Sluggish Personal Consumption and Capital Investment and Weak Manufacturing Activity
First written in FY2017-Q1. 6 of 31 entries say "Worsened", first in FY2020. Latest entry: FY2026.
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
- FY2026Maintaining the domestic recovery while addressing U.S. policy, the situation in the Middle East and resource price factorsAnnual report
「During the fiscal year under review, Japan's economy remained on a gradual recovery track against a backdrop of improving corporate earnings and employment and income conditions and increasing inbound demand. However, the outlook remained uncertain due to geopolitical risks, including U.S. policy developments and the situation in the Middle East, as well as inflation and soaring resource and raw material prices.」
While indicating a recovery track for the domestic economy, the document organizes U.S. policy developments, the situation in the Middle East, inflation, and soaring resource and raw material prices as factors contributing to uncertainty during the year. - FY2026-H1Maintaining domestic recovery factors while adding interest rates, foreign exchange and raw material costsAnnual report
「During the interim consolidated accounting period under review, Japan's economy showed a recovery in personal consumption and inbound demand. However, the outlook remained uncertain due to globally elevated interest rates, foreign exchange fluctuations and soaring raw material prices.」
While indicating a recovery in personal consumption and inbound demand, the document identifies globally elevated interest rates, foreign exchange fluctuations and soaring raw material prices as factors contributing to uncertainty in the domestic economy. - FY2025Maintaining the domestic recovery while specifying China's slowdown, U.S. policy and geopolitical risksAnnual report
「During the fiscal year under review, Japan's economy remained on a gradual recovery track, with personal consumption recovering and inbound demand increasing against a backdrop of improving employment and income conditions. Overseas, however, the outlook remained uncertain due to the slowdown in the Chinese economy, concerns over the impact of U.S. policy developments, and prolonged geopolitical risks related to the Russia-Ukraine situation and the situation in the Middle East.」
While indicating a recovery track for the domestic economy, the document identifies the slowdown in the Chinese economy, U.S. policy developments, and the prolonged Russia-Ukraine and Middle East situations as new factors contributing to uncertainty. - FY2025-H1Also noting the recovery track of the domestic economy while adding weak domestic demand in China and higher costsAnnual report
「While the economy showed a gradual recovery, supported by personal consumption backed by improvements in employment and income conditions and solid inbound demand, the outlook remained uncertain due to continued economic slowdown in China caused by weak domestic demand and soaring energy and raw material prices against a backdrop of an unstable international situation.」
While indicating a recovery in the domestic economy driven by personal consumption and inbound demand, the document explicitly identifies soaring energy and raw material prices and the economic slowdown caused by weak domestic demand in China as factors contributing to uncertainty. - FY2024-Q3Adding deterioration in the situation in the Middle East as a new factor contributing to uncertaintyAnnual report
「During the cumulative third quarter under review, Japan's economy was on a gradual recovery track as economic activity normalized following the easing of activity restrictions related to COVID-19, with signs of a recovery in personal consumption. However, the outlook remained uncertain due to inflation accompanying foreign exchange fluctuations and soaring resource prices, the prolonged Russia-Ukraine situation, and the deterioration in the situation in the Middle East.」
While indicating the normalization of economic activity and a recovery in personal consumption, the document adds the deterioration in the situation in the Middle East to foreign exchange fluctuations, soaring resource prices and the Russia-Ukraine situation as factors contributing to uncertainty. No amount of impact on individual business performance is indicated at this time. - FY2024-Q2Also noting the recovery in social activity after the pandemic and explicitly citing yen depreciation, energy and resource costs, and inflationAnnual report
「During the cumulative second quarter under review, Japan's economy was on a gradual recovery track in social activity following the reclassification of COVID-19. However, the outlook remained uncertain due to the impact of the rapid depreciation of the yen on the domestic economy, higher domestic prices caused by soaring energy and resource costs, and the prolonged Russia-Ukraine situation.」
While indicating a recovery in social activity following the reclassification of COVID-19, the document identifies the rapid depreciation of the yen, inflation caused by soaring energy and resource costs, and the Russia-Ukraine situation as factors contributing to uncertainty in the domestic economy. - FY2024-Q1While also noting the recovery in economic activity, adding persistently high material and energy prices and the inventory problem in supply chainsAnnual report
「During the cumulative first quarter under review, Japan's economy showed signs of a gradual recovery, led by personal consumption, as economic activity resumed following the lifting of activity restrictions related to COVID-19. However, the outlook remained uncertain as foreign exchange markets fluctuated and prices rose, material prices increased and energy prices remained high against the backdrop of the prolonged Russia-Ukraine situation, compounded by increased inventories in parts of the supply chain during the spread of COVID-19.」
While indicating signs of a recovery following the lifting of activity restrictions, led by personal consumption, the document adds and elaborates on supply chain issues as a factor contributing to uncertainty in the domestic economy, against a backdrop of foreign exchange and price movements, material and energy prices, and increased inventories during the pandemic. - FY2023-Q3Adding a recovery after the lifting of activity restrictions and price and foreign exchange factorsAnnual report
「During the cumulative third quarter under review, Japan's economy showed signs of recovery, supported in part by the effects of various policies after the government's lifting of activity restrictions related to COVID-19 and under the "with COVID-19" environment. However, raw material prices rose, foreign exchange markets fluctuated and prices increased. The outlook for the global economy also remained uncertain due to the prolonged Russia-Ukraine conflict and the impact on the economy of a sharp increase in COVID-19 cases in China.」
While a recovery in the domestic economy after the lifting of activity restrictions is indicated, the impact of raw material prices, foreign exchange rates, inflation and the sharp increase in COVID-19 cases in China on the economy is newly listed. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter under review, Japan's economy remained on a recovery track, led by personal consumption. However, the outlook remained uncertain amid the continuing impact of COVID-19, the prolonged Russia-Ukraine conflict, soaring raw material prices and the rapid depreciation of the yen.」
While noting an economic recovery led by personal consumption, continued uncertainty is attributed to COVID-19, the prolonged conflict, soaring raw material prices and the rapid depreciation of the yen. - FY2023-Q1Continuing to cite China's restrictions, the protracted conflict and a weaker yen while also noting the normalization of economic activityAnnual report
「During the cumulative first quarter under review, Japan's economy showed signs of normalization as restrictions on activity related to COVID-19 were eased. However, the outlook remained uncertain amid concerns over the impact of restrictions on economic activity in China and the prolonged Russia-Ukraine conflict, as well as rising raw material and crude oil prices and the rapid depreciation of the yen.」
While the easing of restrictions related to COVID-19 and signs of normalized economic activity are indicated, restrictions on economic activity in China, the prolonged Russia-Ukraine conflict, rising raw material and crude oil prices, and the rapid depreciation of the yen are also listed as factors contributing to uncertainty. - FY2022WorsenedAnnual report
「However, the international situation became increasingly tense due to the Russia-Ukraine conflict and soaring raw material and crude oil prices, further complicating the economic environment. In addition, China implemented city lockdowns and tightened activity restrictions under its zero-COVID policy, causing uncertainty about the outlook to increase further.」
In addition to the difficult economic environment amid the pandemic, the Russia-Ukraine conflict, soaring raw material and crude oil prices, and China's city lockdowns and activity restrictions were added, further increasing uncertainty about the economic outlook. - FY2022-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan's economy remained in a difficult situation amid the resurgence of COVID-19, but showed signs of a gradual recovery as vaccinations progressed. However, the outlook remained uncertain due to the spread of the Omicron variant from the end of the year, higher crude oil prices, a weaker yen and soaring prices of other materials.」
While a recovery driven by vaccinations is indicated, the spread of the Omicron variant, higher crude oil prices, a weaker yen and soaring prices of other materials are explicitly identified as new factors contributing to uncertainty. - FY2022-Q2Continuing weak personal consumption amid the pandemic while adding downside risks from surging crude oil and other material pricesAnnual report
「During the cumulative second quarter under review, Japan's economy remained in a difficult situation as the periods covered by states of emergency and priority preventive measures were extended, mainly in major metropolitan areas, due to the spread of COVID-19, depressing personal consumption and restraining economic activity. Although the progress of vaccinations and the lifting of states of emergency and other measures provided some positive signs, the outlook remained uncertain amid growing downside risks from surging crude oil and other material prices.」
Weak personal consumption and restrained economic activity resulting from the spread of COVID-19 and states of emergency and other measures continued, while positive signs from vaccinations and the lifting of restrictions were also noted. The increased downside risk from surging crude oil and other material prices was newly added. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter under review, Japan's economy remained in a difficult environment as the resurgence of COVID-19 led to restrictions on economic activity, including the repeated issuance of states of emergency. At the same time, there were some positive developments, including the start of vaccinations in Japan and overseas and signs of a recovery in some economic activities. Nevertheless, the outlook remained uncertain amid concerns over the spread of new variants.」
The resurgence of infections, states of emergency, restrictions on economic activity and concerns over variants continued, while the start of vaccinations and a recovery in some economic activities were also noted. Difficult conditions and uncertainty about the outlook persisted. - FY2021WorsenedAnnual report
「During the fiscal year under review, Japan's economy remained in a difficult situation, with the economy deteriorating rapidly as COVID-19 spread. Although the resumption of economic activity in China, Southeast Asia and Japan led to signs of a gradual recovery, the outlook for the economy remained uncertain as various restrictions on activity continued in Japan and overseas amid a resurgence of infections.」
The difficult conditions and uncertainty surrounding the outlook for the domestic economy continued throughout the year due to the resurgence of infections and the continuation of restrictions on activity. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan's economy was in an extremely difficult situation, as declines in corporate earnings and worsening employment conditions caused by the spread of COVID-19 in Japan and overseas continued. Although signs of a recovery in recent economic activity emerged as economic activity resumed, the outlook remained uncertain as infections spread again.」
The continued spread of COVID-19 has led to ongoing declines in corporate earnings and worsening employment conditions, and the domestic economy is described as being in an extremely difficult situation. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan's economy was in an extremely difficult situation due to the impact of COVID-19.」
Japan's domestic economy is described as being in an extremely difficult situation due to COVID-19, with the severity of the economic downturn expressed more strongly than before. At the same time, expectations for a recovery as economic activity gradually resumes are also noted. - FY2020WorsenedAnnual report
「However, economic activity has contracted worldwide due to the spread of the novel coronavirus disease, which began in early 2020. The economy has recently come under severe downward pressure, and difficult conditions are expected to continue for the economic outlook.」
In addition to the previous factors contributing to stagnation and downside risks in the domestic economy, the contraction in economic activity and severe downward pressure on the economy caused by COVID-19 are described, indicating that the factors contributing to uncertainty have expanded further. - FY2020-Q3MaterialisedAnnual report
「Although corporate earnings and domestic production, particularly exports, showed temporary signs of stagnation due to a pullback in front-loaded demand following the consumption tax increase and a decline in production and sales caused by natural disasters such as major typhoons」
The impact of the consumption tax increase, which had been identified as a concern through the previous quarter, is described as having materialized in the form of lower production and sales following the pullback in front-loaded demand. At the same time, a gradual recovery supported by improvements in employee income and personal consumption is also noted. - FY2020-Q2Adding concerns over the impact of the consumption tax increase on personal consumptionAnnual report
「During the cumulative second quarter under review, Japan's economy remained on a gradual recovery track due to improving employment conditions and corporate earnings. However, the outlook remained uncertain amid concerns over the impact on the global economy of rising tensions surrounding trade issues between the United States and China and the impact of the consumption tax increase on personal consumption.」
While indicating a recovery track supported by improvements in employment conditions and corporate earnings, the impact of the consumption tax increase on personal consumption is identified as a new concern. - FY2020-Q1Adding deteriorating business sentiment in manufacturing and concerns over a global economic slowdownAnnual report
「During the cumulative first quarter under review, Japan's economy was gradually recovering against a backdrop of improving employment and income conditions. However, the outlook was uncertain due to concerns over a global economic slowdown and deteriorating business sentiment in manufacturing resulting from the impact of U.S.-China trade friction.」
While indicating a gradual recovery in the domestic economy supported by employment and income conditions, deteriorating business sentiment in manufacturing and concerns over a global economic slowdown have been newly listed as factors contributing to uncertainty. - FY2019-Q3SoftenedAnnual report
「During the cumulative third quarter under review, Japan's economy remained on a gradual recovery track, with corporate earnings and employment and income conditions improving against a backdrop of the government's proactive economic policies.」
The domestic economy is described as being on a gradual recovery track, while the references added in the previous quarter to natural disasters and rising crude oil prices and labor costs have been removed. - FY2019-Q2Maintaining the domestic economy's recovery track while adding natural disasters and cost increases as factorsAnnual report
「During the cumulative second quarter under review, Japan's economy entered a gradual recovery phase, supported by solid employment and income conditions, although it was partly affected by natural disasters such as earthquakes, typhoons and heavy rain, as government economic policies and the Bank of Japan's monetary easing policy continued. However, the outlook remained uncertain due to soaring crude oil prices, rising labor costs, concerns over U.S. political and economic developments and protectionist policies in various countries, and slowing growth in China and emerging economies.」
The domestic economy is described as being on a gradual recovery track against a backdrop of solid employment and income conditions, while natural disasters and rising crude oil prices and labor costs are newly listed as factors contributing to uncertainty. - FY2019-Q1SoftenedAnnual report
「During the cumulative first quarter under review, Japan's economy remained on a gradual recovery track, supported by improvements in employment conditions and corporate earnings and an increase in capital investment.」
In addition to improvements in employment conditions and corporate earnings, an increase in capital investment is indicated, and the domestic economy is described as being on a gradual recovery track rather than exhibiting its previous weakness. - FY2018RestatedAnnual report
「During the fiscal year under review, Japan's economy remained on a gradual recovery track, supported by solid corporate earnings and continued improvements in employment and income conditions against a backdrop of labor shortages.」
The domestic economy continues to be described as being on a gradual recovery track, accompanied by improvements in corporate earnings and employment and income conditions. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter under review, Japan's economy remained on a gradual recovery track, with exports continuing to increase and employment conditions and corporate earnings gradually improving. However, the outlook remained uncertain due to heightened political risks in Europe and the United States and geopolitical risks surrounding North Korea.」
The gradual recovery of the domestic economy, supported by exports, employment conditions and corporate earnings, continues to be described, while weakness in personal consumption is not mentioned. - FY2018-Q2SoftenedAnnual report
「During the cumulative second quarter under review, Japan's economy remained on a gradual recovery track, with corporate earnings and employment and income conditions continuing to improve.」
The previous quarter's description of weak personal consumption has not been repeated. The domestic economy is described as being on a gradual recovery track, accompanied by improvements in corporate earnings and employment and income conditions. - FY2018-Q1Weakness in personal consumption re-emergesAnnual report
「Although the economy was on a gradual recovery track against a backdrop of improving corporate earnings and employment conditions, personal consumption continued to lack strength」
The weakness in personal consumption, which disappeared from the previous year's description, has been noted again as a factor contributing to uncertainty about the outlook for the domestic economy. - FY2017DroppedAnnual report
「Although corporate earnings and employment conditions remained on a gradual recovery track」
The previous macroeconomic factors of weak personal consumption, capital investment and manufacturing are not explicitly mentioned, while the domestic economy is described as being on a recovery track in terms of corporate earnings and employment. The decline in sales of domestic products is discussed in a separate thread. - FY2017-Q3SoftenedAnnual report
「Although corporate capital investment showed signs of stagnation, the economy remained on a gradual recovery track, supported by a recovery in corporate earnings and improving employment conditions.」
The overall domestic economy is described as being on a gradual recovery track, accompanied by improvements in corporate earnings and employment. The focus has shifted from the previous description of weak personal consumption, capital investment and manufacturing overall to stagnation in capital investment. - FY2017-Q1First statedAnnual report
「Personal consumption and capital investment have remained sluggish, while manufacturing activity has also lacked strength.」
Weak domestic demand and manufacturing activity are identified as risks.