Downside to Demand from Overseas Economic Slowdown, Yen Appreciation and Consumption Tax Increase
First written in FY2016. 13 of 37 entries say "Worsened", first in FY2019-Q2. Latest entry: 2026-11-10.
The Lead Co. moved to the "Worse" side of this theme in 2019, 1 year before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 35 of 44 companies on the "Worse" side.
13 other companies' latest entry also says "Restated".
- FY2026WorsenedAnnual report
「The outlook for the economy remains uncertain due to the prolonged geopolitical risks arising from the deteriorating situation in the Middle East and other factors, soaring resource and energy prices, and foreign exchange fluctuations.」
In addition to the existing uncertainties surrounding overseas economies, foreign exchange rates and resource prices, the prolonged geopolitical risks, including the deteriorating situation in the Middle East, were explicitly identified. - 2026-05-15WorsenedResults
「中東情勢の悪化等地政学リスクの長期化や資源エネルギー価格の高騰、米国の通商政策、国内の物価上昇等の影響により、景気の先行きは依然として不透明な状況が続いております。」
地政学リスク、資源エネルギー価格、米国の通商政策、国内物価上昇を不透明要因として継続記載した。 - FY2026-H1WorsenedAnnual report
「During the interim accounting period, Japan's economy continued on a moderate recovery track amid improvements in employment and income conditions. However, the outlook remained uncertain due to rising downside risks to the economy caused by soaring resource prices, US trade policy, and exchange rates, among other factors.」
While a moderate economic recovery was noted, the company explicitly identified rising downside risks to the economy from soaring resource prices, US trade policy, and exchange rates. - FY2025WorsenedAnnual report
「The outlook remained uncertain as the impact of soaring resource prices and exchange-rate fluctuations continued, and concerns emerged about downside risks to the economy due to the impact of US tariff measures, among other factors.」
In addition to the traditional sources of uncertainty related to overseas economies, exchange rates, and resource prices, the company newly identified downside risks to the economy from US tariff measures. - FY2025-H1RestatedAnnual report
「During the interim accounting period, Japan's economy continued to recover moderately amid improvements in employment and income conditions. However, the outlook remained uncertain due to unstable international conditions and persistently high energy and raw material prices, among other factors.」
While a moderate recovery trend in the economy was noted, uncertainty about the outlook due to unstable international conditions and persistently high energy and raw material prices continued. - FY2024RestatedAnnual report
「If an infectious disease such as COVID-19, before the reclassification to Category 5, emerges and spreads, sales are expected to decline substantially due to the suspension of operations or production adjustments at major customer SUBARU CORPORATION and stagnation in economic activity among customers for the company's products.」
The risk of suspension of operations and production adjustments at major customers, and stagnation in sales of the company's products, due to a renewed infectious disease outbreak continues. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy is believed to have continued on a moderate recovery track, with personal consumption recovering amid improvements in employment and income conditions and the effects of various government policies, although some areas showed signs of stagnation.」
While an economic recovery was noted due to improvements in employment and income conditions and the recovery in personal consumption, uncertainty about the outlook due to component supply constraints, yen depreciation, and persistently high energy and raw material prices continued. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter, Japan's economy recovered moderately as personal consumption and capital investment recovered amid improvements in employment and income conditions and the effects of various government policies. However, while supply constraints for components and raw materials, including semiconductors, were easing, the outlook remained uncertain due to disruptions to the flow of goods and funds caused by Russia's invasion of Ukraine and persistently high energy and raw material prices resulting from the continued depreciation of the yen, among other factors.」
While recovery in employment and income conditions, personal consumption, and capital investment was noted, uncertainty due to the situation in Ukraine, yen depreciation, supply constraints, and persistently high energy and raw material prices continued. - FY2024-Q1Economic recovery alongside persistently high energy and raw material pricesAnnual report
「During the cumulative first quarter, Japan's economy recovered moderately as personal consumption and capital investment recovered amid improvements in employment and income conditions and the effects of various government policies. However, while supply constraints for components and raw materials, including semiconductors, were easing, the outlook remained uncertain due to persistently high energy and raw material prices, among other factors.」
While an economic recovery was noted due to improvements in employment and income conditions and the recovery in personal consumption and capital investment, uncertainty about the outlook remained due to persistently high energy and raw material prices, among other factors. - FY2023-Q3Economic recovery alongside uncertainty from the spread of infection in China and rising pricesAnnual report
「During the cumulative third-quarter period, Japan's economy showed a gradual recovery, supported in part by the effects of various policies under the living-with-COVID approach. However, the outlook remains uncertain due to continued global semiconductor shortages, the rapid depreciation of the yen associated with the situation in Ukraine, rising prices including raw-material prices, and the spread of COVID-19 in China.」
While an economic recovery was noted, the semiconductor shortage, sharp yen depreciation, rising raw material prices, and the spread of infection in China were also cited as sources of uncertainty about the outlook. - FY2023-Q2RestatedAnnual report
「During the cumulative second-quarter period, Japan's economy showed signs that economic activity was gradually recovering as the severe conditions caused by COVID-19 eased. However, the outlook remains uncertain due to concerns about a resurgence of COVID-19, the rapid depreciation of the yen associated with global semiconductor shortages and the situation in Ukraine, and rising raw-material and crude-oil prices.」
While the impact of infectious diseases eased somewhat and signs of recovery emerged, the renewed spread of infection, the semiconductor shortage, sharp yen depreciation, and higher resource prices continued to be sources of uncertainty about the outlook. - FY2023-Q1Economic recovery alongside supply and cost concernsAnnual report
「While the difficult conditions caused by COVID-19 eased and signs of recovery emerged, the outlook remained uncertain as corporate activity continued to be affected by the global semiconductor shortage, sharp yen depreciation associated with the situation in Ukraine, rising raw material and crude oil prices, and COVID-19-related lockdowns in major Chinese cities, among other factors.」
While the impact of infectious diseases on economic activity eased somewhat and the economy showed signs of recovery, uncertainty in the demand and production environment persisted due to the semiconductor shortage, sharp yen depreciation, higher resource prices, and lockdowns in China. - FY2022ReframedAnnual report
「If infectious diseases such as COVID-19 emerge and spread, and the suspension of operations or production adjustments at major customer SUBARU CORPORATION, or prolonged stagnation of economic activity among customers for the company's products, continues, sales are expected to decline substantially.」
In addition to traditional demand risks related to overseas economies, yen appreciation, and consumption taxes, the company identified as a separate risk the suspension of operations and production adjustments by major customers and stagnation in sales of its products resulting from a prolonged infectious disease outbreak. - FY2022-Q3MitigatedAnnual report
「During the cumulative third quarter, economic conditions showed signs of recovery as the difficult situation caused by COVID-19 gradually eased after the state of emergency and quasi-emergency measures were lifted nationwide on 1 October. However, the outlook remained uncertain due to concerns about the renewed spread of infection.」
After the state of emergency and other measures were lifted, the economy recovered and difficult conditions eased, partly reducing the risks associated with overseas economies and downside demand conditions. However, concerns about the renewed spread of infection and uncertainty about the outlook remained. - FY2022-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy remained in a difficult situation due to the impact of COVID-19, but recovery continued, supported by improvements in capital investment, housing construction, production, and other areas. However, the pace of recovery was weakening.」
The company stated that the economy continued to recover, but at a slower pace, and that uncertainty about the recovery in the demand and production environment persisted. - FY2021WorsenedAnnual report
「Japan's economy remained in a difficult situation due to the worsening US-China trade friction and the impact of COVID-19. Although the recovery continued, some weakness remained, and the economy was in a situation where a full-scale recovery would take time.」
While acknowledging the economic recovery, the company stated that difficult conditions continued due to US-China trade friction and the impact of COVID-19, and that a full-scale recovery would take time. - FY2021-Q3Economic recovery and renewed spread of infection occurring simultaneouslyAnnual report
「After the state of emergency was lifted, economic activity gradually resumed and the economy had begun to recover, led by personal consumption and exports. However, the outlook remained uncertain amid the renewed spread of COVID-19.」
While recovery in economic activity, personal consumption, and exports after the state of emergency was lifted was noted, uncertainty about the outlook persisted due to the renewed spread of COVID-19. The easing of downside risks to demand and factors driving renewed deterioration coexisted. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter, the economy deteriorated rapidly as economic and consumer activity contracted sharply due to the global spread of COVID-19, in addition to the sense of an economic downturn caused by the worsening US-China trade friction and the consumption tax hike in the previous year.」
The company stated that economic and consumer activity contracted sharply and the economy deteriorated rapidly due to US-China trade friction, the consumption tax hike, and the spread of COVID-19. Although the economy recovered after the state of emergency was lifted, uncertainty persisted because there was no clear prospect of containing the spread of infection. - FY2021-Q1MaterialisedAnnual report
「During the cumulative first quarter, Japan's economy stagnated as the declaration of a state of emergency due to the spread of COVID-19, restrictions on going out, requests for business closures, and other factors caused production, exports, and other economic indicators to deteriorate broadly. The impact of COVID-19 continued, and the outlook remained uncertain.」
The downside risks to demand and production previously identified materialised in the form of the spread of COVID-19, the declaration of a state of emergency, and the stagnation of economic activity caused by restrictions on going out and requests for business closures. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter, personal consumption continued to recover moderately due to favourable employment conditions and wage growth, and capital investment was on an upward trend against the backdrop of high corporate earnings. However, manufacturing production struggled to grow amid sluggish exports, particularly to China, and the outlook remained uncertain regarding overseas economies and the direction of domestic demand following the consumption tax hike. Domestic passenger-car production, which has a significant impact on our sales, declined 11.9% year on year in October, 9.1% in November, and 8.4% in December, although major customers were tending to increase production.」
The company cited sluggish exports to China and stagnation in manufacturing production, while domestic passenger-car production declined year on year from October through December. Although major customers were tending to increase production, uncertainty in the demand and production environment had intensified from the previous quarter. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter, personal consumption continued to recover moderately due to favourable employment conditions and wage growth, and capital investment was on an upward trend against the backdrop of high corporate earnings. However, manufacturing production struggled to grow amid sluggish exports, particularly to China, and the outlook remained uncertain regarding overseas economies and the direction of domestic demand following the consumption tax hike.」
While a recovery in personal consumption and capital investment was cited, the company explicitly noted sluggish exports to China and stagnation in manufacturing production. Compared with the previous quarter's description of a recovery trend and solid exports, uncertainty in the demand and production environment has increased. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter, Japan's economy continued on a moderate recovery track, supported by capital investment and personal consumption, although production and exports slowed due to the slowdown in overseas economies, particularly China. However, the outlook remains uncertain regarding overseas economies and the direction of domestic demand following the consumption tax hike.」
The slowdown in overseas economies, particularly China, was reflected in slower production and exports, while domestic demand following the consumption tax hike continued to be a source of uncertainty. A recovery trend was also noted, so the overall risk structure remained broadly unchanged. - FY2019WorsenedAnnual report
「Japan's economy has continued on a moderate recovery track, but uncertainty about the outlook has increased as production and exports slowed due to a slowdown in overseas economies.」
While citing a recovery trend in the economy, the company stated that production and exports slowed due to the slowdown in overseas economies, increasing uncertainty. - FY2019-Q3WorsenedAnnual report
「The outlook remains uncertain as rising uncertainty in the global economy, including trade friction originating in the US and the slowdown in China's economy, has caused signs of weakness in exports and capital investment. Domestic passenger-car production, which has a significant impact on our sales, rose 6.7% year on year in October, 5.0% in November, and declined 0.6% in December.」
In addition to trade friction, the company identified China's economic slowdown as a new source of uncertainty and stated that exports and capital investment were showing signs of weakness. Domestic passenger-car production also declined 0.6% year on year in December, and uncertainty in the demand environment persisted. - FY2019-Q2WorsenedAnnual report
「The outlook remains uncertain as rising uncertainty in the global economy, including trade friction, has caused signs of a slowdown in corporate performance. Domestic passenger-car production, which has a significant impact on our sales, declined 2.1% year on year in July, was unchanged at ±0.0% in August, and declined 5.9% in September.」
Compared with the recovery trend described through the previous quarter, the company indicated greater uncertainty due to trade friction and signs of a slowdown in corporate performance. Domestic passenger-car production also declined year on year in July and September, indicating a deterioration in the environment for demand. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter, Japan's economy continued on a moderate recovery track, with exports, production, and capital investment remaining solid against the backdrop of global economic expansion and personal consumption showing signs of recovery. However, concerns about an economic slowdown have emerged due to global trade friction, higher resource prices, and other factors.」
While the company cited global economic expansion and a recovery trend in the domestic economy, it continued to note concerns about an economic slowdown due to global trade friction and higher resource prices. - FY2018ReframedAnnual report
「Japan's economy continued on a moderate recovery track, with production and exports remaining strong against the backdrop of a robust global economy and personal consumption showing signs of recovery supported by improving employment and income conditions. However, the outlook remains uncertain as global trade friction has emerged, upward pressure on interest rates has intensified, and resource prices have risen.」
The description shifted from downside risks to demand due to the slowdown in overseas economies and yen appreciation to a recovery trend in the economy, while identifying trade friction, upward pressure on interest rates, and higher resource prices as new sources of uncertainty. - FY2018-Q3MitigatedAnnual report
「During the cumulative third quarter, Japan's economy continued on a moderate recovery track, with production and exports remaining strong against the backdrop of a robust global economy, while personal consumption also showed signs of recovery due to favourable employment conditions and rising share prices. Domestic passenger-car production, which has a significant impact on our sales, rose 6.2% year on year in October, declined 0.1% in November, and rose 1.1% in December.」
The global economy, production and exports, and personal consumption were on a recovery track, while domestic passenger-car production rose year on year in October and December. The economic environment indicating downside risks to demand continued to improve. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter, Japan's economy continued on a moderate recovery track, as production and exports recovered along with the global economy, employment conditions improved, and housing investment strengthened due to the effects of monetary easing. Domestic passenger-car production, which has a significant impact on our sales, continued to increase, rising 2.0% year on year in July, 6.9% in August, and 2.4% in September.」
The company continued to cite a recovering global economy, a recovery in production and exports, improved employment conditions, and increased domestic passenger-car production. The weakening of downside risks to demand identified in the previous quarter continued. - FY2018-Q1MitigatedAnnual report
「During the cumulative first quarter, Japan's economy continued on a moderate recovery track, as production and exports recovered along with the global economy, and personal consumption also brightened amid improvements in employment and income conditions. Domestic passenger-car production, which has a significant impact on our sales, continued to increase, rising 16.8% year on year in April, 7.2% in May, and 8.9% in June.」
Compared with the stagnation previously attributed to the slowdown in overseas economies and yen appreciation, the company cited a recovery in the global economy, a recovery in production and exports, and increased domestic passenger-car production, indicating that downside factors for demand had weakened during the quarter. - FY2017RestatedAnnual report
「During the fiscal year, Japan's economy remained stagnant in the first half, with production and exports struggling to grow and personal consumption remaining weak amid uncertainty in overseas economies, including the slowdown in emerging-market economies and the UK's decision to leave the EU. In the second half, production and exports showed signs of recovery and personal consumption also brightened as the global economy improved against the backdrop of recovering resource prices, but the outlook remains uncertain as unstable conditions overseas caused substantial volatility in exchange rates and share prices.」
While a partial recovery in the second half of the fiscal year was noted, uncertainty about the outlook due to conditions overseas and exchange-rate and share-price volatility has persisted. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy remained stagnant in the first half, with production and exports struggling to grow and personal consumption remaining weak amid uncertainty in overseas economies, including the slowdown in emerging-market economies and the UK's decision to leave the EU. In the second half, some production, exports, and consumption showed signs of recovery due to yen depreciation following the US presidential election, but the outlook remains uncertain as unstable conditions overseas caused greater volatility in exchange rates and share prices.」
The stagnation caused by the slowdown in overseas economies and the UK's decision to leave the EU in the first half was followed by a partial recovery in the second half due to yen depreciation and other factors, but uncertainty about the outlook has persisted amid exchange-rate and share-price volatility and unstable conditions overseas. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter, Japan's economy remained stagnant, with production and exports struggling to grow and personal consumption remaining weak due to the slowdown in emerging-market economies and yen appreciation.」
The slowdown in emerging-market economies and yen appreciation continued to weigh on production and exports, while personal consumption remained weak. Domestic passenger-car production was down 2.6% year on year in July, up 9.6% in August, and up 2.7% in September. - FY2017-Q1MaterialisedAnnual report
「The slowdown in emerging-market economies and the appreciation of the yen affected exports and production, while signs of weakness also emerged in capital investment and personal consumption. In addition, the UK's decision to leave the EU increased uncertainty about the outlook for the global economy.」
The effects of the slowdown in emerging-market economies and yen appreciation appeared in exports and production, while the UK's decision to leave the EU increased uncertainty. Domestic passenger-car production remained sluggish, declining 7.7% year on year in April, rising 2.8% in May, and declining 0.6% in June. - FY2016First statedAnnual report
「Uncertainty about the outlook is intensifying due to the slowdown in overseas economies, particularly China, the resulting declines in exports and production caused by yen appreciation, and the impact of the consumption tax hike on domestic demand, among other factors.」
Overseas economies, exchange rates, and domestic taxation are cited as downside factors for demand and production.