Slowdown in Emerging Asian Economies and Uncertainty over the Economic Environment
First written in FY2017-Q1. 22 of 39 entries say "Restated". Latest entry: FY2027-H1.
The whole theme swung hardest in 2022: 125 of 168 companies on the "Worse" side.
- FY2027-H1RestatedAnnual report
「While substantial wage increases have led to signs of improvement in real wages in some areas and a gradual economic recovery is expected, geopolitical risks, including the impact of U.S. tariff policies, developments in U.S.-China tensions, conditions in the Middle East and the Russia-Ukraine war, persist, leaving the economic outlook uncertain.」
While noting improvements in real wages and signs of economic recovery, the report continues to cite uncertainty over the outlook caused by U.S. tariff policies, U.S.-China tensions, conditions in the Middle East and the Russia-Ukraine war. - 2026-07-15RestatedEarnings
「Geopolitical risks, including the impact of US tariff policies, developments in US-China tensions, the situation in the Middle East and the Russia-Ukraine war, continue, and the economic outlook remains uncertain.」
The company continues to identify US tariff policies, US-China tensions, the situation in the Middle East and the Russia-Ukraine war as factors contributing to uncertainty. - FY2026WorsenedAnnual report
「In addition, geopolitical risks, including the impact of US tariff policies, developments in US-China tensions, the situation in the Middle East and the Russia-Ukraine war, are expected to continue, leaving the outlook uncertain.」
The report lists multiple geopolitical factors, including U.S. tariff policies, U.S.-China tensions, conditions in the Middle East and the Russia-Ukraine war, broadening the factors contributing to uncertainty in the economic environment. - 2026-04-15WorsenedRevisions to earnings forecasts
「In addition, geopolitical risks, including the impact of US tariff policies, developments in US-China tensions, the situation in the Middle East and the Russia-Ukraine war, are expected to continue, leaving the outlook uncertain.」
In addition to US tariff policies, the company specifically lists US-China tensions, the situation in the Middle East and the Russia-Ukraine war as geopolitical risks. - FY2026-H1ReframedAnnual report
「During the six-month period ended 31 August 2025 (1 March 2025 to 31 August 2025), Japan's economy showed signs of recovery in some areas, supported by inbound demand and firm corporate capital investment. However, the economic outlook remained uncertain, including because of the impact of U.S. tariff policies on global conditions.」
The report narrows the previously broad factor of “the impact of U.S. policies on global conditions” to the impact of U.S. tariff policies. - FY2026-H1ReframedAnnual report
「During the six-month period ended 31 August 2025 (1 March 2025 to 31 August 2025), Japan's economy showed signs of recovery in some areas, supported by inbound demand and firm corporate capital investment. However, the economic outlook remained uncertain, including because of the impact of U.S. tariff policies on global conditions.」
The report narrows the previously broad factor of “the impact of U.S. policies on global conditions” to the impact of U.S. tariff policies. - FY2025WorsenedAnnual report
「The economic outlook remains uncertain because of high resource and energy prices, the prolonged Russia-Ukraine war and armed conflict in Israel, stagnation in the Chinese economy, and the impact of U.S. policies on global conditions.」
In addition to the existing factors of high resource and energy prices, armed conflicts in multiple regions and stagnation in the Chinese economy, the report cites the impact of U.S. policies on global conditions as a new factor contributing to uncertainty. - FY2025-H1RestatedAnnual report
「During the six-month period ended 31 August 2024 (1 March 2024 to 31 August 2024), Japan's economy showed signs of recovery, including increased inbound demand and a recovery in the movement of people as social activity normalized. However, the economic outlook remained uncertain because of high resource and energy prices, the prolonged Russia-Ukraine war and armed conflict in Israel, and stagnation in the Chinese economy.」
While noting signs of economic recovery, the report continues to cite, as in the previous quarter, uncertainty over the outlook caused by high resource and energy prices, prolonged armed conflicts in multiple regions, and stagnation in the Chinese economy. - FY2025-Q1WorsenedAnnual report
「During the three-month period ended 31 May 2024 (1 March 2024 to 31 May 2024), Japan's economy showed signs of recovery, including increased inbound demand and a recovery in the movement of people as social activity normalized. However, the economic outlook remained uncertain because of high resource and energy prices, the prolonged Russia-Ukraine war and armed conflict in Israel, and stagnation in the Chinese economy.」
While noting signs of economic recovery, the report adds the prolonged armed conflict in Israel and stagnation in the Chinese economy to the existing uncertainties related to the Russia-Ukraine situation and rising resource prices. - FY2024RestatedAnnual report
「In addition, the outlook is expected to remain uncertain because of the prolonged Russia-Ukraine situation and higher resource prices.」
The report continues to cite the prolonged Russia-Ukraine situation, higher resource prices and uncertainty over the economic outlook. - FY2024-Q3RestatedAnnual report
「During the nine-month period ended 30 November 2023 (1 March 2023 to 30 November 2023), Japan's economy showed signs of improvement as the impact of COVID-19 gradually subsided and restrictions on activities in Japan and entry restrictions for visitors from overseas were eased. However, the outlook remained uncertain because of the prolonged Russia-Ukraine situation, higher energy and raw material prices caused by the weaker yen, and rising prices.」
The report continues to cite, as in the previous quarter, signs of improvement from the subsiding impact of COVID-19 and easing of restrictions, as well as uncertainty over the outlook caused by the Russia-Ukraine situation, the weaker yen, higher energy and raw material prices, and rising prices. - FY2024-Q2RestatedAnnual report
「During the six-month period ended 31 August 2023 (1 March 2023 to 31 August 2023), Japan's economy showed signs of improvement as the impact of COVID-19 gradually subsided and restrictions on activities in Japan and entry restrictions for visitors from overseas were eased. However, the outlook remained uncertain because of the prolonged Russia-Ukraine situation, higher energy and raw material prices caused by the weaker yen, and rising prices.」
In addition to signs of improvement from the subsiding impact of COVID-19 and easing of restrictions, the report continues to cite uncertainty over the outlook caused by geopolitical conditions, the weaker yen, higher energy and raw material prices, and rising prices, as in the previous quarter. - FY2024-Q1The impact of COVID-19 subsiding alongside inflation and energy pressuresAnnual report
「During the three-month period ended 31 May 2023 (1 March 2023 to 31 May 2023), Japan's economy showed signs of improvement as the impact of COVID-19 gradually subsided and restrictions on activities in Japan and entry restrictions for visitors from overseas were eased. However, the outlook remained uncertain because of the prolonged Russia-Ukraine situation, higher energy and raw material prices caused by the weaker yen, and rising prices.」
While noting signs of improvement as the impact of COVID-19 subsides and restrictions are eased, the report also cites the Russia-Ukraine situation, the weaker yen, higher energy and raw material prices, and rising prices as new factors contributing to uncertainty. - FY2023RestatedAnnual report
「In addition, with concerns over a prolonged Russia-Ukraine situation and associated increases in resource prices, the economic outlook remains uncertain.」
The report continues to cite, for the full fiscal year, uncertainty over the economic outlook caused by COVID-19, variant strains, the Russia-Ukraine situation and rising resource prices. - FY2023-Q3RestatedAnnual report
「Despite the impact of COVID-19, Japan's economy showed bright signs as the number of new infections declined with increased vaccinations. At the same time, conditions remained volatile as variant strains spread. In addition, concerns over a prolonged Russia-Ukraine situation and associated increases in resource prices have left the economic outlook uncertain.」
The report continues to cite the bright signs from vaccinations and uncertainty over the economic outlook caused by the spread of variant strains, the prolonged Russia-Ukraine situation and rising resource prices. - FY2023-Q2RestatedAnnual report
「During the six-month period ended 31 August 2022 (1 March 2022 to 31 August 2022), Japan's economy showed bright signs as the number of new infections declined with increased vaccinations, despite the impact of COVID-19. At the same time, conditions remained volatile as variant strains spread. In addition, concerns over a prolonged Russia-Ukraine situation and associated increases in resource prices have left the economic outlook uncertain.」
In addition to the bright signs from vaccinations and uncertainty caused by variant strains, the report continues to cite concerns over a prolonged Russia-Ukraine situation and rising resource prices, as in the previous quarter. - FY2023-Q1WorsenedAnnual report
「In addition, with concerns over a prolonged Russia-Ukraine situation and associated increases in resource prices, the economic outlook remains uncertain.」
In addition to the existing risks from COVID-19 and variant strains, the report adds the prolonged Russia-Ukraine situation and associated increases in resource prices as factors contributing to uncertainty over the economic outlook. - FY2022RestatedAnnual report
「While some bright signs have emerged as COVID-19 vaccinations have progressed, the replacement of the original strain by variant strains has continued, and the number of new infections has remained elevated, leaving the economic outlook uncertain.」
The report continues to cite, for the full fiscal year, the bright signs from vaccinations and uncertainty over the economic outlook caused by elevated numbers of variant infections and new cases. - FY2022-Q3RestatedAnnual report
「While some bright signs have emerged as COVID-19 vaccinations have progressed, the replacement of the original strain by variant strains means that the economic outlook remains uncertain.」
The report notes the bright signs from vaccinations while continuing to cite uncertainty over the economic outlook caused by the replacement of the original strain by variant strains. - FY2022-Q2Progress on vaccinations and uncertainty caused by variant strainsAnnual report
「During the six-month period ended 31 August 2021 (1 March 2021 to 31 August 2021), Japan's economy was significantly affected by the spread of COVID-19, as repeated declarations of a state of emergency and implementation of priority preventive measures in response to the spread of infection led to requests for people to refrain from nonessential outings. While some bright signs have emerged as vaccinations have progressed, the replacement of the original strain by variant strains means that the economic outlook remains uncertain.」
While vaccination efforts are providing some bright signs, uncertainty over the economic outlook continues because of repeated restrictions on activities and the replacement of the original strain by variant strains. - FY2022-Q1Bright signs from the start of vaccinations, but uncertainty continuesAnnual report
「While there are some bright signs, including the start of vaccinations, the economic outlook remains uncertain.」
The report notes the bright sign of the start of vaccinations, while stating that uncertainty over the economic outlook continues. - FY2021WorsenedAnnual report
「In January 2021, a second state of emergency was declared in 11 prefectures and metropolitan areas, and there is still no end in sight to the spread of COVID-19, leaving the economic outlook uncertain.」
In addition to the spread of COVID-19 and economic uncertainty through the previous quarter, the report describes the second state of emergency declared in 11 prefectures and metropolitan areas and the absence of a clear end in sight as economic conditions for the full fiscal year. - FY2021-Q3Recovery after a rapid deterioration and continuing uncertaintyAnnual report
「During the nine-month period of the current fiscal year, Japan's economy deteriorated rapidly as the spread of COVID-19 severely restricted personal consumption and corporate activity. Personal consumption has gradually recovered as demand-stimulus measures such as the "Go To Campaign" were implemented to revive economic activity, but there is still no prospect of the spread of COVID-19 ending. Although some signs of recovery have emerged amid calls for a new way of living, the outlook for economic conditions remains uncertain.」
While the economy deteriorated rapidly, the report also noted a recovery in personal consumption driven by demand-stimulus measures and signs of recovery. However, with no end to the infectious disease outbreak in sight, uncertainty over the economic outlook continues. - FY2021-Q2RestatedAnnual report
「Economic conditions were gradually recovering against the backdrop of improvements in employment conditions and corporate earnings. However, the decline in personal consumption resulting from the consumption tax increase and the global spread of COVID-19 also contributed to the situation, and the outlook for economic conditions remained uncertain.」
It continues to describe uncertainty regarding the outlook for economic conditions, including the decline in personal consumption resulting from the consumption tax increase and the global spread of COVID-19. - FY2021-Q1RestatedAnnual report
「Economic conditions were gradually recovering against the backdrop of improvements in employment conditions and corporate earnings. However, the decline in personal consumption resulting from the consumption tax increase and the global spread of COVID-19 also contributed to the situation, and the outlook for economic conditions remained uncertain.」
It continues to describe uncertainty regarding the outlook for economic conditions, including the decline in personal consumption resulting from the consumption tax increase and the global spread of COVID-19. - FY2020WorsenedAnnual report
「In addition to the global spread of COVID-19, the global economy remains uncertain, and the outlook for economic conditions continues to be unclear.」
In addition to the existing uncertainty surrounding overseas economies and trade friction, it newly identifies the global spread of COVID-19 as a factor contributing to uncertainty regarding the outlook for economic conditions. - FY2020-Q3RestatedAnnual report
「In the global economy, the outlook for economic conditions remains uncertain due to intensifying trade friction between the US and China.」
It continues to describe intensifying trade friction between the US and China and uncertainty regarding the outlook for economic conditions. - FY2020-Q2RestatedAnnual report
「In the global economy, the outlook for economic conditions remains uncertain due to intensifying trade friction between the US and China.」
It continues to describe intensifying trade friction between the US and China and uncertainty regarding the outlook for economic conditions. - FY2020-Q1WorsenedAnnual report
「The global economy remains uncertain due to intensifying trade friction between the US and China.」
It describes US-China trade friction as "intensifying," explicitly indicating an increase in risk from the previous period's reference to the prolonged nature of trade friction, among other factors. - FY2019RestatedAnnual report
「The outlook for economic conditions remains uncertain due to trade friction resulting from US trade policy and its prolonged duration.」
It continues to describe the prolonged trade friction resulting from US trade policy and uncertainty regarding the outlook for economic conditions. - FY2019-Q3RestatedAnnual report
「The outlook remains uncertain due to concerns over US-China trade friction and the occurrence of natural disasters such as torrential rain, typhoons, and earthquakes.」
In addition to US-China trade friction, it refers to natural disasters such as torrential rain, typhoons, and earthquakes, and states that the uncertain outlook is continuing. - FY2019-Q2WorsenedAnnual report
「The outlook remains uncertain due to concerns over US-China trade friction and increasing geopolitical risks in East Asia, among other factors.」
In addition to the existing uncertainty surrounding overseas economies and financial and capital markets, it specifically describes concerns over US-China trade friction and increasing geopolitical risks in East Asia. - FY2019-Q1RestatedAnnual report
「In addition, due to increasing uncertainty in overseas economic conditions, the outlook for economic conditions remains uncertain.」
It continues to describe uncertainty in overseas economies and an uncertain outlook for economic conditions. - FY2018RestatedAnnual report
「In addition, due to increasing uncertainty in overseas economic conditions, the outlook for economic conditions remains uncertain.」
It continues to describe uncertainty in overseas economies and an uncertain outlook for economic conditions. - FY2018-Q3RestatedAnnual report
「In addition, despite concerns such as overseas economic conditions and fluctuations in financial and capital markets, the outlook for economic conditions remains uncertain.」
It continues to describe overseas economic conditions, fluctuations in financial and capital markets, and uncertainty regarding the outlook for economic conditions. - FY2018-Q2RestatedAnnual report
「In addition, despite concerns such as overseas economic conditions and fluctuations in financial and capital markets, the outlook for economic conditions remains uncertain.」
It continues to describe overseas economic conditions, fluctuations in financial and capital markets, and uncertainty regarding the outlook for economic conditions. - FY2018-Q1RestatedAnnual report
「In addition, owing to uncertainties in the global economy, including developments in the US economy and emerging economies such as China, the outlook for economic conditions remains uncertain.」
It continues to describe uncertainty in the global economy, including the US, China, and other economies, and an uncertain outlook for economic conditions. - FY2017-Q3ReframedAnnual report
「In addition, owing to uncertainties in the global economy, including developments in the US economy and emerging economies such as China, the outlook for economic conditions remains uncertain.」
It broadens the scope of the description from the previous expression, weakness in emerging Asian economies, to uncertainty in the global economy, including the US, China, and other economies. - FY2017-Q1First statedAnnual report
「However, with emerging Asian economies, led by China, remaining weak, conditions remain uncertain.」
It identifies weakness in emerging Asian economies, including China, as a factor contributing to uncertainty in the economic environment.