Weak business conditions due to negative interest rates, a stronger yen and weaker stock prices, and a sluggish global economy
First written in FY2017-Q1. 15 of 38 entries say "Worsened", first in FY2017-Q2. Latest entry: FY2027-H1.
Fuji Electric Industry moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
66 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「During the interim accounting period, Japan's economy continued to recover moderately, as personal consumption and capital investment picked up and corporate earnings also showed signs of improvement. However, the outlook remains uncertain amid concerns about heightened geopolitical risks in the Middle East and downside risks to the economy from US trade policies.」
The note indicates improvements in personal consumption, capital investment and corporate earnings while explicitly identifying heightened geopolitical risks in the Middle East and downside economic risks from US trade policies as new concerns. - 2026-09-03WorsenedEarnings
「The outlook remains uncertain, amid concerns over rising geopolitical risks in the Middle East and downside risks to the economy arising from U.S. trade policy.」
In addition to the existing reference to U.S. trade policy, the Company explicitly cites rising geopolitical risks in the Middle East and downside economic risks, indicating increased uncertainty in the business environment. - FY2026-H1WorsenedAnnual report
「During the interim accounting period, Japan's economy continued to recover moderately, as personal consumption picked up, corporate earnings improved and capital investment also showed signs of a pickup. Going forward, we expect the economy to recover moderately as employment and income conditions improve. However, the outlook remains unpredictable because the impact of overseas trade policies on corporate earnings is uncertain.」
The note indicates improvements in personal consumption, corporate earnings and capital investment while explicitly identifying the impact of overseas trade policies on corporate earnings as a new source of uncertainty. - FY2025WorsenedAnnual report
「We expect employment and income conditions to improve and the economy to continue recovering moderately. However, the outlook remains uncertain amid concerns about continued domestic price increases, geopolitical risks overseas and persistently high interest-rate levels.」
While expecting a moderate economic recovery, the note explicitly identifies continued domestic price increases, geopolitical risks overseas and persistently high interest-rate levels as new concerns. - FY2025-H1RestatedAnnual report
「During the interim accounting period, Japan's economy continued to recover moderately. Although the pickup in personal consumption stalled, signs of a recovery in capital investment emerged against a backdrop of strong corporate earnings.」
Although personal consumption stalled, the note continues to state that capital investment showed signs of recovery against a backdrop of corporate earnings and that the economy continued to recover moderately. - FY2025-Q1MitigatedAnnual report
「During the cumulative first quarter, Japan's economy continued to recover moderately. Although the pickup in personal consumption stalled, corporate earnings and employment and income conditions improved.」
Although personal consumption stalled, the note describes improvements in corporate earnings and employment and income conditions, as well as a moderate recovery, indicating an improved description of the economic environment compared with the uncertainty, including price increases and geopolitical risks, described through the previous fiscal year. - FY2024RestatedAnnual report
「During the fiscal year, Japan's economy saw personal consumption pick up, corporate earnings improve and production activity show signs of a pickup. However, the outlook remains uncertain amid concerns about domestic price increases and geopolitical risks overseas.」
The note indicates improvements in personal consumption, corporate earnings and production activity while continuing to highlight uncertainty over the outlook due to domestic price increases and geopolitical risks overseas. - FY2024-Q3WorsenedAnnual report
「During the cumulative third quarter, Japan's economy saw personal consumption pick up and signs of improvement emerge among companies. However, the outlook remains uncertain amid concerns about continued domestic price increases and geopolitical risks overseas.」
The note indicates improvements in personal consumption and among companies while explicitly highlighting continued domestic price increases and geopolitical risks overseas as concerns. - FY2024-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy saw personal consumption pick up moderately and corporate earnings improve. However, the outlook remains uncertain amid concerns about continued domestic price increases.」
The note indicates improvements in personal consumption and corporate earnings while explicitly identifying continued domestic price increases as a new concern. - FY2024-Q1MitigatedAnnual report
「During the cumulative first quarter, Japan's economy saw personal consumption pick up moderately, while corporate earnings also showed signs of improvement.」
In contrast to the stagnation in personal consumption and uncertainty over the outlook described through the previous fiscal year, the note describes improvements in personal consumption and corporate earnings. It states that there were no new business or other risks. - FY2023WorsenedAnnual report
「During the fiscal year, Japan's economy showed signs of a pickup in corporate capital investment and production activity. However, the outlook remains uncertain amid concerns about rising resource prices associated with geopolitical risks overseas and sluggish personal consumption due to domestic price increases.」
The note indicates a pickup in capital investment and production activity while explicitly highlighting concerns about geopolitical risks overseas, rising resource prices, domestic price increases and sluggish personal consumption. - FY2023-Q3MitigatedAnnual report
「During the cumulative third quarter, Japan's economy showed signs of a pickup in personal consumption and corporate capital investment.」
In contrast to the concerns described in the previous quarter regarding geopolitical risks overseas, rising resource prices and financial-market volatility, the note states that personal consumption and corporate capital investment showed signs of a pickup. It states that there were no newly arising risks or significant changes in business or other risks. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy showed signs of a pickup in personal consumption and corporate capital investment. However, the outlook remains uncertain amid concerns about rising resource prices associated with geopolitical risks overseas and sharp fluctuations in financial markets.」
The note indicates a pickup in personal consumption and capital investment while explicitly highlighting concerns about rising resource prices associated with geopolitical risks overseas and sharp fluctuations in financial markets. - FY2023-Q1RestatedAnnual report
「During the cumulative first quarter, Japan's economy was affected by the spread of COVID-19, with the pickup in personal consumption stalling, although signs of a pickup emerged in corporate capital investment and production activity.」
The note describes both the stagnation in personal consumption caused by COVID-19 and the pickup in corporate capital investment and production activity, while continuing to indicate uncertainty in the economic environment. - FY2022WorsenedAnnual report
「We expect personal consumption and corporate earnings to pick up, but the outlook remains uncertain amid concerns that rising resource prices and tight demand for raw materials and other inputs could disrupt supply chains.」
In addition to the existing concerns about COVID-19 and rising resource prices, the note explicitly identifies supply-chain disruption caused by tight demand for raw materials as a new source of uncertainty. - FY2022-Q3WorsenedAnnual report
「We expect personal consumption and corporate earnings to pick up, but the outlook for the economy remains uncertain amid concerns about rising resource prices.」
The note expects a pickup in personal consumption and corporate earnings while newly highlighting concerns about rising resource prices and continuing to point to uncertainty over the economic outlook. - FY2022-Q2RestatedAnnual report
「During the cumulative second quarter, Japan's economy remained in difficult conditions, particularly with respect to personal consumption, due to the spread of COVID-19, although signs of a pickup emerged in corporate capital investment and production activity. Going forward, we expect personal consumption and other areas to pick up as measures to prevent the spread of COVID-19, including vaccinations, are implemented. However, the outlook remains uncertain.」
The note describes both the difficult conditions for personal consumption and the pickup in capital investment and production activity. It expects a recovery driven by vaccinations and other measures, while continuing to highlight uncertainty over the outlook. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter, Japan's economy remained in difficult conditions, particularly with respect to personal consumption, due to the spread of COVID-19, although signs of a pickup emerged in corporate capital investment and production activity.」
The note continues to state that, while difficult conditions persisted, particularly for personal consumption, due to COVID-19, corporate capital investment and production activity showed signs of a pickup. - FY2021RestatedAnnual report
「During the fiscal year, Japan's economy saw personal consumption fall sharply in the first half due to the spread of COVID-19, while in the second half, signs of a partial pickup emerged in personal consumption, corporate exports and production activity.」
While the economic environment deteriorated in the first half due to COVID-19, the note states that personal consumption, exports and production activity showed a partial pickup in the second half. - FY2021-Q3MitigatedAnnual report
「During the cumulative third quarter, Japan's economy was affected by the spread of COVID-19, causing personal consumption to fall sharply, although signs of a pickup emerged in corporate exports and production activity.」
While personal consumption fell sharply due to COVID-19, signs of a pickup emerged in corporate exports and production activity, indicating partial improvement from the broad-based declines described through the previous quarter. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy remained in difficult conditions due to the spread of COVID-19, with personal consumption falling sharply and corporate exports and production activity declining.」
As in the previous quarter, the note describes the difficult economic environment caused by COVID-19 and explicitly states that personal consumption fell sharply this time. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy remained in difficult conditions due to the spread of COVID-19, with personal consumption, corporate exports and production activity declining.」
The note states that the spread of COVID-19 has resulted in a difficult economic environment, accompanied by declines in personal consumption, exports and production activity. - FY2020WorsenedAnnual report
「We expect the economic recovery to continue, supported by improvements in employment and income conditions. However, the outlook remains unpredictable amid the spread of COVID-19 and concerns about a slowdown in the global economy resulting from prolonged overseas trade issues.」
The note describes an economic recovery while explicitly identifying the spread of COVID-19 and concerns about a slowdown in the global economy resulting from prolonged trade issues as new sources of uncertainty. - FY2020-Q3RestatedAnnual report
「During the cumulative third-quarter period, the Japanese economy continued on a recovery path, as corporate capital investment and production activity increased moderately.」
The note continues to state that corporate capital investment and production activity are increasing moderately and that the economy remains on a recovery trend. It states that there have been no new risks or significant changes in business or other risks. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter, Japan's economy continued to recover moderately, as personal consumption picked up and corporate earnings remained firm. We expect the economic recovery to continue, supported by improvements in employment and income conditions. However, the outlook remains uncertain amid concerns about a slowdown in the global economy resulting from prolonged overseas trade issues.」
The note continues to describe a moderate economic recovery while highlighting concerns about a slowdown in the global economy resulting from prolonged overseas trade issues and uncertainty over the outlook. - FY2020-Q1MitigatedAnnual report
「During the cumulative first quarter, Japan's economy continued to recover moderately, as personal consumption picked up and corporate capital investment increased.」
The note describes an economic recovery driven by a pickup in personal consumption and increased capital investment, indicating that the business environment is improving from the previously weak and uncertain conditions. - FY2019RestatedAnnual report
「We expect the economy to continue recovering moderately, supported by strong corporate earnings and improvements in employment and income conditions. However, the outlook remains uncertain due to overseas trade issues and concerns about a slowdown in emerging-market economies.」
The note continues to describe a moderate economic recovery while highlighting uncertainty over the outlook due to overseas trade issues and concerns about a slowdown in emerging-market economies. - FY2019-Q3RestatedAnnual report
「During the cumulative third-quarter period, the Japanese economy continued on a recovery path, as corporate capital investment and production activity increased moderately.」
Reports continued growth in corporate capital investment and production activity and that the economy remained on a recovery path. It states that there were no new risks or material changes concerning the business and other risks. - FY2019-Q2WorsenedAnnual report
「The recovery trend is expected to continue, supported by improvements in corporate earnings and employment and income conditions, but concerns remain over overseas trade issues and deteriorating emerging-market economies, and uncertainty about the outlook continues.」
While indicating a recovery trend driven by improvements in corporate earnings and employment and income conditions, it explicitly identifies overseas trade issues and deteriorating emerging-market economies as new sources of uncertainty. - FY2019-Q1MitigatedAnnual report
「During the cumulative first-quarter period, the Japanese economy continued on a recovery path, as corporate capital investment and production activity increased moderately and personal consumption also showed signs of recovery.」
Reports that the economy continued on a recovery path as capital investment, production activity and personal consumption recovered. Compared with the previously reported economic stagnation and uncertainty about the outlook, the business environment during the quarter has improved. - FY2018RestatedAnnual report
「The economy is expected to recover moderately, supported by strong corporate earnings and improvements in employment and income conditions, but uncertainty about the outlook continues amid concerns over the impact of the Bank of Japan's introduction of negative interest rates on financial markets and the risk of yen appreciation.」
While describing the economy as being on a recovery path, it continues to report the impact of negative interest rates on financial markets, the risk of yen appreciation and uncertainty about the outlook. - FY2018-Q3RestatedAnnual report
「During the cumulative third-quarter period, the Japanese economy continued on a moderate recovery path, as share prices rose against a backdrop of strong corporate earnings and exports and production activity recovered.」
Reports that corporate earnings, exports and production activity recovered and that the economy continued on a moderate recovery path. - FY2018-Q2MitigatedAnnual report
「During the cumulative second-quarter period, the Japanese economy continued on a moderate recovery path, as corporate earnings improved and personal consumption, exports and production activity recovered. The economy is expected to continue recovering moderately, supported by improvements in employment and income conditions and a recovery in personal consumption.」
Reports that corporate earnings, exports and production activity recovered and that the economy continued on a recovery path. Compared with the previously reported economic weakness and uncertainty about the outlook, the description of the business environment has improved. - FY2018-Q1MitigatedAnnual report
「During the cumulative first-quarter period, the Japanese economy continued on a moderate recovery path, as corporate earnings improved and exports and production activity recovered.」
Reports that corporate earnings, exports and production activity recovered, with the economic environment during the quarter showing a recovery trend compared with the previously reported weakness in the economy and concerns over a global slowdown. - FY2017RestatedAnnual report
「The economy is expected to recover moderately, supported by a recovery in personal consumption and improvements in employment and income conditions, but concerns remain over the impact of the Bank of Japan's introduction of negative interest rates on financial markets and a slowdown in the Chinese economy, as well as the risk of recession, and uncertainty about the outlook continues.」
Continues to report the impact of negative interest rates on financial markets, a slowdown in the Chinese economy, recession risks and uncertainty about the outlook. - FY2017-Q3RestatedAnnual report
「During the cumulative third-quarter period, the Japanese economy saw yen appreciation and falling share prices against the backdrop of the Bank of Japan's introduction of a negative interest rate policy and concerns over a slowdown in the global economy, particularly in Europe. Corporate production activity remained largely flat, and some weakness was seen in the economic recovery. The economy is expected to recover moderately going forward, supported by firm personal consumption and improvements in employment and income conditions, but downside risks to the global economy, particularly in Europe and China, remain a concern, and uncertainty about the outlook continues.」
Continues to report yen appreciation and falling share prices, flat production activity, downside risks to the global economy including Europe and China, and uncertainty about the outlook. - FY2017-Q2WorsenedAnnual report
「The economy is expected to recover moderately going forward, but concerns remain over deteriorating earnings conditions for export companies due to yen appreciation and downside risks to the global economy, and uncertainty about the outlook continues.」
Explicitly identifies, in addition to the existing concerns over yen appreciation and a slowing global economy, deteriorating earnings conditions for export companies, downside risks to the global economy and continued uncertainty about the outlook. - FY2017-Q1First statedAnnual report
「Against the backdrop of the Bank of Japan's introduction of a negative interest rate policy and a slowdown in the global economy, the yen appreciated and share prices declined. Exports and production activity at companies remained largely flat, and some weakness was seen in the economic recovery.」
Reports deteriorating external economic conditions and stagnant export and production activity as the business environment during the quarter.