Risks of Sluggish Personal Consumption and a Downturn in the Global Economy
First written in FY2017-Q2. 15 of 30 entries say "Restated". Latest entry: 2026-10-29.
Kobe Electric Railway moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2020: 146 of 167 companies on the "Worse" side.
59 other companies' latest entry also says "Restated".
- FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, the Japanese economy remained on a path of moderate recovery, but uncertainty over the outlook intensified due to U.S. tariff policy and unstable international conditions, while personal consumption stagnated as prices continued to rise.」
In addition to the previous uncertainty caused by international conditions and rising prices, U.S. tariff policy and stagnating personal consumption were explicitly identified, making the sources of uncertainty in the economic environment more specific. - FY2025-H1RestatedAnnual report
「The economy remained on a path of moderate expansion, but energy and raw material prices remained elevated due to the trend toward yen depreciation and unstable international conditions.」
While the economy continued to expand moderately, the trend toward yen depreciation, unstable international conditions, and elevated energy and raw material prices continued to be identified as risks in the economic environment. - FY2024-Q3RestatedAnnual report
「During the cumulative nine-month period of the current fiscal year, the Japanese economy remained in a situation of continued uncertainty over the outlook. Socioeconomic activity was returning to normal and the economy was recovering moderately as COVID-19 was reclassified under the Infectious Diseases Act, but energy and raw material prices remained elevated due to unstable international conditions.」
While socioeconomic activity was returning to normal and the economy was recovering, continued uncertainty over the outlook due to unstable international conditions and elevated energy and raw material prices was also identified. - FY2024-Q1Recovery coexisting with risks of elevated pricesAnnual report
「The economy remained in a situation of continued uncertainty over the outlook. Socioeconomic activity was returning to normal and the economy was recovering moderately as COVID-19 was reclassified under the Infectious Diseases Act, but energy and raw material prices remained elevated due to unstable international conditions.」
While socioeconomic activity was returning to normal and the economy was recovering, continued uncertainty over the outlook due to unstable international conditions and elevated energy and raw material prices was also identified. - FY2023-Q3RestatedAnnual report
「During the cumulative nine-month period of the current fiscal year, the Japanese economy remained in a situation of continued uncertainty over the outlook. Although socioeconomic activity showed signs of recovery due to the easing of restrictions related to COVID-19, energy and raw material prices surged amid unstable international conditions, and the yen depreciated rapidly.」
While socioeconomic activity showed signs of recovery due to the easing of restrictions on activities, continued uncertainty over the outlook due to surging energy and raw material prices and the rapid depreciation of the yen was described. - FY2023-Q2Signs of recovery coexisting with risks from surging prices and yen depreciationAnnual report
「During the cumulative six-month period of the current fiscal year, the Japanese economy remained in a situation of continued uncertainty over the outlook. Although socioeconomic activity showed signs of recovery as restrictions on activities were eased, energy and raw material prices surged amid unstable international conditions, and the yen depreciated rapidly.」
While socioeconomic activity showed signs of recovery due to the easing of restrictions on activities, continued uncertainty over the outlook due to surging energy and raw material prices and the rapid depreciation of the yen was described. - FY2023-Q1WorsenedAnnual report
「During the cumulative three-month period of the current fiscal year, the Japanese economy remained in a situation of continued uncertainty over the outlook. Although efforts were being made to balance measures against COVID-19 with socioeconomic activity, energy and raw material prices surged amid unstable international conditions, and the yen depreciated rapidly.」
In addition to the previous factors of the infection, new variants and rising raw material prices, the surge in energy and raw material prices and the rapid depreciation of the yen were explicitly identified as sources of uncertainty over the outlook. - FY2022WorsenedAnnual report
「During the fiscal year under review, the Japanese economy remained in a situation of continued uncertainty over the outlook. Vaccination against COVID-19 progressed, and corporate earnings showed signs of recovery, but uncertainty persisted due to the repeated spread of new variants and the impact of rising raw material prices.」
While recovery due to vaccinations was evident, the repeated spread of new variants and rising raw material prices were explicitly identified as new sources of uncertainty. - FY2022-Q3Recovery coexisting with uncertainty caused by new variantsAnnual report
「During the cumulative nine-month period of the current fiscal year, the Japanese economy remained in a situation of continued uncertainty over the outlook. Vaccination against COVID-19 progressed, and corporate earnings and personal consumption showed signs of recovery, but new variants emerged.」
While corporate earnings and personal consumption showed signs of recovery due to vaccinations and other factors, uncertainty over the outlook due to the emergence of new variants continued. - FY2021-Q3WorsenedAnnual report
「During the cumulative nine-month period of the current fiscal year, the Japanese economy remained in a difficult situation. Economic activity that had stagnated due to the impact of COVID-19 resumed and showed temporary signs of recovery, but concerns arose over the impact of a renewed spread of the infection.」
While economic activity showed temporary signs of recovery, concerns over the impact of a renewed spread of the infection emerged as a new risk, and the difficult economic environment continued. - FY2021-Q2RestatedAnnual report
「During the cumulative six-month period of the current fiscal year, the Japanese economy remained in a difficult situation. Although economic activity that had stagnated due to the impact of COVID-19 resumed, the subsequent pace of recovery was slow.」
The company indicated that, although economic activity had resumed, the recovery was slow and the difficult economic environment continued. - FY2021-Q1WorsenedAnnual report
「The economy remained in an extremely difficult situation, with socioeconomic activity stagnating due to the impact of the spread of COVID-19.」
In addition to the previous uncertainty in the global economy and other factors, the stagnation of socioeconomic activity caused by COVID-19 was explicitly identified, indicating that the economic environment had become more difficult. - FY2020WorsenedAnnual report
「Although the employment and income environment continued to improve, the economy remained in a difficult situation amid the impact of the consumption tax increase and increasing uncertainty in the global economy, as the spread of COVID-19 raised concerns about its impact on economic activity.」
In addition to the previous factors of the consumption tax increase and uncertainty in the global economy, the spread of COVID-19 and concerns about its impact on economic activity were explicitly identified. - FY2020-Q2ReframedAnnual report
「During the cumulative six-month period of the current fiscal year, the Japanese economy remained on a moderate recovery track, with the employment and income environment continuing to improve, but uncertainty over the outlook persisted due to the impact of the consumption tax increase and uncertainty in the global economy.」
In addition to the previous factors of uncertainty in the global economy and the impact of financial markets, the impact of the consumption tax increase was explicitly identified as a source of uncertainty over the outlook. - FY2020-Q1RestatedAnnual report
「During the cumulative three-month period of the current fiscal year, the Japanese economy remained on a moderate recovery track, with the employment and income environment continuing to improve, but uncertainty over the outlook persisted due to uncertainty in the global economy and the impact of financial markets.」
Uncertainty over the outlook due to uncertainty in the global economy and the impact of financial markets continues to be described as a risk in the economic environment. - FY2019RestatedAnnual report
「During the fiscal year under review, the Japanese economy remained on a moderate recovery track, with the employment and income environment continuing to improve, but uncertainty over the outlook persisted due to uncertainty in the global economy and the impact of financial markets.」
Uncertainty over the outlook due to uncertainty in the global economy and the impact of financial markets continues to be described as a risk in the economic environment. - FY2019-Q3RestatedAnnual report
「During the cumulative nine-month period of the current fiscal year, the Japanese economy remained on a moderate recovery track, with corporate earnings and the employment environment continuing to improve, but uncertainty over the outlook persisted due to uncertainty in the global economy and the impact of fluctuations in financial markets.」
Uncertainty over the outlook due to uncertainty in the global economy and fluctuations in financial markets continues to be described as a risk in the economic environment. - FY2019-Q2RestatedAnnual report
「During the cumulative six-month period of the current fiscal year, the Japanese economy remained on a moderate recovery track, with corporate earnings and the employment environment continuing to improve, but uncertainty over the outlook persisted due to uncertainty in the global economy and the impact of financial markets.」
Uncertainty over the outlook due to uncertainty in the global economy and the impact of financial markets continues to be described as a risk in the economic environment. - FY2019-Q1RestatedAnnual report
「During the cumulative three-month period of the current fiscal year, the Japanese economy remained on a moderate recovery track, with corporate earnings and the employment environment continuing to improve, but uncertainty over the outlook persisted due to uncertainty in the global economy and the impact of financial markets.」
Uncertainty over the outlook due to uncertainty in the global economy and the impact of financial markets continues to be described as a risk in the economic environment. - FY2018ReframedAnnual report
「During the fiscal year under review, the Japanese economy remained on a moderate recovery track, with corporate earnings and the employment environment continuing to improve, but uncertainty over the outlook persisted due to uncertainty in the global economy and the impact of financial markets.」
The description of risk factors changed from the previous references to weak personal consumption and geopolitical risks to uncertainty over the outlook, including uncertainty in the global economy and the impact of financial markets. - FY2018-Q3RestatedAnnual report
「During the cumulative nine-month period of the current fiscal year, the Japanese economy remained on a moderate recovery track, with corporate earnings and the employment environment continuing to improve, but uncertainty over the outlook persisted amid increasing geopolitical risks overseas.」
The increasing geopolitical risks overseas and the continued uncertainty over the outlook continue to be described as risks in the economic environment. - FY2018-Q2RestatedAnnual report
「Although the economy remained on a gradual recovery track, with corporate earnings and employment conditions continuing to improve, uncertainty about the outlook persisted as geopolitical risks overseas increased.」
The increasing geopolitical risks overseas and the continued uncertainty over the outlook continue to be described as risks in the economic environment. - FY2018-Q1WorsenedAnnual report
「Although the economy remained on a gradual recovery track, with corporate earnings and employment conditions continuing to improve, personal consumption lacked strength and uncertainty about the outlook persisted as geopolitical risks overseas increased.」
In addition to weak personal consumption, increasing geopolitical risks overseas were explicitly identified, making the factors contributing to the uncertain outlook more specific and more serious. - FY2017RestatedAnnual report
「The economy remained in conditions of heightened uncertainty about the outlook, with weakness in personal consumption and increasing uncertainty in global conditions.」
The company continues to cite weakness in personal consumption and uncertainty in global conditions as factors contributing to the uncertain outlook. - FY2017-Q3ReframedAnnual report
「Although the economy remained on a gradual recovery track, with employment and income conditions continuing to improve, uncertainty about the outlook intensified amid stagnant personal consumption and increasing uncertainty in global conditions.」
The wording describing the risks changed from the previous reference to downside risks to the global economy to increasing uncertainty in global conditions and heightened uncertainty about the outlook. - FY2017-Q2First statedAnnual report
「Although the economy remained on a gradual recovery track, with employment and income conditions continuing to improve, it remained uncertain due to stagnant personal consumption and downside risks to the global economy, among other factors.」
The company identifies stagnant personal consumption and downside risks to the global economy as factors contributing to the uncertain outlook.