Downturns in Emerging and Resource-Exporting Economies and Uncertainty Around the Economic Recovery
First written in FY2017-Q1. 17 of 34 entries say "Reframed", first in FY2018-Q3. Latest entry: 2026-09-14.
OM2Network 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.
21 other companies' latest entry also says "Reframed".
- 2026-09-14ReframedEarnings
「当中間連結会計期間におけるわが国経済は、中東緊迫化による原油・原材料価格の高騰から足踏み感が強まったものの、半導体や生成ＡＩ向けのＩＴ需要の高まりや、堅調な株式市場を背景として、総じて緩やかな回復基調を維持いたしました。」
景気は緩やかな回復基調を維持した一方、中東緊迫化による原油・原材料価格高騰を不透明要因として記載している。 - FY2027-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's economy generally maintained a moderate recovery trend, supported by growing IT demand for semiconductors and generative AI and a firm stock market, although the situation became increasingly stagnant as tensions in the Middle East drove up crude oil and raw-material prices. Personal consumption was supported by expectations for the effects of wage increases, but consumers increasingly favored saving amid continued high prices. Although government measures to curb energy prices supported the economy, upward cost pressures remained high, the business environment surrounding companies remained difficult, and the economic outlook continued to be uncertain.」
Although a moderate recovery trend was noted, the situation in the Middle East, crude oil and raw-material prices, consumers' increased preference for saving due to high prices, and upward cost pressures were identified as new factors contributing to uncertainty. - 2026-06-12ReframedEarnings
「Meanwhile, the outlook remains uncertain due to soaring crude oil prices resulting from heightened tensions in the Middle East, concerns over the supply of petroleum-related products, and higher energy and food prices, which are putting pressure on real incomes.」
While describing a gradual recovery trend supported by improvements in employment and income conditions, the Company cited the situation in the Middle East, crude oil, energy and food prices, and pressure on real incomes as factors contributing to the uncertain outlook. - FY2026ReframedAnnual report
「During the fiscal year, Japan's economy continued on a moderate recovery trend as the employment and income environment improved with the spread of wage increases and spending by visitors to Japan increased. However, the outlook remained uncertain due to global political instability, volatility in the financial and capital markets, and weaker consumer sentiment caused by high prices.」
Although a recovery driven by improvements in employment and income conditions and increased spending by visitors to Japan was noted, global political instability, volatility in the financial and capital markets, and weaker consumer sentiment caused by high prices were identified as factors contributing to uncertainty over the outlook. - FY2026-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's domestic economy continued on a moderate recovery trend as the employment and income environment improved with the spread of wage increases and as spending by visitors to Japan increased. However, risks including a deterioration in consumer sentiment due to high prices and the impact of U.S. tariff policies had not been eliminated, and the outlook remained extremely uncertain.」
Although a recovery driven by improvements in employment and income conditions and increased spending by visitors to Japan was noted, weaker consumer sentiment due to high prices and U.S. tariff policies were identified as new factors contributing to uncertainty. - FY2025ReframedAnnual report
「During the fiscal year, Japan's economy continued to face an uncertain outlook as domestic demand and inbound demand supported the normalization of social activity, while global political instability, sharp fluctuations in foreign exchange rates, and continuing inflation persisted.」
Although the normalization of social activity and the recovery in inbound demand were noted, global political instability, sharp foreign-exchange fluctuations, and inflation were identified as new factors contributing to uncertainty. - FY2025-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's domestic economy continued on a moderate recovery trend as social and economic activity normalized following the COVID-19 pandemic, with improvements in employment and personal consumption. Inbound demand, which had continued from the previous year, and individual consumers' willingness to spend also provided support, and consumption related to high-value-added products and services remained firm. However, the outlook remained uncertain due to unstable international conditions, including the prolonged invasion of Ukraine by Russia and worsening conditions in the Middle East, as well as continued yen depreciation and its economic impact.」
Although the normalization of economic activity, improvements in employment and personal consumption, and support from inbound demand and other factors were noted, continued uncertainty over the outlook due to the situations in Ukraine and the Middle East and yen depreciation was also identified. - FY2025-Q1ReframedAnnual report
「During the three-month period ended June 2024, Japan's domestic economy remained on a moderate recovery trend as social and economic activity normalized following the COVID-19 pandemic, with improvements in employment and personal consumption. However, the outlook remained uncertain due to unstable international conditions, including the prolonged invasion of Ukraine by Russia and worsening conditions in the Middle East, as well as continued yen depreciation and its economic impact.」
Although the normalization of social and economic activity following the COVID-19 pandemic and an economic recovery were noted, the prolonged invasion of Ukraine, worsening conditions in the Middle East, and continued yen depreciation were identified as new factors contributing to uncertainty. - FY2024-Q3ReframedAnnual report
「During the nine-month period ended December 2023, Japan's domestic economy showed a moderate recovery as economic activity normalized following COVID-19's reclassification as a Class 5 infectious disease in May 2023, with the recovery in human mobility and inbound demand. However, the outlook remained uncertain due to persistently high energy prices and rising prices resulting from the prolonged situation in Ukraine, as well as volatility in the financial and capital markets.」
Although the reclassification of COVID-19 as a Class 5 infectious disease, the normalization of economic activity, and the recovery in human mobility and inbound demand indicated an economic recovery, continued uncertainty over the outlook due to the situation in Ukraine, energy prices, inflation, and volatility in the financial and capital markets was also noted. - FY2024-Q2ReframedAnnual report
「During the six-month period ended September 2023, Japan's domestic economy showed signs of a recovery in personal consumption as economic activity normalized following the easing of restrictions, including after COVID-19 was reclassified as a Class 5 infectious disease in May 2023. However, the outlook remained uncertain due to persistently high energy prices and rising prices resulting from the prolonged situation in Ukraine, as well as volatility in the financial and capital markets.」
Although the reclassification of COVID-19 as a Class 5 infectious disease and the easing of activity restrictions indicated the normalization of economic activity and personal consumption, the situation in Ukraine, energy prices, inflation, and volatility in the financial and capital markets were identified as new factors contributing to uncertainty. - FY2024-Q1ReframedAnnual report
「During the three-month period ended June 2023, Japan's economy showed signs of recovery as restrictions on activity to prevent the spread of COVID-19 were eased. However, prices continued to rise due to yen depreciation, and global energy prices continued to increase, including as a result of Russia's invasion of Ukraine, leaving the outlook uncertain both domestically and overseas.」
Although a recovery in the economy accompanied the easing of activity restrictions, continued uncertainty over the outlook due to yen depreciation, broad-based price increases, Russia's invasion of Ukraine, and higher energy prices was also noted. - FY2023-Q3ReframedAnnual report
「Although the economy was on a recovery trend despite the seventh wave of COVID-19 from July through August, no restrictions on activity, such as a state of emergency, were imposed, and some pent-up demand emerged ahead of price increases from October. However, rapid yen depreciation drove up prices across the board, while global energy prices continued to rise, including as a result of Russia's invasion of Ukraine, and difficult, uncertain business conditions were expected to continue both domestically and overseas.」
Although the economy was described as being on a recovery trend without restrictions on activity being imposed during the seventh wave, rapid yen depreciation, rising prices across the board, Russia's invasion of Ukraine, and higher energy prices were also listed as new factors contributing to uncertainty. - FY2023-Q2WorsenedAnnual report
「During the six-month period ended September 2022, Japan's economy was expected to remain in an uncertain environment, with difficult business conditions continuing both domestically and overseas due to the rapid spread of variants, growing political instability following Russia's invasion of Ukraine, rising raw-material and energy prices, and sharp fluctuations in foreign exchange rates, despite expectations that COVID-19 would subside.」
The combination of COVID-19, the situation in Ukraine, rising raw-material and energy prices, and foreign-exchange volatility has heightened recognition of the domestic and overseas economic environments as uncertain and difficult. - FY2023-Q1WorsenedAnnual report
「In addition, surging costs for raw materials, energy, logistics, and other items accelerated due to the situation in Ukraine, leaving the outlook unpredictable.」
In addition to the economic stagnation caused by COVID-19, accelerating increases in raw-material, energy, and logistics costs due to the situation in Ukraine were noted, strengthening concerns over the economic outlook. - FY2022ReframedAnnual report
「During the fiscal year, Japan's economy remained in a difficult situation as economic activity continued to be restricted due to the spread of COVID-19. Although economic activity had resumed temporarily, uncertainty over the outlook continued amid concerns over the spread of COVID-19 and the Omicron variant, a new strain.」
Regarding uncertainty over the economic outlook, the specific focus shifted from expectations of a recovery due to vaccinations and the easing of activity restrictions to the continued restrictions on economic activity and concerns over the spread of the Omicron variant. - FY2022-Q3ReframedAnnual report
「During the nine-month period ended December 2021, corporate capital investment, production activity, and exports showed signs of recovery as restrictions on activity were eased following progress in COVID-19 vaccinations worldwide. Further recovery was expected, but the timing of a complete resolution of the pandemic remained unforeseeable, and the outlook continued to be uncertain.」
Although progress in vaccinations and the easing of activity restrictions indicated a recovery trend, the timing of a complete resolution of COVID-19 remained unforeseeable, and uncertainty over the outlook continued to be recognized as a risk. - FY2022-Q2RestatedAnnual report
「During the six-month period ended September 2021, Japan's economy remained in an extremely uncertain position, as COVID-19 had yet to subside and the continued spread of infections led to another declaration of a state of emergency.」
The continued failure of COVID-19 to subside, the ongoing spread of infections, and the reissuance of a state of emergency continue to be cited as reasons why the economic outlook is extremely uncertain. - FY2022-Q1WorsenedAnnual report
「Although there was a temporary recovery on expectations that COVID-19 would subside and that various policies would be effective, the spread of infections again led to the third state of emergency being declared in April 2021, resulting in difficult economic conditions.」
The situation shifted from a temporary recovery to difficult economic conditions caused by the renewed spread of infections and the third state of emergency, deepening downside risks to the economy. - FY2021RestatedAnnual report
「During the fiscal year, Japan's economy remained in a difficult situation as economic activity and social life in general were severely affected by the spread of COVID-19, causing personal consumption and corporate earnings to deteriorate rapidly, while the outlook also remained uncertain.」
The severe impact of COVID-19 on economic activity and social life, deterioration in personal consumption and corporate earnings, and uncertainty over the outlook continue to be identified as external-environment risks. - FY2021-Q3RestatedAnnual report
「During the nine-month period ended December 2020, Japan's economy was in an extremely difficult situation due to the stagnation of economic activity worldwide resulting from the spread of COVID-19.」
The stagnation of economic activity worldwide resulting from the spread of COVID-19 and the extremely difficult economic conditions continue to be identified. - FY2021-Q2WorsenedAnnual report
「During the six-month period ended September 2020, Japan's economy was in an extremely difficult situation due to the stagnation of economic activity worldwide resulting from the spread of COVID-19.」
The economic environment became extremely difficult due to the worldwide stagnation of economic activity, with declining demand, supply concerns, and uncertainty over the outlook also noted. - FY2021-Q1WorsenedAnnual report
「During the three-month period ended June 2020, Japan's economy underwent a sharp reversal from its previous trend of moderate improvement as the global spread of COVID-19 reached Japan, causing serious adverse effects across various aspects of people's lives and raising concerns over an economic deterioration that could be the worst since the end of World War II.」
In addition to the previous uncertainty surrounding the economic recovery, the spread of COVID-19 sharply reversed the trend of economic improvement, deepening external-environment risks to the point where an economic deterioration that could be the worst since the end of World War II was a concern. - FY2020-Q3RestatedAnnual report
「Although a moderate recovery trend continued against a backdrop of improving employment and income conditions, uncertainty in the global economy increased, including due to China's economic slowdown resulting from the U.S.-China trade dispute, and the outlook remained uncertain.」
Uncertainty in the global economy and over the outlook, including China's economic slowdown, continues to be identified as an external-environment risk. - FY2020-Q2RestatedAnnual report
「In the global economy, the outlook remained uncertain due to the expected slowdown in China's economy resulting from the U.S.-China trade dispute and unstable international political conditions, including the UK's withdrawal from the EU.」
Uncertainty in the global economy, including the expected slowdown in China's economy and the UK's withdrawal from the EU, continues to be identified as an external-environment risk. - FY2020-Q1ReframedAnnual report
「In the global economy, the outlook remained uncertain due to the expected slowdown in China's economy resulting from the U.S.-China trade dispute and unstable international political conditions, including the UK's withdrawal from the EU.」
The factors contributing to uncertainty in economic activity and the economy are now specified as international political conditions, including the expected slowdown in China's economy and the UK's withdrawal from the EU, rather than the previously cited volatility in the financial and capital markets and natural disasters. - FY2019-Q3ReframedAnnual report
「In the global economy, the outlook remained uncertain due to the effects of the U.S.-China trade dispute, volatility in the financial and capital markets, and a succession of natural disasters.」
The factors contributing to uncertainty over the economic recovery have become more specific, shifting from downside risks to emerging-market and resource-exporting economies to the U.S.-China trade dispute, volatility in the financial and capital markets, and a succession of natural disasters. - FY2019-Q2MitigatedAnnual report
「In the global economy, economic conditions in various countries remained firm, including as a result of the sustained moderate recovery in Europe and the United States.」
In contrast to the previous reference to uncertainty over the economic outlook, the statement now describes the sustained moderate recovery in Europe and the United States and firm economic conditions in various countries. - FY2019-Q1RestatedAnnual report
「During the three-month period ended June 2018, Japan's economy remained on a moderate recovery trend, supported by improvements in corporate earnings and the employment environment. However, the outlook for economic activity and the economy remained uncertain due to uncertainty surrounding the policies of the new U.S. administration, changes in political conditions in various countries, and economic trends in Asian countries.」
Uncertainty over the outlook for economic activity and the economy due to the United States, political conditions in various countries, and economic trends in Asian countries and elsewhere continues to be identified. - FY2018RestatedAnnual report
「During the fiscal year, Japan's economy showed signs of a moderate recovery, supported by various economic and monetary policies implemented by the government and improvements in employment and income conditions. However, the outlook remained uncertain due to the policies of the new U.S. administration, political risks in Europe, and economic trends in Asian countries.」
Uncertainty over the economic outlook due to political and economic trends in the United States, Europe, and Asia continues to be identified. - FY2018-Q3ReframedAnnual report
「During the nine-month period ended December 2017, Japan's economy remained on a moderate recovery trend, supported by improvements in corporate earnings and the employment environment. However, the outlook for economic activity and the economy remained uncertain due to uncertainty surrounding the policies of the new U.S. administration, changes in political conditions in various countries, and economic trends in Asian countries.」
Uncertainty over the outlook for economic activity and the economy continues. The focus has shifted from the specific reference to downside risks to China's and other emerging-market economies to economic trends in Asian countries and elsewhere. - FY2018-Q2WorsenedAnnual report
「During the six-month period ended September 2017, Japan's economy remained on a moderate recovery trend, supported by improvements in corporate earnings and the employment environment. However, the outlook for economic activity and the economy remained uncertain due to uncertainty surrounding the policies of the new U.S. administration, changes in political conditions in various countries, and concerns over downside risks to emerging-market economies, including China.」
Amid continued uncertainty over the economic outlook, uncertainty surrounding the policies of the new U.S. administration, changes in political conditions in various countries, and concerns over downside risks to emerging-market economies are listed as specific concerns, broadening the scope of external-environment risks. - FY2017-Q3RestatedAnnual report
「During the nine-month period ended December 2016, Japan's economy remained on a moderate recovery trend overall, supported by the government's economic and monetary policies. However, consumer sentiment showed signs of stalling, while the yen appreciated amid concerns over instability in Europe and the United States against the backdrop of China's economic slowdown and the UK's withdrawal from the EU, leaving the outlook uncertain.」
Uncertainty surrounding economic trends, including China's economic slowdown, continues to be identified as an external-environment risk. - FY2017-Q2RestatedAnnual report
「The outlook remained uncertain, as the yen appreciated rapidly against the backdrop of China's economic slowdown and the UK's withdrawal from the EU.」
Uncertainty surrounding economic trends, including China's economic slowdown, continues to be identified as an external-environment risk. The UK's withdrawal from the EU and yen appreciation have been separated as new related themes. - FY2017-Q1First statedAnnual report
「Meanwhile, the recovery remained uncertain, including due to downside risks to economies in emerging markets, including China, and resource-exporting countries.」
Downside risks to emerging-market and resource-exporting economies and uncertainty surrounding the economic recovery are identified as external-environment risks.