Uncertainty from the Economic Slowdown in China and Asia, the UK's Withdrawal from the EU, and a Stronger Yen and Weaker Stock Prices
First written in FY2017-Q1. 8 of 28 entries say "Restated". Latest entry: 2026-08-06.
Cleanup 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 2022: 140 of 172 companies on the "Worse" side.
25 other companies' latest entry also says "Other".
- FY2026-H1External uncertainties relating to US policy, foreign exchange, the Middle East and Ukraine are specified.Annual report
「During the interim consolidated accounting period under review, Japan’s economy remained on a gradual recovery trend, but uncertainty over the outlook continued due to US policy developments, currency fluctuations, geopolitical risks in the Middle East and Ukraine, and rising prices resulting from higher raw material costs.」
US policy developments, currency fluctuations, and geopolitical risks in the Middle East and Ukraine were explicitly identified as factors creating uncertainty over the outlook, specifying the external environmental risks previously cited. - FY2024-Q3RestatedAnnual report
「Meanwhile, the unstable international situation and higher energy and raw material and supply prices caused by the weaker yen continued, and the company remained in an uncertain situation regarding the outlook.」
The unstable international situation, the weaker yen, and soaring energy and raw material prices continued to be identified as factors creating uncertainty over the outlook. - FY2024-Q2Uncertainty persists due to the weaker yen, the international situation and soaring resource pricesAnnual report
「Meanwhile, the unstable international situation and higher energy and raw material and supply prices caused by the weaker yen continued, and the company remained in an uncertain situation regarding the outlook.」
While normalization following the lifting of pandemic-related restrictions on activity was indicated, the unstable international situation, the weaker yen, and soaring energy and raw material prices continued to create uncertainty. - FY2023-Q3RestatedAnnual report
「In addition, amid the still unstable international situation, shortages and price increases affecting raw materials and supplies continued to create an uncertain outlook.」
Shortages and price increases affecting raw materials and supplies, against the backdrop of the unstable international situation, continued to be identified as factors creating uncertainty over the outlook. - FY2023-Q2Sharp currency fluctuations and an unstable international situation were explicitly identified.Annual report
「During the cumulative second quarter under review, Japan’s economy was expected to move toward normalization as COVID-19 vaccinations progressed, social restrictions were gradually eased, and economic activity resumed, but it remained in an uncertain situation due to sharp currency fluctuations and the unstable international situation.」
While describing movement toward the normalization of economic activity, the company explicitly identified sharp currency fluctuations and the unstable international situation, rather than the previously cited situation in Ukraine and soaring resource prices, as factors creating uncertainty over the outlook. - FY2023-Q1The situation in Ukraine and soaring resource prices were explicitly identified as new sources of uncertainty.Annual report
「During the cumulative first quarter under review, Japan’s economy was on a recovery trend as the number of novel coronavirus cases was brought under control and restrictions on activity were eased, but the outlook remained uncertain due to the prolonged situation in Ukraine and the rapid rise in resource prices.」
The company indicated a recovery trend resulting from the containment of infections and the easing of restrictions on activity, while explicitly identifying the prolonged situation in Ukraine and rapidly rising resource prices as factors creating uncertainty over the outlook. - FY2022-Q2RestatedAnnual report
「During the cumulative second quarter under review, Japan’s economy remained in a difficult situation, as the declaration of a state of emergency and the implementation of priority preventive measures accompanying the renewed spread of novel coronavirus prevented a full-scale resumption of economic activity.」
The full-scale resumption of economic activity was not achieved because of the renewed spread of the infection and declarations of a state of emergency and other measures, and the difficult external economic environment continued. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter under review, Japan’s economy remained in a difficult situation due to the spread of novel coronavirus disease, and the outlook for the economy was uncertain as repeated declarations of a state of emergency and other measures constrained social and economic activity.」
The company continued to describe the spread of the disease, restrictions on social and economic activity resulting from declarations of a state of emergency, and uncertainty over the economic outlook. - FY2021WorsenedAnnual report
「During the consolidated fiscal year under review, Japan’s economy remained in an uncertain situation as economic activity was restricted by the spread of novel coronavirus disease, the economy stagnated, and there were no signs that the outbreak was coming to an end.」
The annual external environment was described in terms of restrictions on economic activity and economic stagnation caused by the spread of the disease, explicitly stating that there were no signs of its containment. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan’s economy showed a temporary recovery supported by the government’s economic stimulus measures, but the outlook remained uncertain because the further spread of novel coronavirus disease made it impossible to foresee an end to the pandemic.」
The temporary recovery supported by the government’s economic stimulus measures was contrasted with the further spread of novel coronavirus disease and uncertainty over when it would end, reinforcing concerns about the external economic environment. - FY2021-Q2A gradual recovery with the resumption of economic activity, but uncertainty persistsAnnual report
「During the cumulative second quarter under review, Japan’s economy showed a gradual recovery as economic activity restricted by the spread of novel coronavirus disease resumed, although the outlook remained uncertain.」
The company described a gradual recovery accompanying the resumption of economic activity, while stating that the outlook remained uncertain. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan’s economy was in a markedly uncertain situation, as the spread of novel coronavirus disease had a significant impact on economic activity and personal consumption.」
The novel coronavirus disease had a significant impact on economic activity and personal consumption, and the outlook for the economy was described as “markedly uncertain,” emphasizing the deterioration of the external economic environment. - FY2020WorsenedAnnual report
「During the consolidated fiscal year under review, Japan’s economy entered a difficult situation with concerns over the outlook, despite continued improvements in corporate earnings and employment conditions, due to a decline in consumer sentiment following the October 2019 consumption tax increase and the impact of the novel coronavirus disease spreading worldwide.」
The decline in consumer sentiment following the consumption tax increase and the impact of novel coronavirus disease on the global economy were explicitly identified as factors worsening the external environment. - FY2020-Q3The global economic slowdown and the UK’s withdrawal from the EU were explicitly identified.Annual report
「During the cumulative second quarter under review, Japan’s economy remained in an uncertain situation amid a continued improvement in employment and income conditions, as the global economy slowed due to US-China trade issues and the UK’s withdrawal from the EU.」
The external uncertainty factors have been specified as the US-China trade issue and the UK’s withdrawal from the EU, which are described as slowing the global economy. - FY2020-Q2WorsenedAnnual report
「Japan's economy during the cumulative second quarter consolidated period continued to see a moderate recovery in corporate earnings and employment conditions due to the government's economic and monetary policies. However, concerns remain about the impact of intensifying US-China trade friction and fluctuations in financial and capital markets.」
The wording on US-China trade friction has intensified from its previous description as an occurrence and continuation to “worsening,” and volatility in the financial and capital markets has been explicitly identified as a concern. - FY2019US-China trade friction and Brexit explicitly identifiedAnnual report
「Japan's economy during the consolidated fiscal year showed signs that its previous recovery trend was losing momentum due to uncertainties including US-China trade friction and Brexit.」
US-China trade friction and Brexit are specifically identified in the annual disclosure as sources of uncertainty in overseas economies and politics. - FY2019-Q3RestatedAnnual report
「Japan's economy during the cumulative third quarter consolidated period was on a moderate recovery trend due to improvements in corporate earnings and employment conditions, but remained in an uncertain environment amid US-China trade friction and slower growth in Asian countries.」
US-China trade friction and slower growth in Asian countries continue to be cited as external sources of uncertainty. - FY2019-Q2Greater specificity on external factors, including US-China trade frictionAnnual report
「Japan's economy during the cumulative second quarter consolidated period was on a moderate recovery trend due to improvements in corporate earnings and employment conditions, but remained in an uncertain environment amid US-China trade friction and slower growth in Asian countries.」
In addition to the previously broad reference to fluctuations in overseas economies and financial markets, US-China trade friction and slower growth in Asian countries are specifically identified as sources of uncertainty about the outlook. - FY2018Reframing around overseas economies and financial market fluctuationsAnnual report
「Japan's economy during the consolidated fiscal year remained on a moderate recovery trend, supported by improvements in corporate earnings and employment and income conditions, but uncertainty about the outlook continued amid unstable overseas economies and fluctuations in financial and capital markets.」
The wording has been organized around unstable overseas economies and fluctuations in financial and capital markets, rather than listing economic conditions and political developments in individual countries and regions. - FY2018-Q3Reframing around political and geopolitical risksAnnual report
「Japan's economy during the cumulative third quarter consolidated period remained on an export-led recovery trend amid concerns about the impact of political risks in the US and Europe and geopolitical risks in East Asia, but private consumption did not achieve a full-fledged recovery.」
The focus of the sources of uncertainty about the outlook has been reframed from the previously used references to emerging-market economies and political developments in the US and Europe to political risks in the US and Europe and geopolitical risks in East Asia. - FY2018-Q2Greater emphasis on sluggish domestic private consumptionAnnual report
「Japan's economy during the cumulative second quarter consolidated period remained in an uncertain environment, as sluggish private consumption continued despite improvements in corporate earnings and employment conditions.」
Sluggish domestic private consumption is emphasized as a source of uncertainty in place of the overseas economic and political developments previously presented individually through the previous quarter. - FY2018-Q1Reframing of sources of uncertaintyAnnual report
「Japan's economy during the cumulative first quarter consolidated period continued on a moderate recovery trend, supported by improvements in corporate earnings and employment conditions, but remained in an uncertain environment amid slower growth in emerging economies and political developments in the US and Europe.」
The wording for sources of uncertainty about the outlook has been organized around slower growth in emerging economies and political developments in the US and Europe. - FY2017RestatedAnnual report
「Japan's economy during the consolidated fiscal year remained on a moderate recovery trend, with improvements in corporate earnings and employment conditions, but continued in an uncertain environment amid Brexit, the change in the US administration and slower growth in emerging economies.」
Brexit, the change in the US administration and slower growth in emerging economies continue to be cited as sources of uncertainty about the outlook. - FY2017-Q3Addition of source of uncertaintyAnnual report
「Japan's economy during the cumulative third quarter consolidated period showed signs of recovery in corporate earnings and employment conditions. However, share prices and foreign exchange rates remained unstable amid downside risks to Asian economies, Brexit and the decision to change the US administration.」
In addition to the previously cited slowdown in Asian economies, Brexit, yen appreciation and share price movements, the decision to change the US administration is cited as a source of uncertainty. - FY2017-Q2RestatedAnnual report
「Japan's economy during the cumulative second quarter consolidated period was on a moderate recovery trend due to the government's economic policies and the Bank of Japan's interest-rate policies. However, it remained in an uncertain environment amid yen appreciation caused by slower growth in Asian countries and Brexit, as well as unstable share price movements.」
Slower growth in Asian countries, Brexit, yen appreciation and share price movements continue to be cited as sources of uncertainty about the outlook. - FY2017-Q1First statedAnnual report
「Japan's economy during the cumulative first quarter consolidated period remained on a moderate recovery trend, supported by improving corporate earnings and employment conditions. However, uncertainty about the outlook continued amid slower growth in China and emerging Asian economies, Brexit, and the appreciation of the yen and decline in share prices.」
Slower growth in China and emerging Asian economies, Brexit, and the appreciation of the yen and decline in share prices are listed individually for the first time as sources of uncertainty about the outlook.