Slowing Recovery in Overseas Economies and Uncertainty in Financial and Capital Markets
First written in FY2017-Q1. 10 of 30 entries say "Worsened", first in FY2017-Q2. Latest entry: FY2026.
Macnica Holdings 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: 158 of 184 companies on the "Worse" side.
84 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「In the global economy, uncertainty over the outlook continues as, in addition to concerns about trade friction resulting from changes in US policy and previously identified geopolitical risks, tensions in the Middle East have newly intensified.」
In addition to the existing geopolitical risks and concerns about trade friction resulting from changes in US policy, heightened tensions in the Middle East were newly identified as a source of uncertainty. - FY2026-H1RestatedAnnual report
「In the global economy, uncertainty over the outlook continues due to geopolitical risks and concerns about trade friction resulting from changes in US policy.」
Geopolitical risks and concerns about trade friction resulting from changes in US policy continue to be noted as sources of uncertainty over the outlook for overseas economies. - FY2025WorsenedAnnual report
「In the global economy, the United States has shown solid activity supported by firm domestic demand. However, concerns about trade friction have emerged due to changes in US policy, and uncertainty over the outlook continues.」
Changes in US policy newly identified concerns about trade friction, while uncertainty over the outlook for overseas economies continues. - FY2025-H1SoftenedAnnual report
「In the global economy, uncertainty over the outlook continues due to the delayed recovery of the Chinese economy and sharp fluctuations in exchange rates.」
Regarding the Chinese economy, the wording changed from “stagnation” previously to “a delayed recovery.” Meanwhile, uncertainty over the outlook, including sharp fluctuations in exchange rates, continues. - FY2024-Q3WorsenedAnnual report
「In the global economy, uncertainty over the outlook continues amid increasing instability in international affairs, including stagnation in the Chinese economy, fluctuations in exchange rates and the US-China trade friction.」
The wording was strengthened from a slowdown in the Chinese economy in the previous quarter to stagnation in the Chinese economy, with further instability in international affairs also added. - FY2024-Q2The coexistence of a slowdown in the Chinese economy and a recovery in the domestic economyAnnual report
「During the cumulative second quarter under review, Japan's economy has been gradually recovering as inbound demand recovered and the change in the classification of COVID-19 eliminated restrictions on economic activity. In the global economy, uncertainty over the outlook continues due to the slowdown in the Chinese economy, political instability caused by the prolonged situation in Ukraine, currency fluctuations accompanying policy rate increases to curb inflation and the US-China trade friction.」
While the elimination of restrictions on economic activity and a recovery in the domestic economy were indicated, uncertainty overseas caused by the slowdown in the Chinese economy, political instability, currency fluctuations accompanying rate hikes and the US-China trade friction coexisted. - FY2024-Q1The coexistence of a recovery in the domestic economy and uncertainty overseasAnnual report
「During the cumulative first quarter under review, Japan's economy has been gradually recovering as the change in the classification of COVID-19 largely eliminated restrictions on economic activity. In the global economy, uncertainty over the outlook continues due to political instability caused by the prolonged situation in Ukraine, currency fluctuations accompanying policy rate increases to curb inflation and the US-China trade friction.」
While the near elimination of COVID-19-related restrictions on economic activity and a recovery in the domestic economy were indicated, political instability, rate hikes and currency fluctuations, and the US-China trade friction coexisted as sources of uncertainty overseas. - FY2023-Q3WorsenedAnnual report
「In the global economy, sharp currency fluctuations have occurred as policy rates have been raised further in response to accelerating inflation. Uncertainty over the outlook continues amid tighter US trade restrictions on China, continued high energy prices due to the prolonged situation in Ukraine and changes to China's zero-COVID policy.」
In addition to rate hikes and sharp currency fluctuations, tighter trade restrictions on China and soaring energy prices, changes to China's zero-COVID policy have added to the external sources of uncertainty. - FY2023-Q2The emergence of rate hikes to curb inflation and sharp currency fluctuationsAnnual report
「In the global economy, countries have been raising policy rates to curb inflation, with sharp currency fluctuations occurring particularly as a result of substantial interest rate increases in the United States. In addition, uncertainty over the outlook continues due to the US-China trade friction, continued high energy prices amid the prolonged situation in Ukraine and COVID-19-related lockdowns in China.」
Alongside expectations for an economic recovery, rate hikes by countries, currency fluctuations caused by sharp interest rate increases in the United States, soaring energy prices and lockdowns in China coexist as sources of uncertainty. - FY2023-Q1The coexistence of expectations for a recovery and high energy prices, geopolitical risks and currency fluctuationsAnnual report
「Although capital investment related to decarbonization initiatives, corporate digital transformation and enhanced cybersecurity is expected to expand, uncertainty over the outlook continues due to soaring energy prices, lockdowns in China caused by the renewed spread of COVID-19, the impact of the Russian Federation's invasion of Ukraine and foreign exchange markets in which the US dollar is appreciating rapidly.」
While capital investment related to digital transformation, cybersecurity and decarbonization is expected to expand, soaring energy prices, lockdowns in China, the invasion of Ukraine and the rapid appreciation of the US dollar coexist as new sources of uncertainty. - FY2022-Q3The coexistence of recovery in Europe, the United States and China and uncertainty caused by variants and rising pricesAnnual report
「In the global economy, economic activity has shown signs of recovery in Europe, the United States and China. However, the situation remains unpredictable due to the rapid spread of new COVID-19 variants and rising prices.」
While a recovery in economic activity in Europe, the United States and China has been indicated, the rapid spread of new variants and rising prices coexist as new sources of uncertainty. - FY2022-Q2The coexistence of recovery in Europe, the United States and China and regional disparities caused by a renewed spread of infectionsAnnual report
「In the global economy, economic activity has shown signs of recovery in Europe, the United States and China, where vaccinations are progressing. However, the situation remains unpredictable due in part to the impact of breakthrough COVID-19 infections and the renewed spread of infections in Southeast Asia.」
While economic activity has shown signs of recovery in Europe, the United States and China, uncertainty caused by breakthrough infections and the renewed spread of infections in Southeast Asia coexists. - FY2022-Q1The coexistence of an economic recovery and uncertainty caused by variants and trade frictionAnnual report
「Although signs of recovery have emerged, uncertainty continues due to the impact of the US-China trade friction, semiconductor supply shortages, soaring raw material prices and the increasing prevalence of COVID-19 variants.」
While a recovery in economic activity and capital investment has been indicated, the US-China trade friction, semiconductor supply shortages, soaring raw material prices and the increasing prevalence of variants are also identified as new sources of uncertainty. - FY2021-Q3The coexistence of normalization in China and Taiwan and worsening infections in Europe and the United StatesAnnual report
「In the global economy, normalization of corporate and economic activity has progressed earlier in China and Taiwan as COVID-19 has subsided. In Europe and the United States, however, although some vaccines have been approved and vaccinations have begun, the spread of infections has become increasingly serious, with lockdowns imposed in some areas, raising concerns about a prolonged stagnation of economic activity.」
While economic activity is normalizing in China and Taiwan, concerns about a prolonged stagnation caused by the spread of infections and lockdowns have intensified in Europe and the United States, making regional disparities in the recovery increasingly clear. - FY2021-Q2The coexistence of the resumption of economic activity and concerns about a renewed spread of infectionsAnnual report
「Although concerns remain about a renewed spread of COVID-19, the state of emergency was lifted and economic activity gradually resumed while infection-control measures were implemented, with signs of a recovery beginning to emerge. However, companies have continued to take a cautious stance toward capital investment due to current business conditions and uncertainty over the outlook. The global economy also remains in an unpredictable situation following the renewed spread of COVID-19, although in China and Taiwan, containment of the virus progressed earlier than in other countries and various economic activities are moving toward normalization.」
Compared with the stagnation of economic activity through the previous quarter, the resumption of activity and signs of recovery were noted domestically, while normalization was noted in China and Taiwan. At the same time, concerns about a renewed spread of infections and a cautious stance toward capital investment coexisted. - FY2021-Q1WorsenedAnnual report
「Measures taken by countries in response to the spread of COVID-19, including lockdowns, had a significant impact by stagnating economic activity, resulting in substantial declines in both exports and imports.」
Uncertainty in overseas economies has materialized as the spread of COVID-19, lockdowns and substantial declines in exports and imports. - FY2020-Q3WorsenedAnnual report
「Exports continued to follow a declining trend due to uncertainty over the outlook for the global economic slowdown and the US-China trade friction. In addition, the difficult conditions continued, with manufacturing activity slowing against the backdrop of weak external demand, production stoppages caused by a powerful typhoon and elevated inventory levels.」
In addition to declining exports caused by the global economic slowdown and the US-China trade friction, the slowdown in production activity has materialized through weak external demand, production stoppages caused by a powerful typhoon and elevated inventory levels. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter under review, Japan's economy continued to see a decline in exports against the backdrop of the US-China trade friction and the slowdown in the Chinese economy. Production activity, particularly in manufacturing, consequently remained sluggish, while capital investment also followed a declining trend due to deteriorating corporate earnings.」
The slowdown in overseas economies and the US-China trade friction have materialized as declining exports, sluggish production activity, deteriorating corporate earnings and declining capital investment. - FY2020-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan's economy was affected by the US-China trade friction and the global economic slowdown. Exports, particularly to China, declined, putting downward pressure on production activity. In addition, the deterioration in corporate earnings led to a tendency toward restrained capital investment, particularly among manufacturers.」
The US-China trade friction and global economic slowdown have materialized as declining exports, downward pressure on production activity, deteriorating corporate earnings and restrained capital investment. - FY2019RestatedAnnual report
「However, the outlook for the economy remains unpredictable, including concerns that prolonged US-China trade tensions could cause the global economy to lose momentum.」
Uncertainty over the outlook for the global economy and concerns about a slowdown continue to be noted from the previous quarter. - FY2019-Q3WorsenedAnnual report
「However, the outlook remains uncertain, including concerns that prolonged US-China trade tensions could cause the global economy to lose momentum.」
Prolonged US-China trade tensions and concerns about a loss of momentum in the global economy have heightened uncertainty about the outlook. - FY2019-Q2RestatedAnnual report
「The economy showed signs of recovery against a backdrop of resilient overseas economies and solid capital investment demand. ... Meanwhile, the outlook remained uncertain, including downside risks to the global economy from US-China trade tensions.」
Although recovery in the economy was reported against a backdrop of overseas economies and capital investment, uncertainty about the outlook due to factors including US-China trade tensions continues to be noted. - FY2019-Q1RestatedAnnual report
「During the first quarter of the fiscal year, Japan’s economy entered a recovery trend as exports increased moderately and corporate production activity continued to gain momentum against a backdrop of solid global growth and expanding infrastructure investment demand, particularly in emerging markets.」
Solid global growth, infrastructure investment demand in emerging markets, and increases in exports and production activity were reported, reaffirming the economic recovery trend from the previous fiscal year. - FY2018MitigatedAnnual report
「During the fiscal year, Japan’s economy continued to expand, albeit moderately, as exports and domestic production remained strong, supported by external demand stemming from economic recoveries in the United States and Europe and export-led growth in Asia.」
Recovery in the US and European economies, growth in the Asian economy, and strong exports and domestic production were reported, further easing the risk of slowing recovery and uncertainty in overseas economies. - FY2018-Q3MitigatedAnnual report
「During the first 3 quarters of the fiscal year, Japan’s economy entered a recovery trend as exports, particularly to China, grew and production activity remained strong amid continued yen depreciation and recovery in the US, European and Chinese economies.」
Recovery in the US and European economies and China’s economy, export growth, strong production activity and an economic recovery trend were reported, further easing the risk of slowing recovery and uncertainty in overseas economies. - FY2018-Q2MitigatedAnnual report
「During the first 2 quarters of the fiscal year, Japan’s economy entered a recovery trend as exports increased moderately and production activity expanded against a backdrop of recovery in overseas economies, including the United States, and yen depreciation.」
Recovery in overseas economies, growth in exports and production activity, and an economic recovery trend were reported, easing the risk of slowing recovery and uncertainty in overseas economies compared with the previous report. - FY2018-Q1SoftenedAnnual report
「Some caution remained in light of increasingly uncertain overseas developments, including policy management by the new US administration and political conditions in Europe. However, the global economy continued to recover and exports increased moderately.」
Uncertainty stemming from conditions in the United States and Europe continued, but recovery in the global economy, higher exports, and increases in corporate earnings and capital investment were also reported, weakening the previously one-sided description of deteriorating external conditions. - FY2017-Q3SoftenedAnnual report
「During the first 3 quarters of the fiscal year, Japan’s economy remained affected by the sharp yen appreciation that began the previous year, the economic slowdown in emerging markets and continued instability in overseas economies due to issues including the UK’s withdrawal from the EU. However, the economy entered a moderate recovery trend as the yen turned weaker in the latter half of the period, exports and production activity increased, corporate earnings recovered, and personal consumption picked up amid improving employment and income conditions. Nevertheless, the outlook remained uncertain due to the impact of the US presidential election on foreign exchange and equity markets and downside risks from economic slowdowns in China and emerging markets.」
Although instability in overseas economies and uncertainty about the outlook continued, the yen’s shift toward depreciation and recoveries in exports, production activity, corporate earnings and personal consumption were reported, weakening the previously one-sided description of deteriorating external conditions compared with the previous quarter. - FY2017-Q2WorsenedAnnual report
「In addition to the sharp trend toward yen appreciation since the end of the previous year, further yen appreciation following the UK’s decision to leave the EU negatively affected export-oriented manufacturers. Although the US economy remained firm, exports and domestic production lacked strength as economic slowdowns in emerging markets continued.」
The company pointed to sharp yen appreciation, a slowdown in emerging-market economies, stagnation in the domestic economy and growing concern about a prolonged slowdown in overseas economies, indicating heightened uncertainty in the external environment. - FY2017-Q1First statedAnnual report
「The market environment has undergone significant volatility, with support for the direction of leaving the EU in the UK referendum causing turmoil in global financial and capital markets, increasing uncertainty about the outlook.」
The company cited uncertainty in the external environment, including yen appreciation, weak recovery in overseas economies and market turmoil following support for the UK’s withdrawal from the EU.