Uncertainty over the outlook for domestic and overseas economies and markets
First written in FY2017-Q1. 10 of 35 entries say "Worsened", first in FY2019-Q3. Latest entry: FY2026.
The Shimizu Bank moved to the "Worse" side of this theme in 2017, 1 year before the typical company in this theme (2018).
The whole theme swung hardest in 2022: 20 of 26 companies on the "Worse" side.
11 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「At the same time, uncertainty remains high, with geopolitical risks, including tensions in the Middle East, continuing to increase. It is necessary to monitor the potential impact on the Japanese economy of resulting spikes in resource and energy prices, supply-chain disruptions, and concerns over a slowdown in overseas economies.」
In addition to the previously cited overseas economies and trade policies, geopolitical risks including the situation in the Middle East, resource and energy prices, supply chains, and concerns about a slowdown in overseas economies were identified as sources of uncertainty. - FY2026-H1Added uncertainty factors arising from US trade policy and rising pricesAnnual report
「During the six-month interim consolidated accounting period, the Japanese economy was affected by US trade policy, particularly in the automotive industry, but recovered moderately as private consumption and capital investment showed signs of recovery. Prices continued to rise, and attention should be paid to the impact of weaker consumer sentiment on the financial and capital markets.」
While the domestic economy was considered to have recovered moderately due to the recovery in private consumption and capital investment, US trade policy, rising prices and weaker consumer sentiment were identified as factors affecting the financial and capital markets. - FY2025WorsenedAnnual report
「In the financial environment, the Bank of Japan gradually raised its policy rate to 0.5%, and a full-fledged world with interest rates has arrived. Domestic long-term interest rates stood at 1.485% at the end of the period. Meanwhile, as the international situation became increasingly unstable, uncertainty about the economic outlook intensified, and high volatility continued in the equity and bond markets against this backdrop.」
The transition to a world with interest rates became concrete, with the policy rate at 0.5% and domestic long-term interest rates at 1.485%, while instability in the international situation and high market volatility were indicated as additional sources of uncertainty. - FY2025-H1Added the transition to a world with interest ratesAnnual report
「Following moves including changes to the Bank of Japan's monetary policy, the economy is shifting toward a world with interest rates.」
In addition to the description of a recovery in the domestic economy, the changing interest-rate environment resulting from changes in the Bank of Japan's monetary policy was reported. - FY2024-Q3MitigatedAnnual report
「During the first nine months of the fiscal year, private consumption recovered as spending on travel, dining out and other activities increased amid improving employment and income conditions. Capital investment also increased, led by software investment, against the backdrop of solid corporate earnings, and the economy recovered moderately overall.」
The domestic economy was described as continuing to recover moderately, supported by improvements and increases in employment and income conditions, private consumption and capital investment. - FY2024-Q2RestatedAnnual report
「During the first six months of the fiscal year, the Japanese economy recovered moderately as COVID-19 was reclassified as a Class 5 disease under the Infectious Diseases Control Law, restrictions on activities were eased and economic activity resumed.」
The description continues to state that the domestic economy recovered moderately against the backdrop of the reclassification of the disease, the easing of activity restrictions and the resumption of economic activity. - FY2024-Q1MitigatedAnnual report
「During the first three months of the fiscal year, the Japanese economy recovered moderately overall. Despite the impact of rising prices, private consumption recovered against the backdrop of moderate improvements in employment and income conditions, while corporate earnings and capital investment also remained firm.」
Although the impact of rising prices remained, the domestic economy was described as having recovered moderately overall, supported by improvements in employment and income conditions, private consumption, corporate earnings and capital investment. - FY2023Lists the recovery in economic activity alongside uncertainty about the outlookAnnual report
「During the fiscal year, some weakness was seen in corporate production activity and imports and exports due to the slowdown in overseas economies, but private consumption and corporate capital investment recovered moderately as economic activity normalized and inbound demand recovered amid the easing of restrictions on activities to contain the pandemic.」
While weakness in production and imports and exports due to the slowdown in overseas economies was indicated, the easing of activity restrictions, recovery in inbound demand, and recovery in private consumption and capital investment were also described. - FY2023-Q3MitigatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy recovered moderately overall as the balancing of measures to address COVID-19 with economic activity progressed, supported by increased capital investment backed by solid corporate earnings and higher consumer spending on cultural and recreational services such as travel.」
The domestic economy was described as having improved further from the previous recovery trend, against the backdrop of balancing pandemic measures with economic activity and increases in capital investment and consumption of services. - FY2023-Q2MitigatedAnnual report
「During the first six months of the fiscal year, private consumption, which had stagnated due to the impact of COVID-19, showed signs of recovery, particularly in new-car sales, travel and dining out. Corporate activity also recovered moderately overall, with increases in production, investment in machinery and equipment, and software investment.」
Recovery or increases were indicated in private consumption, new-car sales, travel and dining out, production and capital investment, describing a move toward improvement from the difficult conditions caused by the pandemic through the previous quarter. - FY2023-Q1MitigatedAnnual report
「During the first three months of the fiscal year, the Japanese economy saw private consumption and capital investment recover as the impact of COVID-19 eased, while corporate earnings improved overall despite weakness in the non-manufacturing sector. However, uncertainty continued due to the impact of rising raw material prices and supply-side constraints resulting from the prolonged situation in Ukraine and other factors.」
As the impact of COVID-19 eased, improvement was seen in private consumption, capital investment and corporate earnings. Meanwhile, uncertainty continued due to the prolonged situation in Ukraine, rising raw material prices and supply constraints. - FY2022WorsenedAnnual report
「However, some industries showed signs of stagnation in their recovery due to surging raw material prices following the situation in Ukraine and supply-side constraints caused by the pandemic.」
While economic activity moved toward normalization, surging raw material prices due to the situation in Ukraine and supply constraints caused by the pandemic were indicated as new sources of uncertainty. - FY2022-Q3MitigatedAnnual report
「During the first nine months of the fiscal year, the difficult conditions caused by COVID-19 gradually eased, and private consumption and corporate production recovered recently, with the economy showing signs of recovery overall.」
The difficult economic conditions caused by COVID-19 gradually eased, and recovery in private consumption and corporate production, along with an overall recovery, was indicated. Meanwhile, uncertainty remained in regional economies regarding supply chains and raw material prices. - FY2022-Q2WorsenedAnnual report
「During the first six months of the fiscal year, the Japanese economy remained in a difficult situation as consumer sentiment showed signs of stagnation due to the impact of COVID-19. Although corporate activity, particularly in manufacturing, showed signs of recovery, uncertainty continued due to concerns about the impact of semiconductor shortages and the pandemic on supply chains.」
While manufacturing showed signs of recovery, difficult conditions and uncertainty continued due to stagnating consumer sentiment caused by the pandemic, semiconductor shortages and concerns about the impact on supply chains. - FY2022-Q1Lists expectations for some improvement alongside weakness in service consumption amid difficult economic conditionsAnnual report
「During the first three months of the fiscal year, the Japanese economy remained in a difficult situation due to the impact of COVID-19, although imports and corporate earnings showed signs of recovery as some overseas economies improved. Expectations for an improvement in private consumption increased as vaccination progressed, particularly among older people and healthcare workers, but consumption of services, including dining and accommodation, remained weak.」
While difficult conditions caused by COVID-19 continued, improvement in some overseas economies and corporate earnings, as well as expectations for an improvement in private consumption through vaccination, were indicated. However, consumption of services such as dining and accommodation was described as weak. - FY2021RestatedAnnual report
「During the fiscal year, the Japanese economy remained generally difficult as domestic and overseas economic activity stagnated due to the impact of COVID-19. As economic activity gradually resumed while measures were taken to prevent the spread of infection, production recovered mainly in manufacturing and some improvement was seen in corporate earnings, but service industries such as restaurants and tourism remained in a difficult situation.」
While economic activity stagnated and difficult conditions caused by COVID-19 continued, some improvement was seen in production and corporate earnings in manufacturing. Difficult conditions continued in the service industries. - FY2021-Q3MitigatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy remained in a difficult situation due to the impact of COVID-19, although exports increased and some production showed signs of recovery. The pace of decline in corporate earnings, which had continued to fall significantly, also narrowed, supported by these developments. Private consumption likewise showed signs of a moderate recovery, but uncertainty continued due to the resurgence of infections.」
While difficult conditions and uncertainty caused by COVID-19 continued, exports, production and private consumption showed signs of recovery, and the decline in corporate earnings also narrowed, according to the description. - FY2021-Q2RestatedAnnual report
「During the first six months of the fiscal year, the Japanese economy remained in a difficult situation as stagnation in domestic and overseas economic activity reduced both domestic demand, led by private consumption, and exports due to the impact of COVID-19. Some recovery was seen in private consumption and exports to Asia and the US, but the outlook for containing the pandemic remained uncertain and uncertainty continued.」
COVID-19 reduced domestic demand and exports, and difficult conditions and uncertainty continued. Meanwhile, signs of recovery were seen in private consumption and some exports. - FY2021-Q1WorsenedAnnual report
「During the first three months of the fiscal year, the Japanese economy was in a difficult situation as domestic and overseas demand fell significantly due to the global spread of COVID-19, with exports and inbound demand declining. Private consumption was expected to recover as economic activity resumed following the lifting of the state of emergency, but the outlook for containing the pandemic remained uncertain and uncertainty continued.」
COVID-19 caused domestic and overseas demand, exports and inbound demand to fall significantly, and difficult economic conditions and uncertainty about containing the pandemic continued. - FY2020WorsenedAnnual report
「Following the global spread of COVID-19 from the beginning of the year, domestic and overseas demand declined rapidly due to various factors, including lower exports resulting from the global economic slowdown, reduced production caused by difficulties in procuring components, weak inbound demand amid restrictions on cross-border travel, and requests to refrain from going out to prevent the spread of infection. Business confidence has consequently been pushed down across many industries.」
In addition to the uncertainty caused by the previous US-China trade friction and other factors, the global spread of COVID-19 caused demand to fall sharply, and the economy was described as moving into a difficult situation. - FY2020-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy maintained a moderate recovery trend, supported by continued increases in corporate investment in labor-saving measures and capacity improvements and a recovery in private consumption, although weakness was seen mainly in manufacturing as exports remained soft due to the impact of US-China trade friction and other factors.」
While weakness in exports and manufacturing due to US-China trade friction and other factors continued to be indicated, the economy was described as maintaining a moderate recovery trend supported by capital investment and private consumption. - FY2020-Q2WorsenedAnnual report
「During the first six months of the fiscal year, the Japanese economy showed weakness, particularly in some areas of production and exports, due to the slowdown in the Chinese economy and US-China trade friction. However, corporate earnings remained firm and, supported by the recovery in private consumption, the economy maintained a moderate recovery trend.」
While the economy maintained a moderate recovery trend, the impact of the slowdown in the Chinese economy and US-China trade friction became evident in weakness in production and exports. - FY2020-Q1SoftenedAnnual report
「Uncertainty about the outlook continues, owing to the impact of US-China trade friction and uncertainty in overseas economies.」
Uncertainty about the outlook due to US-China trade friction and uncertainty in overseas economies continues, but the wording changed from the previous statement that uncertainty had increased to one stating that it continues. - FY2019-Q3WorsenedAnnual report
「Although employment and income conditions continued to improve and private consumption also recovered moderately, uncertainty about the outlook increased due to US-China trade issues and uncertainty in overseas economies.」
While the domestic economy continued to show signs of recovery, uncertainty about the outlook increased against the backdrop of US-China trade issues and uncertainty in overseas economies. - FY2019-Q2RestatedAnnual report
「During the first six months of the fiscal year, the Japanese economy recovered moderately, as capital investment, particularly investment in rationalization and labor-saving measures, remained on an upward trend on the back of strong corporate earnings, while employment conditions also continued to improve.」
The domestic economy continued to show a moderate recovery, supported by improvements in corporate earnings, capital investment and employment conditions, with no statements emphasizing increased uncertainty about the outlook. - FY2019-Q1SoftenedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy has been recovering moderately. Personal consumption remained firm against a backdrop of improving employment and income conditions, while exports of machine tools, transportation equipment and other products to emerging Asian countries increased amid expanding global demand for capital investment.」
Japan's economy is described as recovering moderately, supported by employment and income conditions, personal consumption and exports, while references emphasizing uncertainty over the outlook remain weak. - FY2018ReframedAnnual report
「Meanwhile, the effects of labor shortages have become apparent in employment, making the securing of personnel a challenge. In addition, uncertainty over the outlook for overseas economies continues due to US policy management, the political situation in Europe and geopolitical risks in Asia.」
While Japan's economy is described as recovering moderately, labor shortages and personnel recruitment are explicitly identified as domestic challenges. The focus of overseas risks is placed on US policy management, the political situation in Europe and geopolitical risks in Asia. - FY2018-Q3SoftenedAnnual report
「During the first three quarters of the current consolidated fiscal year, Japan's economy recovered moderately, supported by firm domestic and external demand, as corporate earnings improved, capital investment increased and personal consumption also recovered.」
Japan's economy is shown to be recovering moderately against a backdrop of improved corporate earnings, capital investment and personal consumption, while references emphasizing uncertainty over the outlook have continued to weaken. - FY2018-Q2SoftenedAnnual report
「During the first half of the current consolidated fiscal year, Japan's economy recovered moderately, supported by stronger corporate capital investment appetite amid strong corporate earnings and signs of improvement in employment conditions.」
Japan's economy is described as recovering moderately, accompanied by stronger corporate capital investment appetite and improved employment conditions, while references emphasizing uncertainty over the outlook have weakened. - FY2017ReframedAnnual report
「Meanwhile, the effects of labor shortages have become apparent, particularly in nonmanufacturing industries, making the securing of personnel a challenge. In addition, uncertainty over the outlook for overseas economies remains high due to the UK's withdrawal from the EU and the formation of a new US administration.」
While Japan's economy is described as remaining on a moderate recovery trend, the focus of risk has shifted from emerging-market economies and the UK's withdrawal issue to labor shortages, personnel recruitment, the UK's withdrawal from the EU and uncertainty over overseas economies resulting from the new US administration. - FY2017-Q3SoftenedAnnual report
「During the first three quarters of the current consolidated fiscal year, Japan's economy continued to recover moderately. Corporate earnings remained firm against a backdrop of recovering exports, increased housing investment and restrained variable costs due to lower raw material prices.」
Japan's economy is described as continuing a moderate recovery, and the wording directly emphasizing uncertainty over the outlook has weakened. Weakness in emerging-market economies is noted separately. - FY2017-Q2RestatedAnnual report
「Meanwhile, the economic outlook remained uncertain amid heightened uncertainty, including concerns over emerging-market economies and the UK's withdrawal from the European Union.」
Uncertainty surrounding the economy and markets due to emerging-market economies and the UK's withdrawal from the European Union continues to be cited. - FY2017-Q1First statedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery trend, with improvements seen in corporate earnings and employment. However, uncertainty persisted over the outlook due to market turmoil caused by the slowdown in the economies of China and other emerging Asian countries, as well as concerns over the UK's withdrawal from the European Union.」
The slowdown in emerging Asian economies and market turmoil associated with the UK's withdrawal from the European Union are cited as sources of uncertainty for the outlook.