Uncertainty over the outlook due to falling stock prices, yen appreciation and a slowdown in emerging-market economies
First written in FY2016-Q2. 18 of 38 entries say "Worsened", first in FY2016-Q3. Latest entry: 2026-10-08.
Hotel Newgrand moved to the "Worse" side of this theme in 2016, 3 years before the typical company in this theme (2019).
The whole theme swung hardest in 2020: 138 of 155 companies on the "Worse" side.
52 other companies' latest entry also says "Restated".
- 2026-10-08RestatedEarnings
「Although the economy is on a gradual recovery trend against a backdrop of improving employment and income conditions, the external environment remains uncertain, including developments in the Middle East and around US trade policy.」
While referring to a recovery trend, the company continues to cite the situation in the Middle East and US trade policy as factors contributing to uncertainty. - FY2026-H1RestatedAnnual report
「During the interim accounting period under review, Japan's economy was on a gradual recovery trend, supported by improvements in employment and income conditions, but external conditions, including continued price increases, developments surrounding the situation in the Middle East and U.S. trade policy, remained uncertain.」
While indicating a recovery trend supported by improvements in employment and income conditions, it continues to identify rising prices, the situation in the Middle East and U.S. trade policy as sources of uncertainty. - FY2025-H1WorsenedAnnual report
「At the same time, the outlook remains uncertain as economies around the world slow under the impact of U.S. trade policy and other factors.」
In addition to the existing sources of uncertainty, including international conditions and prices, it indicates that economies around the world are slowing because of U.S. trade policy and other factors. - FY2024-Q2RestatedAnnual report
「During the six-month period under review, Japan's economy was expected to recover as economic and political activity normalized, inbound consumption recovered and share prices rose, but the impact of global monetary tightening, the prolonged situation in Ukraine and persistently high energy and raw-material prices were anticipated, and the outlook remained uncertain amid rising prices and other factors.」
While referring to expectations for the normalization of economic activity and a recovery in inbound consumption, it identifies monetary tightening, the situation in Ukraine, persistently high energy and raw-material prices and rising prices as sources of uncertainty. - FY2024-Q1WorsenedAnnual report
「International conditions have become increasingly unstable, with the situation in Ukraine becoming prolonged, tensions rising in the Middle East and the Chinese economy slowing. Raw-material and energy prices remain high, prices continue to rise, and the outlook remains uncertain.」
While referring to the easing of infectious-disease restrictions and a recovery in consumption, it identifies the situations in Ukraine and the Middle East, the slowdown in the Chinese economy, surging raw-material and energy prices and rising prices, and states that international conditions have become increasingly unstable. - FY2023Coexistence of easing infectious-disease restrictions and risks from international conditions and inflationAnnual report
「At the same time, concerns remain about downside risks to the economy arising from global economic uncertainty, including the prolonged situation in Ukraine and concerns over the situation in the Middle East, and the environment surrounding the Company is expected to remain unpredictable.」
While indicating normalization and a recovery in demand following the reclassification of the infectious disease as Class 5, it also identifies downside risks arising from the situations in Ukraine and the Middle East and uncertainty in the international economy. - FY2023-Q3Easing pandemic conditions coexisting with cost inflation and yen depreciation risksAnnual report
「The economic recovery expected with the reclassification of COVID-19 as a Class 5 infectious disease was offset by the prolonged situation in Ukraine, persistently high energy and raw-material prices, rising prices and the continued weakening of the yen, leaving the economic outlook uncertain.」
While pointing to expectations for an economic recovery following the reclassification of the infectious disease as Class 5, it identifies the prolonged situation in Ukraine, persistently high energy and raw-material prices, inflation and yen depreciation as specific sources of uncertainty. - FY2023-Q2RestatedAnnual report
「Although COVID-19 has begun to settle gradually and an economic recovery was expected with the effects of the government's economic measures, the outlook remains uncertain due to the prolonged situation in Ukraine and the resulting surge in raw material and energy prices.」
While referring to easing pandemic conditions and expectations for an economic recovery, uncertainty continues due to the prolonged situation in Ukraine and surging raw material and energy prices. - FY2023-Q1Easing pandemic conditions coexisting with Ukraine-related and cost inflation risksAnnual report
「Although COVID-19 has begun to settle gradually and an economic recovery was expected with the effects of the government's economic measures, the outlook remains uncertain due to the prolonged situation in Ukraine and the resulting surge in raw material and energy prices.」
While referring to easing pandemic conditions and expectations for an economic recovery from government measures, the prolonged situation in Ukraine and surging raw material and energy prices are identified as sources of uncertainty. - FY2022Recovery in travel demand coexisting with cost and geopolitical risksAnnual report
「Although domestic travel demand is recovering, the outlook is expected to remain uncertain due to concerns about renewed infections from variants, geopolitical risks including the prolonged situation in Ukraine, and factors that could push the domestic economy into recession, such as soaring resource prices and foreign exchange risk.」
While indicating a recovery trend in domestic travel demand, uncertainty related to variants, the situation in Ukraine, soaring resource prices and foreign exchange risk continues. - FY2022-Q3Easing pandemic conditions coexisting with uncertainty over inflation and personal consumptionAnnual report
「Although the severe conditions caused by COVID-19 have begun to ease gradually and an economic recovery is expected due to the effects of various policies and improvements in overseas economies, political instability has also increased following the Russian invasion of Ukraine. The outlook remains uncertain due to rising raw material prices, a sharp surge in crude oil prices, the weakening yen, higher food prices and uncertainty over trends in personal consumption.」
While referring to the easing of severe conditions caused by the pandemic and expectations for an economic recovery, the situation in Ukraine, rising raw material and crude oil prices, yen depreciation, higher food prices and uncertainty over personal consumption are cited. - FY2022-Q2WorsenedAnnual report
「The Russian invasion of Ukraine has also increased political instability, and the recovery of social and economic activity remains uncertain due to rising raw material prices, a sharp surge in crude oil prices and the weakening yen.」
In addition to the impact of the pandemic, the Russian invasion of Ukraine, political instability, rising raw material and crude oil prices, and the weakening yen have been identified as new sources of uncertainty. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's social and economic activity remained heavily restricted by the prolonged COVID-19 pandemic and the rapid spread of new variants. In addition, the worsening situation in Ukraine accelerated the surge in crude oil prices, resulting in an unprecedentedly uncertain outlook.」
In addition to the prolonged pandemic and the rapid spread of new variants, the worsening situation in Ukraine and surging crude oil prices have been identified as new sources of uncertainty, intensifying uncertainty about the outlook. - FY2021WorsenedAnnual report
「Regarding the outlook, the environment surrounding Japan is expected to remain uncertain, with significant downside risk as vigilance against globally spreading COVID-19 variants remains necessary and renewed restrictions on activities may become unavoidable depending on infection trends.」
COVID-19 variants, renewed restrictions on activities and downside risk to the economy are cited, with the outlook expected to remain uncertain. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter, Japan's outlook remained uncertain due to repeated waves of COVID-19, the expansion of areas subject to priority preventive measures and the extension of those measures. The international economy was also exposed to risks of further downside in the global and Japanese economies due to the impact of COVID-19 and the continuation of tensions between the US and China.」
In addition to repeated waves of COVID-19, the expansion of areas subject to priority preventive measures, the extension of those measures and continuing tensions between the US and China are cited, with uncertainty about the outlook continuing. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy was in a challenging state due to repeated waves of COVID-19 and the reissuance of the state of emergency and application of priority preventive measures. The international economy was also exposed to risks of further downside in the global and Japanese economies due to the impact of COVID-19 and the continuation of tensions between the US and China.」
Repeated waves of COVID-19, the reissuance of the state of emergency and the priority preventive measures, as well as downside risk from continuing tensions between the US and China, are indicated. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter, Japan's economy was in an extremely challenging state as social and economic activity was heavily restricted by the prolonged COVID-19 pandemic and the reissuance of the state of emergency. The international economy was also exposed to risks of further downside in the global and Japanese economies due to the impact of COVID-19 and US-China trade friction.」
The economic environment is described as "still extremely challenging" due to the prolonged pandemic and the reissuance of the state of emergency, and downside risk from US-China trade friction is also indicated. - FY2020WorsenedAnnual report
「With the headwinds intensifying again amid the temporary suspension of the Go To Travel campaign and requests for people to refrain from going out following the reissuance of the state of emergency, it is expected that an extremely challenging operating environment will continue.」
In addition to COVID-19, headwinds from the temporary suspension of the Go To Travel campaign and the reissuance of the state of emergency have been expressly identified, indicating that the external environment has become more challenging. - FY2020-Q3RestatedAnnual report
「However, since the beginning of the year, COVID-19 has continued to spread globally with no sign of containment, and the outlook for the domestic and overseas economies remains uncertain.」
Uncertainty about the economic outlook continues due to the global spread of COVID-19 and the lack of signs of containment. - FY2020-Q2WorsenedAnnual report
「However, as COVID-19 continues to spread globally with no sign of containment, the outlook remains uncertain due to concerns about an economic slowdown.」
The continued global spread of COVID-19, the lack of signs of containment and concerns about an economic slowdown are identified as sources of uncertainty about the outlook. - FY2020-Q1WorsenedAnnual report
「At the same time, the outlook for the international economy remains uncertain due to concerns about an economic slowdown arising from the prolonged US-China trade friction, heightened tensions in the Middle East and the global spread of COVID-19.」
In addition to the previous references to US-China trade friction and other factors, the global spread of COVID-19 has been added as a source of uncertainty. - FY2019WorsenedAnnual report
「Concerns also include US-China trade friction, uncertainty in the international economy and foreign exchange volatility risk, although」
In addition to the previous references to US-China trade friction and other factors, uncertainty in the international economy and foreign exchange volatility risk have been expressly identified, and uncertainty in the external environment continues. - FY2019-Q3WorsenedAnnual report
「During the cumulative third quarter, Japan's economy was on a gradual recovery trend, with corporate earnings and capital investment increasing and employment conditions improving. Overseas, however, the outlook remained uncertain due to worsening trade friction between the US and China and deteriorating relations between Japan and South Korea.」
While referring to the trend toward an economic recovery, worsening trade friction between the US and China and deteriorating relations between Japan and South Korea are identified as sources of uncertainty. - FY2019-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy remained on a gradual recovery trend, with corporate earnings and employment and income conditions improving against the backdrop of the government's economic policies and the Bank of Japan's monetary easing policy. At the same time, the outlook remained uncertain due to the worsening trade friction between the US and China, the UK's withdrawal from the EU and other factors.」
While referring to the recovery trend, the trade friction between the US and China is described as worsening, and the UK's withdrawal from the EU is also expressly identified as a source of uncertainty. - FY2019-Q1RestatedAnnual report
「At the same time, the outlook remains uncertain due to policy developments in the US administration, fluctuations in financial markets and other factors.」
While referring to the gradual trend toward an economic recovery, policy developments in the US administration and fluctuations in financial markets continue to be identified as sources of uncertainty. - FY2018WorsenedAnnual report
「Japan's economy during the fiscal year continued on a gradual recovery trend as corporate earnings and employment conditions improved, but the outlook remained uncertain due to the impact of US-China trade friction and fluctuations in financial markets on the domestic economy.」
While referring to the trend toward an economic recovery, the impact of US-China trade friction and fluctuations in financial markets on the domestic economy is identified as a source of uncertainty. - FY2018-Q3WorsenedAnnual report
「Although there are signs of a gradual economic recovery, including increases in corporate earnings and capital investment and improvements in employment conditions, the outlook remains uncertain due to escalating trade friction among the US, China and the EU and slowing economic growth in emerging economies.」
While referring to signs of an economic recovery, escalating trade friction among the US, China and the EU and slowing growth in emerging economies are specifically identified as sources of uncertainty. - FY2018-Q2Sources of uncertainty expressed in more general termsAnnual report
「The outlook remains uncertain due to policy developments overseas, fluctuations in financial markets and other factors.」
The wording has changed from the previous quarter's "policy developments in the US administration and fluctuations in financial markets and other factors" to the more general expression "policy developments overseas and fluctuations in financial markets and other factors." - FY2018-Q1Sources of uncertainty consolidated into fluctuations in financial markets and other factorsAnnual report
「Although there are signs of a gradual economic recovery, including improvements in corporate earnings and employment conditions, the outlook remains uncertain due to policy developments in the US administration, fluctuations in financial markets and other factors.」
While referring to signs of an economic recovery, the wording has changed from the previous list of the US administration, the UK's withdrawal from the EU and North Korea and other factors to identify policy developments in the US administration and fluctuations in financial markets and other factors as sources of uncertainty. - FY2017RestatedAnnual report
「The outlook remains uncertain due to uncertainty surrounding the destabilization of the US administration and geopolitical risks related to the situation in North Korea.」
While referring to the trend toward an economic recovery, the destabilization of the US administration and the situation in North Korea continue to be identified as sources of uncertainty. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy showed signs of a gradual recovery, with corporate earnings and employment conditions improving against the backdrop of the government's economic policies and the Bank of Japan's monetary easing policy. At the same time, the outlook remained uncertain due to developments in policy changes by the new US administration, the impact of the UK's withdrawal from the EU on the global economy, and geopolitical risks involving North Korea and other factors.」
While referring to signs of an economic recovery, the new US administration, the UK's withdrawal from the EU and geopolitical risks involving North Korea and other factors continue to be listed as sources of uncertainty. - FY2017-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy showed signs of a gradual recovery, with corporate earnings and employment and income conditions improving against the backdrop of the government's economic policies and the Bank of Japan's monetary easing policy. At the same time, the outlook remained uncertain due to developments in policy changes by the new US administration, the impact of the UK's withdrawal from the EU on the global economy, and geopolitical risks involving North Korea and other factors.」
While mentioning signs of an economic recovery, geopolitical risks involving North Korea and other factors have been added to the previous references to the new US administration and the UK's withdrawal from the EU as sources of uncertainty. - FY2017-Q1Further specification and addition of sources of uncertaintyAnnual report
「Although there are signs of a gradual economic recovery, including improvements in corporate earnings and employment conditions, the outlook remains uncertain due to developments in policy changes by the new US administration and the impact of the UK's withdrawal from the EU on the global economy.」
The general expression "the unstable international situation" used at the end of the previous fiscal year has been replaced with specific references to policy changes by the new US administration and the impact of the UK's withdrawal from the EU as sources of uncertainty. Signs of an economic recovery are also mentioned. - FY2016SoftenedAnnual report
「The outlook remains uncertain due to the unstable international situation and other factors.」
The previous specific list of falling share prices, yen appreciation, slowing growth in emerging economies and the UK's withdrawal from the EU has been consolidated into the more general expression "the unstable international situation and other factors." - FY2016-Q3WorsenedAnnual report
「At the same time, the outlook remains uncertain due to a sharp decline in share prices, yen appreciation, signs of slowing economic growth in emerging economies, including China, and the UK's withdrawal from the EU.」
In addition to the previous references to falling share prices, yen appreciation and slowing growth in emerging economies, the UK's withdrawal from the EU has been expressly identified as a source of uncertainty. - FY2016-Q2MaterialisedAnnual report
「At the same time, the outlook remains uncertain due to a sharp decline in share prices, yen appreciation and signs of slowing economic growth in emerging economies, including China.」
The economic environment during the quarter is described as involving falling share prices, yen appreciation and slowing growth in emerging economies, resulting in an uncertain outlook.