Stagnant capital investment and an uncertain outlook due to yen appreciation, falling share prices and slowing overseas economies
First written in FY2016-Q3. 15 of 36 entries say "Restated". Latest entry: 2026-11-13.
The whole theme swung hardest in 2022: 128 of 169 companies on the "Worse" side.
- FY2025RestatedAnnual report
「However, the outlook for the economy remained uncertain and the situation remained difficult to predict due to the prolonged Russia-Ukraine situation, issues in the Middle East, an economic downturn in China, instability in foreign exchange markets and various policy changes by the US Trump administration.」
In FY2025, the company continued to cite uncertainty about the outlook due to the Russia-Ukraine situation, issues in the Middle East, the Chinese economy, foreign exchange markets and policy changes by the US administration. - FY2025-H1WorsenedAnnual report
「However, the outlook for the economy remained uncertain and the situation remained difficult to predict due to the prolonged Russia-Ukraine situation, issues in the Middle East, an economic downturn in China, instability in foreign exchange markets and various policy changes by the US Trump administration.」
In addition to the previously cited situation in Ukraine, issues in the Middle East and China's economic downturn, instability in foreign exchange markets and policy changes by the US Trump administration were explicitly identified as factors contributing to uncertainty about the outlook. - FY2024WorsenedAnnual report
「However, the outlook for the economy remained uncertain and the situation remained difficult to predict due to the adverse effects of the prolonged conflict in Ukraine, issues in the Middle East and an economic downturn in China.」
In addition to the previously cited conflict in Ukraine and soaring raw-material and energy prices, issues in the Middle East and an economic downturn in China were explicitly identified as factors contributing to uncertainty about the outlook. - FY2024-Q2ReframedAnnual report
「During the second quarter of the fiscal year under review, signs of an economic recovery emerged. However, uncertainty surrounding the economic outlook continued, and the situation remained difficult to predict, due to rising prices resulting from soaring raw-material and energy prices amid the prolonged invasion of Ukraine.」
Although signs of an economic recovery were indicated, the company cited uncertainty due to the prolonged invasion of Ukraine, soaring raw-material and energy prices and rising prices. In the industry section, the expansion of international conflicts and stagnation in the Chinese economy were also explicitly identified as negative factors, while the previous quarter's reference to the failure of US financial institutions was removed. - FY2024-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, signs of an economic recovery emerged. However, the outlook remained uncertain and the situation remained difficult to predict due to soaring raw-material and energy prices resulting from the prolonged invasion of Ukraine and the failure of financial institutions in the United States.」
Although signs of an economic recovery were indicated, uncertainty about the outlook due to soaring raw-material and energy prices resulting from the prolonged invasion of Ukraine and the failure of financial institutions in the United States continued to be cited, as in the previous quarter. - FY2023-Q3WorsenedAnnual report
「During the third quarter of the fiscal year under review, progress in COVID-19 vaccinations led to signs of an economic recovery. However, the outlook remained uncertain and the situation remained difficult to predict due to soaring raw-material and energy prices resulting from the prolonged invasion of Ukraine and the failure of financial institutions in the United States.」
Although signs of an economic recovery were indicated, soaring raw-material and energy prices resulting from the prolonged invasion of Ukraine were explicitly identified, and uncertainty about the outlook continued alongside the failure of financial institutions in the United States. - FY2023-Q2WorsenedAnnual report
「During the second quarter of the fiscal year under review, progress in COVID-19 vaccinations led to signs of an economic recovery. However, the outlook remained uncertain and the situation remained difficult to predict due to Russia's invasion of Ukraine, rising prices and the failure of financial institutions in the United States.」
Although signs of an economic recovery were indicated, the failure of financial institutions in the United States was newly identified as a factor contributing to uncertainty about the outlook, in addition to the previously cited invasion of Ukraine and rising prices. - FY2023-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, the spread of COVID-19 caused deteriorating corporate earnings and slowing personal consumption in Japan. Although COVID-19 vaccinations were progressing, infection rates had not yet improved. While the economy was beginning to recover, the outlook remained uncertain and the situation remained difficult to predict, given the future course of COVID-19 in Japan and overseas, continuing global tensions resulting from Russia's invasion of Ukraine and rising prices.」
COVID-19, Russia's invasion of Ukraine and uncertainty about the outlook due to rising prices continue to be cited. These risks remain within the scope of the risk factors identified through the previous fiscal year, and substantive changes are limited. - FY2022WorsenedAnnual report
「Although the economy was beginning to recover, the outlook remained uncertain and the situation remained difficult to predict, given the future course of COVID-19 in Japan and overseas and soaring global energy and raw-material prices resulting from Russia's invasion of Ukraine.」
In addition to COVID-19 and the invasion of Ukraine, soaring global energy and raw-material prices were explicitly identified as factors contributing to uncertainty about the outlook. - FY2022-Q3RestatedAnnual report
「Although the economy was beginning to recover, the outlook remained uncertain and the situation remained difficult to predict, given the future course of COVID-19 in Japan and overseas and continuing global tensions resulting from Russia's invasion of Ukraine.」
COVID-19 and the global tensions resulting from Russia's invasion of Ukraine continued to be cited as factors contributing to uncertainty about the outlook, as in the previous quarter. - FY2022-Q2WorsenedAnnual report
「The outlook remains uncertain and the situation remains difficult to predict, given the future course of COVID-19 in Japan and overseas, its impact on the domestic economy and continuing global tensions resulting from Russia's invasion of Ukraine.」
In addition to COVID-19 and its impact on the domestic economy, global tensions resulting from Russia's invasion of Ukraine were newly identified as a factor contributing to uncertainty about the outlook. - FY2022-Q1WorsenedAnnual report
「Although progress in COVID-19 vaccinations and the containment of infections suggested that the economy was beginning to recover, the situation changed completely due to the emergence of the Omicron variant. The outlook remains uncertain and the situation remains difficult to predict, given the future course of COVID-19 in Japan and overseas and its impact on the domestic economy.」
Although the company indicated signs of an economic recovery due to progress in vaccinations and the containment of infections, it emphasized again that the situation had changed completely due to the emergence of the Omicron variant, reinforcing uncertainty about the outlook, including for the domestic economy. - FY2021RestatedAnnual report
「During the fiscal year under review, the spread of COVID-19 caused a sharp contraction in Japan's economy, through deteriorating corporate earnings and slowing personal consumption, and had a significant impact on the global economy. Although economic activity gradually resumed and the economy began to recover moderately, economic activity stagnated again following the declaration of a state of emergency, and the outlook remained uncertain.」
The economic contraction caused by COVID-19, the renewed stagnation of economic activity following the declaration of a state of emergency and uncertainty about the outlook continued to be cited throughout the fiscal year. - FY2021-Q3RestatedAnnual report
「During the third quarter of the fiscal year under review, the spread of COVID-19 caused a sharp contraction in Japan's economy, through deteriorating corporate earnings and slowing personal consumption, and had a significant impact on the global economy. Although economic activity gradually resumed and the economy began to recover moderately, economic activity stagnated again following the declaration of a state of emergency, and the outlook remained uncertain. The outlook remains uncertain and the situation remains difficult to predict, given the future course of COVID-19 in Japan and overseas and its impact on the domestic economy.」
The company continued to cite, as in the previous quarter, the economic contraction caused by COVID-19, the renewed stagnation of economic activity following the declaration of a state of emergency and uncertainty about the outlook due to the course of the pandemic in Japan and overseas. No quantitative estimate of the impact of these risks was provided. - FY2021-Q2WorsenedAnnual report
「Although economic activity gradually resumed and the economy began to recover moderately, economic activity stagnated again following the declaration of a state of emergency, and the outlook remained uncertain. The outlook remains uncertain and the situation remains difficult to predict, given the future course of COVID-19 in Japan and overseas and its impact on the domestic economy.」
The company stated that, although economic activity temporarily began to recover, it stagnated again following the declaration of a state of emergency, and that uncertainty about the outlook continues. - FY2021-Q1ReframedAnnual report
「During the first quarter of the fiscal year under review, the spread of COVID-19 caused a sharp contraction in Japan's economy, through deteriorating corporate earnings and slowing personal consumption, and had a significant impact on the global economy. The outlook remains uncertain and the situation remains difficult to predict, given the future course of COVID-19 in Japan and overseas and its impact on the domestic economy.」
As the economic contraction caused by COVID-19 continued, the company explicitly cited deteriorating corporate earnings, slowing personal consumption and the impact on the domestic economy. The wording has changed from a focus on uncertainty surrounding overseas economies and trade friction to one that includes the impact on the domestic economy. - FY2020RestatedAnnual report
「During the fiscal year under review, Japan's economy entered a gradual recovery phase, supported by improvements in employment conditions and capital investment. However, the outlook remained uncertain as US-China trade friction affected the global economy. In addition, the spread of COVID-19 caused a sharp contraction in the economy and had a significant impact on the global economy.」
Uncertainty due to US-China trade friction and the impact of COVID-19 on the economy and the global economy continued to be cited throughout the fiscal year. - FY2020-Q3WorsenedAnnual report
「During the third quarter of the fiscal year under review, Japan's economy entered a gradual recovery phase, supported by improvements in employment conditions and capital investment. However, the outlook remained uncertain as US-China trade friction affected the global economy. In addition, the spread of COVID-19 caused a sharp contraction in the economy and had a significant impact on the global economy.」
Amid continuing uncertainty due to US-China trade friction, the wording regarding the economy's response to COVID-19 changed from "sharp slowdown" in the previous quarter to "sharp contraction," while the impact on the global economy continues to be cited. - FY2020-Q2WorsenedAnnual report
「During the second quarter of the fiscal year under review, Japan's economy entered a gradual recovery phase, supported by improvements in employment conditions and capital investment. However, the outlook remained uncertain as US-China trade friction affected the global economy. In addition, the spread of COVID-19 caused a sharp economic slowdown and had a significant impact on the global economy.」
In addition to the previously cited uncertainty due to US-China trade friction, the company explicitly identified the sharp economic slowdown caused by the spread of COVID-19 and its significant impact on the global economy. - FY2020-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, Japan's economy entered a gradual recovery phase, supported by improvements in employment conditions and capital investment. However, the outlook remained uncertain as US-China trade friction affected the global economy.」
Although the company indicated improvements in employment conditions and capital investment, it continues to cite the impact of US-China trade friction on the global economy and uncertainty about the outlook. - FY2019ReframedAnnual report
「During the fiscal year under review, Japan's economy remained on a gradual recovery path, with continued increases in capital investment and improvements in employment and income conditions. However, the outlook remained uncertain due to the impact of US-China trade friction on the global economy, deteriorating Japan-South Korea relations and a slowdown in the Chinese economy.」
Although the company indicated improvements in capital investment and employment and income conditions, the factors contributing to uncertainty about the outlook have been specified as US-China trade friction, deteriorating Japan-South Korea relations and a slowdown in the Chinese economy. - FY2019-Q3RestatedAnnual report
「During the third quarter of the fiscal year under review, Japan's economy entered a gradual recovery phase, supported by improvements in employment conditions and corporate earnings. However, the outlook remained uncertain due to US-China trade friction and the issue of the United Kingdom's withdrawal from the EU.」
Although the company indicated improvements in employment conditions and corporate earnings, it continues to cite uncertainty about the outlook due to US-China trade friction and the issue of the United Kingdom's withdrawal from the EU. - FY2019-Q2ReframedAnnual report
「During the second quarter of the fiscal year under review, Japan's economy entered a gradual recovery phase, supported by improvements in employment conditions and corporate earnings. However, the outlook remained uncertain due to US-China trade friction and the issue of the United Kingdom's withdrawal from the EU.」
The factors contributing to uncertainty about the outlook have changed from the previously cited policies of the new US administration and geopolitical risks in Asia to US-China trade friction and the issue of the United Kingdom's withdrawal from the EU. - FY2019-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, Japan's economy entered a gradual recovery phase, supported by improvements in employment conditions and corporate earnings. However, the outlook remained uncertain due to the policies of the new US administration and geopolitical risks in Asia.」
Although the company indicated improvements in employment conditions and corporate earnings, it continues to cite uncertainty about the outlook due to the policies of the new US administration and geopolitical risks in Asia. - FY2018RestatedAnnual report
「During the fiscal year under review, Japan's economy entered a gradual recovery phase, supported by the government's economic policies and the Bank of Japan's monetary easing measures. Although personal consumption remained flat, corporate earnings and employment conditions improved. Overseas, the outlook remained uncertain due to developments in the policies of the new US administration, stagnation in emerging-market economies and geopolitical risks.」
The company continues to cite improvements in corporate earnings and employment conditions, while also citing uncertainty about the outlook due to the new US administration, emerging-market economies and geopolitical risks. - FY2018-Q3ReframedAnnual report
「However, the outlook remained uncertain due to the policies of the new US administration, political developments in Europe and geopolitical risks in Asia.」
In addition to the previously cited policies of the new US administration and geopolitical risks in Asia, political developments in Europe were explicitly identified as a factor contributing to uncertainty about the outlook. - FY2018-Q2RestatedAnnual report
「However, the outlook remained uncertain due to the policies of the new US administration and geopolitical risks in Asia.」
The company continues to cite uncertainty about the outlook due to the policies of the new US administration and geopolitical risks in Asia, as in the previous quarter. - FY2018-Q1ReframedAnnual report
「During the first quarter of the fiscal year under review, Japan's economy entered a gradual recovery phase, supported by improvements in employment conditions and corporate earnings. However, the outlook remained uncertain due to the policies of the new US administration and geopolitical risks in Asia.」
The company continues to cite the policies of the new US administration and geopolitical risks as the previous areas of concern, while specifying Asia as the region affected by the geopolitical risks and no longer mentioning stagnation in emerging-market economies. - FY2017ReframedAnnual report
「During the fiscal year under review, Japan's economy entered a gradual recovery phase, supported by the government's economic policies and the Bank of Japan's monetary easing measures. Although personal consumption remained flat, corporate earnings and employment conditions improved. Overseas, the outlook remained uncertain due to developments in the policies of the new US administration, stagnation in emerging-market economies and geopolitical risks.」
Although the company indicated improvements in corporate earnings and employment conditions, it explicitly identified the new US administration, emerging-market economies and geopolitical risks as factors contributing to uncertainty about the outlook. - FY2017-Q3RestatedAnnual report
「During the third quarter of the fiscal year under review, Japan's economy entered a gradual recovery phase, supported by the government's economic policies and the Bank of Japan's monetary easing measures. Although personal consumption remained flat, corporate earnings and employment conditions improved. Overseas, the outlook remained uncertain due to developments in the policies of the new US administration and stagnation in emerging-market economies.」
Although corporate earnings and employment conditions improved, uncertainty about the outlook due to developments in the policies of the new US administration and stagnation in emerging-market economies continues to be cited. - FY2017-Q2ReframedAnnual report
「During the second quarter of the fiscal year under review, Japan's economy entered a gradual recovery phase, supported by the government's economic policies and the Bank of Japan's monetary easing measures. Although personal consumption remained flat, capital investment and employment conditions improved. Overseas, the outlook remained uncertain due to developments in the policies of the new US administration and stagnation in emerging-market economies.」
The factors contributing to uncertainty about the outlook have changed from the United Kingdom's withdrawal from the EU, the Chinese economy and the yen in the previous quarter to developments in the policies of the new US administration and stagnation in emerging-market economies. - FY2017-Q1ReframedAnnual report
「During the first quarter of the fiscal year under review, Japan's economy entered a gradual recovery phase, supported by the government's economic policies and the Bank of Japan's monetary easing measures. Although personal consumption remained flat, capital investment and employment conditions improved. Overseas, the outlook remained uncertain due to the issue of the United Kingdom's withdrawal from the EU, the risk of a slowdown in the Chinese economy and the sharp depreciation of the yen following the US presidential election.」
The wording has changed from the previous focus on stagnant capital investment and yen appreciation and falling share prices to a focus on improving capital investment and uncertainty surrounding the outlook due to the United Kingdom's withdrawal from the EU, the risk of a slowdown in the Chinese economy and the sharp depreciation of the yen. - FY2016RestatedAnnual report
「During the fiscal year under review, Japan's economy showed signs of a gradual recovery, supported by the government's economic policies and the Bank of Japan's monetary easing measures. Although personal consumption remained flat, capital investment stagnated. Overseas, the outlook remained uncertain due to concerns about a slowdown in the Chinese economy and the issue of the United Kingdom's withdrawal from the EU.」
Stagnant capital investment and uncertainty surrounding overseas economies continue to be cited as concerns in the business environment. The overseas factors have been specified as including the issue of the United Kingdom's withdrawal from the EU, in addition to the Chinese economy. - FY2016-Q3First statedAnnual report
「Overseas, the outlook also remains uncertain due to expectations of higher interest rates in the United States and concerns about a slowdown in the Chinese economy.」
The company identifies stagnant capital investment resulting from yen appreciation and falling share prices, as well as uncertainty surrounding overseas economies, as business-environment risks.