Downside Risk to Overseas Economies and an Uncertain Outlook
First written in FY2017-Q1. 10 of 21 entries say "Worsened", first in FY2017-Q3. Latest entry: FY2026.
The whole theme swung hardest in 2022: 125 of 168 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「During the consolidated fiscal year, the Japanese economy recovered gradually as personal consumption and capital investment showed signs of improvement. At the same time, the outlook remained uncertain due to geopolitical risks, including prolonged tensions involving Iran, soaring crude oil prices and supply shortages, in addition to the continued depreciation of the yen and rising resource prices.」
Although economic recovery was evident, prolonged tensions involving Iran, soaring crude oil prices and supply shortages were added to the continuing uncertainty over the outlook. - 2026-05-14WorsenedRevisions to earnings forecasts
「In addition to the continued depreciation of the yen and rising resource prices, concerns remain over geopolitical risks, including surging crude oil prices and supply shortages resulting from the prolonged situation in Iran, and uncertainty about the outlook continues.」
In addition to the previously cited concerns over inflation and other factors, the prolonged situation in Iran, surging crude oil prices, and supply shortages are identified as specific sources of uncertainty. - FY2026-H1RestatedAnnual report
「During the six months ended the interim period, the economy recovered gradually as personal consumption and capital investment showed signs of improvement. At the same time, concern remained over weakening consumer sentiment as prices continued to rise.」
Although the economy recovered gradually, concern over rising prices and weakening consumer sentiment continued, so the theme of uncertainty about the outlook remains relevant. - FY2025WorsenedAnnual report
「At the same time, concern over the impact of tariff measures by the Trump administration, in addition to weakening consumer sentiment due to continued price increases caused by the weaker yen and labor shortages, increased uncertainty about the outlook.」
In addition to the existing concerns over rising prices and weaker consumer sentiment, tariff measures by the Trump administration are identified as a new source of uncertainty. - FY2025-H1WorsenedAnnual report
「During the six months ended the interim period, the Japanese economy showed gradual improvement, with employment and income conditions improving, but uncertainty over the economic outlook increased amid volatile crude oil prices due to heightened tensions in the Middle East and rising prices caused by the weaker yen.」
In addition to the existing uncertainty, heightened tensions in the Middle East, volatile crude oil prices and inflation caused by the weaker yen are identified as specific sources of uncertainty, and uncertainty increased. - FY2024-Q3RestatedAnnual report
「At the same time, concern remained over a decline in household consumption due to rising prices.」
As in the previous quarter, a decline in household spending due to rising prices is cited as an outlook concern. - FY2024-Q2RestatedAnnual report
「At the same time, concern remained over a decline in household consumption due to rising prices.」
As in the previous quarter, a decline in consumer and household spending due to rising prices is cited as an outlook concern. - FY2024-Q1ReframedAnnual report
「The business environment surrounding the Group remained uncertain. Demand for petroleum products, particularly in aviation-related businesses, began to recover following the reclassification of COVID-19 as a Class 5 disease, but concerns remained over weaker consumer sentiment caused by higher prices.」
The focus of the uncertainty has shifted from overseas economic and geopolitical factors to concern over weakening consumer sentiment due to rising prices. - FY2023-Q1WorsenedAnnual report
「The business environment surrounding the Group remained uncertain. The lifting in March of priority preventive measures related to COVID-19 supported the normalization of economic activity, but the prolonged Russian invasion of Ukraine and persistently high crude oil prices continued to weigh on the outlook.」
In addition to the existing uncertainty, the prolonged Russian invasion of Ukraine and persistently high crude oil prices are identified as new sources of uncertainty. - FY2022-Q1RestatedAnnual report
「The business environment surrounding the Group remained uncertain as economic activity continued to stagnate due to the reissuance of a state of emergency, despite progress in vaccinations against COVID-19.」
Despite progress in vaccinations, the stagnation of economic activity caused by the reissuance of a state of emergency and the uncertain outlook continued. - FY2021RestatedAnnual report
「During the consolidated fiscal year, the Japanese economy remained extremely difficult as the spread of COVID-19 had a significant impact on economic activity in Japan and overseas.」
The stagnation of domestic and overseas economic activity and the uncertain outlook caused by the spread of COVID-19 continued to be reported for the full year. - FY2021-Q2WorsenedAnnual report
「During the six months ended the second quarter, the Japanese economy remained in a difficult situation as corporate earnings and personal consumption declined due to the impact of the COVID-19 pandemic. Although economic activity was gradually resuming, the outlook remained uncertain.」
In addition to the previous uncertainty surrounding overseas economies and trade friction, the decline in corporate earnings and personal consumption caused by COVID-19 is described as an actual deterioration in the economic environment, and difficult conditions continued. - FY2020-Q2WorsenedAnnual report
「The outlook remained uncertain due to concern over the economic impact of prolonged global trade friction, a succession of natural disasters and the increase in the consumption tax rate.」
In addition to the previous concerns over trade friction and natural disasters, the economic impact of the consumption tax increase is identified as a new concern. - FY2019RestatedAnnual report
「Although the domestic economy is expected to remain on a gradual recovery path, the outlook is expected to remain uncertain due to concerns over uncertainty in overseas economies, including US-China trade friction.」
Uncertainty in overseas economies, including US-China trade friction, and the uncertain outlook continue to be reported. - FY2019-Q2WorsenedAnnual report
「During the six months ended the second quarter, the Japanese economy continued its gradual recovery as corporate earnings and employment conditions improved, but the outlook remained uncertain due to concerns over global trade friction caused by US trade policy and the impact of natural disasters in Japan on consumption.」
In addition to the previous uncertainty surrounding overseas economies, global trade friction caused by US trade policy and the impact of domestic natural disasters on consumption are identified as new concerns. - FY2018ReframedAnnual report
「The domestic economy is expected to continue its gradual recovery, although attention must be paid to the outlook for overseas economies and the impact of volatility in financial and capital markets amid continued improvements in employment and income conditions.」
The specific concerns over US policy and geopolitical risks in Asia have been replaced by the more general need to monitor the outlook for overseas economies and volatility in financial and capital markets. - FY2018-Q2WorsenedAnnual report
「During the six months ended the second quarter, the Japanese economy continued its gradual recovery due to improvements in corporate earnings and employment, but the outlook remained uncertain amid concerns over the impact of US policy and rising geopolitical risks in Asia.」
In addition to the previous concern over weakness in overseas economies, US policy and rising geopolitical risks in Asia are identified as sources of uncertainty. - FY2017RestatedAnnual report
「The Japanese economy continued to recover gradually during the consolidated fiscal year, despite concerns over downside risks to the Chinese economy, Brexit and the impact of the change in administration in the United States. Corporate earnings and employment conditions improved against the backdrop of the government's economic policies and the Bank of Japan's monetary policy.」
Uncertainty in the overseas and economic environment due to a downturn in China, Brexit and the change in the US administration continues to be identified. - FY2017-Q3WorsenedAnnual report
「However, the outlook remained uncertain due to concerns over a downturn in China, the UK's withdrawal from the EU and the impact of the change in administration in the United States.」
In addition to the existing concern over a downturn in China, Brexit and the impact of the change in the US administration are cited as sources of uncertainty, broadening the range of overseas concerns. - FY2017-Q2RestatedAnnual report
「Weakness was evident in overseas economies, and concerns remained over downside risks to the Chinese economy, leaving the outlook uncertain.」
Weakness in overseas economies, concern over a downturn in China and the uncertain outlook are reaffirmed. - FY2017-Q1First statedAnnual report
「Although the economy was on a gradual recovery path, with employment conditions continuing to improve, the outlook remained uncertain due to downside risks to overseas economies.」
The downside risk to overseas economies and the uncertain outlook are presented as business-environment risks alongside the gradual recovery of the domestic economy.