Increased Uncertainty Surrounding Corporate Earnings Due to Yen Appreciation and a Slowdown in Emerging-Market Economies
First written in FY2017-Q1. 14 of 32 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2022: 129 of 169 companies on the "Worse" side.
- FY2026ReframedAnnual report
「Although the operating environment surrounding the Group is expected to remain uncertain due to raw-material prices, trends in the financial and capital markets, US trade policy and the situation in the Middle East, it is expected to remain firm, supported by redevelopment in major metropolitan areas and continued demand for capital investment by companies.」
The sources of uncertainty in the external environment have been reorganized to include the financial and capital markets, US trade policy and the situation in the Middle East, in addition to the previously cited factors such as raw-material prices and exchange rates. - FY2026-H1ReframedAnnual report
「Although the economy showed a gradual recovery, with signs of a pickup in personal consumption against a backdrop of improving employment and income conditions, downside risks remained, including rising prices, exchange-rate fluctuations and the impact of US trade policy, and the situation continued to be highly uncertain.」
Compared with the previous references to US tariff policy, the situation in Ukraine and the situation in the Middle East, the current interim period identifies rising prices, exchange-rate fluctuations and the impact of US trade policy as downside risks to the economy. - FY2025ReframedAnnual report
「Although the operating environment surrounding the Group is expected to remain uncertain due to trends in raw material prices and exchange rates and the impact of US tariff policies, it is expected to remain firm, supported by redevelopment in major metropolitan areas and continued demand for capital investment by companies.」
In addition to the previously cited factors, including inflation, exchange-rate fluctuations and geopolitical developments, the impact of US tariff policy is identified as a source of uncertainty going forward. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period, private consumption showed signs of recovery due to improving employment and income conditions and expanding inbound demand. However, the economy remained highly uncertain, with downside risks from inflation, including soaring raw material prices, exchange-rate fluctuations, the prolonged situation in Ukraine and heightened tensions in the Middle East.」
While indicating factors supporting the recovery in private consumption, it continues to cite inflation, exchange-rate fluctuations, the situation in Ukraine and the situation in the Middle East as downside risks to the economy. - FY2024-Q3WorsenedAnnual report
「During the nine months ended 31 December, the Japanese economy remained highly uncertain. Although domestic consumption was expected to recover on the back of a recovery in production activity, particularly in manufacturing, and increased inbound demand, there were downside risks to the economy from inflation, including soaring raw material prices, exchange-rate fluctuations, the prolonged situation in Ukraine and heightened tensions in the Middle East.」
In addition to inflation, exchange-rate fluctuations and the prolonged situation in Ukraine, heightened tensions in the Middle East have been added as a downside risk to the economy. - FY2024-Q2RestatedAnnual report
「During the six months ended 30 September, the Japanese economy remained highly uncertain. Although domestic consumption was expected to recover on the back of a recovery in production activity, particularly in manufacturing, and increased inbound demand, there were downside risks to the economy from inflation, including soaring raw material prices, exchange-rate fluctuations and the prolonged situation in Ukraine.」
While indicating expectations for a recovery in domestic consumption and production activity, it continues to cite downside risks to the economy from inflation, exchange-rate fluctuations and the prolonged situation in Ukraine. - FY2024-Q1MitigatedAnnual report
「During the three months ended 30 June, the Japanese economy remained highly uncertain. Although the COVID-19 pandemic was moving toward an end and domestic consumption was expected to recover as restrictions on activity were eased, there were downside risks to the economy from inflation, including soaring raw material prices, exchange-rate fluctuations and the prolonged situation in Ukraine.」
It indicates expectations for recovery as the COVID-19 pandemic moves toward an end and activity restrictions are eased, while continuing to cite downside risks from inflation, exchange-rate fluctuations and the prolonged situation in Ukraine. - FY2023-Q3ReframedAnnual report
「During the nine months ended 31 December, the Japanese economy showed signs of recovery despite repeated waves of COVID-19 infections and the continued easing of restrictions on activity. However, the recovery stalled amid concerns about inflation, including soaring raw material prices, rapid exchange-rate fluctuations and the prolonged situation in Ukraine.」
The description has broadened from rapid yen depreciation to rapid exchange-rate fluctuations, while continuing to cite the spread of COVID-19, inflation and the prolonged situation in Ukraine as external factors. - FY2023-Q2RestatedAnnual report
「During the six months ended 30 September, the Japanese economy showed signs of recovery despite a temporary surge in COVID-19 cases and the continued easing of restrictions on activity. However, the recovery stalled amid concerns about inflation, including soaring raw material prices, rapid yen depreciation and the prolonged situation in Ukraine.」
While referring to the easing impact of COVID-19 and economic recovery, it continues to identify soaring raw material prices, rapid yen depreciation and the prolonged situation in Ukraine as concerns about the economic recovery. - FY2023-Q1ReframedAnnual report
「During the three months ended 30 June, the Japanese economy showed signs of recovery as the impact of COVID-19 eased. However, the recovery stalled amid concerns about soaring raw material prices, rapid yen depreciation and the prolonged situation in Ukraine.」
While referring to the easing impact of COVID-19, it identifies soaring raw material prices, rapid yen depreciation and the prolonged situation in Ukraine as new concerns. - FY2022WorsenedAnnual report
「The operating environment surrounding the Group remained uncertain, due to the unforeseeable end of the COVID-19 pandemic, supply constraints resulting from trends in raw material prices and semiconductor shortages, and rising geopolitical risks. However, construction demand is expected to increase, driven by redevelopment in the Tokyo metropolitan area and preparations for the Osaka-Kansai Expo scheduled for 2025.」
In addition to the unforeseeable end of the pandemic, it identifies raw material prices, supply constraints caused by semiconductor shortages and geopolitical risks as additional sources of uncertainty about the outlook. - FY2022-Q3ReframedAnnual report
「During the nine months ended 31 December, private consumption and corporate activity were restrained by intermittent declarations of a state of emergency amid the resurgence of COVID-19 through the first half of the fiscal year, and the difficult situation continued. Although signs of movement toward normalizing economic activity emerged in the third quarter as the number of new infections fell sharply, the recovery remained gradual due to concerns about new variants.」
In addition to the restraint on economic activity caused by the resurgence of COVID-19 and declarations of a state of emergency, it cites in the third quarter both movement toward normalizing economic activity and concerns about new variants. - FY2022-Q1ReframedAnnual report
「During the three months ended 30 June, some recovery was seen as vaccination progressed and overseas economies improved. However, private consumption and corporate activity were restrained by the re-declaration of a state of emergency amid the resurgence of COVID-19, and the difficult situation continued.」
While referring to recovery resulting from vaccination and improvement in overseas economies, it continues to describe the restraint on private consumption and corporate activity caused by the resurgence of COVID-19 and the declaration of a state of emergency. - FY2021RestatedAnnual report
「During the fiscal year, corporate activity was restrained by requests to refrain from going out and business closures amid the spread of COVID-19. Although some recovery was seen as economic activity resumed and various policies took effect, the end of the pandemic remained unforeseeable and the difficult situation continued.」
It states that, although economic activity was recovering, the end of the COVID-19 pandemic remained unforeseeable and the difficult situation continued. - FY2021-Q3RestatedAnnual report
「During the nine months ended 31 December, corporate activity was restrained by requests to refrain from going out and business closures amid the spread of COVID-19. Although signs of recovery were seen as economic activity resumed and various policies took effect, the difficult situation continued.」
While referring to recovery resulting from the resumption of economic activity and the effects of government policies, it continues to describe the restraint on corporate activity caused by COVID-19 and the difficult economic situation. - FY2021-Q2RestatedAnnual report
「If the situation becomes more serious or prolonged, it may adversely affect the Group's operating results and financial position.」
While referring to signs of recovery resulting from the resumption of economic activity, it continues to identify as a risk the impact on operating results and financial position if the COVID-19 pandemic becomes more serious or prolonged. - FY2021-Q1WorsenedAnnual report
「During the three months ended 30 June, the Japanese economy entered an extremely difficult period as a state of emergency was declared amid the spread of COVID-19, resulting in a decline in private consumption due to requests to refrain from going out and restrictions on corporate activity due to requests for business closures.」
Risk factors have shifted and intensified from concerns about US-China trade friction and a slowdown in overseas economies to an extremely difficult economic situation caused by the spread of COVID-19, the declaration of a state of emergency, a decline in private consumption and restrictions on corporate activity. - FY2020-Q3RestatedAnnual report
「During the nine months ended 31 December, the Japanese economy continued on a gradual recovery track, supported by a recovery in private consumption as favorable employment conditions continued. However, the impact of a slowdown in overseas economies resulting from prolonged US-China trade friction caused signs of a stall in some areas.」
It continues to describe the external environment by citing concerns about a slowdown in overseas economies due to prolonged US-China trade friction together with a gradual recovery in the domestic economy. - FY2020-Q2WorsenedAnnual report
「During the six months ended 30 September, the Japanese economy continued on a gradual recovery track, supported by a recovery in private consumption as favorable employment conditions continued. However, the impact of a slowdown in overseas economies resulting from prolonged US-China trade friction caused signs of a stall in some areas.」
In addition to the impact on overseas economic growth from the previous quarter's description of US-China trade friction, its prolonged nature is now explicitly stated. - FY2020-Q1ReframedAnnual report
「During the three months ended 30 June, the Japanese economy continued on a gradual recovery track, supported by a recovery in private consumption as favorable employment conditions continued. However, the impact of a slowdown in overseas economies resulting from US-China trade friction caused signs of a stall in some areas.」
The concern in the external environment has been rephrased from trade friction originating in the United States to a slowdown in overseas economies resulting from US-China trade friction. - FY2019RestatedAnnual report
「However, in the second half of the fiscal year, the economy showed signs of stalling in its recovery as it was affected by a slowdown in overseas economies resulting from trade friction originating in the United States.」
Trade friction originating in the United States and a slowdown in overseas economies continue to be cited as concerns in the external environment. - FY2019-Q3RestatedAnnual report
「During the nine months ended 31 December, the Japanese economy continued on a gradual recovery track, with corporate earnings improving and private consumption recovering as favorable employment conditions continued. However, concerns about the impact of trade friction originating in the United States spread, increasing uncertainty about the outlook.」
It continues to describe the external environment by citing concerns about trade friction originating in the United States together with improvement in corporate earnings and private consumption. - FY2019-Q2RestatedAnnual report
「During the six months ended 30 September, the Japanese economy continued on a gradual recovery track. Although the impact of trade friction originating in the United States was a concern, private consumption recovered as favorable employment conditions continued, while corporate earnings improved.」
It continues to describe the external environment by citing concerns about trade friction originating in the United States together with improvement in corporate earnings and private consumption. - FY2019-Q1ReframedAnnual report
「During the three months ended 30 June, the Japanese economy continued on a gradual recovery track. Although the impact of trade friction originating in the United States was a concern, private consumption recovered as favorable employment conditions continued, while corporate earnings improved.」
The description of external risks has changed from yen appreciation and slowing emerging-market economies to concerns about the impact of trade friction originating in the United States. At the same time, it describes improvement in corporate earnings and a recovery in private consumption. - FY2018-Q3RestatedAnnual report
「During the nine months ended 31 December, the Japanese economy continued on a gradual recovery track, with corporate earnings remaining at high levels on the back of growth in the global economy, led by the United States, and signs of a recovery in private consumption as favorable employment conditions continued.」
In place of uncertainty in corporate earnings due to yen appreciation and slowing emerging-market economies, it continues to describe global economic growth, sustained high levels of corporate earnings and a recovery trend in private consumption as external factors. - FY2018-Q2RestatedAnnual report
「During the six months ended 30 September, the Japanese economy continued on a gradual recovery track, with corporate earnings improving on the back of growth in the global economy, led by the United States, and signs of a recovery in private consumption as favorable employment conditions continued.」
As in the previous quarter, it describes global economic growth, improving corporate earnings and a recovery trend in private consumption as external factors. - FY2018-Q1SoftenedAnnual report
「During the three months ended 30 June, the Japanese economy continued on a gradual recovery track, with corporate earnings improving on the back of growth in the global economy, led by the United States, and signs of a recovery in private consumption as favorable employment conditions continued.」
In place of the previously cited uncertainty in corporate earnings due to yen appreciation and slowing emerging-market economies, it describes growth in the global economy, improving corporate earnings and a recovery trend in private consumption. - FY2017-Q3RestatedAnnual report
「During the nine months ended 31 December, the Japanese economy maintained favorable employment conditions, but improvement in corporate earnings stalled due to the yen's appreciation trend since the first half of the fiscal year and slowing emerging-market economies, and uncertainty about the outlook continued.」
The appreciation trend for the yen and slowing emerging-market economies continue to be described as external factors contributing to uncertainty in corporate earnings. - FY2017-Q2RestatedAnnual report
「During the six months ended 30 September, the Japanese economy maintained favorable employment conditions, but improvement in corporate earnings stalled due to yen appreciation and slowing emerging-market economies, and uncertainty about the outlook continued.」
Yen appreciation and slowing emerging-market economies continue to be described as external factors contributing to uncertainty in corporate earnings. - FY2017-Q1First statedAnnual report
「Although favorable employment conditions were maintained, improvement in corporate earnings stalled due to yen appreciation and slowing emerging-market economies, and uncertainty about the outlook continued.」
The quarter's economic environment is described as being affected by yen appreciation and slowing emerging-market economies, which hindered improvement in corporate earnings.