Downside risk to the global economy from US-China trade friction and the slowdown in China’s economy
First written in FY2019-Q2. 9 of 25 entries say "Worsened", first in FY2019-Q3. Latest entry: FY2026.
No other company in this theme has enough history to compare yet.
- FY2026ReframedAnnual report
「In addition to continued price increases, the outlook for the economy remains uncertain amid uncertainty surrounding US trade policy, concerns over higher energy prices associated with heightened tensions in the Middle East and sharp volatility in financial and capital markets.」
In addition to the previous slowdown in China’s economy and geopolitical risks, the company identified US trade policy, the situation in the Middle East and energy prices, and sharp volatility in financial and capital markets as sources of uncertainty. - FY2026-H1WorsenedAnnual report
「On the other hand, the impact of US tariff policy has become evident, particularly among export-related companies, with signs of stagnation in corporate earnings and exports. In addition, the outlook for the economy remains uncertain due to continued price increases and geopolitical risks.」
In addition to the previous slowdown in China’s economy and geopolitical risks, the company stated that the impact of US tariff policy had materialized as stagnation in corporate earnings and exports among export-related companies. - FY2025ReframedAnnual report
「The Japanese economy during the consolidated fiscal year remained on a moderate recovery trend, supported by a recovery in personal consumption accompanying improvements in employment and income conditions and increased inbound demand. However, the outlook remained uncertain due to elevated resource prices, a slowdown in China’s economy, increasing geopolitical risks and concerns over the impact of US policy developments.」
The company’s assessment shifted from an operating environment centered on US-China trade friction and the pandemic to one identifying the slowdown in China’s economy, geopolitical risks, resource prices and US policy developments as the main sources of uncertainty. - FY2025-H1ReframedAnnual report
「The Japanese economy during the interim consolidated period entered a moderate recovery phase, with personal consumption showing signs of recovery alongside improvements in employment and income conditions. However, the outlook remained uncertain due to elevated resource prices, a slowdown in China’s economy, US semiconductor regulations targeting China and unstable exchange-rate movements.」
The company identified a recovery trend in the domestic economy, while also citing the slowdown in China’s economy, US semiconductor regulations targeting China, elevated resource prices and exchange-rate volatility as new sources of uncertainty. - FY2024-Q3ReframedAnnual report
「The Japanese economy during the cumulative third-quarter consolidated period remained on a moderate recovery trend as economic activity moved toward normalization. However, the outlook for the global economy remained uncertain due to rising prices, a slowdown in China’s economy and increasing geopolitical risks.」
The company identified economic normalization and a moderate recovery trend, while also citing rising prices, a slowdown in China’s economy and increasing geopolitical risks as new sources of uncertainty. - FY2024-Q2ReframedAnnual report
「Although factors such as the prolonged situation in Ukraine, concerns over China’s economic outlook, elevated resource prices and rising prices weighed on the economy, the Japanese economy during the cumulative second-quarter consolidated period showed signs of recovery as economic activity picked up following the reclassification of COVID-19 as a Class 5 infectious disease.」
The company identified the situation in Ukraine, China’s economy, resource prices and rising prices as factors weighing on the economy, while also noting increased economic activity and improved sentiment following the reclassification of COVID-19 as a Class 5 infectious disease. - FY2024-Q1ReframedAnnual report
「The Japanese economy during the cumulative first-quarter consolidated period showed signs of recovery as economic activity picked up following the reclassification of COVID-19 as a Class 5 infectious disease. However, overseas conditions remained uncertain due to the prolonged situation in Ukraine, tensions between the US and China and concerns over a slowdown in the US and European economies resulting from higher interest rates.」
In Japan, the company indicated increased economic activity and improving sentiment following the reclassification of COVID-19 as a Class 5 infectious disease, while overseas conditions remained uncertain due to the situation in Ukraine, tensions between the US and China and concerns over a slowdown in the US and European economies caused by higher interest rates. - FY2023WorsenedAnnual report
「The Japanese economy during the consolidated fiscal year showed signs of recovery as social activity normalized following the easing of restrictions related to the COVID-19 pandemic. However, the outlook remained uncertain due to the prolonged situation in Ukraine, surging resource prices, higher prices resulting from the weaker yen, concerns over a global recession caused by interest-rate hikes in various countries and US restrictions on semiconductor exports to China.」
In addition to the previous pandemic and US-China tensions, the company explicitly identified the situation in Ukraine, surging resource prices, the weaker yen, interest-rate hikes and US restrictions on semiconductor exports to China as sources of uncertainty. - FY2023-Q2WorsenedAnnual report
「The Japanese economy during the cumulative second-quarter consolidated period showed signs of recovery as social activity normalized with the easing of restrictions on activity related to the COVID-19 pandemic. However, the outlook for the economy remained uncertain due to the prolonged situation in Ukraine, surging resource prices and the rapid and substantial depreciation of the yen.」
While indicating the normalization of social activity and an economic recovery, the company explicitly identified the prolonged situation in Ukraine, surging resource prices and the rapid and substantial depreciation of the yen as new sources of uncertainty. - FY2023-Q1WorsenedAnnual report
「Although factors such as the prolonged situation in Ukraine and surging resource prices, including crude oil, weighed on the economy, the Japanese economy during the cumulative first-quarter consolidated period continued to show signs of recovery as social activity gradually normalized following the end of the priority preventive measures to prevent the spread of COVID-19.」
In addition to the previous pandemic and US-China trade friction, the company explicitly identified the prolonged situation in Ukraine and surging resource prices, including crude oil, as factors weighing on the economy. It also noted the normalization of social activity and an economic recovery. - FY2022WorsenedAnnual report
「Although negative factors affecting the economy were evident, including tight supply and demand for semiconductors and other materials and products, geopolitical risks and surging resource prices, the outlook remained uncertain」
In addition to the previous uncertainty caused by US-China trade friction and the pandemic, the company explicitly identified tight supply and demand for semiconductors and other products, geopolitical risks and surging resource prices as negative factors for the following fiscal year. - FY2022-Q3MitigatedAnnual report
「The Japanese economy during the cumulative third-quarter consolidated period showed signs of recovery as manufacturing earnings improved against a backdrop of a recovering global economy, despite repeated restrictions on and easing of economic activity due to the COVID-19 pandemic.」
While restrictions resulting from the COVID-19 pandemic continued, the recovery in the global economy and improvement in manufacturing earnings partly improved the company’s assessment of the economic environment from the previous concerns over a slowdown. - FY2022-Q2MitigatedAnnual report
「Although the Japanese economy during the cumulative second-quarter consolidated period continued to be affected by the COVID-19 pandemic, mainly in face-to-face services, signs of recovery emerged as the global economy, including the US and China, steadily recovered and capital investment began to increase alongside improved manufacturing earnings.」
While the impact of the COVID-19 pandemic continued, the company indicated a recovery in the global economy, improved manufacturing earnings and an upward trend in capital investment, partly improving its assessment of the economic environment from the previous concerns over a slowdown. - FY2022-Q1MitigatedAnnual report
「Although the Japanese economy during the cumulative first-quarter consolidated period continued to be affected by the COVID-19 pandemic, manufacturing earnings showed signs of recovery as the global economy, including the US and China, steadily recovered.」
While the impact of the COVID-19 pandemic continued, the company indicated a recovery in the global economy and manufacturing earnings, partly improving its assessment of the operating environment from the previous concerns over a slowdown. - FY2021RestatedAnnual report
「Although uncertainty continued due to the impact of COVID-19 and US-China trade friction, global demand for semiconductor products expanded against a backdrop of growing data traffic and recovering automobile production, resulting in supply shortages.」
While uncertainty caused by the COVID-19 pandemic and US-China trade friction continued, the company also noted expanding global semiconductor demand and supply shortages. - FY2021-Q3WorsenedAnnual report
「Although the Japanese economy during the cumulative third-quarter consolidated period showed signs of recovery from the downturn caused by the COVID-19 pandemic, it remained difficult, with the outlook uncertain due to a resurgence of infections.」
While the economy showed signs of recovery, uncertainty over the outlook and difficult conditions continued due to the resurgence of infections. - FY2021-Q2RestatedAnnual report
「Although some improvement in semiconductor demand was observed, uncertain conditions have continued due to the impact of the COVID-19 pandemic and US-China trade friction, among other factors.」
The uncertain business environment resulting from US-China trade friction and the impact of the COVID-19 pandemic has continued. - FY2021-Q1WorsenedAnnual report
「The Japanese economy during the cumulative first-quarter consolidated period was in an extremely difficult situation due to the impact of the COVID-19 pandemic, including a decline in consumption caused by requests to refrain from going out under the state of emergency and companies’ cautious stance toward capital investment.」
In addition to US-China trade friction and the slowdown in China’s economy, the company explicitly identified weak consumption, greater corporate caution toward capital investment and extremely difficult economic conditions resulting from the impact of the COVID-19 pandemic. - FY2020MaterialisedAnnual report
「The Japanese economy during the consolidated fiscal year remained weak, particularly in manufacturing, against a backdrop of prolonged US-China trade friction and slower growth in China’s economy, and then slowed sharply due to the impact of the COVID-19 pandemic from the beginning of the year.」
In addition to the previous concerns over a slowdown caused by US-China trade friction and the slowdown in China’s economy, the sharp economic slowdown caused by the COVID-19 pandemic was described as an actual operating-environment factor. - FY2020-Q3RestatedAnnual report
「During the cumulative third-quarter consolidated period, the Japanese economy remained on a slowing trend amid prolonged US-China trade friction and slower growth in China’s economy, with weakness continuing mainly in the manufacturing sector.」
The company continued to identify the global economic slowdown caused by prolonged US-China trade friction and slower growth in China’s economy, together with weakness in manufacturing, in its assessment of the operating environment. - FY2020-Q2WorsenedAnnual report
「During the cumulative second-quarter consolidated period, the Japanese economy showed signs of stagnation across several indicators as concerns over a global economic slowdown intensified amid prolonged US-China trade friction and slower growth in China’s economy. For the Group’s results during the cumulative second-quarter consolidated period, the Computer Systems-Related Business performed strongly, while semiconductor demand failed to recover due to uncertainty over the economic outlook. Revenue was ¥65,213 million, down 5.2% year on year, operating income was ¥1,367 million, down 19.6%, ordinary income was ¥1,340 million, down 3.6%, and profit attributable to owners of the parent was ¥864 million, down 3.3%.」
Concerns over a global economic slowdown caused by US-China trade friction and slower growth in China intensified as prolonged stagnation, with the impact emerging as a failure of semiconductor demand to recover and lower consolidated revenue and profit. - FY2020-Q1MaterialisedAnnual report
「The Japanese economy during the cumulative first-quarter consolidated period continued to recover moderately, but concerns over a slowdown in the global economy intensified due to the impact of US-China trade friction and slower growth in China’s economy, and weakness continued in exports and production.」
Concerns over a global economic slowdown resulting from US-China trade friction and the slowdown in China’s economy have materialized as weakness in exports and production and sluggish demand for semiconductors and electronic devices. - FY2019RestatedAnnual report
「The Japanese economy during the consolidated fiscal year continued to recover moderately, but concerns over a slowdown in the global economy intensified due to the impact of US-China trade friction and slower growth in China’s economy, and some economic indicators related to exports and production showed weakness.」
The company continued to identify concerns over a global economic slowdown caused by US-China trade friction and slower growth in China’s economy in its full-year assessment of the operating environment. - FY2019-Q3WorsenedAnnual report
「Concerns over a slowdown in the global economy have intensified due to the impact of US-China trade friction and slower growth in China’s economy, making the outlook for economic conditions increasingly uncertain.」
Regarding the uncertainty caused by US-China trade friction and the slowdown in China’s economy noted in the previous quarter, concerns over a global economic slowdown have intensified, and the wording has been strengthened to “increasingly uncertain.” - FY2019-Q2First statedAnnual report
「On the other hand, the outlook has become uncertain, with concerns over downside risk to the global economy due to the impact of US-China trade friction and slower growth in China’s economy.」
For the first time, the company explicitly identified US-China trade friction and slower growth in China’s economy as factors behind downside risk to the global economy and an increasingly uncertain outlook.