Uncertainty over the Outlook Due to Escalating US-China Trade Frictions and a Slowdown in the Chinese Economy
First written in FY2020-Q1. 7 of 24 entries say "Worsened", first in FY2020. Latest entry: FY2027-H1.
PAL GROUP Holdings 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 2019: 13 of 36 companies on the "Worse" side.
1 other company's latest entry also says "Reframed".
- FY2027-H1ReframedAnnual report
「Meanwhile, in addition to heightened consumer concerns about protecting household finances due to uncertainty surrounding the situation in the Middle East, the outlook remained highly uncertain because of labor shortages, higher costs and concerns about inflation associated with the weaker yen. Overseas economies also saw further polarization in economic conditions, resulting in a business environment that remained unpredictable both in Japan and overseas.」
The description has shifted from focusing mainly on U.S. tariff policy and policy shifts in major countries to also including the situation in the Middle East, concerns about protecting household finances, labor shortages, higher costs, inflation associated with the weaker yen and the polarization of overseas economies. - FY2026ReframedAnnual report
「Regarding global conditions, shifts in the economic policies of major countries, including the United States, and prolonged geopolitical risks are creating uncertainty over supply chains and energy prices.」
The explanation has shifted from one centered on U.S.-China trade friction and the slowdown in the Chinese economy to one focused on risks related to shifts in the economic policies of major countries, geopolitical risks, supply chains and energy prices. - FY2026-H1ReframedAnnual report
「The global economy is showing signs of a slowdown, as uncertainty caused by U.S. tariff policy has weighed on capital investment excluding AI-related investment and on personal consumption. Although the adverse effects of U.S. tariff policy have not materialized to the extent feared, negotiations between the United States and China and between the United States and India are continuing, and the policy is a concern as a factor that could constrain economic growth through a decline in global trade volumes.」
The explanation has shifted from one centered on U.S.-China trade friction and the slowdown in the Chinese economy to one centered on U.S. tariff policy, U.S.-China and U.S.-India negotiations, declining global trade volumes, and sluggish capital investment and personal consumption. - FY2025-H1SoftenedAnnual report
「From early spring through around June, people continued to refrain from making purchases because they did not feel the benefit of higher real wages amid soaring energy costs and raw-material prices. However, following strong government calls for wage increases, salaries and bonuses began to rise around July, improving consumer sentiment and rapidly improving the apparel consumption environment.」
Compared with the previous explanation of the external environment accompanied by uncertainty about the outlook, improvements in consumer sentiment against a backdrop of rising wages and in the environment for apparel consumption have been indicated. - FY2025-Q1ReframedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy showed signs of a gradual recovery in domestic conditions as social and economic activity moved toward normalization and corporate earnings, employment and the income environment improved. However, the outlook remains uncertain due to downside risks arising from higher prices caused by the yen's depreciation and volatility in financial and capital markets.」
The explanation has shifted from one centered on the previous U.S.-China trade friction, the slowdown in the Chinese economy and the situation in Ukraine to one in which the normalization of social and economic activity coexists with downside risks from the yen's depreciation, rising prices and volatility in financial and capital markets. - FY2024RestatedAnnual report
「Meanwhile, although two years have passed since Russia invaded Ukraine, the conflict has not ended, and the outlook remains uncertain due to soaring energy and raw material prices and the yen's sharp depreciation.」
While pandemic-related restrictions have been eased and the economic environment has begun to recover, uncertainty caused by the prolonged invasion of Ukraine, resource and raw material prices, and the yen's depreciation continues. - FY2024-Q3RestatedAnnual report
「Although various regulatory easures, including the reclassification of COVID-19 under the Infectious Diseases Control Law from Class II to Class V, have brought signs of a recovery in personal consumption and employment conditions and the economy has gradually recovered, the effects of soaring utility and raw material costs associated with the prolonged invasion of Ukraine by Russia and further price increases caused by the yen's depreciation continue.」
The coexistence of signs of a recovery from the easing of pandemic-related restrictions and uncertainty about the outlook caused by the situation in Ukraine, raw material prices and the yen's depreciation has been reconfirmed. - FY2024-Q2SoftenedAnnual report
「Although various regulatory easures, including the reclassification of COVID-19 under the Infectious Diseases Control Law from Class II to Class V, have brought signs of a recovery in personal consumption and employment conditions and the economy has gradually recovered, the effects of soaring utility and raw material costs associated with the prolonged invasion of Ukraine by Russia and further price increases caused by the yen's depreciation remain」
While the impact of restrictions on economic activity caused by the pandemic has weakened and signs of a recovery have emerged, uncertainty related to the situation in Ukraine, utility and raw material costs, and the yen's depreciation continues. - FY2024-Q1SoftenedAnnual report
「Although social activity has recovered and the economy has gradually begun to recover as various restrictions related to COVID-19 were eased, including the reclassification of the disease under the Infectious Diseases Control Law from Class II to Class V, the outlook remains uncertain due to higher energy prices associated with the prolonged Russian invasion of Ukraine, soaring raw-material prices and further inflation caused by yen depreciation.」
The reclassification of COVID-19 and the easing of restrictions have been cited as supporting a recovery in social activity and the economy, weakening the previous uncertainty caused by the pandemic. Meanwhile, uncertainty caused by the invasion of Ukraine, resource and raw material prices, and the yen's depreciation continues. - FY2023WorsenedAnnual report
「However, although one year has passed since Russia invaded Ukraine, the conflict has not ended, and the outlook remains uncertain due to soaring energy and raw material prices, the yen's sharp depreciation and the emergence of financial crises in Europe and the United States.」
In addition to the pandemic and its variants, the prolonged invasion of Ukraine, soaring energy and raw material prices, the yen's sharp depreciation, and financial crises in Europe and the United States have been added or remain as factors contributing to an uncertain outlook. - FY2023-Q3Signs of a recovery coexist with uncertainty in the external environmentAnnual report
「Although the priority preventive measures to prevent the spread of COVID-19 were fully lifted in late March and signs of a recovery in economic activity emerged as restrictions on movement and overseas travel were eased, the outlook is expected to remain uncertain due to soaring energy and raw material prices resulting from the prolonged invasion of Ukraine by Russia and the yen's sharp depreciation.」
While the lifting and easing of infection-control measures pointed to signs of a recovery, uncertainty about the outlook caused by the prolonged invasion of Ukraine, soaring energy and raw material prices, and the yen's depreciation continues. - FY2023-Q2WorsenedAnnual report
「Although the priority preventive measures to prevent the spread of COVID-19 were fully lifted in late March and signs of a recovery in economic activity emerged, the spread of infections during the seventh wave continues to affect society, the economy as a whole and personal consumption. In addition, the outlook is expected to remain uncertain due to soaring raw material prices caused by Russia's invasion of Ukraine and the yen's sharp depreciation.」
In addition to the spread of the seventh wave of infections, the invasion of Ukraine, soaring raw material prices and the yen's sharp depreciation have been cited simultaneously as factors contributing to an uncertain outlook, indicating that external-environment risks are continuing and becoming more concrete. - FY2023-Q1SoftenedAnnual report
「Personal consumption has gradually recovered as the number of new COVID-19 cases declined and the priority preventive measures to prevent the spread of the disease were fully lifted in late March.」
The description has changed to state that personal consumption is recovering as infection numbers decline and the measures are lifted. Separately, the description that the outlook remains uncertain due to soaring raw material prices and the yen's sharp depreciation continues. - FY2022WorsenedAnnual report
「The outlook for the economy has become uncertain due to the emergence of new variants and, in addition, rising raw material prices.」
In addition to uncertainty caused by COVID-19 and its variants, rising raw material prices have been cited as a new factor contributing to an uncertain outlook. - FY2022-Q3WorsenedAnnual report
「Following the lifting of the state of emergency and all priority preventive measures on 30 September, customer traffic at stores increased and is recovering. However, the number of cases has begun to rise due to the emergence of new variants, and the outlook remains uncertain.」
While the lifting of the state of emergency and other measures pointed to a recovery trend, the emergence of new variants and rising infection numbers have been noted, and uncertainty about the outlook is increasing again. - FY2022-Q2SoftenedAnnual report
「The number of new COVID-19 cases continued to decline from the latter half of August, and the state of emergency and all priority preventive measures were lifted on 30 September. Although a recovery is expected, the easing of measures implemented by each prefecture is to be carried out in stages, and the trend in personal consumption continues to require close monitoring.」
While declining numbers of new infections and the lifting of the state of emergency and other measures pointed to expectations of a recovery, the easing of restrictions is gradual and continued attention to trends in personal consumption is considered necessary. - FY2022-Q1RestatedAnnual report
「Although the second state of emergency was lifted in March, the third was declared in April, and with no end to the spread of COVID-19 in sight, the outlook remains uncertain.」
With no end to the COVID-19 pandemic in sight, uncertainty about the outlook associated with the declaration of a state of emergency continues. - FY2021WorsenedAnnual report
「After the first state of emergency was lifted, economic activity gradually resumed and signs of a gradual recovery emerged, supported in part by government measures to stimulate demand. However, with the second state of emergency declared in January 2021 and the third in April, the outlook remains uncertain.」
Amid continued uncertainty caused by COVID-19, the declaration of the second and third states of emergency has been noted, with the uncertain outlook continuing and becoming more concrete. - FY2021-Q3RestatedAnnual report
「During the cumulative third-quarter period from 1 March 2020 to 30 November 2020, the Japanese economy deteriorated rapidly as consumption and production fell sharply due to the spread of COVID-19. With no end to the COVID-19 outbreak in sight, the outlook remained uncertain.」
The decline in consumption and production caused by COVID-19, together with uncertainty about the outlook due to the lack of visibility on when the pandemic will end, continues to be noted. - FY2021-Q1WorsenedAnnual report
「During the cumulative first-quarter period from 1 March 2020 to 31 May 2020, the Japanese economy deteriorated rapidly as consumption and production fell sharply due to the spread of COVID-19. With no end to the spread of COVID-19 in sight, the outlook was also extremely uncertain.」
The disclosure regarding COVID-19, added to the existing discussion of US-China trade tensions and a slowdown in the Chinese economy, has been expanded to specify the sharp declines in consumption and production, the rapid deterioration in economic conditions and the lack of visibility on an end to the outbreak. - FY2020WorsenedAnnual report
「In addition to escalating US-China trade tensions and a slowdown in the Chinese economy, the global spread of COVID-19 has made the outlook extremely uncertain.」
The global spread of COVID-19 has been added to the uncertainty caused by US-China trade tensions and a slowdown in the Chinese economy, strengthening the statement that the outlook is uncertain. - FY2020-Q3RestatedAnnual report
「During the cumulative third-quarter period from 1 March 2019 to 30 November 2019, the Japanese economy remained on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment, but the outlook was uncertain due to escalating US-China trade tensions and a slowdown in the Chinese economy, among other factors.」
The company continued to cite escalating US-China trade tensions and a slowdown in the Chinese economy as factors causing uncertainty over the outlook. - FY2020-Q2RestatedAnnual report
「During the cumulative second-quarter period from 1 March 2019 to 31 August 2019, the Japanese economy remained on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment, but the outlook was uncertain due to escalating US-China trade tensions and a slowdown in the Chinese economy, among other factors.」
The company continued to cite escalating US-China trade tensions and a slowdown in the Chinese economy as factors causing uncertainty over the outlook. - FY2020-Q1First statedAnnual report
「During the cumulative first-quarter period from 1 March 2019 to 31 May 2019, the Japanese economy remained on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment, but the outlook was uncertain due to escalating US-China trade tensions and a slowdown in the Chinese economy, among other factors.」
The company added escalating US-China trade tensions and a slowdown in the Chinese economy to its tracking list of factors causing uncertainty over the outlook for the first time.