Weak Personal Consumption and Uncertainty Surrounding Overseas Economies and Markets
First written in FY2017-Q1. 14 of 32 entries say "Worsened", first in FY2019-Q3. Latest entry: 2026-07-31.
Orient moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
The whole theme swung hardest in 2020: 141 of 158 companies on the "Worse" side.
55 other companies' latest entry also says "Restated".
- 2026-07-31RestatedFinancial results
「Meanwhile, in addition to downward pressure on personal consumption from continuing price increases, concerns remain about the impact on the economy of rising market interest rates against the backdrop of the Bank of Japan's normalization of monetary policy, leaving the outlook for economic conditions uncertain. The outlook for economic policies in Japan and overseas also remains uncertain because of geopolitical risks, including the situation in the Middle East, and volatility in the financial and capital markets. We recognize the need to continue closely monitoring the impact of these factors on the economies and financial markets of individual countries.」
The company continues to identify as risks the downward pressure on personal consumption from rising prices, higher market interest rates, geopolitical risks, volatility in the financial and capital markets, and uncertainty over economic policies. - FY2026ReframedAnnual report
「The business environment surrounding the Group has remained uncertain amid changes in financial conditions, rising geopolitical risks, and an increase in cyberattacks.」
The disclosure broadened its focus from the previous emphasis on private consumption and overseas economies to sources of uncertainty including financial conditions, geopolitical risks, cyberattacks, US trade policy, and financial market volatility. - 2026-05-15RestatedFinancial results
「In addition to downward pressure on personal consumption from continuing price increases, concerns remain about the impact on the economy of rising market interest rates, leaving the outlook for economic conditions uncertain.」
The company continues to draw attention to downward pressure on personal consumption from rising prices, higher market interest rates, geopolitical risks, and volatility in the financial and capital markets. - FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period, the economy followed a moderate recovery trend due to improvements in the employment and income environment and the effects of various policies. However, concerns remain that continued price increases could affect the economy through weaker private consumption and other channels, including a decline in consumer sentiment. The outlook for economic policies in Japan and overseas is also uncertain, and close attention is required regarding their impact on the economies of individual countries and financial market volatility.」
While characterizing the economy as following a moderate recovery trend, the disclosure continued to call attention to weaker private consumption due to higher prices, uncertainty surrounding economic policies in Japan and overseas, and volatility in individual economies and financial markets. - FY2024-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued to recover moderately as the employment and income environment improved and private consumption recovered. However, close attention is required regarding the risk of weaker private consumption due to continued price increases and sluggish real wages, as well as volatility in financial markets, including rising interest rates.」
While indicating that private consumption was recovering and that the economic recovery continued, the disclosure shifted its focus to the risk of weaker consumption due to higher prices and sluggish real wages and to financial market volatility, including rising interest rates. - FY2024-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy continued to recover moderately, with private consumption showing signs of recovery as socioeconomic activity normalized following the COVID-19 pandemic. However, the economic outlook remained uncertain due to concerns about the impact of higher prices caused by yen depreciation on businesses and private consumption and a global economic slowdown resulting from global monetary tightening.」
While continuing to describe a recovery in private consumption, the disclosure identified yen depreciation, higher prices, and concerns about an economic slowdown caused by global monetary tightening as sources of uncertainty. - FY2023WorsenedAnnual report
「However, amid continued global monetary tightening, the economic outlook remained uncertain due to a global economic slowdown caused by higher interest rates, the impact of higher prices caused by yen depreciation on businesses and private consumption, supply constraints for semiconductors, and turmoil in financial markets originating in the United States.」
While noting a recovery in private consumption, the disclosure listed higher interest rates, higher prices caused by yen depreciation, semiconductor constraints, and financial market turmoil originating in the United States as sources of uncertainty. - FY2023-Q3WorsenedAnnual report
「However, the economic outlook remained uncertain due to rising resource prices against a backdrop of the prolonged Russian invasion of Ukraine, the impact of higher prices caused by yen depreciation on businesses and private consumption, a global economic slowdown due to rising interest rates, supply constraints for semiconductors, and other factors.」
In addition to the situation in Ukraine, yen depreciation, and semiconductor constraints, the disclosure explicitly identified rising resource prices and a global economic slowdown caused by higher interest rates, broadening the external sources of uncertainty. - FY2023-Q2Recovery in consumption alongside external sources of uncertaintyAnnual report
「During the cumulative second quarter of the fiscal year, the seventh wave of the novel coronavirus disease reached Japan, but private consumption continued to recover as infection prevention and economic activity were pursued in parallel. However, the economic outlook remained uncertain due to rising prices accompanying the situation in Ukraine and rapid yen depreciation, as well as supply constraints for semiconductors.」
While the recovery in private consumption continued, the disclosure stated that the outlook remained uncertain due to the seventh wave, rising prices accompanying the situation in Ukraine and rapid yen depreciation, and constraints on semiconductor supplies. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy showed signs of recovery in consumption as the government eased restrictions on activity related to the novel coronavirus disease. However, the outlook remained uncertain due to surging resource prices following Russia's invasion of Ukraine, rising US interest rates, yen depreciation, and a sharp increase in the number of novel coronavirus cases in the near term.」
While noting signs of recovery in consumption, the disclosure identified surging resource prices following Russia's invasion of Ukraine, rising US interest rates, yen depreciation, and a sharp increase in novel coronavirus cases as new sources of uncertainty. - FY2022-Q3WorsenedAnnual report
「Looking ahead, priority preventive measures are currently in effect in multiple regions, including the Tokyo metropolitan area, as infections spread due to the Omicron variant. Continued close monitoring is required of developments in the disease and its impact.」
While the economy was recovering due to wider vaccination coverage and other factors, the spread of the Omicron variant and the introduction of priority preventive measures in multiple regions were newly indicated, and the risk from the disease continued to require close monitoring. - FY2022-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy remained severe, although signs of recovery were evident. The recovery weakened somewhat due to the reissuance of states of emergency in some regions and the implementation of priority preventive measures, following repeated outbreaks of the novel coronavirus disease. While normalization of economic activity and a recovery in consumption are expected as vaccinations become widespread and activity restrictions are eased, the situation remains unpredictable due to the risk of renewed infections, and continued attention is required regarding developments in the disease in Japan and overseas and their impact.」
Although the economic recovery continued, the disclosure stated that the recovery weakened due to the spread of infection and the reissuance of states of emergency, and that conditions remained severe. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy remained severe due to the impact of the spread of the novel coronavirus disease, despite signs of recovery. Looking ahead, economic activity and consumption are expected to recover as vaccinations become more widespread, although the government has issued a fourth state of emergency and continued close monitoring is required of developments in the disease and its impact.」
While indicating expectations for an economic recovery and wider vaccination coverage, the disclosure noted that a fourth state of emergency had been issued and that the risk from the disease continued to require close monitoring. The impact on economic activity and private consumption had already emerged. - FY2021WorsenedAnnual report
「Although a full recovery in private consumption is not expected while measures against the novel coronavirus disease continue, a gradual recovery is expected to continue, partly due to the start of vaccinations and the implementation of large-scale economic measures.」
The disclosure indicated that measures against the disease would continue and that a full recovery in private consumption was not expected. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy showed signs of recovery as economic activity gradually resumed after the first state of emergency was lifted, but remained severe due to the impact of the novel coronavirus disease. Looking ahead, a continued recovery is expected as large-scale economic measures are implemented, although the government has issued a second state of emergency and continued close monitoring is required of developments in the disease and its impact.」
While acknowledging signs of recovery in economic activity, the disclosure stated that conditions remained severe and that developments in the disease and its impact continued to require close monitoring following the second state of emergency. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy deteriorated rapidly due to the severe impact of the spread of the novel coronavirus disease on corporate activity and people's lives. Although conditions remained severe, signs of recovery emerged after the state of emergency was lifted as economic activity resumed. Looking ahead, a continued recovery is expected as socioeconomic activity is raised through government and local government stimulus measures while steps are taken to prevent the spread of infection, although the impact of developments in the disease in Japan and overseas requires continued close monitoring.」
The disclosure described the impact of the spread of the disease on corporate activity and people's lives and the rapid economic deterioration, while also noting signs of recovery after the state of emergency was lifted. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy entered an extremely severe period as the government's declaration of a state of emergency in response to the spread of the novel coronavirus disease led to requests for business closures and restraints on going out, causing economic activity to stagnate and private consumption to decline. Looking ahead, a recovery is expected as the level of socioeconomic activity is gradually raised while measures are taken to prevent the spread of infection, although the course of the disease in Japan and overseas requires close monitoring.」
The disclosure described the stagnation of economic activity and decline in private consumption caused by the spread of the novel coronavirus disease as an “extremely severe situation,” while continuing to call for close monitoring of developments in the disease in Japan and overseas. - FY2020WorsenedAnnual report
「The business environment surrounding the Company has become increasingly uncertain as the impact of the novel coronavirus disease has intensified in Japan and overseas.」
In addition to the previous uncertainty in overseas economies and private consumption, the disclosure explicitly indicated greater uncertainty in the economic environment due to the worsening of the novel coronavirus disease. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy recovered moderately. Although weakness intensified, particularly in manufacturing, as exports weakened, private consumption continued to recover against a backdrop of improvements in the employment and income environment. Looking ahead, a continued moderate recovery is expected, although attention is required regarding overseas economic trends and consumer sentiment after the consumption tax increase.」
While the recovery in private consumption and expectations for a moderate recovery continued, weakness in manufacturing intensified, and attention continued to focus on overseas economic trends and consumer sentiment after the consumption tax increase. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy recovered moderately, although weakness, particularly in exports, persisted, while private consumption continued to recover against a backdrop of improvements in the employment and income environment. Looking ahead, a continued moderate recovery is expected, although close attention is required regarding overseas economic trends, consumer sentiment after the consumption tax increase, and the economic impact of a succession of natural disasters.」
While the recovery in private consumption and expectations for a moderate recovery continued, prolonged weakness in exports and the impact of consumer sentiment after the consumption tax increase and successive natural disasters were newly added to the matters requiring attention. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy recovered moderately. Although weakness was evident, particularly in exports, private consumption continued to recover against a backdrop of improvements in the employment and income environment. Looking ahead, a continued moderate recovery is expected, although attention is required regarding the impact of overseas economic trends on the domestic economy.」
While the recovery in private consumption and expectations for a moderate recovery continued, the disclosure identified weakness in exports and the impact of overseas economic trends on the domestic economy as matters requiring attention. - FY2019ReframedAnnual report
「During the fiscal year, Japan's economy recovered moderately, with private consumption continuing to recover amid improvements in the employment and income environment. However, in the corporate sector, weakness emerged in some exports and production in the near term, and improvement in corporate earnings stalled.」
While the disclosure shifted from weakness and delayed recovery in private consumption to a recovery in private consumption and a moderate recovery, it newly indicated weakness in exports, production, and improvement in corporate earnings in the corporate sector. - FY2019-Q3WorsenedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy recovered moderately, with capital investment increasing against a backdrop of improved corporate earnings and private consumption continuing to recover. Looking ahead, uncertainty is increasing due to the impact of trade issues on the global economy, uncertainty in overseas economies, and volatility in financial and capital markets.」
While the recovery in private consumption continued, the disclosure added uncertainty in overseas economies and volatility in financial and capital markets to the previous quarter's caution regarding trade issues, describing a greater degree of uncertainty. - FY2019-Q2SoftenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy recovered moderately, with capital investment increasing against a backdrop of improved corporate earnings and private consumption continuing to recover. Looking ahead, a moderate recovery is expected as the employment and income environment improves, although attention is required regarding the impact of trade issues on the global economy.」
While expectations for a recovery in private consumption and a moderate recovery continued, the reference to the heavy rains in July 2018 included in the previous quarter was absent, and the matters requiring attention were narrowed to the impact of trade issues. - FY2019-Q1ReframedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy recovered moderately, with capital investment increasing against a backdrop of improved corporate earnings and private consumption continuing to recover. Looking ahead, a continued moderate recovery is expected as the employment and income environment improves, although attention is required regarding the impact of trade issues on the global economy and the impact of the heavy rains in July 2018 on the economy.」
While the disclosure indicated a recovery in private consumption and expectations for a moderate recovery, the focus of the matters requiring attention shifted from the previous uncertainty in overseas economies to trade issues and the economic impact of the heavy rains in July 2018. - FY2018-Q3SoftenedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy recovered moderately, with real consumer spending remaining above the previous year amid increased capital investment and improvements in the employment and income environment against a backdrop of improved corporate earnings.」
The disclosure states that real consumer spending exceeded the previous year and that the economy recovered moderately against a backdrop of improvements in the employment and income environment, continuing the shift toward improvement from the previous wording indicating weakness in private consumption. - FY2018-Q2SoftenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued to recover moderately, as capital investment increased against a backdrop of improved corporate earnings and real consumer spending exceeded the previous year amid improvements in the employment and income environment.」
The disclosure states that real consumer spending exceeded the previous year and that a moderate recovery continued against a backdrop of improvements in the employment and income environment. The description has shifted further toward improvement from the previous wording indicating weakness in private consumption. - FY2018-Q1SoftenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy continued to recover moderately, as capital investment increased against a backdrop of improved corporate earnings and private consumption showed signs of recovery. However, companies remained cautious in their assessment of business conditions, and uncertainty about the economic outlook continued.」
While the description of private consumption changed from its previous weakness and delayed recovery to signs of recovery, uncertainty about the economic outlook continued. - FY2017RestatedAnnual report
「Regarding the future economic environment, a continued moderate recovery is expected as the employment and income environment continues to improve, although concerns remain about delays in the recovery of private consumption due to sluggish consumer sentiment.」
Delays in the recovery of private consumption and sluggish consumer sentiment continued to be identified as concerns regarding the economic environment in the following fiscal year. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy continued to recover moderately as the employment and income environment improved, although private consumption showed some weakness, with real consumer spending falling below the previous year. Looking ahead, concerns remain about delays in the recovery of private consumption due to sluggish consumer sentiment, and uncertainty continues amid increasing uncertainty in overseas economies.」
The company continued to identify weak private consumption, delays in recovery due to sluggish consumer sentiment, and uncertainty in overseas economies as business environment concerns. - FY2017-Q2RestatedAnnual report
「Private consumption showed some weakness, with real consumer spending falling below the previous year. Looking ahead, concerns remain about the impact of yen appreciation on corporate performance and delays in the recovery of private consumption due to sluggish consumer sentiment. Uncertainty also remains elevated due to increasing uncertainty in overseas economies.」
The company continued to identify weak private consumption, yen appreciation, sluggish consumer sentiment, and uncertainty in overseas economies as business environment concerns. - FY2017-Q1First statedAnnual report
「Although the employment and income environment continued to improve, the recovery in private consumption remained weak due to sluggish consumer sentiment and other factors. Looking ahead, improvement in corporate earnings has stalled, and uncertainty in overseas economies has increased. Against a backdrop of unstable stock prices and exchange rates, companies have also taken a cautious view of business conditions, resulting in a further increase in uncertainty.」
The company identified the weak recovery in private consumption, uncertainty in overseas economies, and unstable stock prices and exchange rates as business environment risks.