Yen appreciation, stock market weakness, downside risks to overseas economies, and uncertainty over the outlook following the Kumamoto Earthquake
First written in FY2017-Q1. 26 of 38 entries say "Reframed", first in FY2017. Latest entry: FY2027-H1.
Chiyoda moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2019: 7 of 14 companies on the "Worse" side.
0 other companies' latest entry also says "Reframed".
- FY2027-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan’s economy remained on a moderate recovery trend, supported by improvements in employment and income conditions and the effects of various government policies. However, the outlook remains uncertain due to soaring energy-related prices and raw material costs resulting from the situation in the Middle East, continued inflation, and increasingly strong consumer cost-consciousness.」
The wording was updated from the previous focus on uncertainty surrounding U.S. trade policy and international conditions to specifically identify soaring energy and raw material prices resulting from the situation in the Middle East, continued inflation, and increasingly strong cost-consciousness as factors contributing to uncertainty. - 2026-07-10ReframedEarnings
「Meanwhile, concern remains over higher energy-related prices and raw material costs resulting from the situation in the Middle East, the continued depreciation of the yen, and volatility in the financial and capital markets caused by higher interest rates, leaving the outlook uncertain.」
In addition to the previously cited Middle East situation and rising prices, volatility in the financial and capital markets caused by higher interest rates was explicitly identified as a concern. - FY2026ReframedAnnual report
「However, the outlook remains difficult to assess due to US trade policy, uncertainty in international conditions, and persistent price increases.」
The wording has been updated from the previous references to downside risks to overseas economies and unstable conditions overseas to identify US trade policy, uncertainty in international conditions, and persistent price increases as specific concerns. - FY2026-H1ReframedAnnual report
「On the other hand, the environment remains one requiring continued caution, as US trade policy, unstable international conditions including the situation in the Middle East, and the persistence of higher prices pose risks to consumer sentiment.」
The wording has been updated from the previous references to downside risks to overseas economies and unstable conditions overseas to explicitly describe the impact of US trade policy, the situation in the Middle East, and persistent price increases on consumer sentiment. - FY2025-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's economy showed a gradual recovery trend, with personal consumption recovering and inbound demand increasing as economic activity normalized following the COVID-19 pandemic, although some areas remained stagnant. However, the outlook remained uncertain due to soaring raw-material and energy prices, price increases caused by yen depreciation, downside risks to overseas economies, and other factors.」
Although the normalization of economic activity and the recovery in personal consumption and inbound demand are identified, the wording has been updated from the previous reference to unstable conditions overseas to explicitly cite soaring raw-material and energy prices, price increases caused by yen depreciation, and downside risks to overseas economies. - FY2025-Q1ReframedAnnual report
「During the cumulative first quarter of the current consolidated fiscal period, the economy showed signs of a gradual recovery due to the recovery in human mobility accompanying the normalization of social activity and increased inbound demand. However, the outlook remained uncertain due to the impact of soaring raw-material and energy prices, price increases caused by yen depreciation, unstable conditions overseas, and other factors.」
Although the normalization of social activity, the recovery in human mobility, and increased inbound demand are identified, soaring raw-material and energy prices, price increases caused by yen depreciation, and unstable conditions overseas are cited as sources of uncertainty. - FY2024ReframedAnnual report
「During the current consolidated fiscal year, the economy entered a gradual recovery trend as activity restrictions related to COVID-19 were eased, with personal consumption recovering and inbound demand increasing. However, the outlook remained uncertain due to the impact of soaring raw-material and energy prices, price increases caused by yen depreciation, the prolonged situation in Ukraine, mounting tensions in the Middle East, and other factors.」
Although the recovery in personal consumption and inbound demand after the easing of activity restrictions is identified, soaring raw-material and energy prices, yen depreciation, the prolonged situation in Ukraine, and mounting tensions in the Middle East are cited as new sources of uncertainty. - FY2024-Q3ReframedAnnual report
「During the cumulative third quarter of the current consolidated fiscal period, the economy entered a gradual recovery trend as activity restrictions related to COVID-19 were eased, with personal consumption recovering and inbound demand increasing. However, the outlook remained uncertain due to the impact of soaring raw-material and energy prices, price increases caused by yen depreciation, the prolonged situation in Ukraine, and other factors.」
Although the easing of activity restrictions and the recovery in personal consumption and inbound demand are identified, soaring raw-material and energy prices, price increases caused by yen depreciation, and the prolonged situation in Ukraine continue to be cited as sources of uncertainty. - FY2024-Q2ReframedAnnual report
「During the cumulative second quarter of the current consolidated fiscal period, the economy entered a gradual recovery trend as COVID-19 was reclassified under Category 5 and activity restrictions imposed to prevent its spread were lifted, with personal consumption recovering and inbound demand increasing. However, the outlook remained uncertain due to the impact of soaring raw-material and energy prices, price increases caused by yen depreciation, the prolonged situation in Ukraine, and other factors.」
Although the economy is described as being in a recovery phase following the reclassification of COVID-19 under Category 5 and the lifting of activity restrictions, soaring raw-material and energy prices, price increases caused by yen depreciation, and the prolonged situation in Ukraine are cited as new sources of uncertainty. - FY2024-Q1ReframedAnnual report
「During the cumulative first quarter of the current consolidated fiscal period, the economy entered a gradual recovery trend as activity restrictions imposed to prevent the spread of COVID-19 were lifted, with personal consumption recovering and inbound demand increasing. However, the outlook remained uncertain due to the impact of soaring raw-material and energy prices, the prolonged situation in Ukraine, and other factors.」
Although the lifting of activity restrictions and the recovery in personal consumption and inbound demand are identified, soaring raw-material and energy prices and the prolonged situation in Ukraine are cited as new sources of uncertainty. - FY2023ReframedAnnual report
「During the current consolidated fiscal year, signs of a gradual economic recovery emerged as restrictions on activities were eased following the impact of the spread of COVID-19. However, the outlook remained uncertain amid soaring raw-material and energy prices, the ongoing depreciation of the yen, conditions in Ukraine, concerns over a renewed spread of COVID-19, and concerns that rising prices could weaken consumer sentiment.」
Although signs of a recovery following the easing of activity restrictions are identified, the disclosure explicitly cites soaring raw-material and energy prices, yen depreciation, conditions in Ukraine, concerns over a renewed spread of COVID-19, and concerns that rising prices could weaken consumer sentiment. - FY2023-Q3ReframedAnnual report
「During the cumulative third quarter of the current consolidated fiscal period, signs of a gradual economic recovery emerged as restrictions on activities were eased following the impact of the spread of COVID-19. However, the outlook remained uncertain due to the impact of soaring raw-material and fuel costs, the ongoing depreciation of the yen, conditions in Ukraine, lockdowns in producing countries, and other factors, as well as concerns over a renewed spread of COVID-19.」
Although signs of an economic recovery following the easing of activity restrictions are identified, soaring raw-material and fuel costs, yen depreciation, conditions in Ukraine, lockdowns in producing countries, and concerns over a renewed spread of COVID-19 are cited as sources of uncertainty. - FY2023-Q2ReframedAnnual report
「The lifting of priority preventive measures to prevent the spread of disease nationwide in late March brought signs of a gradual economic recovery. However, the outlook remained uncertain due to the subsequent resurgence of COVID-19, soaring raw-material and fuel costs, the ongoing depreciation of the yen, conditions in Ukraine, lockdowns in producing countries, and other factors.」
The wording has been updated from the previous references to the lingering effects of COVID-19 and external-environment risks to include the resurgence of COVID-19, soaring raw-material and fuel costs, yen depreciation, conditions in Ukraine, and lockdowns in producing countries. - FY2023-Q1ReframedAnnual report
「During the cumulative first quarter of the current consolidated fiscal period, signs of a gradual economic recovery emerged as priority preventive measures to prevent the spread of disease were lifted nationwide in late March, although the effects of COVID-19 remained. However, the outlook remained uncertain due to soaring raw-material and fuel costs, the ongoing depreciation of the yen, conditions in Ukraine, lockdowns in producing countries, and other factors.」
Although signs of a recovery following the lifting of infectious-disease control measures are identified, soaring raw-material and fuel costs, yen depreciation, conditions in Ukraine, and lockdowns in producing countries are cited as new sources of uncertainty, updating the composition of external-environment risks. - FY2022ReframedAnnual report
「Although the spread of COVID-19 has not been brought under control and economic activity has gradually normalized following the lifting of the state of emergency and priority preventive measures to prevent the spread of disease, a full recovery is expected to take time, and the outlook is expected to remain uncertain amid concerns over the impact of soaring raw-material and fuel prices.」
In addition to uncertainty about the outlook centered on COVID-19 and calls for people to refrain from going out, concerns over delays in the normalization of economic activity and soaring raw-material and fuel prices have been added. - FY2022-Q3ReframedAnnual report
「During the cumulative third quarter of the current consolidated fiscal period, consumption involving going out fell sharply due to repeated declarations of a state of emergency and the application of priority preventive measures to prevent the spread of disease in response to the spread of COVID-19. Although social activity began to normalize from October, when the state of emergency and priority preventive measures were lifted nationwide at the same time, the outlook remained uncertain amid concerns over the spread of new variants.」
Although social activity began to normalize after the state of emergency and other measures were lifted, concerns over the spread of new variants were added, updating the description of infectious-disease risks to reflect the next phase. - FY2022-Q2ReframedAnnual report
「During the cumulative second quarter of the current consolidated fiscal period, repeated declarations of a state of emergency and the application of priority preventive measures to prevent the spread of disease in response to the spread of COVID-19 caused consumption involving going out to fall sharply, although vaccinations were progressing, and the outlook remained uncertain.」
The description of infectious-disease risks now includes repeated declarations of a state of emergency, priority preventive measures to prevent the spread of disease, progress in vaccinations, and a sharp decline in consumption involving going out. Uncertainty about the outlook continues. - FY2022-Q1ReframedAnnual report
「During the cumulative first quarter of the current consolidated fiscal period, declarations of a state of emergency and the application of priority preventive measures to prevent the spread of disease were implemented in various areas in response to the spread of COVID-19. While stay-at-home demand for durable consumer goods and other products increased, consumption involving going out fell sharply, and the outlook remained uncertain.」
The description of risks has been updated from the previous references to waves of COVID-19 infections and states of emergency to include priority preventive measures to prevent the spread of disease, stay-at-home demand, and the decline in consumption involving going out, reflecting changes in the demand structure. - FY2021ReframedAnnual report
「During the current consolidated fiscal year, overall economic activity stagnated significantly due to the government's two declarations of a state of emergency in response to the spread of COVID-19 and requests by local governments for people to refrain from going out. In addition, amid the spread of variant strains, the timing of containment remained unforeseeable and the outlook remained uncertain.」
In addition to the previous uncertainty caused by the spread and resurgence of COVID-19, the disclosure explicitly identifies the government's 2 declarations of a state of emergency, the stagnation of overall economic activity, and the spread of variant strains, updating the description of external-environment risks. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal period, overall socioeconomic activity stagnated significantly following the government's declaration of a state of emergency in response to the spread of COVID-19. Although a temporary recovery was seen after the declaration was lifted, the timing of the containment of COVID-19 remained unforeseeable, leaving the outlook extremely uncertain.」
While referring to the temporary recovery after the state of emergency was lifted, the disclosure continues to state that the timing of the containment of the disease cannot be foreseen and that the outlook remains extremely uncertain. - FY2021-Q2ReframedAnnual report
「During the cumulative second quarter of the current consolidated fiscal period, Japan's economy saw overall socioeconomic activity stagnate significantly following the government's declaration of a state of emergency in response to the spread of COVID-19. Although activity recovered after the declaration was lifted, the outlook for an economic recovery remained extremely uncertain amid the renewed spread of the disease.」
In addition to the stagnation of socioeconomic activity caused by COVID-19, the disclosure describes the recovery after the state of emergency was lifted and the renewed spread of the disease, with uncertainty about the outlook for an economic recovery continuing. The wording has shifted from focusing on concerns over overseas economies to focusing on the spread and resurgence of the disease. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal period, Japan's economy was in an extremely uncertain position regarding the outlook, as the global spread of COVID-19 restricted international travel and corporate activities, while calls for people to refrain from going out became widespread and overall socioeconomic activity stagnated.」
In addition to the previous concerns over overseas economies and uncertainty about the outlook, the disclosure explicitly identifies restrictions on travel and corporate activities and the stagnation of socioeconomic activity caused by the global spread of COVID-19, describing the outlook for an economic recovery as extremely uncertain. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and the employment environment, although concerns about overseas economic conditions increased due to intensifying US-China trade friction, the UK's EU withdrawal issue, mounting tensions in the Middle East, and other factors, while the impact of the consumption tax increase was also a concern, increasing uncertainty about the outlook.」
US-China trade friction, the UK's withdrawal from the EU, conditions in the Middle East, concerns over the consumption tax increase, and growing uncertainty about the outlook continue to be cited. - FY2020-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and the employment environment, although concerns about overseas economic conditions increased due to intensifying US-China trade friction, the UK's EU withdrawal issue, mounting tensions in the Middle East, and other factors, while the impact of the consumption tax increase was also a concern, increasing uncertainty about the outlook.」
The impact of US-China trade friction, the UK's withdrawal from the EU, conditions in the Middle East, and the consumption tax increase are explicitly identified, and the disclosure states that concerns over overseas economic conditions and uncertainty about the outlook have intensified. - FY2019RestatedAnnual report
「During the current consolidated fiscal year, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and the employment environment, although a full recovery in personal consumption had not been achieved due to a deeply entrenched preference for saving, and concerns about the impact of intensifying trade friction on the global economy left the outlook uncertain.」
A preference for saving, the delayed recovery in personal consumption, concerns about the impact of trade friction on the global economy, and uncertainty about the outlook continue to be cited. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and the employment environment, although a full recovery in personal consumption had not been achieved due to a deeply entrenched preference for saving, and concerns about the impact of intensifying trade friction on the global economy left the outlook uncertain.」
A deeply entrenched preference for saving, the delayed recovery in personal consumption, concerns about the impact of trade friction on the global economy, and uncertainty about the outlook continue to be cited. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and the employment environment, although a full recovery in personal consumption had not been achieved due to a deeply entrenched preference for saving, and concerns about the impact of intensifying trade friction on the global economy left the outlook uncertain.」
A deeply entrenched preference for saving, the delayed recovery in personal consumption, concerns about the impact of trade friction on the global economy, and uncertainty about the outlook continue to be cited. - FY2019-Q1ReframedAnnual report
「During the cumulative first quarter of the current consolidated fiscal period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and the employment and income environment, although a full recovery in personal consumption had not been achieved due to a deeply entrenched preference for saving, and concerns about the impact of intensifying trade friction on the global economy also left the outlook uncertain.」
Although uncertainty about the outlook continues, concerns about the impact of intensifying trade friction on the global economy are newly identified as a risk factor. - FY2018RestatedAnnual report
「During the current consolidated fiscal year, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and the employment environment, although a full recovery in personal consumption had not been achieved due to sluggish wage growth and a deeply entrenched preference for saving, while uncertainty in overseas conditions also increased, leaving the outlook uncertain.」
Uncertainty about the outlook associated with sluggish wage growth, a preference for saving, the delayed recovery in personal consumption, and uncertainty in overseas conditions continues to be cited. - FY2018-Q3ReframedAnnual report
「During the cumulative third quarter of the current consolidated fiscal period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and the employment environment, although a full recovery in personal consumption had not been achieved due to sluggish wage growth and a deeply entrenched preference for saving, while uncertainty in overseas conditions also increased, leaving the outlook uncertain.」
Although uncertainty about the outlook continues, the risk factors are described as sluggish wage growth, a preference for saving, the delayed recovery in personal consumption, and uncertainty in overseas conditions. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and the employment environment, although the outlook remained uncertain due to uncertainty in overseas economies and rising geopolitical risks.」
Uncertainty in overseas economies, geopolitical risks, and uncertainty about the outlook continue to be cited. - FY2018-Q1ReframedAnnual report
「During the cumulative first quarter of the current consolidated fiscal period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and the employment environment, although the outlook remained uncertain due to uncertainty in overseas economies and rising geopolitical risks.」
Although uncertainty about the outlook continues, this wording explicitly identifies uncertainty in overseas economies and rising geopolitical risks. - FY2017ReframedAnnual report
「During the current consolidated fiscal year, Japan's economy was on a gradual recovery trend, with improvements in the employment and income environment, although personal consumption remained sluggish and concerns about overseas economies increased, including the slowdown in China's economy, the UK's withdrawal from the EU, and the change of government in the United States, leaving the outlook uncertain.」
Although uncertainty about the outlook continues, the specific risk factors have shifted from yen appreciation, falling share prices, and instability in overseas economies to the slowdown in China's economy, the UK's withdrawal from the EU, and the change of government in the United States, among other factors. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal period, Japan's economy was on a gradual recovery trend, with improvements in the employment and income environment, although personal consumption remained sluggish, instability in overseas economies increased, and the outlook remained uncertain.」
Sluggish personal consumption, instability in overseas economies, and uncertainty about the outlook continue to be cited. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and the employment and income environment, although the situation remained uncertain due to the ongoing appreciation of the yen and concerns over downside risks to overseas economies.」
The ongoing appreciation of the yen, concerns over downside risks to overseas economies, and uncertainty about the outlook continue to be cited. The Kumamoto earthquake is not mentioned in this quotation. - FY2017-Q1First statedAnnual report
「Although corporate earnings and the employment and income environment have improved and the economy is on a gradual recovery trend, the situation remains uncertain due to the ongoing appreciation of the yen and decline in share prices, downside risks to overseas economies, and the impact of the Kumamoto earthquake.」
External economic conditions and natural disasters are identified as business risks.