Concern over deterioration in corporate earnings due to the rise of protectionism
First written in FY2018. 4 of 9 entries say "Restated". Latest entry: FY2026-H1.
Yutaka Foods moved to the "Worse" side of this theme in 2025, 5 years after the typical company in this theme (2020).
The whole theme swung hardest in 2022: 103 of 133 companies on the "Worse" side.
72 other companies' latest entry also says "Worsened".
- FY2026-H1WorsenedAnnual report
「There are many uncertain factors, including heightened tensions in the Middle East and the impact of additional U.S. tariffs.」
In addition to the previous concerns over protectionism and trade friction, the impact of additional U.S. tariffs has been identified as a specific uncertain factor. - FY2020ReframedAnnual report
「The impact on politics and the economy is impossible to predict due to the rise of protectionism, heightened tensions in the Middle East, and the prolonged global spread of COVID-19.」
The wording has broadened from the previous focus on U.S. protectionism and trade friction to uncertainty in the external environment, including protectionism in general, the situation in the Middle East, and the global spread of infectious diseases. - FY2020-Q3RestatedAnnual report
「Overseas, numerous downside risks to the global economy remain, including concerns about a slowdown in the Chinese economy due to intensifying US-China trade friction, renewed awareness of geopolitical risks, and volatility in US financial and capital markets. The outlook therefore remains uncertain.」
Risks relating to protectionism and trade friction continue to be identified, following the previous quarter, as the escalation of U.S.-China trade friction and concerns over a slowdown in the Chinese economy. - FY2020-Q2RestatedAnnual report
「Overseas, numerous downside risks to the global economy remain, including concerns about a slowdown in the Chinese economy due to intensifying US-China trade friction, renewed awareness of geopolitical risks, and volatility in US financial and capital markets. The outlook therefore remains uncertain.」
Risks relating to protectionism and trade friction continue to be identified, following the previous quarter, as the escalation of U.S.-China trade friction and concerns over a slowdown in the Chinese economy. - FY2020-Q1WorsenedAnnual report
「Outside Japan, there are numerous downside risks to the global economy, including concerns over a slowdown in the Chinese economy due to escalating U.S.-China trade friction, renewed recognition of geopolitical risks, and volatility in U.S. financial and capital markets.」
The previous concerns over a shift toward protectionism and trade friction have been made more specific as the escalation of U.S.-China trade friction, concerns over a slowdown in the Chinese economy, and downside risks to the global economy. - FY2019-Q3RestatedAnnual report
「There are continuing concerns about the impact of the increasing risk of a shift toward protectionism in the United States, the resulting escalation of trade friction, and volatility in financial and capital markets, and the outlook remains uncertain.」
The increasing risk of a shift toward protectionism in the United States and an escalation of trade friction continues to be identified, alongside volatility in financial and capital markets as a factor of concern. - FY2019-Q2RestatedAnnual report
「There are continuing concerns about the impact of the increasing risk of a shift toward protectionism in the United States, the resulting escalation of trade friction, and volatility in financial and capital markets, and the outlook remains uncertain.」
The increasing risk of a shift toward protectionism in the United States and an escalation of trade friction continues to be identified, alongside concerns about the impact of volatility in financial and capital markets. - FY2019-Q1WorsenedAnnual report
「At the same time, growing concerns about the impact on the global economy going forward, including the increasing risk of a shift toward protectionism in the United States and the resulting escalation of trade friction, mean that the outlook remains uncertain.」
In addition to the previous concern over the rise of protectionism, the report explicitly identifies the increasing risk of a shift toward protectionism in the United States and an escalation of trade friction, describing the risk as intensifying. - FY2018First statedAnnual report
「The business environment is expected to remain challenging, amid concerns about deteriorating corporate earnings due to the rise of protectionism, higher raw-material costs and other factors.」
This is the first time that the rise of protectionism has been identified as an external environmental risk that could lead to deterioration in corporate earnings.