Uncertainty over the macroeconomic outlook
First written in FY2016-Q2. 20 of 32 entries say "Restated". Latest entry: FY2026-H1.
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
- FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period, Japan's economy was recovering moderately, partly due to the effects of various policies, as socioeconomic activity moved toward normalisation. However, uncertainty about the outlook persisted, including downside risks from the impact of rising prices and volatility in financial and capital markets.」
While normalisation of socioeconomic activity and a moderate recovery are described, downside risks from rising prices and volatility in financial and capital markets, as well as uncertainty over the outlook, continue. - 2026-05-15RestatedEarnings
「Japan's economy during the cumulative first quarter under review has been recovering moderately as economic and social activity has normalized, supported in part by the effects of various policy measures. However, uncertainty about the outlook persists, including downside risks arising from rising prices and volatility in financial and capital markets.」
The company continues to describe a moderate economic recovery, while citing downside risks from rising prices and volatility in financial and capital markets, as well as continued uncertainty about the outlook. - FY2025RestatedAnnual report
「During the consolidated fiscal year, Japan's economy was recovering moderately, partly due to the effects of various policies, as socioeconomic activity moved toward normalisation. However, uncertainty about the outlook persisted, including downside risks from the impact of rising prices and volatility in financial and capital markets.」
While normalisation of socioeconomic activity and a moderate recovery are described, downside risks from rising prices and volatility in financial and capital markets, as well as uncertainty over the outlook, continue. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period, Japan's economy was recovering moderately, partly due to the effects of various policies, as socioeconomic activity moved toward normalisation. However, uncertainty about the outlook persisted, including downside risks from the impact of rising prices and volatility in financial and capital markets.」
While normalisation of socioeconomic activity and a moderate recovery are described, downside risks from rising prices and volatility in financial and capital markets, as well as uncertainty over the outlook, continue. - FY2024RestatedAnnual report
「Uncertainty about the outlook persists, including downside risks from the impact of rising prices, volatility in financial and capital markets and other factors.」
Downside risks from rising prices and volatility in financial and capital markets, as well as uncertainty over the outlook, continue using the same wording as in the previous interim period. - FY2024-H1ReframedAnnual report
「While socioeconomic activity is moving toward normalisation and the economy is recovering moderately, partly due to the effects of various policies, uncertainty about the outlook persists, including downside risks from the impact of rising prices and volatility in financial and capital markets.」
While normalisation of socioeconomic activity and a moderate recovery are described, the wording of the factors contributing to uncertainty has shifted from the previously cited energy and raw-material prices and uncertainty in overseas economies to downside risks from rising prices and volatility in financial and capital markets. - FY2024-Q1RestatedAnnual report
「Meanwhile, uncertainty about the outlook persists due to rising energy and raw-material prices, uncertainty in overseas economies, the impact of semiconductor shortages on economic activity and other factors.」
Uncertainty over the outlook due to energy and raw-material prices, overseas economies and semiconductor shortages continues to be described. - FY2023-Q2ReframedAnnual report
「During the first six months of the consolidated fiscal year, while the effects of COVID-19 continued for an extended period, the government moved COVID-19 to Category V under the Infectious Diseases Control Law in early May 2023. As a result, various activity restrictions were lifted and socioeconomic activity moved toward normalisation. Meanwhile, uncertainty about the outlook persisted due to rising energy and raw-material prices, uncertainty in overseas economies, the impact of semiconductor shortages on economic activity and other factors.」
Regarding COVID-19, the disclosure describes not only the prolonged effects but also the move to Category V and the normalisation of socioeconomic activity. Meanwhile, uncertainty due to energy and raw-material prices, overseas economies and semiconductor shortages continues. - FY2023-Q1RestatedAnnual report
「Economic activity has been constrained by the renewed spread of COVID-19, and corporate activity and personal consumption have remained sluggish. In addition, uncertainty about the outlook persists due to rising energy and raw-material prices, uncertainty in overseas economies, the impact of semiconductor shortages on economic activity and other factors.」
Uncertainty over the outlook due to the pandemic, energy and raw-material prices, overseas economies and semiconductor shortages continues to be described as it was through the previous quarter. - FY2022WorsenedAnnual report
「In response to the spread of COVID-19, the Group established internal guidelines and implemented infection-control measures. Although restrictions on activities are being eased, if the effects of the pandemic become prolonged and more severe and market conditions deteriorate further, the Group's business performance may be affected.」
In addition to the previously cited pandemic and its impact on economic activity, the potential impact on business performance from prolonged or more severe effects and worsening market conditions was described specifically in the risk section, along with internal guidelines and infection-control measures. - FY2022-Q3RestatedAnnual report
「Economic activity has been constrained by the renewed spread of COVID-19, and corporate activity and personal consumption have remained sluggish. In addition, uncertainty about the outlook persists due to rising energy and raw-material prices, uncertainty in overseas economies, the impact of semiconductor shortages on economic activity and other factors.」
Uncertainty over the outlook due to the pandemic, energy and raw-material prices, overseas economies and semiconductor shortages is described in the same way as in the previous quarter. - FY2022-Q2WorsenedAnnual report
「Economic activity has been constrained by the renewed spread of COVID-19, and corporate activity and personal consumption have remained sluggish. In addition, uncertainty about the outlook persists due to rising energy and raw-material prices, uncertainty in overseas economies, the impact of semiconductor shortages on economic activity and other factors.」
In addition to the previously cited pandemic, uncertainty in overseas economies and semiconductor shortages, rising energy and raw-material prices were explicitly identified as factors contributing to uncertainty. - FY2022-Q1WorsenedAnnual report
「During the first three months of the consolidated fiscal year, Japan's economy saw economic activity constrained by the renewed spread of COVID-19, while corporate activity and personal consumption remained sluggish. In addition, uncertainty about the outlook persisted due to uncertainty in overseas economies, the impact of semiconductor shortages on economic activity and other factors.」
The constraints on economic activity and stagnation in corporate activity and personal consumption resulting from the renewed spread of COVID-19 were explicitly identified, and uncertainty over the outlook continues. - FY2021-Q3WorsenedAnnual report
「Economic activity has been constrained by the spread of COVID-19 and the resulting calls for self-restraint, and corporate activity and personal consumption have remained sluggish. In addition, uncertainty about the outlook persists due to uncertainty in overseas economies, the impact of semiconductor shortages on economic activity and other factors.」
In addition to the constraints on and stagnation of economic activity caused by COVID-19, the impact of semiconductor shortages was explicitly identified as a new factor contributing to uncertainty. - FY2021-Q1RestatedAnnual report
「Economic activity has been constrained by the spread of COVID-19 and the resulting calls for self-restraint, and corporate activity and personal consumption have fallen sharply. In addition, uncertainty about the outlook persists due to uncertainty in overseas economies, volatility in financial and capital markets and other factors.」
COVID-19, the constraints on economic activity caused by calls for self-restraint, uncertainty in overseas economies and other factors continue to be described. - FY2020ReframedAnnual report
「The effects of COVID-19 are expected to continue for the time being.」
In addition to the previous uncertainty in the macroeconomic environment, COVID-19 was identified as an ongoing condition for the time being, and the potential impact on business performance if production and other activities cannot be maintained was also described in specific terms. - FY2020-Q3RestatedAnnual report
「Economic activity has been constrained by the spread of COVID-19 and the resulting calls for self-restraint, and corporate activity and personal consumption have fallen sharply. In addition, uncertainty about the outlook persists due to uncertainty in overseas economies, volatility in financial and capital markets and other factors.」
The constraints on economic activity and declines in corporate activity and personal consumption caused by COVID-19, as well as uncertainty in overseas economies and other factors, continue to be described as in the previous quarter. - FY2020-Q2WorsenedAnnual report
「Economic activity has been constrained by the spread of COVID-19 and the resulting calls for self-restraint, and corporate activity and personal consumption have fallen sharply. In addition, uncertainty about the outlook persists due to uncertainty in overseas economies, volatility in financial and capital markets and other factors.」
The sharp declines in economic activity, corporate activity and personal consumption resulting from COVID-19 and calls for self-restraint were explicitly identified, and the impact was described in more specific and extensive terms than the previously cited factors contributing to uncertainty. - FY2020-Q1WorsenedAnnual report
「While corporate earnings and the employment and income environment continue to improve, uncertainty about the outlook persists due to uncertainty in overseas economies, volatility in financial and capital markets, the global spread of COVID-19 and other factors.」
In addition to the previously cited uncertainty in overseas economies and volatility in financial and capital markets, the global spread of COVID-19 was explicitly identified as a factor contributing to uncertainty. - FY2019-Q3RestatedAnnual report
「During the first nine months of the consolidated fiscal year, Japan's economy saw improvements in corporate earnings and employment, but uncertainty about the outlook persisted due to uncertainty in overseas economies, volatility in financial and capital markets and other factors.」
Uncertainty in overseas economies, volatility in financial and capital markets and uncertainty over the outlook continue to be described. - FY2019-Q2RestatedAnnual report
「During the first six months of the consolidated fiscal year, Japan's economy saw continued improvement in corporate earnings and the employment and income environment, but uncertainty about the outlook persisted due to the US-China trade dispute, volatility in financial and capital markets and other factors.」
While the employment and income environment continues to improve, the US-China trade dispute, volatility in financial and capital markets and uncertainty over the outlook continue to be described. - FY2019-Q1ReframedAnnual report
「While corporate earnings and the employment and income environment continue to improve, uncertainty about the outlook persists due to the US-China trade dispute, volatility in financial and capital markets and other factors.」
Uncertainty over the outlook persists, but the US-China trade dispute was explicitly identified as an additional factor alongside the previously cited uncertainty in overseas economies and other factors. - FY2018RestatedAnnual report
「During the consolidated fiscal year, Japan's economy saw improvements in corporate earnings and employment, but uncertainty about the outlook persisted due to uncertainty in overseas economies, volatility in financial and capital markets and other factors.」
Uncertainty in overseas economies, volatility in financial and capital markets and uncertainty over the outlook continue to be described. - FY2018-Q3RestatedAnnual report
「While corporate earnings and employment are improving, uncertainty about the outlook persists due to uncertainty in overseas economies, volatility in financial and capital markets and other factors.」
Uncertainty in overseas economies, volatility in financial and capital markets and uncertainty over the outlook continue to be described. - FY2018-Q2RestatedAnnual report
「While corporate earnings and employment are improving, uncertainty about the outlook persists due to uncertainty in overseas economies, volatility in financial and capital markets and other factors.」
Uncertainty in overseas economies, volatility in financial and capital markets and uncertainty over the outlook continue to be described. - FY2018-Q1ReframedAnnual report
「While corporate earnings and employment continue to improve, uncertainty about the outlook persists due to uncertainty in overseas economies, volatility in financial and capital markets and other factors.」
Uncertainty over the outlook persists, but the specific factors described have shifted from the previously cited stagnation in personal consumption and slowing emerging-market economies to uncertainty in overseas economies and volatility in financial and capital markets. - FY2017RestatedAnnual report
「While corporate earnings and employment are improving, uncertainty about the outlook persists due to stagnant personal consumption, slowing emerging-market economies and other factors.」
Stagnant personal consumption, slowing emerging-market economies and uncertainty over the outlook continue to be described. - FY2017-Q3RestatedAnnual report
「While corporate earnings and employment are improving, uncertainty about the outlook persists due to stagnant personal consumption, slowing emerging-market economies and other factors.」
Stagnant personal consumption, slowing emerging-market economies and uncertainty over the outlook continue to be described. - FY2017-Q2RestatedAnnual report
「While corporate earnings and employment are improving, uncertainty about the outlook persists due to stagnant personal consumption, slowing emerging-market economies and other factors.」
Stagnant personal consumption, slowing emerging-market economies and uncertainty over the outlook continue to be described. - FY2017-Q1RestatedAnnual report
「While corporate earnings and employment are improving, uncertainty about the outlook persists due to stagnant personal consumption, slowing emerging-market economies and other factors.」
Stagnant personal consumption, slowing emerging-market economies and uncertainty over the outlook continue to be described. - FY2016-Q3RestatedAnnual report
「While corporate earnings and employment are improving, uncertainty about the outlook persists due to stagnant personal consumption, slowing emerging-market economies and other factors.」
Stagnant personal consumption, slowing emerging-market economies and uncertainty over the outlook are described using the same wording as in the previous quarter. - FY2016-Q2First statedAnnual report
「While corporate earnings and employment are improving, uncertainty about the outlook persists due to stagnant personal consumption, slowing emerging-market economies and other factors.」
Stagnant personal consumption and slowing emerging-market economies are described as current conditions.