Stagnant Domestic Economy and Weak Consumer Spending
First written in FY2017-Q1. 12 of 37 entries say "Softened", first in FY2017-Q2. Latest entry: FY2027-H1.
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
- FY2027-H1Recovery trend coexisting with trade, geopolitical, crude oil price and foreign-exchange risksAnnual report
「During the interim consolidated accounting period, Japan’s economy remained on a gradual recovery track, supported by improvements in employment and income conditions and the effects of various policies. At the same time, the outlook remained uncertain due to the US trade policy, geopolitical risks including the situation in the Middle East, and fluctuations in crude oil prices and foreign exchange rates.」
While the domestic economy was described as being on a recovery track due to improvements in employment and income conditions and the effects of government policies, the outlook was said to remain uncertain because of the US trade policy, geopolitical risks including the situation in the Middle East, and fluctuations in crude oil prices and foreign exchange rates. - FY2026Recovery trend coexists with downside risks from U.S. trade policy, geopolitics and overseas economiesAnnual report
「The economy remained generally on a moderate recovery trend, with signs of a recovery in personal consumption due to improvements in employment and income conditions, the effects of various policies, and solid inbound demand accompanying the increase in foreign visitors to Japan. Meanwhile, downside risks from overseas economies to the domestic economy remain, including uncertainty surrounding U.S. trade and tariff policies, heightened geopolitical risks, the weak European economy and delays in the recovery of domestic demand in China.」
The domestic economy was described as being on a recovery trend, supported by employment, income and inbound demand, while specific downside risks from U.S. trade and tariff policies, geopolitical factors, and economic conditions in Europe and China were identified. - 2026-04-10SoftenedEarnings
「Overall, the economy remained on a moderate recovery track, with signs of a rebound in personal consumption as the employment and income environment improved, various policies took effect, and inbound demand associated with the increase in foreign visitors to Japan remained firm.」
The description of the domestic economy continuing on a recovery track, supported by the employment and income environment, policy effects and inbound demand, has been retained. - FY2026-H1A recovery trend coexists with monetary-policy, trade, foreign-exchange and interest-rate risksAnnual report
「The Japanese economy during the interim consolidated period remained on a moderate recovery trend, supported by improvements in employment and income conditions and the expansion of inbound demand. However, the outlook remains uncertain due to uncertainty over global monetary policy, developments in U.S. trade policy, and fluctuations in exchange rates and interest rates.」
A recovery trend in the domestic economy driven by employment and income conditions and inbound demand is noted alongside uncertainty over the outlook due to monetary policy, U.S. trade policy, and exchange-rate and interest-rate fluctuations. - FY2025An economic recovery coexists with high resource prices and financial-market concernsAnnual report
「The Japanese economy during the consolidated fiscal year under review showed signs of recovery in economic activity due to a gradual recovery in personal consumption and increased inbound demand. However, difficult conditions continue due to U.S. policy developments, globally high resource prices, volatility in financial and capital markets, and persistently high interest rates in Europe and the United States.」
A recovery in personal consumption and inbound demand is noted alongside difficult conditions caused by U.S. policy, resource prices, financial-market volatility and high interest rates, resulting in a mixed assessment of economic conditions. - FY2025-H1An economic recovery coexists with downside risks and financial-market concernsAnnual report
「The Japanese economy during the interim consolidated period showed signs of recovery in economic activity due to increased corporate exports and inbound demand. However, conditions remain difficult due to downside risks from a downturn in overseas economies, soaring resource prices and the effects of unstable financial markets.」
Recovery in economic activity driven by exports and inbound demand is noted alongside downside risks and difficult conditions caused by a downturn in overseas economies, soaring resource prices and unstable financial markets. - FY2025-Q1SoftenedAnnual report
「The Japanese economy during the first-quarter cumulative consolidated period remained on a moderate recovery trend, supported by improvements in employment and income conditions and the expansion of inbound demand due to an increase in foreign tourists. However, it has been affected by soaring resource prices and rising prices resulting from prolonged yen depreciation, and the outlook for the economy is expected to remain uncertain.」
A recovery trend supported by improvements in employment and income conditions and the expansion of inbound demand is noted, and the current assessment of domestic economic conditions has eased somewhat. However, uncertainty over the outlook due to soaring resource prices, prolonged yen depreciation and rising prices remains. - FY2024-Q3A recovery trend coexists with higher prices and international geopolitical risksAnnual report
「The easing of restrictions on activities related to COVID-19 and the lifting of restrictions on entry from overseas led to a substantial increase in the movement of people. Economic activity is normalizing and is on a recovery trend. However, the international situation remains unstable, the yen's depreciation has become entrenched, and rising retail prices driven by soaring raw material and resource prices are affecting households. The outlook for the domestic economy is expected to remain uncertain.」
Normalization and a recovery trend in economic activity are noted, alongside uncertainty over the outlook due to an unstable international situation, yen depreciation, soaring raw material and resource prices, and rising prices. - FY2024-Q2SoftenedAnnual report
「The easing of restrictions on activities related to COVID-19 and the lifting of restrictions on entry from overseas led to a substantial increase in the movement of people. Economic activity is normalizing and is on a recovery trend. However, higher prices caused by soaring resource prices affected households, while concerns including the prolonged situation in Ukraine and volatility in financial and capital markets remained. The outlook is expected to remain uncertain.」
The increase in the movement of people and the normalization and recovery trend in economic activity are noted, and the current assessment of domestic economic conditions has eased from the previous quarter. However, uncertainty due to higher prices, the situation in Ukraine and volatility in financial markets remains. - FY2024-Q1SoftenedAnnual report
「The easing of restrictions on activities related to COVID-19 and restrictions on entry from overseas led to a substantial increase in the movement of people, and economic activity began moving toward normalization. However, higher prices caused by soaring resource prices affected households, while concerns including the prolonged situation in Ukraine and volatility in financial and capital markets remained. The outlook is expected to remain uncertain.」
The substantial increase in the movement of people and normalization of economic activity are noted, and the current assessment of domestic economic conditions has eased somewhat. However, uncertainty due to higher prices, the situation in Ukraine and volatility in financial and capital markets continues. - FY2023RestatedAnnual report
「The easing of restrictions on activities related to COVID-19 and restrictions on entry from overseas caused economic activity to begin moving toward normalization. However, higher prices caused by soaring resource prices affected households, while concerns including the prolonged situation in Ukraine and volatility in financial and capital markets remained. The outlook is expected to remain uncertain.」
Normalization of economic activity is noted, while uncertainty over the outlook due to higher prices, the situation in Ukraine and volatility in financial and capital markets continues to be reported. - FY2023-Q3SoftenedAnnual report
「Restrictions on activities related to the impact of COVID-19 were eased, and economic activity began moving toward normalization. However, higher prices caused by soaring resource prices affected households, while downside risks, including the situation in Ukraine and volatility in financial and capital markets, remained. The outlook is expected to remain uncertain.」
The easing of restrictions on activities and normalization of economic activity are explicitly noted, and the current assessment of economic conditions has eased somewhat from the difficult situation previously reported. However, downside risks from higher prices, the situation in Ukraine and volatility in financial markets continue. - FY2023-Q2Signs of normalization coexist with a renewed spread of infections and downside risksAnnual report
「There were signs of normalization in economic and social activity, but conditions remained difficult as the spread of COVID-19 continued due to highly infectious new variants. In addition, higher prices caused by soaring resource prices affected households, while downside risks, including the situation in Ukraine and volatility in financial and capital markets, remained. The outlook is expected to remain uncertain.」
Signs of normalization in economic and social activity are noted alongside downside risks from new variants, soaring resource prices, the situation in Ukraine and volatility in financial and capital markets. - FY2023-Q1SoftenedAnnual report
「As normalization from the COVID-19 pandemic gradually progresses, there have been signs of recovery in some areas. However, households are becoming more cautious about consumption against a backdrop of higher prices caused by soaring resource prices, while downside risks, including the situation in Ukraine and volatility in financial and capital markets, remain. The outlook is expected to remain uncertain.」
Normalization from the COVID-19 pandemic and partial signs of recovery are noted, and the current assessment of domestic economic conditions has eased somewhat. However, downside risks from higher prices, the situation in Ukraine and volatility in financial markets remain. - FY2022WorsenedAnnual report
「Recently, the number of infections with variants has been increasing both in Japan and overseas, and there is still no clear prospect of containment, with states of emergency and priority preventive measures being repeatedly declared. In addition, rising resource prices, exchange-rate fluctuations and heightened geopolitical risks related to developments in Eastern Europe are expected to keep conditions extremely challenging.」
The outlook for the domestic economy has become even more challenging due to COVID-19 variants, repeated regulatory measures, resource prices, exchange rates and geopolitical risks related to the situation in Eastern Europe. - FY2022-Q3SoftenedAnnual report
「Although restrictions on activities were eased and economic activity has gradually resumed since the state of emergency was lifted in October, the outlook is expected to remain uncertain due to factors including the emergence of new variants.」
The lifting of the state of emergency, the easing of restrictions on activities and the resumption of economic activity are noted, indicating that the current assessment of economic conditions has eased somewhat from the extremely challenging situation in the previous quarter. However, uncertainty over the outlook due to new variants remains. - FY2022-Q2RestatedAnnual report
「The Japanese economy during the second-quarter cumulative consolidated period remained in a difficult situation due to the impact of COVID-19. There is still no clear prospect of containment, as a state of emergency was reissued from July, and the outlook is expected to remain extremely challenging for the time being.」
The difficult conditions surrounding the domestic economy and personal consumption have continued due to COVID-19, the reissuance of a state of emergency and the uncertain prospects for containment. - FY2022-Q1RestatedAnnual report
「The Japanese economy during the first-quarter cumulative consolidated period remained in a difficult situation due to the impact of COVID-19. There is still no clear prospect of containment, as a state of emergency was reissued in March, and the outlook is expected to remain extremely challenging for the time being.」
The difficult conditions affecting the domestic economy due to COVID-19, together with the reissuance of a state of emergency and the uncertain prospects for containment, continue to be reported. - FY2021WorsenedAnnual report
「The Japanese economy during the consolidated fiscal year under review remained in a difficult situation due to the impact of COVID-19. Economic activity resumed after the state of emergency issued in April was lifted, and there were signs of a recovery in personal consumption. However, the number of infections increased nationwide from November onward, prompting the reissuance of a state of emergency, and there is still no clear prospect of containment. The outlook is expected to remain extremely challenging for the time being.」
It is stated that the difficult conditions affecting the domestic economy and personal consumption have continued due to the renewed spread of COVID-19 and the reissuance of a state of emergency, and that the outlook remains extremely challenging. - FY2021-Q3WorsenedAnnual report
「During the nine-month period ended the third quarter, the Japanese economy remained in a difficult situation due to the impact of the novel coronavirus disease. Although some recovery was seen in personal consumption, corporate earnings continued to decline substantially. In the food and electronic components and devices industries related to the Company, production adjustments were also observed as the disease resurged, and the outlook is expected to remain extremely difficult for the time being.」
The renewed spread of infectious diseases has led to production adjustments in related industries, and corporate earnings have fallen sharply, with an extremely challenging outlook continuing. - FY2021-Q2WorsenedAnnual report
「During the six-month period ended the second quarter, the Japanese economy continued to deteriorate rapidly due to the impact of the novel coronavirus disease and was in an extremely difficult situation. Although some recovery was seen in personal consumption, it remained at a low level due to the impact of the disease, while corporate earnings continued to decline substantially. The outlook is expected to remain extremely difficult for the time being.」
The deterioration in domestic economic conditions caused by the novel coronavirus disease continued from the previous quarter, with lower personal consumption, a substantial decline in corporate earnings and the continuation of extremely difficult conditions for the time being explicitly stated. The assessment has deteriorated further. - FY2021-Q1MaterialisedAnnual report
「During the three-month period ended the first quarter, the Japanese economy continued to deteriorate rapidly due to the impact of the novel coronavirus disease and was in an extremely difficult situation. Although some recovery was seen in personal consumption, it remained at a low level due to the impact of the disease, while corporate earnings also declined rapidly,」
The previous concerns about economic deterioration have materialized in the form of lower personal consumption due to the novel coronavirus disease, a sharp decline in corporate earnings and rapid economic deterioration. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, the Japanese economy remained weak, with weak income growth, slowing corporate earnings and sluggish exports.」
The description has shifted from the previous stagnation in economic activity to explicitly citing weak income growth, slowing corporate earnings and sluggish exports, making the downside factors affecting the domestic economy more specific. - FY2020-Q3WorsenedAnnual report
「During the nine-month period ended the third quarter, the Japanese economy remained weak, with weak income growth, declining corporate earnings and sluggish exports.」
In addition to the previous stagnation in economic activity, weak income growth, declining corporate earnings and sluggish exports are cited as specific downside factors. The description of economic risks has deteriorated further. - FY2020-Q2WorsenedAnnual report
「Although the economy remained relatively firm against a backdrop of improving employment and income conditions, economic activity had stalled due to slowing exports and weak machinery and equipment investment.」
As economic activity continued to stagnate, slowing exports and weak machinery and equipment investment were newly cited as specific downside factors. - FY2020-Q1WorsenedAnnual report
「During the three-month period ended the first quarter, the Japanese economy remained relatively firm against a backdrop of improving employment conditions, although economic activity had stalled.」
Although the economy is described as remaining firm against a backdrop of improving employment conditions, the assessment has weakened from a recovery trend to economic stagnation. - FY2019-Q3RestatedAnnual report
「Although large-scale natural disasters had some impact, the economy remained on a moderate recovery trend, supported by improvements in corporate earnings and employment conditions.」
Although some impact from large-scale natural disasters is acknowledged, the domestic economy is described as being on a moderate recovery trend, supported by improvements in corporate earnings and employment conditions. - FY2019-Q2RestatedAnnual report
「Although the Osaka Northern Earthquake and torrential rains in western Japan had some impact, the economy remained on a moderate recovery trend, supported by improvements in corporate earnings and employment conditions.」
Although some impact from natural disasters is acknowledged, the domestic economy is described as being on a moderate recovery trend, supported by improvements in corporate earnings and employment conditions. - FY2019-Q1SoftenedAnnual report
「The economy continued to recover moderately, supported by improvements in employment and income conditions and a recovery in personal consumption and capital investment.」
The domestic economy is described as remaining on a recovery trend, supported by improvements in employment and income conditions and a recovery in personal consumption and capital investment. The previous risk assessment centered on weak personal consumption has weakened. - FY2018RestatedAnnual report
「However, if weakness in domestic personal consumption associated with declining domestic demand becomes apparent, or if the market share of major customers declines, the Group's performance may be affected by lower order volumes and order prices.」
Although the domestic economy is described as being on a recovery trend, the risk that weak domestic demand and personal consumption could lead to lower order volumes and order prices continues to be cited. - FY2018-Q3SoftenedAnnual report
「During the nine-month period ended the third quarter, the Japanese economy was steadily recovering, with production activity and employment and income conditions remaining firm, while growth estimates were revised upward, mainly for capital investment and inventory investment.」
The domestic economy is described as being on a "steady recovery trend" against a backdrop of firm capital investment and inventory investment, production activity, and employment and income conditions. The previous risk assessment centered on weakness and stagnation has weakened further. - FY2018-Q2SoftenedAnnual report
「During the six-month period ended the second quarter, inbound demand recovered, with the number of visitors to Japan in July exceeding the previous year by approximately 16%, and the economy was on a moderate recovery trend. Strong corporate earnings supported continued high growth in domestic demand, including higher capital investment, while exports of automobiles to the United States and semiconductor manufacturing equipment to South Korea increased.」
The description has shifted from the previous view centered on weak personal consumption and domestic demand to a recovery trend including higher inbound demand, capital investment and exports. - FY2018-Q1SoftenedAnnual report
「During the three-month period ended the first quarter, personal consumption accelerated against a backdrop of improving consumer sentiment, while housing investment also trended higher, partly due to the Tokyo Olympics.」
The description has shifted from the previous view centered on weak personal consumption and sluggish domestic demand to a recovery trend including accelerating personal consumption and higher housing investment. - FY2017RestatedAnnual report
「If a decline in domestic consumer spending accompanying weaker domestic demand becomes apparent, or if major customers lose market share, the Group's performance could be affected by lower order volumes and order prices.」
Weak domestic economic conditions and consumer spending continue to be described as risks that could reduce order volumes and prices. - FY2017-Q3RestatedAnnual report
「During the nine-month period ended in the third quarter, the Japanese economy continued to recover gradually, although consumer spending remained uneven amid limited improvement in consumer sentiment.」
The recognition that domestic economic conditions are gradually recovering while consumer spending remains weak continues. - FY2017-Q2SoftenedAnnual report
「Although some weakness was seen in areas such as consumer spending, the Japanese economy continued on a gradual recovery trend during the six-month period ended in the second quarter.」
The description has shifted from stagnation and weakness in the previous quarter to a gradual recovery trend, although consumer spending remains weak. - FY2017-Q1First statedAnnual report
「Exports and production have remained flat, partly due to the Kumamoto earthquake, while consumer spending has continued to weaken. Economic activity remains below potential output.」
The Company identifies the Kumamoto earthquake, flat exports and production, and weak consumer spending as economic conditions affecting the business.