Risk of Stagnant Personal Consumption and Economic Downturns in Emerging and Resource-Rich Economies
First written in FY2017-Q1. 11 of 32 entries say "Reframed", first in FY2019-Q3. Latest entry: FY2027-H1.
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
- FY2027-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's economy remained on a gradual recovery trend, but the outlook remained uncertain due to the need to monitor risks of downward pressure on economic activity from the situation in the Middle East, as well as the impact of changes in monetary policy in response to rising prices.」
While acknowledging a gradual economic recovery, the wording has shifted from focusing primarily on traditional U.S. trade policy and resource prices to identifying the risk of downward pressure on the economy from the situation in the Middle East and the impact of changes in monetary policy as the main sources of uncertainty. - 2026-07-13ReframedEarnings
「During the first quarter of the consolidated fiscal year under review, Japan's economy remained on a gradual recovery trend. However, the outlook remained uncertain, including the need to monitor the risk that the situation in the Middle East could weigh on the economy, as well as the effects of changes in monetary policy in response to rising prices.」
While acknowledging the economic recovery trend, the company has shifted from its previous emphasis on rising prices and U.S. trade policy to identifying the situation in the Middle East and the effects of monetary policy changes as new sources of uncertainty. - FY2026ReframedAnnual report
「During the current consolidated fiscal year, Japan's economy remained uncertain despite a gradual recovery supported by a recovery in private consumption and corporate capital investment, as developments in future prices and U.S. trade policy posed risks of weighing on the economy.」
While acknowledging the recovery in private consumption and capital investment, the focus has shifted from previous language centered on resource prices and international conditions to language identifying prices and U.S. trade policy as downside risks to the economy. - 2026-04-13ReframedEarnings
「During the current consolidated fiscal year, Japan's economy remained uncertain despite a gradual recovery supported by a recovery in private consumption and corporate capital investment, as developments in future prices and U.S. trade policy posed risks of weighing on the economy.」
The company acknowledges the recovery in private consumption and capital investment while identifying prices and U.S. trade policy as downside risks to the economy. - FY2026-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's economy remained uncertain despite improving employment and income conditions and a gradual recovery trend, as growing consumer thrift due to unstable international conditions and persistently higher prices posed concerns for the outlook.」
While acknowledging improvements in employment and income conditions and the economic recovery, the focus has shifted from previous language centered on surging resource prices and other factors to language identifying unstable international conditions, persistently higher prices and greater consumer thrift as the main sources of uncertainty. - FY2025ReframedAnnual report
「During the current consolidated fiscal year, economic activity in Japan normalized as corporate earnings improved and production activity began to recover, although private consumption showed signs of stagnation. The economy entered a gradual recovery trend, supported by increased inbound demand, higher wage growth and moves to pass through increases in resource prices and labor costs, but the outlook remained uncertain as surging resource prices and unstable international conditions required close attention.」
The focus has shifted to language acknowledging the normalization of economic activity and improvement in corporate earnings while identifying surging resource prices and unstable international conditions as the main sources of concern. - FY2025-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's economy remained uncertain despite a recovery in employment conditions and private consumption and a gradual economic recovery, due to surging resource and raw material prices and the impact of unstable financial markets.」
While acknowledging the recovery in employment conditions and private consumption and the economic recovery, the focus has shifted from previous language centered on downside risks in overseas economies and higher prices caused by the weaker yen to language identifying surging resource and raw material prices and unstable financial markets as the main sources of uncertainty. - FY2025-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy remained uncertain despite improving employment and income conditions and a gradual recovery trend, as concerns persisted that downside risks in overseas economies, surging resource prices and other factors, and higher prices caused by the weaker yen could further weaken private consumption.」
While acknowledging improvements in employment and income conditions, the disclosure identifies downside risks in overseas economies, surging resource prices, higher prices caused by the weaker yen and a further weakening of private consumption as concerns. - FY2024ReframedAnnual report
「During the current consolidated fiscal year, Japan's economy moved toward normalization as restrictions on activities were lifted following the reclassification of COVID-19 as a Category V infectious disease under the Infectious Diseases Control Law. The economy entered a gradual recovery trend, supported by increased inbound demand, higher wage growth and moves to pass through increases in resource prices and labor costs, but the outlook remained uncertain as unstable international conditions, surging resource prices due to the sharply weaker yen and natural disasters required close attention.」
The language has shifted from the previous focus on stagnating economic activity due to the pandemic to acknowledging normalization and economic recovery following the lifting of activity restrictions, while identifying international conditions, the weaker yen, surging resource prices, labor costs and natural disasters as sources of concern. - FY2024-Q3ReframedAnnual report
「During the third quarter of the current consolidated cumulative period, Japan's economy remained uncertain despite a recovery in employment and income conditions and improvements in corporate earnings, as the impact of higher prices and other factors required close attention.」
While acknowledging improvements in employment and income conditions and corporate earnings, the focus has shifted from the previous uncertainty, including surging resource and raw material prices, to economic risks centered on higher prices and other factors. - FY2024-Q2Economic recovery coexisting with surging resource and raw material pricesAnnual report
「During the second quarter of the current consolidated cumulative period, Japan's economy remained uncertain despite a recovery in employment conditions and private consumption and a gradual economic recovery, due to surging resource and raw material prices and other factors.」
While acknowledging the recovery in employment conditions and private consumption and the gradual economic recovery, the disclosure notes uncertainty surrounding the outlook due to surging resource and raw material prices and other factors. - FY2024-Q1ReframedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy remained uncertain despite improving employment and income conditions, as the pace of improvement in corporate earnings was moderate and the impact of higher prices and other factors required attention.」
The focus has shifted from previous concerns centered on the pandemic, the situation in Ukraine and the weaker yen to language acknowledging a recovery in employment and income conditions while highlighting the slow improvement in corporate earnings and economic uncertainty due to higher prices and other factors. - FY2023WorsenedAnnual report
「During the current consolidated fiscal year, economic activity in Japan, which had stagnated due to the spread of COVID-19, began to resume, but the prolonged situation in Ukraine and the weaker yen led to surging resource prices and higher prices, and difficult conditions continued.」
In addition to the impact of COVID-19, the disclosure identifies the prolonged situation in Ukraine, the weaker yen, surging resource prices and higher prices as concerns affecting the economic environment. - FY2023-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, Japan's economy remained uncertain as social and economic activity normalized and corporate earnings showed signs of improvement, while the impact of the seventh wave of COVID-19 infections and higher raw material prices became more pronounced.」
While noting improvements in social and economic activity and corporate earnings, the company has reaffirmed the uncertainty surrounding the outlook due to the seventh wave of COVID-19 infections and higher raw material prices. - FY2023-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan's economy remained uncertain as economic and social activity normalized and corporate earnings showed signs of improvement, while the company monitored the impact of the seventh wave of COVID-19 infections and higher raw material prices.」
While noting improvements in economic and social activity and corporate earnings, the company has reaffirmed the seventh wave of COVID-19 infections and higher raw material prices as concerns for the outlook. - FY2023-Q1Monitoring the risk of higher raw material prices and the impact of the pandemicAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy remained uncertain despite the normalization of economic and social activity, a recovery in private consumption and employment conditions, and signs of improvement in corporate earnings, as downside risks from higher raw material prices and other factors and the impact of COVID-19 required close monitoring.」
While noting the recovery in private consumption and employment conditions and the improvement in corporate earnings, the disclosure identifies downside risks from higher raw material prices and other factors and the impact of COVID-19 as concerns for the outlook. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, economic activity in Japan stagnated due to the impact of COVID-19, while employment and income conditions and private consumption remained difficult.」
The company has reaffirmed the stagnation of economic activity caused by COVID-19 and the difficult conditions in employment and income and private consumption. - FY2021-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, the Japanese economy was in an extremely severe situation due to the impact of COVID-19,」
The company has reaffirmed its view that the domestic economy remains in an extremely severe situation due to the impact of COVID-19. - FY2021-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, the Japanese economy was in an extremely severe situation due to the impact of COVID-19,」
Regarding the impact of COVID-19, the domestic economy is described as being in an "extremely severe situation," and the disclosure continues to indicate deepening concerns about downside risks to the economy. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the Japanese economy deteriorated as the COVID-19 pandemic adversely affected employment and income conditions, while private consumption also declined rapidly.」
Concerns have deepened, shifting from stagnating private consumption and economic uncertainty to deteriorating employment and income conditions and a sharp decline in private consumption caused by COVID-19. - FY2020WorsenedAnnual report
「The economic outlook remains uncertain, with concerns over the impact of uncertainty in overseas economies and volatility in financial markets, the cooling of consumer sentiment following the consumption-tax rate increase, and the spread of COVID-19 on the domestic and overseas economies.」
In addition to the existing concerns over overseas economies, financial markets and a consumption-tax rate increase, the impact of the spread of COVID-19 on the domestic and overseas economies has been added as a new factor of concern. - FY2020-Q3Reinclusion of overseas economic and financial-market risks and concerns over a consumption-tax rate increaseAnnual report
「However, the economic outlook remains uncertain due to uncertainty in overseas economies and the impact of volatility in financial and capital markets, among other factors, and concerns also remain over the impact of a consumption-tax rate increase on personal consumption.」
This describes uncertainty in overseas economies, volatility in financial and capital markets and the impact of a consumption-tax rate increase on personal consumption as factors of concern regarding the economic outlook. - FY2020-Q2DroppedAnnual report
「During the cumulative second quarter, Japan's economy continued on a moderate recovery trend, with employment conditions steadily improving against a backdrop of strong corporate earnings and personal consumption also showing signs of recovery.」
The uncertainty regarding the outlook caused by uncertainty in overseas economies and volatility in financial and capital markets, which was described in the previous quarter, is not explicitly mentioned in this filing, which describes the domestic economy as being on a moderate recovery trend. - FY2020-Q1Reinclusion of overseas economic and financial-market risksAnnual report
「During the cumulative first quarter, Japan's economy remained on a moderate recovery trend as employment and income conditions continued to improve against a backdrop of strong corporate earnings, but the outlook remained uncertain due to uncertainty in overseas economies and the impact of volatility in financial and capital markets, among other factors.」
The uncertainty regarding the outlook caused by uncertainty in overseas economies and volatility in financial and capital markets, which was not explicitly mentioned in the previous year's annual report, is again described as a factor of concern regarding the economic environment. - FY2019DroppedAnnual report
「During the consolidated fiscal year, Japan's economy remained generally on a moderate recovery trend, with improvements in employment conditions and personal consumption.」
The uncertainty regarding the economic outlook caused by uncertainty in overseas economies and volatility in financial and capital markets, which had been described through the previous quarter, is not explicitly mentioned in the description of the economic environment for the year, while improvements in employment conditions and personal consumption are noted. - FY2019-Q3ReframedAnnual report
「However, the economic outlook remains uncertain due to uncertainty in overseas economies and the impact of volatility in financial and capital markets, among other factors.」
The description changes from the previously explicit references to stagnant personal consumption and downturns in emerging-market and resource-rich economies to uncertainty regarding the economic outlook due to uncertainty in overseas economies and volatility in financial and capital markets. - FY2018DroppedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a moderate recovery trend, with strong corporate earnings and improvements in employment and income conditions.」
Without explicitly mentioning stagnant personal consumption or a downturn in overseas economies, this describes domestic economic conditions as being on a moderate recovery trend. - FY2018-Q1DroppedAnnual report
「During the cumulative first quarter, Japan's economy remained on a moderate recovery trend overall, with improvements in employment and income conditions against a backdrop of strong corporate earnings.」
The stagnation in personal consumption and downside risks to overseas economies described through the previous period are not explicitly mentioned in this filing, which describes the domestic economy as being on a moderate recovery trend. - FY2017RestatedAnnual report
「The economy remained in an uncertain situation, with concerns over the outlook arising from increased uncertainty in overseas economies and volatility in financial and capital markets, including downside risks to corporate earnings and sluggish growth in personal consumption.」
This continues to describe uncertainty regarding the outlook for overseas economies, financial and capital markets and personal consumption. - FY2017-Q3RestatedAnnual report
「Corporate assessments of business conditions became more cautious due to increased uncertainty in overseas economies and volatility in financial and capital markets, while consumer sentiment also remained sluggish, leaving the economic outlook a concern.」
This reiterates uncertainty in overseas economies, volatility in financial and capital markets and stagnant consumer sentiment as concerns regarding the economic outlook. - FY2017-Q2RestatedAnnual report
「Corporate assessments of business conditions became more cautious due to increased uncertainty in overseas economies and volatility in financial and capital markets, while consumer sentiment also remained sluggish, leaving the economic outlook a concern.」
This describes uncertainty in overseas economies, volatility in financial and capital markets and stagnant consumer sentiment as concerns regarding the economic outlook. - FY2017-Q1First statedAnnual report
「Personal consumption was broadly flat as consumer sentiment remained sluggish, while concerns also arose over the impact of downside risks to emerging-market and resource-rich economies, leaving the outlook uncertain.」
This identifies stagnant domestic consumption and a downturn in overseas economies as factors contributing to an uncertain outlook.