Slowing Emerging Markets, Falling Oil Prices, and Weak Consumer Spending
First written in FY2016. 17 of 36 entries say "Reframed", first in FY2017-Q1. Latest entry: 2026-08-07.
I.A Group 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: 160 of 184 companies on the "Worse" side.
84 other companies' latest entry also says "Worsened".
- FY2026-H1ReframedAnnual report
「During the interim consolidated accounting period, the employment and income environment improved and the economy showed signs of a gradual recovery. Although the rapid rise in prices has begun to ease, prices for some food products and other items continue to rise. In addition, the outlook for the domestic economy remains uncertain, as unstable international conditions and exchange-rate fluctuations associated with monetary policies in other countries require close monitoring of consumer sentiment.」
While indicating a recovery in economic activity and employment and income, the company identifies continued price increases for some food products and other items, together with unstable international conditions, exchange-rate fluctuations and the need to monitor consumer sentiment, as risk factors. - FY2025ReframedAnnual report
「During the fiscal year, economic activity normalised and employment and income showed signs of a gradual recovery. Although the rapid rise in prices has begun to ease, the outlook for the domestic economy remains uncertain, as unstable international conditions and exchange-rate fluctuations associated with monetary policies in other countries require close monitoring of consumer sentiment.」
The discussion has shifted from the rapid rise in prices to a focus on unstable international conditions, exchange-rate fluctuations and the need to monitor consumer sentiment, while indicating the normalisation of economic activity and employment and income. - FY2025-H1ReframedAnnual report
「During the interim consolidated accounting period, economic activity normalised and employment and income showed signs of a gradual recovery. Although the rapid rise in prices has begun to ease, the outlook for the domestic economy remains uncertain, as unstable international conditions and exchange-rate fluctuations associated with monetary policies in other countries require close monitoring of consumer sentiment.」
While indicating the normalisation of economic activity and recovery in employment and income, the company identifies unstable international conditions and exchange-rate fluctuations associated with monetary policies as sources of uncertainty for consumer sentiment and the domestic economy. - FY2024RestatedAnnual report
「During the fiscal year, Japan's economy showed signs of a gradual recovery in economic activity, partly because COVID-19 was reclassified as a Category V disease under the Infectious Diseases Control Law. However, surging resource and raw-material prices caused by exchange-rate fluctuations associated with monetary policies in other countries and the prolonged situation in Ukraine have affected consumer goods generally, and the outlook for the domestic economy remains uncertain.」
While the discussion has shifted from constraints caused by the infectious disease to a recovery in economic activity, the company continues to indicate uncertainty caused by the situation in Ukraine, exchange-rate fluctuations, and surging resource and raw-material prices. - FY2024-Q2ReframedAnnual report
「During the cumulative second quarter of the consolidated fiscal period, Japan's economy showed signs of a gradual recovery in economic activity, partly because COVID-19 was reclassified as a Category V disease under the Infectious Diseases Control Law. However, surging resource and raw-material prices caused by exchange-rate fluctuations associated with monetary policies in other countries and the prolonged situation in Ukraine have affected consumer goods generally, and the outlook for the domestic economy remains uncertain.」
While the reclassification of COVID-19 as a Category V disease under the Infectious Diseases Control Law has supported a recovery in economic activity, the prolonged situation in Ukraine, exchange-rate fluctuations associated with monetary policies, and surging resource and raw-material prices continue to be identified as sources of uncertainty for the domestic economy. - FY2023ReframedAnnual report
「During the fiscal year, Japan's economy gradually normalised as restrictions on activity and border-control measures were eased under the government's policy of balancing measures against infectious disease with socioeconomic activity. However, surging resource and raw-material prices caused by the prolonged situation in Ukraine and exchange-rate fluctuations associated with monetary policies in other countries have affected consumer goods generally, and the outlook for the domestic economy remains uncertain.」
The discussion has shifted from constraints caused by the infectious disease to the normalisation of economic activity, while the prolonged situation in Ukraine, exchange-rate fluctuations associated with monetary policies in other countries, and surging resource and raw-material prices are identified as new sources of uncertainty. - FY2023-Q3ReframedAnnual report
「During the cumulative third quarter of the consolidated fiscal period, Japan's economy gradually showed signs of normalising under the government's policy of balancing measures against infectious disease with socioeconomic activity, despite the impact of an increase in infections due to renewed spread. However, surging resource and raw-material prices caused by the prolonged situation in Ukraine and exchange-rate fluctuations associated with monetary policies in other countries have affected consumer goods generally, and the outlook for the domestic economy remains uncertain.」
While economic activity is gradually normalising despite the impact of renewed spread of the infectious disease, the company identifies the prolonged situation in Ukraine and surging resource and raw-material prices caused by exchange-rate fluctuations associated with monetary policies in other countries as sources of uncertainty for the domestic economy. - FY2023-Q2ReframedAnnual report
「During the cumulative second quarter of the consolidated fiscal period, Japan's economy gradually showed signs of normalising under the government's policy of balancing measures against infectious disease with socioeconomic activity, despite an increase in infections due to renewed spread. However, surging resource and raw-material prices caused by the prolonged situation in Ukraine and the rapid depreciation of the yen have affected consumer goods generally, and the outlook for the domestic economy remains uncertain.」
The discussion has shifted to progress in normalising economic activity despite the increase in infections due to their renewed spread, while the prolonged situation in Ukraine and surging resource and raw-material prices caused by the rapid depreciation of the yen continue to be identified as sources of uncertainty for the domestic economy. - FY2023-Q1ReframedAnnual report
「During the cumulative first quarter of the consolidated fiscal period, Japan's economy gradually showed signs of normalising as the number of new COVID-19 infections declined and restrictions on activity to prevent the spread of infection had been lifted. However, the prolonged situation in Ukraine and the rapid depreciation of the yen accelerated the rise in resource and raw-material prices, and concerns over the resulting impact on the economy mean that the outlook for the domestic economy remains uncertain.」
While indicating signs of normalisation following the decline in infections and lifting of restrictions on activity, the company identifies the prolonged situation in Ukraine and surging resource and raw-material prices caused by the rapid depreciation of the yen as new sources of uncertainty. - FY2022WorsenedAnnual report
「During the fiscal year, Japan's economy remained under severe conditions as the impact of COVID-19 persisted. Following the spread of new variants, states of emergency were declared and priority preventive measures were applied, restricting the movement of people and economic activity and prolonging the weakness in private consumption. With the impact of surging resource prices, including crude oil, and heightened geopolitical risks in Eastern Europe difficult to foresee, efforts to revive the domestic economy remained sluggish and the outlook continued to be extremely uncertain.」
In addition to the prolonged infectious disease and spread of variants, the company explicitly identifies surging resource prices, including crude oil, and geopolitical risks in Eastern Europe as new sources of uncertainty. - FY2022-Q3MaterialisedAnnual report
「The number of new infections fell sharply from September as vaccination rates increased, and economic activity showed signs of recovery. However, infections have recently been increasing at an unprecedented pace, and priority preventive measures have been reintroduced. The outlook for recovery in the domestic economy therefore remains extremely uncertain.」
Infections increased sharply again, resulting in the reintroduction of priority preventive measures. The delay in the domestic economic recovery and the uncertain outlook due to the infectious disease continue. - FY2022-Q2ReframedAnnual report
「During the cumulative second quarter of the consolidated fiscal period, Japan's economy remained under severe conditions as the impact of COVID-19 persisted. Following the renewed spread of infections, repeated states of emergency were declared and priority preventive measures were applied, restricting economic activity and causing private consumption to weaken, which prolonged the economic downturn. Although the number of infections has recently declined, concerns over renewed spread during the winter mean that the outlook for recovery in the domestic economy remains extremely uncertain.」
The company continues to cite the prolonged infectious disease, restrictions on economic activity under states of emergency and other measures, and weaker private consumption, while adding the recent decline in infections and the risk of renewed spread during the winter as new elements of the discussion. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter of the consolidated fiscal period, Japan's economy remained under severe conditions as the impact of COVID-19 persisted. In areas where infections were spreading again, states of emergency were declared and priority preventive measures were applied, with the periods extended depending on infection levels. The resulting decline in private consumption has prolonged the economic downturn. Although COVID-19 vaccination efforts have gathered pace, uncertainty over vaccine supply and the spread of variants means that the outlook for recovery in the domestic economy remains extremely uncertain.」
The company cites the prolonged impact of the infectious disease, its renewed spread, extensions of states of emergency and other measures, and weaker private consumption, together with uncertainty over vaccine supplies and variants. - FY2021MaterialisedAnnual report
「After the state of emergency was declared in April 2020, economic activity stagnated as local governments requested that people refrain from going out and businesses refrain from operating. The resulting sharp decline in private consumption caused corporate earnings to deteriorate significantly.」
The company states that the spread of infectious disease, the state of emergency, and the resulting decline in private consumption and deterioration in corporate earnings occurred as actual economic conditions during the full fiscal year. - FY2021-Q3MaterialisedAnnual report
「After the state of emergency was lifted, efforts were made to resume economic activity while preventing the spread of infectious disease. However, as the number of infections began increasing again from November 2020 and the end of the infectious disease outbreak remained unforeseeable, efforts to revive the domestic economy remained sluggish and the outlook continued to be extremely uncertain.」
The company describes the continuing increase in infections and uncertainty over containing the infectious disease, together with the sluggish recovery of the domestic economy. - FY2021-Q2MaterialisedAnnual report
「After the state of emergency was lifted, efforts were made to resume economic activity while preventing the spread of infectious disease. However, as the number of infections began increasing again and the end of the infectious disease outbreak remained unforeseeable, efforts to revive the domestic economy remained sluggish and the outlook continued to be extremely uncertain.」
The company states that the renewed increase in infections and the uncertain prospects for containing the infectious disease continue to make the outlook for private consumption and the domestic economy uncertain. - FY2021-Q1MaterialisedAnnual report
「Economic conditions deteriorated rapidly due to the spread of COVID-19. In particular, after the government issued the state of emergency in April, economic activity stagnated as local governments requested that people refrain from going out and businesses refrain from operating. The resulting sharp decline in private consumption caused corporate earnings to deteriorate significantly.」
The company states that the spread of infectious disease, the state of emergency, and the resulting decline in private consumption and deterioration in corporate earnings occurred as actual economic conditions. - FY2020ReframedAnnual report
「Although the employment and income environment improved, economic activity was severely constrained by requests from local governments to refrain from going out and conducting business, as well as the postponement or cancellation of events, as measures to prevent the spread of infectious diseases. Together with weaker consumer sentiment following the October 2019 consumption tax rate increase, successive natural disasters and increasing uncertainty over trade issues in overseas economies, this made the consumer environment during the October-March second half of the fiscal year extremely difficult.」
In addition to consumers' inclination to economise, natural disasters and trade issues, requests to refrain from going out and the postponement or cancellation of events as measures to prevent the spread of infectious diseases became actual causes of the deterioration in the consumer environment. - FY2020-Q3MaterialisedAnnual report
「Although the employment and income environment improved, consumer sentiment weakened following the consumption tax rate increase in October 2019. In addition, successive natural disasters and increasing uncertainty over trade issues in overseas economies made the consumer environment during the October-December third quarter consolidated accounting period extremely difficult.」
The weakening of consumer sentiment following the consumption tax rate increase is described as an actual cause of the difficult consumer environment, while previously cited uncertainties concerning private consumption, natural disasters and overseas economies are described as having materialised. - FY2020-Q2RestatedAnnual report
「Although the employment and income environment improved, consumers remained strongly inclined to economise due to concerns over rising prices. In addition, increasing uncertainty over trade issues in overseas economies made the outlook for private consumption uncertain.」
The company reconfirms concerns over rising prices, consumers' inclination to economise and uncertainty over trade issues in overseas economies as factors making the outlook for private consumption uncertain. - FY2020-Q1ReframedAnnual report
「Although the employment and income environment has improved gradually, consumers remain strongly inclined to economise due to concerns over rising prices. In addition, increasing uncertainty over trade issues in overseas economies has made the outlook for private consumption uncertain.」
In addition to consumers' inclination to economise and concerns over rising prices, the company identifies uncertainty over trade issues in overseas economies as a factor making the outlook uncertain. - FY2019ReframedAnnual report
「Although the employment and income environment has improved, consumers remain strongly inclined to economise due to concerns over rising prices. In addition, the impact of a succession of natural disasters and increasing uncertainty in overseas economies has made the outlook for private consumption uncertain.」
In addition to consumers' persistent inclination to economise, the impact of natural disasters and uncertainty in overseas economies, the company explicitly identifies concerns over rising prices as a source of uncertainty for private consumption. - FY2019-Q3ReframedAnnual report
「Although the employment and income environment has improved, consumers remain strongly inclined to economise. In addition, the impact of a succession of natural disasters and increasing uncertainty in overseas economies has made the outlook for private consumption uncertain.」
In addition to consumers' inclination to economise, the company explicitly identifies the impact of a succession of natural disasters and increasing uncertainty in overseas economies as factors making the outlook uncertain. - FY2019-Q2ReframedAnnual report
「Although the employment and income environment has improved, consumers remain strongly inclined to economise. In addition, the impact of a succession of natural disasters has made the outlook for private consumption uncertain.」
In discussing risks to private consumption, the company explicitly identifies the impact of a succession of natural disasters, in addition to consumers' persistent inclination to economise, as a source of uncertainty. The impact of the natural disasters is described as an event that has actually occurred. - FY2019-Q1RestatedAnnual report
「Although the employment and income environment has improved, consumers remain strongly inclined to economise, and the outlook for private consumption remains uncertain.」
Although the employment and income environment has improved, consumers remain strongly inclined to economise, and the company reconfirms that the outlook for private consumption is uncertain. - FY2018RestatedAnnual report
「Although the employment and income environment has improved, consumers remain strongly inclined to economise, and the outlook for private consumption remains uncertain.」
Although the employment and income environment has improved, consumers remain strongly inclined to economise, and the company reconfirms that the outlook for private consumption is uncertain. - FY2018-Q3RestatedAnnual report
「Although the employment and income environment has improved, consumers remain strongly inclined to economise, and the outlook for private consumption remains uncertain.」
Although the employment and income environment has improved, consumers remain strongly inclined to economise, and the company reconfirms that the outlook for private consumption is uncertain. - FY2018-Q2ReframedAnnual report
「Although the employment and income environment has improved, consumers remain strongly inclined to economise, and the outlook for private consumption remains uncertain.」
The discussion of risks to private consumption has shifted from the previous reference to a weak recovery to a focus on consumers' persistent inclination to economise and the uncertain outlook. - FY2018-Q1RestatedAnnual report
「Although the employment and income environment has improved, the recovery in private consumption remains weak, and the outlook continues to be uncertain.」
The company reiterates its view that, despite improvement in the employment and income environment, the recovery in private consumption is weak and the outlook is uncertain. - FY2017RestatedAnnual report
「Although the employment and income environment has improved, the recovery in private consumption remains weak, and the outlook continues to be uncertain.」
The company reiterates its view that, despite improvement in the employment and income environment, the recovery in private consumption is weak and the outlook is uncertain. - FY2017-Q3RestatedAnnual report
「Although employment and income have improved, the recovery in private consumption remains weak, and the outlook continues to be uncertain.」
The company reiterates the weak recovery in private consumption and the uncertain outlook. It also states that there have been no new risks or material changes in business and other risks. - FY2017-Q2ReframedAnnual report
「During the cumulative second quarter of the consolidated fiscal period, Japan's economy remained on a gradual recovery path, supported by the government's economic policies. However, disruption to the European economy following the UK's withdrawal from the EU and concerns over a slowdown in the Chinese economy continue to make the outlook uncertain. Although employment and income have improved, the recovery in private consumption remains weak.」
The company specifies the UK's EU withdrawal issue as disruption to the European economy, and reorganises its discussion around concerns over a slowdown in the Chinese economy and the weak recovery in private consumption as sources of uncertainty. - FY2017-Q1ReframedAnnual report
「However, the outlook remains uncertain due to concerns over the UK's withdrawal from the EU and an economic slowdown in emerging markets. Although the employment and income environment has improved, private consumption remains lacklustre.」
In addition to the previously cited emerging-market slowdown and weak private consumption, the company identifies the UK's EU withdrawal issue as a source of uncertainty. The previous filing did not mention falling crude oil prices. - FY2016First statedAnnual report
「However, the outlook remains uncertain due to the slowdown in emerging-market economies, including China, and falling crude oil prices. Although employment and income conditions have improved, the recovery in private consumption lacks strength because real wages have risen only modestly.」
The company identifies economic conditions and weak consumer spending as external risks.