Risk of Weak Domestic Consumption Due to Consumption Tax Increase
First written in FY2019-Q3. 2 of 6 entries say "Materialised", first in FY2020-Q3. Latest entry: FY2021.
The whole theme swung hardest in 2026: 4 of 7 companies on the "Worse" side.
32 other companies' latest entry also says "Dropped".
- FY2021DroppedAnnual reportThis securities report does not explicitly treat sluggish domestic consumption resulting from the consumption tax increase as an independent business-environment risk.
- FY2020MaterialisedAnnual report
「In the second year of the medium-term management plan, “Sincerity to 100,” the consolidated fiscal year was affected by factors including the slowdown in the Chinese economy resulting from prolonged U.S.-China trade friction, weak demand related to automobiles and semiconductors, and the consumption tax rate increase. As manufacturing companies postponed capital investment and production activity remained sluggish, the company was forced to revise its earnings forecast downward on 25 October 2019.」
The consumption tax rate increase has emerged in the actual earnings environment as one factor behind postponed capital investment and subdued production activity. - FY2020-Q3MaterialisedAnnual report
「Although earnings at non-manufacturing companies deteriorated slightly in response to the consumption tax increase, unseasonable weather and other factors, they remained resilient.」
After the consumption tax increase was implemented, it states that earnings at non-manufacturing companies deteriorated slightly in response to the tax increase and other factors, showing that the previously identified concern has materialized as an impact on earnings. - FY2020-Q2The consumption tax increase changed from planned to implementedAnnual report
「In addition, developments in domestic consumption following the consumption tax increase implemented in October require close monitoring.」
The consumption tax increase that had been scheduled through the previous period has been implemented. However, it does not state that sluggish domestic consumption has actually occurred, presenting the situation as one that remains under observation. - FY2020-Q1RestatedAnnual report
「In addition, sluggish domestic consumption resulting from the consumption tax increase scheduled for October is one of the matters of concern.」
It continues to describe sluggish domestic consumption resulting from the consumption tax increase scheduled for October as a matter of concern in the business environment. - FY2019-Q3First statedAnnual report
「In addition, although the outlook contains domestic and international risk factors, including sluggish domestic consumption resulting from the consumption tax increase scheduled for October, the economic recovery trend is expected to continue for the time being.」
It explicitly identifies the possibility that the scheduled consumption tax increase could depress domestic consumption as a new business-environment risk factor.