Challenging business environment due to a stronger yen, instability in overseas conditions and declining logistics demand
First written in FY2017-Q1. 20 of 36 entries say "Worsened", first in FY2018-Q2. Latest entry: 2026-08-07.
Chuo Warehouse moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 7 of 7 companies on the "Worse" side.
2 other companies' latest entry also says "Restated".
- 2026-08-07RestatedEarnings
「In the logistics industry, domestic freight movement has also remained sluggish in response to these economic conditions, while the impact of the situation in the Middle East has continued to affect international logistics. Costs such as fuel prices have remained elevated, labor costs continue to rise, and the operating environment remains difficult.」
The company again identified a difficult operating environment characterized by sluggish domestic freight movement, the situation in the Middle East, persistently high fuel and other costs, and continuing increases in labor costs. - FY2026WorsenedAnnual report
「In the logistics industry, the movement of freight has also remained sluggish in response to these economic conditions, while business costs such as fuel prices have increased. The shortage of truck drivers and personnel at warehouse operations also continues, and labor costs remain on the rise, resulting in an ongoing difficult operating environment.」
Sluggish cargo volumes, higher fuel and other costs, shortages of truck drivers and warehouse workers, and rising personnel expenses were all explicitly identified. - 2026-05-13WorsenedEarnings
「In the logistics industry, the movement of freight has also remained sluggish in response to these economic conditions, while business costs such as fuel prices have increased. The shortage of truck drivers and personnel at warehouse operations also continues, and labor costs remain on the rise, resulting in an ongoing difficult operating environment.」
The disclosure explicitly identifies sluggish freight movement, higher business costs including fuel prices, and the continuing labor shortage, including a shortage of personnel at warehouse operations. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, Japan's economy was on a moderate recovery trend, supported by improvements in corporate earnings and employment and income conditions. However, downside risks to the economy remained, including stagnation in personal consumption resulting from continued price increases, US trade policy, exchange rate fluctuations, and prolonged geopolitical risks, leaving the outlook uncertain. In the logistics industry, cargo volumes remained sluggish in response to these economic conditions, while business costs such as fuel prices increased and personnel expenses continued to rise, resulting in a persistently difficult operating environment.」
Rising prices, US trade policy, exchange rate fluctuations, and prolonged geopolitical risks were identified as new downside factors, while sluggish cargo volumes, higher business costs such as fuel, and continued increases in personnel expenses were also noted. - FY2025ReframedAnnual report
「In the logistics industry, cargo volumes gradually began to recover, but the operating environment remained difficult as costs continued to rise due to factors including sustained increases in fuel prices and other costs, higher personnel expenses resulting from labor shortages, and the emergence of additional costs associated with addressing the logistics industry's 2024 problem.」
While cargo volumes are beginning to recover, rising fuel and personnel costs and the costs of addressing the 2024 problem have become apparent, indicating a business environment where recovery and cost pressures coexist. - FY2025-H1ReframedAnnual report
「In the logistics industry, cargo volumes and inventory levels are beginning to recover in response to these economic conditions, but toll road charges resulting from the 2024 problem and costs such as personnel expenses continue to rise, and the operating environment remains difficult.」
The description has changed to reflect the coexistence of recovery and cost pressures: cargo volumes and inventory levels are beginning to recover, while costs such as toll road charges related to the 2024 problem and personnel expenses continue to rise. - FY2024WorsenedAnnual report
「The logistics industry continued to face a challenging operating environment due to ongoing increases in costs such as fuel, rising labor costs associated with labor shortages, the emergence of various logistics issues arising from the logistics industry’s 2024 problem, and declining logistics volumes resulting from production adjustments at some manufacturers.」
In addition to higher fuel and labor costs, logistics-related issues arising from the 2024 problem and declining logistics volumes due to production adjustments in the manufacturing sector were explicitly identified as the actual challenging business environment. - FY2024-Q2ReframedAnnual report
「In the logistics industry, storage balances remained high, but cargo movement was sluggish due to the impact of economic conditions such as high prices. In addition, the industry continued to face a challenging operating environment due to higher costs resulting from persistently high labor and fuel prices.」
While economic activity normalized as restrictions were lifted, sluggish cargo movement due to high prices and higher costs resulting from persistently high labor and fuel prices were identified as the main factors behind the challenging business environment. - FY2024-Q1ReframedAnnual report
「During the cumulative first quarter of the fiscal year, the Japanese economy showed signs of recovery as personal consumption and capital investment improved following the easing of restrictions resulting from the reclassification of COVID-19. However, the outlook remained uncertain as prices continued to rise due to surging energy and raw material prices resulting from the prolonged situation in Ukraine. In the logistics industry, some cargo movement showed signs of recovery in response to these economic conditions, but the industry continued to face a challenging operating environment due to higher costs resulting from persistently high labor and fuel prices.」
While the easing of restrictions and the recovery of some cargo movement were noted, the prolonged situation in Ukraine, surging energy and raw material prices, rising prices, and higher costs due to persistently high labor and fuel prices were also cited, changing the description of the challenging business environment to include recovery. The higher costs and other factors are described as the actual operating environment. No material change was identified in the prescribed risk disclosures. - FY2023WorsenedAnnual report
「In the logistics industry, cargo handling volumes were recovering during the first half of the period due to the recovery of domestic production activity and other areas resulting from a gradual overall economic recovery. However, during the second half, the industry continued to face severe conditions due to declining logistics volumes caused by production adjustments resulting from shortages of electronic components, continued increases in energy and fuel costs, and a recurrence of labor shortages.」
Alongside the recovery in cargo volumes during the first half, production adjustments due to shortages of electronic components, declining logistics volumes, higher energy and fuel costs, and a recurrence of labor shortages were explicitly noted for the second half, indicating that the challenging business environment continued. - FY2023-Q3WorsenedAnnual report
「In the logistics industry, warehouse cargo storage balances remained solid, but inbound and outbound volumes remained sluggish due to stalled production activity caused by shortages of components such as semiconductors and the slowdown in China’s economy. In addition, the industry continued to face a challenging operating environment as costs such as fuel expenses rose due to higher energy prices and labor shortages intensified.」
In addition to shortages of components such as semiconductors, China’s economic slowdown and rising energy prices, worsening labor shortages were added and clarified as factors behind the challenging operating environment. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, the Japanese economy showed signs of recovery due to the easing of restrictions related to COVID-19 and the effects of various measures. However, the outlook remained uncertain as infections surged again during the seventh wave, the situation in Ukraine was prolonged, and consumer prices, including food and energy prices, continued to rise due to the rapid depreciation of the yen. In the logistics industry, import and export cargo handling volumes were trending upward and warehouse cargo storage balances remained solid, but inbound and outbound volumes remained sluggish due to the impact of stalled production activity caused by shortages of components such as semiconductors, while domestic freight transportation volumes also trended downward. In addition, the industry continued to face a challenging operating environment as rising energy prices increased costs such as fuel expenses.」
Alongside signs of recovery due to the easing of restrictions, the seventh wave, the prolonged situation in Ukraine, rapid yen depreciation, rising prices, production stagnation due to component shortages, declining domestic freight transportation volumes and higher costs due to rising energy prices were noted. - FY2023-Q1ReframedAnnual report
「In the logistics industry, domestic cargo handling volumes and import and export cargo volumes were trending upward as domestic consumption recovered and overseas economic activity improved. However, the industry continued to face a challenging operating environment due to the impact of logistics disruptions caused by persistently high fuel prices and lockdowns in major Chinese cities.」
While domestic and import and export cargo volumes were described as recovering, persistently high fuel prices, lockdowns in major Chinese cities and logistics disruptions were identified as new factors behind the challenging business environment. - FY2022WorsenedAnnual report
「In the logistics industry, cargo handling volumes were recovering as domestic production activity and other areas improved, and import and export cargo volumes continued to increase. However, the industry continued to face severe conditions due to disruptions in international logistics caused by soaring ocean freight rates, declining logistics volumes resulting from production adjustments caused by shortages of electronic components, and continued significant increases in fuel prices.」
Alongside the recovery in cargo volumes and increase in import and export cargo volumes, soaring ocean freight rates, disruptions in international logistics, shortages of electronic components, production adjustments and significant increases in fuel prices were explicitly noted. - FY2022-Q2ReframedAnnual report
「In the logistics industry, import and export cargo volumes and domestic cargo handling volumes were recovering as overseas and domestic economic activity normalized and recovered. However, the outlook remained uncertain due to the risk of declining logistics volumes resulting from production adjustments in automobiles, machinery and equipment caused by shortages of components such as semiconductors, as well as continued increases in fuel prices.」
While import and export cargo volumes and domestic cargo handling volumes were described as recovering, shortages of components such as semiconductors, the risk of declining logistics volumes due to production adjustments and rising fuel prices were identified as new factors contributing to uncertainty, changing the description of the business environment. - FY2022-Q1ReframedAnnual report
「During the cumulative first quarter of the fiscal year, the Japanese economy remained unpredictable as the impact of COVID-19 was prolonged. Although some signs of recovery emerged with the progress of vaccination, economic activity was restricted by the reissuance and extension of the state of emergency. The global economy was also recovering as a result of economic measures by governments and the spread of vaccines, but the outlook was difficult to foresee due to the impact of renewed infections caused by variants. In the logistics industry, import and export cargo volumes and domestic cargo handling volumes for manufacturing and other sectors were recovering as overseas economic activity recovered, but the outlook remained uncertain as fuel prices continued to rise.」
While import and export cargo volumes and domestic cargo handling volumes showed signs of recovery amid the COVID-19 pandemic, renewed infections, rising fuel prices and uncertainty over the outlook were also cited, and the description of the challenging business environment was modified to include recovery. - FY2021RestatedAnnual report
「The logistics industry continued to face a challenging operating environment as it was significantly affected by domestic and overseas economic conditions, including COVID-19, while labor costs continued to rise due to labor shortages and cargo movement underwent significant disruption.」
The challenging logistics business environment is described as continuing due to domestic and overseas economic conditions, including COVID-19, labor shortages, rising labor costs and disruption to cargo movement. - FY2021-Q3RestatedAnnual report
「In the logistics industry, cargo movement declined due to the stagnation of domestic economic activity, while storage balances remained high. In international logistics, cargo handling volumes for both imports and exports declined as the global economy continued to stagnate, and the industry continued to face a challenging operating environment.」
The continued decline in domestic cargo movement and import and export cargo handling volumes, together with persistently high storage balances, is noted. The challenging logistics business environment has continued. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, some signs of recovery emerged in the Japanese economy due to the resumption of economic activity following the lifting of the state of emergency and the effects of various policies, although the recovery was limited. The situation remained challenging, with concerns that the containment of infections would be prolonged, including due to an increase in new cases in urban areas. In the global economy, China showed signs of recovery due to the resumption of economic activity and economic policies, but the outlook remained uncertain amid signs of a renewed global spread of infections, particularly in Europe and the United States. In the logistics industry, cargo movement declined due to the stagnation of domestic economic activity, while storage balances remained high. In international logistics, cargo handling volumes for both imports and exports declined due to the continued stagnation of the global economy and the prolonged impact of US-China friction, and the industry continued to face a challenging operating environment.」
The recovery in economic activity was limited, while the prolonged containment of infections and signs of a renewed global spread of infections were noted. Declines in domestic cargo movement and import and export cargo handling volumes also continued. - FY2021-Q1WorsenedAnnual report
「In the logistics industry, cargo movement for both inbound and outbound shipments declined due to the stagnation of domestic economic activity, while storage balances remained high. In international logistics, cargo handling volumes for both imports and exports also declined due to the stagnation of the global economy and the intensification and prolongation of US-China friction, and the industry continued to face a challenging operating environment.」
The stagnation of domestic and overseas economic activity caused by COVID-19 and the intensification and prolongation of US-China friction were explicitly identified as the actual business environment, resulting in declines in inbound and outbound volumes and import and export cargo handling volumes. - FY2020WorsenedAnnual report
「During the fiscal year, the Japanese economy faced a challenging and highly uncertain situation as exports and imports weakened due to US-China trade friction and the slowdown in China’s economy, domestic consumption stagnated following the consumption tax increase from October 2019, and global economic activity also slowed with the spread of the novel coronavirus infection from the end of the fiscal year.」
In addition to the previously cited trade friction, China’s economic slowdown and weak domestic consumption, the spread of the novel coronavirus and the stagnation of global economic activity were explicitly noted, indicating increased uncertainty in the business environment. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter of the fiscal year, the Japanese economy’s recovery slowed due to weak exports and declining personal consumption following the consumption tax increase. The global economy remained uncertain due to China’s economic slowdown, US-China trade friction and heightened tensions in the Middle East. The logistics industry was also significantly affected by these economic conditions, with handling volumes declining for domestic and import and export cargo. In addition, the handling of some cargo was affected by growing awareness of environmental issues, while labor costs continued to rise due to labor shortages, and the industry continued to face a challenging operating environment.」
Weak exports and personal consumption, China’s economic slowdown, US-China trade friction and tensions in the Middle East, together with declining handling volumes for domestic and import and export cargo, the impact of environmental issues on some cargo, and rising labor costs, were explicitly noted, indicating a worsening business environment. - FY2020-Q2WorsenedAnnual report
「Warehouse cargo storage balances remained solid, but inbound and outbound volumes declined year on year. Domestic freight transportation also showed signs of a slowdown due to sluggish personal consumption, while import and export cargo volumes declined due to the slowing global economy. In addition, the logistics industry continued to face a challenging operating environment as labor shortages became more severe and entrenched, labor costs rose and fuel prices remained high.」
While storage balances were described as solid, declines in inbound and outbound volumes, domestic freight transportation and import and export cargo volumes were explicitly noted. The slowing global economy, increasingly severe and entrenched labor shortages, rising labor costs and persistently high fuel prices were identified as factors behind the challenging environment. - FY2020-Q1WorsenedAnnual report
「Although handling volumes, including warehouse storage balances, remained solid, the logistics industry continued to face a challenging operating environment due to higher labor and subcontracting costs as labor shortages became more severe and entrenched, persistently high fuel prices, and signs of a slowdown in exports and domestic freight transportation.」
More severe and entrenched labor shortages, higher labor and subcontracting costs, persistently high fuel prices, and signs of a slowdown in exports and domestic freight transportation were explicitly identified as factors behind the challenging environment. - FY2019WorsenedAnnual report
「The logistics industry is also expected to continue facing a challenging operating environment, as labor shortages become more severe, logistics needs diversify, customer companies work to optimize their supply chains and high levels of operational efficiency are required.」
Further worsening labor shortages, diversified logistics needs, supply chain optimization by customer companies and demands for high levels of efficiency were explicitly identified as the challenging business environment expected ahead. - FY2019-Q3WorsenedAnnual report
「The global economy remained in an uncertain situation due to the effects of US-China trade friction, instability in Europe and the slowdown in China’s economy. Although cargo movement, particularly import and export cargo, remained solid, the logistics industry continued to face a challenging operating environment as labor shortages became increasingly severe and fuel prices rose.」
In addition to the previously cited trade friction, labor shortages and rising fuel prices, instability in Europe and the slowdown in China’s economy were explicitly identified as factors contributing to uncertainty in the external environment. - FY2019-Q2WorsenedAnnual report
「The global economy remained in an uncertain situation amid numerous concerns, including the risk of escalating international trade friction. Although cargo movement, particularly import and export cargo, remained solid, the logistics industry continued to face a challenging operating environment as labor shortages became increasingly severe and fuel prices rose.」
Concerns over escalating trade friction, increasingly severe labor shortages and rising fuel prices were identified as factors behind the challenging business environment despite solid cargo movement. - FY2019-Q1WorsenedAnnual report
「The global economy remained in an uncertain situation amid concerns over international trade friction. Although cargo movement, particularly import and export cargo, remained strong, the logistics industry continued to face a challenging operating environment as labor shortages became increasingly severe and fuel prices rose.」
While logistics demand was described as strong, concerns over international trade friction, increasingly severe labor shortages and rising fuel prices were identified as factors behind the challenging business environment. - FY2018WorsenedAnnual report
「Although cargo movement, particularly import and export cargo, remained strong, the logistics industry continued to face a challenging operating environment as labor shortages became increasingly severe and fuel prices rose.」
While cargo movement was described as strong, worsening labor shortages and rising fuel prices were explicitly identified as new factors behind the challenging business environment. - FY2018-Q3RestatedAnnual report
「Although import and export cargo increased, the logistics industry continued to face a challenging operating environment due to intensifying competition, labor shortages and other factors.」
Although import and export cargo increased, the continuation of a challenging business environment due to intensifying competition and labor shortages is reiterated. - FY2018-Q2WorsenedAnnual report
「Although import and export cargo increased, the logistics industry continued to face a challenging operating environment due to intensifying competition, labor shortages and other factors.」
While import and export cargo increased, labor shortages were explicitly identified, in addition to the previously cited intensifying competition, as a factor behind the challenging operating environment. - FY2018-Q1ReframedAnnual report
「During the cumulative first quarter of the fiscal year, the Japanese economy remained on a recovery trend, supported by improvements in the employment environment, but the outlook remained uncertain due to instability in overseas conditions. Although import and export cargo increased, the logistics industry continued to face a challenging operating environment due to intensifying competition and other factors.」
While uncertainty in overseas conditions and the lack of visibility into the outlook continued, the description of cargo changed from a decline to an increase, and intensifying competition was identified as a factor behind the challenging environment. - FY2017RestatedAnnual report
「During the fiscal year, the Japanese economy remained on a gradual recovery trend, supported by improvements in the employment environment, but the outlook remained uncertain due to instability in overseas conditions. The logistics industry continued to face a challenging operating environment, as cargo movement showed signs of recovery but lacked strength.」
The challenging business environment caused by instability in overseas conditions and weak cargo movement is reiterated. - FY2017-Q3RestatedAnnual report
「The outlook remained uncertain due to instability in overseas conditions. The logistics industry continued to face a challenging operating environment, including a decline in import and export cargo.」
The challenging business environment caused by instability in overseas conditions and declining import and export cargo is reiterated. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, the Japanese economy remained in an uncertain situation due to the continued appreciation of the yen and instability in overseas conditions. The logistics industry continued to face a challenging operating environment, including a decline in import and export cargo.」
The same challenging business environment caused by yen appreciation, instability in overseas conditions and declining import and export cargo is reiterated. - FY2017-Q1First statedAnnual report
「The outlook remained uncertain due to the continued appreciation of the yen and instability in overseas conditions. The logistics industry continued to face a challenging operating environment, including a decline in import and export cargo.」
Uncertainty in the external environment and declining import and export cargo are described as business risks and headwinds.