Outlook for Overseas Economies and Risks of Downward Pressure on Economic Activity
First written in FY2017-Q1. 13 of 33 entries say "Worsened", first in FY2017-Q2. Latest entry: FY2027-H1.
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
- FY2027-H1WorsenedAnnual report
「During the six-month interim consolidated accounting period, Japan's economy continued to recover moderately, supported by improvements in employment and income conditions and the effects of various policies. However, the outlook remained uncertain, with the need to monitor the situation in the Middle East, the impact of natural disasters, and fluctuations in financial and capital markets.」
In addition to the situation in the Middle East and fluctuations in financial and capital markets, the impact of natural disasters was identified as a factor contributing to uncertainty over the outlook. - 2026-07-15RestatedEarnings
「The outlook remains uncertain, with continuing need to monitor the impact of inflation, developments in the Middle East and volatility in financial and capital markets.」
Inflation, conditions in the Middle East and volatility in financial and capital markets continued to be cited as factors contributing to uncertainty. - FY2026Added uncertainty factors, including the situation in the Middle EastAnnual report
「During the fiscal year under review, Japan’s economy was recovering moderately due to improvements in employment and income conditions and the effects of various policies. However, the outlook remained uncertain, with the need to monitor downside risks to economic conditions, including rising prices and developments in U.S. trade policy, volatility in financial and capital markets, and the impact of the situation in the Middle East.」
While referring to the economic recovery, the statement identified rising prices, U.S. trade policy, volatility in financial and capital markets, and the situation in the Middle East as factors contributing to uncertainty about the outlook. - 2026-04-14RestatedRevision of earnings forecasts
「The outlook remains uncertain, with continuing downside risks to the economy from inflation, developments in U.S. trade policy and other factors, volatility in financial and capital markets, and the impact of conditions in the Middle East.」
Downside risks including inflation, U.S. trade policy, financial-market volatility and conditions in the Middle East continued to be cited. - FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period under review, Japan’s economy was recovering moderately, but the outlook remained uncertain. In addition to downside risks to economic conditions resulting from U.S. trade policy, the continued rise in prices and its impact on personal consumption were also downside risks to economic conditions.」
While referring to the economic recovery, U.S. trade policy and the impact of rising prices on personal consumption continued to be identified as downside risks. - FY2025WorsenedAnnual report
「Although signs of recovery were seen in Japan’s economy, including improvements in employment conditions and rising wages, global economic conditions, led by U.S. trade policy, were becoming increasingly uncertain. In Japan, there were also concerns that chronic labor shortages and rising prices could weaken consumer sentiment.」
While referring to signs of an economic recovery, the statement identified U.S. trade policy, increasing uncertainty in the global economy, chronic labor shortages and the impact of rising prices on consumer sentiment as new factors contributing to uncertainty about the outlook. - FY2025-Q1Continued uncertainty, including volatility in financial and capital markets.Annual report
「During the cumulative first quarter under review, Japan’s economy showed signs of a moderate recovery as employment and income conditions improved. However, the outlook remained uncertain due to downside risks to overseas economies, rising prices and the impact of volatility in financial and capital markets.」
While referring to improvements in employment and income conditions and the economic recovery, the statement identified downside risks to overseas economies, rising prices and volatility in financial and capital markets as factors contributing to uncertainty about the outlook. - FY2024WorsenedAnnual report
「Various impacts were also a concern, including globally high prices, increasingly severe labor shortages, and heightened tensions in Ukraine and the Middle East.」
In addition to the previously identified downside risks to overseas economies and rising prices, increasingly severe labor shortages and heightened tensions in Ukraine and the Middle East were described as concerns in the operating environment. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter under review, employment and income conditions improved, and the economy showed signs of a moderate recovery. However, the outlook remained uncertain due to downside risks to overseas economies and the impact of rising prices.」
While referring to the recovery in economic conditions, downside risks to overseas economies and the impact of rising prices continued to be identified as factors contributing to uncertainty about the outlook. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter under review, employment and income conditions improved, and the economy showed signs of a moderate recovery. However, the outlook remained uncertain due to downside risks to overseas economies and the impact of rising prices.」
While referring to the recovery in economic conditions, downside risks to overseas economies and the impact of rising prices continued to be identified as factors contributing to uncertainty about the outlook. - FY2024-Q1Continued to identify downside risks to overseas economies and rising prices as risks.Annual report
「During the cumulative first quarter under review, the classification of COVID-19 under the Infectious Diseases Control Law was changed to Category 5, and socioeconomic activity continued to normalize, with signs of improvement in economic conditions. However, the outlook remained uncertain due to downside risks to overseas economies and the impact of rising prices.」
While referring to the normalization of socioeconomic activity and improvement in economic conditions, the statement identified downside risks to overseas economies and the impact of rising prices as factors contributing to uncertainty about the outlook, replacing the previous references to the pandemic, the situation in Ukraine and other matters. - FY2023-Q3WorsenedAnnual report
「During the cumulative third quarter under review, although the economy showed signs of recovery, the outlook remained uncertain due to concerns including the prolonged situation in Ukraine and the impact of rising prices.」
In addition to the prolonged situation in Ukraine, the impact of rising prices was specifically identified as a factor contributing to uncertainty about the outlook. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter under review, although the economy showed signs of recovery, the outlook remained uncertain due to concerns including the status of COVID-19 infections, the prolonged situation in Ukraine and rising raw material prices.」
In addition to the uncertainty caused by the pandemic, the prolonged situation in Ukraine and rising raw material prices were specifically identified as new concerns. - FY2022WorsenedAnnual report
「In addition to COVID-19, various impacts resulting from disruption to the global economy amid heightened geopolitical risks were also a concern, although the impact on the Company’s group was minor at this time.」
In addition to COVID-19, disruption to the global economy amid heightened geopolitical risks was specifically identified as a new concern. - FY2022-Q3SoftenedAnnual report
「During the cumulative third quarter under review, although the severe conditions caused by COVID-19 were gradually easing, weakness continued to be seen in the recovery, and the outlook remained uncertain.」
A statement was added that the severe conditions were gradually easing, while the specific reference to the rapid spread of infections caused by variants in the previous quarter was removed. However, the weakness of the recovery and uncertainty about the outlook continued. - FY2022-Q2WorsenedAnnual report
「During the cumulative second quarter under review, although the economy continued to show signs of recovery amid still severe economic conditions caused by COVID-19, the outlook remained uncertain due to the rapid spread of infections caused by variants such as the Delta variant.」
While referring to the economic recovery, the rapid spread of infections caused by variants such as the Delta variant was added, and uncertainty about the outlook continued. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter under review, although the economy continued to show signs of recovery amid still severe economic conditions caused by COVID-19, some areas showed increasing weakness, and the outlook remained uncertain.」
While referring to the economic recovery, the statement noted increasing weakness in some areas and continued uncertainty about the outlook. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter under review, personal consumption and corporate activity were severely restricted by the impact of COVID-19, and economic conditions deteriorated rapidly. Although signs of a recovery emerged as economic activity resumed following the lifting of the state of emergency, infections with the novel coronavirus were spreading again, and the outlook remained uncertain.」
While referring to the recovery in economic activity, the statement specifically noted the renewed spread of COVID-19 and continued uncertainty about the outlook. - FY2021-Q2SoftenedAnnual report
「Although signs of a recovery emerged as economic activity resumed following the lifting of the state of emergency, the outlook remained uncertain.」
The statement that economic activity was recovering following the lifting of the state of emergency was added, while uncertainty about the outlook continued. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter under review, personal consumption and corporate activity were severely restricted by the spread of COVID-19, and economic conditions deteriorated rapidly. Although the economy was entering a phase of gradually raising the level of socioeconomic activity while implementing measures to prevent the spread of infection, extremely severe conditions were expected to continue for the time being.」
In addition to the previously identified uncertainty in overseas economies and elsewhere, the severe restrictions on personal consumption and corporate activity caused by COVID-19 and the rapid deterioration in economic conditions were described. - FY2020WorsenedAnnual report
「However, in addition to uncertainty in overseas economies, including tensions surrounding trade issues, and trends in consumer sentiment following the consumption tax rate increase, the spread of COVID-19 had a significant impact on the global economy, and the outlook for economic conditions became increasingly uncertain.」
In addition to the previously identified uncertainties surrounding overseas economies, trade issues and consumer sentiment, the impact of COVID-19 on the global economy was specifically stated. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan’s economy remained in a situation requiring continued attention. Although employment and income conditions continued to improve, the economy continued to recover moderately, while uncertainty in overseas economies, including tensions surrounding trade issues, and trends in consumer sentiment following the consumption tax rate increase remained concerns.」
In addition to tensions surrounding trade issues, trends in consumer sentiment following the consumption tax rate increase were added as matters requiring attention. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter under review, Japan’s economy continued to recover moderately as employment and income conditions continued to improve, but remained in a situation requiring continued attention, including developments in trade issues and uncertainty regarding developments and policies in overseas economies.」
Developments in trade issues and uncertainty regarding developments and policies in overseas economies continued to be described as matters requiring attention in the external environment. - FY2019Provided greater detail on developments in overseas economies and policy uncertainty.Annual report
「During the fiscal year under review, Japan’s economy continued to recover moderately, but remained in a situation requiring continued attention, including developments in trade issues and uncertainty regarding developments and policies in overseas economies.」
In addition to trade issues, uncertainty regarding developments and policies in overseas economies was identified as a matter requiring attention. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter under review, Japan’s economy continued to recover moderately, but remained in a situation requiring continued attention, including developments in trade issues and uncertainty in overseas economies.」
Developments in trade issues and uncertainty in overseas economies continued to be described as matters requiring attention in the external environment. - FY2019-Q2Added trade issues.Annual report
「During the cumulative second quarter under review, Japan’s economy continued to recover moderately, but remained in a situation requiring continued attention, including developments in trade issues and uncertainty in overseas economies.」
In addition to uncertainty in overseas economies, developments in trade issues were specifically identified as matters requiring attention in the external environment. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter under review, Japan’s economy continued to recover moderately, but remained in a situation requiring continued attention, including uncertainty in overseas economies.」
Uncertainty in overseas economies continued to be described as a risk in the external environment. - FY2018-Q3RestatedAnnual report
「Japan’s economy continued to recover moderately during the third quarter of the current consolidated cumulative period, but conditions remained such that continued caution was necessary due to uncertainty in overseas economies and other factors.」
Uncertainty in overseas economies continued to be cited as a risk in the external environment. - FY2018-Q2RestatedAnnual report
「Japan’s economy continued to recover moderately during the second quarter of the current consolidated cumulative period, but conditions remained such that continued caution was necessary due to uncertainty in overseas economies and other factors.」
Uncertainty in overseas economies continued to be cited as a risk in the external environment. - FY2018-Q1SoftenedAnnual report
「Japan’s economy continued to recover moderately during the first quarter of the current consolidated cumulative period, but conditions remained such that continued caution was necessary due to uncertainty in overseas economies and other factors.」
Uncertainty in overseas economies continued to be identified as a risk, while the specific references in the previous quarter to volatility in financial and capital markets and the issue of the UK’s withdrawal from the EU were removed. - FY2017-Q3Financial and Capital Market Volatility AddedAnnual report
「Japan’s economy continued to recover moderately during the third quarter of the current consolidated cumulative period, but conditions remained such that continued caution was necessary due to uncertainty in overseas economies and volatility in financial and capital markets, among other factors.」
In addition to uncertainty in overseas economies, the impact of volatility in financial and capital markets was explicitly cited as a risk factor. Meanwhile, the specific reference to the issue of the UK’s withdrawal from the EU in the second quarter was removed. - FY2017-Q2WorsenedAnnual report
「Japan’s economy continued to recover moderately during the second quarter of the current consolidated cumulative period, but conditions remained such that continued caution was necessary due to increasing uncertainty in overseas economies, including the issue of the UK’s withdrawal from the EU, as well as the impact of the Kumamoto earthquake.」
In addition to the previous quarter’s outlook for overseas economies and downside risks to economic activity, the disclosure explicitly cited increasing uncertainty in overseas economies, including the issue of the UK’s withdrawal from the EU. - FY2017-Q1First statedAnnual report
「The outlook for overseas economies and the risk of downward pressure on economic activity, as well as the impact of the Kumamoto earthquake in April, meant that conditions remained such that continued caution was necessary.」
The outlook for overseas economies and the possibility of downward pressure on economic activity were cited as risks in the external environment.