Slowing Corporate Earnings and Economic Stagnation Caused by Rapid Yen Appreciation
First written in FY2017-Q1. 13 of 26 entries say "Worsened", first in FY2018-Q2. Latest entry: FY2026-H1.
Maruken Lease moved to the "Worse" side of this theme in 2016, 6 years before the typical company in this theme (2022).
The whole theme swung hardest in 2020: 40 of 57 companies on the "Worse" side.
37 other companies' latest entry also says "Worsened".
- FY2026-H1WorsenedAnnual report
「Meanwhile, the outlook remained uncertain due to overseas factors such as US tariff policies and the slowdown in the Chinese economy.」
In addition to the previously cited downside risks to overseas economies, the report specifically identifies US tariff policies and the slowdown in the Chinese economy as sources of uncertainty. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period under review, Japan's economy showed a gradual recovery trend due to the recovery in inbound demand and improvements in employment and income conditions. However, the outlook remained uncertain due to downside risks to overseas economies and fluctuations in financial and capital markets.」
The report reconfirms the coexistence of a gradual recovery in the domestic economy with uncertainty about the outlook arising from downside risks to overseas economies and fluctuations in financial and capital markets. - FY2024WorsenedAnnual report
「Meanwhile, the outlook remained uncertain due to the effects of persistently high resource and energy prices resulting from global monetary tightening and the prolonged instability in Ukraine and the Middle East, as well as continuing inflation.」
In addition to the previously cited monetary tightening, situation in Ukraine, and resource and energy prices, the report identifies the prolonged instability in the Middle East as a new source of uncertainty. - FY2024-Q3RestatedAnnual report
「During the nine months ended 31 December 2023 (1 April 2023–31 December 2023), Japan's economy remained on a gradual recovery trend, with signs of recovery in personal consumption and corporate production activity. However, the outlook remained uncertain due to downside risks to the economy arising from global monetary tightening and heightened international tensions, as well as the effects of persistently high raw material and energy prices and inflation.」
The report reconfirms the coexistence of a gradual recovery in the domestic economy with uncertainty about the outlook arising from global monetary tightening, international conditions, raw material and energy prices, and inflation. - FY2024-Q1RestatedAnnual report
「During the three months ended 30 June 2023 (1 April 2023–30 June 2023), Japan's economy recovered gradually, with signs of recovery in personal consumption and capital investment. However, amid continued global monetary tightening, the economy remained exposed to the risk of being affected by a downturn overseas, leaving the outlook uncertain.」
While describing the recovery in economic activity, personal consumption and capital investment, the report explains that uncertainty about the outlook continues due to global monetary tightening and the risk of a downturn in overseas economies. - FY2023WorsenedAnnual report
「The business environment surrounding the Group showed signs of recovery as restrictions on activity related to COVID-19 were eased and domestic demand expanded, led by capital investment. However, uncertainty continued amid concerns about the risk of a slowdown in overseas economies as resource and energy prices rose due to the prolonged situation in Ukraine and global monetary tightening continued.」
While domestic demand showed signs of recovery, the prolonged situation in Ukraine, higher resource and energy prices, global monetary tightening, and the risk of a slowdown in overseas economies coexisted, and uncertainty continued. - FY2023-Q3WorsenedAnnual report
「During the nine months ended 31 December 2022 (1 April 2022–31 December 2022), Japan's economy showed signs of a gradual recovery as economic activity normalized. However, concerns remained about the risk of a slowdown in the global economy due to factors including the prolonged situation in Ukraine, inflation caused by surging energy prices, and monetary tightening policies in various countries, and uncertainty continued.」
While describing a recovery resulting from the normalization of economic activity, the report newly highlights the risk of a slowdown in the global economy against the backdrop of monetary tightening policies in various countries, with uncertainty continuing. - FY2023-Q2WorsenedAnnual report
「During the six months ended 30 September 2022 (1 April 2022–30 September 2022), Japan's economy showed signs of a gradual recovery, but remained uncertain amid concerns about the risk of a slowdown in overseas economies due to inflation resulting from surging energy prices.」
While economic activity showed signs of recovery, the report newly highlights inflation caused by surging energy prices and the risk of a slowdown in overseas economies, explaining that uncertainty continues. - FY2023-Q1RestatedAnnual report
「During the three months ended 30 June 2022 (1 April 2022–30 June 2022), Japan's economy showed signs of recovery in economic and social activity, but remained uncertain, including downside risks to the economy due to rising raw material prices and supply constraints.」
The report reconfirms the coexistence of a recovery in economic and social activity with downside risks and uncertainty arising from higher raw material prices and supply constraints. - FY2022WorsenedAnnual report
「Recently, uncertainty has increased due to the situation in Ukraine, disruptions to supply chains, and surging raw material and energy prices.」
In addition to the previously cited pandemic and trade issues, the report identifies the situation in Ukraine, supply chain disruptions, and surging raw material and energy prices as new sources of uncertainty. - FY2021-Q3WorsenedAnnual report
「During the nine months ended 31 December 2020 (1 April 2020–31 December 2020), Japan's economy showed some signs of recovery as social and economic activity was gradually expanded after the deterioration caused by the spread of COVID-19. However, uncertainty increased further as infections resurged.」
The report states that social and economic activity showed some signs of recovery, while uncertainty surrounding the economic environment increased further due to the resurgence of COVID-19. - FY2021-Q1WorsenedAnnual report
「During the three months ended 30 June 2020 (1 April 2020–30 June 2020), Japan's economy remained in a severe condition as the spread of COVID-19 placed significant constraints on social and economic activity. Although the lifting of the state of emergency at the end of May allowed economic activity to resume gradually, concerns about a second wave left the outlook extremely uncertain.」
In addition to the constraints on social and economic activity caused by COVID-19, the report explicitly cites a second wave and an extremely uncertain outlook, making the concerns about a slowdown in overseas economies and worsening economic conditions since the previous fiscal year more concrete. - FY2020WorsenedAnnual report
「In addition to the uncertain conditions in overseas economies arising from trade issues since the beginning of the year, concerns have emerged that the spread of COVID-19 will slow global economic activity and worsen economic conditions toward the end of the fiscal year, leaving the outlook impossible to predict.」
In addition to the existing risks related to trade issues and a slowdown in overseas economies, the report explicitly cites the slowdown in global economic activity and concerns about worsening economic conditions due to the spread of COVID-19. - FY2020-Q3RestatedAnnual report
「Meanwhile, concerns remain about the impact of the risk of a slowdown in overseas economies, including developments concerning trade issues and the outlook for the Chinese economy.」
The report continues to cite the risk of a slowdown in overseas economies due to trade issues and the outlook for the Chinese economy, as in the previous quarter. - FY2020-Q2WorsenedAnnual report
「Meanwhile, uncertainty continued amid concerns about the impact of the risk of a slowdown in overseas economies, including rising tensions over trade issues and the outlook for the Chinese economy.」
The concerns previously associated with US-China trade friction have continued in the form of rising tensions over trade issues and the risk of a slowdown in overseas economies due to the outlook for the Chinese economy. - FY2020-Q1RestatedAnnual report
「During the three months ended 30 June 2019 (1 April 2019–30 June 2019), Japan's economy showed strong corporate performance, capital investment and improvement in employment and income conditions. However, uncertainty about the outlook persisted amid concerns about the impact of the risk of a slowdown in overseas economies associated with US-China trade friction.」
While also noting improvements in the domestic economy, the report states that the risk of a slowdown in overseas economies associated with US-China trade friction and uncertainty about the outlook persist. - FY2019-Q3WorsenedAnnual report
「During the nine months ended 31 December 2018 (April–December 2018), Japan's economy remained on a gradual recovery trend, with corporate performance staying firm and capital investment increasing. Overseas, however, downside risks to the economy increased due to factors including US-China trade friction, widening uncertainty about the outlook.」
While describing the recovery trend in the domestic economy, the report newly highlights rising downside risks to the overseas economy and expanding uncertainty due to factors including US-China trade friction. - FY2019-Q1WorsenedAnnual report
「Meanwhile, although the global economy remained generally strong, particularly in Europe and the US, uncertainty about the outlook increased amid concerns about the adverse effects of US protectionist policies.」
While characterizing the domestic economy as being on a gradual recovery trend, the report identifies the adverse effects of US protectionist policies as a new source of uncertainty and indicates growing concern about the outlook for the global economy. - FY2018RestatedAnnual report
「During the fiscal year under review, corporate earnings improved across a broad range of industries due to higher exports and a recovery in domestic demand, and the recovery trend continued.」
The report describes improving domestic demand and corporate earnings and the continuation of the recovery trend, indicating that macroeconomic risks remained mitigated, as in the previous quarter. - FY2018-Q3MitigatedAnnual report
「During the nine months ended 31 December 2017 (April–December 2017), corporate earnings continued to improve across a broad range of industries, supported by higher exports resulting from the recovery in overseas economies and a recovery in domestic demand.」
Unlike the uncertainty overseas and rising geopolitical risks cited in the previous quarter, the report describes the recovery in overseas economies, higher exports, the recovery in domestic demand and improving corporate earnings. - FY2018-Q2WorsenedAnnual report
「During the six months ended 30 September 2017 (April–September 2017), Japan's economy faced concerns including rising geopolitical risks arising from uncertain conditions overseas, but corporate performance continued to improve across a broad range of industries.」
While noting the improving trend in domestic corporate performance, the report specifically identifies rising geopolitical risks associated with uncertain conditions overseas as a new concern. - FY2018-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review (April–June 2017), Japan's economy showed signs of improvement in corporate performance across a broad range of industries, although some uncertainty remained overseas. Personal consumption also began to show modest signs of recovery as employment improved.」
The report states that corporate performance and personal consumption in Japan are showing signs of improvement and recovery, while uncertainty overseas remains. - FY2017RestatedAnnual report
「During the fiscal year under review, Japan's economy was beginning to see a gradual expansion in production and exports, and corporate performance continued to recover. Personal consumption, however, remained sluggish, while overseas, uncertainty about the outlook for the global economy increased due to the UK's exit from the EU and policy developments under the new US administration.」
The report notes both the domestic recovery trend and sluggish personal consumption, while continuing to cite uncertainty overseas arising from the UK's exit from the EU and the new US administration. - FY2017-Q3ReframedAnnual report
「During the first nine months of the fiscal year from April to December 2016, Japan's economy began to show signs of a gradual recovery in personal consumption and exports after a prolonged economic lull. However, uncertainty over the outlook for the global economy increased due to the United Kingdom's withdrawal from the EU and the policy direction of the new U.S. administration.」
While the domestic economy remains sluggish and the business environment is showing signs of recovery, the focus of risk has shifted from a slowdown in domestic corporate earnings due to yen appreciation to uncertainty surrounding the global economy arising from the UK's exit from the EU and policy developments under the new US administration. - FY2017-Q2MaterialisedAnnual report
「During the first half of the fiscal year from April to September 2016, Japan's economy remained on a moderate recovery trend, but corporate earnings continued to struggle due to yen appreciation since the beginning of the year. Personal consumption and capital investment also lacked momentum, prolonging the economic lull.」
Corporate earnings remained sluggish due to yen appreciation, while personal consumption and capital investment stayed weak and the economic lull continued. - FY2017-Q1MaterialisedAnnual report
「During the first quarter, Japan's economy had been on a moderate recovery trend, but corporate earnings showed increasing signs of slowing due to rapid yen appreciation. With personal consumption and capital investment also remaining sluggish, the economic lull has been prolonged.」
The economic environment includes the risks of slowing corporate earnings due to rapid yen appreciation, sluggish personal consumption and capital investment, and a prolonged economic slowdown.