Uncertainty over the outlook due to stagnation in the domestic economy and turmoil in the global economy
First written in FY2017-Q2. 8 of 33 entries say "Restated". Latest entry: 2026-08-13.
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
- FY2026-H1RestatedAnnual report
「Many uncertainties continue to exert downward pressure on the economy, including trade tensions caused by high-tariff policies in the United States, the impact of higher import prices resulting from yen depreciation, and the prolonged geopolitical risks associated with Ukraine and the situation in the Middle East, leaving the outlook uncertain.」
The filing continues to mention uncertainty surrounding the economic outlook due to high-tariff policies in the United States, yen depreciation, and the situations in Ukraine and the Middle East. - FY2025WorsenedAnnual report
「Sharp stock-price swings and prolonged overseas conflicts continue, while trade tensions have again emerged toward the end of the period due to high-tariff policies following the change of administration in the United States, leaving the outlook uncertain.」
In addition to the previous uncertainty caused by international conditions, exchange rates and interest rates, the filing mentions sharp stock-price swings and renewed trade tensions resulting from high-tariff policies following the change of administration in the United States. - FY2025-H1Explicitly mentions rising interest rates, exchange-rate fluctuations and sharp stock-price swings.Annual report
「The economy remains in an uncertain outlook, as interest-rate increases and exchange-rate fluctuations have pushed prices higher, while sharp stock-price swings and unstable international conditions continue.」
In addition to the previous uncertainty caused by international conditions and exchange rates, the filing identifies rising interest rates, sharp stock-price swings and higher prices as factors contributing to an uncertain outlook. - FY2024WorsenedAnnual report
「However, the Russia-Ukraine conflict and tense conditions in the Middle East have continued for an extended period, and the outlook remains uncertain, including because of the impact on interest rates of the Bank of Japan's adjustment to the unconventional monetary easing it announced.」
In addition to the previous uncertainty surrounding international conditions and the economy, the filing identifies heightened tensions in the Middle East and the impact of interest rates from monetary policy adjustments as new sources of uncertainty. - FY2024-Q3WorsenedAnnual report
「During the first 3 quarters of the current fiscal year, Japan's economy showed signs of normalization in socioeconomic activity, including increased movement of people following the easing and lifting of restrictions on activity related to the novel coronavirus disease. However, the outlook remained uncertain due to the prolonged Russia-Ukraine conflict, escalating tensions in the Middle East, global monetary tightening and the slowdown in China's economy.」
Although socioeconomic activity was moving toward normalization, the prolonged Russia-Ukraine conflict, escalating tensions in the Middle East, global monetary tightening and the slowdown in China's economy are cited as new factors contributing to uncertainty over the outlook. - FY2024-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, the Japanese economy showed signs of normalisation in social and economic activity, including increased movement of people as restrictions on activities related to COVID-19 were eased and lifted. However, the outlook remains uncertain due to persistently high resource prices resulting from the impact of unstable global conditions, including the prolonged Russia-Ukraine situation, inflation caused by soaring raw-material and fuel prices, and exchange-rate fluctuations.」
Although the easing and lifting of restrictions on activity indicated a trend toward normalization, uncertainty in the economy due to international conditions, resource prices, rising prices and foreign exchange fluctuations is reaffirmed. - FY2024-Q1Coexistence of normalization in socioeconomic activity with uncertainty from soaring prices and resource costsAnnual report
「During the first quarter of the current consolidated cumulative period, the Japanese economy showed signs of normalisation in social and economic activity, including increased movement of people as restrictions on activities related to COVID-19 were eased and lifted. However, the outlook remains uncertain due to persistently high resource prices resulting from the impact of unstable global conditions, including the prolonged Russia-Ukraine situation, inflation caused by soaring raw-material and fuel prices, and exchange-rate fluctuations.」
Although the easing and lifting of restrictions on activity and increased movement of people indicated a trend toward normalization, uncertainty due to international conditions, resource and raw material prices, rising prices and foreign exchange fluctuations continued. - FY2023Coexistence of signs of a recovery in demand and uncertaintyAnnual report
「Signs of improvement, including growth in demand led by commercial customers, began to emerge in the second half of the fiscal year, and the recovery in consumers' propensity to spend continued. However, the level remained below that before the spread of the disease, and difficult conditions in the industry continued.」
The disclosure explains that signs of recovery were seen in demand from commercial customers and personal consumption, but both remained below pre-pandemic levels, while uncertainty due to international conditions and the weaker yen also remained. - FY2023-Q3RestatedAnnual report
「During the first 3 quarters of the current fiscal year, Japan's economy showed signs of recovery as restrictions on activity were eased while the impact of the novel coronavirus disease continued. However, it was affected by increases in resource prices, including raw material and energy prices. Against the backdrop of supply chain disruption and the prolonged Russia-Ukraine situation, difficulty procuring various materials, fluctuations in foreign exchange rates and soaring resource prices also contributed to an uncertain outlook.」
Although the easing of restrictions on activity supported an economic recovery, uncertainty over the outlook due to soaring resource prices, supply chain disruption, difficulty procuring materials and foreign exchange fluctuations continues to be disclosed. - FY2023-Q2Explicit reference to supply chain disruption and rapid currency fluctuationsAnnual report
「During the first 2 quarters of the current fiscal year, Japan's economy showed signs of recovery as restrictions on activity were eased in response to a decline in new cases of the novel coronavirus disease. However, amid supply chain disruption and the impact of the situation in Ukraine, it became difficult to procure various materials, while soaring resource prices and higher import prices resulting from rapid currency fluctuations and the weaker yen also contributed to an uncertain outlook.」
Although a decline in infections and the easing of restrictions on activity supported a recovery, supply chain disruption, difficulty procuring materials, soaring resource prices, and rapid currency fluctuations and the weaker yen are cited as factors contributing to uncertainty over the outlook. - FY2023-Q1Coexistence of easing pandemic effects with geopolitical and weaker-yen risksAnnual report
「During the first quarter of the current fiscal year, Japan's economy showed signs of recovery as restrictions on activity were eased in response to a decline in new cases of the novel coronavirus disease. However, the prolonged Russia-Ukraine situation made it difficult to procure various materials, while soaring resource prices and higher import prices resulting from the weaker yen also contributed to an uncertain outlook.」
Although a decline in infections and the easing of restrictions on activity supported a recovery, the Russia-Ukraine situation, difficulty procuring materials, soaring resource prices and higher import prices resulting from the weaker yen are cited as factors contributing to uncertainty over the outlook. - FY2022WorsenedAnnual report
「The year was extremely difficult due to the impact of the Russia-Ukraine situation since the beginning of this year and higher import prices resulting from the weaker yen, while the outlook for economic conditions became more uncertain than ever.」
The disclosure states that uncertainty regarding domestic and overseas economic conditions and global economic risks increased due to the Russia-Ukraine situation, the weaker yen and higher import prices. - FY2022-Q3Explicit reference to new variants and the unknown timing of the end of the epidemicAnnual report
「During the first 3 quarters of the current fiscal year, while the impact of the novel coronavirus disease continued, the number of new infections began to decline and the situation temporarily stabilized due to vaccinations and other measures. However, new variants emerged, and uncertainty continued because the timing of the end of the disease could not be forecast.」
While the decline in new infections due to vaccinations and other measures is disclosed, the emergence of new variants and the inability to forecast when the disease will end are added as factors contributing to uncertainty over the economic outlook. - FY2022-Q2Slowing economic recovery due to the resurgence of infectionsAnnual report
「During the first 2 quarters of the current fiscal year, the economic recovery remained sluggish and difficult conditions continued as economic activity was constrained by measures including requests to refrain from nonessential, nonurgent outings due to the resurgence of the novel coronavirus disease.」
The resurgence of the novel coronavirus disease and restrictions on economic activity due to requests to refrain from going out are cited as factors behind the slowing economic recovery and difficult economic conditions. - FY2022-Q1Explicit reference to concerns over variant strains and stagnation in vaccinationsAnnual report
「Although expectations are rising that the normalization of economic activity will result from the spread of vaccinations overseas, concerns remain over the stagnation in vaccination rates and the spread of infections caused by virus variants, and the economic outlook remains uncertain.」
In addition to the previous economic uncertainty related to the novel coronavirus, stagnation in vaccination rates and the spread of infections caused by virus variants are explicitly cited as concerns regarding overseas economies. - FY2021WorsenedAnnual report
「During the current fiscal year, Japan's economy deteriorated to what has been described as the worst level since the end of World War II due to the spread of the novel coronavirus disease. In particular, after the declaration of a state of emergency, corporate performance became increasingly polarized as a result of calls to refrain from nonessential, nonurgent outings and the promotion of telework. As the timing of the end of the coronavirus pandemic could not be forecast, difficult conditions and uncertainty over the outlook continued.」
Risk recognition has deepened from the previous stagnation in economic conditions and uncertainty in the global economy to what is described as the worst economic deterioration since the end of World War II due to the novel coronavirus disease, together with uncertainty over when it will end. - FY2021-Q3Explicit reference to the difficulty of forecasting the end of the epidemic and the sluggish economic recoveryAnnual report
「Although signs of an economic recovery emerged as economic activity gradually resumed, the recovery was sluggish, and difficult conditions continued because the timing of the end of the disease could not be forecast. The outlook therefore remained uncertain.」
Regarding the deterioration in economic conditions and uncertainty over the outlook caused by the disease, the disclosure states that the recovery remained sluggish after economic activity resumed and that the timing of the end of the disease remained unforeseeable. - FY2021-Q2Resurgence of infections and continued restrictions on activityAnnual report
「During the first 2 quarters of the current fiscal year, Japan sought to prevent the spread of the novel coronavirus disease while restoring economic activity. However, the spread of the disease had a significant impact on society and the economy, and restrictions on people's movement and requests for business closures caused the economy to deteriorate rapidly, resulting in difficult conditions. Although economic activity gradually resumed overseas, the disease was resurging in some countries and regions, and the outlook remained uncertain both in Japan and abroad.」
Regarding the previous uncertainty over the outlook, specific factors continue to be disclosed, including restrictions on people's movement and requests for business closures due to the novel coronavirus disease, as well as resurgent infections overseas. - FY2021-Q1MaterialisedAnnual report
「Since the beginning of this year, the economy has deteriorated rapidly due to the spread of the novel coronavirus disease, the declaration of a state of emergency and requests from local governments to refrain from going out. Overseas as well, economic activity has stagnated in response to the disease, and the outlook remains uncertain both in Japan and abroad.」
In addition to the previous uncertainty over the outlook, the disclosure states that the novel coronavirus disease has actually caused a rapid deterioration in the domestic economy and a stagnation in economic activity overseas. - FY2020Addition of the novel coronavirus diseaseAnnual report
「During the current fiscal year, Japan's economy remained in an uncertain situation due to declining personal consumption resulting from the consumption tax increase and other factors, the prolonged US-China trade friction, developments concerning the UK's withdrawal from the EU, and the spread and expansion of the novel coronavirus disease.」
In addition to the previous stagnation in consumption and trade-related issues, the spread and expansion of the novel coronavirus disease is added as a factor contributing to uncertainty over the outlook for the domestic economy. - FY2020-Q3Explicit reference to the consumption tax increase and developments concerning the UK's withdrawal from the EUAnnual report
「During the first 3 quarters of the current fiscal year, employment conditions and other areas continued to improve, but personal consumption remained weak against the backdrop of the consumption tax increase and other factors. The prolonged US-China trade friction and developments concerning the UK's withdrawal from the EU could also affect Japan's economy, and uncertainty over the outlook continued.」
In addition to the previous weakness in domestic consumption and US-China trade friction, the consumption tax increase and developments concerning the UK's withdrawal from the EU are cited as factors contributing to uncertainty over the outlook. - FY2020-Q2Reiteration of the UK's issue of leaving the EUAnnual report
「During the first 2 quarters of the current fiscal year, employment conditions and other areas continued to improve, and there was front-loaded demand ahead of the consumption tax increase. However, personal consumption remained weak. The prolonged US-China trade friction, the UK's issue of leaving the EU and developments in neighboring countries could also affect Japan's economy, and uncertainty over the outlook continued.」
In addition to the prolonged US-China trade friction, the UK's issue of leaving the EU is cited as a factor contributing to uncertainty over the economic outlook. - FY2020-Q1Explicit reference to developments in the Middle East and neighboring countriesAnnual report
「During the first quarter of the current fiscal year, Japan's economy continued to benefit from improving employment conditions and other factors, but personal consumption remained weak. The prolonged US-China trade friction and developments in the Middle East and neighboring countries could also affect Japan's economy, and uncertainty over the outlook continued.」
In addition to the prolonged US-China trade friction, developments in the Middle East and neighboring countries are cited as uncertain factors that could affect the domestic economy. - FY2019Explicit reference to the prolonged US-China trade dispute and the slowdown in overseas economiesAnnual report
「During the current fiscal year, Japan's economy continued to recover moderately against a backdrop of improving employment conditions and other factors, but domestic economic conditions remained sluggish amid concerns including the prolonged US-China trade dispute and the slowdown in overseas economies.」
In addition to the previous concerns over weak domestic consumption and uncertainty regarding overseas developments, the prolonged US-China trade dispute and the slowdown in overseas economies are cited as sources of concern. - FY2019-Q3Explicit reference to uncertainty over trade policyAnnual report
「However, uncertainty over trade policy has increased against the backdrop of US protectionist policies and trade friction, which could affect Japan's economy, and uncertainty over the outlook continues.」
The previous concerns over US protectionism and trade friction continue to be disclosed as increasing uncertainty over trade policy. - FY2019-Q2Addition of protectionist policies and concerns over trade frictionAnnual report
「Japan's economy was on a moderate recovery trend during the first 2 quarters of the current fiscal year, supported by improvements in employment conditions and other factors, but personal consumption lacked strength. Overseas, concerns about trade friction arising from the effects of protectionist policies in the US, as well as developments in neighboring countries, could affect Japan's economy, and uncertainty over the outlook continued.」
In addition to weak domestic consumption, concerns about trade friction resulting from US protectionist policies are cited as a factor contributing to uncertainty over the economic outlook. - FY2018-Q3RestatedAnnual report
「During the first 3 quarters of the current fiscal year, Japan's economy continued to recover moderately against a backdrop of improving employment conditions and other factors. However, personal consumption lacked strength due to sluggish wage growth and concerns about the future, and domestic economic conditions remained sluggish. Although recovery progressed in Europe and the US, the outlook remained uncertain because developments in other Asian countries could affect Japan's economy.」
Uncertainty over the outlook for the domestic economy due to weak personal consumption and developments in other Asian countries continues to be disclosed. - FY2018-Q1RestatedAnnual report
「Political uncertainty in Europe and the US and developments in neighboring countries may also affect Japan's economy, leaving the outlook uncertain.」
Political uncertainty in Europe and the US and developments in neighboring countries are reiterated as factors contributing to uncertainty over the outlook that could affect the domestic economy. - FY2017RestatedAnnual report
「In addition, uncertainty in the global economy has increased due to the slowdown in emerging-market economies, the UK's issue of leaving the EU and the inauguration of a new US administration, among other factors, and uncertainty has intensified.」
The uncertainty in the global economy arising from the emerging-market economies, the UK's withdrawal from the EU and the inauguration of a new US administration, among other factors, continues to be disclosed. - FY2017-Q3RestatedAnnual report
「In addition, uncertainty in the global economy increased due to the slowdown in emerging-market economies, the UK's issue of leaving the EU and the inauguration of a new US administration, among other factors, and the outlook remained uncertain.」
In addition to the slowdown in emerging-market economies and the UK's issue of leaving the EU, the inauguration of a new US administration is cited as a source of uncertainty, and uncertainty over the outlook for the global economy is reiterated. - FY2017-Q2First statedAnnual report
「Domestic economic conditions remained sluggish, with personal consumption lacking strength. The outlook also remained uncertain due to disruption in the global economy caused by the slowdown in emerging-market economies and the UK's issue of leaving the EU, among other factors.」
Weak domestic consumption, the slowdown in emerging-market economies and the UK's issue of leaving the EU are cited for the first time as factors contributing to uncertainty over the outlook for the business environment.