Uncertainty over the global economic outlook due to the slowdown in the Chinese economy and declining crude oil prices
First written in FY2016-Q3. . Latest entry: FY2026-H1.
The whole theme swung hardest in 2022: 158 of 184 companies on the "Worse" side.
16 other companies' latest entry also says "Other".
- FY2026-H1Updated the external environment for the first half.Annual report
「During the interim consolidated accounting period (1 August 2025 to 31 January 2026), Japan's economy was on a gradual recovery trend, supported by continued solid inbound demand and ongoing growth in nominal wages. However, with the 2020-based Consumer Price Index for all items at 111.2 (announced by the Ministry of Internal Affairs and Communications on 21 February 2025), the outlook for future consumption remains uncertain as consumers continue to economize to protect their household finances.」
Describes the recovery trend driven by inbound demand and growth in nominal wages, while noting uncertainty in consumption trends against a Consumer Price Index of 111.2 and consumers' inclination to economize. - FY2025-H1Updated the external environment for the first half.Annual report
「During the interim consolidated accounting period (1 August 2024 to 31 January 2025), Japan's economy was on a gradual recovery trend, supported by continued solid inbound demand and ongoing growth in nominal wages. However, with the 2020-based Consumer Price Index for all items at 111.2 (announced by the Ministry of Internal Affairs and Communications on 21 February 2025), the outlook for future consumption remains uncertain as consumers continue to economize to protect their household finances.」
Describes the recovery trend driven by inbound demand and growth in nominal wages, while noting uncertainty in consumption trends against a Consumer Price Index for all items of 111.2 and consumers' inclination to economize. - FY2024Updated the external environment for the fiscal year.Annual report
「During the consolidated fiscal year, Japan's economy benefited from the normalization of social activity and the economic stimulus from recovering inbound demand. However, the recovery has also stalled, as domestic demand remained sluggish amid higher prices and real wage growth continued to decline.」
Updates the external environment for the year, noting the economic stimulus from the normalization of social activity and recovery in inbound demand, alongside the stalled recovery caused by higher prices and sluggish domestic demand. - FY2024-Q2Updated the external environment for the second quarter.Annual report
「During the cumulative second quarter of the fiscal year, Japan's economy was on a gradual recovery path, supported by the recovery in domestic and inbound demand as social and economic activity normalized. However, the outlook for the business environment remains uncertain owing to increased downside risks resulting from the effects of global monetary tightening and rising prices.」
While indicating a recovery in domestic and inbound demand, updated global monetary tightening and downside risks resulting from rising prices as external environmental factors. - FY2024-Q1Updated the external environment for the first quarter.Annual report
「However, the outlook for the business environment remains uncertain owing to the destabilization of international conditions, inflationary policies, and price increases resulting from the weaker yen and higher energy prices.」
While indicating normalization of the economy following the easing of activity restrictions related to COVID-19, updated international conditions, inflationary policies, the weaker yen, higher energy prices and rising prices as factors contributing to uncertainty. - FY2023Updated the external environment for the fiscal year.Annual report
「During the fiscal year, Japan's economy continued to be affected by higher prices resulting from rising resource prices and the weaker yen, but personal consumption showed signs of recovery as restrictions related to COVID-19 were eased and various government policies took effect.」
Updated the assessment of the external environment, noting that personal consumption recovered as restrictions were eased and government policies took effect, while higher prices resulting from rising resource prices and the weaker yen continued. - FY2023-Q3Updated factors supporting economic recovery and the external environment.Annual report
「During the cumulative third quarter of the fiscal year, Japan's economy showed signs of a gradual recovery as inbound consumption improved with the easing of restrictions related to COVID-19 and an increase in visitors to Japan, despite the continued impact of higher prices resulting from rising resource prices and the weaker yen.」
While higher prices resulting from rising resource prices and the weaker yen continued, identified improved inbound consumption resulting from eased restrictions and an increase in visitors to Japan as a factor supporting the economic recovery. - FY2023-Q2Updated external environmental factors.Annual report
「During the cumulative second quarter of the fiscal year, Japan's economy showed signs of a gradual recovery as economic activity normalized following the lifting of restrictions related to COVID-19, despite the impact of higher prices resulting from rising resource prices and the weaker yen.」
While identifying higher prices resulting from rising resource prices and the weaker yen as factors requiring attention in the economic environment, also indicated a recovery in economic activity following the lifting of restrictions and normalization of economic activity. - FY2023-Q1Updated external environmental factors.Annual report
「During the cumulative first quarter of the fiscal year, Japan's economy showed signs of recovery as the impact of COVID-19 gradually eased, restrictions on activities were lifted and economic activity normalized. Meanwhile, conditions requiring close monitoring continued, including geopolitical risks such as Russia's invasion of Ukraine, soaring raw material prices and the rapid depreciation of the yen.」
While describing the easing impact of COVID-19 and the normalization of economic activity, added Russia's invasion of Ukraine, soaring raw material prices and the rapid depreciation of the yen as external environmental factors requiring continued monitoring. - FY2022Updated the external environment and assessment of its impact for the fiscal year.Annual report
「Although the spread of COVID-19 and the Russia-Ukraine situation have not had a significant impact on the Group's results at present, if their economic impact becomes more prolonged and severe, the Group's results could be affected by a contraction in the advertising market resulting from a decline in advertisers, a contraction in the hometown tax donation market resulting from lower individual resident and income tax revenues, and restrictions on sales activities.」
While stating that COVID-19 and the Russia-Ukraine situation have not had a significant impact on results at present, identified market contraction and other effects if these factors become prolonged or more severe as risks. - FY2022-Q3Added the Russia-Ukraine situation as a factor contributing to uncertainty.Annual report
「During the cumulative third quarter of the fiscal year, Japan's economy showed signs of a gradual recovery from the prolonged impact of COVID-19. However, the domestic and overseas economic outlook remains uncertain amid the renewed spread of infections caused by new variants and instability surrounding the Russia-Ukraine situation.」
In addition to the prolonged and renewed spread of COVID-19, cited instability surrounding the Russia-Ukraine situation as a factor contributing to an uncertain economic outlook. - FY2022-Q2Updated uncertainty in the economic outlook resulting from the renewed spread of COVID-19 infections.Annual report
「However, domestic infections rose sharply following a new resurgence from the end of the year, and the economic outlook remains uncertain.」
While vaccinations and other measures brought a temporary improvement, updated the new resurgence of infections since the end of the year and the sharp rise in domestic cases as factors contributing to an uncertain economic outlook. - FY2022-Q1Updated uncertainty resulting from the prolonged COVID-19 pandemic and renewed spread of infections.Annual report
「During the cumulative first quarter of the fiscal year, Japan's economy remained uncertain as the impact of the prolonged COVID-19 pandemic continued. Although signs of improvement, including a decline in infections, began to emerge as the government gradually reopened economic activity, various measures took effect and vaccinations progressed, concerns remained over a renewed spread of infections.」
Updated the uncertain economic outlook to include the prolonged COVID-19 pandemic, the effects of vaccinations and the reopening of economic activity, and concerns over a renewed spread of infections. - FY2021Updated the prolonged COVID-19 pandemic and restrictions on economic activity.Annual report
「During the fiscal year, Japan's economy showed signs of recovery in personal consumption and corporate earnings as the government gradually reopened economic activity, various measures took effect and vaccinations began, despite the prolonged impact of the spread of COVID-19. However, the outlook for the economy remains uncertain as the renewed spread of infections led to the implementation of priority preventive measures and repeated declarations of a state of emergency.」
Updated the factors contributing to an uncertain economic environment in the annual report, including the prolonged COVID-19 pandemic, vaccinations, the renewed spread of infections and declarations of a state of emergency. - FY2021-Q3Updated the economic environment affected by COVID-19 and the state of emergency declaration.Annual report
「During the cumulative third quarter of the fiscal year, Japan's economy remained in a difficult situation as COVID-19 continued unabated, another state of emergency was declared, and economic activity remained sluggish.」
Updated the factors contributing to an uncertain and difficult business environment to include the continuing COVID-19 pandemic, another state of emergency declaration and sluggish economic activity. - FY2021-Q1Updated uncertainty surrounding overseas economies and COVID-19.Annual report
「The outlook remains extremely uncertain as the timing of the containment of COVID-19 remains unclear and overseas political conditions, including US-China trade friction, continue to destabilize.」
Updated the factors contributing to an uncertain outlook to include the unclear timing of COVID-19 containment and the destabilization of overseas political conditions resulting from US-China trade friction and other factors. - FY2020Updated uncertainty surrounding overseas economies and COVID-19.Annual report
「The outlook remains extremely uncertain owing to the continued destabilization of overseas political conditions, including US-China trade friction, and the spread of COVID-19 since January 2020.」
In addition to the existing uncertainty in overseas economies, identified US-China trade friction and the spread of COVID-19 as factors contributing to an uncertain outlook. - FY2020-Q2Added COVID-19 as a factor contributing to uncertainty.Annual report
「The Company will continue to closely monitor the impact on its business of the spread of COVID-19 pneumonia, which originated in Wuhan, China, and became apparent from January 2020.」
In addition to the existing uncertainty in overseas economies and financial markets, identified the impact on business of the spread of COVID-19 pneumonia as a new matter requiring close monitoring. - FY2018-Q2Updated factors contributing to uncertainty in overseas economies and financial markets.Annual report
「The impact of uncertainty in overseas economies and volatility in financial and capital markets requires continued attention, and the environment surrounding companies remains uncertain.」
In addition to uncertainty in overseas economies, cited the impact of volatility in financial and capital markets as a factor contributing to an uncertain business environment. - FY2018-Q1Updated overseas economic and geopolitical risk factors.Annual report
「During the cumulative first quarter of the fiscal year, Japan's economy remained on a gradual recovery path as corporate earnings and employment conditions improved. However, the outlook remains uncertain owing to the policies of the US administration, uncertainty in overseas economies, including China, and geopolitical risks related to North Korea.」
In addition to the existing uncertainty in overseas economies resulting from the US administration, China and other factors, cited geopolitical risks related to North Korea as a factor contributing to an uncertain business environment. - FY2017Updated factors contributing to uncertainty in overseas economies.Annual report
「However, the environment surrounding companies is uncertain owing to heightened uncertainty resulting from the policies of the new US administration, the impact of the UK's withdrawal from the EU, and the policies and financial and capital markets of China and emerging Asian economies.」
Cited the new US administration, the UK's withdrawal from the EU, and the policies and financial and capital markets of China and emerging Asian economies as factors contributing to uncertainty in overseas economies. - FY2017-Q3Updated factors contributing to uncertainty in overseas economies.Annual report
「However, the environment surrounding companies remains uncertain owing to heightened uncertainty in overseas economies resulting from the policies of the new US administration, China and emerging Asian economies.」
Updated the factors contributing to uncertainty in overseas economies to include the policies of the new US administration and uncertainty surrounding China and emerging Asian economies. - FY2017-Q2Updated factors contributing to uncertainty in overseas economies.Annual report
「However, the environment surrounding companies remains uncertain owing to heightened uncertainty in overseas economies resulting from the transition of the US administration, China and emerging Asian economies.」
In place of the UK's withdrawal from the EU and the US presidential election, cited uncertainty in overseas economies resulting from the transition of the US administration, China and emerging Asian economies. - FY2017-Q1Updated factors contributing to uncertainty in overseas economies.Annual report
「However, the environment surrounding companies remains uncertain owing to heightened uncertainty in overseas economies resulting from the UK's withdrawal from the EU and the US presidential election.」
Replaced the previous factors, including the Chinese economy, with uncertainty in overseas economies resulting from the UK's withdrawal from the EU and the US presidential election as factors contributing to an uncertain business environment. - FY2016Added concerns over a slowdown in the European economy.Annual report
「However, the global economy remains uncertain, owing to the slowdown in the Chinese economy, concerns over a slowdown in the European economy and other factors.」
Identified concerns over a slowdown in the European economy, in addition to the slowdown in the Chinese economy, as factors contributing to global economic uncertainty. - FY2016-Q3First statedAnnual report
「However, the global economy remains uncertain, owing to the slowdown in the Chinese economy, falling crude oil prices and other factors.」
For the first time, identified uncertainty over the global economic outlook, driven by the slowdown in the Chinese economy and falling crude oil prices, as a business environment factor for the quarter.