Uncertainty over the Economic Outlook from Sluggish Personal Consumption and Capital Investment and Overseas Developments
First written in FY2017-Q1. 20 of 31 entries say "Restated". Latest entry: 2026-11-05.
The whole theme swung hardest in 2019: 99 of 176 companies on the "Worse" side.
- FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period under review, the economy was on a moderate recovery path due to improvements in employment and income conditions, but continued to face an uncertain outlook due to rising prices and exchange-rate movements.」
While acknowledging the moderate recovery supported by employment and income conditions, uncertainty over the outlook due to rising prices and exchange-rate movements has been reconfirmed. - FY2025-H1WorsenedAnnual report
「During the interim consolidated accounting period under review, the economy was on a moderate recovery path, supported by improvements in employment and income conditions and inbound demand. At the same time, domestic economic activity continued to be seriously affected by rising prices, higher policy rates and sharp exchange-rate fluctuations.」
While acknowledging the moderate economic recovery, higher policy rates and sharp exchange-rate fluctuations, in addition to rising prices, are explicitly identified as factors affecting domestic economic activity. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter under review, the Japanese economy proceeded on a moderate recovery path as economic activity normalised following the lifting of domestic restrictions on movement and the easing of entry restrictions for visitors from overseas. On the other hand, amid unstable international conditions, rising domestic prices driven by persistently high raw material and fuel prices and the depreciation of the yen continued to have a serious impact on the economy and society.」
While indicating the normalisation of economic activity and a moderate recovery, the continuing impact on the economy and society of international conditions, persistently high raw material and fuel prices, the depreciation of the yen and rising domestic prices is described. - FY2024-Q1WorsenedAnnual report
「On the other hand, rising domestic prices due to soaring global resource and food prices and frequent natural disasters have had a serious impact on the economy and society.」
While indicating a moderate recovery in economic activity, soaring global resource and food prices, resulting price increases and frequent natural disasters are specified as new external-environment concerns. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter under review, difficult conditions continued due to the prolonged situation involving Russia and Ukraine and soaring resource prices resulting from the depreciation of the yen. In addition to the ongoing COVID-19 pandemic, rising prices for all types of consumer goods have put pressure on personal consumption and corporate earnings, seriously affecting Japan's economy and society.」
The situation involving Russia and Ukraine, the depreciation of the yen, soaring resource prices, the COVID-19 pandemic, and the pressure on personal consumption and corporate earnings from rising consumer-goods prices continue to be described as factors contributing to the difficult economic environment. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter under review, although restrictions related to COVID-19 were eased, economic activity remained restricted and difficult conditions continued due to the prolonged situation involving Russia and Ukraine and soaring resource prices resulting from the rapid depreciation of the yen.」
While the easing of restrictions related to infectious disease is described, the prolonged situation involving Russia and Ukraine and soaring resource prices resulting from the rapid depreciation of the yen are cited, and the continuation of difficult conditions in which economic activity is restricted is stated. - FY2023-Q1RestatedAnnual report
「During the cumulative first quarter under review, economic activity remained restricted and difficult conditions continued due to the ongoing effects of intermittent waves of COVID-19 infections and soaring resource prices resulting from the prolonged situation involving Russia and Ukraine.」
The effects of COVID-19, the prolonged situation involving Russia and Ukraine, and the restriction of economic activity and continuation of difficult conditions due to soaring resource prices are reiterated. - FY2022WorsenedAnnual report
「The spread of new variants and worsening conditions relating to Russia and Ukraine led to a sharp rise in resource prices, shortages of materials and other effects that significantly restricted economic activity, and the extremely difficult conditions continued.」
In addition to the existing risk of an economic slowdown due to infectious disease, conditions relating to Russia and Ukraine, soaring resource prices and shortages of materials have emerged, expanding the external-environment risks. - FY2022-Q3RestatedAnnual report
「During the cumulative third quarter under review, signs of a gradual recovery emerged as COVID-19 vaccinations became more widespread, but the spread of a new variant again restricted economic activity, and the difficult conditions continued.」
While acknowledging signs of recovery from the wider rollout of COVID-19 vaccinations, the renewed restriction of economic activity due to a new variant and the continuation of difficult conditions are described. - FY2022-Q2RestatedAnnual report
「During the cumulative second quarter under review, economic activity remained restricted by the prolonged impact of COVID-19 infections, and the difficult conditions continued.」
Restrictions on economic activity due to the prolonged COVID-19 pandemic and the severe economic environment have continued. - FY2021WorsenedAnnual report
「Although economic activity is expected to recover gradually as COVID-19 vaccines become more widely available and through government fiscal support measures, the emergence of new variants could lead to a renewed spread of infections. Accordingly, difficult social and economic conditions are expected to continue.」
While recovery factors such as the wider availability of vaccines are identified, the possibility of a renewed spread of infections due to new variants is also cited, and difficult social and economic conditions are expected to continue. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter under review, the prolonged spread of the novel coronavirus significantly restricted economic activity, and the extremely difficult conditions continued.」
The prolonged spread of the novel coronavirus, restrictions on economic activity, and the continuation of an extremely difficult economic environment are reiterated. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter under review, economic activity remained restricted by the continued global spread of the novel coronavirus, and the extremely difficult conditions continued.」
Restrictions on economic activity caused by the novel coronavirus and the severe economic environment have continued. - FY2021-Q1RestatedAnnual report
「During the cumulative first quarter under review, the Japanese economy entered an extremely difficult phase as the global spread of the novel coronavirus brought all economic activity to a standstill.」
The stagnation of economic activity caused by the novel coronavirus and the severe economic environment are reiterated. No new external factors have been added. - FY2020WorsenedAnnual report
「During the fiscal year under review, the Japanese economy remained firm against a backdrop of improved corporate earnings and employment conditions. However, in addition to the prolonged US-China trade friction, the global spread of the novel coronavirus brought all economic activity to a standstill, and unprecedented turmoil continued.」
In addition to the existing concerns over US-China trade friction and a slowdown in the overseas economy, the stagnation of economic activity and unprecedented turmoil caused by the global spread of the novel coronavirus are described. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter under review, the Japanese economy remained firm against a backdrop of improved corporate earnings and employment conditions. However, concerns over a slowdown in the overseas economy resulting from the prolonged US-China trade friction and escalating tensions in the Middle East left the economy lacking strength, particularly in exports.」
In addition to the existing concerns over US-China trade friction and a slowdown in the overseas economy, escalating tensions in the Middle East are explicitly identified, further specifying the external-environment risk as a lack of strength, particularly in exports. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter under review, the Japanese economy remained firm against a backdrop of improved corporate earnings and employment conditions. However, the prolonged US-China trade friction and concerns over a slowdown in the overseas economy left the economy lacking strength, particularly in exports.」
While acknowledging improvements in corporate earnings and employment conditions, the prolonged US-China trade friction, the slowdown in the overseas economy, and weakness in exports are reiterated as concerns regarding the economic outlook. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter under review, the Japanese economy remained firm against a backdrop of improved corporate earnings and employment conditions. However, the prolonged US-China trade friction and concerns over a slowdown in the overseas economy left both domestic demand and exports lacking strength.」
While acknowledging improvements in corporate earnings and employment conditions, the prolonged US-China trade friction, the slowdown in the overseas economy, and weakness in domestic demand and exports are reiterated as concerns regarding the economic outlook. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter under review, the Japanese economy continued on a moderate recovery path overall, supported by a solid overseas economy and domestic monetary policy. However, concerns over China's economic slowdown and a global contraction in trade resulting from the United States' protectionist trade and foreign policies left the outlook unpredictable.」
While acknowledging the moderate recovery trend, the view that the outlook remains unpredictable due to concerns over China's economic slowdown and a contraction in trade resulting from United States protectionism continues to be stated. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter under review, the Japanese economy continued on a moderate recovery path overall, supported by a solid overseas economy and domestic monetary policy. However, concerns over higher crude oil prices and a global contraction in trade resulting from the United States' protectionist trade and foreign policies left the outlook unpredictable.」
While acknowledging the moderate recovery trend, the view that the outlook remains unpredictable due to concerns over higher crude oil prices and a contraction in trade resulting from the United States' protectionist policies is reiterated. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter under review, the Japanese economy continued on a moderate recovery path overall, supported by a solid overseas economy and domestic monetary policy. However, concerns over higher crude oil prices and a global contraction in trade resulting from the United States' protectionist trade and foreign policies left the outlook unpredictable.」
While acknowledging the moderate recovery trend, the view that the outlook remains unpredictable due to concerns over higher crude oil prices and a contraction in trade resulting from the United States' protectionist policies is reiterated. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter under review, the Japanese economy continued on a moderate recovery path overall, supported by a solid overseas economy and domestic monetary policy, with corporate earnings and employment conditions improving and capital investment recovering.」
Improvements in corporate earnings and employment conditions, the recovery in capital investment, and the moderate recovery trend are described. No material changes to the risks relating to the business and other matters are reported. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter under review, the Japanese economy continued on a moderate recovery path, supported by a solid overseas economy and domestic monetary policy, with corporate earnings and employment conditions improving.」
Improvements in corporate earnings and employment conditions and the moderate recovery trend are described. No material changes to the risks relating to the business and other matters are reported. - FY2018-Q1RestatedAnnual report
「During the cumulative first quarter under review, the Japanese economy continued on a moderate recovery path, supported by improvements in corporate earnings and employment conditions, but the outlook remained uncertain due to political and policy developments in Japan and overseas and rising geopolitical risks in the Middle East and Asia.」
The view that the economic outlook is uncertain due to political and policy developments in Japan and overseas and geopolitical risks in the Middle East and Asia is reiterated. - FY2017RestatedAnnual report
「During the fiscal year under review, the Japanese economy remained supported by stimulus measures under the Bank of Japan's ultra-low interest rate policy, and corporate earnings and employment conditions improved, particularly among large companies. On the other hand, inbound consumption had levelled off and capital investment showed no growth, resulting in a prolonged economic slowdown. The outlook also remained uncertain due to the effects of political and policy developments in Europe and the United States and rising geopolitical risks in the Middle East and Asia.」
The levelling off of inbound consumption, sluggish capital investment, the economic slowdown, and uncertainty over the outlook due to political and policy developments in Europe and the United States and geopolitical risks are reiterated. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter under review, the Japanese economy remained supported by stimulus measures under the Bank of Japan's ultra-low interest rate policy, and corporate earnings and employment conditions improved, particularly among large companies. On the other hand, inbound consumption had levelled off, capital investment showed no growth, and the economic slowdown continued for an extended period. The outlook also remained uncertain due to factors including the change of administration in the United States and the economic slowdown in emerging markets, including China.」
In addition to the levelling off of inbound consumption and sluggish capital investment, the change of administration in the United States and the economic slowdown in emerging markets such as China are cited, with the uncertainty surrounding the economic outlook reiterated. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter under review, the Japanese economy remained supported by stimulus measures under the Bank of Japan's ultra-low interest rate policy, and corporate earnings and employment conditions improved, particularly among large companies. On the other hand, inbound consumption had levelled off, capital investment showed no growth, and the economic slowdown continued for an extended period, leaving the outlook still uncertain.」
The levelling off of inbound consumption, sluggish capital investment, and the prolonged economic slowdown and uncertain outlook continue to be cited as concerns relating to the external environment. - FY2017-Q1First statedAnnual report
「Although the environment surrounding our Group showed improvement in corporate earnings and employment conditions, personal consumption and capital investment remained sluggish. Concerns also persisted over unstable conditions in Europe and the Middle East, leaving the economic outlook uncertain.」
Stagnant personal consumption and capital investment, unstable conditions in Europe and the Middle East, and economic uncertainty have been identified for the first time as business-environment risks.