External environment destabilized by sluggish emerging markets, a stronger yen and weaker stock prices
First written in FY2017-Q1. 18 of 39 entries say "Worsened", first in FY2019-Q3. Latest entry: FY2027-H1.
Naigai 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 2020: 141 of 158 companies on the "Worse" side.
46 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「During the current interim consolidated accounting period, Japan's economy remained uncertain, despite signs of improvement in employment and income conditions. Downward pressure on personal consumption from continued price increases, exchange-rate volatility, persistently high resource and raw-material prices, and heightened geopolitical risks stemming from the increasingly tense situation in the Middle East and elsewhere continued to weigh on the outlook.」
While acknowledging improvements in employment and income conditions, the disclosure identifies downward pressure on personal consumption from rising prices, persistently high resource and raw-material prices, and geopolitical risks related to the situation in the Middle East, making the external uncertainties more specific. - 2026-09-11WorsenedEarnings
「継続的な物価上昇による個人消費への下押し圧力、為替相場の変動、資源価格及び原材料価格が高い水準で推移していることに加え、中東情勢の緊迫化等による地政学リスクも意識され、依然として先行き不透明な状況が続いております。」
物価、為替、資源・原材料価格に加え、中東情勢による地政学リスクが併記され、外部環境の不透明感が継続している。 - FY2026Reframed around inflation and consumers' preference for savingAnnual report
「During the fiscal year under review, signs of improvement emerged in employment and income conditions. However, the outlook remained uncertain due to continued inflation, growing consumer preference for saving, exchange-rate fluctuations and uncertainty in overseas economies.」
The external-environment description was reframed around inflation, consumers' growing preference for saving, exchange-rate fluctuations and uncertainty in overseas economies rather than specific factors such as geopolitical risks and tariffs. - 2026-03-13WorsenedEarnings
「The outlook remained uncertain due to the continued rise in prices, stronger consumer thrift preferences, currency fluctuations and uncertainty in overseas economies.」
Inflation, consumer thrift preferences, currency fluctuations and uncertainty in overseas economies continued to be cited as factors clouding the external environment. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period under review, signs of improvement emerged in employment and income conditions. However, the outlook remained uncertain due to prolonged geopolitical risks, developments in U.S. tariff policy and concerns about an economic slowdown caused by rising prices.」
Recognizes improvement in employment and income conditions, while identifying prolonged geopolitical risks, U.S. tariff policy and concerns about an economic slowdown caused by inflation as new sources of uncertainty. - FY2025-H1Economic recovery alongside international and geopolitical risksAnnual report
「During the interim consolidated accounting period under review, the economy remained on a gradual recovery track as employment and income conditions improved. However, the outlook remained uncertain due to unstable international conditions surrounding Japan and the prolonged nature of geopolitical risks.」
Describes economic recovery driven by improving employment and income conditions, while also citing unstable international conditions and prolonged geopolitical risks as sources of continued uncertainty. - FY2025-Q1Economic recovery alongside yen depreciation and financial-market volatilityAnnual report
「During the first quarter of the fiscal year under review, social and economic activity gradually normalized following the end of the COVID-19 pandemic, and signs emerged of improving corporate earnings and recovering personal consumption. The economy therefore remained on a gradual recovery track. However, the economic environment remained uncertain due to inflation caused by higher import prices resulting from yen depreciation and financial-market volatility arising from the Bank of Japan's lifting of negative interest rates and monetary tightening in the United States and Europe.」
While describing normalization and economic recovery after the pandemic, also cites higher import prices and inflation caused by yen depreciation, as well as financial-market volatility resulting from the end of negative interest rates in Japan and monetary tightening in the United States and Europe. - FY2024Economic recovery alongside financial and geopolitical risksAnnual report
「During the fiscal year under review, social and economic activity gradually normalized following the reclassification of COVID-19 as a Class 5 disease, and signs emerged of improving corporate earnings and recovering personal consumption. The economy therefore remained on a gradual recovery track. However, the outlook remained uncertain due to prolonged monetary tightening in the United States and Europe and heightened geopolitical risks caused by tensions in the Middle East.」
Describes recovery driven by normalization of social and economic activity and improvements in corporate earnings and personal consumption, while also citing prolonged monetary tightening in the U.S. and Europe and geopolitical risks related to the Middle East. - FY2024-Q3Economic recovery alongside heightened geopolitical and financial risksAnnual report
「During the first nine months of the fiscal year under review, the economy recovered steadily as the COVID-19 situation improved and entry restrictions were eased. However, the outlook remained uncertain due to inflation caused by the rapid depreciation of the yen and soaring global resource prices, as well as increased geopolitical risks in Ukraine and Israel-Palestine.」
While the economy recovered steadily as COVID-19 improved and entry restrictions were eased, the rapid depreciation of the yen, higher resource prices and inflation, together with newly identified geopolitical risks involving Israel and Palestine, continued to weigh on the outlook. - FY2024-Q2Further normalization alongside inflation and geopolitical risksAnnual report
「During the first half of the fiscal year under review, economic and social activity normalized further as COVID-19 was reclassified as a Class 5 disease and entry restrictions were eased, and the economy maintained a gradual recovery trend. However, the outlook remained uncertain due to the prolonged Russia-Ukraine situation, rising prices and exchange-rate fluctuations.」
States that normalization progressed further following the Class 5 reclassification of COVID-19 and the easing of entry restrictions, while uncertainty due to the Russia-Ukraine situation, inflation and exchange-rate fluctuations persisted. - FY2024-Q1Economic normalization alongside inflation and geopolitical risksAnnual report
「During the first quarter of the fiscal year under review, economic activity moved toward normalization as COVID-19 restrictions were eased, and signs of a recovery emerged. However, the outlook remained uncertain due to inflation caused by soaring raw-material and energy prices and continuing geopolitical risks.」
While describing the easing of COVID-19 restrictions and normalization of economic activity, also cites soaring raw-material and energy prices, inflation and geopolitical risks as sources of continued uncertainty. - FY2023RestatedAnnual report
「During the fiscal year under review, economic activity gradually normalized and signs of a recovery emerged as restrictions were eased after repeated resurgences of COVID-19 at the beginning of the fiscal year and during the summer. However, uncertainty about the outlook persisted due to rising prices associated with the prolonged situation in Ukraine and soaring resource prices, as well as the rapid depreciation of the yen.」
Throughout the fiscal year, the Group continued to recognize both economic normalization following the easing of restrictions and uncertainty about the outlook due to the situation in Ukraine, soaring resource prices and yen depreciation. - FY2023-Q3Economic normalization alongside continued uncertaintyAnnual report
「During the first nine months of the fiscal year under review, economic activity moved toward normalization and signs of a recovery emerged as restrictions related to COVID-19 were eased. However, the outlook remained uncertain against the backdrop of soaring energy and raw-material prices caused by the prolonged situation in Ukraine and the rapid depreciation of the yen.」
States that economic activity normalized as restrictions were eased, while uncertainty about the outlook continued due to the situation in Ukraine, energy and raw-material prices and the rapid depreciation of the yen. - FY2023-Q2WorsenedAnnual report
「During the first half of the fiscal year under review, there were signs of a gradual recovery after priority preventive measures were lifted. However, the outlook remained uncertain as the renewed spread of Omicron and soaring energy and raw-material prices caused by the situation in Ukraine, together with the rapid depreciation of the yen, weighed on the economy.」
While noting signs of recovery after restrictions were lifted, explicitly identifies the renewed spread of Omicron, soaring energy and raw-material prices resulting from the situation in Ukraine and the rapid depreciation of the yen as new downward pressures. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the fiscal year under review, conditions remained challenging as the prolonged COVID-19 pandemic and the spread of the Omicron variant led to the reissuance of priority preventive measures. After those measures were lifted, there were signs of a partial recovery, but the outlook remained uncertain due to soaring raw-material prices, a sharp depreciation of the yen and the situation in Ukraine.」
In addition to the reissuance of measures due to Omicron, soaring raw-material prices, the sharp depreciation of the yen and the situation in Ukraine emerged as new sources of uncertainty, broadening external concerns. - FY2022RestatedAnnual report
「During the fiscal year under review, states of emergency and other measures were issued intermittently from the start of the year due to COVID-19, and conditions remained challenging. As vaccinations progressed, the measures were lifted for the time being at the end of September, raising expectations of an economic recovery as the flow of people and economic activity recovered. However, conditions remained uncertain as priority preventive measures were reinstated amid the spread of the Omicron variant.」
Despite expectations of a recovery following vaccinations, the spread of Omicron and the reinstatement of priority preventive measures meant that the challenging and uncertain external environment continued. - FY2022-Q3WorsenedAnnual report
「During the first nine months of the fiscal year under review, conditions remained uncertain as the fifth wave of COVID-19 led to the repeated reissuance of states of emergency and various restrictions were imposed on economic activity.」
States that the external environment remained uncertain due to repeated reissuance of states of emergency during the fifth wave of COVID-19 and restrictions on economic activity. - FY2022-Q2WorsenedAnnual report
「During the first half of the fiscal year under review, a recovery was expected as COVID-19 vaccinations progressed, but infections failed to subside as the Delta variant spread. Conditions remained uncertain as states of emergency and priority preventive measures were issued intermittently nationwide.」
Against expectations of a recovery driven by vaccinations, cites the spread of the Delta variant, the failure of infections to subside and intermittent nationwide restrictions, indicating increased external uncertainty. - FY2022-Q1WorsenedAnnual report
「During the first quarter of the fiscal year under review, the outlook remained uncertain as COVID-19 showed no sign of ending and states of emergency and priority preventive measures were issued intermittently.」
Describes the continued and worsening uncertainty in the external environment as COVID-19 persisted and states of emergency and priority preventive measures were issued intermittently. - FY2021WorsenedAnnual report
「During the fiscal year under review, the Japanese economy deteriorated sharply as the global spread of COVID-19 caused the economic environment to worsen rapidly. With no clear prospect of the pandemic ending, conditions remained uncertain.」
States that the sharp deterioration in the economic environment and uncertainty about when COVID-19 would end continued throughout the fiscal year. - FY2021-Q3WorsenedAnnual report
「During the first nine months of the fiscal year under review, the Japanese economy continued to deteriorate due to the global spread of COVID-19. Although signs of a recovery emerged after economic activity gradually resumed, activity again became sluggish amid concerns about a renewed spread of infections from the summer onward, and the outlook remained uncertain.」
States that the recovery following the resumption of economic activity slowed amid concerns about renewed infections, with deterioration and uncertainty continuing. - FY2021-Q2WorsenedAnnual report
「During the first half of the fiscal year under review, the Japanese economy suffered a substantial downturn as corporate activity and consumer behavior stagnated under the impact of COVID-19. After the state of emergency was lifted, there were signs of a partial recovery as economic activity resumed, but conditions remained extremely challenging as requests for people to refrain from going out continued in some areas amid a renewed rise in new infections.」
Describes a substantial economic downturn caused by stagnant economic activity and consumer behavior. Even after the state of emergency was lifted, the environment remained challenging due to rising infections and continuing requests for people to refrain from going out. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year under review, the Japanese economy deteriorated rapidly and conditions became extremely challenging as the global spread of COVID-19 caused inbound demand to plunge and economic activity stagnated following the declaration of a state of emergency.」
States that COVID-19 caused inbound demand to plunge and economic activity to stagnate following the declaration of a state of emergency, rapidly worsening the economic environment. - FY2020WorsenedAnnual report
「During the fiscal year under review, employment and income conditions remained firm, but a sense of slowdown spread across the economy and uncertainty about the outlook increased due to intensifying U.S.-China trade friction, prolonged demonstrations in Hong Kong and the consumption-tax increase.」
States that U.S.-China trade friction, demonstrations in Hong Kong and the consumption-tax increase increased the sense of an economic slowdown and uncertainty about the outlook, worsening external-environment risk. - FY2020-Q3WorsenedAnnual report
「During the first nine months of the fiscal year under review, employment and income conditions remained firm, but uncertainty about the outlook persisted amid the effects of the consumption-tax increase and the global economy's continued slowdown.」
In addition to the previous uncertainty caused by U.S.-China trade friction, explicitly cites the effects of the consumption-tax increase and the global economy's slowdown, indicating greater external concerns. - FY2020-Q2WorsenedAnnual report
「During the first half of the fiscal year under review, employment and income conditions remained firm, but uncertainty about the outlook persisted as concerns about a slowdown in the global economy grew amid intensifying U.S.-China trade friction.」
States that concerns about a slowdown in the global economy strengthened due to intensifying U.S.-China trade friction, worsening the external environment from the previous quarter. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the fiscal year under review, employment and income conditions remained firm, but uncertainty about the outlook persisted as concerns about an economic downturn began to emerge amid opacity surrounding the Chinese economy and intensifying U.S.-China trade friction.」
States that uncertainty about the external environment increased, with opacity surrounding China, intensifying U.S.-China trade friction and emerging concerns about an economic downturn. - FY2019RestatedAnnual report
「During the fiscal year under review, the Japanese economy remained on a gradual recovery track, supported by improving corporate earnings and employment conditions, although uncertainty about the outlook persisted due to concerns about trade friction and a slowdown in the Chinese economy.」
Cites uncertainty from trade friction and the slowdown in China, while also describing a gradual recovery supported by improvements in corporate earnings and employment conditions. - FY2019-Q3WorsenedAnnual report
「During the first nine months of the fiscal year under review, the Japanese economy remained on a gradual recovery track, with corporate earnings and employment conditions continuing to improve. However, uncertainty about the outlook persisted as concerns about trade friction originating from U.S. protectionist policies and a stall in personal consumption caused by higher crude-oil and vegetable prices weighed on household spending.」
In addition to concerns about trade friction, newly cites higher crude-oil and vegetable prices weighing on household spending and causing personal consumption to stagnate, increasing uncertainty about the outlook. At the same time, it notes continued improvement in corporate earnings and employment conditions and a gradual recovery. - FY2019-Q2RestatedAnnual report
「During the first half of the fiscal year under review, the Japanese economy remained on a gradual recovery track, supported by improving corporate earnings and employment conditions and a recovery in personal consumption, although uncertainty about the outlook persisted as concerns about trade friction originating from U.S. protectionist policies grew.」
Notes uncertainty about the outlook due to trade friction, while also describing a gradual recovery supported by improvements in corporate earnings, employment and personal consumption. - FY2019-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, the Japanese economy remained on a gradual recovery track, supported by improving corporate earnings and employment conditions and a recovery in personal consumption, although uncertainty about the outlook persisted due to U.S. policy developments and concerns about the sustainability of China's economic growth.」
Notes uncertainty about the outlook stemming from U.S. policy developments and concerns about China, while also describing a gradual recovery supported by improvements in corporate earnings, employment and personal consumption. - FY2018RestatedAnnual report
「During the fiscal year under review, the Japanese economy remained on a gradual recovery track, with corporate earnings continuing to recover, driven by strong exports, and personal consumption recovering against the backdrop of improving employment and income conditions.」
States that the gradual recovery continued, accompanied by improvements in corporate earnings, employment and income conditions and personal consumption. - FY2018-Q3RestatedAnnual report
「During the first nine months of the fiscal year under review, the Japanese economy remained on a gradual recovery track, with corporate earnings holding firm and employment and income conditions improving, leading to signs of a recovery in personal consumption against the backdrop of government economic measures and the Bank of Japan's monetary policy.」
While noting improvements in corporate earnings, employment, income conditions and personal consumption, continues the previous assessment that the external environment was on a gradual recovery track. - FY2018-Q2RestatedAnnual report
「During the first half of the fiscal year under review, the Japanese economy remained on a gradual recovery track, with corporate earnings holding firm and employment and income conditions continuing to improve against the backdrop of government economic measures and the Bank of Japan's monetary policy.」
States that the gradual recovery continued, accompanied by improvements in corporate earnings, employment and income conditions. - FY2018-Q1SoftenedAnnual report
「During the first quarter of the fiscal year under review, the Japanese economy remained on a gradual recovery track as corporate activity recovered and employment and income conditions continued to improve.」
Compared with the uncertain external environment through the previous fiscal year, the description shifted somewhat toward improvement, citing recovering corporate activity and continued improvements in employment and income conditions. - FY2017RestatedAnnual report
「During the fiscal year under review, the Japanese economy remained on a gradual recovery track against the backdrop of government economic policies and the Bank of Japan's monetary easing measures. However, conditions remained uncertain, with consumer spending propensity weakening and foreign-exchange rates and share prices fluctuating more than expected amid uncertainty about the domestic and global economies and concerns about the future arising from the slowdown in the Chinese economy, the UK's decision to leave the EU and the U.S. presidential election.」
Continues to cite the slowdown in China, the UK's withdrawal from the EU, the U.S. presidential election, weak consumer spending and foreign-exchange and share-price volatility as sources of external uncertainty. - FY2017-Q3RestatedAnnual report
「During the first nine months of the fiscal year under review, the Japanese economy remained on a gradual recovery track against the backdrop of government economic policies and the Bank of Japan's monetary easing measures, although conditions remained uncertain as external demand was sluggish and the previously strong inbound-consumption trend showed signs of fading.」
States that an uncertain external environment persisted, citing weak external demand and fading inbound consumption. - FY2017-Q2RestatedAnnual report
「During the first half of the fiscal year under review, the Japanese economy was on a gradual recovery track against the backdrop of government economic policies and the Bank of Japan's monetary easing measures. However, conditions remained uncertain, with corporate earnings showing signs of stagnation amid greater-than-expected foreign-exchange volatility, sluggish share prices and slower economic growth in emerging markets, including China.」
Continues to describe an uncertain external environment driven by foreign-exchange volatility, weak share prices and slower emerging-market growth. - FY2017-Q1First statedAnnual report
「During the first quarter of the fiscal year under review, the Japanese economy faced a sharp appreciation of the yen and a decline in share prices as economic weakness in emerging markets, including China, was compounded by reduced expectations of additional U.S. interest-rate hikes. Concerns about the outlook for overall economic activity spread, and conditions remained unstable.」
Cites weak emerging-market economies, yen appreciation, falling share prices and concerns about the outlook for economic activity as external factors.