Uncertainty over the outlook due to a slowdown in emerging markets, the UK’s withdrawal from the EU, a stronger yen and falling share prices
First written in FY2017-Q1. 16 of 29 entries say "Reframed", first in FY2018-Q2. Latest entry: 2026-08-06.
Tbs Holdings moved to the "Worse" side of this theme in 2021, 2 years after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
68 other companies' latest entry also says "Worsened".
- FY2025-H1ReframedAnnual report
「However, conditions required attention to the risk that a downturn in overseas economies caused by high interest-rate levels in Europe and the United States, concerns over the outlook for the Chinese economy, and the situation in the Middle East, as well as rising prices, could put downward pressure on Japan’s domestic economy.」
The discussion of factors contributing to a downturn in overseas economies was reorganized to add high interest-rate levels in Europe and the United States and rising prices to the previous references to the Chinese economy, the situation in the Middle East, and exchange-rate fluctuations. - FY2024ReframedAnnual report
「During the fiscal year under review, economic activity in Japan showed signs of normalization as the classification of COVID-19 was downgraded to Category 5 and restrictions on activity were eased. However, rising prices caused by surging raw material prices caused a pause in the recovery of personal consumption, and conditions required attention to the risk that a downturn in overseas economies caused by exchange-rate fluctuations, concerns over the outlook for the Chinese economy, and the situation in the Middle East could put downward pressure on Japan’s domestic economy.」
The explanation shifted from focusing on restrictions on activity caused by the pandemic to acknowledging the normalization of economic activity while indicating downside risks arising from raw material prices, exchange rates, the Chinese economy, and the situation in the Middle East. - FY2024-Q2ReframedAnnual report
「At the same time, conditions continued to require attention to rising prices caused by surging raw material prices, the effects of exchange-rate fluctuations, and the risk of a downturn in overseas economies caused by global monetary tightening.」
While indicating an economic recovery following the pandemic, the discussion identifies surging raw material prices, exchange-rate fluctuations, and a downturn in overseas economies caused by global monetary tightening as factors contributing to uncertainty. - FY2024-Q1ReframedAnnual report
「At the same time, conditions continued to require attention to the impact on the economy of factors including the risk of a downturn in overseas economies caused by global monetary tightening, exchange-rate fluctuations, and rising prices.」
The factors contributing to uncertainty over the outlook shifted from an explanation centered on the pandemic and the situation in Ukraine to wording centered on downside risks arising from global monetary tightening, overseas economies, exchange-rate fluctuations, and rising prices. - FY2023RestatedAnnual report
「At the same time, conditions continued to require attention to the risk of a downturn in overseas economies caused by global monetary tightening and to the impact on household finances of rising prices caused by surging energy and raw material prices.」
While indicating an economic recovery following the pandemic, the discussion continues to cite global monetary tightening, overseas economies, and energy and raw material prices as downside factors. - FY2023-Q3ReframedAnnual report
「During the first nine months of the fiscal year under review, concerns grew over the arrival of the seventh wave of COVID-19 infections and the eighth wave, but economic conditions continued to recover moderately, centered on personal consumption, as there were no restrictions on activity such as priority preventive measures to prevent the spread of disease, in pursuit of a balance between infection prevention and economic activity. However, attention was required regarding the impact on household finances of rising prices caused by surging energy and raw material prices, as well as the downturn in overseas economies caused by global monetary tightening.」
The discussion indicates caution regarding the seventh and eighth waves of COVID-19, describes an economic recovery without restrictions on activity, and identifies global monetary tightening and surging energy and raw material prices as downside factors. - FY2023-Q2ReframedAnnual report
「During the first six months of the fiscal year under review (1 April 2022 to 30 September 2022), Japan’s economy was affected by the seventh wave of COVID-19 infections, but economic conditions recovered moderately, centered on personal consumption, as there were no restrictions on activity such as priority preventive measures to prevent the spread of disease, in pursuit of a balance between infection prevention and economic activity. However, the rapid depreciation of the yen caused energy and raw material prices to surge, creating a situation requiring attention to the impact of rising prices on household finances. In addition, attention was required regarding the risk that global monetary tightening and a downturn in overseas economies caused by the situation in Ukraine could put downward pressure on Japan’s domestic economy.」
While indicating a moderate recovery in economic conditions, the discussion identifies rapid yen depreciation, surging energy and raw material prices, rising prices, global monetary tightening, and downside risks arising from the situation in Ukraine as new environmental factors. - FY2023-Q1ReframedAnnual report
「During the first three months of the fiscal year under review (1 April 2022 to 30 June 2022), Japan’s economy was recovering moderately. Looking ahead, the economy is expected to recover as economic and social activity normalizes, supported by the effects of various policies and thorough infection-control measures. However, close attention is required regarding downside risks arising from volatility in the financial and capital markets amid global monetary tightening, rising raw material prices, and supply-side constraints.」
The wording shifted from uncertainty focused mainly on the pandemic and the situation in Ukraine to expressing expectations for the normalization of economic and social activity and an economic recovery, while citing downside risks from monetary tightening, the financial and capital markets, raw material prices, and supply constraints. - FY2022WorsenedAnnual report
「Amid uncertainty arising from factors including the situation in Ukraine, close attention is required regarding downside risks caused by rising raw material prices, volatility in the financial and capital markets, and supply-side constraints.」
In addition to the previous uncertainty regarding the pandemic, overseas economies, and financial markets, the situation in Ukraine, rising raw material prices, and supply constraints were explicitly identified as downside risks. - FY2022-Q3ReframedAnnual report
「Regarding the outlook, the economy is expected to recover, supported by the effects of various policies and improvements in overseas economies. However, the situation is expected to remain subject to the effects of COVID-19, including new variants, supply-side constraints, downside risks arising from trends in raw material prices, and the effects of volatility in the financial and capital markets.」
The wording shifted to include, in addition to the previous uncertainty regarding the pandemic, overseas economies, and financial markets, downside risks arising from new variants, supply constraints, and raw material prices. - FY2022-Q2ReframedAnnual report
「During the first six months of the fiscal year under review (1 April 2021 to 30 September 2021), Japan’s economy remained in a difficult situation due to the effects of COVID-19, although signs of recovery continued. However, the pace of recovery was slowing, and while overseas economies were improving, attention was required regarding downside risks arising from effects transmitted through supply chains.」
The wording shifted from the difficulties caused by the pandemic to describing signs of recovery, while also including the slowing pace of recovery and downside risks transmitted through supply chains. - FY2022-Q1ReframedAnnual report
「During the first three months of the fiscal year under review (1 April 2021 to 30 June 2021), Japan’s economy showed signs of recovery as COVID-19 vaccinations began, but the number of infections began rising again, and personal consumption stagnated due to factors including the prolonged state of emergency, leaving the outlook uncertain.」
The wording shifted from describing a rapid deterioration in economic conditions caused by the pandemic to citing both the recovery supported by vaccinations and the stagnation of personal consumption caused by the renewed spread of infections and the prolonged state of emergency. - FY2021ReframedAnnual report
「During the fiscal year under review, Japan’s economy was significantly affected by the global spread of COVID-19, and economic conditions deteriorated rapidly after the state of emergency was declared in April.」
The explanation of uncertainty over the outlook, previously focused on overseas economies and financial markets, shifted to wording centered on the deterioration in economic conditions caused by COVID-19 and the state of emergency declaration. - FY2020-Q3RestatedAnnual report
「During the first nine months of the fiscal year under review (1 April 2019 to 31 December 2019), Japan’s economy remained on a moderate recovery trend, but conditions remained uncertain due to factors including developments in overseas economies, such as tensions over trade issues, and volatility in the financial and capital markets.」
The discussion continues to cite uncertainty over the outlook arising from tensions over trade issues, developments in overseas economies, and volatility in the financial and capital markets. - FY2020-Q2WorsenedAnnual report
「The outlook remains uncertain due to the effects of growing tensions over trade issues on the global economy and volatility in financial and capital markets, among other factors.」
In addition to trade issues and volatility in financial and capital markets, the growing tensions surrounding trade issues are explicitly identified. - FY2020-Q1RestatedAnnual report
「The outlook remains uncertain due to the effects of developments in trade issues on the global economy and volatility in financial and capital markets, among other factors.」
The lack of clarity over the outlook due to trade issues, uncertainty in overseas economies and volatility in financial and capital markets continues to be described. - FY2019-Q3ReframedAnnual report
「The Japanese economy remained on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment, but the outlook is uncertain due to the effects of developments in trade issues on the global economy, uncertainty in overseas economies and volatility in financial and capital markets.」
The description of uncertainty in overseas economies has been reorganized from a list of regional and country-specific factors to include trade issues and volatility in financial and capital markets. - FY2019-Q2RestatedAnnual report
「The Japanese economy remained on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment, but concerns over uncertainty in overseas economies have left the outlook uncertain.」
Uncertainty in overseas economies and the lack of clarity over the outlook continue to be described as business-environment risks. - FY2019-Q1ReframedAnnual report
「The Japanese economy remains on a gradual recovery trend, supported by improvements in employment and income conditions, amid concerns over the effects of uncertainty in overseas economies and volatility in financial and capital markets.」
The description has been reorganized from a list of uncertainty factors by region and country to uncertainty in overseas economies and volatility in financial and capital markets. - FY2018RestatedAnnual report
「The outlook remains uncertain against a backdrop of uncertainty in overseas economies, including political risks in Europe and the United States and geopolitical risks in Asia.」
Uncertainty in overseas economies stemming from political risks in Europe and the United States and geopolitical risks in Asia continues to be described. - FY2018-Q3ReframedAnnual report
「The Japanese economy remains on a gradual recovery trend amid continued improvements in employment and income conditions. Meanwhile, the outlook remains uncertain against a backdrop of uncertainty in overseas economies, including political risks in Europe and the United States and geopolitical risks in East Asia.」
The description of uncertainty factors has been reorganized from policy developments in Europe and the United States and geopolitical risks in Asia in the previous period to political risks in Europe and the United States and geopolitical risks in East Asia. - FY2018-Q2ReframedAnnual report
「The Japanese economy remains on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment. Meanwhile, the outlook remains uncertain due to the effects of policy developments in Europe and the United States and heightened geopolitical risks in Asia.」
The description of uncertainty factors has shifted from US policy developments and the slowdown in the Chinese and emerging-market economies to policy developments in Europe and the United States and geopolitical risks in Asia. - FY2018-Q1WorsenedAnnual report
「The Japanese economy remains on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment. Meanwhile, the outlook remains uncertain due to the effects of US policy developments, the slowdown in the Chinese and emerging-market economies, and the emergence of geopolitical risks.」
In addition to uncertainty in overseas economies, the emergence of geopolitical risks and US policy developments are identified as new factors. - FY2017RestatedAnnual report
「Meanwhile, the outlook remains uncertain against a backdrop of uncertainty in overseas economies, including the slowdown in emerging Asian economies, particularly China, and policy developments following the US presidential election.」
The uncertainty in overseas economies is described as stemming from the slowdown in emerging Asian economies and, additionally, policy developments following the US presidential election. - FY2017-Q3RestatedAnnual report
「Although the Japanese economy remains on a gradual recovery trend, the outlook remains uncertain due to concerns over overseas conditions, including the slowdown in emerging Asian economies, particularly China.」
While acknowledging the recovery trend in the domestic economy, concerns over overseas conditions, including the slowdown in emerging Asian economies, are identified as a business-environment risk. - FY2017-Q2RestatedAnnual report
「Uncertainty in overseas economies has increased due to economic downturns in emerging Asian economies, including China, and resource-rich countries, and the outlook remains uncertain.」
Uncertainty in overseas economies continues to be identified as a business-environment risk. - FY2017-Q1First statedAnnual report
「However, uncertainty in overseas economies has increased due to the economic slowdown in emerging markets, including China, and the UK’s withdrawal from the EU, while yen appreciation and share price declines have accelerated, and the outlook remains uncertain.」
The emerging-market economy, the UK’s withdrawal from the EU and yen appreciation and falling share prices are described as uncertainties in the business environment for the quarter.