Concern over downward pressure on economic conditions and earnings from sluggish personal consumption, a stronger yen and falling stock prices
First written in FY2017-Q1. 20 of 38 entries say "Reframed", first in FY2018-Q1. Latest entry: FY2027-H1.
Nishimatsuya Chain moved to the "Worse" side of this theme in 2016, 4 years before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 53 of 68 companies on the "Worse" side.
5 other companies' latest entry also says "Reframed".
- FY2027-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's employment and income environment showed signs of improvement, including accelerating wage growth against a backdrop of worsening labor shortages. However, the outlook for the economy remained uncertain due to persistently high crude oil prices resulting from turmoil in the Middle East and sharp fluctuations in foreign exchange rates.」
It points to improvements in the employment and income environment, while identifying persistently high crude oil prices resulting from turmoil in the Middle East and sharp fluctuations in foreign exchange rates, replacing the previous U.S. tariff policies and other factors as sources of uncertainty. - FY2026-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's employment and income environment improved, with wage growth accelerating against a backdrop of increasingly severe labor shortages. However, the economic outlook remained uncertain as the global economy was expected to slow due to the impact of U.S. tariff policies. In the retail industry, a difficult competitive environment across business formats continued as consumers became increasingly focused on protecting their household finances amid continuing price increases and other factors.」
While improvement in the employment and income environment due to labor shortages and rising wages is noted, an expected slowdown in the global economy due to U.S. tariff policies, consumers' focus on protecting their household finances amid price increases, and competition across business formats are identified as sources of uncertainty. - FY2025ReframedAnnual report
「During the period under review, Japan's employment and income environment improved, with wage growth accelerating against a backdrop of increasingly severe labor shortages. However, uncertainty over the economic outlook increased as interest rates were raised following sharp foreign exchange fluctuations and changes in monetary policy. In the retail industry, a difficult competitive environment across business formats continued as consumers became increasingly focused on protecting their household finances amid continuing price increases and other factors.」
The description has been organized to present both improvement in the employment and income environment resulting from labor shortages and rising wages, and foreign exchange fluctuations, higher interest rates, price increases, consumers' focus on protecting their household finances, and competition across business formats. - FY2025-H1ReframedAnnual report
「During the interim accounting period, Japan's employment and income environment improved, with wage growth accelerating against a backdrop of increasingly severe labor shortages. However, the economic outlook remained uncertain amid concerns that sharp foreign exchange fluctuations and continuing price increases would weaken consumer sentiment.」
The description has been organized to present both improvement in wages and the employment and income environment against a backdrop of labor shortages, and concern that sharp foreign exchange fluctuations and continuing price increases will weaken consumer sentiment. - FY2025-Q1ReframedAnnual report
「During the cumulative first quarter, Japan's employment and income environment improved, with wage growth accelerating against a backdrop of increasingly severe labor shortages. However, the economic outlook remained uncertain as real wages declined due to the impact of higher prices resulting from the weaker yen and other factors.」
The description of economic risks has been organized to present both improvement in the employment and income environment, including severe labor shortages and wage growth, and higher prices resulting from the weaker yen and declining real wages. - FY2024WorsenedAnnual report
「Regarding the outlook for the next period, amid an uncertain economic outlook due to rising prices caused by the weaker yen and soaring raw material prices, as well as higher interest rates resulting from changes in monetary policy, the industry is expected to remain in a difficult situation as competition for market share across business formats continues.」
In addition to previous foreign exchange fluctuations, raw material prices and price increases, higher interest rates resulting from changes in monetary policy are newly identified as a source of economic uncertainty. - FY2024-Q3RestatedAnnual report
「During the cumulative nine-month period, Japan's economy saw economic activity normalize from the COVID-19 pandemic as the legal classification of COVID-19 was shifted to Category 5. However, uncertainty over the economic outlook continued due to fluctuations in foreign exchange rates and soaring energy prices.」
While economic activity continues to normalize, economic uncertainty resulting from fluctuations in foreign exchange rates and soaring energy prices persists. - FY2024-Q2RestatedAnnual report
「During the cumulative first half, Japan's economy saw economic activity normalize from the COVID-19 pandemic as the legal classification of COVID-19 was shifted to Category 5. However, uncertainty over the economic outlook continued due to fluctuations in foreign exchange rates and soaring energy prices.」
The normalization of economic activity from the COVID-19 pandemic and economic uncertainty resulting from fluctuations in foreign exchange rates and soaring energy prices are reiterated as the same assessment as in the previous quarter. - FY2024-Q1ReframedAnnual report
「During the cumulative first quarter, Japan's economy saw economic activity resume from the COVID-19 pandemic as the legal classification of COVID-19 was shifted to Category 5. However, uncertainty over the economic outlook continued due to fluctuations in foreign exchange rates and soaring energy prices.」
While the shift of COVID-19 to Category 5 under the Infectious Diseases Control Law is associated with the resumption of economic activity, fluctuations in foreign exchange rates and soaring energy prices are identified as sources of economic uncertainty. - FY2023WorsenedAnnual report
「Regarding the outlook for the next period, amid an uncertain economic outlook as the weaker yen and soaring raw material prices drive price pass-through for consumer goods, energy and other products, causing prices to rise, the industry is expected to remain in a difficult situation as competition for market share across business formats continues.」
In addition to previous foreign exchange fluctuations and soaring resource prices, raw material prices, price increases, price pass-through and competition across business formats are identified as sources of uncertainty for the economy and industry. - FY2023-Q3ReframedAnnual report
「During the cumulative nine-month period, demand gradually recovered as restrictions on activity resulting from COVID-19 were eased and economic activity moved toward normalization. However, the economic outlook has become increasingly uncertain due to sharp fluctuations in foreign exchange rates and soaring resource prices resulting from the situation in Russia and Ukraine.」
While the easing of activity restrictions and recovery in demand are noted, sharp foreign exchange fluctuations and soaring resource prices are again identified as sources of economic uncertainty. - FY2023-Q2ReframedAnnual report
「During the cumulative first half, Japan's economy avoided the level of decline seen during previous waves of infections as activity restrictions were eased, despite the resurgence of COVID-19 infections. However, the economic outlook has become increasingly uncertain due to fluctuations in foreign exchange rates caused by the rapid depreciation of the yen and soaring resource prices resulting from the situation in Russia and Ukraine.」
The resurgence of COVID-19 infections and easing of activity restrictions are both noted, with the report stating that a decline as severe as during previous waves of infections was avoided. At the same time, the rapid depreciation of the yen and soaring resource prices resulting from the situation in Russia and Ukraine are again identified as sources of uncertainty. - FY2023-Q1ReframedAnnual report
「During the cumulative first quarter, Japan's economy saw consumption gradually return to normal as the number of COVID-19 infections was brought under control and activity restrictions were eased. However, the economic outlook has become increasingly uncertain due to fluctuations in foreign exchange rates caused by the rapid depreciation of the yen and soaring resource prices resulting from the situation in Russia and Ukraine.」
While pointing to the containment of COVID-19 infections and a move toward normalizing consumption as activity restrictions are eased, the report identifies the rapid depreciation of the yen and soaring resource prices resulting from the situation in Russia and Ukraine as new sources of uncertainty. - FY2022WorsenedAnnual report
「Regarding the outlook for the next period, amid an uncertain economic outlook due to a decline in domestic consumption resulting from the emergence of new COVID-19 variants and rising energy prices, including crude oil, the industry is expected to remain in a difficult situation as competition for market share across business formats continues.」
In addition to the decline in domestic consumption caused by new variants, rising energy prices, including crude oil, are identified as new sources of uncertainty. - FY2022-Q3ReframedAnnual report
「During the cumulative nine-month period, Japan's economy faced repeated restrictions on economic activity due to repeated state of emergency declarations issued in response to the spread of COVID-19. Although the decline in the number of infections from autumn onward raised signs that the economy might begin to recover, the outlook remains uncertain due to the emergence of new variants and other factors.」
While signs of an economic recovery resulting from the decline in infections were observed, uncertainty over the outlook continues due to the emergence of new variants and other factors. - FY2022-Q2RestatedAnnual report
「During the cumulative first half, Japan's economy faced repeated restrictions on economic activity due to repeated state of emergency declarations issued in response to the spread of COVID-19. The economic outlook has become increasingly uncertain.」
Restrictions on economic activity resulting from the spread of COVID-19 and repeated state of emergency declarations, as well as uncertainty over the economic outlook, continue. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy faced restrictions on economic activity following the issuance of the third state of emergency declaration in response to the spread of COVID-19. The economic outlook has become increasingly uncertain.」
The third state of emergency declaration and restrictions on economic activity associated with the spread of COVID-19 are identified, and the economic outlook is described as having become more uncertain. - FY2021-Q3WorsenedAnnual report
「During the cumulative nine-month period, Japan's economy saw domestic consumption decline due to the mood of self-restraint and deterioration in the employment and income environment amid the spread of COVID-19. The economic outlook has become increasingly uncertain.」
In addition to the spread of COVID-19, the mood of self-restraint and deterioration in the employment and income environment are identified, while the decline in domestic consumption and economic uncertainty continue. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy saw domestic consumption decline due to requests to refrain from going out and the disappearance of inbound demand amid the spread of COVID-19. The economic outlook has become increasingly uncertain.」
The decline in domestic consumption and growing economic uncertainty resulting from requests to refrain from going out and the disappearance of inbound demand amid the spread of COVID-19 are described. - FY2020WorsenedAnnual report
「During the period under review, Japan's economy showed gradual improvement in the employment and income environment. However, the outlook remained uncertain, as domestic consumption declined amid the spread of COVID-19.」
In addition to previous consumption tax hikes and natural disasters, the decline in domestic consumption caused by the spread of COVID-19 is described as part of the actual economic environment. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter, employment and income conditions continued to improve, but the economic outlook remained uncertain amid concerns over the reversal of demand brought forward ahead of a consumption tax increase and weakening corporate earnings.」
While the employment and income environment is improving, the decline in last-minute demand following the consumption tax hike and weakness in corporate earnings are identified as new sources of economic uncertainty. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter, employment and income conditions continued to improve, but the economic outlook remained uncertain amid growing risks of intensifying US-China trade friction and concerns that a consumption tax increase could reduce consumption.」
In addition to the risk of intensifying US-China trade friction, a decline in consumption resulting from a consumption tax increase is identified as a new concern. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter, employment and income conditions continued to improve. However, the economic outlook remained uncertain amid growing risks of a shift toward US protectionism and intensifying trade friction arising from it.」
Although improvements in employment and income conditions are indicated, economic uncertainty resulting from US protectionism and the risk of intensifying trade friction is restated. - FY2019ReframedAnnual report
「Regarding the outlook for the next fiscal year, we recognize that uncertainty about the future is likely to persist, with concerns including a slowdown in the Chinese economy and intensifying trade friction.」
The description of economic risks has been organized around an outlook centered on a slowdown in the Chinese economy and intensifying trade friction. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter, employment and income conditions and corporate earnings continued to improve. However, the economic outlook remained uncertain amid growing risks of intensifying trade friction arising from the US's hard-line trade policies, as well as natural disasters including torrential rain, typhoons and earthquakes.」
The previous view is restated that, despite improvements in employment and income conditions and corporate earnings, the risk of intensifying trade friction and natural disasters are sources of economic uncertainty. - FY2019-Q2ReframedAnnual report
「During the cumulative second quarter, employment and income conditions and corporate earnings continued to improve. However, the economic outlook remained uncertain amid growing risks of intensifying trade friction arising from the US's hard-line trade policies, as well as natural disasters including torrential rain, typhoons and earthquakes.」
While improvements in employment and income conditions and corporate earnings are indicated, trade friction resulting from the US's hard-line trade policies and natural disasters are cited as new sources of uncertainty. - FY2019-Q1ReframedAnnual report
「During the cumulative first quarter, corporate earnings and capital investment remained resilient, and employment and income conditions continued to improve, while personal consumption showed a moderate recovery. However, the economic outlook remained uncertain amid growing risks of a shift toward US protectionism and intensifying trade friction arising from it.」
Although personal consumption is shown to be recovering moderately, a shift toward US protectionism and the risk of intensifying trade friction resulting from it are identified as new sources of uncertainty. - FY2018ReframedAnnual report
「Regarding the outlook for the next fiscal year, we recognize that uncertainty about the future is likely to persist, with concerns including geopolitical risks related to US policy direction and the situations in North Korea and the Middle East.」
Unlike the previous descriptions of US policy operations and sluggish wage growth, the outlook for the next fiscal year explicitly identifies geopolitical risks, including the situations in North Korea and the Middle East. - FY2018-Q3ReframedAnnual report
「During the cumulative third quarter, corporate earnings remained strong against a backdrop of increased inbound demand and exports, while personal consumption showed a moderate recovery alongside improvements in the employment environment and rising share prices. However, the economic outlook remained uncertain amid sluggish wage growth and unstable US policy operations.」
A recovery trend in corporate earnings and personal consumption is indicated, while sluggish wage growth and unstable US policy operations are cited as sources of uncertainty. - FY2018-Q2ReframedAnnual report
「During the cumulative second quarter, corporate earnings and capital investment remained resilient, and the employment environment was favorable against a backdrop of labor shortages. Personal consumption showed a moderate recovery, while the economic outlook remained uncertain amid growing geopolitical risks, including unstable US policy operations and heightened tensions surrounding North Korea.」
Personal consumption is shown to be recovering moderately and the employment environment favorable, while unstable US policy operations and heightened tensions surrounding North Korea are cited as sources of uncertainty. - FY2018-Q1ReframedAnnual report
「During the cumulative first quarter, corporate earnings and capital investment remained resilient, while personal consumption showed a moderate recovery. However, the economic outlook remained uncertain amid US policy operations, Europe's political situation and growing geopolitical risks.」
Personal consumption shifted from the previous descriptions of stagnation and a stalled recovery to “a moderate recovery trend,” while US policy operations, Europe's political situation and geopolitical risks were cited as concerns. - FY2017WorsenedAnnual report
「During the fiscal year, corporate earnings remained resilient, while personal consumption continued to stall. Concerns over the slowdown in emerging-market economies, the UK's withdrawal from the EU and the impact of US policy direction increased uncertainty about the economic outlook.」
With personal consumption continuing to stall, the company newly cites emerging-market economies, the UK's withdrawal from the EU and US policy direction, and states that uncertainty has increased. - FY2017-Q3WorsenedAnnual report
「During the cumulative third quarter, the Japanese economy remained stalled, with personal consumption showing signs of stagnation. The outlook remained uncertain amid a sense that inbound demand had reached a ceiling and increased uncertainty in overseas economies.」
Personal consumption is described as remaining stalled, while a sense that inbound demand has reached a ceiling has also been newly identified. Economic uncertainty continues, including uncertainty in overseas economies. - FY2017-Q2WorsenedAnnual report
「While personal consumption remains sluggish, there are concerns that increased uncertainty in overseas economies, yen appreciation and falling share prices could weigh on business and household sentiment and corporate earnings, leaving the economic outlook uncertain.」
The description of personal consumption has intensified from “sluggish” to “stagnant” and “stalled,” and increased uncertainty in overseas economies has also been explicitly added. - FY2017-Q1First statedAnnual report
「With personal consumption sluggish, there are concerns that yen appreciation and falling share prices could weigh on business and household sentiment and corporate earnings, leaving the economic outlook uncertain.」
This is described as an external risk to the economic environment during the quarter.