Yen Appreciation, Falling Stock Prices and Uncertainty over the Economic Outlook
First written in FY2017-Q1. 19 of 33 entries say "Worsened", first in FY2017-Q3. Latest entry: 2026-10-14.
Shochiku moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2020: 139 of 156 companies on the "Worse" side.
47 other companies' latest entry also says "Worsened".
- 2026-10-14WorsenedEarnings
「On the other hand, regarding the outlook, we need to monitor the effects of inflation, natural disasters and geopolitical risks, including the situation in the Middle East, and the situation remains uncertain.」
Inflation, natural disasters and geopolitical risks including the situation in the Middle East were identified as concerns for the outlook. - FY2026WorsenedAnnual report
「However, it remains necessary to continue carefully monitoring developments in the business environment surrounding the Group, including developments in the trade policies of major countries, persistent geopolitical risks, and changes in financial conditions resulting from rising domestic interest rates.」
While expectations for an economic recovery were indicated, trade policies in major countries, geopolitical risks, and changes in financial conditions resulting from rising domestic interest rates were explicitly identified as new concerns. - 2026-04-14WorsenedEarnings
「However, it remains necessary to continue carefully monitoring developments in the business environment surrounding the Group, including developments in the trade policies of major countries, persistent geopolitical risks, and changes in financial conditions resulting from rising domestic interest rates.」
Trade policy, geopolitical risks and changes in financial conditions due to rising domestic interest rates were cited as concerns. - FY2026-H1WorsenedAnnual report
「On the other hand, uncertainty about the outlook continued due to soaring resource and energy prices resulting from U.S. trade policy and worsening conditions in the Middle East, as well as continued high prices caused by yen depreciation.」
While a recovery trend supported by improving employment and income conditions was indicated, U.S. trade policy, conditions in the Middle East, soaring resource and energy prices, and high prices caused by yen depreciation were explicitly identified as new concerns. - FY2025-H1RestatedAnnual report
「During the current interim consolidated accounting period, Japan's economy remained on a gradual recovery track as personal consumption increased, supported by expanding inbound demand and improving employment and income conditions. On the other hand, uncertainty about the outlook continued due to soaring resource prices and rising prices caused by exchange-rate fluctuations.」
The report cites both a recovery trend supported by inbound demand and improving employment and income conditions and uncertainty about the outlook caused by soaring resource prices, exchange-rate fluctuations and resulting price increases. - FY2025-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy showed a gradual recovery as employment and income conditions improved. However, uncertainty about the outlook continued due to soaring raw material prices, rising prices and volatility in financial and capital markets.」
The report cites both a gradual recovery supported by improving employment and income conditions and uncertainty about the outlook caused by higher raw material prices, rising prices and volatility in financial and capital markets. - FY2024WorsenedAnnual report
「Japan's economy is expected to continue recovering gradually, supported by a further recovery in personal consumption as employment and income conditions improve. However, it remains necessary to continue closely monitoring the business environment surrounding the Group, including the prolonged rise in prices, developments in the Bank of Japan's monetary policy, and the impact of the 2024 Noto Peninsula Earthquake.」
While expectations for a recovery in personal consumption and the economy were indicated, the prolonged rise in prices, developments in monetary policy, and the impact of the Noto Peninsula Earthquake were explicitly identified as new concerns. - FY2024-Q2Recovery coexists with uncertainty from high prices and resource costsAnnual report
「During the first six months of the current consolidated cumulative period, Japan’s economy showed signs of recovery in personal consumption and inbound demand as restrictions related to COVID-19 were eased. However, uncertainty over the outlook continued due to soaring resource prices, the impact of rising prices and other factors.」
While restrictions related to infectious diseases were eased and personal consumption and inbound demand showed signs of recovery, uncertainty about the outlook has persisted due to surging resource prices and rising prices. - FY2024-Q1WorsenedAnnual report
「Although Japan’s economy was gradually recovering during the first quarter of the current consolidated cumulative period, uncertainty over the outlook continued due to the impact of downside risks in overseas economies resulting from global monetary tightening, rising prices and supply-side constraints.」
Although the economy’s recovery is indicated, the filing identifies downside risks in overseas economies resulting from global monetary tightening, rising prices and supply-side constraints as new concerns, and states that uncertainty over the outlook continues. - FY2023SoftenedAnnual report
「Although the economy is expected to recover as personal consumption and inbound demand increase following the change in the legal classification of COVID-19, the company needs to continue monitoring the operating environment surrounding the Group, including the prolonged Ukraine crisis and rising prices.」
Although expectations were expressed for a recovery as the impact of the infection eased and personal consumption and inbound demand increased, caution regarding the prolonged Ukraine crisis and rising prices continues. - FY2023-Q3RestatedAnnual report
「During the first nine months of the current consolidated cumulative period, personal consumption showed signs of recovery as restrictions related to COVID-19 were eased and the Event-Wari program was implemented. However, the difficult economic environment continued due to the uncertain situation in Ukraine and rising prices resulting from the rapid depreciation of the yen.」
Although personal consumption showed signs of recovery, the filing continues to describe the difficult economic environment caused by the situation in Ukraine, the rapid depreciation of the yen and rising prices. - FY2023-Q2WorsenedAnnual report
「During the first six months of the current consolidated cumulative period, Japan’s economy remained in a difficult situation. Although personal consumption showed signs of recovery as restrictions on activities were eased, rising prices resulting from the uncertain situation in Ukraine and the rapid depreciation of the yen continued to weigh on the economy.」
Although personal consumption showed signs of recovery following the easing of activity restrictions, the filing explicitly identifies the situation in Ukraine, the rapid depreciation of the yen and rising prices as new downside factors, and describes the economic environment as remaining difficult. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, concerns remained over downside risks from supply constraints and higher raw-material prices caused by the resurgence of COVID-19 infections in China and the prolonged situation in Ukraine. Although the difficult situation caused by COVID-19 was easing and personal consumption showed signs of recovery, household finances continued to face difficulties due to rising prices and other factors.」
Although the filing describes an easing of the difficult conditions caused by the infection and a recovery in personal consumption, it newly identifies the resurgence of infections in China, the prolonged situation in Ukraine, supply constraints, higher raw-material prices and rising prices as downside risks. - FY2022-Q3Easing conditions coexist with continued uncertaintyAnnual report
「During the first nine months of the current consolidated cumulative period, the extremely difficult situation caused by COVID-19 was gradually easing. However, the economic outlook remained extremely uncertain as infections showed signs of resurging in some regions worldwide and new variants emerged.」
Although the economic environment affected by the infection was gradually easing, the filing states that the economic outlook remained extremely uncertain due to the resurgence of infections and the emergence of new variants. - FY2022-Q2WorsenedAnnual report
「During the first six months of the current consolidated cumulative period, Japan’s economy remained in an extremely difficult situation. Although personal consumption showed signs of expanding as vaccines became more widely available and the Tokyo 2020 Olympic and Paralympic Games were held, personal consumption remained sluggish, particularly in services such as dining out, travel and entertainment, amid state-of-emergency declarations and the issuance of priority preventive measures.」
Although there were signs of increased consumption due to the wider availability of vaccines and other factors, personal consumption, particularly in the services sector, remained sluggish amid state-of-emergency declarations and other measures, and the economic environment was described as extremely difficult. - FY2022-Q1Recovery coexists with weakness in services spendingAnnual report
「Although Japan’s economy continued to show signs of recovery during the first quarter of the current consolidated cumulative period, personal services spending remained in an extremely difficult situation due to the impact of COVID-19.」
Although the economy as a whole continued to show signs of recovery, the filing states that personal services spending remained difficult due to the impact of the infection. - FY2021WorsenedAnnual report
「As the global spread of COVID-19 is prolonged, Japan’s economic outlook is expected to remain uncertain until vaccines and therapeutic drugs become widely available.」
The risk description has become more specific, shifting from general uncertainty over the economy and overseas economies to the prolonged spread of COVID-19 and an uncertain economic environment until vaccines and therapeutic drugs become widely available. - FY2021-Q3WorsenedAnnual report
「During the first nine months of the current consolidated cumulative period, Japan’s economy deteriorated rapidly as the global spread of COVID-19 imposed greater constraints on economic activity. Although personal consumption showed signs of recovery following the lifting of the state of emergency, the economic outlook remained extremely uncertain amid signs of a resurgence in infections.」
In addition to constraints on economic activity and the rapid deterioration of the economy, the filing describes an extremely uncertain outlook due to signs of a resurgence in infections. - FY2021-Q2WorsenedAnnual report
「During the first six months of the current consolidated cumulative period, Japan’s economy deteriorated rapidly as the global spread of COVID-19 imposed greater constraints on economic activity. Although personal consumption showed signs of recovery following the lifting of the state of emergency, it remained in an extremely difficult situation due to adverse weather and the resurgence of infections.」
The filing states that COVID-19 imposed greater constraints on economic activity and caused the economy to deteriorate rapidly. Although personal consumption temporarily recovered, it remained in an extremely difficult situation due to the resurgence of infections and other factors. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan’s economy was in an extremely difficult situation, as the global spread of COVID-19 posed a risk of further downward pressure on economies in Japan and overseas, while personal consumption continued to decline rapidly.」
In addition to the previous uncertainty surrounding overseas economies and other factors, the filing explicitly describes the global spread of COVID-19 and the rapid decline in personal consumption, indicating a significant deterioration in the economic environment. - FY2020WorsenedAnnual report
「During the current consolidated fiscal year, Japan’s economy remained on a gradual recovery path, supported by improvements in corporate earnings and employment and income conditions, with signs of recovery in capital investment and personal consumption despite adverse weather, natural disasters and the consumption tax increase.」
Although a gradual economic recovery is indicated, the filing explicitly identifies the effects of adverse weather, natural disasters and the consumption tax increase as new points requiring attention. - FY2020-Q3WorsenedAnnual report
「During the first nine months of the current consolidated cumulative period, personal consumption recovered as corporate earnings and employment conditions continued to improve and the economy continued its gradual recovery, although attention was required regarding the economic impact of a succession of natural disasters and consumer sentiment following the consumption tax rate increase.」
Although the filing indicates that the economic recovery is continuing, it explicitly identifies the impact of a succession of natural disasters and consumer sentiment following the consumption tax rate increase as new points requiring attention. - FY2020-Q2RestatedAnnual report
「During the first six months of the current consolidated cumulative period, corporate earnings and employment conditions continued to improve, personal consumption recovered, and the economy continued its gradual recovery.」
The filing describes improvements in corporate earnings, employment conditions and personal consumption and a gradual economic recovery, as in the previous quarter, without explicitly indicating any additional deterioration in the external environment. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan’s economy remained on a gradual recovery path supported by improvements in employment and income conditions, although uncertainty remained over developments in overseas economies.」
Although a gradual recovery supported by improvements in employment and income conditions is indicated, the filing states that developments in overseas economies remain uncertain. - FY2019-Q3RestatedAnnual report
「During the first nine months of the current consolidated cumulative period, corporate earnings and employment conditions improved, partly due to the effects of various policies, and personal consumption recovered as employment and income conditions improved, with the economy remaining on a gradual recovery path.」
The filing describes improvements in corporate earnings, employment, income conditions and personal consumption, along with a gradual economic recovery, and, as in the previous quarter, does not indicate clear concerns over deterioration in the external environment. - FY2019-Q2SoftenedAnnual report
「During the first six months of the current consolidated cumulative period, corporate earnings and employment conditions continued to improve, and personal consumption recovered, supported by wage increases and higher minimum wages, with the economy continuing its gradual recovery.」
The filing describes improvements in corporate earnings, employment conditions and personal consumption, as well as an economic recovery. Concerns over uncertainty in overseas economies noted in the previous quarter are not explicitly stated in this filing. - FY2019-Q1WorsenedAnnual report
「Although Japan’s domestic economy remained on a gradual recovery path, partly due to the effects of government economic measures, uncertainty persisted amid concerns over uncertainty in overseas economies.」
Although a gradual domestic recovery is indicated, concerns over uncertainty in overseas economies, which were not explicitly stated in the previous quarter, are again described, indicating uncertainty over the outlook. - FY2018-Q3SoftenedAnnual report
「During the first nine months of the current consolidated cumulative period, corporate earnings and employment conditions improved, and personal consumption also recovered as employment and income conditions improved, with the economy remaining on a gradual recovery path.」
The filing describes a gradual recovery accompanied by improvements in corporate earnings, employment and income conditions, and personal consumption. Concerns over overseas economies and financial markets noted through the previous quarter are not explicitly stated in this filing. - FY2018-Q1RestatedAnnual report
「Although Japan’s domestic economy remained on a gradual recovery path, partly due to the effects of government economic measures, uncertainty persisted amid concerns over the impact of uncertainty in overseas economies and volatility in financial markets.」
Although a gradual recovery in the domestic economy is indicated, the filing continues to describe uncertainty over the outlook due to uncertainty in overseas economies and volatility in financial markets. - FY2017WorsenedAnnual report
「Japan’s economy is expected to recover gradually as employment and income conditions continue to improve. However, personal consumption, which had continued to recover, has shown signs of stagnation, and the economic outlook remains uncertain due to uncertainty in overseas economies, including the United States and China, and the impact of volatility in financial and capital markets.」
Although improvements in employment and income conditions and a gradual recovery are indicated, the filing explicitly notes stagnation in personal consumption, uncertainty in overseas economies and uncertainty over the outlook caused by volatility in financial and capital markets. - FY2017-Q3WorsenedAnnual report
「During the first nine months of the current consolidated cumulative period, Japan’s economy remained on a gradual recovery path, supported by improvements in the income environment and employment conditions, despite concerns over the increasing uncertainty surrounding overseas economies and the impact of volatility in financial and capital markets.」
The filing indicates a gradual economic recovery, while newly stating concerns about increasing uncertainty in overseas economies and volatility in financial and capital markets. - FY2017-Q2SoftenedAnnual report
「During the first six months of the current consolidated cumulative period, personal consumption was broadly flat, as consumer sentiment showed signs of stagnation. However, Japan’s economy remained on a gradual recovery path, supported by a recovery in capital investment and improvements in employment conditions.」
Although personal consumption and consumer sentiment remain stagnant, the description has shifted from the instability caused by yen appreciation and falling share prices noted in the previous quarter to a gradual recovery supported by improvements in capital investment and employment. - FY2017-Q1First statedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan’s economy remained unstable, with corporate earnings and employment conditions continuing to show signs of stagnation against a backdrop of yen appreciation and a downward trend in share prices.」
The current impact of yen appreciation and the downward trend in share prices on corporate earnings and employment conditions is presented as an external-environment risk.