Uncertainty in the Economic Environment from U.S. Policies, Geopolitics, China’s Economic Slowdown and a Consumption Tax Increase
First written in FY2019. 9 of 19 entries say "Worsened", first in FY2020. Latest entry: 2026-08-07.
Fujita Engineering moved to the "Worse" side of this theme in 2020, the same year as the typical company in this theme.
The whole theme swung hardest in 2020: 24 of 31 companies on the "Worse" side.
9 other companies' latest entry also says "Restated".
- 2026-08-07RestatedEarnings
「The economic outlook remained uncertain, as concerns over a downturn could not be dispelled amid persistently elevated geopolitical risks, including the situation in the Middle East, and developments concerning US trade policy.」
Geopolitical risks and US trade policy continue to be cited as factors behind downside economic risks and uncertainty over the outlook. - FY2026-H1U.S. trade policy added as a new source of uncertaintyAnnual report
「During the six months ended the second quarter, employment and income conditions continued to improve and the Japanese economy remained on a gradual recovery path. However, the outlook remained uncertain due to concerns over downside risks to the economy from U.S. trade policy, foreign exchange movements, and geopolitical risks including the situations in Ukraine and the Middle East.」
While indicating improving employment and income conditions, the disclosure cites U.S. trade policy, foreign exchange movements, and the situations in Ukraine and the Middle East as factors behind downside risks to the economy and uncertainty about the outlook. - FY2025-H1WorsenedAnnual report
「During the six months ended the second quarter, the Japanese economy remained on a gradual recovery path as employment and income conditions improved. However, downside risks to the economy could not be dispelled, and the outlook remained uncertain due to heightened geopolitical risks, including the situations in Ukraine and the Middle East, as well as rising prices resulting from foreign exchange movements and other factors and concerns about the Chinese economy.」
While indicating a recovery trend in economic activity, the disclosure cites heightened geopolitical risks, including the situation in the Middle East, in addition to the existing concerns over the situation in Ukraine, foreign exchange movements, and the Chinese economy, stating that downside risks and uncertainty about the outlook continue. - FY2024-Q2WorsenedAnnual report
「During the six months ended the second quarter, economic activity moved toward normalization following the reclassification of COVID-19 as a Class 5 disease and other factors. However, the sense of downside risk to the economy was increasing, and the outlook remained uncertain due to rising prices resulting from Russia's invasion of Ukraine and foreign exchange movements, as well as concerns about the Chinese economy.」
While economic activity is moving toward normalization, the disclosure states that downside risks to the economy are increasing against a backdrop of Russia's invasion of Ukraine, rising prices resulting from foreign exchange movements and other factors, and concerns about the Chinese economy. - FY2024-Q1Economic activity normalizing, but uncertainty persistsAnnual report
「During the first quarter of the fiscal year, economic activity moved toward normalization following the reclassification of COVID-19 as a Class 5 disease and other factors. However, the outlook remained uncertain as product supply delays and rising prices resulted from the prolonged Russian invasion of Ukraine, semiconductor shortages, and the impact of foreign exchange rates.」
While stating that economic activity has moved toward normalization, the disclosure cites the prolonged situation in Ukraine, semiconductor shortages, and supply delays and rising prices resulting from foreign exchange rates and other factors, stating that the uncertain outlook continues. - FY2023-Q3RestatedAnnual report
「During the nine months ended the third quarter, there were signs of progress toward normalizing economic activity, including the easing of restrictions on movement related to COVID-19. However, product supply delays and rising prices resulting from the prolonged situation in Ukraine, semiconductor shortages, and the rapid depreciation of the yen meant that the outlook remained uncertain.」
While there were signs of progress toward normalizing economic activity, the situation in Ukraine, semiconductor shortages, and supply delays and rising prices resulting from the rapid depreciation of the yen continued to be cited as sources of uncertainty about the outlook. - FY2023-Q2WorsenedAnnual report
「During the six months ended the second quarter, some economic activity recovered as restrictions on movement related to COVID-19 were eased. However, uncertainty about the outlook increased further, with product supply delays and rising prices resulting from the prolonged situation in Ukraine, semiconductor shortages, and the rapid depreciation of the yen.」
While a recovery in economic activity following the easing of restrictions on movement is indicated, the disclosure cites the prolonged situation in Ukraine, semiconductor shortages, and supply delays and rising prices resulting from the rapid depreciation of the yen, stating that uncertainty about the outlook increased further. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, some economic activity recovered as measures to prevent COVID-19 progressed. However, uncertainty about the outlook increased further as the supply of materials became constrained and prices rose due to the prolonged situation in Ukraine, China's zero-COVID policy, and the impact of yen depreciation, while containment of the infection remained unforeseeable.」
While a recovery in economic activity is indicated, the disclosure cites the uncertain outlook for containing the infection, the prolonged situation in Ukraine, China's zero-COVID policy, yen depreciation, and shortages and higher prices of materials, stating that uncertainty about the outlook increased further. - FY2022WorsenedAnnual report
「During the fiscal year, some economic activity recovered as measures to prevent COVID-19 progressed. However, uncertainty about the outlook increased due to downside risks from higher raw material prices and a global semiconductor shortage, the renewed spread of infections caused by new variants, and the impact on international affairs of Russia's invasion of Ukraine.」
While a recovery in economic activity is indicated, the impact of Russia's invasion of Ukraine has been identified as a new source of uncertainty, in addition to higher raw material costs, semiconductor shortages, and the renewed spread of infections caused by new variants. - FY2022-Q3WorsenedAnnual report
「During the nine months ended the third quarter, some economic activity recovered as measures to prevent infections progressed while the impact of COVID-19 continued for an extended period. However, the economy remained in a persistently uncertain situation, due to downside risks from higher raw material prices and a global semiconductor shortage, as well as concern over the renewed spread of infections caused by new variants.」
While a recovery in economic activity is indicated, concern over the renewed spread of infections from new variants has been added to the existing downside risks from higher raw material prices and semiconductor shortages. - FY2022-Q2Economic activity recovering, but downside risks from higher raw material costs and semiconductor shortagesAnnual report
「During the six months ended the second quarter, some economic activity recovered as measures to prevent infections progressed while the impact of COVID-19 continued for an extended period. However, the economy remained in a situation where uncertainty about the outlook could not be dispelled, due to downside risks from higher raw material prices and a global semiconductor shortage.」
While a recovery in economic activity resulting from progress in infection-control measures is indicated, higher raw material prices and a global semiconductor shortage have been added as downside risks to the economy. - FY2021-Q3WorsenedAnnual report
「During the nine months ended the third quarter, some economic activity recovered while containment of COVID-19 remained out of sight. However, the economy remained in an uncertain situation as the renewed spread of infections intensified the sense of an economic slowdown.」
While some economic activity has recovered, the renewed spread of infections has intensified the sense of an economic slowdown, and uncertainty about the outlook continues. - FY2021-Q2RestatedAnnual report
「During the six months ended the second quarter, the Japanese economy stagnated due to the impact of COVID-19, and as the timing of its containment remained unforeseeable, the economy remained in an uncertain situation despite signs of a recovery in some economic activity.」
While continuing to note the economic stagnation caused by COVID-19 and the uncertainty surrounding its containment, the disclosure also indicates some recovery in economic activity. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, the Japanese economy was affected by restricted economic activity resulting from the global spread of COVID-19 and declarations of a state of emergency, and remained in a situation of increasing uncertainty about the economic outlook.」
It is stated that the global spread of COVID-19 and declarations of a state of emergency restricted economic activity, further increasing uncertainty about the economic outlook. - FY2020WorsenedAnnual report
「The global spread of the novel coronavirus has had a serious impact not only on the Japanese economy but also on the global economy, and the outlook for the domestic economy remains uncertain.」
In addition to the existing factors of U.S.-China trade friction and a slowdown in the Chinese economy, the global spread of the novel coronavirus and its serious impact on economic activity have been identified as sources of uncertainty for the outlook. - FY2020-Q3RestatedAnnual report
「During the nine months ended the third quarter, the Japanese economy remained on a gradual recovery path, supported by improving corporate earnings and employment and income conditions. However, uncertainty about the outlook persisted due to the impact of U.S.-China trade friction and the UK's withdrawal from the EU on the global economy, as well as concerns over a slowdown in the Chinese economy.」
Uncertainty surrounding the economic environment continues to be noted, with U.S.-China trade friction, the UK's withdrawal from the EU, and concerns over a slowdown in the Chinese economy cited as factors. - FY2020-Q2RestatedAnnual report
「During the six months ended the second quarter, the Japanese economy remained on a gradual recovery path, supported by improving corporate earnings and employment and income conditions. However, uncertainty about the outlook persisted due to the impact of U.S.-China trade friction and the UK's withdrawal from the EU on the global economy, as well as concerns over a slowdown in the Chinese economy.」
Uncertainty surrounding the economic environment continues to be noted, with U.S.-China trade friction, the UK's withdrawal from the EU, and concerns over a slowdown in the Chinese economy cited as factors. - FY2020-Q1RestatedAnnual report
「During the first quarter of the fiscal year, the Japanese economy remained on a gradual recovery path, supported by improving corporate earnings and employment and income conditions. However, uncertainty about the outlook persisted due to the impact of U.S.-China trade friction and the UK's withdrawal from the EU on the global economy, as well as concerns over a slowdown in the Chinese economy.」
Uncertainty surrounding the economic environment continues to be noted, with U.S.-China trade friction, the UK's withdrawal from the EU, and concerns over a slowdown in the Chinese economy cited as specific factors. - FY2019First statedAnnual report
「The domestic economy is expected to face increasing uncertainty going forward, due to the impact of U.S. policy developments and geopolitical risks, as well as concerns over an economic slowdown resulting from a consumption tax increase.」
U.S. policy developments, geopolitical risks, a consumption tax increase, and concerns over a slowdown in the Chinese economy have been newly identified as sources of uncertainty for the outlook for the domestic economy.