Uncertainty over the outlook due to the global economic slowdown, yen appreciation and other factors
First written in FY2017-Q1. 11 of 28 entries say "Worsened", first in FY2018-Q2. Latest entry: 2026-08-14.
S.Ishimitsu& moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
64 other companies' latest entry also says "Worsened".
- 2026-08-14WorsenedEarnings
「During the first-quarter consolidated cumulative period, the Japanese economy was gradually recovering, but the outlook remained uncertain, partly due to the continuing impact of the situation in the Middle East.」
The company described continuing uncertainty in the domestic economy, including the impact of the situation in the Middle East. - FY2026Recovery in the US and Europe alongside a slowdown in China and geopolitical factorsAnnual report
「Overseas, some US economic indicators have weakened, but the economy continues to expand gradually, and Europe has also shown signs of recovery. In contrast, although China's economy showed signs of recovery, particularly in services consumption, it appears to have stagnated or slowed again.」
It presents recovery in the United States and Europe alongside renewed slowdown in China, showing regional differences in overseas economies. It also describes the outlook as uncertain, including the impact of the situation in the Middle East. - FY2026-H1WorsenedAnnual report
「Overseas, the US economy has remained resilient, but faces downside risks from policy developments such as higher tariffs on other countries. Although Europe and China have shown some signs of recovery, their economies appear to be stagnating or slowing.」
It newly emphasizes downside risks to the US economy from higher tariffs and other measures, while stating that economic stagnation or slowdown continues in Europe and China. - FY2024-Q3RestatedAnnual report
「Overseas, private consumption and other areas in the United States have remained firm as employment and income conditions improved. In Europe and China, the economies appear to be trending downward, with private consumption recovery remaining sluggish.」
It states that private consumption remains firm in the United States, while weak private consumption recovery and an economic slowdown continue in Europe and China. - FY2024-Q1WorsenedAnnual report
「Overseas, private consumption and other areas in the United States have remained firm, while the European economy has recently continued to stagnate due to high inflation and the effects of interest rate hikes. In China, services consumption has recovered following the lifting of the zero-COVID policy, but other demand has remained sluggish and the economy is trending downward.」
While acknowledging the strength of the United States, it describes economic stagnation in Europe due to high inflation and interest rate hikes, and sluggish growth in other demand in China, which has outpaced the recovery in services consumption and led to an economic slowdown. - FY2023Recovery trend in China's economyAnnual report
「China's economic activity stagnated due in part to the effects of lockdowns, but the economy has shown signs of recovery since the zero-COVID policy was lifted.」
In addition to the stagnation and slowdown following the spread of infections through the previous quarter, it describes a recovery trend after the zero-COVID policy was lifted. - FY2023-Q3Economic slowdown in China following the spread of infectionsAnnual report
「In the United States and Europe, attention is focused on the effects of high inflation and interest rate hikes, while concerns also remain over the prolonged Ukraine crisis. In China, infections spread after the easing of the zero-COVID policy, and the economy appears to be generally stagnating or slowing.」
In addition to high inflation and interest rate hikes in the United States and Europe and the prolonged Ukraine crisis, it identifies China's economic stagnation and slowdown following the spread of infections as new economic environment factors. - FY2023-Q2WorsenedAnnual report
「Overseas, downside risks to the US economy increased as interest rate hikes continued, while in Europe concerns grew over prolonged inflation due to heightened geopolitical risks arising from the Ukraine crisis. In China, the outlook remained broadly uncertain due to the effects of widespread lockdowns that followed those in the spring.」
For overseas economies, it identifies uncertainty from a US downturn caused by continued rate hikes, prolonged inflation in Europe due to geopolitical risks, and widespread lockdowns in China. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan's economy remained in an uncertain environment. The number of COVID-19 cases declined and economic activity moved toward normalization, but uncertainty persisted amid the prolonged Ukraine crisis, globally elevated resource prices and upward pressure on prices accompanying yen depreciation against the backdrop of a widening interest-rate differential between Japan and the United States.」
While acknowledging the normalization of economic activity after the pandemic, it identifies the prolonged Ukraine crisis, surging resource prices, and yen depreciation and upward pressure on prices against the backdrop of the Japan-US interest-rate differential as new sources of uncertainty. - FY2022WorsenedAnnual report
「However, in 2022, the outlook became uncertain as the yen depreciated sharply and resource prices surged due in part to the increasingly tense situation in Ukraine.」
In addition to the post-pandemic recovery trend, rapid yen depreciation, the situation in Ukraine and surging resource prices heightened uncertainty over the outlook. - FY2022-Q3Continued recovery in overseas economies and concerns over US inflationAnnual report
「Overseas economies generally remained on a recovery trend, with particular attention focused on economic indicators showing inflationary trends in the United States and the policy response to them.」
The description shifted from the previous slowdown and uncertainty in overseas economies to an overall continuing recovery trend, while inflationary pressures in the United States and the policy response became new points of focus. - FY2022-Q2Slowing recovery in China and the United States alongside continued recovery in EuropeAnnual report
「Overseas, China showed some signs of stagnation in economic activity due to policies restraining investment, while employment recovery in the United States slowed amid concerns over the spread of infections. Overall, however, the expansionary trend continued. In Europe, private consumption has been recovering steadily, although the risk of a resurgence in infections remains.」
It states that China showed signs of stagnation in economic activity and the United States experienced a slowdown in employment recovery, while private consumption recovery progressed in Europe. - FY2022-Q1Recovery gains in major overseas economiesAnnual report
「Among the major economies, China has continued to sustain a steady recovery, including in services consumption. In the United States, the economic recovery has accelerated as economic activity has normalized with the spread of vaccines, together with the effects of active fiscal policy. Although conditions vary by country in Europe, the region is beginning to emerge from the prolonged stagnation in economic activity through vaccination and economic policies.」
For China, the United States and Europe, it describes progress toward recovery driven by vaccine distribution and economic policies, rather than only the previously cited economic slowdown and uncertainty. Meanwhile, the domestic economy remains slow to recover. - FY2021-Q3RestatedAnnual report
「Conditions overseas were broadly similar. China, where the infection first spread, resumed economic activity ahead of the rest of the world and was the only major country to achieve positive economic growth last year. However, recovery remained sluggish, to varying degrees by country, in the United States and European countries, where COVID-19 infections continued to spread.」
While acknowledging China's resumption of economic activity and recovery, it continues to indicate uncertainty over the outlook for overseas economies as infections persist and recovery remains delayed in the United States and Europe. - FY2021-Q2RestatedAnnual report
「Conditions overseas were broadly similar. China, where the infection first spread, resumed economic activity ahead of the rest of the world and its economy was showing signs of recovery, but the spread of infections continued unabated in many countries, particularly in Europe and the United States. Combined with political confrontation between the United States and China, this resulted in continued uncertainty over the outlook.」
While acknowledging signs of recovery in China, it states that uncertainty over the outlook for overseas economies continues due to the spread of infections, particularly in Europe and the United States, and political confrontation between the United States and China. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan's economy faced extremely severe conditions as the state of emergency was declared, first in some prefectures and then nationwide, in response to the spread of COVID-19, restricting economic and social activity. Similar conditions prevailed worldwide, and uncertainty over the outlook continues amid heightened tensions arising from political confrontation among major powers.」
It identifies restrictions on economic and social activity caused by COVID-19 and its global impact as new sources of uncertainty, further underscoring the severity of the economic environment. - FY2020-Q2WorsenedAnnual report
「Overseas, uncertainty over the outlook continues due to US-China trade friction, the slowdown in China's economy, unstable political developments in Europe, rising geopolitical risks in the Middle East and Asia, and the Japan-South Korea dispute, which is expected to be prolonged.」
In addition to existing overseas economic, political and geopolitical risks, it identifies the Japan-South Korea dispute, which is expected to be prolonged, as a new source of uncertainty. - FY2020-Q1RestatedAnnual report
「Overseas, uncertainty over the outlook continues due to US-China trade friction, the slowdown in China's economy, unstable political developments in Europe, and rising geopolitical risks in the Middle East and Asia.」
Uncertainty in overseas economies continues due to US-China trade friction, the slowdown in China's economy, political developments in Europe, and geopolitical risks in the Middle East and Asia. - FY2019WorsenedAnnual report
「In Japan's economy during the consolidated fiscal year under review, US-China trade friction became particularly pronounced in the second half, while the economy was also affected by unstable political developments in Europe, rising crude oil prices and other factors, increasing uncertainty over the outlook.」
It states that uncertainty over the outlook increased due to US-China trade friction, European political developments and higher crude oil prices. - FY2019-Q3RestatedAnnual report
「However, uncertainty over the outlook continues due to unstable political developments in Europe and the United States and rising geopolitical risks in the Middle East and Asia.」
It continues to cite political developments in Europe and the United States and geopolitical risks in the Middle East and Asia as sources of uncertainty over the outlook. - FY2019-Q2RestatedAnnual report
「However, uncertainty over the outlook continues due to concerns over higher US long-term interest rates and protectionist trade policies, unstable political developments in Europe, and rising geopolitical risks in the Middle East and Asia.」
It continues to cite US interest rates, protectionist trade policies, European politics, and geopolitical risks in the Middle East and Asia as sources of uncertainty over the outlook. - FY2019-Q1WorsenedAnnual report
「However, the economy remained in an uncertain environment due to surging crude oil prices, concerns over higher US long-term interest rates and trade friction caused by protectionist policies, unstable political developments in Europe, and rising geopolitical risks in the Middle East and Asia.」
The range of uncertain factors has broadened to include crude oil prices, US interest rates, trade friction, European politics, and geopolitical risks in the Middle East and Asia. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter under review, Japan's economy remained firm, with employment conditions and income continuing to improve against the backdrop of economic and monetary policies by the government and the Bank of Japan, despite various sources of uncertainty including instability in the global political situation and geopolitical risks in East Asia.」
It states that the domestic economy remained firm as employment conditions and income improved, while uncertainty continued due to instability in the global political situation, geopolitical risks in East Asia and other factors. - FY2018-Q2WorsenedAnnual report
「During the cumulative second quarter under review, Japan's economy has been on a gradual expansionary trend in actual terms, supported mainly by financial policies, amid various sources of uncertainty including instability in the global political situation and geopolitical risks in East Asia.」
In addition to the previously cited instability in the global political situation, it explicitly identifies geopolitical risks in East Asia, broadening the range of uncertain factors. - FY2018-Q1RestatedAnnual report
「During the cumulative first quarter under review, Japan's economy showed signs of a gradual recovery due to the continuation of various policies by the government and the Bank of Japan, but remained in an uncertain environment partly because of instability in the global political situation.」
It describes a gradual recovery trend, while uncertainty continues due to instability in the global political situation and other factors. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter under review, Japan's economy saw an improvement in corporate earnings as the yen shifted from appreciation in the first half toward depreciation and higher stock prices in the second half. However, it remained in an uncertain environment due to the slowdown in emerging-market economies, including China, the UK's EU withdrawal issue and the effects of the change in administration in the United States, among other factors.」
It describes the shift from yen appreciation to yen depreciation and higher stock prices and the improvement in corporate earnings, while uncertainty continues due to the slowdown in emerging-market economies such as China, the UK's EU withdrawal issue and the change in administration in the United States. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter under review, Japan's economy remained in an uncertain environment amid concerns that yen appreciation would worsen corporate earnings, a stagnant global economy and the UK's EU withdrawal issue, among other factors.」
It continues to describe an uncertain economic environment due to yen appreciation, a stagnant global economy and the UK's EU withdrawal issue. - FY2017-Q1First statedAnnual report
「During the cumulative first quarter under review, Japan's economy remained in an uncertain environment, as the stock market weakened amid a slowing global economy and yen appreciation, compounded by the effects of the Kumamoto earthquake that occurred in mid-April.」
It describes increasing uncertainty over the business environment against a backdrop of a slowing global economy, yen appreciation, a weak stock market and the Kumamoto earthquake.