Risks to the Economic Outlook from Overseas Economic Uncertainty, a Stronger Yen and Falling Stock Prices
First written in FY2017-Q1. 15 of 33 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-08-07.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- FY2026-H1Additional Uncertainty from U.S. Tariff PolicyAnnual report
「During the interim consolidated fiscal period, factors supporting the economy, including improvements in the income environment and increased inbound consumption, were evident. However, the situation continued to require close monitoring, given the impact on the economy of the uncertain global situation, including U.S. tariff policy, and the impact of rising prices on consumer sentiment.」
While acknowledging support from the income environment and inbound consumption, the uncertain global situation, including U.S. tariff policy, and the impact of rising prices on consumer sentiment were identified as new concerns. - FY2024-Q3WorsenedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, gradual economic recovery became evident. However, with global conditions unstable due to the situation in the Middle East and the Ukraine issue, among other factors, the impact of rising prices weighed on personal consumption, and conditions remained uncertain.」
While economic recovery was evident, the instability of global conditions, including the situation in the Middle East and the Ukraine issue, and the downward pressure of rising prices on personal consumption were newly emphasized, while risks to the economic outlook continued. - FY2024-Q2RestatedAnnual report
「During the first 2 quarters of the current consolidated fiscal year, gradual economic recovery became evident as economic activity normalized, including through the removal of restrictions on activities related to COVID-19. However, unstable global conditions, including the situation in Ukraine, and factors affecting consumer trends, such as rising prices and the weaker yen, acted as impediments, and conditions remained uncertain.」
While economic recovery accompanied the normalization of economic activity, the Ukraine issue, unstable global conditions and the impact of rising prices and the weaker yen on consumer trends continued to be identified as risks to the economic outlook. - FY2024-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy saw moves toward the normalization of economic activity, including the removal of restrictions on activities related to COVID-19. However, factors affecting consumer trends, including the prolonged situation in Ukraine, rising prices and the weaker yen, were also evident, and conditions remained uncertain.」
While moves toward the normalization of economic activity were evident, the prolonged situation in Ukraine, rising prices and the weaker yen were cited for their impact on consumer trends, and uncertainty about the economic outlook continued. - FY2023RestatedAnnual report
「The Group's businesses are significantly affected by trends in personal consumption. Although the change in the legal classification of COVID-19 in May this year is expected to have a positive economic impact, we believe that the operating environment will remain one requiring continued caution in view of rising prices and the uncertain global situation.」
While expectations are expressed for economic normalization following the change in the legal classification of COVID-19, continued recognition is given to consumption and economic risks arising from rising prices and uncertainty surrounding the global situation. - FY2023-Q3RestatedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, gradual moves toward the normalization of economic activity, including the easing of restrictions on activities related to COVID-19, became apparent. However, the economic outlook remained uncertain against the backdrop of a resurgence in infections, surging prices due to the prolonged situation in Ukraine and the weaker yen, and uncertain economic conditions overseas.」
While moves toward the normalization of economic activity were evident, risks to the economic outlook due to the resurgence of infections, the prolonged situation in Ukraine, the weaker yen, surging prices and uncertain economic conditions overseas continued to be reported. - FY2023-Q2RestatedAnnual report
「During the first 2 quarters of the current consolidated fiscal year, gradual moves toward the normalization of economic activity, including the easing of restrictions, became apparent. However, the impact of COVID-19 continued, while accelerating price inflation against the backdrop of the prolonged situation in Ukraine and the weaker yen also acted as a headwind, leaving the economic outlook uncertain.」
While moves toward the normalization of economic activity were evident, continued uncertainty about the economic outlook due to the infection, the prolonged situation in Ukraine, the weaker yen and rising prices was reported. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy remained uncertain, due not only to the prolonged spread of COVID-19 but also to the impact of rising prices on household finances against the backdrop of the prolonged situation in Ukraine and the weaker yen.」
In addition to the infection, the prolonged situation in Ukraine, the weaker yen and the impact of rising prices on household finances are cited as new concerns, and uncertainty about the economic outlook is reported to be continuing. - FY2022Additional fuel cost risk from higher crude oil pricesAnnual report
「In the driving school business, if crude oil prices rise sharply due to changes in social conditions, there is a risk that fuel costs will increase.」
In addition to economic risks such as infections and consumer trends, a new risk of higher fuel costs caused by surging crude oil prices was explicitly identified for the driving school business. - FY2022-Q3WorsenedAnnual report
「From September 2021, the fifth wave of COVID-19 infections began to subside and expectations grew for consumer spending to become more active and recover. However, the emergence of the Omicron variant, believed to be more transmissible than previous variants, caused economic activity to contract again, and the economic outlook remained difficult.」
The outlook shifted from expectations of a recovery as the fifth wave subsided to a new external environmental risk in the form of another contraction in economic activity caused by the Omicron variant. - FY2022-Q2WorsenedAnnual report
「During the first 2 quarters of the current consolidated fiscal year, although the Tokyo Olympic and Paralympic Games were held, a fourth declaration of a state of emergency was issued from 12 July 2021 to 30 September 2021 due to the spread of COVID-19. Consumer sentiment failed to improve, and the economic outlook remained difficult.」
The fourth declaration of a state of emergency and the failure of consumer sentiment to improve are cited, and the difficult economic outlook is reported to be continuing. - FY2022-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, a third declaration of a state of emergency was issued amid the continuing spread of COVID-19. While expectations are now focused on the rollout of vaccines, the economic outlook remained difficult.」
The third declaration of a state of emergency and the continuing spread of COVID-19 are cited, and the economic outlook is reported to remain difficult. - FY2021WorsenedAnnual report
「During the current consolidated fiscal year, despite 2 declarations of a state of emergency, there was still no prospect of the spread of COVID-19 subsiding, and new variants were also spreading. The impact on the operating environment for consumer-facing service industries, such as entertainment, travel and food service, was significant.」
In addition to the existing uncertainty about the economic outlook, 2 declarations of a state of emergency, the prolonged spread of infections and the spread of new variants are cited, heightening external environmental risks surrounding consumer-facing service industries. - FY2021-Q3WorsenedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, efforts were made to stimulate economic activity and restore business conditions through government-led campaigns and other measures. However, the economic environment remained difficult due to the resurgence of COVID-19.」
While government-led campaigns and other recovery measures were in place, the economic environment remained difficult due to the resurgence of COVID-19, indicating heightened caution over external environmental risks. - FY2021-Q2RestatedAnnual report
「During the first 2 quarters of the current consolidated fiscal year, the impact of the spread of COVID-19 remained significant. With the risk of a resurgence in infections, consumer sentiment failed to improve, and the economic outlook remained difficult.」
The difficult economic outlook continued due to the impact of the infection, the risk of a resurgence in infections and weak consumer sentiment. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy remained extremely difficult, with the GDP growth rate recording the largest decline in the postwar period due to the global spread of COVID-19.」
It is reported that the deterioration in the external economic environment and risks to the economic outlook intensified further as the global spread of the infection caused the GDP growth rate to record the largest decline in the postwar period. - FY2020WorsenedAnnual report
「Japan's economy from the following consolidated fiscal year onward is expected to remain in an uncertain environment due to the spread of COVID-19. Since April 2020, the Group has also suspended operations at cinemas and driving schools in its film and driving school businesses, which is expected to affect its financial position and operating results from the following consolidated fiscal year onward.」
In addition to the existing concerns over the slowdown in overseas economies and consumer trends, the impact of the spread of COVID-19 and suspended operations on the financial position and operating results for the following fiscal year is explicitly stated. - FY2020-Q3RestatedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, concerns arose over the impact of the consumption tax increase on personal consumption and a decline in external demand resulting from the slowdown in overseas economies, and conditions remained uncertain.」
Concerns were expressed over the impact of the consumption tax increase on personal consumption and the decline in external demand resulting from the slowdown in overseas economies, with uncertainty about the economic outlook continuing to be reported. - FY2020-Q2WorsenedAnnual report
「During the first 2 quarters of the current consolidated fiscal year, domestic demand remained generally firm, supported by inbound demand and other factors. However, the outlook remained uncertain due to concerns over the impact of a slowdown in overseas economies and the consumption tax increase on the domestic economy.」
While acknowledging the support provided by inbound demand, the slowdown in overseas economies and concerns over the impact of the consumption tax increase were newly cited, and uncertainty about the outlook was reported to be continuing. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, service consumption supported the domestic economy through the extended holiday period and spending by visitors to Japan. However, partly due to the impact of a slowdown in the global economy, the economic outlook remained uncertain.」
While visitors to Japan and other factors supported the economy, the slowdown in the global economy was cited as a new concern, and uncertainty about the economic outlook persisted. - FY2019-Q3Natural disaster risks have receded, while concerns over labor shortages and rising costs persist.Annual report
「During the first 3 quarters of the current consolidated fiscal year, Japan's economy saw the effects of adverse weather and natural disasters fade and inbound-related demand recover. However, concerns over labor shortages and rising raw material costs weighed on business sentiment, and conditions remained uncertain.」
While the effects of adverse weather and natural disasters faded and inbound demand recovered, labor shortages and concerns over rising raw material costs emerged as new downward pressures, and uncertainty about economic conditions persisted. - FY2019-Q2WorsenedAnnual report
「Japan’s economy during the second quarter of the current consolidated cumulative period remained subject to uncertainty over the outlook due to rising raw-material prices, caution over exchange-rate movements, and the effects of unsettled weather and natural disasters.」
Raw material prices, foreign exchange rates, adverse weather and natural disasters are cited as concerns, with uncertainty about the outlook expected to continue. - FY2019-Q1WorsenedAnnual report
「Japan’s economy during the first quarter of the current consolidated cumulative period remained stagnant in terms of economic sentiment, and the outlook remained uncertain due to rising raw-material costs, concerns about yen appreciation and rising labour costs caused by labour shortages.」
The disclosure identifies rising raw-material costs and labour costs, concerns about yen appreciation and labour shortages as specific concerns, and describes stagnant economic sentiment and continued uncertainty over the outlook. - FY2018RestatedAnnual report
「The outlook for the film exhibition industry, the Group’s principal business, is difficult, and the operating environment for mini-theater operators such as the Company remains challenging.」
The Company continues to recognise uncertainty over the outlook due to domestic and overseas economic and political conditions, as well as the difficult environment surrounding mini-theaters. - FY2018-Q3RestatedAnnual report
「Japan’s economy during the third quarter of the current consolidated cumulative period was on a recovery trend, supported by improving employment conditions, overseas demand and higher stock prices. However, conditions surrounding the operation of mini-theaters such as those run by the Company remained difficult, with no major change in the business environment.」
While stating that the domestic economy was on a recovery trend, the disclosure explains that the difficult business environment surrounding mini-theater operations continues. - FY2018-Q2RestatedAnnual report
「Japan’s economy during the second quarter of the current consolidated cumulative period was on a gradual recovery trend, but uncertainty over the outlook continued due to concerns about conditions around the world.」
While economic conditions were on a gradual recovery trend, uncertainty over the outlook due to concerns about conditions around the world continued. - FY2018-Q1RestatedAnnual report
「Japan’s economy during the first quarter of the current consolidated cumulative period remained subject to uncertainty over the outlook for political conditions around the world. However, the economy appeared to be on a gradual recovery trend, led by major manufacturers, and personal consumption was also expected to recover.」
While stating that uncertainty over the outlook due to political conditions around the world remains, the disclosure indicates expectations for a recovery in the economy and a rebound in personal consumption. - FY2017RestatedAnnual report
「Japan’s economy during the current consolidated fiscal year showed signs of a recovery in inbound demand and individual consumer sentiment, in addition to a gradual recovery in economic conditions led by manufacturing. However, the outlook remained uncertain due to concerns over political conditions around the world.」
The disclosure explains that, although economic conditions and consumption showed signs of improvement, uncertainty over the outlook continued because of concerns over political conditions around the world. - FY2017-Q3WorsenedAnnual report
「Japan’s economy during the third quarter of the current consolidated cumulative period showed signs of recovery in some industries, including manufacturing, but domestic-demand-related industries remained stagnant. In addition, market turmoil associated with the formation of the next U.S. administration was expected, and uncertainty over the outlook for economic conditions appeared to be increasing.」
In addition to stagnation in domestic-demand-related industries, market turmoil associated with the formation of the next U.S. administration was expected, and the disclosure states that uncertainty over the outlook for economic conditions increased. - FY2017-Q2WorsenedAnnual report
「Japan’s economy during the second quarter of the current consolidated cumulative period showed signs of improving conditions in some industries, including manufacturing, but the recovery in overseas economies remained weak. Overall economic conditions were flat and appeared likely to slow going forward.」
The disclosure states that the weak recovery in overseas economies and the outlook for economic conditions showed a slowing trend, indicating growing concerns from the uncertainty reported in the previous quarter. - FY2017-Q1First statedAnnual report
「Japan’s economy during the first quarter of the current consolidated cumulative period remained uncertain, as overseas economic uncertainty increased due to issues including the United Kingdom’s withdrawal from the EU. Concerns about economic conditions, such as a stronger yen and lower stock prices, began to emerge, and the outlook for the economy, including trends in personal consumption, remained uncertain.」
The Company identifies as external-environment risks the uncertainty in overseas economies stemming from issues including the United Kingdom’s withdrawal from the EU, a stronger yen and lower stock prices, and uncertainty over the economic outlook, including personal consumption.