Uncertainty Surrounding the Economic and Consumption Environment
First written in FY2016-Q2. 17 of 36 entries say "Restated". Latest entry: 2026-09-10.
Top Culture 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 2020: 139 of 156 companies on the "Worse" side.
53 other companies' latest entry also says "Restated".
- 2026-09-10RestatedEarnings
「During the cumulative third quarter, Japan's economy showed a gradual recovery against a backdrop of improving employment and income conditions. However, overseas conditions, including the Middle East, became more tense, and energy and raw-material prices remained elevated, leaving the economic outlook uncertain.」
Despite an economic recovery, uncertainty caused by overseas conditions and energy and raw-material prices continued. - FY2026-H1WorsenedAnnual report
「During the current interim consolidated accounting period, Japan's economy showed moderate recovery against a backdrop of improving employment and income conditions. At the same time, the outlook remained uncertain due to overseas developments, including the situation in the Middle East, and persistently high energy and raw material prices. In the retail industry, personal consumption remained cautious as real wages continued to languish amid ongoing price increases. In addition, labor and logistics costs associated with store operations continued to rise, leaving the operating environment challenging.」
While indicating improvements in employment and income conditions and a moderate recovery, the statement identifies the situation in the Middle East, persistently high energy and raw material prices, sluggish real wages, increasingly cautious personal consumption, and higher labor and logistics costs as new sources of uncertainty and burden. - FY2025WorsenedAnnual report
「Prolonged price increases and persistently high energy prices have not been accompanied by increases in real wages. As a result, consumers have remained cautious and continued to select their spending carefully. In addition, the outlook remains uncertain because of the impact of unstable overseas conditions and policy developments.」
The statement continues to cite persistently high prices and energy costs, sluggish real wage growth, cautious personal consumption, and uncertainty resulting from overseas conditions and policy developments. - FY2025-H1WorsenedAnnual report
「During the current interim consolidated accounting period, improvements in companies' employment and income conditions broadened due to the effects of higher prices, but consumer sentiment remained weak because real wage growth did not keep pace. In addition, the outlook remained uncertain due to intensifying competition across industry and business-format boundaries, higher labor and raw material costs, sharp fluctuations in exchange rates, and unstable overseas conditions and policy developments.」
While indicating improvements in employment and income conditions, the statement notes that consumer sentiment remains weak because real wages have not kept pace, and that uncertainty over the outlook continues due to labor and raw material costs, exchange rates, overseas conditions and policy developments. - FY2024WorsenedAnnual report
「The outlook for the domestic and global economies remains uncertain due to concerns over the outlook for the Chinese economy and the downside risk to overseas economies associated with monetary tightening. In addition, successive price increases for essential goods resulting from the weakening yen and higher raw material prices and energy costs have further strengthened consumers' inclination to save.」
The statement details the challenging consumer environment by citing downside risk to overseas economies, the weaker yen, higher raw material and energy costs, price increases for essential goods and consumers' increasingly strong inclination to save. - FY2024-Q2The consumer environment remains challenging despite a recovery in foot traffic, due to high prices and the rapid weakening of the yenAnnual report
「During the cumulative second quarter of the current fiscal year, Japan's consumer environment remained challenging. Although foot traffic recovered following the reclassification of COVID-19 as a Class 5 disease, consumption behavior remained difficult amid continuing price increases and the effects of the rapid weakening of the yen.」
While indicating the reclassification of COVID-19 as a Class 5 disease and the recovery in foot traffic, the statement describes consumption behavior as challenging due to higher prices and the rapid weakening of the yen. - FY2024-Q1Economic recovery alongside inflation and weaker-yen risksAnnual report
「The economy is gradually recovering, with signs of recovery in personal consumption and employment conditions due to the effects of various policies, including the easing of restrictions on activities. At the same time, the outlook remains uncertain due to the prolonged situation between Russia and Ukraine, global inflation and associated monetary tightening, the continued weakening of the yen, and persistently high raw material and energy prices.」
While stating that the economy is gradually recovering, the statement describes continuing uncertainty over the outlook due to global inflation, monetary tightening, the weaker yen, and persistently high raw material and energy prices. - FY2023-Q3RestatedAnnual report
「The economy is gradually recovering, with signs of recovery in personal consumption and employment conditions due to the effects of various policies, including the easing of restrictions on activities. At the same time, the effects of high prices and utility costs since the second half of last year have yet to subside, while wage increases resulting from labor shortages have added to costs, leaving retailers operating stores in a challenging environment.」
While indicating signs of an economic recovery, the statement reiterates that high prices and utility costs and wage increases resulting from labor shortages are continuing, leaving the retail industry in a challenging environment. - FY2023-Q2WorsenedAnnual report
「At the same time, the effects of high prices and utility costs since the second half of last year have yet to subside, while wage increases resulting from labor shortages have added to costs, leaving retailers operating stores in a challenging environment.」
While the economy is gradually recovering, high prices and utility costs, together with wage increases resulting from labor shortages, have added to retailers' costs, and the challenging operating environment continues. - FY2023-Q1Signs of an economic recovery alongside inflation and financial market risksAnnual report
「The economy is gradually recovering, with signs of recovery in personal consumption and employment conditions due to the effects of various policies, including the easing of restrictions on activities. At the same time, the effects of global monetary tightening and the prolonged situation in Ukraine remain significant, and the outlook continues to be uncertain due to higher utility costs associated with soaring fuel prices, price increases across numerous areas including food, and volatility in financial and capital markets.」
While indicating signs of an economic recovery resulting from the easing of restrictions on activities, the statement continues to describe uncertainty over the outlook due to monetary tightening, the situation in Ukraine, higher fuel and other prices, and volatility in financial markets. - FY2022-Q3WorsenedAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy showed signs of recovery following the lifting in March of the priority preventive measures to prevent the spread of COVID-19. However, soaring resource prices and turmoil in financial markets resulting from overseas developments, together with signs of another increase in COVID-19 infections, left conditions unpredictable.」
While indicating a recovery following the lifting of the priority preventive measures to prevent the spread of COVID-19, the statement cites soaring resource prices, turmoil in financial markets and signs of another increase in COVID-19 infections, and describes conditions as remaining unpredictable. - FY2022-Q2WorsenedAnnual report
「During the cumulative second quarter of the current fiscal year, Japan's economy remained challenging due to the effects of COVID-19, although progress in vaccinations had raised expectations for a post-pandemic recovery. However, the outlook remained uncertain due to soaring resource prices and turmoil in financial markets resulting from rising geopolitical tensions and the emergence of the new Omicron variant.」
While indicating expectations for a recovery driven by vaccinations, the Omicron variant, rising geopolitical tensions, soaring resource prices and turmoil in financial markets are described as new sources of uncertainty. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter of the current fiscal year, Japan's economy remained challenging due to the effects of COVID-19, although progress in vaccinations had raised expectations for a post-pandemic recovery. However, the outlook remained uncertain due to the emergence of the new Omicron variant and rapid political changes in countries including those in Europe.」
While indicating expectations for a recovery driven by vaccinations, the emergence of the Omicron variant and political changes overseas are described as new sources of uncertainty. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy became extremely challenging due to restrictions on economic activity associated with the spread of COVID-19. Although the start of vaccinations in Japan has raised expectations for an end to the pandemic, it is expected to take more time for vaccinations to become widely available, and the outlook for future economic activity remains uncertain.」
The continuing restrictions on economic activity due to COVID-19 and the expectation that it will take time for vaccinations to become widespread are cited in describing the challenging economic environment and continuing uncertainty over the outlook. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter of the current fiscal year, Japan's economy became extremely challenging due to restrictions on economic activity associated with the spread of COVID-19. Although the start of vaccinations in Japan has raised expectations for an end to the pandemic, it is expected to take more time for vaccinations to become widely available, and the outlook for future economic activity remains uncertain.」
Restrictions on economic activity due to COVID-19 are continuing, and the need for more time for vaccinations to become widespread is described as perpetuating and intensifying uncertainty over the economic outlook. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter of the current fiscal year, the prolonged effects of the resurgence of COVID-19 resulted in contraction in personal consumption and corporate activity, deterioration in employment conditions and other effects, leaving the outlook uncertain.」
The prolonged contraction in personal consumption and corporate activity and deterioration in employment conditions resulting from the resurgence of COVID-19 are described, deepening uncertainty surrounding economic conditions and the consumer environment. - FY2020WorsenedAnnual report
「During the current consolidated fiscal year, Japan's economy shifted from a path of moderate recovery to challenging conditions due to a succession of natural disasters and the effects of the spread of the novel coronavirus.」
In addition to the existing uncertainty, the economy shifted to challenging conditions due to natural disasters and the spread of the novel coronavirus, with the view expressed that extremely challenging conditions will continue for the time being. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy remained challenging due to the spread of the novel coronavirus. Following the lifting of the state of emergency, economic activity began to resume gradually while measures were taken to prevent the spread of infection, but extremely challenging conditions are expected to continue for the time being, leaving the outlook uncertain for both Japan's economy and the global economy.」
The effects of the spread of the novel coronavirus are continuing, and extremely challenging conditions are expected for the domestic and global economies for the time being, underscoring the severity of the uncertainty over the outlook. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter of the current fiscal year, Japan's economy, which had been on a path of moderate recovery against a backdrop of improving employment and income conditions, deteriorated rapidly due to the consumption tax increase implemented in October 2019, natural disasters including typhoons, and the spread of the novel coronavirus. The environment surrounding all industries, particularly retail, restaurants and hotels, has become extremely challenging.」
The economic environment is described as having deteriorated rapidly due to the spread of the novel coronavirus, in addition to the earlier consumption tax increase and natural disasters. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter of the current fiscal year, Japan's economy remained on a path of moderate recovery against a backdrop of improving employment and income conditions. At the same time, the outlook for economic conditions remained uncertain amid concerns over political and economic uncertainty overseas, including US-China trade friction and the UK's withdrawal from the EU.」
While domestic economic conditions are described as being on a path of moderate recovery, political and economic uncertainty overseas resulting from US-China trade friction and the UK's withdrawal from the EU, together with uncertainty over the economic outlook, continues. - FY2019WorsenedAnnual report
「During the current consolidated fiscal year, Japan's economy continued on a path of moderate recovery against a backdrop of improving corporate earnings and employment conditions, but the outlook remained uncertain due in part to the consumption tax increase and natural disasters, including typhoons.」
In addition to the existing uncertainty surrounding overseas economies and the consumer environment, the consumption tax increase and natural disasters, including typhoons, are explicitly identified as factors affecting economic conditions and the consumer environment. - FY2019-Q3WorsenedAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy continued on a path of moderate recovery against a backdrop of improving corporate earnings and employment conditions, but the outlook remained uncertain, particularly due to the global economic slowdown resulting from US-China trade friction. In the retail industry, consumer sentiment became more cautious ahead of the consumption tax increase, and personal consumption remained sluggish.」
In addition to the existing uncertainty surrounding overseas economies, the global economic slowdown caused by US-China trade friction and increasingly cautious consumer sentiment ahead of the consumption tax increase are described as new sources of uncertainty. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter of the current fiscal year, Japan's economy continued on a path of moderate recovery as employment and income conditions improved, but the outlook remained uncertain due to political conditions and economic uncertainties overseas. In addition, consumers' persistent inclination to economize showed no sign of easing because of anxiety about the future, and personal consumption remained sluggish.」
While the economy is described as being on a path of moderate recovery, overseas political and economic uncertainty, consumers' inclination to economize and sluggish personal consumption continue. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter of the current fiscal year, Japan's economy was on a path of moderate recovery against a backdrop of improving employment and income conditions, but consumers' inclination to economize remained strong amid price increases for essential goods.」
While describing a moderate recovery supported by employment and income conditions, the business environment is described as being affected by higher prices for essential goods and consumers' persistent inclination to economize. - FY2018RestatedAnnual report
「During the current consolidated fiscal year, Japan's economy continued on a path of moderate recovery against a backdrop of improving corporate earnings and employment conditions, but the outlook remained uncertain due to overseas economic conditions and economic uncertainty. The business environment surrounding our Group also remained challenging due to various factors, including consumers' inclination to protect their household finances amid anxiety about the future, the spread of smartphones, and the diversification of ways to spend time resulting from the increased availability of video and music streaming services.」
While domestic economic conditions are described as being on a path of moderate recovery, the business environment is challenging due to overseas economic uncertainty, consumers' inclination to protect their household finances and the diversification of ways to spend time. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy continued on a path of moderate recovery against a backdrop of improving corporate earnings and employment conditions, but the outlook remained uncertain due to overseas economic conditions and economic uncertainty. Personal consumption also remained challenging due to various factors, including consumers' inclination to protect their household finances amid anxiety about the future, intensifying competition including from other business formats, and the expected future population decline.」
While domestic economic conditions are described as being on a path of moderate recovery, personal consumption is described as remaining challenging against a backdrop of overseas economic uncertainty, consumers' inclination to protect their household finances, competition including from other business formats, and population decline. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter of the current fiscal year, Japan's economy was on a path of moderate recovery, supported by continued improvements in employment and income conditions and the effects of various policies. However, the outlook remained uncertain due to political conditions and economic uncertainties overseas. In addition, consumers' persistent inclination to economize showed no sign of easing because of anxiety about the future, and personal consumption remained sluggish.」
While the domestic economy is described as being on a path of moderate recovery, uncertainty over overseas political and economic conditions, consumers' inclination to economize and sluggish personal consumption continue. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy was on a path of moderate recovery against a backdrop of improving employment and income conditions, but personal consumption remained stagnant and the outlook continued to be uncertain.」
While employment and income conditions are improving, stagnation in personal consumption and uncertainty over the outlook continue. - FY2017RestatedAnnual report
「During the current consolidated fiscal year, Japan's economy showed signs of a moderate recovery against a backdrop of improving employment and income conditions. However, price and wage increases lagged behind labor demand, making their contribution to personal consumption limited. In the retail industry, the benefits of the economic recovery were limited and the operating environment remained challenging, due to intensifying price competition driven by consumers' persistent frugality and the outflow of customers to other industries, including online and internet shopping.」
While the economy is described as being on a path of moderate recovery, the challenging environment in the retail industry is continuing due to sluggish price and wage growth, consumer frugality, price competition and customer outflows to online channels. - FY2017-Q3RestatedAnnual report
「Meanwhile, the foreign exchange and stock markets remained unstable in response to policy developments under the new US administration and the political situation in Europe, and uncertainty over the economic outlook continued without being dispelled.」
While domestic economic conditions are described as being on a path of moderate recovery, instability in the foreign exchange and stock markets and uncertainty over the economic outlook continue against a backdrop of US policy developments and the political situation in Europe. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter of the current fiscal year, Japan's economy continued on a path of moderate recovery as improving corporate earnings spread to employment and wages. At the same time, the outlook for the international situation remained uncertain, due to successive changes in government in various countries and concerns over a slowdown in emerging-market economies.」
While domestic economic conditions are described as being on a path of moderate recovery, uncertainty over the outlook for the international situation continues against a backdrop of changes in government and concerns over a slowdown in emerging-market economies. - FY2017-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, expectations rose in the first half following the results of the US presidential election held in early November, with the stock market showing strong activity. In the second half, however, uncertainty over the direction of international political and economic developments intensified, causing both corporate capital investment and personal consumption to remain cautious, and conditions were generally sluggish.」
The uncertain international political and economic environment following the US presidential election, together with cautious corporate capital investment and personal consumption, is described as the business environment, with uncertainty over economic conditions continuing. - FY2016-Q3RestatedAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy remained in a situation where uncertainty over the economic outlook could not be dispelled, as the foreign exchange and stock markets remained unstable amid the slowdown in the Chinese economy and the UK's withdrawal from the EU.」
The slowdown in the Chinese economy and the UK's withdrawal from the EU are cited as new factors, while uncertainty over the economic outlook is described as continuing. - FY2016-Q2First statedAnnual report
「During the cumulative second quarter of the current fiscal year, Japan's economy faced increasing uncertainty over the economic outlook. The Bank of Japan's negative interest rate policy failed to ease upward pressure on the yen, while concerns over exporters' earnings caused the stock market to remain sluggish. In addition, real consumer spending declined and the consumer price index remained in negative territory, leaving few positive factors in the consumer environment.」
The business environment for the period is described as including uncertainty over economic conditions, upward pressure on the yen and declining real consumer spending.