Unstable business environment due to a stronger yen, falling share prices and a slowdown in overseas economies
First written in FY2017-Q2. 17 of 35 entries say "Worsened", first in FY2019-Q2. Latest entry: 2026-11-13.
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- FY2027-H1WorsenedAnnual report
「Japan's economy during the interim consolidated accounting period remained uncertain, with concerns over a downturn in consumer sentiment caused by continued price increases resulting from higher resource and refined petroleum product prices and yen depreciation, as well as heightened geopolitical risks, including escalating tensions in the Middle East, despite improvements in employment and income conditions driven by labour shortages.」
The disclosure cited improvements in employment and income conditions, while also noting geopolitical risks, surging resource and refined petroleum product prices, and concerns over weaker consumer sentiment due to yen depreciation and rising prices. - 2026-08-06WorsenedResults
「当第１四半期連結累計期間におけるわが国経済は、人手不足を背景とした雇用・所得環境の改善が見られる一方、中東情勢の緊迫化等の地政学的リスクの高まり、資源価格や石油製品価格の高騰、円安の進行に伴う継続的な物価上昇による消費者マインドの下振れが懸念されるなど、先行き不透明な状況が続いております。」
雇用・所得環境の改善要因を示す一方、地政学的リスク、資源価格高騰、円安および物価上昇による消費者マインド下振れ懸念を再確認している。 - FY2026WorsenedAnnual report
「During the fiscal year under review, Japan's economy remained in an uncertain situation. Although the employment and income environment improved against a backdrop of labor shortages, concerns persisted over a downturn in consumer sentiment caused by continued inflation resulting from soaring resource prices and yen depreciation, as well as heightened geopolitical risks, including escalating tensions in the Middle East.」
Although there were factors supporting improvements in the employment and income environment, concerns over weaker consumer sentiment due to geopolitical risks, soaring resource prices, yen depreciation and inflation continued and became more pronounced. - 2026-05-14WorsenedResults
「中東情勢の緊迫化等地政学的リスクの高まり、資源価格の高騰や円安から継続的な物価上昇による消費者マインドの下振れが懸念されるなど、先行き不透明な状況が続いております。」
地政学的リスク、資源価格高騰、円安・物価上昇による消費者マインド下振れ懸念を通期および今後の見通しで継続して示した。 - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, Japan's economy remained in an uncertain situation. Although corporate earnings and the employment and income environment improved, concerns persisted over an economic slowdown resulting from prolonged geopolitical risks, developments in US tariff policy and rising prices.」
The disclosure indicates improvements in corporate earnings and the employment and income environment, while prolonged geopolitical risks, US tariff policy and concerns over an economic slowdown caused by inflation were cited as new sources of uncertainty. - FY2025RestatedAnnual report
「During the fiscal year under review, Japan's economy remained on a moderate recovery trend. Although complex uncertainties persisted, including inflation, a slowdown in the Chinese economy, future US policy developments and heightened geopolitical risks, personal consumption also began to recover as corporate performance and the employment and income environment improved.」
The company has reconfirmed the moderate recovery trend in the economy and personal consumption, while uncertainty remains over the Chinese economy, US policy and geopolitical risks. - FY2024RestatedAnnual report
「During the fiscal year under review, Japan's economy was on a moderate recovery trend. Despite complex uncertainties, including rising resource prices, continued yen depreciation, inflation and heightened geopolitical risks, economic activity picked up as the COVID-19 pandemic subsided, while corporate performance and the employment and income environment improved.」
The company continues to describe a moderate recovery trend driven by the easing of the pandemic and improvements in corporate performance and the employment and income environment, while uncertainty remains over resource prices, yen depreciation, inflation and geopolitical risks. - FY2024-Q2RestatedAnnual report
「During the six months ended in the current consolidated fiscal year, the Japanese economy was on a recovery trend as economic activity and consumption moved toward normalization and stabilization while the impact of COVID-19 eased further following its reclassification as a Category V infectious disease, despite various uncertainties, including rising resource prices, yen depreciation and higher prices.」
The company continues to recognize that economic activity and consumer spending are normalizing as the impact of the pandemic eases further, while uncertainty remains over resource prices, yen depreciation and inflation. - FY2024-Q1SoftenedAnnual report
「During the three months ended in the current consolidated fiscal year, the Japanese economy was on a recovery trend as economic activity and consumption moved toward normalization while the impact of COVID-19 eased further following its reclassification as a Category V infectious disease, despite various uncertainties, including rising resource prices, yen depreciation and higher prices.」
Although uncertainties including resource prices, yen depreciation and rising prices remained, the company stated that economic activity and consumption were on a recovery trend as the impact of COVID-19 eased further, reducing the emphasis on deterioration in the macroeconomic environment. - FY2023-Q3SoftenedAnnual report
「Although Japan’s economy during the nine-month period ended 31 December of the current fiscal year faced various uncertainties, including higher resource prices stemming from the situation between Russia and Ukraine, the rapid depreciation of the yen and rising prices, economic activity and consumption trends have been moving towards normalisation as restrictions on activities related to COVID-19 have been eased.」
Although uncertainties including resource prices, yen depreciation and rising prices remained, economic activity and consumption were said to be moving toward normalization as restrictions on activities were eased, further easing the wording on deterioration in the macroeconomic environment. - FY2023-Q2SoftenedAnnual report
「During the six months ended in the current consolidated fiscal year, the Japanese economy was gradually moving toward normalization of economic activity and consumption as restrictions on activities were eased in stages amid the subsiding impact of COVID-19, despite various uncertainties, including rising resource prices caused by the situation involving Russia and Ukraine, inflation concerns and rapid yen depreciation.」
Although uncertainties including resource prices, inflation and rapid yen depreciation remained, economic activity and consumption were said to be moving toward normalization as the impact of COVID-19 subsided and restrictions on activities were eased, and the wording on deterioration in the macroeconomic environment was less negative. - FY2023-Q1SoftenedAnnual report
「During the three months ended in the current consolidated fiscal year, the Japanese economy was gradually moving toward normalization of economic activity and consumption as restrictions on activities were eased following a decline in new COVID-19 cases, despite various uncertainties, including rising resource prices caused by the situation involving Russia and Ukraine, inflation concerns and rapid yen depreciation.」
Although uncertainties including resource prices, inflation and yen depreciation were cited, economic activity and consumption were said to be moving toward normalization as restrictions on activities were eased, and the description of the macroeconomic environment was less negative than in the previous period. - FY2022WorsenedAnnual report
「Although COVID-19 is expected to gradually subside worldwide from the current fiscal year onward and its impact is expected to ease in stages, uncertainty over the economic outlook is expected to continue due to various factors, including developments in the situation in Ukraine, rising resource prices, inflation concerns and the continuing depreciation of the yen.」
In addition to the previous uncertainty surrounding COVID-19 and overseas economies, the situation in Ukraine, rising resource prices, inflation concerns and the continuing depreciation of the yen were identified as new sources of uncertainty. - FY2022-Q3RestatedAnnual report
「During the nine months ended in the current consolidated fiscal year, economic activity was gradually recovering as the state of emergency associated with the spread of COVID-19 was lifted and vaccinations progressed, but the outlook for the economy remained uncertain due to concerns about the spread of infections caused by new COVID-19 variants and other factors.」
While indicating a recovery trend following the lifting of the state of emergency and progress in vaccinations, the company continued to cite concerns about the spread of infections caused by new variants and uncertainty over the outlook. - FY2022-Q2RestatedAnnual report
「During the six months ended in the current consolidated fiscal year, the Japanese economy remained uncertain as the spread of COVID-19 had not subsided and states of emergency and priority preventive measures were issued intermittently.」
The company continued to describe an economic environment with an uncertain outlook due to the spread of COVID-19 and state-of-emergency declarations, among other factors. - FY2022-Q1RestatedAnnual report
「During the three months ended in the current consolidated fiscal year, the Japanese economy remained uncertain as the spread of COVID-19 had not subsided and states of emergency and priority preventive measures were issued intermittently.」
The company continued to describe an economic environment with an uncertain outlook due to the spread of COVID-19 and state-of-emergency declarations, among other factors. - FY2021RestatedAnnual report
「During the consolidated fiscal year, the Japanese economy remained in an extremely difficult situation due to the deterioration caused by the global spread of COVID-19. Although a recovery after the lifting of the state of emergency had been expected, personal consumption weakened as infections resurged, and the outlook remained uncertain.」
The company stated that the business environment remained extremely difficult and uncertain due to the spread and resurgence of infections and weakness in personal consumption. - FY2021-Q3WorsenedAnnual report
「During the nine months ended in the current consolidated fiscal year, the Japanese economy remained in an extremely difficult situation due to the deterioration caused by restrictions on economic activity associated with the global spread of COVID-19. Although the gradual easing of restrictions brought signs of a gentle recovery in personal consumption, the outlook remained uncertain amid the spread of a resurgence in infections from November onward.」
Although there were signs of recovery as restrictions on economic activity were eased, the resurgence of infections from November onward continued to leave the outlook for the economy and personal consumption uncertain. - FY2021-Q2WorsenedAnnual report
「During the six months ended in the current consolidated fiscal year, the Japanese economy entered a sharp recession as the global impact of COVID-19 continued to substantially restrict corporate activity and consumer behaviour. Even after the state of emergency was lifted, economic activity had not recovered, and the difficult outlook remained uncertain.」
As in the previous quarter, the impact of COVID-19 continued, and the company explicitly described restrictions on corporate activity and consumer behaviour, the economic recession and the absence of a recovery in economic activity. - FY2021-Q1WorsenedAnnual report
「During the three months ended in the current consolidated fiscal year, the Japanese economy was in an extremely difficult situation due to the impact of the global spread of COVID-19, including restrictions on economic activity resulting from requests to suspend business operations and a decline in consumer sentiment due to requests to refrain from going out. Although there were signs of a recovery in economic activity after the lifting of the state of emergency, the outlook remained extremely uncertain.」
In addition to the previous uncertainty in overseas economies and financial markets, restrictions on economic activity and a decline in consumer sentiment caused by COVID-19 left the domestic economy in an extremely difficult situation. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, the Japanese economy became increasingly uncertain and extremely unstable, reflecting sluggish domestic consumption following the consumption tax increase and a global economic slowdown caused by the spread of COVID-19.」
In addition to the previous trade friction and overseas conditions, sluggish domestic consumption following the consumption tax increase and the global economic slowdown caused by the spread of COVID-19 further increased uncertainty in the business environment. - FY2020-Q3WorsenedAnnual report
「Although corporate performance, capital investment and employment conditions remained solid, personal consumption declined sharply due in part to the reactionary decline following the front-loaded demand ahead of the consumption tax increase. In addition to concerns over a slowdown in the US economy, uncertainty in the global economy increased due to economic trends in China and geopolitical risks in the Middle East, including Iran, and the outlook remained uncertain.」
The company stated that personal consumption declined sharply due to the reactionary decline after the consumption tax increase, while uncertainty in the global economy increased due to the US economy, the Chinese economy and geopolitical risks in the Middle East. - FY2020-Q2WorsenedAnnual report
「However, domestic economic stagnation intensified overall due to uncertainty in international conditions, including the prolonged US-China trade friction, the UK's withdrawal from the EU and tensions in the Middle East. In addition, personal consumption declined sharply due to the effects of poor weather in July.」
The company cited the prolonged US-China trade friction, the UK's withdrawal from the EU and tensions in the Middle East as sources of uncertainty in international conditions, and described stagnation in the domestic economy and a sharp decline in personal consumption. - FY2020-Q1WorsenedAnnual report
「During the three months ended in the current consolidated fiscal year, the Japanese economy remained on a gradual recovery trend against a backdrop of improving corporate earnings and employment and income conditions, but uncertainty over the outlook was increasing as downside risks to the economy, including US-China trade friction and the UK's withdrawal from the EU, became apparent.」
The company stated that, while the gradual recovery trend continued, downside risks to the economy, including US-China trade friction and the UK's withdrawal from the EU, had become apparent and uncertainty over the outlook was increasing. - FY2019-Q3WorsenedAnnual report
「During the nine months ended in the current consolidated fiscal year, the Japanese economy remained on a gradual recovery trend against a backdrop of improving corporate earnings and employment conditions, but the outlook remained uncertain due to rising uncertainty in overseas economies, including trade friction arising from US trade policy, and volatility in financial and capital markets.」
While the economic recovery trend continued, rising uncertainty in overseas economies, including trade friction arising from US trade policy, together with volatility in financial and capital markets, increased uncertainty over the outlook. - FY2019-Q2WorsenedAnnual report
「The Japanese economy remained on a gradual recovery trend against a backdrop of improving corporate earnings and employment conditions, but the outlook remained uncertain due in part to uncertainty in overseas economies, including trade friction arising from US trade policy.」
While the economic recovery trend continues, uncertainty in overseas economies, including trade friction arising from US trade policy, was newly identified as a specific factor contributing to uncertainty over the outlook. - FY2019-Q1RestatedAnnual report
「During the three months ended in the current consolidated fiscal year, the Japanese economy continued to recover against a backdrop of solid corporate earnings. Personal consumption also continued to recover, supported by strong inbound demand from visitors to Japan and improving employment conditions, but consumer thriftiness remained entrenched and, excluding inbound demand, consumer sentiment lacked strength.」
The company continues to recognize an unstable business environment, indicating a recovery trend in the economy and personal consumption while noting weak consumption excluding inbound demand and continued consumer thriftiness. - FY2018RestatedAnnual report
「The economy continued on a recovery trend. Personal consumption was also on a gradual recovery trend, supported by strong inbound demand from visitors to Japan, improving employment conditions and firm share prices, but the outlook remained uncertain because companies remained cautious about higher personnel expenses and consumers continued to be thrift-minded.」
While indicating that the economy and personal consumption remained on a recovery trend, the company continued to cite companies' cautious stance toward higher personnel expenses, consumer thriftiness and uncertainty over the outlook. - FY2018-Q3SoftenedAnnual report
「During the nine months ended in the current consolidated fiscal year, the economy expanded gradually. Personal consumption was also on a gradual recovery trend due to strong inbound demand from visitors to Japan, improving employment conditions and rising share prices, but the outlook remained uncertain because wage growth remained sluggish and consumers continued to be thrift-minded.」
Against a backdrop of gradual economic expansion, inbound demand, improving employment conditions and rising share prices, the wording on macroeconomic risks continued to ease. However, sluggish wage growth, consumer thriftiness and uncertainty over the outlook remain. - FY2018-Q2SoftenedAnnual report
「During the six months ended in the current consolidated fiscal year, the Japanese economy recovered gradually against a backdrop of strong corporate performance. Personal consumption also showed a gradual recovery, supported by improving employment conditions and firm share prices, but the outlook for personal consumption remained uncertain due in part to continued consumer thriftiness.」
The description shifted from the previous recovery trend to a gradual recovery supported by strong corporate performance, improving employment conditions and firm share prices, somewhat easing the wording on macroeconomic risks. However, consumer thriftiness and uncertainty remain. - FY2018-Q1SoftenedAnnual report
「During the three months ended in the current consolidated fiscal year, the Japanese economy was gradually recovering against a backdrop of improving corporate earnings and employment conditions. Although personal consumption showed signs of recovery, the outlook remained uncertain due in part to continued consumer thriftiness.」
The description changed from a list of instability factors, including sharp fluctuations in exchange rates and share prices and overseas conditions, to a recovery trend supported by improvements in corporate earnings and employment conditions. However, consumer thriftiness and uncertainty over the outlook remain. - FY2017-Q3ReframedAnnual report
「During the nine months ended in the current consolidated fiscal year, the Japanese economy was gradually recovering, but became unstable due to sharp fluctuations in exchange rates and share prices and uncertainty over overseas conditions.」
The unstable macroeconomic environment has continued. The description of risk factors expanded from the previous focus on a stronger yen, falling share prices and a slowdown in overseas economies to sharp fluctuations in exchange rates and share prices and uncertainty over overseas conditions. - FY2017-Q2First statedAnnual report
「During the six months ended in the current consolidated fiscal year, the Japanese economy was gradually recovering but lacked strength, and was unstable due to the stronger yen, falling share prices and a slowdown in overseas economies, among other factors.」
The instability of the Japanese economy against a backdrop of a stronger yen, falling share prices and a slowdown in overseas economies was identified for the first time as a macroeconomic risk separate from trends in personal consumption.