Uncertainty over the Outlook for the Domestic and Global Economies
First written in FY2017-Q1. 26 of 34 entries say "Restated". Latest entry: FY2027-H1.
Hoden Seimitsu Kako Kenkyusho moved to the "Worse" side of this theme in 2022, 3 years after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
58 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「However, the outlook for the economy remains uncertain amid increasingly complex global conditions, including the impact of heightened tensions in the Middle East and developments in U.S. tariff policy.」
Uncertainty about the economic outlook continues. This time, heightened tensions in the Middle East, US tariff policy and an increasingly complex global situation were cited as factors. - 2026-07-07RestatedEarnings
「However, the outlook for the economy remains uncertain amid increasingly complex global conditions, including the impact of heightened tensions in the Middle East and developments in U.S. tariff policy.」
The company continued to identify Middle East tensions and U.S. tariff policy as sources of uncertainty affecting the economic outlook. - FY2026-H1RestatedAnnual report
「However, the economic outlook remained uncertain due to declining personal consumption associated with rising prices, US tariff policies and increasingly complex global conditions.」
In addition to declining personal consumption due to rising prices, the disclosure identified US tariff policies and increasingly complex global conditions as sources of uncertainty, continuing to cite uncertainty over the economic outlook. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period, Japan's economy saw improvements in employment and income conditions, supported by improved corporate earnings resulting from the weaker yen and price revisions and by increased capital spending, despite being affected by the stagnation of the global economy.」
The disclosure continued to state that Japan's economy maintained a moderate recovery trend, supported by the weaker yen, price revisions and capital spending, while recognizing the stagnation of the global economy. - FY2025-Q1RestatedAnnual report
「During the first-quarter cumulative period, Japan's economy maintained a moderate recovery trend. Although affected by the slowing recovery of the global economy, improvements in corporate earnings resulting from the weaker yen and price revisions, together with a moderate increase in capital spending, supported a gradual improvement in employment and income conditions. Against this backdrop, personal consumption remained firm despite the impact of rising prices.」
While recognizing the impact of the slowing global recovery and rising prices, the disclosure stated that Japan's economy maintained a moderate recovery trend, supported by the weaker yen, price revisions and capital spending. - FY2024RestatedAnnual report
「As medium- to long-term trends in society, the transition toward a decarbonized and resource-circulating society aimed at achieving sustainability is expected to progress. At the same time, issues such as slowing growth, high inflation and heightened geopolitical risks are expected to further increase volatility and uncertainty.」
The disclosure recognized the transition toward a decarbonized, resource-circulating society, while stating that slowing growth, high inflation and heightened geopolitical risks were expected to further increase volatility and uncertainty. - FY2024-Q3RestatedAnnual report
「During the third-quarter cumulative period (1 March 2023 to 30 November 2023), Japan's economy improved as the flow of people, including inbound visitors, recovered and COVID-19 was reclassified as a Class 5 disease. However, the economic outlook remained uncertain due mainly to the impact of persistently high inflation resulting from prolonged developments in Russia and Ukraine, higher resource prices and increases in electricity charges.」
The disclosure continued to recognize improved economic activity due to the recovery in human mobility and the reclassification of COVID-19 as a Class 5 disease, while continuing to cite developments in Russia and Ukraine, higher resource and electricity prices and persistently high inflation as sources of uncertainty. - FY2024-Q2RestatedAnnual report
「During the second-quarter cumulative period (1 March 2023 to 31 August 2023), Japan's economy improved as the flow of people, including inbound visitors, recovered and COVID-19 was reclassified as a Class 5 disease. However, the economic outlook remained uncertain due mainly to the impact of persistently high inflation resulting from prolonged developments in Russia and Ukraine, higher resource prices and increases in electricity charges.」
The disclosure continued to recognize improved economic activity due to the recovery in human mobility and the reclassification of COVID-19 as a Class 5 disease, while continuing to cite developments in Russia and Ukraine, higher resource and electricity prices and persistently high inflation as sources of uncertainty. - FY2024-Q1RestatedAnnual report
「Economic activity improved as the flow of people, including inbound visitors, recovered and COVID-19 was reclassified as a Class 5 disease. However, the economic outlook remained uncertain due mainly to persistently high inflation resulting from prolonged developments in Russia and Ukraine, higher resource prices and increases in electricity charges.」
While recognizing improved economic activity due to the recovery in human mobility and the reclassification of COVID-19 as a Class 5 disease, the disclosure continued to cite developments in Russia and Ukraine, higher resource and electricity prices, and persistently high inflation as sources of uncertainty over the economic outlook. - FY2023WorsenedAnnual report
「During the fiscal year, the global economy showed signs of recovery toward normalization following the impact of the spread of COVID-19. However, the global situation surrounding Japan's economy remained unpredictable due to concerns over the prolonged geopolitical risks brought to the fore by Russia's invasion of Ukraine, soaring raw material and resource prices, supply chain disruptions and accelerating global inflation. The economic outlook therefore remained uncertain.」
While recognizing normalization following COVID-19, the disclosure added concerns over prolonged geopolitical risks, soaring raw material and resource prices, supply chain disruptions and accelerating global inflation as additional sources of uncertainty. - FY2023-Q3RestatedAnnual report
「During the third-quarter cumulative period (1 March 2022 to 30 November 2022), the global economy showed signs of recovery toward normalization following the impact of the spread of COVID-19. However, the outlook remained uncertain due to the prolonged semiconductor shortage and the impact of soaring global raw material and energy prices resulting from Russia's invasion of Ukraine.」
The disclosure recognized movement toward normalization following COVID-19, while continuing to cite the prolonged semiconductor shortage, the invasion of Ukraine and soaring raw material and energy prices as sources of uncertainty. - FY2023-Q2RestatedAnnual report
「During the second-quarter cumulative period (1 March 2022 to 31 August 2022), the global economy was moving toward normalization as priority preventive measures related to COVID-19 were lifted. However, the outlook remained uncertain due to the prolonged semiconductor shortage and the impact of soaring global raw material and energy prices resulting from Russia's invasion of Ukraine.」
The disclosure continued to recognize normalization following the lifting of COVID-19-related measures, while continuing to cite the prolonged semiconductor shortage, the invasion of Ukraine and soaring raw material and energy prices as sources of uncertainty. - FY2023-Q1WorsenedAnnual report
「During the first-quarter cumulative period (1 March 2022 to 31 May 2022), Japan's economy was moving toward normalization as priority preventive measures related to COVID-19 were lifted. However, the outlook remained uncertain due to the prolonged semiconductor shortage and the impact of soaring global raw material and energy prices resulting from Russia's invasion of Ukraine.」
While recognizing normalization following the lifting of COVID-19-related measures, the disclosure specifically identified the prolonged semiconductor shortage, the invasion of Ukraine and soaring raw material and energy prices as sources of uncertainty. - FY2022WorsenedAnnual report
「Japan's economy was gradually moving toward normalization as vaccinations progressed and the state of emergency and related measures were lifted. However, the country was not in a situation that permitted optimism due to the threat of new variants, the impact of a global shortage of materials and developments in Ukraine.」
In addition to COVID-19, new variants and global material shortages, Russia's military invasion of Ukraine and developments in Ukraine were identified as new sources of uncertainty, and the situation was described as not permitting optimism. - FY2022-Q3RestatedAnnual report
「During the cumulative period, the global economy contracted sharply as a result of the spread of COVID-19. Although signs of recovery emerged, particularly in Europe and the United States, as vaccination rates increased, concerns remained over the spread of new variants. Japan's economy was gradually moving toward normalization as vaccinations progressed and the state of emergency and priority preventive measures were lifted, but the outlook remained uncertain due to the threat of new variants and the impact of a global shortage of materials.」
While noting signs of normalization due to vaccinations and the lifting of restrictions, the disclosure added new variants and a global shortage of materials as factors contributing to continued uncertainty over the economic outlook. - FY2022-Q2RestatedAnnual report
「During the second-quarter cumulative period (1 March 2021 to 31 August 2021), the global economy contracted sharply as a result of the spread of COVID-19, although signs of recovery emerged, particularly in Europe and the United States, as vaccination rates increased. Japan's economy was significantly affected by the resurgence of COVID-19, including the re-declaration of a state of emergency and implementation of priority preventive measures in certain regions. At the same time, some positive signs were emerging as vaccinations progressed, but the outlook remained uncertain.」
The disclosure continued to describe the impact of COVID-19 and uncertainty over the global and domestic economic outlook, while also noting signs of recovery in Europe, the United States and Japan associated with increasing vaccination rates. - FY2022-Q1RestatedAnnual report
「Japan's economy was significantly affected by the resurgence of COVID-19, including the re-declaration of a state of emergency and implementation of priority preventive measures in certain regions. At the same time, some positive signs were emerging, including the start of vaccinations, but the outlook remained uncertain.」
The disclosure continued to cite the impact of the resurgence of COVID-19 and the re-declaration of a state of emergency and related measures on economic activity, while also noting some positive signs from the start of vaccinations. - FY2021-Q3RestatedAnnual report
「During the third-quarter cumulative period (1 March 2020 to 30 November 2020), Japan's economy was severely affected by the declaration of a state of emergency in response to the spread of COVID-19, which significantly restricted economic activity. Corporate earnings declined rapidly, creating an extremely difficult environment. Even after the state of emergency was lifted, employment and income conditions continued to deteriorate, while the recovery in personal consumption and corporate earnings remained uncertain. Globally, COVID-19 continued to spread without signs of containment, and its impact on economic activity remained unpredictable.」
The disclosure continued to describe the impact of COVID-19 on economic activity, corporate earnings, and employment and income conditions, as well as uncertainty over the domestic and global outlook, with no change from the previous quarter. - FY2021-Q2WorsenedAnnual report
「During the second-quarter cumulative period (1 March 2020 to 31 August 2020), Japan's economy was severely affected by the declaration of a state of emergency in response to the spread of COVID-19, which significantly restricted economic activity. Corporate earnings declined rapidly, creating an extremely difficult environment. Even after the state of emergency was lifted, employment and income conditions continued to deteriorate, while the recovery in personal consumption and corporate earnings remained uncertain. Globally, COVID-19 continued to spread without signs of containment, and its impact on economic activity remained unpredictable.」
The risk became more specific and severe, encompassing the spread of COVID-19, declarations of a state of emergency, deterioration in corporate earnings and employment conditions, and the impact on the global economy. - FY2021-Q1WorsenedAnnual report
「During the first-quarter cumulative period (1 March 2020 to 31 May 2020), the global economy entered a period of sharp stagnation and the outlook became uncertain as governments around the world imposed emergency measures to prevent the spread of COVID-19, resulting in a rapid contraction in economic activity.」
The disclosure moved from general uncertainty over the economic outlook to specifically identifying the sharp contraction in economic activity accompanying the spread of COVID-19 as the adverse factor. - FY2020-Q3RestatedAnnual report
「During the third-quarter cumulative period of the fiscal year ending February 2019 (1 March 2018 to 30 November 2018), Japan's economy continued to recover gradually against the backdrop of the effects of various policies. However, the outlook remained uncertain due to the impact of unstable international conditions, an economic slowdown associated with the consumption tax increase and chronic labor shortages.」
The company recognized the continued economic recovery while continuing to report uncertainty over the outlook due to unstable international conditions, the economic slowdown associated with the consumption tax increase and chronic labor shortages. - FY2020-Q2RestatedAnnual report
「During the second-quarter cumulative period of the fiscal year ending February 2019 (1 March 2018 to 31 August 2018), Japan's economy continued to recover gradually against the backdrop of the effects of various policies. However, the outlook remained uncertain due to the prolonged US-China trade dispute, concerns over a slowdown in the Chinese economy, uncertainty surrounding the UK's withdrawal from the EU, Japan-Korea issues and chronic labor shortages.」
The company recognized the gradual economic recovery while continuing to report uncertainty over the outlook due to the prolonged US-China trade dispute, concerns over a slowdown in the Chinese economy, the UK's withdrawal from the EU, Japan-Korea issues and chronic labor shortages. - FY2020-Q1RestatedAnnual report
「During the first quarter of the fiscal year ending February 2019 (1 March 2018 to 31 May 2018), Japan's economy continued to recover gradually as corporate earnings and employment conditions improved and various government policies took effect. However, the outlook remained uncertain due to concerns over a slowdown in the Chinese economy caused by the prolonged US-China trade dispute and uncertainty surrounding the UK's withdrawal from the EU.」
The company recognized the gradual economic recovery while continuing to identify concerns over a slowdown in the Chinese economy due to the prolonged US-China trade dispute and uncertainty surrounding the UK's withdrawal from the EU as factors contributing to the uncertain outlook. - FY2019RestatedAnnual report
「However, the outlook for the economy remained uncertain due to the impact of a series of natural disasters and U.S.-China trade friction.」
The disclosure continued to recognize the economic recovery while citing natural disasters and U.S.-China trade friction as sources of uncertainty over the economic outlook. - FY2019-Q3RestatedAnnual report
「During the nine-month period ended 30 November 2018, corporate earnings and capital investment remained firm, and the employment and income environment continued to improve, while personal consumption showed a moderate recovery trend. However, the outlook remained uncertain due to U.S.-China trade friction, labor shortages and rising raw-material prices.」
The disclosure continued to recognize the economic recovery and improvements in corporate earnings and the employment environment, while citing U.S.-China trade friction, labor shortages and rising raw-material prices as sources of uncertainty. - FY2019-Q2RestatedAnnual report
「During the six-month period ended 31 August 2018, corporate earnings and capital investment remained firm, and the employment and income environment continued to improve, while personal consumption showed a moderate recovery trend. However, the outlook remained uncertain due to the increasing risk of a shift by the United States toward protectionism and the resulting intensification of trade friction.」
The disclosure continued to cite U.S. protectionism and the risk of intensified trade friction as sources of uncertainty over the economic outlook, as in the previous quarter. - FY2019-Q1WorsenedAnnual report
「During the three-month period ended 31 May 2018, corporate earnings and capital investment remained firm, and the employment and income environment continued to improve, while personal consumption showed a moderate recovery trend. However, the outlook remained uncertain due to the increasing risk of a shift by the United States toward protectionism and the resulting intensification of trade friction.」
Uncertainty over the economic outlook continued, with the disclosure specifically citing the United States’ shift toward protectionism and the increasing risk of intensified trade friction arising from it. - FY2018RestatedAnnual report
「During the fiscal year, the Japanese economy continued to recover moderately. Although personal consumption remained sluggish, improvements were seen in corporate earnings and the employment environment. However, concerns over unstable political developments overseas and geopolitical risks meant that the outlook remained uncertain.」
The disclosure continued to recognize the economic recovery and improvements in corporate earnings and the employment environment, while citing unstable political developments overseas and geopolitical risks as sources of uncertainty over the economic outlook. - FY2018-Q3RestatedAnnual report
「During the nine-month period ended 30 November 2017, the Japanese economy continued to recover moderately, with improvements in corporate earnings and the employment and income environment. However, the outlook remained uncertain as concerns arose over the impact of unstable political developments overseas and geopolitical risks.」
The disclosure continued to recognize the moderate economic recovery and improvements in corporate earnings and the employment environment, while citing unstable political developments overseas and geopolitical risks as sources of uncertainty. - FY2018-Q2RestatedAnnual report
「During the six months ended 31 August 2017, Japan's economy continued to recover gradually, with improvements in corporate earnings and employment and income conditions. However, the outlook remained uncertain due to the impact of the new US administration and rising geopolitical risks.」
While recognizing the economic recovery and improvements in corporate earnings and employment conditions, the disclosure continued to refer to uncertainty over the outlook due to the impact of the new US administration and geopolitical risks. - FY2018-Q1RestatedAnnual report
「During the three months ended 31 May 2017, Japan's economy continued to recover gradually, with improvements in corporate earnings and employment and income conditions. However, the outlook remained uncertain due to the impact of the new US administration and the situation in East Asia.」
While recognizing the gradual economic recovery and improvements in corporate earnings and employment conditions, the disclosure continued to identify uncertainty stemming from the new US administration and the situation in East Asia. The specific risk factors changed from the UK's withdrawal from the EU and the Chinese economy cited previously. - FY2017-Q3RestatedAnnual report
「During the nine months ended 30 November 2016, Japan's economy remained on a gradual recovery path, with improvements in corporate earnings and employment conditions supported by government economic policies, the Bank of Japan's monetary easing measures and other factors. However, the outlook remained uncertain due to the UK's withdrawal from the EU and the increasingly evident slowdown in China's economic growth.」
The disclosure continued to refer to uncertainty over the economic outlook, the UK's withdrawal from the EU and the slowdown in China's economic growth, with no change from the previous quarter. - FY2017-Q2WorsenedAnnual report
「During the nine months ended 31 August 2016, Japan's economy remained on a gradual recovery path, with improvements in corporate earnings and employment conditions supported by government economic policies, the Bank of Japan's monetary easing measures and other factors. However, the outlook remained uncertain due to the UK's withdrawal from the EU and the increasingly evident slowdown in China's economic growth.」
Uncertainty over the economic outlook continued. For China, the disclosure described the situation more specifically and as having worsened, referring to an increasingly evident slowdown in economic growth rather than the previous concern over the economic outlook. - FY2017-Q1First statedAnnual report
「Although Japan's economy remained on a gradual recovery path, supported by government economic policies and other factors, the outlook remained uncertain due to concerns over the UK's withdrawal from the EU and the future of the Chinese economy.」
Concerns over the UK's withdrawal from the EU and uncertainty over the Chinese economy were identified as external risks to the economic outlook.