Uncertainty in the Overseas Economy and Economic Weakness
First written in FY2016-Q2. 16 of 34 entries say "Restated". Latest entry: FY2026-H1.
Maruhachi Warehouse moved to the "Worse" side of this theme in 2020, 2 years before the typical company in this theme (2022).
The whole theme swung hardest in 2020: 23 of 34 companies on the "Worse" side.
18 other companies' latest entry also says "Other".
- FY2026-H1Explicitly identifies downside risks to the domestic economy and financial market volatilityAnnual report
「During the interim consolidated accounting period, the Japanese economy continued on a gradual recovery trend, supported by improvements in employment and income conditions and the effects of various policies. However, downside risks to the domestic economy have been rising due to price trends, developments in US trade policy and other factors, and the need to remain alert to volatility in financial and capital markets continues.」
While describing the gradual recovery in economic conditions, it presents the existing uncertainty surrounding US trade policy and rising prices as the need to remain alert to downside risks to the domestic economy and volatility in financial and capital markets. - FY2025RestatedAnnual report
「The Japanese economy continued on a gradual recovery trend, supported by improvements in employment and income conditions and the effects of various policies. However, in addition to the impact of continued price increases on personal consumption, there are concerns about downside risks to domestic and overseas economies arising from developments in US trade policy and other factors.」
While describing the gradual recovery in economic conditions, it continues to indicate the impact of rising prices on personal consumption and downside risks to domestic and overseas economies arising from developments in US trade policy. - FY2025-H1Uncertainty over U.S. trade policyAnnual report
「During the interim consolidated accounting period, the Japanese economy continued on a gradual recovery trend, supported by improvements in employment and income conditions and the effects of various policies. However, the risk that continued price increases could weigh on consumer sentiment has been rising, while uncertainty remains regarding domestic and overseas economic trends due to developments in US trade policy and other factors.」
Compared with previous explanations concerning global monetary tightening and continued high interest rates in the US and Europe, it explicitly identifies the risk that rising prices could weigh on consumer sentiment and developments in US trade policy as new sources of uncertainty. - FY2024Continued high interest rates in the US and Europe explicitly notedAnnual report
「However, downside risks to overseas economies have been rising due to the continued high interest-rate environment in the US and Europe, while uncertainty remains regarding domestic and overseas economic trends due to the effects of rising prices and volatility in financial and capital markets.」
Concerns previously expressed regarding global monetary tightening have been specified as downside risks to overseas economies arising from continued high interest rates in the US and Europe. - FY2024-Q2RestatedAnnual report
「During the first six months of the fiscal year, the Japanese economy continued on a gradual recovery trend, supported by improvements in employment and income conditions and the effects of various policies. However, downside risks to the economy have been rising as a result of global monetary tightening, while uncertainty remains regarding domestic and overseas economic trends due to the effects of rising prices and volatility in financial and capital markets.」
While describing the gradual recovery trend in economic conditions, it continues to cite downside risks and uncertainty arising from global monetary tightening, rising prices and volatility in financial and capital markets. - FY2024-Q1RestatedAnnual report
「During the first three months of the fiscal year, the Japanese economy continued on a gradual recovery trend, supported by improvements in employment and income conditions and the effects of various policies. However, downside risks to the economy have been rising as a result of the effects of global monetary tightening, while uncertainty remains regarding domestic and overseas economic trends due to the effects of rising prices and volatility in financial and capital markets.」
While describing the gradual recovery trend in economic conditions, it also cites downside risks associated with global monetary tightening and uncertainty arising from rising prices and volatility in financial and capital markets. - FY2023WorsenedAnnual report
「However, alongside geopolitical risks, including those in the Middle East, it is necessary to pay close attention to rising downside risks to the economy against a backdrop of global monetary tightening and the upward trend in domestic prices, and uncertainty remains regarding domestic and overseas economic trends.」
In addition to existing geopolitical risks and monetary tightening, it explicitly identifies the Middle East and the upward trend in domestic prices, while continuing to caution about downside risks to the economy. - FY2023-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy showed signs of a gradual recovery, partly reflecting the effects of various policies implemented under the “living with COVID-19” approach. However, downside risks to the economy have been rising against a backdrop of global monetary tightening, while uncertainty remains regarding domestic and overseas economic trends due to the effects of rising prices and volatility in financial and capital markets.」
While describing the gradual recovery in economic conditions, it also cites downside risks against a backdrop of global monetary tightening and uncertainty arising from rising prices and volatility in financial and capital markets. - FY2023-Q2RestatedAnnual report
「During the first six months of the fiscal year, the Japanese economy showed signs of a gradual recovery, partly reflecting the effects of various policies implemented under the “living with COVID-19” approach. However, downside risks to the economy have been rising against a backdrop of global monetary tightening, while uncertainty remains regarding domestic and overseas economic trends due to the effects of rising prices and volatility in financial and capital markets.」
While describing the recovery in economic conditions under the “living with COVID-19” approach, it also cites downside risks against a backdrop of global monetary tightening and uncertainty arising from rising prices and volatility in financial and capital markets. - FY2023-Q1Recovery in economic conditions noted alongside inflation and monetary tightening risksAnnual report
「During the first three months of the fiscal year, the Japanese economy showed signs of a gradual recovery, partly reflecting the effects of various policies implemented under the “living with COVID-19” approach. However, downside risks to the economy have been rising against a backdrop of global monetary tightening, while uncertainty remains regarding domestic and overseas economic trends due to the effects of rising prices and volatility in financial and capital markets.」
While describing the recovery in economic conditions under the “living with COVID-19” approach, it also cites downside risks against a backdrop of global monetary tightening and uncertainty arising from rising prices and volatility in financial and capital markets. - FY2022-Q3WorsenedAnnual report
「During the first nine months of the fiscal year, the Japanese economy showed signs of a recovery as economic and social activity gradually normalized, although the impact of COVID-19 has persisted. However, alongside geopolitical risks such as the prolonged situation in Ukraine, it is necessary to pay close attention to rising downside risks to the economy amid globally accelerating inflation and monetary tightening, and uncertainty remains regarding domestic and overseas economic trends.」
While describing the normalization of economic and social activity and the recovery in economic conditions, it explicitly highlights rising downside risks to the economy against a backdrop of globally accelerating inflation and monetary tightening, in addition to existing geopolitical risks. - FY2022-Q2Economic activity normalizing while geopolitical risks persistAnnual report
「During the second quarter of the current consolidated fiscal year, although the impact of COVID-19 has been prolonged, economic and social activity has gradually normalized and the economy has begun to show signs of recovery. However, the situation requires close attention to rising downside risks, including soaring raw material prices, and geopolitical risks, including the prolonged situation in Ukraine, have emerged. The outlook for domestic and overseas economies remains clouded by uncertainty.」
It describes the normalization of economic and social activity and the recovery in the economy while also noting downside risks from soaring raw material prices and geopolitical risks, including the prolonged situation in Ukraine. - FY2022-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, although the economy showed signs of recovery, it continued to face difficult conditions due to the impact of COVID-19. While various policy measures are supporting the continuation of economic and social activity, the situation requires close attention to rising downside risks, including soaring raw material prices. Geopolitical risks have also emerged due to the situation in Ukraine and other factors, and the outlook for domestic and overseas economies remains clouded by uncertainty.」
In addition to the difficult economic conditions caused by COVID-19, it newly identifies downside risks from soaring raw material prices and the emergence of geopolitical risks due to the situation in Ukraine and other factors. - FY2021-Q3RestatedAnnual report
「During the third quarter of the current consolidated fiscal year, Japan's economy continued to face difficult conditions due to the impact of COVID-19 and other factors. Although corporate earnings, capital investment, and other areas showed signs of recovery in addition to the effects of various policy measures, the situation requires close attention to rising downside risks from the spread of COVID-19, and the outlook for domestic and overseas economies remains clouded by uncertainty.」
It describes the difficult economic conditions, the recovery in corporate earnings and capital investment, rising downside risks from the spread of COVID-19, and continued uncertainty in domestic and overseas economies. - FY2021-Q2RestatedAnnual report
「During the second quarter of the current consolidated fiscal year, Japan's economy continued to face difficult conditions due to the impact of COVID-19 and other factors. Although corporate earnings, capital investment, and other areas showed signs of recovery in addition to the effects of various policy measures, the situation requires close attention to rising downside risks from the spread of COVID-19, and the outlook for domestic and overseas economies remains clouded by uncertainty.」
It describes the difficult economic conditions, the recovery in corporate earnings and capital investment, rising downside risks from the spread of COVID-19, and continued uncertainty in domestic and overseas economies. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy continued to face difficult conditions due to the impact of COVID-19. Although corporate earnings, capital investment, and other areas showed signs of recovery in addition to the effects of various policy measures, the situation requires close attention to rising downside risks from the spread of COVID-19, and the outlook for domestic and overseas economies remains clouded by uncertainty.」
While corporate earnings and capital investment showed signs of recovery, it explicitly identifies rising downside risks from the spread of COVID-19. - FY2020-Q3Notes expectations for a recovery alongside difficult conditionsAnnual report
「During the third quarter of the current consolidated fiscal year, Japan's economy remained in difficult conditions due to the impact of COVID-19, including a substantial decline in corporate earnings and weakness in employment conditions. Although various policy measures are expected to support a recovery, the situation requires close attention to the impact of COVID-19 on domestic and overseas economies and volatility in financial and capital markets.」
It also states that, while difficult conditions caused by a substantial decline in corporate earnings and weakness in employment conditions continue, a recovery supported by various policy measures is expected. Attention to COVID-19 and volatility in financial and capital markets continues. - FY2020-Q2WorsenedAnnual report
「During the second quarter of the current consolidated fiscal year, economic activity, including corporate earnings and personal consumption, continued to deteriorate rapidly due to the impact of COVID-19 and other factors, and the economy remained in extremely difficult conditions. The situation continued to require close attention to the impact of volatility in financial and capital markets, while the outlook for domestic and overseas economies remains clouded by uncertainty due to the spread of COVID-19 and other factors.」
It states that, following the previous quarter's significant downward pressure on the economy, the rapid deterioration in economic activity, including corporate earnings and personal consumption, and extremely difficult conditions have continued. - FY2020-Q1MaterialisedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy was significantly pressured downward by the impact of COVID-19 and remained in difficult conditions. Weakness was evident in corporate earnings, production activity, and other areas, while the situation continued to require close attention to the impact of volatility in financial and capital markets. The outlook for domestic and overseas economies also remains clouded by uncertainty due to the spread of COVID-19 and other factors.」
It states that, in addition to the previous concerns over uncertainty in overseas economies, trade issues, and volatility in financial and capital markets, COVID-19 was significantly pressuring the economy downward. - FY2019Added consumption trends following the consumption tax rate increaseAnnual report
「During the consolidated fiscal year, Japan's economy remained in a situation requiring attention to the impact of uncertainty in overseas economies and volatility in financial and capital markets caused by tensions over trade issues, as well as consumption trends following the consumption tax rate increase and other factors. However, corporate earnings remained at high levels, capital investment increased, and employment and income conditions were also improving. With the benefit of various policy measures, the economy recovered moderately.」
In addition to the existing concerns over trade issues, uncertainty in overseas economies, and volatility in financial and capital markets, it explicitly identifies consumption trends following the consumption tax rate increase as an item requiring attention. - FY2019-Q3WorsenedAnnual report
「During the third quarter of the current consolidated fiscal year, Japan's economy remained in a situation requiring attention to the impact of increasing tensions over trade issues on the global economy, uncertainty in overseas economic conditions, volatility in financial and capital markets, and other factors. However, corporate earnings remained firm at high levels, capital investment was on a moderate upward trend, and employment and income conditions continued to improve. With the benefit of various policy measures, the economy recovered moderately.」
The wording has changed from concerns over the impact of trade issues to explicitly describing increasing tensions over trade issues, while continuing to call for attention to uncertainty in overseas economies and volatility in financial and capital markets. - FY2019-Q2RestatedAnnual report
「During the second quarter of the current consolidated fiscal year, Japan's economy remained in a situation requiring attention to the impact of developments in trade issues on the global economy, uncertainty in overseas economies, volatility in financial and capital markets, and other factors. However, corporate earnings remained at high levels, capital investment was on a moderate upward trend, and employment and income conditions continued to improve. With the benefit of various policy measures, the economy recovered moderately.」
It states that the domestic economy recovered moderately while maintaining trade issues, uncertainty in overseas economies, and volatility in financial and capital markets as concerns. - FY2019-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy remained in a situation requiring attention to the impact of developments in trade issues on the global economy, uncertainty in overseas economies, volatility in financial and capital markets, and other factors. However, corporate earnings remained at high levels, capital investment increased, and employment and income conditions were also improving. With the benefit of various policy measures, the economy recovered moderately.」
It states that the domestic economy recovered moderately while maintaining trade issues, uncertainty in overseas economies, and volatility in financial and capital markets as concerns. - FY2018RestatedAnnual report
「During the consolidated fiscal year, Japan's economy remained in a situation requiring attention to the impact of developments in trade issues on the global economy, uncertainty in overseas economies, volatility in financial and capital markets, and other factors. However, corporate earnings showed signs of improvement, capital investment increased, and employment and income conditions were also improving. With the benefit of various policy measures, the economy recovered moderately.」
It states that the domestic economy recovered moderately while maintaining trade issues, uncertainty in overseas economies, and volatility in financial and capital markets as concerns. - FY2018-Q3Added the impact of trade issuesAnnual report
「During the third quarter of the current consolidated fiscal year, Japan's economy remained in a situation requiring attention to the impact of developments in trade issues on the global economy, uncertainty in overseas economies, volatility in financial and capital markets, and other factors. However, corporate earnings showed signs of improvement, capital investment increased, and employment and income conditions were also improving. With the benefit of various policy measures, the economy recovered moderately.」
In addition to the previous concerns over uncertainty in overseas economies and volatility in financial and capital markets, it explicitly identifies the impact of developments in trade issues on the global economy as a concern. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy remained in a situation requiring attention to uncertainty in overseas economies, volatility in financial and capital markets, and other factors. However, corporate earnings showed signs of improvement, capital investment showed a gradual increase, and employment and income conditions were also improving. With the benefit of various policy measures, the economy continued to recover moderately overall.」
While acknowledging the economy's moderate recovery trend, it calls for attention to uncertainty in overseas economies and volatility in financial and capital markets. - FY2017-Q3RestatedAnnual report
「During the third quarter of the current consolidated fiscal year, Japan's economy remained in a situation requiring attention to uncertainty in overseas economies, volatility in financial and capital markets, and other factors. However, corporate earnings showed signs of improvement, capital investment showed signs of recovery, and employment and income conditions were also improving. With the benefit of various policy measures, the economy continued to recover moderately overall.」
While acknowledging the economy's moderate recovery trend, it calls for attention to uncertainty in overseas economies and volatility in financial and capital markets. - FY2017-Q2RestatedAnnual report
「During the second quarter of the current consolidated fiscal year, Japan's economy remained in a situation requiring attention to increasing uncertainty in overseas economies, volatility in financial and capital markets, and other factors. However, corporate earnings showed signs of improvement, capital investment showed signs of recovery, and employment and income conditions were also improving. With the benefit of various policy measures, the economy continued to recover moderately overall.」
While acknowledging the economy's moderate recovery trend, it calls for attention to uncertainty in overseas economies and volatility in financial and capital markets. - FY2017-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy remained in a situation requiring attention to increasing uncertainty in overseas economies, volatility in financial and capital markets, and other factors. However, corporate earnings showed signs of improvement, capital investment showed signs of recovery, and employment and income conditions were also improving. With the benefit of various policy measures, the economy continued to recover moderately overall.」
While acknowledging the economy's moderate recovery trend, it calls for attention to uncertainty in overseas economies and volatility in financial and capital markets. - FY2016RestatedAnnual report
「During the consolidated fiscal year, Japan's economy continued to recover moderately overall, with corporate earnings remaining at high levels, signs of a recovery in capital investment, and improving employment and income conditions. However, it remained in a situation where some weakness was evident due to increasing uncertainty in overseas economies, volatility in financial and capital markets, and other factors.」
While acknowledging the economy's moderate recovery trend, it identifies uncertainty in overseas economies and volatility in financial and capital markets as concerns. - FY2016-Q3Concern addedAnnual report
「Against this economic backdrop, the logistics industry has seen no improvement in the movement of domestic freight, while goods in storage have continued to trend below the same month of the previous year. Competition has also intensified, and the difficult environment continues.」
In addition to uncertainty in overseas economies, the explanation of the current economic environment explicitly identifies the impact of volatility in financial and capital markets. - FY2016-Q2First statedAnnual report
「It remained in a situation where some weakness was evident, amid slowing growth in consumer prices and increasing uncertainty in overseas economies and other factors.」
While acknowledging that the domestic economy was on a recovery trend, it identifies slowing growth in consumer prices and uncertainty in overseas economies as concerns.