Uncertainty in the Market Environment Due to Yen Appreciation, Global Economic Slowdown and Other Factors
First written in FY2017-Q2. 19 of 34 entries say "Worsened", first in FY2017-Q3. Latest entry: 2026-07-30.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- 2026-07-30RestatedFinancial results briefing materials
「Geopolitical risks remain unpredictable, and the impact of the situation in the Middle East is expected to continue from the second quarter onward.」
The company states that geopolitical risks and the impact of the Middle East situation are expected to continue from the second quarter onward, reconfirming the uncertainty in the market environment. - FY2026WorsenedAnnual report
「Looking ahead, if the escalating situation in the Middle East becomes protracted, serious effects on economic activity are a concern across various areas. We expect the uncertain outlook to continue, including deterioration in corporate earnings accompanied by supply-chain disruptions and a decline in personal consumption due to higher prices.」
The note identifies escalating and prolonged tensions in the Middle East, supply chain disruptions, deteriorating corporate earnings and a decline in consumption due to higher prices as new sources of uncertainty. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, the Japanese economy entered a moderate recovery trend, supported by improved employment and income conditions. However, the outlook remains uncertain due to disruption in the global economy caused by US trade policy and its spillover into the financial markets, as well as geopolitical risks in Ukraine and the Middle East, where tensions remain high.」
The note indicates a recovery trend in the domestic economy while identifying disruption in the global economy caused by US trade policy and its spillover into the financial markets, along with geopolitical risks in Ukraine and the Middle East, as sources of uncertainty. - FY2025Domestic recovery coexists with risks from trade policy, financial markets and higher pricesAnnual report
「During the fiscal year, the Japanese economy entered a moderate recovery trend, supported by improved employment and income conditions and a recovery in corporate performance. However, personal consumption lacked strength due to higher prices resulting from various social circumstances, and the outlook became difficult to foresee, particularly in the second half of the fiscal year amid disruption caused by US trade policy.」
The note indicates that a recovery trend driven by improved employment and income conditions and corporate performance coexists with higher prices, weak personal consumption and disruption caused by US trade policy. - FY2025-H1Recovery coexists with risks from financial markets and rising costsAnnual report
「During the interim consolidated accounting period, the Japanese economy entered a moderate recovery trend due to a recovery in personal consumption resulting from improved employment and income conditions. However, uncertainty remains due to factors such as cost pressures arising from unstable international financial market conditions and various social circumstances.」
The note indicates a recovery trend in the domestic economy due to improved employment and income conditions, while cost pressures arising from unstable international financial markets and social conditions remain as sources of uncertainty. - FY2024-Q2WorsenedAnnual report
「During the first six months of the fiscal year, the Japanese economy entered a moderate recovery trend as social and economic activity normalized following the reclassification of COVID-19 as a Class 5 infectious disease, supported by improved income conditions and other factors. However, the outlook remains uncertain, with crude oil prices again trending higher due to the weaker yen and the prolonged situation in Ukraine.」
The note indicates that recovery is progressing as social and economic activity normalizes and income conditions improve, while uncertainty over the outlook persists as crude oil prices again trend higher against the backdrop of the weaker yen and the prolonged situation in Ukraine. - FY2024-Q1Domestic recovery coexists with higher prices and geopolitical risksAnnual report
「During the first three months of the fiscal year, the domestic economy entered a moderate recovery trend due to the lifting of border control measures for inbound travelers and the reclassification of COVID-19 as a Class 5 infectious disease, among other factors. However, the outlook remains uncertain as the economy was hit by further price increases resulting from higher raw material and energy costs caused by the weaker yen and the prolonged situation in Ukraine.」
The note indicates that the domestic economy is gradually recovering as border control measures are lifted and COVID-19 is reclassified as a Class 5 infectious disease, while uncertainty over the outlook persists amid the weaker yen, higher raw material prices, rising energy costs and the prolonged situation in Ukraine. - FY2023-Q3RestatedAnnual report
「During the first nine months of the fiscal year, personal consumption showed signs of recovery as economic activity moved more actively toward normalization. However, the business environment remained uncertain due to supply chain disruptions caused by rising geopolitical risks and concerns over inflation resulting from higher prices.」
The note reaffirms that an uncertain environment is likely to continue due to geopolitical risks, supply chain disruptions and inflation concerns resulting from higher prices, despite the normalization of economic activity and signs of a recovery in personal consumption. - FY2023-Q2WorsenedAnnual report
「During the first six months of the fiscal year, personal consumption showed signs of recovery as daily life gradually returned to normal. However, concerns over inflation are increasing due to supply chain disruptions caused by rising geopolitical risks and the rapid depreciation of the yen, and uncertainty over the economic outlook is increasing.」
The note indicates the normalization of daily life and a recovery in personal consumption while stating that uncertainty over the economic outlook has increased due to supply chain disruptions associated with geopolitical risks and the rapid depreciation of the yen. - FY2023-Q1WorsenedAnnual report
「During the first three months of the fiscal year, the Japanese economy remained on a moderate recovery trend. However, the outlook remains uncertain due to the rapid depreciation of the yen, surging crude oil and energy prices, and prolonged and rising geopolitical risks.」
The note indicates a moderate recovery trend while identifying the rapid depreciation of the yen, surging crude oil and energy prices, and prolonged geopolitical risks as new sources of uncertainty. - FY2022WorsenedAnnual report
「However, corporate performance was significantly damaged by surging crude oil prices and the continuing depreciation of the yen, while rising geopolitical risks, including the situation in Ukraine, are increasing uncertainty over the outlook.」
The note identifies high crude oil prices, the weaker yen and geopolitical risks, including the situation in Ukraine, as new sources of uncertainty in addition to the previous uncertainty caused by infectious diseases, trade friction and other factors. - FY2022-Q3Economic recovery and uncertainty caused by new variants coexistAnnual report
「During the first nine months of the fiscal year, economic activity was restricted by declarations of a state of emergency and priority preventive measures accompanying the spread of COVID-19, and extremely difficult conditions continued. Although the number of new infections declined from the beginning of autumn onward and economic activity showed signs of recovery, the outlook remained uncertain due to the threat of new variants and other factors.」
The note indicates signs of a recovery in economic activity while stating that uncertainty over the outlook continues due to the threat of new variants and other factors. - FY2022-Q2Vaccinations are progressing, but difficult conditions continue due to states of emergency and other measuresAnnual report
「During the first six months of the fiscal year, vaccinations to prevent the spread of COVID-19 progressed. However, economic activity and personal consumption remained sluggish due to repeated declarations of a state of emergency and the implementation of priority preventive measures, and difficult conditions continued.」
The note indicates the easing effect of progress in vaccinations while stating that sluggish economic activity and personal consumption and difficult conditions continue due to declarations of a state of emergency and other measures. - FY2022-Q1RestatedAnnual report
「In the construction industry, which is closely related to the Group's business, construction began on large-scale redevelopment projects, primarily in major metropolitan areas. However, concerns remain over factors including the continued review of private-sector capital investment plans, and the outlook remains uncertain.」
The note indicates that construction has begun on large-scale redevelopment projects while concerns over revisions to private-sector capital investment plans and uncertainty over the outlook continue. - FY2021WorsenedAnnual report
「During the fiscal year, the Japanese economy was in a difficult situation as economic activity stagnated due to the spread of COVID-19. Although a gradual recovery in the economic environment was expected in the near term, the outlook remained uncertain because of a resurgence in infections.」
The note states that conditions deteriorated from the previous uncertainty caused by trade friction, geopolitical risks and other factors to uncertainty accompanied by stagnating economic activity due to the spread of COVID-19 and a resurgence in infections. - FY2021-Q3WorsenedAnnual report
「During the first nine months of the fiscal year, the Japanese economy remained in a difficult situation due to the continuing impact of the spread of COVID-19. Although signs of a gradual recovery in economic activity emerged, conditions remained uncertain due to the increase in the number of infected people.」
The note indicates signs of a gradual recovery in economic activity while stating that uncertainty over the outlook continues due to the increase in the number of infected people. - FY2021-Q2Economic activity is gradually recovering, but difficult conditions continueAnnual report
「During the first six months of the fiscal year, the Japanese economy remained in a difficult situation as the impact of the spread of COVID-19 on the economy continued, despite signs of a gradual recovery in economic activity.」
The note indicates signs of a gradual recovery in economic activity while stating that the difficult situation continues as the impact of COVID-19 persists. - FY2021-Q1WorsenedAnnual report
「During the first three months of the fiscal year, the Japanese economy remained in an extremely difficult situation as economic activity fell sharply while a state of emergency was declared to prevent the spread of COVID-19. In addition, the timing of a normalization of economic activity remained unforeseeable, and confusion over the outlook intensified.」
The note states that conditions deteriorated from the previous uncertainty caused by trade friction, geopolitical risks and other factors to confusion accompanied by a state of emergency, a sharp decline in economic activity and uncertainty over the timing of normalization. - FY2020WorsenedAnnual report
「During the fiscal year, the Japanese economy was on a moderate recovery trend, supported by solid corporate earnings and employment conditions. However, downward pressure on the global economy intensified as international economic turmoil caused by US-China trade friction was compounded by the spread of COVID-19, increasing confusion over the outlook.」
The note describes the downward pressure on the global economy and the resulting confusion over the outlook caused by the spread of COVID-19, in addition to the previous uncertainty resulting from US-China trade friction and other factors. - FY2020-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy remained on a moderate recovery trend, supported by a recovery in personal consumption resulting from improved employment and income conditions. However, the outlook remains uncertain due to US-China trade friction and rising tensions in the Middle East.」
The note indicates a moderate recovery trend in the domestic economy while stating that the outlook remains uncertain due to US-China trade friction and rising tensions in the Middle East. No further deterioration from the previous quarter is specified. - FY2020-Q2WorsenedAnnual report
「During the first six months of the fiscal year, the Japanese economy remained on a moderate recovery trend, supported by solid capital investment and improved employment and income conditions. However, uncertainty over the outlook is increasing amid concerns such as uncertainty in the global economy resulting from the spillover of US-China trade friction and increasing instability in the Middle East.」
The note indicates a moderate recovery trend in the domestic economy while stating that uncertainty over the outlook has increased due to the spillover of US-China trade friction and increasing instability in the Middle East. - FY2020-Q1WorsenedAnnual report
「During the first three months of the fiscal year, the Japanese economy remained on a moderate recovery trend, supported by solid corporate earnings and steady improvement in employment conditions. However, the outlook remains uncertain due to factors including US-China trade friction and instability in the Middle East.」
The note indicates a recovery trend in the domestic economy while citing US-China trade friction and instability in the Middle East, and states that the outlook remains uncertain. - FY2019-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy remained on a moderate recovery trend, supported by continued solid corporate earnings and employment conditions. However, concerns over a slowdown in the global economy are increasing as trade friction stemming from US trade policy intensifies, and the outlook remains uncertain.」
The note indicates a moderate recovery trend in the domestic economy while citing the intensification of trade friction stemming from US trade policy and concerns over a slowdown in the global economy, reaffirming uncertainty over the outlook. - FY2019-Q2WorsenedAnnual report
「During the first six months of the fiscal year, the Japanese economy remained on a moderate recovery trend, supported by solid corporate earnings and improved employment conditions. However, there are many concerns, including the intensifying US-China trade friction and volatility in the financial and capital markets, and uncertainty over the outlook is increasing.」
The note identifies the intensifying US-China trade friction and volatility in the financial and capital markets as new concerns, and states that uncertainty over the outlook has increased. - FY2019-Q1WorsenedAnnual report
「During the first three months of the fiscal year, the Japanese economy remained on a moderate recovery trend, supported by solid corporate earnings and improved employment conditions. However, the outlook remains uncertain amid destabilizing factors such as trade friction resulting from protectionism and rising geopolitical risks.」
The note indicates a moderate recovery in the domestic economy while identifying trade friction resulting from protectionism and rising geopolitical risks as new destabilizing factors. - FY2018-Q3WorsenedAnnual report
「However, the outlook remains uncertain, with concerns over the impact on the global economy of unstable political conditions in Europe and the United States and rising geopolitical risks.」
The note cites unstable political conditions in Europe and the United States and rising geopolitical risks as factors raising concerns over their impact on the global economy. - FY2018-Q2RestatedAnnual report
「During the first six months of the fiscal year, the Japanese economy remained on a moderate recovery trend, supported by improved corporate earnings and employment conditions. However, the outlook remains uncertain, with concerns over the impact of uncertainty in overseas economies and shifts in the political situation.」
The note indicates a moderate recovery in the domestic economy while reaffirming uncertainty over the outlook due to uncertainty in overseas economies and shifts in the political situation. - FY2018-Q1RestatedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery trend, supported by improvements in corporate earnings and employment conditions, but the outlook remained uncertain amid concerns including uncertainty in overseas economies and political developments in Europe and the United States.」
While indicating a moderate recovery trend in the domestic economy, the company is reaffirming the lack of clarity over the outlook due to uncertainty in overseas economies and political developments in Europe and the United States. - FY2017RestatedAnnual report
「However, uncertainty in the global economy has increased due to the UK's EU withdrawal issue and policy trends following the US presidential election, and the outlook remains uncertain.」
The annual report also reaffirms the uncertainty in the global economy and the lack of clarity over the outlook arising from the UK's EU withdrawal issue and US policy trends. - FY2017-Q3WorsenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery trend, supported by continued improvement in employment and income conditions, although some weakness was observed, including sluggish personal consumption and a pause in corporate earnings. In addition, uncertainty in the global economy has increased due to the UK's EU withdrawal issue and changes in the political situation in the United States, and the outlook remains uncertain.」
The company stated that, in addition to sluggish personal consumption and a pause in corporate earnings, uncertainty in the global economy increased due to the UK's EU withdrawal issue and changes in the political situation in the United States. - FY2017-Q2First statedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery trend, although some weakness was observed, including deterioration in corporate earnings due to the yen's appreciation and a pause in the inbound tourism effect. In addition, business sentiment deteriorated amid stagnant share prices and concerns about a slowdown in the global economy, and the outlook remains uncertain.」
The company identifies the yen's appreciation, a pause in the inbound tourism effect, stagnant share prices and deteriorating business sentiment due to concerns about a slowdown in the global economy as factors contributing to the current quarter's economic environment and uncertainty over the outlook.