Economic Uncertainty and Risks to the Outlook from the UK's Withdrawal from the EU
First written in FY2017-Q1. 15 of 35 entries say "Worsened", first in FY2017-Q2. Latest entry: FY2026.
Izu Shaboten Resort 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: 131 of 176 companies on the "Worse" side.
58 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「During the fiscal year, Japan's economy remained on a gradual recovery trend, despite downside factors including rising prices and foreign exchange fluctuations, as the employment and income environments improved and inbound demand remained firm, supported by an increase in visitors to Japan.」
The company indicates a gradual economic recovery trend while also citing rising prices and foreign exchange fluctuations as downside factors. - FY2026-H1A gradual economic recovery trend coexisting with uncertainty about the outlook for private consumptionAnnual report
「During the six-month interim period, Japan's economy remained on a gradual recovery trend as the number of visitors from overseas continued to increase and the employment and income environments improved, despite rising prices and persistently high energy prices. Meanwhile, the consumer price index continued to rise, consumer sentiment remained cautious, and the outlook for private consumption was uncertain.」
While indicating a gradual recovery trend supported by an increase in visitors from overseas and improvements in the employment and income environments, the company describes uncertainty about the outlook for private consumption due to rising prices and cautious consumer sentiment. - FY2025SoftenedAnnual report
「During the fiscal year, Japan's economy remained on a gradual recovery trend, despite downside factors including rising prices and foreign exchange fluctuations, as the employment and income environments improved and inbound demand remained firm, supported by an increase in visitors to Japan.」
Although rising prices and foreign exchange fluctuations remained downside factors, the economy is described as being on a gradual recovery trend, supported by improvements in the employment and income environments and inbound demand. - FY2025-H1SoftenedAnnual report
「During the six-month interim period, Japan's economy remained on a gradual recovery trend as the income and employment environments improved and inbound demand remained firm, supported by an increase in visitors to Japan.」
In contrast to the previous descriptions of uncertainty about the outlook due to surging energy prices and other factors, the company indicates a gradual economic recovery trend supported by improvements in the income and employment environments and an increase in visitors to Japan. - FY2024-Q3RestatedAnnual report
「During the nine-month period ended [the current third quarter], Japan's economy showed signs of recovery, including a recovery in the movement of people, following COVID-19's reclassification to Category V under the Infectious Diseases Control Act and the easing of activity restrictions. Meanwhile, uncertainty about the outlook continued amid the prolonged situation in Ukraine and rising prices resulting from surging energy prices, including crude oil.」
While indicating a recovery following COVID-19's reclassification to Category V and the recovery in the movement of people, the company continues to describe uncertainty about the outlook due to the situation in Ukraine, surging energy prices and rising prices. - FY2024-Q2RestatedAnnual report
「Meanwhile, uncertainty about the outlook continues amid the prolonged situation in Ukraine and rising prices accompanying the surge in energy prices, including crude oil.」
While referring to the recovery of the economy resulting from COVID-19's reclassification to Category V and the easing of activity restrictions, the company continues to describe uncertainty about the outlook due to the situation in Ukraine, surging energy prices and rising prices. - FY2024-Q1Economic normalization coexisting with uncertainty caused by rising pricesAnnual report
「Economic activity normalized due in part to the change in COVID-19's legal classification in May 2023, and private consumption showed signs of recovery. Meanwhile, the outlook remained uncertain amid the rapid depreciation of the yen and rising prices resulting from surging energy prices, including crude oil.」
While economic activity and private consumption are described as recovering, uncertainty about the outlook due to the rapid depreciation of the yen, surging energy prices and rising prices continues. - FY2023WorsenedAnnual report
「Meanwhile, uncertainty about the outlook continues due to global monetary tightening, Russia's prolonged invasion of Ukraine and surging electricity charges caused by persistently high energy prices.」
In addition to the previously cited geopolitical risks and persistently high energy prices, the company cites global monetary tightening and surging electricity charges as sources of uncertainty about the outlook. - FY2023-Q3RestatedAnnual report
「During the nine-month period ended [the current third quarter], Japan's economy remained in a difficult condition as restrictions on the movement of people continued due to repeated declarations of a state of emergency and the intermittent issuance of priority preventive measures accompanying the resurgence of COVID-19. Although the proportion of vaccinated people was rising, uncertainty continued due to factors including the emergence of new variants.」
The difficult economic environment and uncertainty resulting from measures to control the spread of COVID-19 involving restrictions on the movement of people and the emergence of new variants continue. - FY2023-Q2RestatedAnnual report
「During the six-month period ended [the current second quarter], Japan's economy showed signs of recovery as restrictions on activities were eased following a decline in COVID-19 cases. Meanwhile, uncertainty about the outlook continued due to the rapid depreciation of the yen, persistently high energy prices and Russia's prolonged invasion of Ukraine.」
While referring to the economic recovery resulting from the easing of restrictions on activities, the company continues to describe uncertainty about the outlook due to the rapid depreciation of the yen, persistently high energy prices and Russia's invasion of Ukraine. - FY2023-Q1WorsenedAnnual report
「Meanwhile, energy prices, including crude oil, have surged, geopolitical risks, including the prolonged situation in Ukraine, have increased, and prices have continued to trend higher, so uncertainty about the outlook persists.」
In addition to the previously cited situation involving Russia and Ukraine and rising energy prices, the company explicitly cites higher geopolitical risks and rising prices, while uncertainty about the outlook continues. - FY2022WorsenedAnnual report
「Although progress toward normalizing economic activity was gradual, the outlook remained uncertain due to rising geopolitical risks, including the situation involving Russia and Ukraine, and the resulting increase in electricity charges and persistently high gasoline prices accompanying the surge in crude oil prices.」
In addition to COVID-19, the situation involving Russia and Ukraine, crude oil prices, electricity charges and gasoline prices have been added as sources of uncertainty about the outlook. - FY2022-Q3WorsenedAnnual report
「During the nine-month period ended [the current third quarter], Japan's economy remained in a difficult condition as restrictions on the movement of people continued due to repeated declarations of a state of emergency and the intermittent issuance of priority preventive measures accompanying the resurgence of COVID-19. Although the proportion of vaccinated people was rising, uncertainty continued due to factors including the emergence of new variants.」
State-of-emergency declarations and other measures involving restrictions on the movement of people continued, and the emergence of new variants was added as a source of uncertainty. Difficult economic conditions and uncertainty continued. - FY2022-Q2WorsenedAnnual report
「During the six-month period ended [the current second quarter], Japan's economy remained in a difficult condition as restrictions on the movement of people continued due to the reissuance of a state of emergency following the resurgence of COVID-19. Although the vaccination rate was rising as vaccinations were rolled out in earnest, the domestic economy's recovery remained slow and uncertainty continued.」
The difficult economic environment and uncertainty continue due to the resurgence of COVID-19, the reissuance of a state of emergency, restrictions on the movement of people and the delayed recovery. - FY2022-Q1WorsenedAnnual report
「During the three-month period ended [the current first quarter], restrictions on the movement of people continued due to the reissuance of a state of emergency following the resurgence of COVID-19, and private consumption continued to decline substantially. Although the domestic economy is expected to recover as vaccination rates rise, the reissuance of the state of emergency and other measures continued, and uncertainty remained.」
The company describes the resurgence of COVID-19, the reissuance of a state of emergency, restrictions on the movement of people and a substantial decline in private consumption, while continuing to recognize that the outlook is uncertain. The risk factors have become more specific and severe than in the previous quarter. - FY2021-Q3WorsenedAnnual report
「Although the Company's facilities were also affected by an increase in visitor numbers, the outlook remained uncertain following the suspension of the Go To Campaign.」
Although the recovery effect of the Go To Campaign was confirmed, the company indicates that the outlook is uncertain due to the suspension of the campaign. - FY2021-Q2WorsenedAnnual report
「During the six-month period ended [the current second quarter], Japan's economy continued to see a substantial decline in corporate earnings due to the impact of COVID-19. After the state of emergency was lifted, private consumption and production showed signs of recovery, and the Group's facilities on the Izu Peninsula benefited to some extent from the recovery in travel demand generated by the Go To Campaign, but the outlook remained uncertain.」
While referring to the recovery in consumption and production and the effects of the Go To Campaign after the state of emergency was lifted, the company continues to recognize that the outlook is uncertain as corporate earnings continue to decline substantially. - FY2021-Q1WorsenedAnnual report
「During the three-month period ended [the current first quarter], Japan's economy was forced to stagnate after the Japanese government issued a state of emergency in response to the spread of COVID-19. As a result, restrictions on going out and travel were imposed nationwide.」
In addition to the previous uncertainty about the economy, the company states that restrictions on going out and travel and economic stagnation resulting from COVID-19 and the state of emergency actually occurred. - FY2020WorsenedAnnual report
「Meanwhile, the economy has entered an extremely challenging outlook due to natural disasters caused by the approach and landfall of successive major typhoons, rising recruitment costs and personnel expenses resulting from changes in the labor environment, and, in the second half of the fiscal year, the global spread of COVID-19, which had wide-ranging effects, most notably the postponement of the Tokyo Olympics.」
The description has changed from the previous recognition of a gradual economic recovery to an extremely challenging economic outlook due to natural disasters, rising costs and the impact of COVID-19. - FY2020-Q3SoftenedAnnual report
「During the nine-month period ended [the current third quarter], Japan's economy continued to show signs of a gradual recovery as corporate earnings and the employment environment continued to improve. Private consumption was also recovering from the decline following the consumption tax rate increase in October. However, the outlook remained uncertain due to factors including the prolonged U.S.-China trade friction and the issue of the UK's withdrawal from the EU.」
Regarding private consumption, the description has changed from rising downside risks in the previous quarter to a statement that it is recovering following the consumption tax rate increase. Meanwhile, uncertainty about the outlook due to U.S.-China trade friction and the UK's withdrawal from the EU continues. - FY2020-Q2WorsenedAnnual report
「During the six-month period ended [the current second quarter], Japan's economy showed signs of a gradual recovery as the employment and income environments continued to improve. Meanwhile, although private consumption showed signs of recovery, downside risks to the economy were rising ahead of the consumption tax increase and other developments.」
While referring to the ongoing economic recovery, the company newly specifies that downside risks to the economy are increasing ahead of the consumption tax increase and other developments. - FY2020-Q1WorsenedAnnual report
「During the three-month period ended [the current first quarter], Japan's economy continued to show signs of a gradual recovery, with corporate earnings and the employment environment continuing to improve. Meanwhile, consumers maintained a deep-rooted preference for thrift ahead of the consumption tax rate increase, and private consumption lacked strength.」
Although the overall economy is described as gradually recovering, the wording has become less positive than the signs of an upturn in private consumption noted for the previous full fiscal year, with the preference for thrift ahead of the consumption tax rate increase and weakness in private consumption newly emphasized. - FY2019SoftenedAnnual report
「During the fiscal year, Japan's economy continued to recover gradually, with corporate earnings and employment conditions continuing to improve and signs of an upturn emerging in private consumption.」
In contrast to the uncertainty about the outlook caused by natural disasters and consumers' preference for thrift noted in the previous quarter, the full-year economic environment is described as showing a gradual recovery accompanied by improvements in corporate earnings, employment and private consumption. - FY2019-Q3SoftenedAnnual report
「During the nine-month period ended [the current third quarter], Japan's economy continued to show a gradual recovery, supported by improvements in corporate earnings and the employment environment, among other factors.」
In contrast to the uncertainty about the outlook caused by consumers' preference for thrift and natural disasters noted in the previous quarter, the economy is described as gradually recovering against a backdrop of improving corporate earnings and the employment environment. - FY2019-Q2WorsenedAnnual report
「Meanwhile, consumers continue to show a deep-rooted preference for thrift. In addition, successive natural disasters in Japan have raised concerns about their impact on the economy, and uncertainty about the outlook continues.」
In addition to consumers' preference for thrift, the economic impact of successive natural disasters in Japan has become an additional source of uncertainty, strengthening the recognition that the outlook is uncertain again. - FY2019-Q1SoftenedAnnual report
「During the three-month period ended [the current first quarter], Japan's economy showed signs of a gradual recovery, including improvements in corporate earnings and the employment environment, although private consumption remained resilient but lacked strength.」
The overall economy is described as gradually recovering against a backdrop of improving corporate earnings and the employment environment, while the language expressing uncertainty about the outlook has become less pronounced. At the same time, the company indicates that private consumption lacks strength. - FY2018RestatedAnnual report
「Accordingly, if the economy enters a recession unlike anything experienced before, the Group's results may be affected by a temporary decline in visitor numbers, among other factors.」
The company continues to recognize the risk that economic fluctuations may affect visitor numbers and its results. - FY2018-Q3SoftenedAnnual report
「During the nine-month period ended [the current third quarter], Japan's economy continued to show a gradual recovery, supported by improvements in corporate earnings and the employment environment, among other factors.」
In contrast to the previous description of an uncertain outlook, the economic environment this time is described as showing a gradual recovery, supported by improvements in corporate earnings and the employment environment. However, the company explicitly states that there were no significant changes in the Business and Other Risks section. - FY2018-Q2RestatedAnnual report
「In addition, uncertainty about the outlook continues, due to factors including U.S. policy and rising geopolitical risks in Asia.」
The company continues to view the outlook as uncertain, citing U.S. policy and rising geopolitical risks in Asia as factors. - FY2018-Q1RestatedAnnual report
「Meanwhile, conditions remain uncertain due to US policy developments and rising geopolitical risks in Asia, among other factors.」
The company continues to view the outlook as uncertain, citing US policy developments and rising geopolitical risks in Asia as factors in this disclosure. - FY2017-Q3RestatedAnnual report
「Meanwhile, conditions remained uncertain due in part to a sharp depreciation of the yen and a sharp rise in the stock market resulting from the US presidential election and other factors.」
The company continues to view the outlook as uncertain. This disclosure cites a sharp depreciation of the yen and a sharp rise in the stock market associated with the US presidential election and other factors. - FY2017-Q2WorsenedAnnual report
「Meanwhile, conditions remained uncertain due to the UK's EU withdrawal issue, concerns over a slowdown in emerging-market economies, including China, and the resulting volatility in foreign exchange and equity markets.」
In addition to the UK's withdrawal from the EU, concerns over a slowdown in emerging-market economies such as China and volatile foreign exchange and equity markets are cited as sources of uncertainty, broadening the range of risk factors described. - FY2017-Q1First statedAnnual report
「Corporate capital investment and personal consumption lacked strength, and the economy remained uncertain. In addition, following the decision for the UK to withdraw from the EU, the outlook is also expected to remain uncertain.」
The company describes uncertainty over the outlook against the backdrop of domestic economic conditions and the UK's decision to withdraw from the EU.