Uncertainty over the outlook due to a stronger yen, weak private consumption and overseas economic problems
First written in FY2017-Q1. 7 of 36 entries say "Restated". Latest entry: 2026-11-13.
The whole theme swung hardest in 2020: 150 of 178 companies on the "Worse" side.
- 2026-11-13RestatedResults
「今後も緩やかな景気回復が見込まれますが、不安定な中東情勢がもたらす原油価格および消費者物価の上昇、米国の金融政策や金利動向など外部要因による影響が懸念されます。」
中東情勢、原油価格・消費者物価、米国の金融政策や金利動向を外部要因として引き続き示した。 - FY2027-H1Changes in external-environment risk factorsAnnual report
「During the interim consolidated accounting period (1 April 2026 to 30 September 2026), Japan's economy saw mounting inflationary pressure due to the situation in the Middle East. However, real wages have also begun to recover alongside the rise in nominal wages, supporting personal consumption. Corporate earnings have remained firm, and capital investment aimed at labor-saving measures and the promotion of digital transformation, driven by labor shortages, has also begun to recover. Although some areas have shown signs of stagnation, the economy is gradually recovering. A gradual economic recovery is expected to continue, but concern remains over the impact of external factors, including higher crude oil prices and consumer prices resulting from the unstable situation in the Middle East, as well as U.S. monetary policy and interest rate trends.」
The domestic economy was viewed as gradually recovering on the back of real wages, personal consumption and corporate earnings, while higher crude oil and consumer prices due to the situation in the Middle East, along with U.S. monetary policy and interest rate trends, were identified as new external factors. - 2026-08-12RestatedResults
「今後の経済の見通しについては、不安定な中東情勢の長期化や円安がさらに進行した場合、わが国経済に与える影響は一層大きくなることが懸念されます。」
中東情勢の長期化と円安進行による経済影響への懸念を継続記載した。一方、実質賃金の改善と個人消費の改善の兆しも記載した。 - FY2026WorsenedAnnual report
「Regarding future economic conditions, if tensions in the Middle East persist, higher crude oil prices and an accelerating decline in the yen could lead to further price increases, potentially having a significant impact on personal consumption and corporate earnings.」
In addition to the existing uncertainty surrounding higher prices and the financial and foreign exchange markets, the disclosure specifically described the potential impact on personal consumption and corporate earnings of prolonged tensions in the Middle East, higher crude oil prices, and an accelerating decline in the yen. - 2026-06-04OtherGeneral Meetings of Shareholders
「今後の景気動向については、中東情勢の緊迫化が長期化した場合、原油高、円安の加速が、一段の物価高騰につながり、個人消費および企業業績に大きなインパクトを与える可能性があります。」
従来の外部環境リスクに加え、中東情勢の緊迫化を起点とする原油高・円安・物価高騰と個人消費、企業業績への影響を具体的に記載した。 - FY2026-H1Added concerns about downside risks from U.S. tariff policyAnnual report
「During the interim consolidated accounting period (1 April 2025 to 30 September 2025), Japan's economy continued to recover gradually, although some weakness was observed, supported by a gradual recovery in personal consumption driven by corporate capital investment and wage increases, as well as inbound demand. Going forward, concerns include a slowdown in exports caused by U.S. tariff policy, resulting in downside risks to corporate earnings, and a slowdown in personal consumption due to a prolonged period of higher prices.」
While the domestic economy was described as recovering gradually, a slowdown in exports caused by U.S. tariff policy, downside risks to corporate earnings, and a slowdown in personal consumption due to prolonged price increases were cited as new areas of concern. - FY2025-H1Changes in external-environment risk factorsAnnual report
「During the interim consolidated accounting period (1 April 2024 to 30 September 2024), Japan's economy has been recovering, supported by positive real wages resulting from wage increases and inbound demand, despite the impact of higher prices. However, uncertainty remains regarding future trends in the financial and foreign exchange markets, overseas economic and price conditions, and resource prices, requiring close monitoring.」
The domestic economy was described as recovering, supported by positive real wages resulting from wage increases and inbound demand, despite the impact of higher prices. The sources of uncertainty were changed from the situation in Ukraine and geopolitical risks to trends in the financial and foreign exchange markets, overseas economic and price conditions, and resource prices. No quantified risks or specific events were stated. - FY2024-Q3Changes in external-environment risk factorsAnnual report
「During the cumulative third quarter of the current consolidated fiscal year (1 April 2023 to 31 December 2023), Japan's economy showed signs of normalization toward a recovery in economic activity following the easing of restrictions related to COVID-19. However, the outlook remained uncertain due to higher prices resulting from soaring energy and raw material prices amid heightened geopolitical risks.」
While the easing of activity restrictions and movement toward economic normalization continued, the description of concerns changed from the prolonged situation in Ukraine to heightened geopolitical risks, soaring energy and raw material prices, and higher prices. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year (1 April 2023 to 30 September 2023), Japan's economy showed signs of a gradual recovery following the reclassification of COVID-19 under the Infectious Diseases Control Act to Category 5. However, the outlook remained uncertain due to soaring energy and raw material prices resulting from the prolonged situation in Ukraine, the weaker yen and other factors.」
Continued disclosure of a gradual recovery following the Category 5 reclassification and uncertainty over the outlook due to the situation in Ukraine, soaring energy and raw material prices, and the weaker yen. - FY2024-Q1Continued external-environment risks and easing impact of the pandemicAnnual report
「Although the economy showed signs of a gradual recovery following the reclassification of COVID-19 under the Infectious Diseases Control Act to Category 5, the outlook remains uncertain due to soaring energy and raw material prices resulting from the prolonged situation in Ukraine, the weaker yen and other factors.」
Shift from economic restrictions under the pandemic to a combination of gradual recovery following the Category 5 reclassification and external-environment risks from the situation in Ukraine, energy and raw material prices, and the weaker yen. - FY2024-Q1Eased pandemic restrictions alongside external cost inflation risksAnnual report
「During the three-month period ended 30 June, Japan's economy showed signs of gradual recovery following the reclassification of COVID-19 as a Class 5 disease under Japan's Infectious Diseases Control Law, but the economic outlook remained uncertain due to the prolonged situation in Ukraine, surging energy and raw material prices, and the impact of the yen's depreciation.」
Gradual recovery following the reclassification of COVID-19 as a Class 5 disease was noted, while uncertainty over the outlook due to the prolonged situation in Ukraine, surging energy and raw material prices, and the depreciation of the yen continued to be disclosed. - FY2023RestatedAnnual report
「During the fiscal year, Japan's economy showed signs of normalization as restrictions related to COVID-19 were eased, but the economic outlook remained uncertain due to inflation caused by surging energy and raw material prices amid the depreciation of the yen and the worsening and prolongation of the situation in Ukraine.」
The annual disclosure continued to describe progress toward normalization following the easing of restrictions, together with uncertainty over the outlook due to the depreciation of the yen, the situation in Ukraine, and surging energy and raw material prices. - FY2023-Q3SoftenedAnnual report
「During the nine-month period ended 31 December 2022 (1 April 2022 to 31 December 2022), Japan's economy showed signs of normalization as restrictions related to COVID-19 were eased, but the economic outlook remained uncertain due to inflation caused by surging energy and raw material prices amid the depreciation of the yen and the worsening and prolongation of the situation in Ukraine.」
Progress toward easing restrictions and normalizing economic activity, as well as uncertainty due to the situation in Ukraine and surging energy and raw material prices, continued. The wording changed from “sharp depreciation of the yen” to “depreciation of the yen.” - FY2023-Q2Normalization amid the pandemic alongside inflation risksAnnual report
「During the six-month period ended 30 September 2022 (1 April 2022 to 30 September 2022), Japan's economy showed signs of normalization as restrictions related to COVID-19 were eased, but the economic outlook remained uncertain due to inflation caused by surging energy and raw material prices amid the sharp depreciation of the yen and the worsening and prolongation of the situation in Ukraine.」
The easing of COVID-19-related restrictions and progress toward normalizing economic activity were noted, while the sharp depreciation of the yen, the worsening and prolongation of the situation in Ukraine, and inflation caused by surging energy and raw material prices were also cited as new concerns. - FY2023-Q1WorsenedAnnual report
「During the three-month period ended 30 June, Japan's economy showed signs of normalization due to wider COVID-19 vaccination, but the economic outlook remained uncertain as the sharp depreciation of the yen and the worsening and prolongation of the situation in Ukraine drove up energy and raw material prices.」
Progress toward normalization through vaccination was noted, while the sharp depreciation of the yen, the worsening and prolongation of the situation in Ukraine, and surging energy and raw material prices were identified as new concerns. - FY2022WorsenedAnnual report
「Although progress toward normalizing economic activity, including wider vaccination, was expected, the economic outlook remained uncertain as the possibility of another resurgence of COVID-19 and growing downward pressure on the global economy due to the worsening situation in Ukraine became concerns.」
In addition to the possibility of another resurgence of COVID-19, growing downward pressure on the global economy due to the worsening situation in Ukraine was identified as a new external-environment factor. - FY2022-Q3Concerns over variants continued after the state of emergency was liftedAnnual report
「During the nine-month period ended 31 December 2021 (1 April 2021 to 31 December 2021), Japan's economy remained subject to restrictions on economic activity and private consumption due to COVID-19. Although the lifting of the state of emergency in October and wider vaccination raised expectations for the normalization of economic activity, the emergence of a new variant raised concerns about another resurgence, and the economic outlook remained uncertain.」
The lifting of the state of emergency in October and expectations for economic normalization were noted, while concerns about another resurgence following the emergence of a new variant and uncertainty over the economic outlook continued. - FY2022-Q2Continued resurgence of infections and concerns over variantsAnnual report
「During the six-month period ended 30 September 2021 (1 April 2021 to 30 September 2021), Japan's economy remained subject to restrictions on economic activity and private consumption due to the resurgence of COVID-19. Although progress toward normalizing economic activity, including wider vaccination, was expected, concerns about another resurgence due to the spread of variants meant that the economic outlook remained uncertain.」
Restrictions on economic activity and private consumption continued due to the resurgence of COVID-19, while expectations for normalization through vaccination and concerns about another resurgence due to the spread of variants were both cited. - FY2022-Q1Continued resurgence of infections and concerns over variantsAnnual report
「During the three-month period ended 30 June, Japan's economy remained subject to restrictions on economic activity and private consumption due to the resurgence of COVID-19. Although progress toward normalizing economic activity, including wider vaccination, was expected, the economic outlook remained uncertain amid concerns about the spread of variants.」
Restrictions on economic activity and private consumption continued due to the resurgence of COVID-19, while expectations for normalization through vaccination and concerns about the spread of variants were both cited. - FY2021-Q3WorsenedAnnual report
「During the nine-month period ended 31 December 2020 (1 April 2020 to 31 December 2020), economic activity and private consumption stagnated in Japan due to the COVID-19 pandemic. Some recovery was seen as economic activity resumed from June 2020, but a state of emergency was declared again as infections spread, and the timing of the end of the pandemic remained unforeseeable, leaving the economic outlook uncertain.」
After some recovery in the economy, infections spread again and a state of emergency was declared once more, leaving the timing of the end of the pandemic unforeseeable and intensifying uncertainty over the outlook. - FY2021-Q2Economic deterioration and partial recovery amid the pandemicAnnual report
「During the six-month period ended 30 September 2020 (1 April 2020 to 30 September 2020), Japan's economy deteriorated rapidly as economic activity and private consumption stagnated due to the spread of COVID-19. Some recovery in the economy was seen from June as economic activity resumed, but the economic outlook remained uncertain because the timing of the end of the pandemic could not be foreseen.」
Economic activity and private consumption stagnated and the economy deteriorated rapidly due to COVID-19, while some recovery was seen from June. The timing of the end of the pandemic remained unforeseeable, and uncertainty over the outlook continued. - FY2021-Q1WorsenedAnnual report
「During the three-month period ended 30 June, Japan's economy was affected by the spread of COVID-19, which led to a state of emergency being declared and restrictions on corporate activity. Corporate earnings declined, and employment and income conditions deteriorated. The global economy also faced rapidly mounting concerns about an economic downturn as economic activity stagnated amid the spread of the infection.」
In addition to the previous uncertainty over the domestic and overseas economies, the disclosure covered the spread of COVID-19, the state of emergency, restrictions on corporate activity, and deteriorating employment and income conditions, indicating that external-environment risks had intensified. - FY2020WorsenedAnnual report
「During the fiscal year, Japan's economy was affected by the consumption tax increase and US-China trade friction, but employment and income conditions remained firm. However, the economy deteriorated sharply toward the end of the fiscal year due to the impact of the spread of COVID-19 from the fourth quarter onward.」
In addition to the previously cited consumption tax increase and US-China trade friction, the sharp economic deterioration from the fourth quarter onward due to the spread of COVID-19 was described. - FY2020-Q3Added the impact of the consumption tax increaseAnnual report
「During the nine-month period ended 31 December 2019 (1 April 2019 to 31 December 2019), employment and income conditions remained firm, but the outlook remained uncertain due to concerns about the impact of the consumption tax increase and policy trends in various countries, including US-China trade friction.」
The firmness of employment and income conditions continued, while the impact of the consumption tax increase was explicitly identified as a concern in addition to the previously cited US-China trade friction and policy trends in various countries. - FY2020-Q2Greater specificity regarding external risk factorsAnnual report
「Employment and income conditions remained firm, but the outlook remained uncertain due to concerns about US-China trade friction and policy trends in various countries.」
Employment and income conditions were described as firm, while US-China trade friction was identified as a specific concern in addition to the previously cited uncertainty in overseas economies and policy trends in various countries. - FY2019Greater specificity regarding overseas risk factorsAnnual report
「During the fiscal year, Japan's economy was recovering as private consumption remained firm and corporate performance and employment conditions continued to improve. However, the outlook remained uncertain due to concerns about China's economic slowdown and policy trends in various countries.」
The trend toward recovery in domestic private consumption and the economy continued, while China's economic slowdown and policy trends in various countries were identified as specific concerns instead of the previously cited general uncertainty in overseas economies and financial markets. - FY2019-Q3RestatedAnnual report
「Japan's economy was recovering as private consumption remained firm and corporate performance and income conditions continued to improve. However, the economic outlook remained uncertain due to concerns about uncertainty in overseas economies, volatility in financial markets, and policy trends in various countries.」
Continued disclosure of the domestic economy's recovery trend and firm private consumption, as well as uncertainty over overseas economies, financial markets and policy in various countries. - FY2019-Q2RestatedAnnual report
「Japan's economy was recovering as private consumption remained firm and corporate performance and income conditions continued to improve. However, the economic outlook remained uncertain due to concerns about uncertainty in overseas economies, volatility in financial markets, and policy trends in various countries.」
Continued disclosure of the domestic economy's recovery trend and firm private consumption, as well as uncertainty over overseas economies, financial markets and policy in various countries. - FY2019-Q1Addition of external-environment risk factorsAnnual report
「Japan's economy was recovering as private consumption remained firm and corporate performance and employment conditions continued to improve. However, the economic outlook remained uncertain due to concerns about uncertainty in overseas economies, volatility in financial and capital markets, and policy trends in various countries.」
The firmness and recovery trend in the domestic economy and private consumption continued, while uncertainty in overseas economies, volatility in financial and capital markets, and policy trends in various countries were identified as concerns. - FY2018Continued disclosure of uncertainty in overseas economies and financial marketsAnnual report
「During the fiscal year, Japan's economy was recovering as private consumption remained firm and corporate performance and employment conditions continued to improve. However, concerns about a downturn remained due to uncertainty in overseas economies and volatility in financial and capital markets.」
The domestic economy and private consumption were described as recovering or firm, while volatility in financial and capital markets, in addition to uncertainty in overseas economies, was identified as a downside factor. - FY2018-Q3Change in external-environment risksAnnual report
「During the nine-month period ended 31 December 2017 (1 April 2017 to 31 December 2017), Japan's economy was recovering as private consumption remained firm and corporate performance and employment conditions continued to improve. However, concerns about a downturn in the economy remained due to geopolitical risks and growing uncertainty over political conditions overseas.」
The domestic economy, private consumption, corporate performance and employment conditions were described as recovering or firm, while concerns about a downturn due to geopolitical risks and uncertainty over political conditions overseas continued. - FY2018-Q2Change in external-environment risksAnnual report
「During the six-month period ended 30 September 2017 (1 April 2017 to 30 September 2017), Japan's economy was showing a gradual recovery, supported by firm private consumption and improvements in employment and income conditions, but the economic outlook remained uncertain due to geopolitical risks and uncertainty in overseas economies.」
Private consumption, employment and income conditions, and the domestic economy were described as firm or gradually recovering, while geopolitical risks and uncertainty in overseas economies were identified as concerns. - FY2018-Q1Change in external-environment risksAnnual report
「During the three-month period ended 30 June, Japan's economy was showing a gradual recovery, with corporate earnings improving and private consumption remaining firm, but uncertainty in overseas economies and changes in political conditions remained concerns, leaving the economic outlook uncertain.」
Descriptions of the domestic economy and private consumption changed from their previous weakness to a gradual recovery and firmness, while uncertainty in overseas economies and changes in political conditions were identified as new concerns. - FY2017-Q3RestatedAnnual report
「During the nine-month period ended 31 December 2016 (1 April 2016 to 31 December 2016), Japan's economy showed a recovery in corporate performance and improvement in employment conditions, partly due to the government's economic measures, but the recovery in private consumption remained sluggish. Concerns about an economic slowdown in emerging economies, including China, meant that the economic outlook remained uncertain.」
The weak recovery in private consumption, concerns about a slowdown in emerging-market economies including China, and uncertainty over the economic outlook continued. - FY2017-Q2Change in External Risk FactorsAnnual report
「During the six-month period ended 30 September 2016 (1 April 2016 to 30 September 2016), Japan's economy showed improvement in employment conditions, partly due to the government's economic measures, but private consumption lacked strength. Concerns about a downturn in the global economy, including China's economic slowdown and the stagnation of emerging-market and resource-rich economies, made the economic outlook uncertain.」
Weak private consumption and uncertainty over the outlook continued. In place of the previously cited stronger yen and Europe's debt problem, China's economic slowdown and the stagnation of emerging-market and resource-rich economies were identified as specific concerns. - FY2017-Q1First statedAnnual report
「The economic recovery stalled somewhat, with exports remaining sluggish amid the trend toward a stronger yen. Although employment conditions continued to improve, private consumption remained weak, and overseas risk factors, including slower growth in emerging economies and the debt problem in Europe, made the economic outlook uncertain.」
A stronger yen, weak private consumption, slower growth in emerging economies and Europe's debt problem were described as external-environment risks.