Uncertainty over the outlook arising from China's economic slowdown and the UK's withdrawal from the EU
First written in FY2016-Q3. 15 of 29 entries say "Reframed", first in FY2017-Q1. Latest entry: 2026-08-07.
Kato Sangyo moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 71 of 83 companies on the "Worse" side.
34 other companies' latest entry also says "Restated".
- 2026-08-07RestatedResults
「経済政策・金融政策の転換が金利水準や為替相場に与える影響、物価上昇の長期化に加え中東情勢を背景としたエネルギー価格や原材料価格の上昇の影響等により、今後の市場環境の不確実性は一段と高まっております。」
市場環境の不確実性が一段と高まっているとの説明を継続している。 - FY2026-H1WorsenedAnnual report
「Meanwhile, uncertainty in the future market environment has increased further due to the impact of changes in economic and monetary policy on interest rate levels and foreign exchange rates, prolonged inflation and uncertainty surrounding the situation in the Middle East, among other factors.」
Regarding uncertainty in the market environment, it identifies the impact of policy changes on interest rates and foreign exchange rates, prolonged inflation and the situation in the Middle East as new factors, and states that uncertainty has increased further. - FY2025-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan’s economic sentiment has been recovering gradually as employment and income conditions improve. However, the tariff policies of the US administration have made the outlook for domestic and overseas economies, corporate management and the impact on foreign exchange rates and interest rates uncertain.」
While indicating a gradual recovery in economic sentiment, it explicitly identifies the tariff policies of the US administration as a new factor increasing uncertainty and broadens the areas affected to domestic and overseas economies, corporate management, foreign exchange rates and interest rates. - FY2024-Q2ReframedAnnual report
「During the six-month period ended [current second quarter], Japan’s economic sentiment has been recovering gradually due to the effects of government policies supporting household finances and other measures. However, uncertainty about the outlook for the domestic economy continues due to downside risks to overseas economies associated with global monetary tightening, rising tensions in the Middle East and the yen’s subsequent movement toward weaker levels following the Bank of Japan’s lifting of its negative interest rate policy.」
While indicating a gradual recovery in economic sentiment, it identifies rising tensions in the Middle East and the yen’s depreciation following the Bank of Japan’s lifting of its negative interest rate policy as new factors increasing uncertainty, in addition to the existing concerns about monetary tightening, overseas economies and foreign exchange rates. - FY2024-Q1ReframedAnnual report
「Economic sentiment has been recovering gradually due to the effects of government policies and other measures. However, uncertainty about the outlook for the domestic economy continues due to downside risks to overseas economies resulting from prolonged global monetary tightening, concerns about the outlook for China’s economy, the outlook for foreign exchange rates and future monetary policy by the Bank of Japan.」
It explicitly adds concerns about the outlook for China’s economy to the existing concerns about overseas economies, foreign exchange rates and monetary policy by the Bank of Japan. It also refers to the gradual recovery in economic sentiment. - FY2023-Q3ReframedAnnual report
「During the nine-month period ended [current third quarter], Japan’s economic sentiment has been recovering gradually due to the effects of government policies under the “living with COVID-19” approach. However, uncertainty about the outlook for the domestic economy continues due to downside risks to overseas economies resulting from prolonged global monetary tightening, the outlook for foreign exchange rates and future monetary policy by the Bank of Japan.」
While indicating a gradual recovery in economic sentiment, it identifies the outlook for foreign exchange rates and future monetary policy by the Bank of Japan, in addition to the existing concerns about overseas economies and the weak yen, as factors increasing uncertainty. - FY2023-Q1ReframedAnnual report
「Although economic sentiment has been improving due to the effects of government policies under the “living with COVID-19” approach, uncertainty about the outlook for the domestic economy continues due to downside risks to overseas economies resulting from prolonged monetary tightening centered in the US and Europe, the continuation of the historically weak yen trend and the potential impact of future monetary policy by the Bank of Japan.」
While indicating factors supporting an improvement in economic sentiment, it identifies downside risks to overseas economies, the continued historically weak yen and future monetary policy by the Bank of Japan as factors increasing uncertainty. - FY2022ReframedAnnual report
「During the fiscal year, Japan’s economy was showing improving economic sentiment as the government lifted restrictions on activity to prevent COVID-19 infections. However, uncertainty about the outlook for the domestic economy continues due to downside risks to overseas economies resulting from high inflationary pressure centered in the US and Europe and prolonged monetary tightening, as well as the yen’s movement toward historically weak levels.」
While indicating improvement following the lifting of restrictions on activity, it identifies high inflation, prolonged monetary tightening, downside risks to overseas economies and the historically weak yen as new factors increasing uncertainty. - FY2022-Q3ReframedAnnual report
「During the nine-month period ended [current third quarter], economic sentiment in Japan was improving as the government lifted restrictions on activity to prevent COVID-19 infections. However, the number of infections has recently been trending upward, and uncertainty about the outlook for the domestic economy continues.」
While indicating an improvement in economic sentiment following the government’s lifting of restrictions on activity, it has changed to state that uncertainty about the domestic economy continues due to the recent increase in infections. - FY2022-Q2WorsenedAnnual report
「During the six-month period ended [current second quarter], Japan’s economy showed signs of moving toward the normalization of social and economic activity due to measures to prevent COVID-19 infections, a decline in the number of infections resulting from the increasing penetration of vaccinations and the government’s lifting of restrictions. However, uncertainty about the outlook for the domestic economy has increased in response to the situation in Ukraine.」
It indicates factors supporting the normalization of social and economic activity, while stating that the situation in Ukraine increased uncertainty about the domestic economy as a new factor. - FY2022-Q1ReframedAnnual report
「During the three-month period ended [current first quarter], Japan’s economy showed signs of moving toward the normalization of social and economic activity, helped by a decline in the number of infections resulting from the increasing penetration of vaccinations and the government’s lifting of restrictions in October 2021. However, the emergence of the Omicron variant and the resurgence of infections from the end of the year again made the outlook impossible to predict.」
While indicating signs of normalization resulting from vaccinations and the lifting of restrictions, it identifies the emergence of the Omicron variant and the resurgence of infections from the end of the year as new factors increasing uncertainty. - FY2021-Q3ReframedAnnual report
「During the nine-month period ended [current third quarter], Japan’s economy moved toward the normalization of social and economic activity due to measures to prevent COVID-19 infections and the increasing penetration of vaccinations in Japan, while improvements in overseas economies also contributed to an improvement in sentiment in some areas. However, the resurgence of infections left the outlook impossible to predict.」
It continues to cite the increasing penetration of vaccinations in Japan and improvements in overseas economies as factors supporting a partial improvement in economic sentiment, while indicating uncertainty about the outlook due to the resurgence of infections. - FY2021-Q2RestatedAnnual report
「Although sentiment improved in some sectors, including manufacturing, due to the balance between measures to prevent COVID-19 infections and social and economic activity, as well as improvements in overseas economies, the outlook remained impossible to predict as infections spread again.」
It continues to cite uncertainty about the outlook due to the resurgence of COVID-19 infections. It states that there are no new business or other risks or material changes. - FY2021-Q1WorsenedAnnual report
「Although signs of a temporary recovery were seen as measures to prevent COVID-19 infections were balanced with social and economic activity through government policies and other measures, the outlook remained impossible to predict as infections spread again.」
It states that, after a temporary recovery, COVID-19 infections spread again and the outlook remained impossible to predict. - FY2020WorsenedAnnual report
「Although signs of a recovery in production and consumption were seen, the global spread of COVID-19 infections left the outlook completely impossible to predict.」
Against the backdrop of the global spread of COVID-19, it strongly characterizes the economic outlook as “completely impossible to predict.” - FY2020-Q3RestatedAnnual report
「Amid sluggish consumption following the consumption tax increase from October 2019 and a slowdown in the global economy resulting from the prolonged US-China trade dispute, the global spread of COVID-19 infections left the outlook impossible to predict.」
It continues to cite uncertainty about the outlook resulting from the consumption tax increase, the prolonged US-China trade dispute, the slowdown in the global economy and the global spread of COVID-19. - FY2020-Q2WorsenedAnnual report
「Amid sluggish consumption following the consumption tax increase from October 2019 and a slowdown in the global economy resulting from the prolonged US-China trade dispute, the global spread of COVID-19 infections left the outlook impossible to predict.」
It states that, in addition to the consumption tax increase, the prolonged US-China trade dispute and the slowdown in the global economy, the global spread of COVID-19 further heightened uncertainty about the outlook. - FY2020-Q1WorsenedAnnual report
「Uncertainty has increased regarding the outlook for the domestic economy due to the consumption tax increase from October 2019 and the slowdown in global economic growth resulting from the prolonged US-China trade dispute, among other factors.」
It identifies the consumption tax increase, the prolonged US-China trade dispute and the slowdown in global economic growth as factors behind the uncertainty surrounding the domestic economy. - FY2019-Q3WorsenedAnnual report
「The business earnings environment deteriorated due to the US-China trade dispute and the slowdown in the global economy, particularly China. In addition, uncertainty has increased regarding the outlook for the domestic economy, including the impact of the consumption tax increase scheduled for October this year.」
It states that the business earnings environment deteriorated due to the US-China trade dispute and the slowdown in the global economy, while the consumption tax increase further increased uncertainty about the domestic economy. - FY2019-Q2WorsenedAnnual report
「In addition to the US-China trade dispute and concerns about a slowdown in the global economy, particularly China, uncertainty has increased regarding the outlook for the domestic economy, including the impact of the consumption tax increase scheduled for October this year.」
It states that the domestic economic outlook became more uncertain as the US-China trade dispute, concerns about a slowdown in the global economy and the impact of the consumption tax increase converged. - FY2019-Q1ReframedAnnual report
「The outlook for the domestic economy is uncertain due to a global decline in share prices triggered by trade tensions between the US and China, rising US interest rates and other factors, concerns over a slowdown in the global economy, particularly China, and a consumption tax increase scheduled for October this year.」
Regarding uncertainty over the economic outlook, the cited factors include, in addition to previous references to US foreign and trade policy, interest rates and foreign exchange, trade tensions between the US and China, a global decline in share prices, concerns over a slowdown in the global economy and the scheduled consumption tax increase. - FY2018-Q3ReframedAnnual report
「The impact of developments in trade policy, primarily in the US, on the global economy remains uncertain, leaving the outlook for the domestic economy uncertain as well.」
Regarding uncertainty over the economic outlook, the presentation of risk factors has shifted from the previous reference to US interest rates, foreign exchange and equity markets, and foreign policy to the impact of developments in trade policy, primarily in the US, on the global economy. - FY2018-Q2ReframedAnnual report
「Markets for foreign exchange and equities have been volatile, triggered by rising US interest rates, while the impact of developments in US foreign and trade policy on future economic activity remains uncertain, leaving the outlook for the domestic economy uncertain as well.」
Regarding uncertainty over the economic outlook, the presentation of risk factors has shifted from the previous focus on China’s economy and political risks in Europe to US interest rates, foreign exchange and equity markets, and US foreign and trade policy. - FY2018-Q1RestatedAnnual report
「The US economy continued to recover steadily and China’s economy showed signs of recovery in overseas markets as well, but concerns over downside risks arising from uncertainty regarding future policies persisted, leaving the outlook for the domestic economy uncertain.」
The disclosure continues to describe recovery in the US and Chinese economies, along with downside risks arising from policy uncertainty and uncertainty over the economic outlook. - FY2017-Q3ReframedAnnual report
「In overseas markets, the US economy continued to recover and China also showed signs of recovery, but concerns over downside risks arising from future policy developments persisted, leaving the outlook uncertain.」
While the US and Chinese economies are described as being on a recovery trend, economic uncertainty is expressed mainly in terms of downside risks arising from policy developments. - FY2017-Q2ReframedAnnual report
「The outlook for the economy remains uncertain amid concerns over future US policy developments, downside risks to China’s economy, political risks in Europe and other factors affecting overseas conditions.」
Although uncertainty over the economic outlook persists, the risk factors cited are US policy developments, downside risks to China’s economy and political risks in Europe. - FY2017-Q1ReframedAnnual report
「The outlook for the economy remained uncertain amid concerns over developments in the US economy during the transition between administrations, China’s economic slowdown, political risks in Europe and other factors affecting overseas conditions.」
Although uncertainty over the economic outlook persists, the presentation of risk factors has shifted from the previous reference to the UK’s exit from the EU to the change in the US administration, China’s economy and political risks in Europe. - FY2016SoftenedAnnual report
「The outlook for the economy was uncertain due to concerns over a downturn in the global economy originating from China’s economic slowdown and other factors.」
Although uncertainty stemming from China’s economic slowdown persists, the UK’s decision to leave the EU, mentioned previously, was not repeated in the same disclosure for the fiscal year, narrowing the range of risk factors. - FY2016-Q3First statedAnnual report
「The outlook for the economy was uncertain due to concerns over a downturn in the global economy originating from China’s economic slowdown, as well as the impact of the UK’s decision to leave the EU and other factors.」
China’s economic slowdown and the UK’s decision to leave the EU were cited as factors contributing to uncertainty over the economic outlook.