Uncertainty from the slowdown in emerging-market economies, share prices and foreign exchange rates
First written in FY2016. 23 of 35 entries say "Worsened", first in FY2017-Q1. Latest entry: FY2027-H1.
Japan Logistic Systems Corp. moved to the "Worse" side of this theme in 2018, 3 years before the typical company in this theme (2021).
The whole theme swung hardest in 2020: 51 of 73 companies on the "Worse" side.
42 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「Meanwhile, the business environment required continued careful assessment due to soaring resource prices associated with fluid international conditions, foreign exchange fluctuations, and domestic and overseas interest rate trends.」
In addition to resource price increases associated with the international situation and foreign exchange fluctuations, domestic and overseas interest rate trends are specifically identified as sources of uncertainty, and conditions requiring careful assessment continue. - 2026-08-10WorsenedResults
「混迷する中東情勢の影響により、資源・エネルギー価格の高騰や為替相場の変動、国内外の金利動向など、慎重な見極めが求められる状況が続きました。」
中東情勢、資源・エネルギー価格、為替、金利動向が不透明要因として併記された。 - FY2026WorsenedAnnual report
「Meanwhile, the outlook is expected to remain uncertain due to the impact of the increasingly complex situation in the Middle East, the outlook for personal consumption, and developments in unstable foreign exchange markets.」
In addition to the previous concerns about rising prices and declining consumer sentiment, the increasingly complex situation in the Middle East and unstable foreign exchange markets are specifically identified as new sources of uncertainty. - 2026-05-14WorsenedResults
「しかしながら、継続的な物価上昇による消費者マインドの低下に加え、各国の関税政策や地政学 リスクの高まりに伴う影響が懸念されるなど、先行き 不透明な状況が続きました。」
物価上昇に加え、各国の関税政策と地政学リスクの高まりが懸念要因として記載された。 - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period under review, Japan’s economy followed a gradual recovery trend as employment and income conditions improved. However, the outlook remained uncertain amid concerns about the impact on corporate earnings of US tariff policy, in addition to declining consumer sentiment associated with continued price increases.」
While a recovery trend is noted, declining consumer sentiment due to continued price increases and the impact of US tariff policy on corporate earnings are specifically identified as new concerns. - FY2025WorsenedAnnual report
「However, the outlook remained uncertain amid concerns about the impact of price increases associated with soaring raw material prices, a slowdown in the Chinese economy, and an unstable international situation.」
Rising prices, a slowdown in the Chinese economy, and an unstable international situation are cited together, and uncertainty in the economic environment continues. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter under review, Japan’s economy followed a gradual recovery trend, with increased inbound demand and improved corporate earnings as socioeconomic activity moved toward normalization. However, the outlook remained uncertain amid concerns about the impact of continued price increases, a slowdown in the Chinese economy, and global monetary tightening.」
While normalization of socioeconomic activity and a recovery trend driven by inbound demand are noted, uncertainty about the outlook continues due to rising prices, a slowdown in the Chinese economy, and global monetary tightening. - FY2024-Q2WorsenedAnnual report
「However, the outlook remained uncertain amid concerns about the impact of a slowdown in the Chinese economy and global monetary tightening, as well as restrained consumption associated with rising prices.」
In addition to the existing uncertainty in the economic environment, the note specifically identifies a slowdown in the Chinese economy, global monetary tightening, and restrained consumption associated with rising prices as concerns. - FY2024-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan’s economy followed a gradual recovery trend as socioeconomic activity moved toward normalization, partly because COVID-19 was classified as equivalent to a Category 5 disease under the Infectious Diseases Control Law. However, the outlook remained uncertain amid concerns about a downside in the economy due to an overseas economic slowdown and rising prices.」
While normalization of socioeconomic activity and a recovery trend are noted, concerns about a downside in the economy due to a slowdown in overseas economies and rising prices are newly identified. - FY2023WorsenedAnnual report
「Regarding the economic outlook, as economic activity moves toward normalization, the economy is expected to maintain a gradual recovery trend due in part to increased inbound demand. However, the difficult-to-assess conditions are expected to continue amid concerns about uncertain energy price trends and the impact of rising prices and a slowdown in overseas economies.」
While expectations for a recovery driven by normalized economic activity and inbound demand are noted, uncertain energy prices, rising prices, and a slowdown in overseas economies are specifically identified as new concerns. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter under review, as the COVID-19 pandemic continued for an extended period, economic activity moved toward normalization through eased activity restrictions and other measures, and the economy showed signs of a gradual recovery. However, the outlook remained uncertain amid concerns about the impact of soaring raw material and energy prices, sharp foreign exchange fluctuations, and rising prices.」
While normalization of economic activity and signs of an economic recovery are noted, uncertainty about the outlook continues due to soaring raw material and energy prices, sharp foreign exchange fluctuations, and rising prices. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter under review, Japan’s economy remained uncertain. As the COVID-19 pandemic continued for an extended period, efforts were made to balance preventing the spread of the disease with economic activity through eased activity restrictions and other measures. Expectations for an economic recovery grew, but the economy was affected by soaring resource and energy prices, the rapid depreciation of the yen, and rising prices.」
Expectations for an economic recovery following eased activity restrictions coexist with uncertainty stemming from soaring resource and energy prices, the rapid depreciation of the yen, and rising prices. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan’s economy remained uncertain. While easing restrictions on activity during the COVID-19 pandemic raised expectations for an economic recovery, economic activity was affected by rising energy prices, soaring raw material prices and procurement concerns, and the rapid depreciation of the yen.」
While expectations for an economic recovery resulting from eased activity restrictions are noted, rising energy prices, soaring raw material prices and procurement concerns, and the rapid depreciation of the yen are identified as new sources of uncertainty affecting economic activity. - FY2022WorsenedAnnual report
「Regarding the economic outlook, although normalization of economic activity and an economic recovery are anticipated as the COVID-19 pandemic becomes prolonged and entrenched, uncertainty remains. In addition, amid growing uncertainty in the international situation, concerns include further increases in crude oil and other energy prices and raw material prices, financial market instability, and disruptions to international logistics, and the difficult-to-assess conditions are expected to continue.」
In addition to the previous uncertainty surrounding the disease and the economy, the note specifically identifies uncertainty in the international situation, further increases in energy and raw material prices, financial market instability, and disruptions to international logistics as new concerns. - FY2022-Q3Expectations for an economic recovery alongside concerns about supply chains and variant strainsAnnual report
「During the cumulative third quarter under review, the state of emergency declarations issued intermittently in response to COVID-19 were fully lifted at the end of September, heightening expectations for an economic recovery. However, the outlook remained uncertain due to concerns about the impact of global supply chain disruptions and a resurgence of the disease associated with the emergence of new variant strains.」
While expectations for an economic recovery following the full lifting of the state of emergency are noted, the note also cites concerns about global supply chain disruptions and a resurgence of the disease caused by new variant strains, with both risk factors present. - FY2022-Q2WorsenedAnnual report
「During the cumulative second quarter under review, Japan’s economy remained uncertain. Although various measures were taken in response to COVID-19, socioeconomic activity was constrained over an extended period and personal consumption remained weak.」
The note states that measures to control the disease were being advanced, while restrictions on socioeconomic activity were prolonged and weak personal consumption continued. - FY2022-Q1Expectations for an economic recovery alongside concerns about variant strainsAnnual report
「During the cumulative first quarter under review, Japan’s economy remained uncertain. While the spread of COVID-19 vaccines and the effects of various policies raised expectations for an economic recovery, economic activity continued to be constrained due to concerns about the spread of variant strains.」
While expectations for an economic recovery driven by vaccine uptake and policy effects are noted, concerns about restrictions on economic activity due to the spread of variant strains continue. - FY2021-Q3WorsenedAnnual report
「Although the state of emergency was lifted in May and an economic recovery was anticipated from the gradual resumption of socioeconomic activity and economic measures, the disease began spreading again from around autumn, and the government considered reissuing a state of emergency, leaving the outlook uncertain.」
The note describes a renewed spread of the disease and consideration of reissuing a state of emergency, with the wording advancing from concerns about a renewed spread in the previous quarter to an actual expansion phase. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter under review, Japan’s economy deteriorated due to the impact of COVID-19, and severe conditions continued. After the state of emergency was lifted, socioeconomic activity gradually moved toward normalization and an economic recovery was anticipated, but concerns about a renewed spread of the disease grew, leaving the outlook uncertain.」
The note indicates both worsening economic conditions and their continuation, while also citing expectations for the normalization of economic activity and concerns about a renewed spread of the disease, reflecting a continuing uncertain economic environment. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan's economy remained uncertain as the global spread of COVID-19 caused economic activity to stagnate and the economy to deteriorate rapidly.」
The global spread of COVID-19 is explicitly identified as causing stagnation in economic activity and rapid economic deterioration, deepening uncertainty in the economic environment. - FY2020WorsenedAnnual report
「During the fiscal year under review, Japan's economy generally followed a moderate recovery trend, but the outlook remained uncertain as it was affected by successive natural disasters, the consumption tax rate increase and the global spread of COVID-19, which caused a sharp slowdown in economic activity.」
In addition to the existing concerns over natural disasters, the consumption tax rate increase and uncertainty in overseas economies, a sharp economic slowdown caused by the global spread of COVID-19 is explicitly identified. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan's economy continued a moderate recovery trend, but the outlook remained uncertain amid concerns about the impact of successive natural disasters, the consumption tax rate increase and increasingly uncertain overseas economic conditions.」
In addition to the existing uncertainty in overseas economies, the impact of successive natural disasters and the consumption tax rate increase is explicitly identified as a specific source of concern. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter under review, Japan's economy continued a moderate recovery trend supported by improving employment and income conditions, but the outlook remained uncertain amid concerns about the impact of US-China trade friction and a slowdown in the Chinese economy.」
In addition to the existing US-China trade friction, the impact of a slowdown in the Chinese economy is identified as a new source of concern. The statement does not say that a slowdown in the Chinese economy itself has occurred, only that its impact is a concern. In addition, quantified was determined to be false and materialized was determined to be false. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter under review, Japan's economy remained uncertain, despite a continuing moderate recovery trend supported by improving employment and income conditions, amid concerns about increasing uncertainty in the global economy associated with US-China trade friction.」
While the domestic economy is showing a recovery trend, uncertainty in the global economy associated with US-China trade friction and the resulting uncertain outlook continue to be identified. - FY2019WorsenedAnnual report
「The economy remained uncertain, amid concerns about the impact of US-China trade friction and a slowdown in overseas economies.」
In addition to US-China trade friction, a slowdown in overseas economies is explicitly identified as a specific source of concern. - FY2019-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan's economy followed a moderate recovery trend supported by expanding corporate earnings and improving employment conditions. However, the outlook remained uncertain amid concerns about the impact of US-China trade friction and volatility in financial and capital markets.」
In addition to US-China trade friction, the impact of volatility in financial and capital markets is identified as a new source of uncertainty. - FY2019-Q2WorsenedAnnual report
「During the cumulative second quarter under review, Japan's economy followed a moderate recovery trend, with expanding corporate earnings and improving employment conditions. However, the outlook remained uncertain amid concerns about the impact of successive natural disasters and US-China trade friction.」
While the domestic economy is described as being on a recovery trend, successive natural disasters and US-China trade friction are newly identified as specific sources of uncertainty. - FY2018WorsenedAnnual report
「During the fiscal year under review, Japan's economy continued a moderate recovery trend, with expanding corporate earnings and improvements in employment conditions. However, increasing uncertainty in overseas economies due to factors including US trade policy meant that the outlook remained uncertain.」
While the domestic economy is showing a recovery trend, uncertainty in overseas economies attributable to factors including US trade policy is newly identified. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter under review, Japan's economy followed a moderate recovery trend, with improvements in corporate earnings and employment and income conditions. However, concerns about increasing uncertainty in overseas conditions meant that the outlook remained uncertain.」
While the domestic economy is showing a recovery trend, uncertainty about overseas conditions continues to be identified as a risk to the outlook. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter under review, Japan's economy followed a moderate recovery trend, with improvements in corporate performance and employment and income conditions. However, concerns about increasing uncertainty in overseas conditions meant that the outlook remained uncertain.」
While the domestic economy is showing a recovery trend, uncertainty about overseas conditions continues to be identified as a risk to the outlook. - FY2017RestatedAnnual report
「During the fiscal year under review, Japan's economy remained uncertain, despite improving employment and income conditions and a recovery trend, because personal consumption remained weak and concerns arose about the impact of increasing uncertainty in the global economy.」
Weak personal consumption and uncertainty in the global economy continued to be identified as risks to the economic environment during the fiscal year. - FY2017-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan's economy remained uncertain, despite expectations of an economic recovery as various policy measures improved employment and income conditions, because personal consumption lacked strength and concerns arose about the impact of increasing uncertainty in the global economy.」
Concerns about the impact of increasing uncertainty in the global economy are newly identified. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter under review, Japan's economy remained uncertain, despite expectations of an economic recovery as various policy measures improved employment and income conditions, amid sluggish personal consumption and concerns about downside risks to corporate earnings from the continuing appreciation of the yen.」
The uncertain economic outlook, including the continuing appreciation of the yen and concerns about downside risks to corporate earnings, remains evident. - FY2017-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan's economy remained uncertain, despite expectations of an economic recovery resulting from policy measures, as sluggish personal consumption and a slowdown in emerging-market economies, together with the ongoing appreciation of the yen and decline in share prices, raised concerns about downside risks to corporate earnings.」
In addition to the previous uncertainties, concerns about downside risks to corporate earnings from the ongoing appreciation of the yen and decline in share prices are explicitly identified. - FY2016First statedAnnual report
「Japan's economy is expected to remain relatively resilient, but concerns including a slowdown in emerging-market economies, fluctuations in share prices, foreign exchange rates and crude oil prices, and the impact of the Kumamoto earthquake on economic activity mean that the outlook is expected to remain uncertain.」
Domestic and overseas economic conditions, share prices, foreign exchange rates, crude oil prices and the impact of earthquakes are cited as concerns.