Global economic uncertainty stemming from the slowdown in emerging-market economies, the UK's withdrawal from the EU and US policy developments
First written in FY2017-Q3. 15 of 25 entries say "Worsened", first in FY2018-Q1. Latest entry: FY2026.
UT Group moved to the "Worse" side of this theme in 2019, 1 year after the typical company in this theme (2018).
The whole theme swung hardest in 2022: 18 of 21 companies on the "Worse" side.
8 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「During the consolidated fiscal year, the impact of U.S. tariff policies was seen mainly in the automotive industry, and uncertainty about the outlook continued.」
In addition to the existing uncertainty surrounding geopolitical conditions and monetary policy, U.S. tariff policies affected the automotive industry and emerged in business performance as a source of uncertainty about the outlook. - 2026-05-14WorsenedEarnings forecast revision
「Uncertainty is expected to persist, including the impact on domestic production of shortages in energy resource supplies resulting from heightened tensions in the Middle East, as well as higher costs for raw materials, logistics and other items.」
In addition to existing geopolitical uncertainty, the company indicated the impact on domestic production of energy supply shortages and higher raw material and logistics costs. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, the impact of U.S. tariff policies was seen mainly in the automotive industry, and uncertainty about the outlook continued.」
In addition to the existing uncertainty surrounding geopolitical conditions, monetary policy and overseas economies, U.S. tariff policies affected the automotive industry and were identified as a source of uncertainty about the outlook. - FY2024WorsenedAnnual report
「Meanwhile, as global monetary tightening and other factors continued, the need to closely monitor the risk that a downturn in overseas economies could put downward pressure on Japan's economy, as well as the impact of rising prices, developments surrounding Ukraine and the Middle East, and fluctuations in financial and capital markets, continued.」
Monetary tightening, a downturn in overseas economies, rising prices, developments surrounding Ukraine and the Middle East, and fluctuations in financial and capital markets remained sources of uncertainty for the full year. - FY2024-Q3WorsenedAnnual report
「Meanwhile, as global monetary tightening and other factors continued, the need to closely monitor the risk that a downturn in overseas economies could put downward pressure on Japan's economy, as well as the impact of rising prices, developments surrounding Ukraine and the Middle East, and fluctuations in financial and capital markets, continued.」
In addition to global monetary tightening, a downturn in overseas economies and rising prices, developments surrounding Ukraine and the Middle East and fluctuations in financial and capital markets were identified as sources of uncertainty. - FY2024-Q1WorsenedAnnual report
「Meanwhile, as the prolonged geopolitical risk brought to the fore by Russia's invasion of Ukraine and global monetary tightening continued, the need to closely monitor the risk that a downturn in overseas economies could put downward pressure on Japan's economy, as well as the impact of rising prices and fluctuations in financial and capital policies, continued.」
In addition to the prolonged geopolitical risk, global monetary tightening, a downturn in overseas economies, rising prices and fluctuations in financial and capital policies were identified as sources of uncertainty. - FY2023-Q3WorsenedAnnual report
「During the nine-month period ended 31 December 2022 (1 April 2022 to 31 December 2022), Japan's economy remained uncertain as the impact of COVID-19 continued, raw-material and energy prices rose and inflation accelerated due to the impact of Russia's invasion of Ukraine and other factors, policy interest rates were raised in various countries, the yen depreciated, and supply constraints caused by disruption to global supply chains persisted.」
In addition to the existing geopolitical risks, pandemic-related risks and supply constraints, uncertainty related to policy interest-rate hikes in various countries and rising prices continues. - FY2023-Q2RestatedAnnual report
「During the six-month period ended 30 September 2022 (1 April 2022 to 30 September 2022), Japan's economy was expected to recover as the impact of COVID-19 eased. However, uncertainty about the outlook continued as raw-material and energy prices soared due to the impact of Russia's invasion of Ukraine and other factors, the yen depreciated sharply against other currencies, and supply constraints caused by disruption to global supply chains persisted.」
Uncertainty about the outlook due to soaring raw-material and energy prices, the yen's sharp depreciation, supply-chain disruption and supply constraints continues. - FY2023-Q1WorsenedAnnual report
「During the three-month period ended 30 June 2022 (1 April 2022 to 30 June 2022), Japan's economy was expected to recover as economic and social activity normalized. However, uncertainty about the outlook continued due to soaring raw-material prices resulting from the impact of Russia's invasion of Ukraine and other factors, the yen's depreciation accompanying reviews of monetary easing policies overseas, and supply constraints caused by disruption to global supply chains.」
In addition to the existing pandemic and geopolitical risks, soaring raw-material prices due to the invasion of Ukraine, the yen's depreciation, supply-chain disruption and supply constraints were identified as actual sources of uncertainty. - FY2022WorsenedAnnual report
「However, from the beginning of 2022, the spread of the Omicron variant continued to obscure the outlook for economic normalization following the end of the pandemic. In addition, geopolitical risk became apparent in February 2022 with Russia's invasion of Ukraine, and the need to closely monitor surging resource prices and the impact through supply chains became more pressing.」
In addition to the existing uncertainty surrounding the pandemic and supply chains, the expansion of the Omicron variant, Russia's invasion of Ukraine and soaring resource prices were identified. - FY2022-Q3WorsenedAnnual report
「However, the need to closely monitor the renewed spread of infections in Japan and overseas due to the emergence of new variants and the impact through supply chains became more pressing.」
The renewed spread of infections due to new variants and the impact through supply chains were additionally identified as current sources of uncertainty. - FY2022-Q2RestatedAnnual report
「During the six-month period ended 30 September 2021 (1 April 2021 to 30 September 2021), Japan's economy remained in a severe situation as the spread of COVID-19 continued for an extended period. Although signs of a recovery in economic activity were seen, the need to closely monitor developments in the pandemic in Japan and overseas and its impact through supply chains continued.」
Although uncertainty surrounding the prolonged pandemic and its impact through supply chains continues, the note also describes a recovery in economic activity. - FY2022-Q1MitigatedAnnual report
「Japan's economy during the three months ended the first quarter remained in a difficult situation due to the prolonged spread of COVID-19, although economic activity continued to show signs of recovery as vaccinations were accelerated and various economic measures took effect.」
Although economic uncertainty due to the prolonged pandemic continues, the note describes a recovery in economic activity against the backdrop of vaccination and economic measures. - FY2021-Q3WorsenedAnnual report
「However, concerns about the outlook have recently intensified due to a renewed spread of infections and the prolonged pandemic, and risks remain that its impact on social and economic activity will cause both domestic and overseas economies to deteriorate.」
While noting a partial recovery in economic activity, the disclosure specifically identifies renewed spread and prolongation of infections, concerns about the outlook and downside risks to domestic and overseas economies, indicating that uncertainty has again become more concrete. - FY2021-Q2RestatedAnnual report
「The outlook remained uncertain due to the high level of uncertainty arising from economic activity conducted while monitoring the spread of infection and downside risks to overseas economies caused by geopolitical risks and other factors.」
Against the backdrop of the spread of COVID-19 and downside risks to overseas economies from geopolitical risks, the disclosure continues to express the view that the outlook remains uncertain. - FY2021-Q1WorsenedAnnual report
「Japan's economy during the three months ended the first quarter (1 April 2020 to 30 June 2020) came to an abrupt standstill, as social and economic activity was sharply restricted by the global spread of COVID-19 and the declaration of a state of emergency in Japan, which restricted personal consumption and corporate activity.」
In addition to the existing uncertainty in international affairs and the global economy, the disclosure states that COVID-19 and the state of emergency caused social and economic activity to come to an abrupt standstill. - FY2020-Q3RestatedAnnual report
「Japan's economy during the nine months ended the third quarter continued to see a gradual recovery in domestic-demand-related capital investment and a recovery in personal consumption, while exports remained sluggish as the global economy slowed amid intensifying US-China trade friction, leaving the economic outlook uncertain.」
The disclosure reaffirms the view that intensifying US-China trade friction, the slowdown in the global economy, sluggish exports and an uncertain economic outlook are continuing. - FY2020-Q2WorsenedAnnual report
「Japan's economy during the six months ended the second quarter continued to see a gradual recovery in domestic-demand-related capital investment and a recovery in personal consumption, while exports remained sluggish as the global economy slowed amid intensifying US-China trade friction, leaving the economic outlook uncertain.」
The disclosure states that intensifying US-China trade friction has led to a slowdown in the global economy and sluggish exports, with international uncertainty continuing to have a specific economic impact. - FY2019-Q3RestatedAnnual report
「Japan's economy during the nine months ended the third quarter continued to follow a gradual recovery trend, partly due to the effects of government economic policies, although the outlook remained uncertain because of unstable international conditions, including intensifying US-China trade friction.」
The disclosure continues to describe instability in international affairs due to intensifying US-China trade friction and other factors, as well as an uncertain outlook. - FY2019-Q2WorsenedAnnual report
「Japan's economy during the six months ended the second quarter continued to follow a gradual recovery trend, partly due to the effects of various government economic policies, although the outlook remained uncertain because of instability in international affairs, including intensifying US-China trade friction.」
In addition to the existing uncertainty in the global economy, the disclosure specifically identifies intensifying US-China trade friction and instability in international affairs as factors clouding the outlook. - FY2018RestatedAnnual report
「Meanwhile, uncertainty in the global economy remained high, and the outlook for economic conditions remained uncertain, due to growing uncertainty in emerging-market economies, including China, concerns over the policies of the new US administration, and concerns about the situation on the Korean Peninsula.」
The disclosure continues to describe uncertainty in the global economy and an unclear outlook due to emerging-market economies, US policy and the situation on the Korean Peninsula. - FY2018-Q3RestatedAnnual report
「Japan's economy during the nine months ended the third quarter remained on a gradual recovery trend overall, supported by improving corporate performance and employment conditions, although the outlook remained uncertain due to uncertainty in overseas economies, including emerging markets, and heightened geopolitical risks in Asia.」
The disclosure reiterates the view that uncertainty in overseas economies and geopolitical risks in Asia will keep the outlook uncertain. - FY2018-Q2RestatedAnnual report
「Japan's economy during the six months ended the second quarter remained on a gradual recovery trend overall, supported by improving corporate performance and employment conditions, although the outlook remained uncertain due to uncertainty in overseas economies, including emerging markets, and heightened geopolitical risks in Asia.」
The disclosure reiterates the view that uncertainty in overseas economies and geopolitical risks in Asia will keep the outlook uncertain. - FY2018-Q1WorsenedAnnual report
「Japan's economy during the three months ended the first quarter remained on a gradual recovery trend overall, supported by improving corporate performance and employment conditions, although the outlook remained uncertain due to uncertainty in overseas economies, including emerging markets, and heightened geopolitical risks in the Middle East and North Korea.」
In addition to the existing uncertainty in overseas economies, the disclosure specifically identifies heightened geopolitical risks in the Middle East and North Korea and states that the uncertain outlook will continue. - FY2017-Q3First statedAnnual report
「Uncertainty in the global economy remained high, owing to the slowdown in emerging-market economies, led by China, the issue of the UK's withdrawal from the EU, and concerns over policy developments following the US presidential election, and the outlook for economic conditions remained uncertain.」
The disclosure identifies the slowdown in emerging-market economies, Brexit and concerns over US policy developments as sources of uncertainty for the global economy and the economic outlook.