Uncertainty in Overseas Economies and Financial Markets and Weak Personal Consumption
First written in FY2017-Q2. 21 of 35 entries say "Restated". Latest entry: FY2027-H1.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- FY2027-H1RestatedAnnual report
「During the interim consolidated accounting period under review, the Japanese economy remained on a gradual recovery path due to the slowing rate of price increases and improvements in employment and income conditions. However, the impact of US foreign and trade policies remained uncertain, and concerns persisted about a downturn in overseas economies due to heightened geopolitical risks and other factors. In the retail industry in which our Group primarily operates, the business environment also remained uncertain due to the impact of weaker consumer sentiment against a backdrop of soaring resource prices, higher interest rates and a weaker yen, as well as higher logistics costs and supply constraints caused by labor shortages.」
The company describes the slowing rate of price increases and improvements in employment and income conditions, while citing US foreign and trade policies, geopolitical risks, soaring resource prices, higher interest rates, a weaker yen, higher logistics costs and supply constraints caused by labor shortages. It explains that the uncertain business environment continues. It states that no new business or other risks have arisen and that there have been no significant changes. - 2026-10-13RestatedEarnings
「一方で、米国の外交政策や貿易政策による影響が不確定性をはらんでおり、地政学的リスクの高まりなどによる海外経済の下振れが懸念される状況にあります。」
海外経済の不確実性と地政学的リスクを引き続き記載している。 - FY2026RestatedAnnual report
「In the retail industry in which our Group primarily operates, the uncertain business environment continued due to the deterioration in consumer sentiment against a backdrop of rising prices, higher logistics costs and supply constraints caused by labor shortages.」
The company continues to describe an uncertain retail environment, including weaker consumer sentiment due to rising prices, higher logistics costs and supply constraints caused by labor shortages. - FY2026-H1WorsenedAnnual report
「Meanwhile, the impact of new US foreign and trade policies remains uncertain, and concerns persist about a downturn in overseas economies due to heightened geopolitical risks and higher tariffs. In the retail industry in which our Group primarily operates, the business environment also remains uncertain due to the deterioration in consumer sentiment against a backdrop of rising prices, higher logistics costs and supply constraints caused by labor shortages.」
The company describes an economic recovery driven by improvements in employment and income conditions, while citing US foreign and trade policies, geopolitical risks and concerns about a downturn in overseas economies due to higher tariffs. It explains that the retail industry continues to face an uncertain environment, compounded by weaker consumer sentiment, higher logistics costs and supply constraints caused by labor shortages. - FY2025-H1RestatedAnnual report
「No new business or other risks arose during the six months ended 30 June. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company states that there are no new business or other risks and no significant changes to the risks described for the previous fiscal year. - FY2025-Q1WorsenedAnnual report
「During the cumulative consolidated first quarter under review, the Japanese economy remained on a recovery path, supported by improvements in employment and income conditions and the recovery in inbound demand. However, the economy was also at risk of slowing due to geopolitical risks, including the worsening situation in the Middle East and the prolonged invasion of Ukraine, as well as concerns about recession accompanying monetary tightening in various countries. In the retail and other industries in which our Group primarily operates, the business environment also remained uncertain due to changes in consumer behavior associated with rising prices and higher costs, including raw materials, logistics, utilities and labor costs.」
The company describes improvements in employment and income conditions and the recovery in inbound demand, while identifying the worsening situation in the Middle East, the prolonged invasion of Ukraine and recession concerns accompanying monetary tightening in various countries as new sources of uncertainty. It explains that the retail industry continues to face an uncertain business environment due to rising prices and higher costs. - FY2024RestatedAnnual report
「During the consolidated fiscal year under review, the Japanese economy remained on a gradual recovery path as the impact of COVID-19 on economic activity diminished. However, concerns about an economic downturn caused by rising prices and the slowdown in overseas economies persisted, and the outlook remained uncertain. In the retail industry in which our Group primarily operates, the challenging business environment also continued due to the impact of rising costs, including raw materials, logistics and labor costs.」
The company describes the diminishing impact of COVID-19 and a gradual economic recovery, while continuing to explain the uncertain and challenging business environment resulting from rising prices, the slowdown in overseas economies and higher costs. - FY2024-Q3RestatedAnnual report
「During the cumulative consolidated third quarter under review, no new business or other risks arose. There were also no significant changes to the business and other risks described in the securities report for the previous consolidated fiscal year.」
The company states that there are no new business or other risks and no significant changes to the risks described for the previous consolidated fiscal year. Its business overview continues to describe downside risks arising from rising prices and the slowdown in overseas economies, as well as the uncertain business environment. - FY2024-Q2RestatedAnnual report
「During the cumulative consolidated second quarter under review, the Japanese economy remained on a gradual recovery path as the impact of COVID-19 on economic activity diminished. However, the outlook remained uncertain, with downside risks stemming from rising prices and the slowdown in overseas economies. In the retail and other industries in which our Group primarily operates, the business environment also remained uncertain due to the impact of rising costs, including raw materials, logistics, utilities and labor costs.」
The company describes the diminishing impact of COVID-19 and a gradual economic recovery, while continuing to explain the uncertain business environment resulting from rising prices, the slowdown in overseas economies and higher costs for raw materials, logistics, utilities and labor. In the Business and Other Risks section, it states that there are no new risks or significant changes. - FY2024-Q1ReframedAnnual report
「During the cumulative first-quarter period, the impact of COVID-19 on the economy diminished and the economy remained on a gradual recovery trend. However, downside risks stemming from higher prices and a slowdown in overseas economies left the outlook uncertain. In the retail sector and other industries in which the Group primarily operates, the business environment also remained uncertain due to rising costs, including raw materials, logistics, utilities and labor costs.」
While stating that the impact of COVID-19 has diminished, it describes an uncertain business environment, primarily due to higher prices, a slowdown in overseas economies, and rising costs for raw materials, logistics, utilities and labor. - FY2023-Q3RestatedAnnual report
「During the cumulative third-quarter period, there were signs of progress toward normalizing social and economic activity as the impact of COVID-19 persisted. However, the outlook for the economy remained uncertain amid the impact of globally rising resource prices against a backdrop of sharply weaker yen and heightened geopolitical risks, including Russia's invasion of Ukraine. In addition, the environment surrounding private consumption became increasingly severe due to higher prices for essential goods and other factors.」
It continues to cite the impact on private consumption of the prolonged pandemic, the sharp depreciation of the yen, geopolitical risks including Russia's invasion of Ukraine, soaring resource prices and higher prices for essential goods. - FY2023-Q1WorsenedAnnual report
「During the cumulative first-quarter period, there were signs of progress toward normalizing social and economic activity as the impact of COVID-19 persisted. However, the outlook for the economy remained uncertain amid the impact of globally rising resource prices against a backdrop of sharply weaker yen and heightened geopolitical risks, including Russia's invasion of Ukraine. In addition, the environment surrounding private consumption became increasingly severe due to higher prices for essential goods and other factors.」
It cites the prolonged impact of COVID-19, the sharp depreciation of the yen, geopolitical risks including Russia's invasion of Ukraine, soaring resource prices and higher prices for essential goods as factors contributing to uncertainty, and states that the environment surrounding private consumption has become increasingly severe. - FY2022WorsenedAnnual report
「During the consolidated fiscal year, as the impact of COVID-19 persisted, there were signs of economic activity moving toward normalization as vaccinations expanded. However, restrictions on behavior, such as requests to refrain from going out, continued intermittently as infections spread again due to new variants. In addition, soaring resource prices and higher prices for essential goods further worsened the environment surrounding private consumption.」
In addition to the prolonged impact of COVID-19 and restrictions on behavior caused by new variants, it cites soaring resource prices and higher prices for essential goods, stating that the environment surrounding private consumption has become increasingly severe. - FY2022-Q3WorsenedAnnual report
「During the cumulative third-quarter period, the Japanese economy was on a gradual recovery trend, supported by the spread of COVID-19 vaccinations and other factors. However, concerns about the spread of infections caused by new variants persisted, and the outlook remained uncertain.」
It describes a gradual recovery trend supported by vaccinations, while adding the spread of infections caused by new variants as a concern and maintaining the assessment that the outlook is uncertain. - FY2022-Q2RestatedAnnual report
「No new business or other risks arose during the cumulative second quarter of the current consolidated fiscal year. There have been no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
It states that there are no new business or other risks and no material changes to existing risks. The business discussion refers to progress in vaccinations but states that the outlook remains uncertain because of measures such as the state of emergency. - FY2022-Q1RestatedAnnual report
「During the cumulative first-quarter period, the Japanese economy showed some positive signs, such as the start of COVID-19 vaccinations. At the same time, the outlook remained uncertain, as another state of emergency was declared.」
It cites the start of vaccinations as a positive sign, while stating that the outlook remains uncertain because another state of emergency was declared. - FY2021ReframedAnnual report
「Going forward, a recovery driven by measures to prevent another spread of the disease is expected, but uncertainty remains regarding the impact of infection trends in Japan and overseas on social and economic activity.」
The wording of the risk discussion has shifted from uncertainty centered on overseas economies, financial and capital markets, and private consumption to uncertainty centered on infection trends in Japan and overseas and their impact on social and economic activity. - FY2021-Q2RestatedAnnual report
「No new business or other risks arose during the six months ended 30 September. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
It explains that there are no new business or other risks and no material changes to the risks described in the previous fiscal year. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, the Japanese economy was weakening in areas such as private consumption due to the impact of last October's consumption tax increase. However, economic conditions have become even more severe with the recent spread of COVID-19 infections. Going forward, the impact of the disease is expected to persist, creating a risk of further downside in the domestic and overseas economies.」
It explicitly identifies the deterioration in economic conditions and downside risks resulting from the spread of COVID-19, in addition to the previous consumption tax increase and uncertainty in overseas economies. - FY2020-Q3RestatedAnnual report
「Looking ahead, although weakness is expected to remain in the manufacturing and export-related sectors for the time being, a moderate recovery is expected, partly due to the effects of various policies. However, the situation remains unclear, including because of the impact of rising tensions in overseas affairs on the financial and capital markets.」
While stating that no new business or other risks had arisen and that there were no material changes to existing risks, the Company continues to describe uncertainty arising from the impact of heightened overseas tensions on the financial and capital markets. - FY2020-Q2WorsenedAnnual report
「Looking ahead, the situation remains unclear due to the prolonged U.S.-China trade tensions and concerns about an economic slowdown following the consumption-tax increase.」
The Company explicitly refers to prolonged U.S.-China trade tensions and adds concerns about an economic slowdown following the consumption-tax increase as factors contributing to uncertainty about the outlook. - FY2020-Q1RestatedAnnual report
「Looking ahead, the situation remains unclear due to the impact of developments in trade issues on the global economy and volatility in the financial and capital markets.」
The Company continues to describe uncertainty about the outlook due to trade issues and volatility in the financial and capital markets. - FY2019RestatedAnnual report
「Looking ahead, although some weakness is expected to persist for the time being, a moderate recovery is expected as employment and income conditions improve. However, the situation remains unclear due to the impact of developments in trade issues on the global economy, the outlook for the Chinese economy, and volatility in the financial and capital markets.」
The filing continues to describe uncertainty arising from trade issues, the outlook for China, and volatility in the financial and capital markets. It also mentions a recovery in employment and income conditions and consumer spending, without indicating any new deterioration in the current disclosure. - FY2019-Q3WorsenedAnnual report
「Looking ahead, the economy is expected to recover moderately, led by domestic demand such as capital investment and consumer spending. However, the situation remains unclear due to the widening U.S.-China trade tensions and the rise of protectionism.」
The filing describes a moderate recovery in consumer spending and the Kansai economy while identifying widening U.S.-China trade tensions and the rise of protectionism as new sources of uncertainty. - FY2019-Q2WorsenedAnnual report
「Looking ahead, the situation remains unclear due to the impact of developments in trade issues on the global economy and the risk of volatility in the financial and capital markets.」
While the filing describes a recovery in consumer spending and the Kansai economy, it again identifies trade issues as a new source of uncertainty for the global economy and emphasizes the uncertain outlook together with volatility in the financial and capital markets. - FY2019-Q1RestatedAnnual report
「No new business or other risks arose during the first quarter of the current consolidated cumulative period. There were also no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The Company reiterates that there were no new business or other risks and no material changes to the risks described in the previous fiscal year. The business discussion also refers to a recovery in consumer spending and the Kansai economy. - FY2018SoftenedAnnual report
「Consumer spending has shown signs of recovery as real aggregate employee income continues to increase. Looking ahead, consumer spending is expected to remain firm as employment and income conditions continue to improve steadily.」
In contrast to earlier references to uncertainty in overseas economies and financial markets and weak consumer spending, this filing describes improving employment and income conditions, a recovery in consumer spending, and an improving Kansai economy. The wording of the concern has therefore become less severe. - FY2018-Q3RestatedAnnual report
「No new business or other risks arose during the cumulative third quarter under review. In addition, there have been no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The Company explains that there were no new business or other risks and no material changes to the risks described in the previous fiscal year. - FY2018-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The Company explains that there were no new business or other risks and no material changes to existing risks. Although the business discussion also describes improvements in consumer spending and the Kansai economy, the risk disclosures themselves are unchanged. - FY2018-Q1RestatedAnnual report
「No new business or other risks arose during the first quarter of the current consolidated cumulative period. There were also no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The Company explains that there were no new business or other risks and no material changes to the risks described for the previous fiscal year. - FY2017RestatedAnnual report
「Looking ahead, there is a risk of downside from uncertainty in overseas economies and volatility in the financial and capital markets. Consumer spending has recently shown signs of stagnation, but real aggregate employee income has continued to increase moderately, and consumer sentiment is expected to begin recovering.」
Uncertainty in overseas economies and the financial and capital markets, together with stagnating consumer spending, continues to be identified as an outlook concern. - FY2017-Q3RestatedAnnual report
「However, there is a risk that the economy could be pushed downward by the impact of U.S. monetary policy and uncertainty surrounding the outlook for the economies and policies of emerging Asian countries.」
Uncertainty surrounding overseas economies and monetary policy continues to be identified as a downside risk to the economy. The third-quarter report also states that there are no newly identified business or other risks and no material changes. - FY2017-Q2First statedAnnual report
「The outlook remains uncertain amid concerns about the impact of heightened uncertainty in overseas economies, including the UK's withdrawal from the EU, and volatility in the financial and capital markets. In the Kansai region, where the Company's stores are concentrated, export companies have recently experienced declines in shipments to various countries and regions against the backdrop of the stronger yen. Consumer spending has also lacked strength, as the pace of recovery in per-capita wages remains slow despite improving labor supply and demand.」
The Company identified the UK's withdrawal from the EU, uncertainty in overseas economies, volatility in the financial and capital markets, declines at Kansai-based exporters due to the stronger yen, and weak consumer spending as concerns for the outlook.