Uncertainty over the economic outlook and overseas conditions
First written in FY2017-Q1. 16 of 43 entries say "Restated". Latest entry: 2026-08-07.
Amg Holdings moved to the "Worse" side of this theme in 2020, 2 years after the typical company in this theme (2018).
The whole theme swung hardest in 2022: 20 of 26 companies on the "Worse" side.
0 other companies' latest entry also says "Raised".
- FY2026WorsenedAnnual report
「Meanwhile, the deterioration in the situation in the Middle East since early 2026 has caused supply chain disruptions and soaring raw material prices, significantly affected the global economy and could put downward pressure on the domestic economy. As a result, the economic outlook remains uncertain.」
In addition to the previous references to US policy developments and other factors, the deterioration in the situation in the Middle East since early 2026, supply chain disruptions, soaring raw material prices and the possibility of downward pressure on the domestic economy are cited as new factors creating uncertainty. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, the Japanese economy continued to recover moderately due to improvements in employment and income conditions, but personal consumption weakened as price increases exceeding the pace of recovery affected consumer sentiment. In addition, the economic outlook remains uncertain due to concerns over heightened geopolitical risks in the Middle East and US policy developments.」
While the economic recovery trend is indicated, the impact of rising prices on consumer sentiment and the weakness in personal consumption are newly mentioned, and concerns over geopolitical risks in the Middle East and US policy developments continue to be cited as factors creating uncertainty over the outlook. - FY2025WorsenedAnnual report
「Meanwhile, uncertainty over the economic outlook continues because a policy shift in the United States could have a significant impact on the global economy and could put downward pressure on the domestic economy.」
In addition to the previous references to resource prices, the weak yen and geopolitical risks, the possibility that a policy shift in the United States could put downward pressure on the global and domestic economies is cited as a new factor creating uncertainty. - FY2025-H1ReframedAnnual report
「During the interim consolidated accounting period, the recovery in economic conditions showed resilience due to the recovery in inbound demand and improved employment conditions. Meanwhile, uncertainty continues due to soaring global resource prices, the continued depreciation of the yen, downside risks to the economy from the government’s monetary policy and rising prices.」
While the resilience of the economic recovery is mentioned, downside risks to the economy from the government’s monetary policy and rising prices have been organised as factors creating uncertainty, in addition to the previous references to soaring resource prices and the weak yen. - FY2024RestatedAnnual report
「Meanwhile, concerns over an economic recession have intensified due to rising global resource prices resulting from heightened geopolitical risks in the Middle East and delays in the recovery of personal consumption caused by persistently high prices, and economic conditions remain uncertain.」
Geopolitical risks in the Middle East, soaring resource prices, delays in the recovery of personal consumption due to high prices and concerns over an economic recession continue to be cited as factors creating uncertainty over economic conditions. - FY2024-Q3WorsenedAnnual report
「During the third quarter of the fiscal year, social and economic activity continued to normalise following the COVID-19 pandemic, and the economy remained on a moderate recovery trend due to the recovery in inbound demand and improved employment conditions. Meanwhile, concerns over an economic recession have intensified due to rising global resource prices resulting from heightened geopolitical risks in the Middle East and delays in the recovery of personal consumption caused by persistently high prices, and economic conditions remain uncertain.」
While the economic recovery trend is indicated, heightened geopolitical risks in the Middle East, rising global resource prices and delays in the recovery of personal consumption due to high prices are newly specified, and the statement says that concerns over an economic recession have intensified. - FY2024-Q2WorsenedAnnual report
「Meanwhile, concerns over an economic recession due to rising global resource and raw material prices, monetary tightening in Europe and the United States and the weak yen have intensified, and economic conditions remain uncertain.」
In addition to the previous references to high resource and raw material prices and concerns over an economic recession, monetary tightening in Europe and the United States and the weak yen are specifically cited, and the statement says that concerns over an economic recession have intensified. - FY2024-Q1ReframedAnnual report
「During the first quarter of the fiscal year, social and economic activity continued to normalise following the COVID-19 pandemic, and the economy remained on a moderate recovery trend. Meanwhile, concerns over a global rise in resource and raw material prices and an economic recession continued, and the outlook remained uncertain.」
While the normalisation of social and economic activity and the economic recovery are indicated, the description has been reorganised from its previous focus on geopolitical risks and the weak yen to focus on uncertainty over the outlook stemming from globally high resource and raw material prices and concerns over an economic recession. - FY2023WorsenedAnnual report
「During the fiscal year, restrictions on activity were gradually eased due to the impact of COVID-19, and social and economic activity began to return to normal. However, concerns have arisen over continued increases in project site, construction material and construction labour costs, as well as potential increases in mortgage rates and the cost of raising business funds if Japan’s monetary easing policy is changed. As a result, even the previously relatively robust real estate market has become difficult to forecast.」
While the easing of activity restrictions and the normalisation of the economy are mentioned, specific additions include increases in land, material and labour costs and concerns over higher mortgage rates and funding costs, with the outlook for the real estate market described as difficult to forecast. - FY2023-Q3RestatedAnnual report
「During the third quarter of the fiscal year, signs of economic recovery emerged in Japan despite the continuing impact of COVID-19. However, the difficult operating environment has continued due to the increasingly tense situation involving Russia and Ukraine, the sharp depreciation of the yen and soaring resource and raw material prices.」
While signs of economic recovery are mentioned, the view that the difficult operating environment caused by the situation involving Russia and Ukraine, the sharp depreciation of the yen and soaring resource and raw material prices will continue is still cited. - FY2023-Q2RestatedAnnual report
「During the second quarter of the fiscal year, signs of economic recovery emerged in Japan despite the continuing impact of COVID-19. However, the difficult operating environment has continued due to the increasingly tense situation involving Russia and Ukraine, the sharp depreciation of the yen and soaring resource and raw material prices.」
While signs of economic recovery are mentioned, the view that the difficult operating environment caused by the situation involving Russia and Ukraine, the sharp depreciation of the yen and soaring resource and raw material prices will continue is still cited. - FY2023-Q1RestatedAnnual report
「During the first quarter of the fiscal year, signs of economic recovery emerged in Japan despite the continuing impact of COVID-19. However, the difficult operating environment has continued due to the increasingly tense situation involving Russia and Ukraine, the sharp depreciation of the yen and soaring resource and raw material prices.」
While signs of economic recovery are mentioned, the difficult operating environment caused by the situation involving Russia and Ukraine, the sharp depreciation of the yen and soaring resource and raw material prices continues to be cited. - FY2022WorsenedAnnual report
「During the fiscal year, economic activity and personal consumption were affected by states of emergency and priority preventive measures issued in response to the spread of COVID-19. In addition, the difficult operating environment has continued due to soaring raw material and crude oil prices caused by global supply chain disruptions, as well as Russia’s invasion of Ukraine, lockdowns in major Chinese cities, rising inflation in the United States and the sharp depreciation of the yen.」
In addition to the spread of COVID-19, specific factors creating a new uncertain and difficult operating environment include supply chain disruptions, soaring raw material and crude oil prices, Russia’s invasion of Ukraine, lockdowns in China, inflation in the United States and the sharp depreciation of the yen. - FY2022-Q3RestatedAnnual report
「During the third quarter of the fiscal year, the Japanese economy saw social and economic activity restricted and personal consumption remain weak due to the spread of COVID-19 and the issuance of a state of emergency. Although the vaccination rate improved and expectations rose regarding its effectiveness, uncertainty continues in part due to the spread of mutant variants.」
Restrictions on social and economic activity due to the state of emergency, weak personal consumption, expectations regarding vaccinations and the spread of mutant variants continue to be cited, along with the view that the outlook remains uncertain. - FY2022-Q2SoftenedAnnual report
「During the second quarter of the fiscal year, the Japanese economy saw social and economic activity restricted and personal consumption remain weak due to the spread of COVID-19 and the issuance of a state of emergency. Although the vaccination rate improved and expectations rose regarding its effectiveness, uncertainty continues in part due to the spread of mutant variants.」
Restrictions on social and economic activity due to the state of emergency, weak personal consumption and the spread of mutant variants continue to be cited. Meanwhile, the higher vaccination rate and expectations regarding its effectiveness have been added as factors providing some mitigation compared with the previous quarter. - FY2022-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, the spread of COVID-19 led to restrictions on social and economic activity following the issuance of the third state of emergency, while personal consumption remained weak. Vaccinations for the elderly began, but uncertainty continues due in part to the spread of mutant variants.」
In addition to restrictions on social and economic activity and weak personal consumption caused by the spread of COVID-19, the third state of emergency and the spread of mutant variants are cited as factors creating uncertainty over the outlook. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the fiscal year, the Japanese economy saw corporate earnings and personal consumption decline due to the stagnation of economic activity, movement restrictions and requests to refrain from going out resulting from the spread of COVID-19. The economy had been gradually recovering following the lifting of the state of emergency, but the outlook and impact remain uncertain due to the resurgence of infections.」
In addition to the stagnation of economic activity and declines in corporate earnings and personal consumption, the description has changed from a recovery trend to uncertainty due to the resurgence of infections. - FY2021-Q2SoftenedAnnual report
「During the second quarter of the fiscal year, the Japanese economy saw corporate earnings and personal consumption decline due to the stagnation of economic activity, movement restrictions and requests to refrain from going out resulting from the spread of COVID-19, and the outlook remains uncertain. Economic activity has resumed following the lifting of the state of emergency, but it remains difficult to predict future developments and their impact.」
The decline in corporate earnings and personal consumption caused by the spread of COVID-19 has continued, but the description of the outlook has changed from “extremely difficult conditions” in the previous quarter to “uncertain conditions,” and the resumption of economic activity following the lifting of the state of emergency is also mentioned. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, the Japanese economy saw corporate earnings and personal consumption decline due to the stagnation of economic activity, movement restrictions and requests to refrain from going out resulting from the spread of COVID-19, and the outlook remains extremely difficult.」
Corporate earnings and personal consumption continue to decline due to the stagnation of economic activity, movement restrictions and requests to refrain from going out caused by the spread of COVID-19, while the description of the outlook has become stronger, changing from “difficult” to “extremely difficult.” - FY2020WorsenedAnnual report
「During the fiscal year, the Japanese economy remained on a moderate recovery trend as employment and income conditions continued to improve. However, following the start of 2020, the outlook is expected to remain extremely difficult due to the impact of the spread of COVID-19.」
The description has changed from the previous references to uncertainty caused by overseas economic and political developments to a statement that the outlook will become difficult due to the spread of COVID-19. - FY2020-Q3RestatedAnnual report
「During the third quarter of the fiscal year, the Japanese economy remained on a moderate recovery trend. However, uncertainty continues due to factors including the impact of a slowdown in overseas economies caused by trade friction.」
While the domestic economy is described as being on a moderate recovery trend, uncertainty due to factors including a slowdown in overseas economies caused by trade friction continues to be cited. - FY2020-Q2RestatedAnnual report
「During the second quarter of the fiscal year, the Japanese economy remained on a moderate recovery trend. However, uncertainty continues due to factors including the impact of a slowdown in overseas economies caused by trade friction.」
While the domestic economy is described as being on a moderate recovery trend, the view that uncertainty continues due to factors including a slowdown in overseas economies caused by trade friction continues to be cited. - FY2020-Q1ReframedAnnual report
「During the first quarter of the fiscal year, the Japanese economy remained on a moderate recovery trend. However, uncertainty continues due to factors including the impact of a slowdown in overseas economies caused by trade friction.」
The wording describing factors creating uncertainty over the outlook has been consolidated and generalised, changing from the previous fiscal year’s references to the US-China trade friction, the slowdown in the Chinese economy and political turmoil surrounding the UK’s withdrawal from the EU to a slowdown in overseas economies caused by trade friction. - FY2019WorsenedAnnual report
「However, uncertainty continues in the global economy due to factors including a slowdown in the Chinese economy, including the US-China trade friction, and political turmoil surrounding the UK’s withdrawal from the EU.」
In addition to the previous references to political developments in Europe, the United States and Asia, the US-China trade friction, the slowdown in the Chinese economy and political turmoil surrounding the UK’s withdrawal from the EU are cited as specific factors creating uncertainty. - FY2019-Q3RestatedAnnual report
「During the third quarter of the fiscal year, the Japanese economy remained on a moderate recovery trend, partly due to the effects of the government’s economic stimulus measures. However, uncertainty continues due to factors including the impact of political developments in Europe, the United States and Asia.」
While the domestic economy is described as being on a moderate recovery trend, uncertainty due to political developments in Europe, the United States and Asia continues to be cited. - FY2019-Q2RestatedAnnual report
「During the second quarter of the fiscal year, the Japanese economy remained on a moderate recovery trend, partly due to the effects of the government’s economic stimulus measures. However, uncertainty continues due to factors including the impact of political developments in Europe, the United States and Asia.」
While the domestic economy is described as being on a moderate recovery trend, uncertainty due to the impact of political developments in Europe, the United States and Asia continues to be cited. - FY2019-Q1RestatedAnnual report
「During the first quarter of the fiscal year, the Japanese economy remained on a moderate recovery trend, partly due to the effects of the government’s economic stimulus measures. However, uncertainty continues due to factors including the impact of political developments in Europe, the United States and Asia.」
While the domestic economy is described as being on a moderate recovery trend, uncertainty due to political developments in Europe, the United States and Asia continues to be cited. - FY2018RestatedAnnual report
「During the fiscal year, the Japanese economy remained on a moderate recovery trend, partly due to the effects of the government’s economic stimulus measures. However, uncertainty continues due to factors including the impact of political developments in Europe, the United States and Asia.」
While the domestic economy is described as being on a moderate recovery trend, uncertainty due to the impact of political developments in Europe, the United States and Asia continues to be cited. - FY2018-Q2ReframedAnnual report
「During the second quarter of the fiscal year, the Japanese economy remained on a moderate recovery trend, partly due to the effects of the government’s economic stimulus measures. However, uncertainty continues due to the impact of political developments in Europe, the United States and Asia.」
The wording describing factors creating uncertainty over the outlook has changed from concerns over a slowdown in emerging Asian economies in the previous quarter to the impact of political developments in Europe, the United States and Asia. - FY2018-Q1SoftenedAnnual report
「During the first quarter of the fiscal year, the Japanese economy remained on a moderate recovery trend, partly due to the effects of the government’s economic stimulus measures. However, uncertainty continues due to factors including concerns over a slowdown in emerging Asian economies.」
While the domestic economy is described as being on a moderate recovery trend, concerns over a slowdown in emerging Asian economies are cited as a factor creating uncertainty over the outlook, with references to the new US administration and the EU withdrawal issue mentioned in the previous fiscal year no longer included. - FY2017RestatedAnnual report
「Meanwhile, uncertainty continues due to factors including the formation of a new US administration, the EU withdrawal issue and concerns over a slowdown in emerging economies, particularly China.」
The new US administration, the EU withdrawal issue and concerns over a slowdown in emerging economies, including China, continue to be cited as factors creating uncertainty over the outlook. - FY2017-Q3WorsenedAnnual report
「Meanwhile, uncertainty continues due to factors including the formation of a new US administration, the EU withdrawal issue and concerns over a slowdown in emerging economies, particularly China.」
In addition to the previous references to the EU withdrawal issue and concerns over a slowdown in emerging economies, including China, the formation of a new US administration is cited as a new factor creating uncertainty over the outlook. - FY2017-Q2RestatedAnnual report
「However, uncertainty continues due to factors including the UK’s withdrawal from the EU and concerns over a slowdown in emerging economies, particularly China.」
The UK’s withdrawal from the EU and concerns over a slowdown in emerging economies, including China, continue to be cited as factors creating uncertainty over the outlook. - FY2017-Q1First statedAnnual report
「However, uncertainty continues due to factors including the UK’s withdrawal from the EU and concerns over a slowdown in emerging economies, particularly China.」
The UK’s withdrawal from the EU and concerns over a slowdown in emerging economies, including China, are cited as factors creating uncertainty over the outlook.