Economic uncertainty caused by a slowdown in emerging-market economies, including China
First written in FY2016. 11 of 31 entries say "Reframed", first in FY2018-Q1. Latest entry: FY2027-H1.
The whole theme swung hardest in 2022: 129 of 170 companies on the "Worse" side.
- FY2027-H1WorsenedAnnual report
「During the first half of the consolidated fiscal year, employment and income conditions remained firm, and personal consumption continued to recover moderately. However, the outlook remained uncertain due to factors including soaring crude oil prices and concerns about procuring oil-derived products amid heightened tensions in the Middle East, prolonged domestic inflation and chronic labor shortages.」
In addition to the previous geopolitical risks, US tariff policies, inflation and labor shortages, the Company explicitly identifies soaring crude oil prices and concerns about procuring oil-derived products amid heightened tensions in the Middle East as new sources of uncertainty. - 2026-08-10ReframedResults
「しかしながら、中東情勢の緊迫化に伴う原油価格の高騰や原油由来の製品の調達不安、国内の物価上昇の長期化および慢性的な人手不足など先行きが不透明な状況となっています。」
従来の物価上昇・人手不足等に加え、中東情勢の緊迫化、原油価格高騰、原油由来製品の調達不安を不透明要因として明示している。 - FY2026WorsenedAnnual report
「During the consolidated fiscal year, employment and income conditions remained firm, and personal consumption continued to recover moderately. However, the outlook remained uncertain due to factors including heightened geopolitical risks, US tariff policies, prolonged domestic inflation and chronic labor shortages.」
While indicating factors supporting the economic recovery, the Company explicitly adds heightened geopolitical risks to the previous sources of uncertainty, namely US tariff policies, inflation and labor shortages. - 2026-05-14RestatedResults
「しかしながら、地政学リスクの高まりや米国による関税政策、国内の物価上昇の長期化および慢性的な人手不足など先行きが不透明な状況となっています。」
米国の関税政策、物価上昇の長期化、人手不足を外部環境上の不透明要因として継続して記載している。 - FY2026-H1ReframedAnnual report
「During the first half of the consolidated fiscal year, inbound demand remained strong and personal consumption continued to recover moderately. However, the outlook remained uncertain due to factors including US tariff policies, prolonged domestic inflation and chronic labor shortages.」
While citing inbound demand and personal consumption as factors supporting the economic recovery, the Company explicitly adds US tariff policies to the previous concerns and identifies prolonged domestic inflation and chronic labor shortages as sources of uncertainty. - FY2025-H1ReframedAnnual report
「During the first half of the consolidated fiscal year, Japan's economy continued to recover moderately, supported by improvements in employment and income conditions and inbound demand. However, the outlook remained uncertain, with concerns about sluggish personal consumption due to prolonged inflation and labor shortages.」
While citing improvements in employment and income conditions and inbound demand as indicators of an economic recovery, the Company has shifted to identifying sluggish personal consumption due to inflation and labor shortages as the main concerns. - FY2024ReframedAnnual report
「During the consolidated fiscal year, economic activity in Japan continued to normalize, and personal consumption continued to recover moderately. However, the outlook remained uncertain, with concerns about prolonged inflation caused by significant foreign exchange fluctuations and soaring resource prices, as well as labor shortages.」
The description has shifted from a focus on infectious diseases and overseas conditions to recognition of economic normalization, with significant foreign exchange fluctuations, prolonged inflation caused by soaring resource prices and labor shortages identified as the main sources of uncertainty. - FY2024-Q3RestatedAnnual report
「During the first nine months of the consolidated fiscal year, economic activity in Japan was gradually normalizing after the COVID-19 pandemic, and personal consumption continued to recover moderately. However, the outlook remained uncertain, with energy and raw material prices remaining elevated and concerns about stagnation in personal consumption due to continued inflation.」
The Company continues to describe the normalization of economic activity and gradual recovery in personal consumption, while also identifying elevated energy and raw material prices and uncertainty about the outlook due to inflation. - FY2024-Q2ReframedAnnual report
「During the first half of the consolidated fiscal year, economic activity in Japan was gradually normalizing after the COVID-19 pandemic, and personal consumption continued to recover moderately. However, the outlook remained uncertain, with energy and raw material prices remaining elevated and concerns about stagnation in personal consumption due to continued inflation.」
The description has shifted from uncertainty centered on infectious diseases and overseas economic conditions to recognition of the normalization of economic activity after the COVID-19 pandemic, with greater emphasis on elevated energy and raw material prices and concerns about stagnant personal consumption due to inflation. - FY2023ReframedAnnual report
「During the consolidated fiscal year, Japan's economy continued to show a gradual recovery in personal consumption as restrictions on activity related to COVID-19 were eased, but the outlook remained uncertain due to soaring energy and raw material prices and factors including an economic slowdown overseas associated with monetary tightening.」
The focus of overseas and macroeconomic sources of uncertainty has shifted from China, emerging-market economies and US-China trade friction to an economic slowdown associated with monetary tightening and soaring energy and raw material prices. - FY2023-Q3SoftenedAnnual report
「During the first nine months of the consolidated fiscal year, Japan's economy saw raw material costs increase alongside rising resource prices and the yen's depreciation. Overseas, the outlook remained uncertain due to factors including heightened tensions surrounding Ukraine.」
The Company cites rising resource prices, the yen's depreciation and the situation in Ukraine, while no longer mentioning supply-chain disruptions caused by lockdowns in Chinese cities, which were cited in the previous quarter. The wording has also changed from “extremely uncertain” to “uncertain.” - FY2023-Q2WorsenedAnnual report
「During the first half of the consolidated fiscal year, Japan's economy saw raw material costs increase alongside rising resource prices and the yen's depreciation. Overseas, the outlook became extremely uncertain due to factors including heightened tensions surrounding Ukraine and supply-chain disruptions caused by lockdowns in Chinese cities.」
In addition to the previously cited rise in resource prices, the situation in Ukraine and lockdowns in Chinese cities, the Company explicitly identifies the increase in raw material costs associated with the yen's depreciation. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the consolidated fiscal year, Japan's economy saw raw material costs increase alongside rising resource prices. Overseas, the outlook became extremely uncertain due to factors including heightened tensions surrounding Ukraine and supply-chain disruptions caused by lockdowns in Chinese cities.」
In addition to the previously cited situation in Ukraine, the Company explicitly identifies supply-chain disruptions caused by lockdowns in Chinese cities as a new source of uncertainty. - FY2022ReframedAnnual report
「Japan's economy during the consolidated fiscal year initially showed signs of a temporary recovery from the recession caused by the spread of COVID-19, but the renewed spread of infections prolonged sluggish personal consumption. Overseas, the outlook became extremely uncertain due to factors including heightened tensions surrounding Ukraine.」
Regarding sources of uncertainty in the overseas economy, the Company explicitly identifies heightened tensions surrounding Ukraine in addition to the previously cited US-China trade friction and COVID-19. - FY2020WorsenedAnnual report
「However, overseas, the global economic slowdown caused by US-China trade friction is affecting economic conditions in Japan, while the global spread of COVID-19 accelerated in the fourth quarter, increasing concerns about a slowdown in the global economy and leaving the economic outlook uncertain.」
In addition to US-China trade friction, the Company identifies concerns about a slowdown in the global economy due to the worldwide spread of COVID-19 as a new source of uncertainty. - FY2020-Q3RestatedAnnual report
「However, overseas, the global economic slowdown caused by US-China trade friction is affecting economic conditions in Japan, leaving the outlook uncertain.」
The Company continues to express the view that the global economic slowdown caused by US-China trade friction is affecting economic conditions in Japan and that the outlook is uncertain. - FY2020-Q2RestatedAnnual report
「However, overseas, the global economic slowdown caused by US-China trade friction is affecting economic conditions in Japan, leaving the outlook uncertain.」
The Company continues to express the view that the global economic slowdown caused by US-China trade friction is affecting economic conditions in Japan and that the outlook is uncertain. - FY2020-Q1RestatedAnnual report
「However, overseas, the global economic slowdown caused by US-China trade friction is beginning to affect economic conditions in Japan, leaving the outlook uncertain.」
The Company continues to state that the global economic slowdown caused by US-China trade friction is beginning to affect economic conditions in Japan. - FY2019WorsenedAnnual report
「However, overseas, the global economic slowdown caused by US-China trade friction is beginning to affect economic conditions in Japan, leaving the outlook uncertain.」
The Company states that the global economic slowdown caused by US-China trade friction is beginning to spread to economic conditions in Japan, specifying the impact of the external environment. - FY2019-Q3WorsenedAnnual report
「However, overseas, the global economic slowdown caused by US-China trade friction is beginning to affect economic conditions in Japan, leaving the outlook uncertain.」
The Company states that the global economic slowdown caused by US-China trade friction is beginning to affect economic conditions in Japan, explicitly describing the transmission of the impact. - FY2019-Q2ReframedAnnual report
「However, overseas, the outlook remains uncertain due to factors including US-China trade friction and concerns about an economic slowdown in emerging Asian economies, led by China.」
The description of overseas economic uncertainty has changed from the previous quarter's focus on concerns about US policy direction to a combination of US-China trade friction and concerns about an economic slowdown in emerging Asian economies. - FY2019-Q1ReframedAnnual report
「However, overseas, the outlook remains uncertain due to factors including concerns about US policy direction and concerns about an economic slowdown in emerging Asian economies, led by China.」
Regarding overseas sources of uncertainty, the Company explicitly identifies, in addition to concerns about US policy direction, concerns about an economic slowdown in emerging Asian economies, led by China. The combination of factors has changed from the previous focus on the UK's EU departure issue and geopolitical risks. - FY2018ReframedAnnual report
「However, overseas, the outlook remains uncertain due to factors including concerns about US policy direction and geopolitical risks, particularly those involving North Korea.」
Regarding overseas sources of uncertainty, the Company no longer explicitly mentions the UK's EU departure issue, which had been cited through the previous quarter, and instead identifies concerns about US policy direction and geopolitical risks. - FY2018-Q3SoftenedAnnual report
「However, overseas, although economic conditions in Europe and the US are expanding, the outlook remains uncertain due to factors including the UK's EU departure issue and geopolitical risks, particularly those involving North Korea.」
The Company continues to cite the UK's EU departure issue and geopolitical risks as overseas sources of uncertainty, while no explicit mention is made of the concerns about the US administration's policy direction noted in the previous quarter. - FY2018-Q2WorsenedAnnual report
「However, overseas, the outlook remains uncertain due to factors including concerns about the US administration's policy direction, the UK's EU departure issue and geopolitical risks, particularly those involving North Korea.」
In addition to the previous concerns about the US administration and the UK's EU departure issue, the Company identifies geopolitical risks, particularly those involving North Korea, as a new source of uncertainty. - FY2018-Q1ReframedAnnual report
「However, overseas, the outlook remains uncertain due to factors including concerns about the new US administration's conservative policy direction and the UK's EU departure issue.」
The description of overseas sources of uncertainty has changed from the previously cited slowdown in emerging-market economies, including China, to concerns about the new US administration's policy direction and the UK's EU departure issue. - FY2017DroppedAnnual reportThe business performance and risk disclosures for the current fiscal year do not explicitly identify the slowdown in emerging-market economies, including China, as a factor contributing to economic uncertainty.
- FY2017-Q3RestatedAnnual report
「However, overseas, the outlook remains uncertain due to factors including fluctuations in share prices and foreign exchange rates driven by expectations for the economic policies of the new US administration, the slowdown in emerging-market economies, led by China, and turmoil in financial markets following the UK's decision to leave the EU.」
In addition to the slowdown in emerging-market economies, led by China, and the UK's departure from the EU, the Company identifies fluctuations in share prices and foreign exchange rates driven by expectations for the economic policies of the new US administration as factors contributing to uncertainty. - FY2017-Q2RestatedAnnual report
「Overseas, economic uncertainty intensified due to factors including the slowdown in emerging-market economies, led by China, and turmoil in financial markets following the UK's decision to leave the EU.」
The Company continues to identify the slowdown in emerging-market economies, led by China, and turmoil in financial markets following the UK's decision to leave the EU as factors contributing to economic uncertainty. - FY2017-Q1WorsenedAnnual report
「Signs of stagnation were evident in personal consumption, and economic uncertainty intensified due to factors including the slowdown in emerging-market economies, led by China, and turmoil in financial markets following the UK's decision to leave the EU.」
In addition to the slowdown in emerging-market economies, including China, the Company cites turmoil in financial markets following the UK's decision to leave the EU as a new source of uncertainty and states that economic uncertainty intensified. - FY2016First statedAnnual report
「However, signs of stagnation were evident in personal consumption, and economic uncertainty intensified from the second half of the fiscal year due to factors including the slowdown in emerging-market economies, led by China, and lower crude oil prices.」
The external environment for the current period includes a slowdown in emerging-market economies, including China, while revenue from the China segment declined 28.4% year on year.