Uncertainty over the economic outlook stemming from factors such as the US-China trade war, and stagnant consumer sentiment
First written in FY2019-Q1. 12 of 21 entries say "Worsened", first in FY2019-Q3. Latest entry: FY2026-H1.
Nichiryoku moved to the "Worse" side of this theme in 2019, 1 year before the typical company in this theme (2020).
The whole theme swung hardest in 2025: 7 of 10 companies on the "Worse" side.
3 other companies' latest entry also says "Worsened".
- FY2026-H1WorsenedAnnual report
「Under these circumstances, in its core cemetery and funeral businesses, the company worked to increase the number of transactions and enhance added value. Since the fiscal year ending March 2021, the company has also worked to strengthen its sales structure and financial base. Specifically, it aims to achieve sustainable earnings growth by strengthening its financial base through debt reduction and cost cutting, while strengthening its sales structure and promoting external partnerships.」
In addition to uncertainty in overseas economies and higher prices, the impact on earnings from labor shortages and rising personnel expenses is newly described as economic uncertainty. - FY2025-H1WorsenedAnnual report
「During the interim accounting period, Japan’s economy showed signs of normalization, including increased capital investment, higher nominal wages and a dramatic recovery in inbound consumption. However, consumer efforts to protect household finances remained strong due to factors such as higher prices caused by yen depreciation and declining real wages, and the period ended amid uncertainty about the outlook.」
While noting signs of economic normalization, the company cites higher prices caused by yen depreciation, declining real wages and consumers’ efforts to protect household finances as factors creating uncertainty about the outlook. - FY2024-Q3MitigatedAnnual report
「During the nine months ended, Japan’s economy showed signs of a brighter outlook, as reflected in the Nikkei Stock Average, due to companies beginning to review their earnings structures and the expansion of inbound consumption, although downward pressures from higher resource prices, yen depreciation and higher prices remained.」
While higher resource prices, yen depreciation and higher prices remained downward pressures, the company states that the review of corporate earnings structures and the expansion of inbound consumption created signs of a brighter economic outlook. - FY2023MitigatedAnnual report
「During the fourth quarter, the easing of restrictions on new entries by foreign nationals and recommendations to wear masks, which had been government measures to prevent the spread of COVID-19 for approximately 3 years, together with the expansion of inbound consumption, created signs of a brighter economic outlook.」
While citing higher resource prices, yen depreciation and higher prices as downward pressures, the company states that the easing of restrictions on entry and recommendations to wear masks, together with the expansion of inbound consumption, has created signs of a brighter economic outlook. - FY2023-Q3RestatedAnnual report
「During the nine months ended, Japan’s economy ended the period with uncertainty remaining about the outlook, as the end of the COVID-19 pandemic was still not in sight and resource prices soared following the Ukraine crisis, while additional rate hikes led mainly by the United States to curb inflation caused yen depreciation and higher prices.」
The company reconfirms the economic uncertainty caused by COVID-19, the Ukraine crisis, surging resource prices, additional rate hikes, yen depreciation and higher prices. - FY2023-Q2RestatedAnnual report
「During the six months ended, Japan’s economy ended the period with uncertainty remaining about the outlook due to COVID-19, higher resource prices caused by the Ukraine crisis, and higher prices accompanying yen depreciation resulting from continued rate hikes led mainly by the United States to curb inflation.」
The company reconfirms the economic uncertainty caused by COVID-19, the Ukraine crisis, higher resource prices, continued rate hikes, yen depreciation and higher prices. - FY2023-Q1RestatedAnnual report
「During the first quarter ended, Japan’s economy ended the period with uncertainty remaining about the outlook due to COVID-19, higher resource prices caused by Russia’s invasion of Ukraine, yen depreciation resulting from rate hikes led mainly by the United States to curb inflation, and higher prices.」
The company reconfirms the economic uncertainty caused by COVID-19, the invasion of Ukraine, rate hikes, yen depreciation, and higher resource and consumer prices. - FY2022WorsenedAnnual report
「However, during the subsequent fourth quarter, the period ended with uncertainty remaining about the outlook due to the effects of the Omicron wave, Russia’s invasion of Ukraine and US rate hikes, as well as sharply higher resource prices and yen depreciation.」
In addition to the previous COVID-19 crisis and trade friction, the Omicron variant, the invasion of Ukraine, US rate hikes, higher resource prices and yen depreciation are added as factors creating uncertainty about the outlook. - FY2022-Q3MitigatedAnnual report
「The number of infections began to decline after peaking on 20 August 2021, and during the third quarter the removal of all declarations and measures allowed economic activity to regain stability, bringing the period to an end with signs that the infectious disease was coming under control.」
The company describes the decline in infections, the lifting of states of emergency and other measures, and the stabilization of economic activity, indicating that uncertainty about the outlook is gradually easing. - FY2022-Q2MitigatedAnnual report
「Vaccination of the public progressed, and the number of infections began to decline after peaking on 20 August 2021. Although there were concerns about the arrival of a sixth wave, the uncertain outlook was gradually clearing.」
While describing explosive infections caused by variants and states of emergency, the company explains that the uncertainty about the outlook was gradually clearing as vaccinations progressed and the number of infections declined. - FY2021RestatedAnnual report
「During the fiscal year, Japan’s economy ended the period amid an unprecedented crisis, particularly in the non-manufacturing sector, as COVID-19 spread rapidly worldwide, the government issued requests to refrain from going out and two states of emergency, the N501Y variant emerged and the movement of people was severely restricted.」
The company reconfirms throughout the fiscal year the crisis in the non-manufacturing sector caused by the spread of COVID-19, two states of emergency, the emergence of variants and restrictions on the movement of people. - FY2021-Q3WorsenedAnnual report
「During the nine months ended, Japan’s economy ended the period amid an unprecedented crisis, particularly in the non-manufacturing sector, as COVID-19 spread rapidly worldwide, the government issued requests to refrain from going out and a state of emergency, the third wave arrived and the movement of people was severely restricted.」
The arrival of the third wave and severe restrictions on the movement of people have been added, continuing and providing greater detail on the crisis surrounding the non-manufacturing sector. - FY2021-Q2WorsenedAnnual report
「During the six months ended, Japan’s economy remained in an unprecedented crisis, as COVID-19 spread rapidly worldwide, the government issued requests to refrain from going out and a state of emergency, and both the manufacturing and non-manufacturing sectors were affected.」
The company continues to describe the economy as being in an unprecedented crisis due to COVID-19, requests to refrain from going out and the state of emergency. - FY2021-Q1WorsenedAnnual report
「During the first quarter ended, Japan’s economy faced an unprecedented crisis, as COVID-19 spread rapidly worldwide amid a range of accumulated challenges and the government issued a state of emergency on 7 April 2020.」
In addition to the uncertainty about the outlook caused by the previous trade friction and other factors, the company describes the unprecedented crisis resulting from the global spread of COVID-19 and the state of emergency. - FY2020WorsenedAnnual report
「During the fiscal year, Japan’s economy ended the period with the outlook unclear, as COVID-19 spread rapidly worldwide amid a sharp deterioration in the Consumer Confidence Index associated with the consumption tax rate revision, despite some easing of the US-China trade friction.」
In addition to uncertainty stemming from the previous trade friction and stagnation in the global economy, the company points to the sharp deterioration in the Consumer Confidence Index and the global spread of COVID-19. - FY2020-Q3WorsenedAnnual report
「During the nine months ended, Japan’s economy ended the period amid factors creating uncertainty about the outlook, as deterioration in the Consumer Confidence Index associated with the consumption tax rate revision outweighed the partial easing of the US-China trade friction.」
While noting the partial easing of the US-China trade friction, deterioration in the Consumer Confidence Index associated with the consumption tax rate revision is presented as a new factor creating uncertainty about the outlook. - FY2020-Q2WorsenedAnnual report
「During the six months ended, Japan’s economy ended the period amid factors creating uncertainty about the outlook, as concerns over the US-China trade friction and the United Kingdom’s withdrawal from the European Union contributed to deterioration in the trade balance, the business conditions diffusion index in the Tankan survey and the Consumer Confidence Index.」
In addition to the US-China trade friction, the United Kingdom’s withdrawal from the European Union is cited, while deterioration in the trade balance, the business conditions diffusion index and the Consumer Confidence Index is added as a factor creating uncertainty about the outlook. - FY2020-Q1WorsenedAnnual report
「During the first quarter ended, Japan’s economy ended the period amid factors creating uncertainty about the outlook, as no resolution of the US-China trade friction was in sight and the deterioration in the trade balance and the Consumer Confidence Index compounded the situation.」
In addition to the lack of visibility on a resolution of the US-China trade friction, deterioration in the trade balance and the Consumer Confidence Index are cited, making the economic uncertainty more specific. - FY2019WorsenedAnnual report
「During the fiscal year, Japan’s economy remained on a gradual recovery trend due to improving corporate earnings and employment conditions, but ended the period amid factors creating uncertainty about the outlook, including the US-China trade war and stagnation in the global economy.」
In addition to the US-China trade war, stagnation in the global economy is cited as a factor creating uncertainty about the outlook. - FY2019-Q3WorsenedAnnual report
「The economy remained on a gradual recovery trend due to improving corporate earnings and employment conditions, but ended the period amid factors creating uncertainty about the outlook, including the US-China trade war.」
Regarding factors creating uncertainty about the outlook, the wording has been strengthened from the previous reference to trade friction to “trade war,” and economic uncertainty is again described. - FY2019-Q1First statedAnnual report
「The real economy had been recovering against a backdrop of improving employment conditions, but remained flat as consumer sentiment was affected by stagnant real income growth due to rising prices and concerns about the future of social security.」
Consumer sentiment stemming from sluggish real income growth and concerns about the future of social security is cited for the first time as a factor keeping the real economy flat.