Downside to the Global Economy and Capital Investment from U.S.-China Trade Tensions
First written in FY2019-Q2. 8 of 16 entries say "Worsened", first in FY2019-Q3. Latest entry: FY2026.
Macnica Holdings moved to the "Worse" side of this theme in 2019, 1 year before the typical company in this theme (2020).
The whole theme swung hardest in 2019: 13 of 36 companies on the "Worse" side.
8 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「In addition to concerns about trade friction resulting from changes in US policy and the geopolitical risks previously identified, heightened tensions in the Middle East have emerged, and the outlook remains uncertain.」
In addition to concerns about trade friction resulting from changes in US policy, heightened tensions in the Middle East have emerged as a downside factor for the global economy and capital investment. - 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.」
Concerns about trade friction resulting from changes in US policy have again been explicitly identified as a source of uncertainty about the outlook for the global economy. - 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.」
Compared with the previous descriptions of “stagnation in the Chinese economy” and tighter trade restrictions, the Chinese economy is now described as experiencing a “delayed recovery,” and US-China trade friction is not explicitly mentioned. Uncertainty, however, 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 changed from a slowdown in the Chinese economy to stagnation, while further instability in the international situation, foreign-exchange fluctuations and US-China trade friction coexist. - FY2024-Q2Chinese economic slowdown coexisting with uncertainty from trade friction and other factorsAnnual report
「The global economic outlook remains uncertain owing to the slowdown in the Chinese economy, political instability resulting from the prolonged situation in Ukraine, foreign-exchange fluctuations accompanying policy-rate hikes to curb inflation, and US-China trade friction.」
The slowdown in the Chinese economy, political instability, foreign-exchange fluctuations accompanying rate hikes, and US-China trade friction continue to coexist as sources of uncertainty for the global economy and capital investment. - FY2023-Q3WorsenedAnnual report
「Rapid foreign-exchange fluctuations occurred as policy rates were raised further to curb accelerating inflation. Uncertainty also continues owing to tighter US trade restrictions on China, persistently high energy prices resulting from the prolonged situation in Ukraine, and changes to China’s zero-COVID policy, among other factors.」
In addition to US-China trade friction and uncertainty about the global economy, tighter restrictions on China, rate hikes and sharp foreign-exchange fluctuations, high energy prices and changes in China’s policies have coexisted, expanding external-environment risks. - FY2022-Q3Firm semiconductor demand coexisting with supply shortages, higher raw-material prices and variant strainsAnnual report
「Although semiconductor demand remains firm, uncertainty continues owing to semiconductor shortages, higher raw-material prices and the impact of new COVID-19 variants.」
Although semiconductor demand remains firm, uncertainty resulting from supply shortages, higher raw-material prices and the impact of new variants continues to coexist. - FY2022-Q2Recovery trend coexisting with semiconductor shortages and higher raw-material pricesAnnual report
「Although semiconductor demand remains firm, uncertainty continues owing to semiconductor shortages, higher raw-material prices and the renewed spread of COVID-19.」
Although semiconductor demand remains firm and demand for capital investment and digital-related products is recovering, uncertainty from semiconductor shortages, higher raw-material prices and the renewed spread of infections coexists. - FY2022-Q1Recovery trend coexisting with trade friction and supply constraintsAnnual 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.」
Although economic activity and capital investment are recovering, uncertainty from US-China trade friction coexists with semiconductor shortages, higher raw-material prices and an increase in variant strains. - FY2021-Q3RestatedAnnual report
「However, the outlook has become uncertain owing to the effects of US-China trade friction and the renewed spread of COVID-19.」
In addition to downside risks to the global economy and capital investment from US-China trade friction, the renewed spread of COVID-19 continues to be cited as a source of uncertainty about the outlook. - 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.」
Exports continued to decline owing to US-China trade friction and the global economic slowdown, with the impact on the business environment becoming evident in production stoppages, slower production activity and elevated inventories. - 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 effects of US-China trade friction and the slowdown in the Chinese economy have continued to appear as declines in exports, production activity, corporate earnings and capital investment. - FY2020-Q1WorsenedAnnual report
「However, the economic outlook remains uncertain, owing to intensifying US-China trade friction, concerns that the global economy could lose momentum, and the impact in Japan of the consumption tax increase in October, among other factors.」
Intensifying US-China trade friction and concerns that the global economy could lose momentum continued, while the domestic consumption tax increase was also indicated as an additional source of uncertainty about the outlook. - FY2019WorsenedAnnual report
「Our business was significantly affected toward the second half of the fiscal year by US-China trade friction and the resulting economic slowdown.」
The effects of US-China trade friction and the economic slowdown became significant in business performance toward the second half of the fiscal year and were a major factor in the full-year deterioration. - FY2019-Q3WorsenedAnnual report
「During the cumulative third-quarter period, Japan’s economy saw exports trend lower as US-China trade friction intensified and the Chinese economy slowed. … However, the outlook remains uncertain, including concerns that prolonged US-China trade friction could cause the global economy to lose momentum.」
Exports slowed as US-China trade friction intensified and the Chinese economy decelerated, while concerns that prolonged friction could cause the global economy to lose momentum were also indicated. - FY2019-Q2First statedAnnual report
「Meanwhile, the outlook remains uncertain, including downside risks to the global economy resulting from US-China trade friction.」
Downside risks to the global economy from US-China trade friction emerged as an independent theme for the first time, and the impact was also described in terms of companies holding back on capital investment and a slowdown in some factory automation and industrial robot demand from China.