Concerns that a slowdown in overseas economies, a stronger yen and weak stock prices will weigh on economic activity
First written in FY2017-Q2. 7 of 31 entries say "Worsened", first in FY2020-Q1. Latest entry: FY2026.
The Yamanashi Chuo Bank moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2020: 141 of 158 companies on the "Worse" side.
24 other companies' latest entry also says "Other".
- FY2026Domestic recovery continues amid U.S. trade policy and slowing external demandAnnual report
「In fiscal 2025, Japan's economy saw production remain broadly flat due to the impact of US trade policy and slowing external demand. On the demand side, capital investment remained firm against a backdrop of strong corporate earnings, while personal consumption showed signs of recovery as employment and income conditions improved. Overall, the economy followed a gradual recovery trend.」
Although US trade policy and slowing external demand continued to weigh on production, capital investment and personal consumption recovered, and the domestic economy was described as following a gradual recovery trend. - FY2026-H1Production was flat due to US trade policy and slowing external demand, while consumption and investment recoveredAnnual report
「During the interim consolidated accounting period, Japan's economy saw production remain broadly flat under the impact of US trade policy and slowing external demand. Meanwhile, personal consumption continued to recover as employment and income conditions improved, and capital investment remained firm, supported by strong investment appetite. Overall, the economy followed a gradual recovery trend.」
US trade policy and slowing external demand were noted as downward pressure on production, while personal consumption and capital investment were noted as recovering and remaining firm, respectively. - FY2025-H1Domestic economy gradually recovers, with signs of improvement in production and consumptionAnnual report
「During the interim consolidated accounting period, Japan's economy gradually recovered, with production showing signs of recovery and personal consumption also turning upward as improvements in income conditions accompanied wage increases.」
Against a backdrop of recovering production and improvements in income conditions accompanying wage increases, personal consumption also turned upward and the domestic economy gradually recovered. - FY2024Gradual recovery continued, while high prices and a slowdown in overseas economies continued to weigh on the economyAnnual report
「In fiscal 2023, Japan's economy faced downward pressure from a slowdown in overseas economies, particularly in Europe and China, and persistently high resource prices and inflation. However, as socioeconomic activity moved onto a path toward normalisation following the COVID-19 pandemic, the economy followed a gradual recovery trend, supported by the effects of various policies and improvements in employment and income conditions. More recently, however, the recovery has stalled somewhat, partly because high prices have dampened consumption growth.」
While the slowdown in overseas economies and persistently high resource prices and inflation continued, gradual recovery continued due to the normalisation of socioeconomic activity and other factors. However, sluggish consumption growth due to high prices was also noted. - FY2024-Q3Gradual recovery continued amid external downward pressureAnnual report
「During the third quarter of the fiscal year, Japan's economy faced downward pressure from a slowdown in overseas economies and persistently high resource prices and inflation. However, as socioeconomic activity normalised, the economy followed a gradual recovery trend, supported by the effects of various policies and improvements in employment and income conditions.」
A slowdown in overseas economies and persistently high resource prices and inflation were noted as downward pressure, while socioeconomic activity normalised and the economy was described as following a gradual recovery trend due to the effects of policy measures and improvements in employment and income conditions. - FY2024-Q1The economy recovered as economic activity normalised, despite continued external downward pressureAnnual report
「During the first quarter of the fiscal year, Japan's economy faced downward pressure from declining exports due to a slowdown in overseas economies, as well as supply constraints, rising resource prices and yen depreciation. However, as economic activity normalised following the COVID-19 pandemic, the economy followed a gradual recovery trend, supported by the effects of various policies and improvements in employment and income conditions.」
Although declining exports due to a slowdown in overseas economies, supply constraints, rising resource prices and yen depreciation continued, the domestic economy was described as following a recovery trend due to the normalisation of economic activity and the effects of policy measures. - FY2023WorsenedAnnual report
「In fiscal 2022, Japan's economy faced downward pressure from supply constraints for raw materials, parts and materials resulting from China's zero-COVID policy and the prolonged situation between Russia and Ukraine, rising resource prices and yen depreciation. However, as efforts to balance infection control and economic activity progressed, the economy followed a gradual recovery trend. From the start of the calendar year, exports and production remained weak due to a slowdown in overseas economies.」
In addition to supply constraints, rising resource prices and yen depreciation, a slowdown in overseas economies toward the end of the fiscal year was noted as weighing on exports and production. - FY2023-Q3WorsenedAnnual report
「During the third quarter of the fiscal year, Japan's economy faced downward pressure from supply constraints for raw materials, parts and materials resulting from China's zero-COVID policy and the prolonged situation between Russia and Ukraine, rising resource prices and yen depreciation. However, as efforts to balance infection control and economic activity progressed, the economy followed a gradual recovery trend, supported by the effects of various policies.」
In addition to supply constraints, rising resource prices and yen depreciation, concerns over a slowdown in overseas economies spread to regional machinery industries and other sectors, heightening external-environment risks and uncertainty about the outlook. Meanwhile, the domestic economy was described as following a gradual recovery trend. - FY2023-Q2Recovery continued amid supply constraints, rising resource prices and yen depreciationAnnual report
「Although concerns persisted over supply constraints for raw materials, parts and materials resulting from China's zero-COVID policy and the prolonged situation between Russia and Ukraine, rising resource prices, yen depreciation and renewed downward pressure from the resurgence of COVID-19 infections, the economy followed a recovery trend as economic activity normalised, supported by the absence of new restrictions under infection-control measures and the implementation of public support measures.」
Supply constraints, rising resource prices, yen depreciation and renewed infections continued and became more tangible as downward pressure on the economy, while a recovery trend was noted against a backdrop of public support and the normalisation of economic activity. - FY2023-Q1The economy recovered despite concerns over supply shortages, rising resource prices and yen depreciationAnnual report
「During the first quarter of the fiscal year, Japan's economy faced concerns affecting economic activity, including supply shortages of semiconductors, parts and materials, rising resource prices due to the prolonged situation between Russia and Ukraine, and the continuing depreciation of the yen. However, as the impact of COVID-19 began to ease, the economy overall followed a recovery trend.」
Although supply shortages, rising resource prices and yen depreciation continued to weigh on the external environment, the economy as a whole followed a recovery trend as the impact of COVID-19 eased. - FY2022Caution over the economic outlook intensifies amid supply shortages, virus variants and the situation in UkraineAnnual report
「In fiscal 2021, Japan's economy followed a gradual recovery trend as restrictions on and easing of economic activity alternated depending on the spread of COVID-19. However, in the second half of the fiscal year, production and personal consumption showed weakness due to supply shortages of semiconductors and other products and the spread of COVID-19 variants. In addition, resource prices, including crude oil, rose sharply following Russia's invasion of Ukraine, heightening caution about the outlook.」
While a gradual recovery continued amid the impact of COVID-19, caution about the outlook increased due to supply shortages, the spread of variants and rising resource prices. - FY2022-Q3Recovery in the economy and improvement in regional services driven by declining infection numbers and public supportAnnual report
「During the third quarter of the fiscal year, economic activity in Japan was affected by restrictions and easing measures as COVID-19 infections rose and fell, but generally remained on a moderate recovery trend. However, from early autumn, production growth slowed in some areas due to shortages of semiconductors, components and materials. In the Yamanashi economy, personal consumption lacked strength, but production maintained its growth momentum, led by the strong machinery industry, and capital investment also showed signs of recovery. From early autumn, services consumption and tourism-related businesses showed signs of improvement as new infections declined and public support measures took effect.」
Although the drag from supply shortages and slower production remained, signs of recovery or improvement were noted in the economy, production, services consumption and tourism, against a backdrop of declining infection numbers and public support measures. - FY2022-Q2The recovery slowed in some areas due to supply shortages and the resurgence of infectionsAnnual report
「In the second half, production slowed due to supply shortages, including semiconductors, while restrictions on economic activity associated with the resurgence of COVID-19 increased downward pressure on personal consumption, resulting in weakness in some areas.」
While exports and production recovered against a backdrop of the recovering global economy, the second half of the current interim period saw downward pressure on production and personal consumption from supply shortages, including semiconductors, and the resurgence of COVID-19. - FY2022-Q1Exports and production increased as the global economy recoveredAnnual report
「During the first quarter of the current consolidated fiscal year, personal consumption lacked strength due to the resurgence of COVID-19, while exports and production increased as the global economy recovered, resulting in a continued gradual recovery overall.」
Despite weak personal consumption caused by the resurgence of COVID-19, exports and production increased against a backdrop of the recovering global economy, and the domestic economy continued its gradual recovery. - FY2021-Q3External conditions gradually recovered after a sharp deterioration caused by the pandemicAnnual report
「During the first 3 quarters of the current consolidated fiscal year, Japan's economy deteriorated sharply as both domestic and external demand declined amid restrictions on social and economic activity caused by the global spread of COVID-19. From the summer onward, however, economic activity resumed and, together with government support measures, this led to a gradual recovery.」
Following the sharp deterioration in domestic and external demand caused by COVID-19, external conditions shifted toward a gradual recovery from the summer onward, supported by the resumption of economic activity and government support measures. - FY2021-Q2The economy and share prices recovered in the second half amid the pandemicAnnual report
「During the first half of the current consolidated fiscal year, Japan's economy deteriorated rapidly against a backdrop of declining domestic and external demand caused by the spread of COVID-19. In the second half, however, as economic activity resumed in Japan and abroad, government support measures contributed to a gradual recovery in both production and demand. During this period, financial conditions saw the yen trend gradually stronger. The Nikkei Stock Average continued to rise and recovered to the ¥23,000 range in the second half.」
Following the rapid deterioration in the first half caused by COVID-19, the second half was described as showing an economic recovery as activity resumed and the Nikkei Stock Average recovered to the ¥23,000 range. Meanwhile, the yen continued to trend stronger. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy deteriorated rapidly as the global spread of COVID-19 significantly restricted social and economic activity, causing both domestic and external demand to decline.」
The global spread of COVID-19 restricted social and economic activity, causing both domestic and external demand to decline and intensifying the downward pressure on the economy from external conditions. - FY2020WorsenedAnnual report
「In the second half of the fiscal year, some areas of the machinery industry, including semiconductor manufacturing equipment and electronic components, showed signs of recovery. However, conditions became severe as the spread of COVID-19 disrupted supply chains, sharply reduced inbound tourism and weakened consumer sentiment.」
The disruption of supply chains, decline in inbound tourism and weakening of consumer sentiment caused by the spread of COVID-19 were added as factors worsening external conditions. - FY2020-Q3WorsenedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, production remained weak amid declining external demand due to slowing overseas economies. Personal consumption, which had remained resilient as employment and income conditions improved, also weakened from early autumn onward due in part to the consumption tax increase and unfavorable weather, slowing the overall recovery.」
The slowdown in overseas economies and decline in external demand continued, while the consumption tax increase and unfavorable weather also contributed to a slowdown in the recovery of domestic production and personal consumption. - FY2020-Q2WorsenedAnnual report
「During the first half of the current consolidated fiscal year, personal consumption remained resilient as employment and income conditions improved, while production weakened amid declining external demand due to U.S.-China trade tensions, and capital investment also lacked strength, leaving the economy stalled.」
Production remained weak, capital investment was weak, and the domestic economy remained stalled against a backdrop of declining external demand due to U.S.-China trade tensions. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery trend, but showed signs of a slight slowdown as production weakened amid declining external demand due to U.S.-China trade tensions, while personal consumption and capital investment also showed weakness.」
The weakness in exports and production caused by U.S.-China trade tensions and concerns over overseas economies, as described at the end of the previous fiscal year, continued, and the decline in external demand was described as causing a slowdown in the domestic economy. - FY2019External conditions deteriorated amid U.S.-China trade tensions and concerns over overseas economiesAnnual report
「In the second half of the fiscal year, however, exports stagnated due in part to the effects of U.S.-China trade tensions, and production also weakened, creating growing uncertainty over the economic outlook.」
Conditions shifted from increased production against a backdrop of recovering overseas economies to weaker exports and production amid U.S.-China trade tensions and concerns over the outlook for overseas economies. - FY2019-Q3Production and exports weakened due to natural disastersAnnual report
「During the first 3 quarters of the current consolidated fiscal year, production remained at a high level against a backdrop of firm overseas economies, while capital investment and personal consumption also showed resilience, indicating a moderate recovery overall. However, from the summer onward, repeated natural disasters and other factors caused production and exports to lose momentum, resulting in weakness in some areas.」
The recovery trend supported by overseas economies continued, but from the summer onward natural disasters and other factors slowed the growth of production and exports, resulting in weakness in some areas. - FY2019-Q2Shift toward a weaker yen and recovering share pricesAnnual report
「During this period, financial conditions remained favorable, with the yen generally trending weaker and the Nikkei Stock Average recovering to the ¥24,000 range toward the fiscal year-end.」
The mid-year period was described as having a weaker yen and a recovery in the Nikkei Stock Average, compared with the stronger yen and weak share prices in the external conditions described at the end of the previous fiscal year. - FY2019-Q1RestatedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, production increased moderately against a backdrop of recovering overseas economies, while personal consumption continued to recover as employment and income conditions improved, resulting in a generally moderate recovery.」
Domestic production and personal consumption recovered against a backdrop of recovering overseas economies, and descriptions of a recovery trend continued in response to concerns over downward pressure on the economy from external conditions. - FY2018RestatedAnnual report
「Exchange rates remained around ¥110 during the year, but the yen appreciated after the start of the new year amid uncertainty about the outlook for monetary policy in Japan and the United States. Stock prices remained strong, at times exceeding ¥24,000, but turned weak from February onward against the backdrop of a global stock-market correction and yen appreciation.」
External conditions changed from rising share prices and stable exchange rates in the first half of the fiscal year to a stronger yen and a global correction in share prices toward the fiscal year-end. - FY2018-Q3RestatedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, production, particularly in export-related industries, continued to increase as overseas economies improved, while capital investment and personal consumption also picked up, resulting in a generally moderate recovery.」
Production in export-related industries, capital investment and personal consumption improved against a backdrop of stronger overseas economies, and the recovery trend in external conditions continued. - FY2018-Q1External conditions entered a recovery trendAnnual report
「During the first 3 quarters of the current consolidated fiscal year, production showed signs of recovery against a backdrop of increased exports, while personal consumption gradually improved as employment and income conditions recovered moderately, leaving the economy generally on a recovery trend.」
Production recovered against a backdrop of increased exports, and personal consumption also improved as employment and income conditions recovered, marking a shift from the stagnation in external conditions described in the previous fiscal year to a recovery trend. - FY2017External conditions partially improved in the second half of the fiscal yearAnnual report
「In the first half of the fiscal year, exports and production fluctuated against a backdrop of slowing emerging-market economies and a stronger yen, while capital investment and personal consumption also lacked strength, leaving the economy generally stalled. In the second half, however, as the slowdown in emerging-market economies eased, exports and production showed signs of recovery.」
The stagnation in exports and production caused by slowing overseas economies and a stronger yen continued in the first half of the fiscal year, but in the second half the slowdown in emerging-market economies eased and exports and production recovered. - FY2017-Q3RestatedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, Japan's economy saw production and exports fluctuate against a backdrop of slowing overseas economies, while capital investment and personal consumption also lacked strength, leaving overall activity broadly flat.」
The stagnation in production and exports against a backdrop of slowing overseas economies, together with weak capital investment and personal consumption, continues to be described. - FY2017-Q2First statedAnnual report
「Exports and production fluctuated against a backdrop of slowing overseas economies and a stronger yen, while capital investment and personal consumption also lacked strength, leaving the economy generally stalled.」
The slowdown in overseas economies, stronger yen, stagnation in exports and production, and weakness in capital investment and personal consumption are described as external-environment risks separate from the existing stagnation in the domestic and Yamanashi Prefecture economies.