Market instability caused by a slowdown in emerging-market economies, the UK's withdrawal from the EU and the formation of a US administration
First written in FY2017-Q3. 11 of 26 entries say "Worsened", first in FY2019-Q2. Latest entry: FY2026.
Artnature moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
68 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「However, conditions remain uncertain due to soaring energy prices resulting from heightened geopolitical risks, including developments in US tariff policy and the growing tensions in the Middle East.」
In addition to the previous uncertainty surrounding foreign exchange rates, prices and international affairs, describes US tariff policy and growing tensions in the Middle East. - FY2026-H1WorsenedAnnual report
「However, conditions remain uncertain due to developments in US tariff policy and the prolonged geopolitical risks, among other factors.」
In addition to the previous uncertainty surrounding foreign exchange rates and higher prices, explicitly identifies US tariff policy and prolonged geopolitical risks. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, economic activity normalized as a result of the reclassification of COVID-19 under the Infectious Diseases Act in May 2023 and other factors, and consumer spending and inbound demand were recovering. However, the outlook remained uncertain due in part to rising prices caused by the yen's depreciation and soaring raw material and energy prices.」
While the economy has progressed from activity restrictions due to the spread of infections toward normalization, concerns about higher prices caused by the weaker yen and soaring resource prices continue. - FY2024-Q2Economic Normalization and Concerns over Rising Prices CoexistingAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, economic activity normalized as a result of the reclassification of COVID-19 under the Infectious Diseases Act in May 2023 and other factors, and consumer spending and inbound demand were recovering. However, the outlook remained uncertain due in part to rising prices caused by the yen's depreciation and soaring raw material and energy prices.」
While the economy has progressed from activity restrictions associated with infection-control measures toward normalization and recovery in personal consumption and inbound demand has emerged as a recovery factor, concerns about higher prices caused by the weaker yen and soaring resource prices continue. - FY2024-Q1Economic Normalization and Concerns over Rising Prices CoexistingAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, economic activity normalized as a result of the reclassification of COVID-19 under the Infectious Diseases Act in May 2023 and other factors, and signs of a recovery in consumer spending emerged. However, the outlook remained uncertain due in part to rising prices caused by the yen's depreciation and soaring raw material and energy prices.」
While stating that the economy has progressed from activity restrictions associated with infection-control measures toward normalization of economic activity, notes that higher prices caused by the weaker yen and soaring raw material and energy prices, as well as uncertainty about the outlook, continue. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, signs of a recovery in consumer spending emerged as activity restrictions related to the spread of COVID-19 were eased. However, inflationary pressure caused by surging crude oil and raw material prices due to the prolonged situation in Ukraine and by foreign exchange fluctuations affected consumer spending, and the outlook remained uncertain.」
While recovery factors from the easing of activity restrictions are present, continues to describe an uncertain external environment, including the prolonged situation in Ukraine, soaring crude oil and raw material prices, and upward pressure on prices from foreign exchange fluctuations. - FY2023-Q1Easing of activity restrictions alongside soaring crude oil and raw material pricesAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, signs of a recovery in consumer spending emerged as activity restrictions imposed to prevent the spread of COVID-19 were eased. However, surging crude oil and raw material prices due to Russia's invasion of Ukraine and the rapid depreciation of the yen began to affect consumer spending, and the outlook remained uncertain.」
While describing a recovery in personal consumption due to the easing of activity restrictions, also cites the effects of Russia’s invasion of Ukraine, the rapid depreciation of the yen and soaring crude oil and raw material prices, with conditions remaining uncertain. - FY2022WorsenedAnnual report
「Although economic activity was gradually recovering as vaccinations progressed amid the continuing effects of the novel coronavirus disease, conditions remained more uncertain than before due to growing concerns about higher prices caused by international instability following Russia’s invasion of Ukraine, soaring energy prices and the rapid depreciation of the yen.」
In addition to the previous uncertainty surrounding the pandemic and the international economy, newly identifies Russia’s invasion of Ukraine, soaring energy prices and concerns about higher prices caused by the rapid depreciation of the yen. - FY2022-Q3WorsenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, economic activity had been recovering as vaccinations progressed and other factors took effect despite the ongoing impact of COVID-19. However, concern arose over an economic slowdown caused by the resurgence of infections due to the emergence of new variants, and the outlook remained uncertain.」
While a recovery driven by vaccinations was expected, concerns were expressed about a renewed spread of infections and economic stagnation due to the emergence of new variants, and uncertainty in the external environment increased again. - FY2022-Q2SoftenedAnnual report
「During the second quarter of the current consolidated cumulative period, economic activity remained restricted due to the prolonged spread of the novel coronavirus disease, which had continued since the previous fiscal year. Although a recovery in economic activity was expected as vaccinations progressed, conditions remained uncertain.」
Restrictions on economic activity and uncertainty about the outlook continued, while expectations for a recovery in economic activity as vaccinations progressed were newly indicated, somewhat softening the previous quarter’s emphasis on rapid economic deterioration. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, economic activity was restricted by the prolonged spread of COVID-19 since the previous fiscal year and the declaration of a state of emergency, while consumer spending remained sluggish. Although measures to prevent infection, including vaccination, were being implemented, the outlook remained uncertain because there was still no clear prospect of containment.」
Restrictions on economic activity due to the prolonged novel coronavirus disease and declarations of a state of emergency continued, and the external environment remained uncertain. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, economic activity was substantially restricted by the spread of COVID-19, while the economy remained in a challenging condition marked by deteriorating corporate earnings and business sentiment and declining consumer spending. In addition, the number of new infections has recently surged, and the outlook remains extremely uncertain, with a state of emergency reissued in some regions.」
The deterioration of the domestic economy due to the spread of the novel coronavirus disease was explicitly identified, and uncertainty about the outlook increased as new infections surged and a state of emergency was declared again. - FY2021-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, domestic and overseas economies deteriorated rapidly due to the global spread of the novel coronavirus disease and the declaration of a state of emergency in Japan. After the declaration was lifted, economic activity began to recover gradually, but conditions remained uncertain due to concerns about a renewed spread of infections.」
Describes the rapid deterioration of domestic and overseas economies and uncertainty about the outlook, while also referring to the gradual recovery in economic activity after the state of emergency was lifted. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan's domestic and overseas economies deteriorated rapidly due to the global spread of COVID-19 and the declaration of a state of emergency in Japan, leaving the outlook extremely uncertain.」
In addition to the previous uncertainty in overseas economies and the US-China trade conflict, the rapid deterioration of domestic and overseas economies due to the novel coronavirus disease and declarations of a state of emergency was explicitly identified. - FY2020WorsenedAnnual report
「The external environment surrounding the Group remained extremely uncertain. Corporate earnings and the employment environment continued to improve and the economy showed signs of a gradual recovery, but concerns about a downturn in the global economy due to the consumption tax increase and the US-China trade conflict, as well as the global spread of the novel coronavirus disease, among other factors, created considerable uncertainty about the outlook.」
The global spread of the novel coronavirus disease was added to the previous uncertainties involving consumption and trade conflicts. - FY2020-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy remained in an uncertain outlook, with corporate earnings and the employment environment continuing to improve and signs of a moderate recovery, while domestic consumer spending remained weak due in part to the impact of the consumption tax increase. Concern also arose over a slowdown in the global economy due to trade friction between the United States and China.」
Continues to describe an uncertain external environment, including the effects of the consumption tax increase, the US-China trade conflict and concerns about a downturn in the global economy. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy remained in an uncertain outlook, with corporate earnings and the employment environment continuing to improve and signs of a moderate recovery, while domestic consumer spending remained weak. Concern also arose over the impact of the consumption tax increase scheduled to take effect in October 2019 and a slowdown in the global economy due to trade friction between the United States and China.」
In addition to the previous uncertainty in overseas economies, explicitly identifies the effects of the consumption tax increase, while concerns about a downturn in the global economy due to the US-China trade conflict continue. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan’s economy showed signs of a gradual recovery as corporate earnings and the employment environment continued to improve. However, domestic consumption lacked strength, and concerns about a downturn in the global economy due to the US-China trade conflict left conditions uncertain.」
Explicitly identifies the lack of strength in domestic consumption and concerns about a downturn in the global economy due to the US-China trade conflict, with an uncertain external environment continuing. - FY2019RestatedAnnual report
「During the consolidated fiscal year, Japan’s economy continued to see improvements in domestic corporate earnings and the employment environment, and consumption showed a gradual expansionary trend. However, conditions remained uncertain due to the successive occurrence of record rainfall, typhoons, earthquakes and other disasters in various regions and uncertainty in the global economy stemming from developments in the US-China trade conflict.」
While acknowledging improvements in the domestic economy, continues to describe uncertainty in the global economy due to disasters and the US-China trade conflict. - FY2019-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, Japan’s economy continued to see improvements in domestic corporate earnings and the employment environment, and consumption showed a gradual expansionary trend. However, conditions remained uncertain due to the successive occurrence of record rainfall, typhoons, earthquakes and other disasters in various regions, uncertainty in the global economy stemming from developments in the US-China trade conflict, and the effects of volatility in financial and capital markets.」
Continues to describe an uncertain external environment, including disasters, the US-China trade conflict and volatility in financial and capital markets, while noting improvements in domestic corporate earnings, the employment environment and consumption trends. - FY2019-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan’s economy continued to see improvements in domestic corporate earnings and the employment environment, and consumption showed a gradual expansionary trend. However, conditions became uncertain as record rainfall, typhoons, earthquakes and other disasters occurred one after another in various regions, and downside risks to the global economy increased due to developments in the US-China trade conflict.」
While describing improvements in domestic corporate earnings, the employment environment and consumption trends, newly identifies the successive occurrence of disasters and the increasing downside risks to the global economy from the US-China trade conflict. - FY2019-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan’s economy remained uncertain due to uncertainty in overseas economies, although corporate earnings and the employment environment in Japan continued to improve and consumption showed a gradual expansionary trend.」
Continues to describe uncertainty about the outlook due to uncertainty in overseas economies, while also noting improvements in domestic corporate earnings, the employment environment and consumption trends. - FY2018-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, Japan’s economy was on a gradual recovery trend as improvements in corporate earnings and the employment environment continued. However, personal consumption remained sluggish, and conditions remained uncertain due in part to uncertainty in the political situation overseas.」
While acknowledging improvements in corporate earnings and the employment environment, continues to describe an uncertain external environment, including uncertainty in the political situation overseas. - FY2018-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan’s economy was on a gradual recovery trend as improvements in corporate earnings and the employment environment continued. However, personal consumption remained sluggish, and conditions remained uncertain due in part to uncertainty in the political situation overseas.」
Continues to describe an uncertain external environment, including sluggish personal consumption and uncertainty in the political situation overseas. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan’s economy was on a gradual recovery trend as improvements in corporate earnings and the employment environment continued. However, personal consumption remained sluggish, and conditions remained uncertain due in part to uncertainty in the political situation overseas.」
Continues to describe an uncertain external environment, including sluggish personal consumption and uncertainty in the political situation overseas. - FY2017-Q3First statedAnnual report
「Stock prices and foreign exchange rates remained volatile due to the slowdown in emerging-market economies, the UK’s withdrawal from the EU and the formation of the Trump administration in the United States, among other factors, and conditions remained uncertain.」
For the first time, explicitly identifies the slowdown in emerging-market economies, the UK’s withdrawal from the EU and the formation of the Trump administration in the United States, as well as volatile stock prices and foreign exchange rates, as external factors.