The economic condition outside Japan during the fiscal 2019 has shown clear signs of overall slowdown as evidenced by bleak outlook on the US economy, which has been driving the global economy for some time, and by the changes in Chinese economy impacted by the US-China trade war.

Around the time when the Japanese economy was beginning to be in a lull, the consumption tax hike and damages from frequent heavy rainfall caused sharp decline in consumer spending, resulting in adverse business environment.