Slowing corporate earnings due to weaker overseas economies and yen appreciation
First written in FY2016. 22 of 35 entries say "Restated". Latest entry: 2026-09-29.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「Although Japan's economy is expected to recover moderately, concerns remain over energy-related issues resulting from the situation in the Middle East, sharp fluctuations in foreign exchange rates, developments in U.S. tariff policy and other factors, and the uncertain outlook is expected to continue.」
In addition to the existing risks of downside risks to overseas economies and exchange-rate fluctuations, the company identifies the energy-related issues arising from developments in the Middle East and US tariff policies as new concerns. - FY2025RestatedAnnual report
「During the consolidated fiscal year, Japan’s economy remained on a gradual recovery path, but the outlook remained uncertain due in part to sharp fluctuations in exchange rates, surging prices and downside risks to overseas economies.」
While the economy remained on a gradual recovery path, the company again highlights uncertainty about the outlook due to sharp fluctuations in exchange rates, surging prices and downside risks to overseas economies. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period, Japan’s economy remained on a gradual recovery path, but the outlook remained uncertain due in part to sharp fluctuations in exchange rates, surging prices and downside risks to overseas economies.」
While the economy remained on a gradual recovery path, the company again highlights uncertainty about the outlook due to sharp fluctuations in exchange rates, surging prices and downside risks to overseas economies. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan’s economy was on a gradual recovery path following the removal of COVID-19-related restrictions, but the outlook remained uncertain due in part to downside risks to overseas economies, particularly China, and the impact of surging prices.」
While describing the gradual recovery trend after the removal of restrictions, the company again highlights uncertainty about the outlook due to downside risks to overseas economies, including China, and surging prices. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, Japan’s economy was on a gradual recovery path following the removal of COVID-19-related restrictions, but the outlook remained uncertain due in part to downside risks to overseas economies, particularly China, and the impact of surging prices.」
While describing the recovery trend after the removal of restrictions, the company again highlights uncertainty about the outlook due to downside risks to overseas economies, including China, and surging prices. - FY2024-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, Japan’s economy was on a gradual recovery path following the removal of COVID-19-related restrictions, but the outlook remained uncertain due in part to downside risks to overseas economies and the impact of surging prices.」
While describing the recovery trend after the removal of restrictions, the company continues to describe uncertainty about the outlook due to downside risks to overseas economies. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, socioeconomic activity in Japan continued to normalize despite the ongoing impact of COVID-19, but the outlook remained uncertain due in part to the prolonged Russia-Ukraine conflict and sharp fluctuations in exchange rates.」
While socioeconomic activity continued to normalize, the company continues to describe uncertainty about the outlook due to the prolonged Russia-Ukraine conflict and sharp fluctuations in exchange rates. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, Japan’s economy remained uncertain as socioeconomic activity continued to normalize despite the pandemic, but was also affected by the prolonged Russia-Ukraine conflict and the sharp depreciation of the yen.」
While socioeconomic activity continued to normalize, the company continues to describe uncertainty about the outlook due to the prolonged Russia-Ukraine conflict and the sharp depreciation of the yen. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan’s economy remained uncertain as the number of COVID-19 cases began to decline and socioeconomic activity moved toward normalization, but was also affected by the prolonged Russian invasion of Ukraine and the sharp depreciation of the yen.」
Although COVID-19 was moving toward containment and socioeconomic activity toward normalization, the prolonged invasion of Ukraine and the sharp depreciation of the yen have been added as new sources of uncertainty. - FY2022WorsenedAnnual report
「Japan’s economy is expected to recover as COVID-19 moves toward containment and socioeconomic activity normalizes, but concern remains that Russia’s invasion of Ukraine will have a long-term adverse impact not only on Japan but also on the global economy.」
The company expresses expectations for the containment of COVID-19 and the normalization of economic activity, while identifying Russia’s invasion of Ukraine as a new concern that could have a long-term adverse impact on the global economy. - FY2022-Q3WorsenedAnnual report
「During the cumulative third quarter of the fiscal year, Japan’s economy showed signs of recovery as COVID-19 vaccinations progressed, but the Omicron variant spreading worldwide became a concern and the outlook once again became uncertain.」
The company states that signs of recovery were evident due to vaccinations, while the global spread of the Omicron variant made the outlook uncertain again, indicating that uncertainty was increasing again after the trend toward normalization in the previous quarter. - FY2022-Q2MitigatedAnnual report
「During the cumulative second quarter of the fiscal year, Japan’s economy saw a resurgence in COVID-19 infections, but measures to contain the disease, including vaccinations, progressed and socioeconomic activity was gradually returning to normal.」
Although infections resurged, measures including vaccinations progressed and socioeconomic activity was gradually returning to normal. Compared with the uncertainty about the outlook in the previous quarter, the description indicates that the impact on the economic environment was beginning to ease in part. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan’s economy remained uncertain as COVID-19 infections resurged and a third state of emergency was declared in major prefectures nationwide.」
The company describes an uncertain economic environment against the backdrop of the resurgence in infections and the declaration of a third state of emergency in major prefectures nationwide. - FY2021RestatedAnnual report
「Japan’s economy is expected to remain uncertain going forward, as the end of the COVID-19 pandemic remains difficult to foresee amid the spread of highly transmissible variants and other factors.」
The company identifies uncertainty about the outlook due to the difficulty of foreseeing the end of the pandemic as a concern in the economic environment. - FY2020-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy continued to recover moderately, but remained in an uncertain situation due in part to increasing uncertainty in overseas economies and the impact of natural disasters caused by a major typhoon.」
Uncertainty surrounding the outlook due to uncertainty in overseas economies continues to be described. The impact of natural disasters caused by a major typhoon is also relevant to the thread on natural-disaster risks. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued to recover moderately, but remained in an uncertain situation as uncertainty in overseas economies and other factors intensified further.」
The uncertainty surrounding the outlook due to intensifying uncertainty in overseas economies continues to be described as a concern regarding the economic environment. - FY2020-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy continued to recover moderately, but remained in an uncertain situation as uncertainty in overseas economies and other factors intensified further.」
It is stated that uncertainty in overseas economies and other factors intensified further compared with the previous period, indicating a deterioration in the uncertainty surrounding the outlook. - FY2019RestatedAnnual report
「During the fiscal year, Japan's economy continued to recover moderately, but remained in an uncertain situation, with natural disasters occurring across Japan and the impact of the slowdown in overseas economies visible in exports and production.」
The uncertain economic environment, including the impact of the slowdown in overseas economies and natural disasters, continues to be described. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy continued to recover moderately, but remained in a situation of concern due to the impact of natural disasters across Japan and downside risks to overseas economies resulting from trade issues and other factors.」
Concerns about downside risks to overseas economies resulting from natural disasters, trade issues and other factors continue to be described. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued to recover moderately, but remained in a situation of concern due to the impact of a series of natural disasters across Japan and downside risks to overseas economies resulting from trade issues, among other factors.」
While concerns about downside risks to overseas economies continue, the impact of trade issues and natural disasters in Japan is also described as a factor of concern. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy continued to recover moderately, but remained in a situation of concern due to the worsening labor shortage and uncertainty in overseas economies, among other factors.」
Concerns about the outlook due to the worsening labor shortage and uncertainty in overseas economies continue to be described. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy continued to recover moderately, but remained in a situation of concern due to the worsening labor shortage and uncertainty in overseas economies, among other factors.」
Concerns about the outlook due to the worsening labor shortage and uncertainty in overseas economies continue to be described. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued to recover moderately, but remained in a situation of concern due to the worsening labor shortage and uncertainty in overseas economies, among other factors.」
Concerns about the outlook due to the worsening labor shortage and uncertainty in overseas economies continue to be described. - FY2018-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy continued to recover moderately, but remained in an uncertain situation amid concerns about the worsening labor shortage and uncertainty in overseas economies.」
The uncertain outlook against the backdrop of the worsening labor shortage and uncertainty in overseas economies continues to be described. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy continued to recover moderately, but remained in an uncertain situation amid concerns about the impact of the slowdown in emerging-market economies, including China, the UK's EU withdrawal issue and the transition to a new administration in the United States.」
The transition to a new administration in the United States was added to the slowdown in emerging-market economies, including China, and the UK's EU withdrawal issue as a factor of concern, while the overall wording remains that the outlook is uncertain. - FY2017-Q2SoftenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued to recover moderately, but remained in an uncertain situation, with concerns about downside risks to the global economy due to the slowdown in emerging-market economies, including China, the UK's EU withdrawal issue and other factors.」
Although concerns about downside risks to the global economy continue, the wording has weakened from "increased risk" in the previous quarter to "concerns about risk." - FY2017-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy remained in an uncertain situation. Corporate earnings, which had been on a recovery trend, showed signs of stalling due in part to yen appreciation, while downside risks to the global economy increased due to the UK's EU withdrawal issue, the slowdown in the Chinese economy and other factors.」
It is stated that downside risks to the global economy increased due to yen appreciation, the UK's EU withdrawal issue and the slowdown in the Chinese economy. - FY2016First statedAnnual report
「Japan's economy is expected to remain in an unpredictable situation, with corporate earnings, which had been on a recovery trend, expected to slow due in part to downside risks in overseas economies and the impact of yen appreciation.」
This is described as an external risk to the future economic environment.