Market Volatility Associated with China's and Emerging Markets' Economic Slowdown and the UK's Withdrawal from the EU
First written in FY2017-Q1. 11 of 29 entries say "Worsened", first in FY2019-Q3. Latest entry: FY2026.
Kurabo Industries 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: 140 of 172 companies on the "Worse" side.
68 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Although the economy is expected to continue growing moderately, the outlook is expected to remain uncertain due to factors including China's restrictions on rare-earth exports and developments in U.S. trade policy. In addition, difficulties in procuring imported raw materials and fuels and higher prices resulting from escalating tensions in the Middle East could have a significant impact on corporate earnings and economic activity.」
In addition to the previous geopolitical and trade risks, China’s restrictions on rare-earth exports, U.S. trade policy, and difficulties procuring fuel and raw materials and rising prices resulting from the situation in the Middle East have emerged as risks. - 2026-05-14WorsenedEarnings
「Although the economy is expected to continue growing moderately, the outlook is expected to remain uncertain due to factors including China's restrictions on rare-earth exports and developments in U.S. trade policy. In addition, difficulties in procuring imported raw materials and fuels and higher prices resulting from escalating tensions in the Middle East could have a significant impact on corporate earnings and economic activity.」
In addition to the external-environment risks previously identified, the Company cited China's restrictions on rare-earth exports, U.S. trade policy, and difficulties in procuring raw materials and fuels and higher prices associated with tensions in the Middle East. - FY2026-H1WorsenedAnnual report
「Meanwhile, amid persistent concerns about geopolitical risks, including prolonged conflicts in the Middle East and Ukraine, instability continued as the impact of U.S. tariff policy began to spread to the global economy.」
In addition to the prolonged conflicts in the Middle East and Ukraine, the impact of U.S. tariff policy was identified as a new external risk factor. - FY2025-H1WorsenedAnnual report
「Meanwhile, amid growing concerns about geopolitical risks, including the prolonged Russia-Ukraine war and escalating conflicts in the Middle East, uncertainty continued due to concerns about China's economic outlook and instability in financial markets.」
In addition to the previous concerns about China's economic slowdown and the situation in the Middle East, the prolonged Russia-Ukraine war, escalating conflicts, concerns about China's economic outlook and instability in financial markets were identified. - FY2024Uncertainty due to China's economic slowdown and the situation in the Middle EastAnnual report
「Japan's economy is expected to grow moderately, supported by a cyclical rise in wages and prices. However, on the external demand front, concerns include the impact of China's economic slowdown and heightened tensions in the Middle East on logistics and resource prices.」
The focus has shifted from the previous view of the external environment, centered on infectious diseases and supply constraints, to China's economic slowdown, the situation in the Middle East, and their impact on logistics and resource prices. - FY2024-Q3The easing of infectious disease restrictions, but continued uncertainty due to currency movements and rising pricesAnnual report
「During the nine-month period ended 31 December 2023 (1 April 2023 to 31 December 2023), Japan's economy gradually recovered as economic activity normalized following the reclassification of COVID-19 as a Class 5 infectious disease. However, the outlook remained uncertain due to fluctuations in foreign exchange rates and sluggish personal consumption resulting from rising prices.」
While economic activity normalized following the reclassification of COVID-19 as a Class 5 infectious disease, foreign exchange fluctuations, rising prices and sluggish personal consumption were identified as new sources of uncertainty. - FY2024-Q2Supply constraints and high resource prices continueAnnual report
「Economic activity remained firm as production in the manufacturing sector recovered with the reclassification of COVID-19 as a Class 5 infectious disease and the easing of supply constraints, while inbound demand also increased. However, the outlook remained uncertain due to persistently high resource prices, continued yen depreciation, and sluggish personal consumption resulting from rising prices.」
While the transition of COVID-19 to a Class 5 infectious disease and the easing of supply constraints are cited as supporting a recovery in production activity, resource prices, yen depreciation, rising prices and sluggish personal consumption continue to be cited as new sources of uncertainty. - FY2024-Q1ReframedAnnual report
「At the same time, concerns about geopolitical risks, including the prolonged Russia-Ukraine situation, remained unresolved. The outlook also remained uncertain due to concerns about a global economic downturn resulting from rising prices and the impact of monetary policy in the United States and Europe.」
The focus of the external environment has shifted from the previous concerns centered on infectious diseases, supply constraints and yen depreciation to the prolonged Russia-Ukraine situation, rising prices, monetary policy in the United States and Europe, and concerns about a global economic downturn. - FY2023-Q3RestatedAnnual report
「During the first 3 quarters of the fiscal year from 1 April 2022 to 31 December 2022, Japan's economy recovered moderately as restrictions on activity were eased under the "with COVID-19" environment. However, it did not achieve a full economic recovery due to the impact of higher costs caused by surging resource prices and yen depreciation, as well as shortages of some semiconductors, electronic components and other supplies.」
The external environment continues to be viewed as one in which the economy is recovering as restrictions on activities are eased, but a full-fledged recovery has not been achieved due to soaring resource prices, yen depreciation, and shortages of semiconductors and other supplies. - FY2023-Q2RestatedAnnual report
「During the first 6 months of the fiscal year, Japan's economy showed signs of recovery as the impact and restrictions associated with the spread of COVID-19 gradually eased and socioeconomic activity moved toward normalization. However, the outlook remained uncertain due to higher costs caused by surging raw material and energy prices and yen depreciation, as well as shortages of semiconductors, electronic components and other supplies.」
While restrictions associated with the pandemic were easing, raw material and energy prices, yen depreciation, and shortages of semiconductors and electronic components continued to be sources of uncertainty. - FY2023-Q1Uncertainty persists despite easing pandemic effects, amid supply constraints and higher costsAnnual report
「During the first 3 months of the fiscal year from 1 April 2022 to 30 June 2022, Japan's economy showed signs of recovery as the impact of COVID-19 gradually eased and socioeconomic activity moved toward normalization. However, the outlook remained uncertain due to higher costs caused by surging raw material prices and yen depreciation, as well as disruption to global supply chains resulting from the Shanghai lockdown and other factors.」
While the easing impact of COVID-19 and the economic recovery are described, supply chain disruption caused by higher raw material prices, yen depreciation and the Shanghai lockdown is identified as a new source of uncertainty. - FY2022WorsenedAnnual report
「Regarding Japan's future economic conditions, the outlook remains highly uncertain due to concerns over a renewed spread of novel coronavirus infections caused by new variants, as well as disruption to the global economy resulting from the situation in Ukraine.」
In addition to new variants of the novel coronavirus, disruption to the global economy resulting from the situation in Ukraine was added as a new source of uncertainty. - FY2022-Q3The economy is recovering, but has not reached a full recoveryAnnual report
「During the first 3 quarters of the fiscal year from 1 April 2021 to 31 December 2021, Japan's economy began to recover as the number of infections declined from the middle of the period and the state of emergency and other measures were lifted, despite the significant impact of the novel coronavirus as infections spread in the 4th and 5th waves. However, the economy did not achieve a full recovery due in part to higher costs caused by surging prices of fuel and raw materials and automobile production cuts resulting from semiconductor shortages. At year-end, concerns arose over the spread of infections caused by Omicron, a new variant of the novel coronavirus.」
While the economy began to recover as infections declined and restrictions on activity were lifted, surging fuel and raw material prices, semiconductor shortages, automobile production cuts and concerns over Omicron were cited, and a full recovery was not achieved. - FY2022-Q2Fewer infections, but no economic recoveryAnnual report
「While the company was heavily affected by the novel coronavirus as infections spread in the 4th and 5th waves, the number of infections began to decline due in part to the rising vaccination rate from the middle of the period. The state of emergency and priority preventive measures issued in 27 prefectures nationwide were all lifted at the end of September, but the economy did not recover.」
Although the decline in infections and the lifting of the state of emergency and other measures are described, the economy is said not to have recovered. - FY2022-Q1WorsenedAnnual report
「During the first 3 months of the fiscal year, Japan's economy remained in a severe condition as the impact of the novel coronavirus persisted due to delays in the rollout of vaccinations and rising infections caused by variants.」
While the impact of the novel coronavirus persisted, delays in the rollout of vaccinations and rising infections caused by variants were described as new factors worsening conditions, and the economy continued to be in a severe state. - FY2021-Q3RestatedAnnual report
「The state of emergency was lifted in May, and there was initially a move to raise the level of socioeconomic activity. However, the global spread of novel coronavirus infections subsequently accelerated again, and the economy continued to be in a severe condition.」
The company continues to view the economy as having remained in a severe condition, as infections spread globally again even after the state of emergency was lifted. - FY2021-Q1WorsenedAnnual report
「During the first 3 months of the fiscal year from 1 April 2020 to 30 June 2020, Japan's economy was in an unprecedentedly severe condition as the spread of the novel coronavirus led to the issuance of a state of emergency and economic and social activity stagnated amid various calls for self-restraint and restrictions.」
The deterioration in the external environment progressed from an economic slowdown caused by trade friction and other factors to the stagnation of economic and social activity resulting from the spread of the novel coronavirus and the state of emergency. - FY2020WorsenedAnnual report
「In addition, the global spread of the novel coronavirus this year caused economic activity to stagnate, share prices to plunge, crude oil prices to fall and exchange rates to fluctuate sharply, intensifying uncertainty about the economic outlook.」
In addition to the previous US-China trade friction and export controls, the company describes the stagnation of economic activity and sharp movements in share prices, crude oil prices and exchange rates caused by the spread of the novel coronavirus. - FY2020-Q3RestatedAnnual report
「During the first 3 quarters of the fiscal year, Japan's economic recovery slowed due to the impact of US-China trade friction, tighter export controls between Japan and South Korea, the UK's withdrawal from the EU and the sluggish European economy.」
The company continues to describe the slowdown in the economic recovery resulting from US-China trade friction, export controls between Japan and South Korea, the UK's withdrawal from the EU and the sluggish European economy. - FY2020-Q2WorsenedAnnual report
「The recovery trend in the economy slowed due to the unresolved US-China trade friction, tighter export controls between Japan and South Korea, the UK's withdrawal from the EU and the sluggish European economy.」
In addition to US-China trade friction, export controls between Japan and South Korea, the UK's withdrawal from the EU and the sluggish European economy are cited, with external uncertainty spreading as the economic recovery slows. - FY2020-Q1WorsenedAnnual report
「During the first 3 months of the fiscal year, observations began to emerge that Japan's economy, which had been on a prolonged though moderate recovery path, had stalled or entered a recessionary phase due to US-China trade friction and the resulting slowdown in China.」
The slowdown in China's economy associated with US-China trade friction is described, along with observations that the economy had stalled or entered a recessionary phase. - FY2019-Q3WorsenedAnnual report
「However, in December, concerns over a slowdown in the US economy began to cause uncertainty about the outlook for the global economy, including a worldwide decline in share prices.」
In addition to the previous concerns regarding China and other economies, concerns over a slowdown in the US economy and a worldwide decline in share prices are described, with uncertainty about the global economic outlook intensifying. - FY2019-Q1MitigatedAnnual report
「During the first 3 months of the fiscal year, Japan's economy continued to recover moderately, supported by strong corporate earnings. Employment and income conditions continued to improve, and personal consumption remained firm.」
Unlike the concerns over the slowdown in China and other factors described for the previous period, the domestic economy is described as being on a recovery path. - FY2018ReframedAnnual report
「At the same time, concerns arose over geopolitical risks and US-China trade friction, among other uncertainties that could affect the future global situation.」
The focus of the description has shifted from specific events such as the previous slowdown in China and the UK's withdrawal from the EU to geopolitical risks and concerns over US-China trade friction. - FY2018-Q1MitigatedAnnual report
「During the first 3 months of the fiscal year, Japan's economy followed a path of moderate recovery. The Chinese economy, which had previously been a concern, showed signs of recovery, while the US economy remained steady. Corporate earnings and income and employment conditions continued to improve, and capital investment and personal consumption also picked up.」
The recovery of the Chinese economy, previously a source of concern, is described, while the US economy and domestic economy are also said to be recovering. - FY2017RestatedAnnual report
「Although there was an economic slowdown in China and other emerging markets, the UK's decision to leave the EU, a change of administration in the United States and other global uncertainties,」
The economic slowdown in China and emerging markets, the UK's withdrawal from the EU and global uncertainty continue to be described as economic conditions. - FY2017-Q3RestatedAnnual report
「During the first 3 quarters of the fiscal year, Japan's economy was affected by the economic slowdown in China, slower growth in other emerging markets and the UK's decision to leave the EU. However, corporate earnings remained high and employment and income conditions continued to improve. In addition, share prices rose and the yen weakened following the outcome of the US presidential election in November, and the economy generally continued to recover moderately.」
The impact of the slowdown in China and emerging markets and the UK's withdrawal from the EU continues to be described, while the rise in share prices and yen depreciation following the US presidential election are also noted. - FY2017-Q2RestatedAnnual report
「In addition to the economic slowdown in China and slower growth in other emerging markets, the impact of the UK's decision to leave the EU in June this year also caused uncertainty to begin to surround the economic outlook.」
Uncertainty arising from the economic slowdown in China and emerging markets and the UK's withdrawal from the EU continues to be described. - FY2017-Q1First statedAnnual report
「In addition to the economic slowdown in China and slower growth in other emerging markets, a sharp decline in share prices and a strengthening yen caused by the UK's withdrawal from the EU emerged toward the end of the period, and uncertainty began to surround the economic outlook.」
The economic environment during the quarter explicitly included an economic slowdown and share price declines and yen appreciation associated with the UK's withdrawal from the EU.