Increasing uncertainty in the operating environment due to a severe labor shortage
First written in FY2018-Q2. 12 of 16 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2025: 15 of 34 companies on the "Worse" side.
24 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「In addition, demand is increasing for investment in the digitalization, efficiency improvement and labor-saving of railway facilities, including signaling and safety equipment, in response to labor shortages and to improve productivity」
Labor shortages were again explicitly identified as a factor driving demand for investment in the digitalization, efficiency improvement and labor-saving of railway facilities. - FY2024Renewed reference to labor shortagesAnnual report
「Meanwhile, fundamental changes in the structure of the railway business are expected to advance further, against the backdrop of post-COVID changes in behavior, labor shortages and other factors.」
After the explicit reference disappeared in FY2022, “labor shortages” was cited again as a factor behind changes in the post-COVID railway business. - FY2022DroppedAnnual reportThis annual securities report contains no explicit reference to “labor shortages,” which had previously been cited as a factor contributing to uncertainty in the business environment.
- FY2022-Q2RestatedAnnual report
「During the cumulative second quarter, there were no material changes in the occurrence of major risks that management recognizes could have a material impact on the financial position, operating results or cash flow position of the consolidated companies, or in the “Business and Other Risks” described in the securities report for the previous fiscal year, among the matters related to the business and accounting conditions described in this quarterly securities report.」
It states that there have been no significant changes in the key risks, including labor shortages. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, there were no material changes in the occurrence of major risks that management recognizes could materially affect the financial position, operating performance or cash flows of the consolidated companies, among the matters concerning the business and accounting conditions described in the quarterly report, or in the business and other risks described in the annual securities report for the previous fiscal year.」
It states that there have been no significant changes in the key risks, including labor shortages. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter, there were no material changes in the occurrence of major risks that management recognizes could have a material impact on the financial position, operating results or cash flow position of the consolidated companies, or in the “Business and Other Risks” described in the securities report for the previous fiscal year, among the matters related to the business and accounting conditions described in this quarterly securities report.」
It states that there have been no significant changes in the key risks, including labor shortages. - FY2020RestatedAnnual report
「The business environment surrounding companies remained uncertain due to serious labor shortages, the yen's appreciation, growing concern over a global contraction in trade resulting from prolonged US–China trade friction, heightened tensions in the Middle East and increased tensions in Japan–South Korea relations, among other factors.」
Serious labor shortages continue to be cited as factors contributing to uncertainty in the business environment, alongside yen appreciation, trade friction and geopolitical tensions. - FY2020-Q3RestatedAnnual report
「The Japanese economy was gradually recovering, with improvements in the employment and income environment and corporate earnings and steady capital investment. However, the environment surrounding companies remained uncertain due to severe labor shortages, the effects of the consumption tax increase, deteriorating business sentiment caused by major natural disasters, and the prolonged tensions between Japan and South Korea, among other factors.」
Serious labor shortages continue to be cited as a factor contributing to uncertainty in the business environment, alongside the consumption tax increase, large-scale natural disasters and the prolonged Japan–South Korea tensions. - FY2020-Q2RestatedAnnual report
「In addition, although Japan's economy has been recovering moderately, with improvements in employment and income conditions and corporate earnings and steady capital investment, the business environment surrounding companies remained uncertain as serious labor shortages, the yen's appreciation, the consumption tax increase, Japan–South Korea tensions and large-scale natural disasters such as typhoons had a significant impact on individuals and corporate activities.」
Serious labor shortages continue to be cited as a factor contributing to uncertainty in the business environment, alongside yen appreciation, the consumption tax increase, Japan–South Korea tensions and natural disasters. - FY2020-Q1RestatedAnnual report
「During the first quarter, Japan's economy recovered moderately, with employment and income conditions improving and capital investment remaining firm. However, the environment surrounding companies remained uncertain due to a serious labor shortage, yen appreciation, growing concerns about a global contraction in trade resulting from prolonged US-China trade friction, heightened tensions in the Middle East and tensions in Japan-South Korea relations.」
Serious labor shortages continue to be cited as factors contributing to uncertainty in the business environment, alongside yen appreciation, trade friction and geopolitical tensions. - FY2019RestatedAnnual report
「The business environment surrounding companies remained uncertain due to labor shortages, soaring crude oil prices and volatile foreign exchange markets, among other factors.」
Labor shortages continue to be cited as a factor contributing to uncertainty in the business environment, while the wording change from “serious labor shortages” in the previous quarter has been maintained. - FY2019-Q3SoftenedAnnual report
「In addition, although Japan's economy has been recovering moderately, with improvements in employment and income conditions and corporate earnings and steady capital investment, the business environment surrounding companies remained uncertain due to labor shortages, soaring crude oil prices and volatile foreign exchange markets, among other factors.」
Labor shortages continue to be cited as a factor contributing to uncertainty in the business environment, but the wording has changed from “serious labor shortages” in the previous period to “labor shortages.” - FY2019-Q2RestatedAnnual report
「The Japanese economy was gradually recovering, with improvements in the employment and income environment and corporate earnings and steady capital investment. However, the environment surrounding companies remained uncertain, as severe labor shortages, surging crude oil prices, volatile foreign exchange markets, and successive bouts of abnormal weather and major natural disasters had a significant impact on personal consumption and corporate activity.」
Serious labor shortages continue to be cited as a factor contributing to the uncertain outlook, alongside soaring crude oil prices, volatile foreign exchange markets, abnormal weather and large-scale natural disasters. - FY2018RestatedAnnual report
「The business environment surrounding companies remained unpredictable due to serious labor shortages, soaring crude oil prices and other factors.」
Serious labor shortages continue to be cited, together with soaring crude oil prices and other factors, as a cause of greater uncertainty in the business environment. - FY2018-Q3RestatedAnnual report
「The business environment surrounding companies remained uncertain due to serious labor shortages, soaring crude oil prices and geopolitical risks, among other factors.」
Serious labor shortages continue to be cited as a factor contributing to the uncertain outlook, alongside soaring crude oil prices and geopolitical risks. - FY2018-Q2First statedAnnual report
「In addition, although Japan's economy has been recovering moderately, with improvements in employment and income conditions, resilient capital investment, and the effects of rising share prices and the yen's depreciation, the business environment surrounding companies remained uncertain due to serious labor shortages, heightened tensions over North Korea and other geopolitical risks.」
This is the first quarter in which serious labor shortages have been explicitly identified as a factor contributing to the uncertain outlook for the business environment.