Growing Uncertainty in the Global Economy Due to Protectionism and US-China Trade Friction
First written in FY2019-Q1. 9 of 21 entries say "Restated". Latest entry: FY2026.
Ichimasa Kamaboko moved to the "Worse" side of this theme in 2024, 4 years after the typical company in this theme (2020).
The whole theme swung hardest in 2022: 106 of 135 companies on the "Worse" side.
76 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「At present, the impact on the global economy of the situation in the Middle East surrounding tensions between the United States, Israel and Iran also requires close monitoring.」
In addition to the previously cited tariff policies and geopolitical tensions, the situation in the Middle East is identified as a new factor contributing to uncertainty in the global economy, raw-material supplies and prices. - FY2025WorsenedAnnual report
「The impact on the global economy of the reciprocal tariffs introduced by US President Trump in April 2025 also requires close monitoring.」
In addition to the previously cited geopolitical tensions and concerns over China's economy, US reciprocal tariffs are identified as a new factor contributing to uncertainty in the global economy and the export environment. - FY2024-Q3WorsenedAnnual report
「However, many costs, including electricity, gas and other energy prices, remain high due to downside risks to overseas economies arising from the situation in Ukraine, the situation in Israel and Gaza, and other heightened geopolitical tensions, concerns over China's economic outlook, and the impact of the weaker yen.」
In addition to the previously cited situation in Ukraine and concerns over China's economy, heightened geopolitical tensions, including the situation in Israel and Gaza, are explicitly identified as downside factors for overseas economies. - FY2024-Q2ReframedAnnual report
「However, many costs, including energy prices for electricity and gas, remain high due to the impact of the yen's depreciation and overseas downside risks, such as heightened global tensions and concerns about the outlook for the Chinese economy.」
The description of uncertainty in the global economy has been reorganized from a list of infectious diseases, US-China trade issues and other factors to cover heightened geopolitical tensions, concerns over China's economic outlook, and downside risks to overseas economies, including the weaker yen. - FY2024-Q1RestatedAnnual report
「However, prices for surimi and other raw materials and for electricity, gas and other energy have remained elevated due to factors including the prolonged invasion of Ukraine and the weaker yen.」
Recognition of persistently high costs driven by uncertainty in international conditions and financial conditions, including the prolonged invasion of Ukraine and the weaker yen, continues. - FY2023-Q3RestatedAnnual report
「However, many costs, including prices for surimi and other raw materials and for electricity, gas and other energy, have risen far beyond expectations due to the prolonged invasion of Ukraine, the weaker yen and the spread of avian influenza.」
Recognition of higher costs driven by uncertainty in international conditions and financial conditions, including the prolonged invasion of Ukraine and the weaker yen, continues. - FY2023-Q2RestatedAnnual report
「However, many costs have risen far beyond expectations, including prices for surimi and other raw materials and for electricity, gas and other energy, as well as labor costs amid labor shortages, due to factors including the prolonged Russian invasion of Ukraine, the widening Japan-US interest rate gap resulting from US Federal Reserve policy rate hikes, and the sharp depreciation of the yen against the backdrop of Japan's trade deficit. The business environment surrounding our group has become more difficult than ever.」
Recognition of uncertainty in international conditions and financial conditions, and higher costs, continues, reflecting the prolonged invasion of Ukraine, US policy rate hikes, the Japan-US interest-rate differential, and the weaker yen against the backdrop of Japan's trade deficit. - FY2023-Q1WorsenedAnnual report
「However, many costs have risen far beyond expectations, including prices for surimi and other raw materials and for electricity, gas and other energy, as well as labor costs amid labor shortages, due to factors including the prolonged Russian invasion of Ukraine, the widening Japan-US interest rate gap resulting from US Federal Reserve policy rate hikes, and the sharp depreciation of the yen against the backdrop of Japan's trade deficit. The business environment surrounding our group has become more difficult than ever.」
The prolonged invasion of Ukraine, US policy rate hikes, the interest-rate differential between Japan and the United States, and the sharp depreciation of the yen against the backdrop of Japan's trade deficit are cited as new factors contributing to uncertainty and higher costs. - FY2022WorsenedAnnual report
「In addition, concerns over international conditions and disruption to the global economy stemming from Russia's invasion of Ukraine in February 2022 have left the outlook for an economic recovery unpredictable.」
In addition to the uncertainty arising from infectious diseases and US-China trade issues, concerns over international conditions and disruption to the global economy stemming from Russia's invasion of Ukraine are cited as new factors. - FY2022-Q3WorsenedAnnual report
「In addition, concerns over international conditions and disruption to the global economy stemming from Russia's invasion of Ukraine have left the outlook for an economic recovery unpredictable.」
In addition to the uncertainty arising from infectious diseases and US-China trade issues, concerns over international conditions and disruption to the global economy stemming from Russia's invasion of Ukraine are cited as new factors contributing to uncertainty. - FY2022-Q2WorsenedAnnual report
「Although economic activity had been gradually returning after the lifting of the state of emergency and other measures in October, the threat of a rapid spread of the new Omicron variant has been growing, and the outlook for an economic recovery remains unpredictable.」
While economic activity is gradually recovering, the threat of a rapid spread of the new Omicron variant has been growing, and uncertainty surrounding the economic recovery continues. - FY2021-Q3ReframedAnnual report
「Looking around the world, some countries are making steady progress with vaccination, and expectations for an economic recovery are running ahead of developments, with the Dow Jones Industrial Average reaching the $32,000 range in March in anticipation of the post-COVID period. However, concerns over a renewed expansion of the pandemic due to COVID-19 variants remain, and the outlook continues to be unpredictable.」
Regarding uncertainty in the global economy, expectations for an economic recovery driven by vaccinations and the post-COVID period have been added, while concerns over a renewed expansion of the pandemic due to variants have also been newly identified. - FY2021-Q2RestatedAnnual report
「Political instability continues overseas, including the US presidential election, whose resolution has been postponed, and US-China trade and diplomatic issues, with neither side willing to yield. In addition, the global spread of COVID-19 has caused many economic indicators to show substantial declines, and the outlook remains unpredictable.」
Political instability, including US-China trade and diplomatic issues, and the deterioration of economic indicators caused by COVID-19 continue to be cited as factors contributing to uncertainty in the global economy. - FY2021-Q1RestatedAnnual report
「Political instability continues overseas, including trade issues between the United States and China and the escalation of the closure of the two countries' overseas diplomatic missions into a diplomatic dispute. In addition, the global spread of COVID-19 has caused many economic indicators to show substantial declines, and the outlook remains unpredictable.」
Diplomatic and political conditions, including US-China trade issues and the closure of overseas diplomatic missions, together with the deterioration of economic indicators caused by COVID-19, continue to be cited as factors contributing to uncertainty in the global economy. - FY2020ReframedAnnual report
「Amid continuing successive natural disasters and the consumption tax increase in Japan, and US-China trade tensions and political instability overseas, economic activity has recently stagnated due to the global spread of COVID-19. The sharp decline in inbound visitors to Japan and sluggish imports and exports have caused many economic indicators to show substantial declines, leaving the outlook unpredictable.」
The factors contributing to uncertainty in the global economy have changed from the previous reference to the UK's withdrawal from the EU to a description that includes political instability and the economic stagnation caused by COVID-19. - FY2020-Q3RestatedAnnual report
「Amid continuing uncertainty in Japan due to successive natural disasters and the consumption tax increase, and overseas due to US-China trade tensions and the UK's withdrawal from the EU, economic activity has recently stagnated as a result of the global spread of COVID-19, with many economic indicators showing substantial declines. The outlook is therefore unpredictable.」
The uncertainty arising from natural disasters, the consumption tax increase, US-China trade tensions and the UK's withdrawal from the EU continues to be noted. COVID-19 has been addressed separately as a new infectious disease risk. - FY2020-Q2RestatedAnnual report
「However, in Japan, concerns over weaker personal consumption following the consumption tax increase and the occurrence of successive natural disasters, together with the ongoing confusion surrounding US-China trade tensions and the seemingly endless issue of the UK's withdrawal from the EU overseas, have left the outlook persistently uncertain.」
It states that the outlook remains uncertain due to concerns over weaker personal consumption following natural disasters and the consumption tax increase in Japan, as well as US-China trade tensions and the UK's withdrawal from the EU. - FY2020-Q1RestatedAnnual report
「However, in Japan, concerns over an economic slowdown due to the impact of successive natural disasters, including torrential rains and typhoons, and consumers holding back on purchases following the consumption tax increase, together with the ongoing confusion surrounding US-China trade tensions and the seemingly endless issue of the UK's withdrawal from the EU overseas, have left the outlook persistently uncertain.」
The uncertainty surrounding the global economy arising from international conditions, including US-China trade tensions and the UK's withdrawal from the EU, continues to be noted. - FY2019-Q3RestatedAnnual report
「However, the outlook for the global economy remains uncertain due to an unstable international situation, including US-China trade tensions and the United Kingdom’s withdrawal from the EU, whose resolution has been postponed and which has become protracted.」
The company continues to cite uncertainty over the outlook for the global economy due to US-China trade tensions and the protracted issue of the United Kingdom’s withdrawal from the EU. - FY2019-Q2ReframedAnnual report
「However, the outlook for the global economy remains uncertain due to US-China trade tensions and the United Kingdom’s withdrawal from the EU.」
US-China trade tensions continued to be cited as a source of uncertainty for the global economy, while the United Kingdom’s withdrawal from the EU was identified as a new factor in place of the previous reference to protectionism. - FY2019-Q1First statedAnnual report
「The outlook for the global economy remains uncertain due to the increasing protectionism centered on the United States and trade tensions between the United States and China.」
The company independently identified, for the first time, increasing protectionism centered on the United States and US-China trade tensions as factors contributing to uncertainty over the outlook for the global economy.