Stalling recovery in private-sector capital investment
First written in FY2017-Q3. 9 of 20 entries say "Softened", first in FY2018-Q1. Latest entry: FY2026.
Nagawa moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2020: 63 of 78 companies on the "Worse" side.
1 other company's latest entry also says "Softened".
- FY2026SoftenedAnnual report
「Public investment has remained firm compared with the previous year, and private-sector capital investment is also expected to continue recovering.」
The description of private-sector capital investment has changed from a focus on stagnation and uncertainty to recognition that a recovery trend is expected to continue. - FY2026-H1SoftenedAnnual report
「During the six months ended [date], Japan's economy showed a gradual recovery, although the effects of U.S. trade policy were apparent in some industries. Personal consumption showed signs of recovery, while capital investment was also gradually recovering.」
The assessment of the environment for private-sector capital investment has shifted from traditional concerns centred on stagnation and contraction to recognition of a gradual recovery. - FY2024ReframedAnnual report
「In the next fiscal year, personal consumption is expected to recover as real wages are forecast to turn positive, and capital investment is also expected to continue expanding while corporate performance remains firm. However, the global economy continues to trend toward a gradual slowdown due to tighter financial conditions, leaving the outlook uncertain.」
The risk assessment has shifted from a focus on stagnation and contraction in private-sector capital investment to a view that combines expectations for a recovery in personal consumption and capital investment with a slowdown in the global economy due to monetary tightening. - FY2024-Q3SoftenedAnnual report
「During the nine months ended 31 December 2023 (1 April 2023 to 31 December 2023), Japan's economy was on a gradual recovery trend. The recovery in demand following the easing of restrictions on activities related to COVID-19 had levelled off, but capital investment remained firm and inbound demand recovered to pre-COVID levels.」
The assessment of the environment for private-sector capital investment has shifted from a focus on stagnation and uncertainty to recognition that capital investment is remaining firm. - FY2023ReframedAnnual report
「Public investment has remained firm compared with the previous year, while efforts to balance measures against COVID-19 with socioeconomic activity have gained momentum in private-sector capital investment. Although a recovery trend is expected to continue, the outlook is likely to remain unstable due to soaring material prices and developments in the international situation.」
While private-sector capital investment is now viewed as recovering from stagnation and contraction, soaring material prices and the international situation are cited as new sources of instability. - FY2023-Q1SoftenedAnnual report
「Against a backdrop of easing demand related to healthcare, demand emerged for new light-gauge steel structures due to soaring material prices, along with post-COVID demand driven by the recovery in construction work, mainly in the private sector.」
The assessment has changed from stagnation and contraction in private-sector capital investment to recognition of a recovery trend in construction work, mainly in the private sector, and post-COVID demand. - FY2022-Q3ReframedAnnual report
「In the modular and system construction business, the company is pursuing an aggressive order-taking strategy in response to demand for deferred capital investment anticipated for the post-COVID period and a shift in demand from wooden construction to lightweight steel construction due to higher material costs caused by the wood shock.」
The market environment is now described in terms of deferred demand for capital investment and a shift in demand from wooden construction to light-gauge steel construction due to soaring material costs, rather than the previously cited strong post-COVID capital investment. - FY2022-Q1SoftenedAnnual report
「The company is responding closely to robust capital investment anticipated for the post-COVID period and is pursuing an aggressive order-taking strategy that takes advantage of the speed of lightweight steel construction, amid a decline in wooden construction caused by the wood shock originating in Europe and North America.」
In contrast to the previous concern about stagnation and contraction in private-sector capital investment, robust capital investment anticipated for the post-COVID period is indicated. However, this description is limited to the market environment for the modular and system construction business. - FY2021WorsenedAnnual report
「In the construction industry, public investment remained firm, while private-sector capital investment stagnated. As COVID-19 infections have spread, business sentiment has deteriorated rapidly, and companies are expected to defer or scale back capital investment.」
Private-sector capital investment has shifted from previously flat or steady conditions to stagnation, and the company states that capital investment is expected to be deferred or reduced. - FY2021-Q2WorsenedAnnual report
「In the construction equipment rental business, public works awards in the southern Hokkaido construction market, the business area, declined, while private-sector capital investment remained sluggish, mainly due to stagnation in the tourism industry.」
The previous concern about stagnation across private-sector capital investment has taken concrete form as a sluggish trend caused by stagnation in the tourism industry. - FY2021-Q1WorsenedAnnual report
「However, due to stagnation in orders for offices and factories related to private-sector capital investment, segment net sales were ¥577 million, down 40.0% year on year.」
The previous assessment of private-sector capital investment as steady or flat has materialized as stagnation in orders for offices and factories, resulting in a 40.0% year-on-year decline in segment net sales. - FY2020WorsenedAnnual report
「However, since the beginning of the year, business sentiment has deteriorated rapidly as COVID-19 infections have spread, and companies are expected to defer or scale back capital investment.」
The assessment of the environment has deteriorated from the previous view that private-sector capital investment was flat to an expectation of worsening business conditions and deferred or reduced capital investment due to the spread of infection. - FY2020-Q1RestatedAnnual report
「Regarding the environment surrounding the group, private-sector capital investment remained relatively strong, while construction work, including public works, was broadly flat and remained steady.」
The assessment that private-sector capital investment is relatively strong and construction work is broadly flat and steady continues. - FY2019-Q3SoftenedAnnual report
「Against this backdrop, supported by firm private-sector capital investment, the Group will use its technology and expertise in module and system construction to expand orders for factories, warehouses, stores and other facilities, while」
Private-sector capital investment is described as an environment for expanding orders, supported by steady investment rather than the previous concern about stagnation. - FY2018SoftenedAnnual report
「Private-sector capital investment remained strong, driven by Olympic-related demand and redevelopment projects in major metropolitan areas, while the planned value of construction work, including public works, was broadly flat, resulting in relatively steady conditions.」
The previous concern about stalled private-sector capital investment has given way to an assessment of favorable conditions, mainly due to Olympic-related demand and redevelopment. - FY2018-Q3RestatedAnnual report
「Regarding the environment surrounding the group, signs of improvement have begun to emerge in private-sector capital investment, including Olympic-related demand and redevelopment projects in major metropolitan areas, although the planned value of construction work has remained broadly flat.」
While private-sector capital investment continues to show signs of improvement, the assessment of the environment remains that the planned value of construction work is broadly flat. - FY2018-Q2SoftenedAnnual report
「Regarding the environment surrounding the group, signs of improvement have begun to emerge in private-sector capital investment, including redevelopment projects in major metropolitan areas, although the planned value of construction work has remained broadly flat.」
The description of private-sector capital investment has changed from the previous reference to an upward trend led by large companies to signs of improvement beginning to emerge through redevelopment projects and other developments in major metropolitan areas. - FY2018-Q1SoftenedAnnual report
「In the unit-house, modular and system construction, and construction equipment rental industries, private-sector capital investment has been trending upward, particularly among large companies, while the planned value of construction work has remained broadly flat.」
The description has changed from the previous reference to a stalled recovery in private-sector capital investment to an upward trend, particularly among large companies. - FY2017RestatedAnnual report
「In the unit-house, modular and system construction, and construction equipment rental industries, the recovery in private-sector capital investment has stalled, although the planned value of construction work has been increasing gradually.」
The stalled recovery in private-sector capital investment continues to be cited as part of the full-year industry environment. - FY2017-Q3First statedAnnual report
「In the unit-house, modular and system construction, and construction equipment rental industries, the recovery in private-sector capital investment has stalled, although the planned value of construction work has been increasing gradually.」
The stalled recovery in private-sector capital investment is described independently for the first time as a risk in the industry environment.