Volatility in Overseas Economies and Financial Markets and Uncertainty over Consumer Spending
First written in FY2017-Q2. 16 of 30 entries say "Restated". Latest entry: 2026-08-07.
The whole theme swung hardest in 2022: 129 of 170 companies on the "Worse" side.
- 2026-08-07RestatedResults
「一方で、物価上昇の継続による個人消費への影響に加え、海外経済の動向や金融政策の先行き、中東情勢をはじめとする地政学的リスクなど、依然として不透明な要因が残る状況にあります。」
物価上昇、海外経済、金融政策及び地政学的リスクによる不透明感を再掲している。 - FY2026WorsenedAnnual report
「In addition to the shift in U.S. monetary policy, downside risks to the economy resulting from the impact of trade policy and concerns about a slowdown in the Chinese economy persist. Moreover, uncertainty about the outlook has not been dispelled, given the impact of continued inflation on personal consumption, geopolitical risks surrounding Ukraine and the Middle East, and the destabilization of the financing environment caused by financial market volatility. Cautious management decisions therefore remain essential.」
In addition to the existing uncertainty surrounding overseas economies, inflation, geopolitical risks and financial markets, it identifies the shift in U.S. monetary policy, a slowdown in the Chinese economy and the destabilization of the financing environment. - FY2026-H1WorsenedAnnual report
「In addition to the shift in U.S. monetary policy, downside risks to the economy resulting from the impact of trade policy and concerns about a slowdown in the Chinese economy persist. Moreover, uncertainty about the outlook has not been dispelled, given the impact of continued inflation on personal consumption, geopolitical risks surrounding Ukraine and the Middle East, and the destabilization of the financing environment caused by financial market volatility. Cautious management decisions therefore remain essential.」
It identifies the shift in U.S. monetary policy, an economic downturn caused by trade policy, a slowdown in the Chinese economy, inflation, geopolitical risks and the destabilization of the financing environment caused by financial market volatility. - FY2025WorsenedAnnual report
「At the same time, there are many issues requiring attention, including growing concerns about a recession caused by U.S. trade policy, the impact of continuing inflation on personal consumption, geopolitical risks surrounding Ukraine and the Middle East, and changes in the financing environment resulting from financial market volatility. Uncertainty about the outlook therefore remains, and cautious management decisions are required.」
In addition to the existing uncertainty surrounding overseas economies, financial markets and inflation, it identifies recession concerns arising from U.S. trade policy, changes in the financing environment and geopolitical risks in the Middle East. - FY2025-H1WorsenedAnnual report
「Meanwhile, the risk that a downturn in overseas economies, including the impact of global monetary tightening and concerns about the outlook for China’s economy, could weigh on Japan’s economy has emerged. Attention must also be paid to the impact of rising prices, volatility in the financial and capital markets, and expanding geopolitical risks, including worsening conditions in the Middle East, leaving the outlook uncertain.」
It identifies global monetary tightening, the outlook for the Chinese economy, downside risks to overseas economies, inflation and financial market volatility, as well as increasing geopolitical risks arising from developments such as the worsening situation in the Middle East. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter (1 April 2023–31 December 2023), Japan’s economy remained on a moderate recovery track as social and economic activity normalised following the removal of various restrictions related to COVID-19. However, attention must be paid to the impact of global monetary tightening and concerns about the outlook for China’s economy, including the risk that a downturn in overseas economies could weigh on Japan’s economy, as well as the impact of rising prices, conditions in the Middle East, and volatility in the financial and capital markets, leaving the outlook uncertain.」
While describing the normalisation of economic activity and a recovery trend, it continued to identify global monetary tightening, the outlook for China’s economy, a downturn in overseas economies, rising prices, conditions in the Middle East, and volatility in the financial markets as factors contributing to uncertainty. - FY2024-Q2RestatedAnnual report
「Meanwhile, as global monetary tightening continues, attention must also be paid to the risk that a downturn in overseas economies could weigh on Japan’s economy and to the impact of rising prices and volatility in the financial and capital markets, leaving the outlook uncertain.」
It described global monetary tightening, a downturn in overseas economies, rising prices, and volatility in the financial and capital markets as factors contributing to uncertainty about the outlook, continuing from the previous quarter. - FY2024-Q1WorsenedAnnual report
「Meanwhile, as global monetary tightening continues, attention must also be paid to the risk that a downturn in overseas economies could weigh on Japan’s economy and to the impact of rising prices and volatility in the financial and capital markets, leaving the outlook uncertain.」
In addition to the existing uncertainty surrounding overseas economies and financial markets, it specifically identified continued global monetary tightening and the risk that a downturn in overseas economies could weigh on Japan’s economy. - FY2023-Q3RestatedAnnual report
「Meanwhile, the prolonged Russia-Ukraine situation and sharp fluctuations in foreign exchange rates resulted in increases in prices across a range of products, including energy and raw materials, and the economic outlook remained uncertain.」
It continued to identify the situation in Russia and Ukraine, foreign-exchange movements, energy and raw-material prices, and rising prices as factors contributing to uncertainty surrounding overseas economies, financial markets, and personal consumption. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter (1 April 2022–30 September 2022), Japan’s economy began to move toward normalisation as restrictions on activity were eased following the full lifting in March 2022 of priority preventive measures related to COVID-19. However, the outlook for the economy remained uncertain as the intensifying situation in Ukraine and rapid yen depreciation accelerated the rise in energy and raw-material prices.」
While noting progress toward economic normalisation, it specifically identified the worsening situation in Ukraine and surging energy and raw-material prices caused by rapid yen depreciation as new factors contributing to uncertainty. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter, the number of new infections began to decline after the sixth wave of COVID-19 peaked, and signs of progress toward normalising economic activity emerged. However, amid concerns about the prolonged situation in Ukraine and restrictions on economic activity in China, attention must also be paid to downside risks arising from rising raw-material prices, supply constraints, and volatility in the financial and capital markets, leaving the outlook uncertain.」
While describing the peak of the sixth wave of infection and progress toward economic normalisation, it added and specified the prolonged situation in Ukraine, restrictions on economic activity in China, rising raw-material prices, supply constraints, and volatility in the financial markets as factors contributing to uncertainty. - FY2022-Q3Specific identification of concerns about a renewed spread caused by a new variantAnnual report
「Meanwhile, concerns about a renewed spread of the infection have not been dispelled, as a new, highly transmissible variant of COVID-19 was detected in Japan in November 2021, and the uncertainty surrounding the economic outlook continues.」
While describing the rising vaccination rate and the recovery from autumn onward, it specifically identified the detection of a new variant in Japan in November 2021 as a factor contributing to uncertainty about a renewed spread of the infection and the economic outlook. - FY2022-Q2RestatedAnnual report
「During the cumulative second quarter, Japan’s economy remained in a difficult situation because of the prolonged impact of COVID-19.」
It continued to describe the difficult conditions facing the domestic economy and uncertainty about the outlook due to the prolonged infection. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter, Japan’s economy remained in a difficult situation because of the prolonged impact of COVID-19.」
It continued to describe the difficult conditions facing the domestic economy and uncertainty about the outlook due to the prolonged infection. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter, Japan’s economy deteriorated rapidly as the spread of COVID-19 increasingly constrained social and economic activity. After the state of emergency issued in April 2020 was lifted, signs of recovery emerged as economic activity gradually resumed. However, successive waves of infection, the second and third waves, occurred, and there is still no clear prospect of containing the infection, so uncertainty about the outlook continues.」
It further emphasised uncertainty surrounding the economy and personal consumption, noting that a second and third wave occurred even after economic activity temporarily recovered and that there was no clear prospect of containing the infection. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan’s economy deteriorated rapidly because of the global COVID-19 pandemic and entered an extremely difficult situation. The outlook is also expected to remain difficult for the time being because of the impact of the infection, and uncertainty continues.」
In addition to uncertainty surrounding overseas economies, financial markets, and personal consumption, it specifically identified the rapid economic deterioration caused by the global COVID-19 pandemic and the difficult near-term outlook. - FY2020-Q3Explicit identification of the situation in the Middle EastAnnual report
「However, attention must be paid to developments in overseas economies, including US-China trade issues, the outlook for China’s economy, the United Kingdom’s withdrawal from the EU, and conditions in the Middle East, as well as the impact of uncertainty surrounding policies and volatility in the financial and capital markets and the risk of an economic downturn following the consumption-tax rate increase implemented in October 2019, leaving the outlook uncertain.」
In addition to the existing US-China trade issues, China’s economy, the United Kingdom’s withdrawal from the EU, uncertainty surrounding policies and financial markets, and the consumption-tax rate increase, it specifically identified conditions in the Middle East as a factor contributing to uncertainty. - FY2020-Q2Specific identification of the risk of an economic downturn following the consumption-tax rate increaseAnnual report
「However, attention must be paid to developments in overseas economies, including tensions over US-China trade issues, the outlook for China’s economy, the course of the United Kingdom’s withdrawal from the EU, and the impact of uncertainty surrounding policies and volatility in the financial and capital markets, as well as the risk of an economic downturn following the consumption-tax rate increase implemented in October 2019, leaving the outlook uncertain.」
In addition to the existing uncertainty surrounding overseas economies, policies, and financial markets, it specifically identified the risk of an economic downturn following the consumption-tax rate increase implemented in October 2019. - FY2020-Q1RestatedAnnual report
「However, the outlook remains uncertain because of the impact of developments in US-China trade issues on the global economy, the outlook for China’s economy, uncertainty surrounding overseas economic conditions and policies, and volatility in the financial and capital markets.」
It continued to describe uncertainty about the outlook arising from US-China trade issues, the outlook for China’s economy, uncertainty surrounding overseas economies and policies, and volatility in the financial and capital markets. - FY2019RestatedAnnual report
「However, attention must be paid to the impact of developments in US-China trade issues on the global economy, uncertainty surrounding overseas economic conditions and policies, and volatility in the financial and capital markets, leaving the outlook uncertain.」
It reconfirmed uncertainty about the outlook arising from US-China trade issues, uncertainty surrounding overseas economies and policies, and volatility in the financial and capital markets. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter, Japan’s economy continued to recover moderately amid ongoing improvement in employment and income conditions and the effects of various policies. However, attention must be paid to the impact of developments in US-China trade issues on the global economy, uncertainty in overseas economies, and volatility in the financial and capital markets, leaving the outlook uncertain.」
It continued from the previous quarter to describe uncertainty about the outlook arising from US-China trade issues, uncertainty in overseas economies, and volatility in the financial and capital markets. - FY2019-Q2Specific identification of US-China trade issuesAnnual report
「During the cumulative second quarter, Japan’s economy was on a moderate recovery track, supported by the effects of various policies amid continued improvement in employment and income conditions. However, attention must be paid to the impact of developments in US-China trade issues on the global economy, uncertainty in overseas economies, and volatility in the financial and capital markets, leaving the outlook uncertain.」
It specifically identified developments in US-China trade issues as a factor contributing to uncertainty in overseas economies and the financial and capital markets. - FY2019-Q1RestatedAnnual report
「With regard to personal consumption, which affects our performance, there has been a recovery amid improving employment and income conditions. However, consumer sentiment has not yet improved substantially because of concerns about unstable economic conditions in Japan and overseas and rising prices, and the environment surrounding our company remains uncertain.」
It reconfirmed uncertainty arising from unstable economic conditions in Japan and overseas, concerns about rising prices, and the delayed recovery in consumer sentiment. - FY2018RestatedAnnual report
「However, the outlook remains uncertain because of rising uncertainty in overseas economies arising from future political developments in the United States and Europe and elsewhere, as well as the impact of volatility in the financial and capital markets.」
It again described uncertainty about the outlook arising from political developments in the United States and Europe, uncertainty in overseas economies, and volatility in the financial and capital markets. - FY2018-Q3RestatedAnnual report
「However, the outlook remains uncertain because of rising uncertainty in overseas economies arising from political developments in the United States and Europe and elsewhere, as well as the impact of volatility in the financial and capital markets.」
It again described uncertainty about the outlook arising from political developments in the United States and Europe, uncertainty in overseas economies, and volatility in the financial and capital markets. - FY2018-Q2RestatedAnnual report
「However, the outlook remains uncertain because of rising uncertainty in overseas economies arising from political developments in the United States and Europe and elsewhere, as well as the impact of volatility in the financial and capital markets.」
It again described uncertainty about the outlook arising from political developments in the United States and Europe, uncertainty in overseas economies, and volatility in the financial and capital markets. - FY2018-Q1RestatedAnnual report
「However, the outlook remains uncertain because of rising uncertainty in overseas economies arising from political developments in the United States and Europe and elsewhere, as well as the impact of volatility in the financial and capital markets. With regard to personal consumption, which affects our performance, the employment environment is improving, but consumer sentiment has not yet improved substantially because of concerns about unstable economic conditions in Japan and overseas and rising prices. The environment surrounding our company therefore remains uncertain.」
It again identified political developments in the United States and Europe, overseas economies, volatility in the financial and capital markets, concerns about rising prices, and the delayed recovery in consumer sentiment as factors contributing to uncertainty. - FY2017RestatedAnnual report
「However, attention must be paid to the impact of rising uncertainty in overseas economies, including the effects of the new US administration’s economic policies, the outlook for China and other emerging Asian economies, and concerns about the European economy following the United Kingdom’s withdrawal from the EU, as well as volatility in the financial and capital markets, leaving the outlook uncertain.」
It continued to describe uncertainty arising from the new US administration, emerging Asian economies including China, the United Kingdom’s withdrawal from the EU, and volatility in the financial and capital markets. - FY2017-Q3RestatedAnnual report
「However, attention must be paid to the impact of rising uncertainty in overseas economies, including the effects of the new US administration’s economic policies, the outlook for China and other emerging Asian economies, and concerns about the European economy following the United Kingdom’s withdrawal from the EU, as well as volatility in the financial and capital markets, leaving the outlook uncertain.」
It continued to describe uncertainty surrounding overseas economies, the financial and capital markets, and personal consumption, while specifically identifying the impact of the new US administration’s economic policies this time. - FY2017-Q2First statedAnnual report
「However, in addition to the risk that an economic downturn in China and other emerging Asian economies could weigh on Japan’s economy, attention must be paid to the impact of rising uncertainty in overseas economies, including the issue of the United Kingdom’s withdrawal from the EU, and volatility in the financial and capital markets, leaving the outlook uncertain. With regard to personal consumption, which affects our performance, the domestic employment environment is improving, but consumer sentiment has stalled because of the uncertain economic outlook, and the environment surrounding our company remains uncertain.」
It newly identified downturns in overseas economies, the United Kingdom’s withdrawal from the EU, volatility in the financial and capital markets, and the stagnation of personal consumption sentiment as factors contributing to uncertainty surrounding the company.