Concerns over sluggish export growth and crude oil trends
First written in FY2017-Q2. 9 of 26 entries say "Softened", first in FY2017. Latest entry: FY2026.
Yamada 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: 162 of 185 companies on the "Worse" side.
15 other companies' latest entry also says "Other".
- FY2026Moderate recovery continues, with close attention to the situation in the Middle EastAnnual report
「In Japan, private-sector capital investment remained firm, and although the effects of high prices were evident, private consumption also showed signs of recovery, allowing the economy to continue its gradual recovery. Meanwhile, the situation remains one that requires continued close monitoring of the effects of developments in the Middle East.」
The gradual recovery continued on the back of recovering capital investment and private consumption, while the effects of developments in the Middle East were identified as a new matter requiring close monitoring. - FY2026-H1Gradual recovery amid the effects of US tariffs and high pricesAnnual report
「Meanwhile, although the Japanese economy was affected by US tariff policy and rising prices, it maintained a gradual recovery due to the recovery in private consumption and the firm performance of capital investment, among other factors.」
While US tariff policy and rising prices were identified as new downward pressures, the gradual recovery continued, supported by private consumption and capital investment. - FY2025-H1RestatedAnnual report
「Meanwhile, in Japan, industrial production continued to move unevenly, and private consumption recovered but remained weak due to the effects of high prices. Capital investment also remained strong against the backdrop of high corporate earnings. Although some stagnation remained, the economy was gradually recovering.」
The regional and item-by-item divergence seen through the previous period continued, with industrial production moving unevenly, private consumption weak due to high prices, capital investment strong, and the economy gradually recovering. - FY2024RestatedAnnual report
「Meanwhile, in Japan, capital investment remained strong, but industrial production moved unevenly. Private consumption has been recovering, particularly in face-to-face services, but remained generally weak due to the effects of high prices and other factors. Although signs of a pause were also seen, the economy has been gradually recovering.」
The full-year results confirmed the Japanese economy’s situation through the previous quarter: capital investment remained strong, while private consumption was recovering but remained weak and stalled due to high prices. - FY2024-Q3Recovery trend stalled by sluggish exports and high pricesAnnual report
「Meanwhile, in Japan, automobile production has recovered as supply constraints eased, but industrial production moved unevenly under the influence of sluggish exports accompanying the slowdown in overseas economies. Private consumption has been recovering, particularly in face-to-face services, but some weakness has emerged due to high prices. Although signs of a pause were also seen, the economy has been gradually recovering.」
While automobile production and face-to-face services recovered, weakness in private consumption caused by sluggish exports and high prices was evident, and the recovery was described as uneven and gradual. - FY2024-Q2RestatedAnnual report
「Meanwhile, in Japan, industrial production remained weak due to the effects of sluggish exports resulting from the slowdown in overseas economies, but it has been recovering, particularly in automobiles, as supply constraints have eased. Private consumption has been recovering, particularly in face-to-face services, while capital investment has remained firm against the backdrop of high corporate earnings. The economy therefore showed signs of a gradual recovery led by domestic demand.」
Although weakness in industrial production due to sluggish exports remained, automobile production, private consumption and capital investment were shown to be recovering, and conditions were broadly unchanged from the previous quarter. - FY2024-Q1SoftenedAnnual report
「Meanwhile, in Japan, industrial production has been recovering from the weakness caused by supply constraints and sluggish exports resulting from the slowdown in overseas economies. Private consumption has been recovering, particularly in face-to-face services, while capital investment has remained strong against the backdrop of high corporate earnings. The economy therefore showed signs of a gradual recovery.」
Industrial production recovered from weakness caused by sluggish exports, while private consumption and capital investment were also described as recovering and performing well. Concerns regarding the Japanese economy eased. - FY2023Economic recovery accompanied by sluggish exportsAnnual report
「Meanwhile, in Japan, industrial production remained weak due to supply constraints and sluggish exports resulting from the slowdown in overseas economies. However, private consumption has been recovering, particularly in face-to-face services, while capital investment has remained firm against the backdrop of high corporate earnings. Although some weakness remained, the economy showed signs of a gradual recovery.」
While weakness in production due to sluggish exports and supply constraints remained, private consumption recovered and capital investment remained firm, and the economy as a whole was described as gradually recovering. - FY2023-Q3SoftenedAnnual report
「Meanwhile, in Japan, industrial production moved unevenly due to the effects of supply constraints and other factors, but private consumption has been recovering, particularly in face-to-face services, while capital investment has remained firm against the backdrop of high corporate earnings. As a result, the economy has been gradually recovering.」
Although industrial production continued to move unevenly due to supply constraints, private consumption, particularly in face-to-face services, recovered, capital investment remained firm, and the economy gradually recovered. - FY2023-Q2SoftenedAnnual report
「Meanwhile, although industrial production in Japan had been weak because of supply constraints, it had begun to recover, particularly in the automotive industry, following the lifting of lockdowns in China. Personal consumption had also begun to recover, particularly in face-to-face services, following the end of quasi-emergency measures to prevent the spread of disease, and the economy showed signs of a moderate recovery.」
Although weakness in industrial production due to supply constraints remained, the economy showed signs of improvement, with production recovering after the lifting of China’s lockdowns and private consumption also recovering. - FY2023-Q1WorsenedAnnual report
「Meanwhile, industrial production in Japan was weak because of supply constraints caused by the spread of COVID-19 and lockdowns in China. Personal consumption showed signs of recovery, particularly in face-to-face services, following the end of quasi-emergency measures to prevent the spread of disease, and the economy showed signs of recovery.」
While personal consumption was showing signs of recovery, industrial production was weak because of supply constraints and lockdowns in China. - FY2022-Q3SoftenedAnnual report
「Meanwhile, capital investment in Japan recovered as corporate earnings improved. Exports and industrial production also recovered as supply constraints, including semiconductor shortages, eased. Personal consumption likewise moved onto a recovery trend following the lifting of the state of emergency, and the economy generally moved toward recovery.」
Exports and industrial production recovered as supply constraints, including semiconductor shortages, eased, and personal consumption also moved onto a recovery trend. - FY2022-Q2Exports rising, but recovery slows because of parts shortagesAnnual report
「Exports were increasing against the backdrop of the global economic recovery, but the pace of recovery was slowing because of parts shortages and other factors.」
The statement said that exports were increasing, but the pace of recovery was slowing because of parts shortages. - FY2022-Q1SoftenedAnnual report
「Industrial production in Japan was on a recovery trend as domestic and overseas economic activity recovered. Exports continued to show an upward trend and remain in surplus, mainly because of an increase driven by the economic recovery. Capital investment remained sluggish, but signs of a bottoming out emerged, and the economy remained broadly flat.」
Exports increased and continued to show a surplus trend, while production was also described as being on a recovery trend. Capital investment remained sluggish, but signs of a bottoming out were indicated. - FY2021WorsenedAnnual report
「Meanwhile, after the Japanese economy rapidly deteriorated because of the impact of COVID-19, it had been recovering, but personal consumption in particular weakened again toward the end of the fiscal year following the reissuance of the state of emergency. Production was on a recovery trend as global economic activity recovered, while capital investment fell sharply because of deteriorating corporate earnings, although signs of a bottoming out emerged toward the end of the fiscal year.」
The statement said that personal consumption had weakened again and capital investment had also fallen sharply, making concerns about the Japanese economy more concrete. At the same time, it cited both a recovery trend and signs of a bottoming out in production. - FY2021-Q3RestatedAnnual report
「Meanwhile, although industrial production in Japan was recovering as economic activity resumed, corporate earnings in manufacturing and other sectors deteriorated sharply, and capital investment also declined as a result. Domestic and external demand were both beginning to recover, but the pace of recovery remained moderate and uncertainty about the outlook continued.」
The statement cited both a recovery in production and domestic and external demand and deteriorating corporate earnings and capital investment, along with the moderate pace of recovery and uncertainty about the outlook. - FY2021-Q2SoftenedAnnual report
「Meanwhile, industrial production in Japan continued to grow strongly as production systems normalized, particularly in the automotive industry. Domestic and external demand were both beginning to recover, but the pace of recovery remained moderate following the sharp decline, and uncertainty about the outlook continued.」
While wording indicating a recovery in production and domestic and external demand was added, the moderate pace of recovery and uncertainty about the outlook remained. - FY2021-Q1WorsenedAnnual report
「Meanwhile, production in Japan fell sharply, particularly in the automotive industry, and weakness continued in both domestic and external demand. Personal consumption also declined because of the impact of requests to refrain from going out. Although the economy was beginning to emerge from its worst phase following the lifting of the state of emergency, the pace of recovery was moderate and uncertainty about the outlook continued.」
In addition to sluggish exports and production, the statement indicated weaker personal consumption because of requests to refrain from going out, a moderate recovery and uncertainty about the outlook. - FY2020-Q3WorsenedAnnual report
「Meanwhile, industrial production in Japan remained weak because of sluggish exports accompanying a slowdown in overseas economies. Although personal consumption continued to recover moderately, its momentum slowed after the consumption tax rate increase because of the reaction to the rush in demand before the increase. Capital investment remained firm against the backdrop of high corporate earnings, and the domestic economy remained broadly flat.」
Sluggish exports and weak production continued to be cited, and the slowdown in consumption following the reaction to the rush in demand before the consumption tax rate increase was also explicitly mentioned. - FY2020-Q2RestatedAnnual report
「Meanwhile, industrial production in Japan remained weak because of sluggish exports accompanying a slowdown in overseas economies. Personal consumption continued to recover moderately, while capital investment remained firm against the backdrop of high corporate earnings, and the domestic economy remained broadly flat.」
Sluggish exports and weak production resulting from a slowdown in overseas economies continued to be cited. - FY2020-Q1WorsenedAnnual report
「Meanwhile, production in Japan was weak because of sluggish exports accompanying a slowdown in overseas economies and declining global IT demand. Personal consumption showed only a moderate recovery, while capital investment remained firm against the backdrop of high corporate earnings, and the economy remained broadly flat.」
Rather than an export recovery, the statement indicated sluggish exports and weak production against the backdrop of a slowdown in overseas economies and declining global IT demand. - FY2019-Q2SoftenedAnnual report
「In emerging-market economies, including China, exports remained strong against a backdrop of global economic expansion, and personal consumption was firm. However, the decline in infrastructure investment became pronounced, and growth slowed gradually.」
Unlike the previously cited concern over sluggish export growth, exports from emerging markets remained strong. There was also no reference to crude oil trends. - FY2018SoftenedAnnual report
「Meanwhile, capital investment remained firm against the backdrop of high corporate earnings in Japan, while exports recovered and domestic demand showed signs of recovery, supporting a steady recovery trend.」
The wording changed from concern over sluggish export growth to an indication that exports were recovering and domestic demand was showing signs of recovery. - FY2017SoftenedAnnual report
「Meanwhile, although exchange rates were a concern for the Japanese economy, personal consumption and capital investment showed signs of recovery, and a moderate recovery trend continued.」
References to sluggish consumption and export growth and crude oil trends, which had appeared through the previous quarter, were removed, leaving exchange rates as the sole concern. - FY2017-Q3Consumption added to the list of concernsAnnual report
「Meanwhile, sluggish consumption and export growth, as well as exchange rates and crude oil prices, were cited as concerns for the Japanese economy, which was showing signs of stagnation.」
In addition to the previously cited concerns over sluggish export growth and crude oil trends, sluggish consumption was explicitly identified as a concern for the Japanese economy. - FY2017-Q2First statedAnnual report
「Meanwhile, although the appreciation of the yen, sluggish export growth and crude oil trends were concerns for the Japanese economy, the economy as a whole showed signs of recovery.」
In addition to yen appreciation, sluggish export growth and crude oil trends were identified for the first time as concerns for the Japanese economy.