Demand fluctuations driven by yen appreciation, falling stock prices and trends among visitors to Japan
First written in FY2017-Q1. 15 of 41 entries say "Materialised", first in FY2017-Q2. Latest entry: FY2027-H1.
Matsuya moved to the "Worse" side of this theme in 2016.
2 other companies' latest entry also says "Mitigated".
- FY2027-H1MitigatedAnnual report
「In the department-store industry, in addition to steady spending, particularly among affluent customers, robust spending by visitors to Japan from a wide range of countries, supported by the weaker yen, provided further momentum, and department-store sales in the Tokyo area exceeded the previous year's results.」
Conditions changed from the previous filing, which reported sales below the previous year's level due to a pause in high-value-item spending and the Chinese government's call for people to refrain from overseas travel, to department-store sales in the Tokyo area exceeding the previous year's level, driven by the weaker yen and robust spending by visitors to Japan from a wide range of countries. - FY2026MaterialisedAnnual report
「In the department store industry, consumption trends centered on affluent consumers remained solid. However, tax-free sales, which reached a record high in 2024, showed a change in trend, including signs of a pause in consumption of high-value goods. The impact of the Chinese government calling on its citizens to refrain from traveling to Japan also contributed, and department store sales in the Tokyo area fell below the previous year’s level.」
The pause in high-value goods consumption and the Chinese government’s call for its citizens to refrain from traveling to Japan emerged as Tokyo-area department store sales falling below the previous year’s level. - FY2026-H1MaterialisedAnnual report
「Tax-free sales fell below the previous year’s level, when they had reached a record high, as the trend changed, including signs that consumption of high-priced goods was losing momentum.」
Changes in demand for high-value goods among visitors to Japan actually emerged as tax-free sales falling below the previous year’s level. - FY2025WorsenedAnnual report
「Because the Group has a high proportion of inbound sales, its performance may be affected by supply chain disruptions resulting from changes in the international order caused by war, political conflict and other factors, as well as declines in or loss of inbound demand resulting from these factors.」
While describing the actual recovery in demand from visitors to Japan, the Company identified supply chain disruptions and declines in or loss of inbound demand resulting from international conditions as separate risks and indicated responses including restructuring its regional portfolio. - FY2025-H1Specificity of the Weaker YenAnnual report
「During the interim consolidated accounting period (1 March 2024 to 31 August 2024), Japan’s economy remained on a moderate recovery trend, although some areas saw delays in improvement. This was despite the prolonged inflation caused by the increasingly weak yen, including the yen temporarily exceeding ¥160 in the Tokyo foreign exchange market in mid-July, and the impact of volatility in financial and capital markets. The recovery was supported by comprehensive economic measures under the current administration and the Bank of Japan’s monetary policy.」
Specific details were provided on the weaker yen, higher prices and volatility in financial and capital markets, including the yen temporarily exceeding ¥160. Meanwhile, the economy was described as being on a moderate recovery trend. - FY2025-H1RestatedAnnual report
「In addition to solid consumption trends led by affluent customers, tax-free sales in July reached a record high, and purchases by inbound tourists from a broad range of countries, against a backdrop including yen depreciation, strongly drove sales across the store.」
Reiterated that although dependence on demand from visitors to Japan against a backdrop of the weaker yen continued, the demand environment remained strong, with tax-free sales reaching a record high. - FY2025-Q1MitigatedAnnual report
「In the department store industry, in addition to solid consumption trends centered on affluent consumers, inbound sales continued to perform strongly. As a result, department store sales in the Tokyo area substantially exceeded the previous year’s level.」
While uncertainty due to the weaker yen and other factors remains, the demand environment exceeded the previous year’s level due to consumption by affluent consumers and strong inbound sales. - FY2024RestatedAnnual report
「However, uncertainty remained high and the outlook continued to lack clarity due to supply shortages and higher prices resulting from heightened geopolitical risks, as well as volatility in financial and capital markets, including the sharp decline in the yen.」
While inbound demand and spending by affluent consumers recovered, uncertainty persisted due to geopolitical risks, supply shortages and higher prices, and the weaker yen and volatility in financial markets. - FY2024-Q3RestatedAnnual report
「In the department store industry, in addition to solid consumption trends centered on affluent consumers, inbound sales also recorded substantial growth. As a result, department store sales in the Tokyo area substantially exceeded the previous year’s level.」
Reconfirmed that Tokyo-area department store sales substantially exceeded the previous year’s level due to consumption by affluent consumers and growth in inbound sales. - FY2024-Q2MitigatedAnnual report
「In the department store industry, in addition to solid consumption trends centered on affluent consumers, inbound sales also recorded substantial growth. As a result, department store sales in the Tokyo area exceeded the previous year’s level.」
Tokyo-area department store sales exceeded the previous year’s level due to consumption by affluent consumers and growth in inbound sales. Although the impact of demand fluctuation risks has declined, environmental factors such as the weaker yen and higher prices remain. - FY2024-Q1RestatedAnnual report
「In the department store industry, in addition to solid consumption trends centered on affluent consumers, the rapid recovery in inbound sales also contributed, and department store sales in the Tokyo area exceeded the previous year’s level.」
Reconfirmed that Tokyo-area department store sales exceeded the previous year’s level due to consumption by affluent consumers and the recovery in inbound sales. - FY2023RestatedAnnual report
「In the department store industry, in addition to solid consumption trends centered on affluent consumers, inbound sales rapidly recovered following the easing of entry restrictions for visitors to Japan from October 2022. As a result, department store sales in the Tokyo area substantially exceeded the previous year’s level.」
Reconfirmed the rapid recovery in inbound sales and Tokyo-area department store sales exceeding the previous year’s level against a backdrop of the easing of entry restrictions from October 2022 and solid consumption by affluent consumers. - FY2023-Q3Inbound Demand RecoveryAnnual report
「In the department store industry, Tokyo-area department store sales substantially exceeded the previous year’s level, partly because inbound sales recovered rapidly after entry restrictions on inbound tourists were eased in early October, in addition to solid consumption trends led by affluent customers.」
The situation changed from the disappearance of inbound sales due to the previous border control measures to a rapid recovery in inbound sales following the easing of entry restrictions in early October. - FY2023-Q2WorsenedAnnual report
「During the second quarter of the current fiscal year (1 March 2022 to 31 August 2022), Japan’s economy remained in an extremely challenging situation. Although expectations emerged for a gradual economic recovery as comprehensive economic measures under the current administration addressed the economic slowdown, the impact of the resurgence of COVID-19 and the prolonged situation in Ukraine included supply-side constraints, higher raw material prices and volatility in financial and capital markets, including the yen trading near a 24-year low in the foreign exchange market.」
The risk environment surrounding demand and financial markets deteriorated due to the yen trading near a 24-year low, higher raw material prices, the resurgence of infectious diseases and the prolonged situation in Ukraine. - FY2022MitigatedAnnual report
「In the department store industry, operating hours were shortened and some sales floors were temporarily closed to prevent the spread of the novel coronavirus. Meanwhile, consumer sentiment gradually recovered following the lifting of the state of emergency, and various initiatives launched during the COVID-19 pandemic also contributed. As a result, department store sales in the Tokyo area exceeded the previous year’s level.」
Although operating constraints continued, the situation changed to Tokyo-area department store sales exceeding the previous year’s level due to the recovery in consumer sentiment and new initiatives. - FY2021WorsenedAnnual report
「In the department store industry, operating hours were shortened and some sales floors were temporarily closed to prevent the spread of the novel coronavirus, while inbound sales almost disappeared due to border control measures in countries around the world. As a result, department store sales in the Tokyo area fell substantially below the previous year’s level.」
Demand fluctuation risks emerged in full-year results as the near disappearance of inbound sales due to shortened operating hours, temporary closures and border control measures. - FY2021-Q3WorsenedAnnual report
「In the department store industry, Tokyo-area department store sales fell substantially below the previous year’s level as operating hours were shortened and stores temporarily closed to prevent the spread of COVID-19, while inbound sales virtually disappeared due to border controls worldwide.」
In addition to the previous demand fluctuations caused by exchange rates, stock prices and trends in visitors to Japan, measures to prevent the spread of infection and border control measures emerged as a substantial decline in sales from the previous year. - FY2021-Q2WorsenedAnnual report
「Meanwhile, tax-free sales fell substantially below the previous year’s level because border control measures in countries around the world, implemented in response to the spread of the novel coronavirus, restricted international travel.」
Demand fluctuations in the inbound visitor market became even more clearly evident as tax-free sales falling substantially below the previous year’s level due to border control measures in countries around the world. - FY2021-Q1WorsenedAnnual report
「In the department store industry, operating hours were shortened and stores were temporarily closed to prevent the spread of the novel coronavirus, causing Tokyo-area department store sales to fall substantially below the previous year’s level. As a result, net sales for the first quarter of the current consolidated cumulative period were ¥6,999 million, a decrease of ¥15,946 million (△69.5%) from the same quarter of the previous year.」
In addition to the previous demand fluctuations caused by exchange rates, stock prices and trends in visitors to Japan, the spread of the novel coronavirus and temporary store closures emerged as a substantial decline in department store sales from the previous year. - FY2020MaterialisedAnnual report
「In the department store industry, department store sales in the Tokyo area fell below the previous year’s level due to the impact of both rush demand ahead of the consumption tax rate increase and its subsequent backlash, as well as changes in purchasing trends among visitors to Japan.」
The backlash following the consumption tax rate increase and changes in purchasing trends among visitors to Japan actually emerged as Tokyo-area department store sales falling below the previous year’s level. - FY2020-Q3MaterialisedAnnual report
「In the department store industry, department store sales in the Tokyo area fell below the previous year’s level due to the impact of successive natural disasters and changes in purchasing trends among visitors to Japan. Meanwhile, tax-free sales also fell below the previous year’s level, due mainly to the depreciation of the yuan and other factors.」
Natural disasters, changes in purchasing trends among visitors to Japan and the weaker yuan actually emerged as department store sales in the Tokyo area and tax-free sales falling below the previous year’s levels. - FY2020-Q2MaterialisedAnnual report
「Meanwhile, tax-free sales fell slightly below the previous year’s level, due mainly to the rapid depreciation of the yuan and other factors.」
Exchange-rate movements and changes in purchasing trends among visitors to Japan actually emerged during the quarter as tax-free sales falling below the previous year’s level. - FY2020-Q1MaterialisedAnnual report
「In the department store industry, consumer sentiment, particularly among middle-income households, stagnated due to the stronger yen and lower stock prices. Changes in purchasing trends among visitors to Japan also contributed, and department store sales in the Tokyo area fell below the previous year’s level.」
The situation changed from the improvement in the demand environment seen in the previous fiscal year to Tokyo-area department store sales falling below the previous year’s level against a backdrop of the stronger yen, lower stock prices and changes in purchasing trends among visitors to Japan. - FY2019Improving Demand Environment Alongside Persistent UncertaintyAnnual report
「In the department store industry, department store sales in the Tokyo area exceeded the previous year’s level, supported by high-value spending driven by the weaker yen and higher stock prices and strong purchasing appetite among visitors to Japan.」
The demand environment improved to above the previous year’s level due to the weaker yen, higher stock prices and strong purchasing appetite among visitors to Japan. At the same time, uncertainty in the external environment, including overseas economies and financial markets, was also described, changing the explanation from improving conditions to a combination of improvement and persistent uncertainty. - FY2019-Q2RestatedAnnual report
「In the department store industry, department store sales in the Tokyo area exceeded the previous year’s level, supported by high-value spending driven by the weaker yen and higher stock prices and by growing purchasing appetite among visitors to Japan.」
Reiterated that Tokyo-area department store sales exceeded the previous year’s level, supported by high-value spending driven by the weaker yen and higher stock prices and by purchasing appetite among visitors to Japan. - FY2018RestatedAnnual report
「In the department store industry, high-value spending by affluent consumers was recovering due to the weaker yen and higher stock prices, while spending by visitors to Japan was also regaining momentum. As a result, department store sales in the Tokyo area exceeded the previous year’s level.」
Reiterated that Tokyo-area department store sales exceeded the previous year’s level against a backdrop of the weaker yen, higher stock prices and the recovery in spending by visitors to Japan. - FY2018-Q3RestatedAnnual report
「In the department store industry, high-value spending by affluent consumers was on a recovery trend due to the weaker yen and higher stock prices, while spending by visitors to Japan was also regaining momentum. As a result, department store sales in the Tokyo area exceeded the previous year’s level.」
Reiterated that Tokyo-area department store sales exceeded the previous year’s level against a backdrop of the weaker yen, higher stock prices and the recovery in spending by visitors to Japan. - FY2018-Q2Business Conditions RecoveryAnnual report
「In the department store industry, high-value spending by affluent consumers was on a recovery trend due to the weaker yen and higher stock prices, while spending by visitors to Japan was also regaining momentum. As a result, department store sales in the Tokyo area exceeded the previous year’s level.」
The description changed from declining average spending per visitor to Japan, lower tax-free sales and Tokyo-area sales below the previous year’s level through the previous quarter to Tokyo-area department store sales exceeding the previous year’s level, driven by the weaker yen, higher stock prices and the recovery in spending by visitors to Japan. - FY2018-Q1MaterialisedAnnual report
「In the department store industry, tax-free sales declined due to lower average spending per visitor to Japan amid changes in purchasing trends, while women’s apparel and other categories also performed poorly. As a result, department store sales in the Tokyo area fell below the previous year’s level.」
The continuing decline in average spending per visitor to Japan reduced tax-free sales, and poor performance in women’s apparel and other categories also contributed to Tokyo-area department store sales falling below the previous year’s level. No quantification was provided. - FY2017MaterialisedAnnual report
「However, the effects of factors including higher tariffs imposed by China on goods purchased overseas and the decline in purchases by visitors to Japan due to exchange-rate effects were significant.」
The decline in purchases by visitors to Japan, China’s tariff increases and exchange-rate effects actually emerged as factors contributing to lower department store revenue. - FY2017-Q3RestatedAnnual report
「In the department store industry, consumer sentiment stagnated due to the stronger yen and lower stock prices, while the decline in average spending per visitor to Japan also reduced tax-free sales. As a result, department store sales in the Tokyo area fell below the previous year’s level.」
Continued to describe the decline in demand and tax-free sales caused by the stronger yen, lower stock prices and the decline in average spending per visitor to Japan. Although not quantified, the condition was reiterated as having already materialized as an actual decline in sales. - FY2017-Q2MaterialisedAnnual report
「In the department store industry, consumer sentiment stagnated due to the stronger yen and lower stock prices, while the decline in average spending per visitor to Japan also reduced tax-free sales. As a result, department store sales in the Tokyo area fell below the previous year’s level.」
Stated that the decline in average spending per visitor to Japan actually appeared as a decrease in tax-free sales. No quantification was provided. - FY2017-Q1First statedAnnual report
「In the department store industry, consumer sentiment stagnated due to the stronger yen and lower stock prices, while changes in purchasing trends among visitors to Japan also contributed. As a result, department store sales in the Tokyo area fell below the previous year’s level.」
Described fluctuations in consumer and tax-free demand caused by the external environment as conditions during the quarter.