Slowdown in Emerging-Market and Resource-Producing Economies, Yen Appreciation, the UK's Exit from the EU, and Financial Market Volatility
First written in FY2017-Q1. 15 of 37 entries say "Worsened", first in FY2018-Q2. Latest entry: 2026-11-09.
Penta-Ocean Construction 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: 50 of 60 companies on the "Worse" side.
19 other companies' latest entry also says "Worsened".
- 2026-11-09WorsenedResults
「一方で、ウクライナや中東等における地政学的リスクの高まりと、米国の関税政策などにより、先行き不透明な状況が続いています。」
地政学的リスクに加え、米国の関税政策を不透明要因として継続している。 - FY2027-H1WorsenedAnnual report
「During the interim consolidated accounting period, Japan's economy remained on a moderate recovery trend, supported by AI-related investment and fiscal policy, improved income conditions driven by continued wage increases, and solid capital investment underpinned by strong corporate earnings. However, uncertainty about the outlook persists due to heightened geopolitical risks in Ukraine, the Middle East and elsewhere, as well as US tariff policies.」
The update describes a recovery trend in the economy while identifying heightened geopolitical risks in Ukraine and the Middle East and US tariff policies as new sources of uncertainty. - 2026-08-07WorsenedResults
「一方で、ウクライナや中東等における地政学的リスクの高まりと、米国の関税政策などにより、先行き不透明な状況が続いています。」
従来からの地政学的リスクに加え、米国の関税政策を先行き不透明要因として明示している。 - FY2026WorsenedAnnual report
「However, attention must be paid to soaring prices for crude oil and crude-oil-derived materials resulting from the situation in Iran, as well as supply constraints.」
In addition to the previous geopolitical risks, soaring resource prices and supply constraints, the statement specifies the situation in Iran, crude oil and crude-oil-derived material prices, and supply constraints as new sources of uncertainty. - 2026-05-28WorsenedGeneral Meeting of Shareholders
「However, attention must be paid to soaring prices for crude oil and crude-oil-derived materials resulting from the situation in Iran, as well as supply constraints.」
従来の地政学的リスクや米国の通商政策等に加え、イラン情勢に起因する原油・資材価格高騰と供給制約を不透明要因として明示している。 - FY2026-H1WorsenedAnnual report
「Meanwhile, the outlook remained uncertain owing to geopolitical risks including the situations in Ukraine and the Middle East and the resulting persistently high raw-material and energy prices, as well as inflation caused by higher logistics costs and supply constraints resulting from labour shortages, and downside risks to the global economy resulting from US trade policy.」
In addition to the previous geopolitical risks, persistently high raw-material and energy prices, higher logistics costs and supply constraints caused by labour shortages, the statement newly identifies downside risks to the global economy resulting from US trade policy. - FY2025-H1WorsenedAnnual report
「Meanwhile, the outlook remained uncertain owing to geopolitical risks including the situations in Ukraine and the Middle East and the resulting persistently high raw-material and energy prices, as well as inflation caused by higher logistics costs resulting from the 2024 issue and supply constraints caused by labour shortages, and volatility in the financial and capital markets.」
In addition to the previous references to the Ukraine situation, geopolitical risks and soaring resource prices, the statement adds higher logistics costs resulting from the 2024 issue, supply constraints caused by labour shortages, inflation and volatility in the financial and capital markets as sources of uncertainty. - FY2024-Q3ReframedAnnual report
「During the nine-month period, Japan’s economy continued to recover moderately as COVID-19 was reclassified to Category V and personal consumption and inbound consumption recovered. Although the global economy was generally on a recovery trend, the outlook remained uncertain owing to continued monetary tightening in Europe and the US, soaring resource and raw-material prices, supply constraints, geopolitical risks including the situations in Ukraine and the Middle East, and slower growth in China.」
While indicating a recovery trend in the domestic economy, the statement adds geopolitical risks including the situations in Ukraine and the Middle East and slower growth in China to the previous sources of uncertainty, namely monetary tightening, soaring resource and raw-material prices, and supply constraints. - FY2024-Q2RestatedAnnual report
「During the six-month period, Japan’s economy continued to recover moderately as COVID-19 was reclassified to Category V and personal consumption and inbound consumption recovered. Although the global economy was generally on a recovery trend, the outlook remained uncertain owing to continued monetary tightening in Europe and the US, soaring resource and raw-material prices, and supply constraints.」
The statement continues to describe a moderate recovery in the domestic economy and uncertainty about the global economic outlook resulting from monetary tightening in Europe and the US, soaring resource and raw-material prices, and supply constraints. - FY2024-Q1ReframedAnnual report
「During the three-month period, Japan’s economy continued to recover moderately as COVID-19 was reclassified to Category V and personal consumption and inbound consumption recovered. Although the global economy was generally on a recovery trend, the outlook remained uncertain owing to continued monetary tightening in Europe and the US, soaring resource and raw-material prices, and supply constraints.」
While indicating the reclassification of COVID-19 to Category V and the recovery in domestic consumption, the statement identifies monetary tightening in Europe and the US, soaring resource and raw-material prices, and supply constraints as sources of uncertainty for the global economy. The market description has been updated to include a recovery trend. de facto risk remains. - FY2023WorsenedAnnual report
「The prolonged invasion of Ukraine by Russia, persistently high global resource and energy prices and inflation, and economic slowdown resulting from interest-rate hikes in Europe and the US continue to affect Japan’s economy, leaving its outlook uncertain.」
In addition to the previous references to the Ukraine situation and soaring resource prices, the statement continues to identify persistently high prices and the economic slowdown resulting from interest-rate hikes in Europe and the US as sources of uncertainty. - FY2023-Q3ReframedAnnual report
「During the nine-month period, Japan’s economy showed signs of recovery as activity restrictions were eased in Japan and other major countries to balance measures to prevent the spread of COVID-19 with social and economic activity. Meanwhile, the effects of Russia’s invasion of Ukraine and soaring energy and resource prices remained, and Japan’s economic outlook is expected to remain uncertain.」
While indicating a recovery in economic conditions resulting from the easing of activity restrictions, the statement continues to cite Russia’s invasion of Ukraine, soaring energy and resource prices, and uncertainty about the outlook. - FY2023-Q2WorsenedAnnual report
「During the six-month period, Japan’s economy remained uncertain owing to the prolonged COVID-19 pandemic, Russia’s invasion of Ukraine and worldwide inflation. Meanwhile, restrictions on activities were eased in Japan and other major countries, and the focus shifted to economic recovery and growth, with signs of recovery in economic conditions. Nevertheless, Japan’s economy is expected to remain uncertain owing to the rapid depreciation of the yen resulting from factors including interest-rate hikes in Europe and the US and continued increases in various prices.」
In addition to the prolonged COVID-19 pandemic, the statement specifies Russia’s invasion of Ukraine, worldwide inflation and the rapid depreciation of the yen resulting from interest-rate hikes in Europe and the US as new sources of uncertainty. It also mentions the recovery in economic conditions resulting from the easing of activity restrictions. - FY2023-Q1WorsenedAnnual report
「Although the global economy is generally on a recovery trend, uncertainty about the outlook remains owing to factors including the prolonged Ukraine situation, soaring resource and raw-material prices, and substantial fluctuations in interest rates and foreign exchange rates resulting from revisions to monetary policy in the US and Europe.」
While describing the global economy as remaining on a recovery trend, the statement specifies the prolonged Ukraine situation, soaring resource and raw-material prices, and interest-rate and foreign-exchange volatility resulting from revisions to monetary policy in the US and Europe as new sources of uncertainty. - FY2022WorsenedAnnual report
「However, the prolonged COVID-19 pandemic, compounded by Russia’s invasion of Ukraine, has resulted in soaring global prices for resources and raw materials and supply and supply-chain constraints, affecting prices and supplies of energy and construction materials in Japan.」
In addition to the previous pandemic, trade issues and geopolitical tensions, the statement identifies Russia’s invasion of Ukraine, soaring resource and raw-material prices, and supply and supply-chain constraints as specific factors contributing to deterioration. - FY2022-Q3ReframedAnnual report
「During the nine-month period, Japan’s economy showed signs of a moderate recovery as the spread of COVID-19 temporarily subsided. However, the global economy remained uncertain, owing to factors including the spread of highly transmissible variants and supply and supply-chain constraints affecting semiconductors, resources and other goods.」
In addition to the previous risk of a resurgence of the pandemic, the statement specifies highly transmissible variants and supply and supply-chain constraints affecting semiconductors, resources and other goods as sources of uncertainty for the global economy. Meanwhile, it states that the domestic economy is showing signs of recovery. - FY2022-Q2ReframedAnnual report
「During the six-month period, Japan’s economy remained sluggish owing to the prolonged spread of COVID-19, despite some signs of recovery. Although the number of infections has declined since October due to the expansion of vaccination and other factors, the outlook is expected to remain uncertain for the time being.」
The description has been updated to present the sluggish domestic economy resulting from the prolonged pandemic alongside a decline in infections due to vaccinations and other factors and continued uncertainty about the outlook. - FY2022-Q1ReframedAnnual report
「During the three-month period, Japan’s economy remained in a difficult condition owing to the prolonged spread of COVID-19 both domestically and overseas, although corporate earnings showed signs of recovery due to the effects of the government’s economic measures and improvement in the global economy. Meanwhile, employment and income conditions remained weak owing to the impact of the pandemic, and personal consumption also stagnated, leaving continued uncertainty about the economic outlook.」
While indicating the prolonged spread of COVID-19, weak employment and income conditions, and sluggish personal consumption, the statement also describes the recovery in corporate earnings resulting from the government’s economic measures and improvement in the global economy. - FY2021-Q3WorsenedAnnual report
「During the nine-month period, Japan’s economy showed some signs of recovery, mainly in personal consumption, as a result of various economic policies. However, the outlook is expected to remain uncertain for the time being owing to the resurgence of COVID-19.」
In addition to the severe conditions and uncertainty caused by the pandemic through the previous quarter, the statement explicitly identifies a resurgence of the pandemic as a source of uncertainty about the outlook. - FY2021-Q2ReframedAnnual report
「During the six-month period, Japan’s economy remained in a severe condition amid the impact of the global spread of COVID-19, despite some signs of recovery, mainly in personal consumption, as a result of various economic measures. The outlook is also expected to remain uncertain for the time being.」
The description has been updated to present both the severe economic conditions caused by COVID-19 and the partial recovery resulting from economic measures, alongside continued uncertainty about the outlook. - FY2021-Q1RestatedAnnual report
「During the three-month period, Japan’s economy deteriorated sharply as economic activity stagnated owing to the global spread of COVID-19. The outlook is expected to remain uncertain for the time being.」
The statement continues to describe the stagnation of economic activity, economic deterioration and uncertainty about the outlook caused by COVID-19. - FY2020WorsenedAnnual report
「After the start of the fourth quarter, economic activity stagnated and the economy deteriorated rapidly owing to the global spread of COVID-19.」
In addition to the previous trade issues and geopolitical tensions, the statement explicitly cites the rapid deterioration of the global economy caused by COVID-19. - FY2020-Q3ReframedAnnual report
「During the nine-month period, Japan’s economy remained on a moderate recovery trend as employment and income conditions continued to improve, supported also by the effects of various policies, although weakness was evident in exports and production. Meanwhile, the global economy remained uncertain, owing to factors including the prolonged US-China trade friction and rising geopolitical tensions.」
While describing Japan’s domestic economy as remaining on a moderate recovery trend, the statement specifies the sources of uncertainty in the global economy as the prolonged US-China trade friction and rising geopolitical tensions, replacing the previous references to trade issues and geopolitical risks. - FY2020-Q2ReframedAnnual report
「During the six-month period, Japan’s economy remained on a moderate recovery trend as employment and income conditions continued to improve, although weakness was evident in exports and production.」
The description has been updated from the previous quarter’s references to trade issues, geopolitical risks and the slowdown in overseas economies to also mention weakness in exports and production and improvements in employment and income conditions, while characterising Japan’s domestic economy as remaining on a moderate recovery trend. - FY2020-Q1ReframedAnnual report
「During the first quarter of the fiscal year, Japan’s economy remained on a moderate recovery trend as employment and income conditions continued to improve, although exports and production were affected by developments in trade issues and the slowdown in overseas economies caused by geopolitical risks.」
While the previous description focused on concerns about the economic outlook and political conditions in Europe and the US, trade issues, geopolitical risks and the slowdown in overseas economies are now cited as specific sources of uncertainty, while Japan’s domestic economy is described as remaining on a moderate recovery trend. - FY2019ReframedAnnual report
「Although the global economy faced uncertainty, including concerns about the economic outlook and unstable political conditions in Europe and the US, it generally remained on a moderate recovery trend.」
The description has been updated from its previous focus on “rising downside risks” to describe the economy as generally remaining on a moderate recovery trend while retaining uncertainty stemming from concerns about the economic outlook and political conditions in Europe and the US. - FY2019-Q3RestatedAnnual report
「Although the global economy continues to recover moderately, attention must be paid to rising downside risks to the economic outlook.」
The statement continues to describe the global economy’s moderate recovery trend and rising downside risks to the economic outlook. - FY2019-Q2RestatedAnnual report
「Although the global economy continues to recover moderately, attention must be paid to rising downside risks to the economic outlook.」
The statement continues to describe the global economy’s moderate recovery trend and rising downside risks to the economic outlook. - FY2019-Q1WorsenedAnnual report
「Although the global economy continues to recover moderately, attention must be paid to rising downside risks to the economic outlook.」
In addition to the previous description of a recovery trend, the statement explicitly calls attention to “rising downside risks” to the economic outlook. - FY2018SoftenedAnnual report
「The global economy is continuing to recover moderately in developed countries, led by the US, while economic conditions are also recovering in Asia, including China.」
The description focuses more on the economic recovery in developed countries and Asia than on the previously cited geopolitical risks and policy uncertainty in the US and Europe, weakening the language regarding uncertainty in the macroeconomic environment. - FY2018-Q3ReframedAnnual report
「The global economy is continuing to recover moderately in developed countries, led by the US, while economic conditions are also recovering in Asia, including China.」
The description has been updated from the previous focus on rising geopolitical risks and policy uncertainty in the US and Europe to focus on the economic recovery in developed countries and Asia this quarter. It also states that there have been no material changes in business and other risks. - FY2018-Q2WorsenedAnnual report
「Conditions remain such that some caution is warranted regarding the economic outlook, including the impact of rising geopolitical risks and policy-related uncertainty in the US and Europe.」
The previous references to geopolitical risks and policy uncertainty in the US and Europe have been expressed as an “expansion of geopolitical risks,” and continued caution regarding the economic outlook is urged. - FY2018-Q1ReframedAnnual report
「The global economy continued to recover moderately in advanced economies, led by the United States, while signs of a recovery in economic conditions were also seen in China. On the other hand, the outlook for economic conditions remained uncertain because of geopolitical risks and the impact of uncertainty over policies in the United States and Europe.」
While indicating a recovery in China, the description has shifted from its previous focus on Brexit and elections in European countries to identifying geopolitical risks and policy uncertainty in the US and Europe as the main sources of uncertainty. - FY2017RestatedAnnual report
「The global economy continued to recover moderately in advanced economies, led by the United States, while signs of a recovery in economic conditions were also seen in China. On the other hand, factors including uncertainty over the policies of the new US administration, the United Kingdom’s Brexit issue and elections in European countries continued to raise concerns about possible adverse effects on domestic and overseas economies going forward.」
The company reiterates the recovery in China while identifying the new US administration, Brexit and elections in European countries as sources of uncertainty. - FY2017-Q3ReframedAnnual report
「The global economy continued to recover moderately in advanced economies, led by the United States, while signs of a recovery in economic conditions were also seen in China. On the other hand, factors including uncertainty over the policies of the new US administration, the United Kingdom’s Brexit issue and elections in European countries continued to raise concerns about possible adverse effects on domestic and overseas economies going forward.」
Compared with the previous quarter’s description, which focused on the economic slowdown in China and elsewhere, the company indicates a recovery in China while identifying policies of the new US administration, Brexit and elections in European countries as new sources of uncertainty. - FY2017-Q2RestatedAnnual report
「Meanwhile, although advanced economies continued to recover moderately, the outlook for economic conditions remained uncertain because of the slowdown in China and other emerging Asian and resource-rich economies and concerns about a downside risk to the global economy arising from the United Kingdom’s Brexit issue.」
The company continues to identify the slowdown in China and other emerging and resource-rich economies, the United Kingdom’s Brexit issue and uncertainty in the global economy as risks. - FY2017-Q1First statedAnnual report
「However, the economy lacks strength because of the slowdown in China and other emerging and resource-rich economies and the effects of rapid yen appreciation. The outlook has become increasingly uncertain because of heightened uncertainty in the global economy, including the United Kingdom’s withdrawal from the European Union, and volatility in the financial and capital markets.」
The company identifies the economic slowdown, rapid yen appreciation, the United Kingdom’s withdrawal from the EU, uncertainty in the global economy and volatility in the financial and capital markets as factors contributing to an uncertain outlook. It also refers to the impact of the current-quarter environment, including “the effects of rapid yen appreciation.”