Economic conditions, interest rates and changes in housing tax policy
First written in FY2016. 26 of 36 entries say "Restated". Latest entry: 2026-08-07.
Makoto Construction CO,Ltd moved to the "Worse" side of this theme in 2020, the same year as the typical company in this theme.
The whole theme swung hardest in 2020: 39 of 56 companies on the "Worse" side.
12 other companies' latest entry also says "Restated".
- 2026-08-07RestatedResults
「In the real estate industry in which the Group operates, higher interest rates have reduced willingness to purchase homes, and demand from first-time buyers in the detached housing market in which the company specializes has weakened. Land acquisition prices have not declined, while construction costs remain high due to soaring raw material and energy prices, leaving market conditions difficult.」
金利上昇による住宅購買意欲の低下、一次取得者向け需要の弱含み、土地仕入価格と建築コストの高止まりを引き続き記載している。 - FY2026MaterialisedAnnual report
「In the real estate industry in which the Group operates, higher interest rates have reduced willingness to purchase homes, and demand from first-time buyers in the detached housing market in which the company specializes has weakened. Land acquisition prices have not declined, while construction costs remain high due to soaring raw material and energy prices, leaving market conditions difficult.」
The company explicitly identifies lower willingness to purchase homes due to higher interest rates and weaker demand from first-time buyers as current market conditions. It also continues to note the absence of a decline in land acquisition prices and persistently high construction costs. - 2026-05-14RestatedResults
「物価の上昇の継続に加え、米国の通商政策の不確実性や中東情勢の緊迫化によるエネルギー価格の上昇もあり、景気の動向は依然として不透明な状況が続いております。」
物価上昇、米国の通商政策、中東情勢、エネルギー価格上昇による不透明感を継続している。 - FY2026-H1RestatedAnnual report
「During the current interim consolidated accounting period, Japan's economy showed signs of a gradual recovery, with improvements in the employment and income environment, although soaring raw material prices and inflation continued to outpace wage growth. However, the outlook remains uncertain due to developments in US trade policy and prolonged geopolitical risks. In the real estate industry in which the Group operates, concerns over future mortgage rate increases are affecting willingness to purchase homes as changes emerge in the Bank of Japan's monetary policy. Sales prices have also risen due to soaring land and construction prices, and the business environment remains difficult, including in light of future interest-rate trends.」
The company continues to describe uncertainty surrounding housing demand and the business environment, citing concerns over higher mortgage rates, soaring land and construction prices, rising sales prices, US trade policy and geopolitical risks. - FY2025WorsenedAnnual report
「Changes in the Bank of Japan's interest-rate policy led to higher mortgage rates, reducing customers' willingness to purchase homes and causing demand to weaken. Land acquisition prices have not declined, while construction costs remain high due to soaring raw material and energy prices, leaving market conditions difficult.」
The company explicitly describes weaker purchase intent and demand due to higher mortgage rates as actual market conditions, while also noting the absence of a decline in land prices and persistently high construction costs. - FY2025-H1RestatedAnnual report
「During the current interim consolidated accounting period, Japan's economy remained uncertain as global monetary tightening continued amid the prolonged situation in Ukraine, with the rapid depreciation of the yen driving up raw material and energy prices.」
The company continues to describe uncertainty about the outlook arising from the situation in Ukraine, global monetary tightening, the depreciation of the yen, and rising raw material and energy prices. - FY2024WorsenedAnnual report
「During the current consolidated fiscal year, the international situation remained unstable and unpredictable, including the situations in Ukraine and the Middle East. Inflation and monetary tightening continued in various countries, while the rapid depreciation of the yen drove up raw material and energy prices, leaving the outlook uncertain.」
In addition to the existing situation in Ukraine, monetary tightening, the depreciation of the yen, and rising raw material and energy prices, the company explicitly identifies the situation in the Middle East as a destabilizing factor. - FY2024-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, Japan's economy remained uncertain as global monetary tightening continued amid the prolonged situation in Ukraine, with the rapid depreciation of the yen driving up raw material and energy prices.」
The company continues to describe uncertainty about the outlook arising from the situation in Ukraine, global monetary tightening, the depreciation of the yen, and rising raw material and energy prices. - FY2024-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan's economy remained uncertain as global monetary tightening continued amid the prolonged situation in Ukraine, with the rapid depreciation of the yen driving up raw material and energy prices.」
The company continues to describe uncertainty about the outlook arising from the situation in Ukraine, global monetary tightening, the depreciation of the yen, and rising raw material and energy prices. - FY2024-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy remained uncertain as global monetary tightening continued amid the prolonged situation in Ukraine, with the rapid depreciation of the yen driving up raw material and energy prices.」
The company continues to describe uncertainty about the outlook arising from the situation in Ukraine, global monetary tightening, the depreciation of the yen, and rising raw material and energy prices. - FY2023RestatedAnnual report
「In the real estate industry in which the Group operates, housing market conditions remained firm, supported by continued low interest rates resulting from policy support and growing interest in housing due to remote work during the COVID-19 pandemic. However, as noted above, construction costs remain high due to soaring raw material and energy prices, and the outlook remains uncertain.」
While indicating that low interest rates and other factors are supporting housing demand, the company continues to describe uncertainty about the outlook due to rising raw material and energy prices and persistently high construction costs. - FY2023-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, restrictions on economic activity related to COVID-19 were eased and reviewed, while the outlook remained uncertain due to soaring raw material prices and supply shortages caused by the rapid depreciation of the yen as global monetary tightening continued amid the prolonged situation in Ukraine.」
While indicating that restrictions on economic activity were being eased, the company continues to describe uncertainty about the outlook arising from the situation in Ukraine, monetary tightening, the depreciation of the yen, and soaring raw material prices and supply shortages. - FY2023-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, restrictions on economic activity related to COVID-19 were eased and reviewed, while the outlook remained uncertain due to soaring raw material prices and supply shortages caused by the rapid depreciation of the yen as global monetary tightening continued amid the prolonged situation in Ukraine.」
While restrictions on economic activity were being eased, the company identifies the prolonged situation in Ukraine, global monetary tightening, the rapid depreciation of the yen, and soaring raw material prices and supply shortages as new sources of uncertainty. - FY2022WorsenedAnnual report
「During the current consolidated fiscal year, Japan's economy remained difficult amid the renewed spread of COVID-19. The deterioration in the situation between Russia and Ukraine contributed to soaring resource prices, supply constraints and inflation resulting from supply chain disruptions, while concerns remained over the continuing depreciation of the yen.」
In addition to the existing economic and infectious disease risks, the company explicitly identifies the situation between Russia and Ukraine, soaring resource prices, supply constraints, inflation and concerns over the depreciation of the yen as new sources of uncertainty. - FY2022-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, expectations for an economic recovery increased after the state of emergency declared in response to COVID-19 was lifted. However, conditions remain difficult due to the renewed spread of infections, including following the emergence of highly transmissible new variants, as well as soaring crude oil prices.」
While expressing expectations for a recovery following the lifting of the state of emergency, the company identifies the renewed spread of infections caused by new variants and soaring crude oil prices as new sources of uncertainty. - FY2022-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, constraints on social and economic activity caused by the spread of COVID-19 continued, and a full-scale resumption of economic activity had not yet been achieved. Although a recovery is expected as COVID-19 vaccinations progress, conditions remained difficult.」
The company continues to describe the constraints on social and economic activity caused by COVID-19 and the difficult economic environment, while also expressing expectations for a recovery driven by vaccinations. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, constraints on social and economic activity caused by the spread of COVID-19 led to deterioration in corporate earnings and the employment environment in Japan. Although a recovery is expected as COVID-19 vaccinations progress, conditions remained difficult.」
The company continues to describe the impact of COVID-19 on social and economic activity, corporate earnings and the employment environment, while also expressing expectations for a recovery driven by COVID-19 vaccinations. - FY2021RestatedAnnual report
「Sales of spec-built homes are directly affected by economic conditions, interest rates, trends in new housing supply, trends in property sales prices and housing tax policy.」
The company reiterates the risk that changes in economic conditions, interest rates, new housing supply, property sales prices and housing tax policy could affect housing demand. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, economic activity was temporarily constrained under the state of emergency declared to prevent the spread of COVID-19, while corporate earnings and personal consumption slowed. Although signs of a gradual recovery emerged after the state of emergency was lifted, conditions again became difficult and unpredictable as infections spread, and the outlook remains uncertain in light of future developments in infections in Japan and overseas.」
The company states that the re-expansion of infections caused conditions to become difficult again after economic activity had been constrained, increasing uncertainty surrounding economic conditions and housing demand. - FY2021-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, economic activity was temporarily constrained under the state of emergency declared to prevent the spread of COVID-19, while corporate earnings and personal consumption slowed. Although signs of a gradual recovery emerged after the state of emergency was lifted, conditions remain difficult, and the outlook is uncertain in light of future developments in infections in Japan and overseas.」
The company describes constraints on economic activity and the slowdown in corporate earnings and personal consumption caused by COVID-19, while also indicating signs of recovery after the state of emergency was lifted. Its view that the outlook remains uncertain continues. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economic activity was constrained by requests for self-restraint and other measures accompanying the spread of COVID-19. Corporate earnings and personal consumption slowed sharply, and the outlook became extremely uncertain amid concerns over a second wave of infections.」
The company cites constraints on economic activity caused by COVID-19, a sharp slowdown in corporate earnings and personal consumption, and concerns over a second wave, describing uncertainty about the economic outlook more strongly than before. - FY2020WorsenedAnnual report
「In the real estate industry in which the Group operates, conditions had been on a relatively steady recovery path, supported by low-interest-rate mortgages and growing interest in housing driven by remote work during the COVID-19 pandemic, despite concerns including the impact of natural disasters such as typhoons and torrential rain, rising land prices and persistently high construction costs. However, concerns over a decline in consumer sentiment due to the impact of COVID-19 have emerged, and difficult conditions are expected to continue.」
In addition to the existing uncertainties surrounding economic conditions, interest rates and housing demand, the company explicitly identifies the decline in consumer sentiment caused by COVID-19 and the challenging business environment. - FY2020-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, Japan's economy remained on a gradual recovery path, supported by improvements in corporate earnings and the employment and income environment, as well as signs of a recovery in personal consumption. However, uncertainty about the outlook persisted amid concerns over escalating global trade friction.」
The company states that the domestic economy is on a gradual recovery path, while uncertainty about the outlook remains due to concerns over escalating global trade friction. - FY2020-Q2RestatedAnnual report
「However, concerns over the impact of a slowdown in the Chinese economy and US-China trade friction persist, and the economic outlook remains uncertain.」
The company cites a slowdown in the Chinese economy and US-China trade friction as factors contributing to uncertainty about the economic outlook. - FY2020-Q1RestatedAnnual report
「However, domestic political developments and trends in trade issues could weigh on Japan's economy, and uncertainty about the economic outlook continues.」
The company continues to cite uncertainty about the economic outlook arising from domestic political developments and trade issues. - FY2019RestatedAnnual report
「Sales of spec-built homes are directly affected by economic conditions, interest rates, trends in new housing supply, trends in property sales prices and housing tax policy.」
The company reiterates the risk that changes in economic conditions, interest rates, new housing supply, property sales prices and housing tax policy could affect housing demand. - FY2019-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, Japan's economy remained on a gradual recovery path, supported by improvements in corporate earnings and the employment and income environment, as well as signs of a recovery in personal consumption. However, uncertainty about the outlook persisted amid concerns over escalating global trade friction.」
The company describes the domestic economy as being on a gradual recovery path, while citing concerns over escalating global trade friction as a source of uncertainty about the outlook. - FY2019-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan's economy remained on a gradual recovery path, supported by improvements in corporate earnings and the employment and income environment, as well as signs of a recovery in personal consumption. However, uncertainty about the outlook persisted amid concerns over escalating global trade friction.」
The company describes the domestic economy as being on a gradual recovery path, while citing concerns over escalating global trade friction as a source of uncertainty about the outlook. - FY2019-Q1RestatedAnnual report
「During the first three months of the consolidated fiscal year, there were no material changes concerning matters described in the quarterly securities report that could materially affect investors' decisions, or to the business and other risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes in the risks associated with its businesses, including economic conditions, interest rates and changes in housing tax policy. - FY2018-Q3RestatedAnnual report
「However, domestic political developments, concerns over the situation in North Korea, US policy developments and uncertainty surrounding political and economic conditions in Europe could weigh on economic conditions in Japan, and the outlook therefore remains uncertain.」
The company cites domestic political developments, the situation in North Korea, US policy developments and uncertainty surrounding political and economic conditions in Europe as factors contributing to uncertainty about the economic outlook. - FY2018-Q2RestatedAnnual report
「However, domestic political developments, concerns over the situation in North Korea, US policy developments and uncertainty surrounding political and economic conditions in Europe could weigh on economic conditions in Japan, and the outlook therefore remains uncertain.」
The company cites domestic political developments, the situation in North Korea, US policy developments and uncertainty surrounding political and economic conditions in Europe as factors contributing to uncertainty about the economic outlook. - FY2018-Q1RestatedAnnual report
「However, policy developments under the new US administration and other sources of concern in overseas economies could weigh on economic conditions in Japan, and the outlook therefore remains uncertain.」
The company continues to cite policy developments under the new US administration and sources of concern in overseas economies as factors contributing to uncertainty about the economic outlook. - FY2017-Q3RestatedAnnual report
「However, downside risks in overseas economies, including the UK's withdrawal from the EU, concerns over a slowdown in the Chinese economy and developments under the new US administration, could weigh on economic conditions in Japan, and the outlook therefore remains uncertain.」
The company cites developments under the new US administration, in addition to the UK's withdrawal from the EU and concerns over a slowdown in the Chinese economy, as factors contributing to uncertainty about the economic outlook. - FY2017-Q2RestatedAnnual report
「However, downside risks in overseas economies, including the UK's withdrawal from the EU and concerns over a slowdown in the Chinese economy, could weigh on economic conditions in Japan, and the outlook therefore remains uncertain.」
The company continues to cite the UK's withdrawal from the EU and concerns over a slowdown in the Chinese economy as factors contributing to uncertainty about the economic outlook. - FY2017-Q1RestatedAnnual report
「However, downside risks in overseas economies, including the UK's withdrawal from the EU and concerns over a slowdown in the Chinese economy, could weigh on economic conditions in Japan, and the outlook therefore remains uncertain.」
The company specifically cites the UK's withdrawal from the EU and concerns over a slowdown in the Chinese economy as sources of uncertainty about the economic outlook, while identifying low-interest-rate mortgages as a factor supporting demand. - FY2016First statedAnnual report
「A deterioration in the economic outlook, a sharp rise in interest rates, changes to or abolition of housing tax policies and other developments could cause prospective buyers to abandon their purchases, potentially affecting the performance of the Group.」
The company identifies changes in the external environment affecting demand from homebuyers as a risk.