possibility that companies may adopt a more cautious capital investment stance, the Company explained that the order environment had actually become more challenging than in the previous fiscal year. This indicates deterioration in the environment related to the existing risk associated with customer capital investment trends. - FY2016First statedAnnual report
「Sales trends for the Company's principal products, special high-pressure compressors, may be affected by the capital investment activity of companies, particularly in the manufacturing sector.」
The Company disclosed the possibility that sales of special high-pressure compressors may be affected by customer companies' capital investment and identified developing new demand and expanding orders as countermeasures.