Uncertainty over the outlook due to the slowdown in the Asian economy and the UK's withdrawal from the EU
First written in FY2017-Q1. 16 of 35 entries say "Reframed", first in FY2017-Q2. Latest entry: 2026-07-31.
Fuji Corporation Limited 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 2022: 140 of 172 companies on the "Worse" side.
1 other company's latest entry also says "Mitigated".
- FY2026ReframedAnnual report
「Overseas, uncertainty over the outlook continues due to prolonged monetary tightening in Europe and the United States, a slowdown in the Chinese economy and heightened geopolitical risks.」
While recognizing the recovery driven by domestic wage increases and inbound demand, the disclosure identifies monetary tightening overseas, the slowdown in the Chinese economy and geopolitical risks as factors contributing to uncertainty over the outlook. - 2026-05-01ReframedEarnings
「During the consolidated fiscal year under review, Japan's economy maintained a moderate recovery trend, supported by continued wage increases and expanding inbound demand. On the price front, broad-based price increases, including service prices, became entrenched amid energy-price trends and the weaker yen, while the pass-through of costs by companies progressed, marking further movement toward an inflationary environment. In monetary policy, the Bank of Japan continued to normalize policy and interest rates faced upward pressure, although rates remained low. Overseas, the outlook remained uncertain because of prolonged monetary tightening in Europe and the United States, slowing growth in China and rising geopolitical risks.」
The description has shifted from a focus on uncertainty caused by high prices and slowing overseas economies to one that also cites wage increases, inbound demand, cost pass-through, policy normalization and geopolitical risks. - FY2026-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's economy remained in a highly uncertain environment, with corporate earnings and capital investment holding firm while prices remained high, foreign-exchange markets fluctuated and overseas economic growth could slow.」
The explanation has shifted to one that presents the resilience of corporate earnings and capital investment alongside the previous uncertainty caused by higher prices and slowing overseas economies. - FY2025ReframedAnnual report
「Meanwhile, although the weak yen, labor shortages and the slowdown or stagnation of overseas economies remain headwinds and the deflationary gap has yet to be eliminated, a sustained rise in wages, the pass-through of higher costs to selling prices, and broader price increases including for services are making a transition away from deflation a steady reality.」
In contrast to the previous uncertainty caused by higher prices and slowing overseas economies, the disclosure also presents wage growth and price pass-through as recovery factors and describes the economic environment as moving toward an exit from deflation. - FY2025-H1ReframedAnnual report
「Meanwhile, although nominal wages have risen due to strong corporate performance and pressure for wage increases, real wages have remained weak because of higher prices, and personal consumption lacks strength.」
In contrast to the previous explanation of uncertainty caused by the pandemic, geopolitical factors and higher prices, the disclosure identifies weak real wages and weak personal consumption as new downside factors for the domestic economy. - FY2024ReframedAnnual report
「During the fiscal year under review, Japan's economy experienced a major change in its macroeconomic environment as prices rose for the first time in approximately 40 years. Meanwhile, corporate performance remained strong against the backdrop of the weak yen, and the average wage increase rate in the spring labor-management negotiations recorded its highest growth rate in approximately 30 years. In addition, the transition of the novel coronavirus disease to Category 5 under Japan's Infectious Disease Control Law in May 2023 and the full-scale recovery in inbound demand supported the normalization of economic and social activity.」
The explanation has shifted from one centered on uncertainty caused by the pandemic, geopolitical factors and higher prices to one presenting higher prices, wage increases, the reclassification of the infectious disease to Category 5, the recovery in inbound demand and the normalization of economic and social activity. - FY2024-Q3ReframedAnnual report
「During the nine-month period of the fiscal year under review, Japan's economic recovery showed signs of a pause due to downside factors such as higher prices and slowing overseas economies. However, expectations have strengthened that progress in the normalization of economic activity and the full-scale recovery in inbound consumption will return the economy to a domestic-demand-led growth path. Furthermore, despite uncertainties including the slowdown in overseas economies, the outlook for prices and the Bank of Japan's monetary policy, the economy is expected to remain resilient, supported by expected wage increases in the 2024 spring labor-management negotiations, increased capital investment demand aimed at resolving structural issues such as labor shortages, and growth in service exports including inbound demand.」
While indicating a pause in the recovery due to higher prices and slowing overseas economies, the disclosure identifies the normalization of economic activity, inbound demand, wage increases and capital investment demand as recovery factors, shifting from an explanation centered on uncertainty to one presenting both recovery factors and uncertainties. - FY2024-Q2ReframedAnnual report
「During the six-month period of the fiscal year under review, Japan's economy remained on a recovery trend. However, although real GDP growth showed a high figure, this was substantially attributable to external demand and was partly boosted by a decline in imports, while domestic demand, particularly personal consumption, remained far from strong.」
The explanation has shifted from a focus on uncertainty caused by overseas economic and geopolitical factors to one that acknowledges the recovery trend while also describing dependence on external demand and weakness in domestic demand, particularly personal consumption. - FY2024-Q1ReframedAnnual report
「The economy is on a moderate recovery trend, led mainly by domestic demand. Going forward, the shift from import inflation caused by the weak yen and higher resource prices to domestic inflation accompanied by wage growth is expected to enable companies to pass higher costs through to selling prices and support a domestic-demand-led economic recovery. Meanwhile, with the end of pandemic-related financial support, the number of corporate bankruptcies exceeded 4,000 in the first half of fiscal 2023 for the first time in 3 years. Polarization between winners and losers is expected to continue, particularly among small and midsize companies, and the possibility cannot be ruled out that a slowdown in overseas economies and supply constraints caused by worsening labor shortages could weigh on the economy.」
While recognizing the recovery in the domestic economy due to the subsiding pandemic and the recovery in inbound demand, the disclosure also identifies the increase in bankruptcies following the end of financial support, slowing overseas economies and supply constraints caused by labor shortages as new downside factors. - FY2023RestatedAnnual report
「During the fiscal year under review, Japan's economy began to return to normal from the third quarter onward as the spread of the novel coronavirus disease finally started to subside and various restrictions were eased in stages. Meanwhile, uncertainty over the outlook remained amid heightened geopolitical risks, including Russia's prolonged invasion of Ukraine, rising inflation and energy prices, and growing pressure for higher interest rates. General consumers became more focused on protecting their livelihoods, affecting their consumption behavior.」
While restrictions related to the pandemic were eased, the disclosure continues to identify the invasion of Ukraine, inflation, energy prices, pressure for higher interest rates and consumers' focus on protecting their livelihoods as factors contributing to uncertainty over the outlook. - FY2023-Q3WorsenedAnnual report
「Meanwhile, Japan has been affected by heightened geopolitical risks, including Russia's prolonged invasion of Ukraine, the yen's depreciation and higher prices, while uncertainty over the outlook has increased as rising long-term interest rates have become evident in Japan.」
The disclosure states that uncertainty over the outlook increased as the prolonged invasion of Ukraine, geopolitical risks, the yen's depreciation and higher prices were compounded by the emergence of rising long-term interest rates in Japan. - FY2023-Q2ReframedAnnual report
「Although infections resurged in what was described as a seventh wave of the novel coronavirus disease, the easing of restrictions on activities and the resumption of accepting foreign tourists supported a recovery in human mobility, and domestic economic activity entered a moderate recovery trend. Meanwhile, uncertainty over the outlook increased due to heightened geopolitical risks, including the prolonged invasion of Ukraine by Russia, global inflation and the historically weak yen.」
While recognizing the recovery in economic activity following the resurgence of infections, the disclosure identifies the prolonged invasion of Ukraine, global inflation and the historically weak yen as factors that increased uncertainty over the outlook. The explanation has shifted to one that presents both risk factors and recovery factors. - FY2023-Q1WorsenedAnnual report
「Amid concerns over the arrival of a seventh wave of the novel coronavirus disease, the yen's depreciation and higher resource prices are beginning to affect consumption as a result of Russia's invasion of Ukraine and the repercussions of monetary tightening by countries in response to global inflation.」
In addition to the pandemic, the situation in Ukraine, inflation, monetary tightening, the yen's depreciation and higher resource prices, the disclosure states that these factors are beginning to affect consumption. - FY2022WorsenedAnnual report
「However, infections resurged in a sixth wave caused by the highly transmissible Omicron variant, followed by a slowdown in the decline in the number of infected people, and concerns emerged over a seventh wave, making it increasingly difficult to predict when the novel coronavirus disease will subside. From early 2022, accelerating inflation accompanying the normalization of the global economy, US interest-rate hikes and the sharp depreciation of the yen further drove up resource prices, which had already risen due to supply-chain disruptions during the pandemic. This raised concerns over worsening earnings, particularly among domestic-demand companies, and impacts on people's lives. In addition, the effects of Russia's invasion of Ukraine and economic sanctions against Russia further deepened uncertainty over the outlook.」
In addition to the previous pandemic and overseas economic factors, the disclosure identifies the Omicron variant, concerns over a seventh wave, inflation, US interest-rate hikes, the sharp depreciation of the yen, higher resource prices, and Russia's invasion of Ukraine and the resulting economic sanctions as new factors contributing to uncertainty. - FY2022-Q3WorsenedAnnual report
「Infections have recently resurged in what is becoming a sixth wave caused by the Omicron variant, which is considered highly transmissible, making it difficult to predict when the novel coronavirus disease will end, and the uncertain outlook is expected to continue.」
While mentioning expectations for higher vaccination rates and the resumption of economic activity, the disclosure explicitly identifies the sixth wave caused by the Omicron variant and the resurgence of infections as new factors contributing to uncertainty. - FY2022-Q2RestatedAnnual report
「During the six-month period of the fiscal year under review, Japan's economy was significantly affected by economic activity and personal consumption amid the prolonged and worsening spread of the novel coronavirus disease. The rapid spread of variants and pressure on the medical system were a concern, while the vaccination rate rose rapidly and expectations for the effects of vaccinations increased. In addition, as it was difficult to predict when the spread of infections would end, the uncertain outlook was expected to continue.」
The disclosure continues to describe the impact on economic activity and uncertainty over the outlook caused by the prolonged pandemic, variants and pressure on the medical system, while also mentioning the increase in the vaccination rate. - FY2022-Q1WorsenedAnnual report
「As the domestic and global spread of the novel coronavirus disease became prolonged and more serious, vaccination began in Japan, while repeated declarations of a state of emergency covering certain regions and the application of priority preventive measures to prevent the spread of disease, among other measures, had a significant impact on economic activity amid the rapid spread of variants. In addition, as it is difficult to predict when the spread of infections will end, the uncertain outlook is expected to continue for the time being.」
The disclosure states that the prolonged and worsening novel coronavirus disease, variants and repeated state of emergency declarations, among other factors, increased the impact on economic activity and uncertainty over the outlook. - FY2021ReframedAnnual report
「The domestic and global spread of the novel coronavirus disease had a significant impact on economic activity.」
The description has shifted from uncertainty caused by overseas economic conditions and trade friction to a focus on the novel coronavirus disease's major impact on economic activity. - FY2021-Q3WorsenedAnnual report
「Although signs of a temporary recovery were seen as a result of government policies and other measures, the resurgence of infections, which could be described as a third wave, has left the economic outlook increasingly uncertain.」
While mentioning a temporary recovery, the disclosure states that the economic outlook became more uncertain due to the resurgence of the novel coronavirus disease, which could be described as a third wave. - FY2021-Q2WorsenedAnnual report
「Although economic sentiment temporarily improved, the pace of economic recovery slowed as infections subsequently resurged, and the prolonged uncertainty over the economic outlook is expected to continue.」
The disclosure indicates that the pace of economic recovery slowed due to the resurgence of the novel coronavirus disease, and that uncertainty over the outlook is expected to persist. - FY2021-Q1WorsenedAnnual report
「The state of emergency declarations in April and May made normal business activities impossible, significantly affecting the real estate industry and heightening concern over the business.」
The state of emergency declarations associated with the novel coronavirus disease made normal business activities impossible, and their impact on the real estate industry and concern over the business have become more pronounced. - FY2020WorsenedAnnual report
「Although the economy had been on a moderate recovery trend, concerns over a slowdown in economic activity emerged due to the October 2019 consumption tax increase and the impact of the domestic and global spread of the novel coronavirus disease, further increasing uncertainty over the economic outlook.」
In addition to the previous uncertainty caused by overseas economic conditions and trade friction, the disclosure explicitly identifies the domestic and global spread of the novel coronavirus disease and concerns over a slowdown in economic activity caused by the consumption tax increase. - FY2020-Q3ReframedAnnual report
「Meanwhile, in addition to the slowdown in the Chinese economy accompanying the prolonged US-China trade war triggered by US protectionist trade policies, concerns over a global economic downturn have begun to emerge due to the UK's EU withdrawal issue, the slowdown in emerging Asian economies and conditions in the Middle East, and the economic outlook remains uncertain.」
In addition to the previous US-China trade war, the UK's EU withdrawal issue and the slowdown in emerging Asian economies, the disclosure organizes the slowdown in the Chinese economy and conditions in the Middle East as factors of concern regarding an economic downturn. - FY2020-Q2WorsenedAnnual report
「Meanwhile, in addition to the prolonged US-China trade war triggered by US protectionist trade policies, concerns over a global economic downturn have begun to emerge due to the UK's EU withdrawal issue, the effects of the slowdown in emerging Asian economies and the oil situation in the Middle East, leaving the economic outlook uncertain.」
The disclosure explicitly identifies the prolonged US-China trade war, the slowdown in emerging Asian economies, the UK's EU withdrawal issue and the oil situation in the Middle East as areas of concern. - FY2020-Q1RestatedAnnual report
「Meanwhile, concerns over China's economic outlook have emerged as a result of the prolonged US-China trade war triggered by US protectionist trade policies, along with the effects of the slowdown in emerging Asian economies and higher crude oil prices, leading to concerns over a global economic slowdown and leaving the economic outlook uncertain.」
The disclosure continues to describe concerns over a global economic slowdown and uncertainty over the outlook due to the prolonged US-China trade war, the slowdown in the Chinese and other emerging Asian economies, and higher crude oil prices. - FY2019WorsenedAnnual report
「Meanwhile, concerns over a global economic slowdown have begun to emerge due to the effects of the prolonged US-China trade war triggered by US protectionist trade policies, the slowdown in emerging Asian economies and higher crude oil prices, leaving the economic outlook uncertain.」
The disclosure explicitly identifies concerns over a global economic slowdown caused by the prolonged US-China trade war, the slowdown in emerging Asian economies and higher crude oil prices, expanding the overseas economic factors contributing to uncertainty. - FY2019-Q3WorsenedAnnual report
「Meanwhile, the effects of an escalation in the US-China trade war triggered by US protectionist trade policies, higher crude oil prices and concerns over a global economic slowdown have begun to emerge, leaving the economic outlook uncertain.」
The disclosure explicitly states that the effects of concerns over a global economic slowdown have begun to emerge, in addition to the escalation in the US-China trade war and higher crude oil prices. - FY2019-Q2WorsenedAnnual report
「Meanwhile, the effects of an escalation in the US-China trade war triggered by US protectionist trade policies and higher crude oil prices have begun to emerge, leaving the economic outlook uncertain.」
The disclosure explicitly states that the effects of an escalation in the US-China trade war and higher crude oil prices have begun to emerge, in relation to the previous uncertainty surrounding US protectionist trade policies, trade friction and higher crude oil prices. - FY2019-Q1ReframedAnnual report
「Meanwhile, the effects of trade friction caused by the US protectionist trade policies and higher crude oil prices have begun to emerge, leaving the economic outlook uncertain.」
In addition to the previous overseas economic and geopolitical factors, the disclosure identifies trade friction caused by US protectionist trade policies and higher crude oil prices as factors contributing to economic uncertainty. - FY2018-Q3ReframedAnnual report
「Although concern remains over the impact of economic conditions overseas, including in the United States, and geopolitical risks,」
The description of factors causing uncertainty has expanded from the previous focus on the slowdown in the Asian economy and the UK's EU withdrawal to overseas economic conditions, including the United States, and geopolitical risks. - FY2017-Q3RestatedAnnual report
「However, the outlook became increasingly uncertain for personal consumption and corporate earnings due to share-price and foreign-exchange fluctuations against the backdrop of uncertain overseas factors, including slowing inbound consumption and Europe's EU withdrawal issue.」
The disclosure continues to describe market volatility caused by overseas factors such as slowing inbound consumption and Europe's EU withdrawal issue, as well as uncertainty surrounding personal consumption and corporate earnings. - FY2017-Q2ReframedAnnual report
「However, the outlook became increasingly uncertain for corporate earnings and personal consumption due to share-price and foreign-exchange fluctuations against the backdrop of slowing inbound consumption and the destabilization of the European economy resulting from the UK's EU withdrawal issue.」
The description has shifted from an economic slowdown in emerging Asian economies to slowing inbound consumption, and expresses the impact of the UK's EU withdrawal issue as the destabilization of the European economy. - FY2017-Q1First statedAnnual report
「The outlook became increasingly uncertain for corporate earnings and personal consumption due to share-price and foreign-exchange fluctuations against the backdrop of economic slowdowns in emerging Asian economies, including China, and the UK's EU withdrawal issue.」
Risks related to the external economy and market volatility are described.