Uncertainty in the Global and Domestic Economies
First written in FY2016-Q3. 20 of 38 entries say "Reframed", first in FY2017-Q1. Latest entry: 2026-09-14.
Sanno moved to the "Worse" side of this theme in 2016, 3 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
7 other companies' latest entry also says "Materialised".
- FY2026-H1ReframedAnnual report
「Although a shift in U.S. monetary policy and a easing of inflationary pressures were observed, Europe's economic stagnation continued. In China, the real-estate market adjustment continued and the recovery in domestic demand was delayed, leaving the outlook uncertain.」
In the United States, a shift in monetary policy and easing inflationary pressures were indicated, while Europe's economic stagnation, the adjustment in China's property market and the delayed recovery in domestic demand have continued. In Japan, rising prices, higher raw-material costs, and tensions in Ukraine and the Middle East have been identified as factors contributing to the challenging environment for manufacturers. - FY2025ReframedAnnual report
「The current market environment remains uncertain, due to factors including the impact of U.S. tariff policies and geopolitical risks, the sluggish Chinese economy, the increasingly tense situations surrounding Ukraine and the Middle East, and rising prices resulting from inflation concerns and higher resource prices in the U.S. economy.」
U.S. tariff policies, geopolitical risks, weak domestic demand in China, the situations in Ukraine and the Middle East, inflation and higher resource prices were identified as sources of uncertainty. At the same time, recovery or firm conditions in Japan's economy and certain markets were also noted. - FY2025-H1ReframedAnnual report
「During the interim consolidated fiscal period, the U.S. economy remained firm and personal consumption stayed strong despite moderating inflation. In China, exports remained relatively firm, but the economy continued to stagnate due to weak domestic demand, including the real-estate market. The outlook remained uncertain amid the increasingly tense situations surrounding Ukraine and the Middle East. In Japan, the economy remained on a recovery path as business sentiment improved and personal consumption and strong inbound demand supported conditions. Capital investment showed signs of recovery in response to growing demand for labor-saving and digitalization measures to address severe labor shortages, but conditions remained uneven, with inventory adjustments weighing in some areas.」
The U.S. economy remained firm, while China's economy continued to stagnate due to weak domestic demand, including the real-estate market. Uncertainty related to the increasingly tense situations in Ukraine and the Middle East continued. In Japan, the assessment shifted to one combining an economic recovery, inbound demand and a recovery in capital investment with inventory adjustments. - FY2024-Q3ReframedAnnual report
「During the first nine months of the current consolidated fiscal year, manufacturing-centered economic stagnation was seen in Europe and the U.S. due to continued global monetary tightening. Even the relatively firm U.S. economy continued to face inflation concerns and financial instability, while prices rose due to higher resource prices associated with the Ukraine crisis. Concerns also remained about a further downside risk to China due to the sluggish real-estate market and the potential impact of the situation in the Middle East. In Japan, business sentiment improved in non-manufacturing and the automobile market as personal consumption and inbound demand recovered, but exports and capital investment showed only limited signs of recovery, leaving the outlook uncertain.」
In Europe and the U.S., manufacturing stagnation, financial instability, inflation and high resource prices continued, while concerns were also noted about downside risks to China and the situation in the Middle East. In Japan, improvements in personal consumption, inbound demand and the automobile market were noted alongside the slow recovery in exports and capital investment, resulting in a mixed assessment of the economic environment. - FY2024-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year, continued global monetary tightening heightened awareness of recession risks in Europe and the U.S. Prices rose due to labor shortages in the U.S. economy and higher resource prices associated with the Ukraine crisis. Concerns also remained about a further downside risk to China due to the sluggish real-estate market, as well as the potential impact of the situation in the Middle East. In Japan, domestic corporate prices were flat and the consumer price index rose gradually, but the recovery in exports and capital investment stalled. The outlook remained uncertain amid concerns about the impact of the 2024 Noto Peninsula Earthquake and production and shipment suspensions at certain automakers.」
While recession in Europe and the U.S., labor shortages, higher resource prices and downside risks to China continued, the situation in the Middle East was added as a new concern. In Japan, the impact of stalled exports and capital investment, the Noto Peninsula Earthquake, and production and shipment suspensions at certain automakers was explicitly noted, broadening the sources of uncertainty. - FY2024-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, continued global monetary tightening heightened awareness of recession risks in Europe and the U.S. Prices rose due to labor shortages in the U.S. economy and higher resource prices associated with the Ukraine crisis. Concerns also remained about a further downside risk to the Chinese economy due to the sluggish real-estate market. In Japan, exports remained firm and domestic corporate prices were flat, but capital investment stalled, consumer prices rose as higher prices spread to services, and the outlook remained uncertain.」
In addition to monetary tightening, recession risks in Europe and the U.S., labor shortages and higher resource prices, a further downside risk to China due to the sluggish real-estate market was identified. In Japan, stalled capital investment and rising prices were noted, broadening the risk factors in the economic environment. - FY2023RestatedAnnual report
「During the consolidated fiscal year, difficulties in procuring semiconductors and other items due to supply constraints were easing, but the continuation of global monetary tightening heightened awareness of recession risks in Europe and the U.S. Prices rose due to the recovery in demand under the living-with-COVID-19 approach, labor shortages in the U.S. economy and higher resource prices associated with the Ukraine crisis. Concerns also remained about stagnation in China.」
Although difficulties in procuring semiconductors and other items were easing, concerns continued regarding monetary tightening, recession in Europe and the U.S., labor shortages, higher resource prices and stagnation in China. - FY2023-Q3ReframedAnnual report
「During the first nine months of the current consolidated fiscal year, difficulties in procuring semiconductors and other items due to supply constraints were easing, but global monetary tightening continued. Prices rose due to the recovery in demand under the living-with-COVID-19 approach, labor shortages in the U.S. economy and higher resource prices associated with the Ukraine crisis. Concerns also emerged about stagnation in China, which had temporarily shown signs of recovery. In Japan, the economy was expected to recover gradually from the impact of the novel coronavirus, but the outlook remained uncertain as the consumer price index rose despite domestic corporate prices remaining flat and exports weakened.」
Although difficulties in procuring semiconductors were easing, continued global monetary tightening, labor shortages, higher resource prices associated with the Ukraine crisis, stagnation in China, rising domestic consumer prices and weakening exports were identified as new sources of uncertainty. - FY2023-Q2ReframedAnnual report
「During the first six months of the current consolidated fiscal year, the transition to a new phase of living with COVID-19 continued as movement and overseas travel restrictions were eased, but concerns remained about the effects of globally high resource prices and supply-chain disruptions. In Japan, the economy was expected to recover gradually from the impact of the novel coronavirus, but the outlook remained uncertain as the consumer price index rose and some weakness emerged in the economy, including weakening exports and imports.」
Although the transition to living with COVID-19 and expectations for an economic recovery continued, globally high resource prices, supply-chain disruptions, rising domestic consumer prices and weakening exports and imports were identified as sources of uncertainty, updating the discussion of the economic environment. - FY2023-Q1ReframedAnnual report
「During the first quarter of the current consolidated fiscal year, the economy was moving into a new phase of living with COVID-19 as movement and overseas travel restrictions were eased, but downside risks remained a concern amid inflationary pressures, supply constraints and continued monetary tightening. In Japan, the economy was expected to recover gradually from the impact of the novel coronavirus, but the outlook remained uncertain due to higher raw-material and energy prices resulting from the global surge in commodity prices and sharp fluctuations in exchange rates.」
The transition to living with COVID-19 as restrictions were eased and expectations for economic recovery were noted, while inflation, supply constraints, monetary tightening, higher resource and energy prices, and sharp exchange-rate fluctuations were identified as new sources of uncertainty, with concerns about downside risks to the economy. - FY2022WorsenedAnnual report
「During the consolidated fiscal year, production activity normalized and personal consumption recovered as vaccinations against the novel coronavirus progressed and movement and overseas travel restrictions were eased. However, downside risks including the situation in Ukraine, renewed infections in China, high commodity prices and volatility in financial and capital markets became evident, increasing uncertainty.」
Although recovery factors were identified, downside risks related to the situation in Ukraine, renewed infections in China, high commodity prices and volatility in financial and capital markets became evident, increasing uncertainty. - FY2022-Q3WorsenedAnnual report
「Although the economy was recovering from the downturn caused by the COVID-19 crisis, supported by large-scale government measures and accompanied by differences across countries and regions, the outlook remained uncertain due to downside risks including the situation in Ukraine, renewed infections in China, high commodity prices and volatility in financial and capital markets.」
Although economic activity was recovering, the situation in Ukraine, renewed infections in China, high commodity prices and volatility in financial and capital markets were added as new downside risks, and uncertainty about the outlook continued. - FY2022-Q2WorsenedAnnual report
「Although the economy recovered from the downturn caused by the COVID-19 crisis, aided by large-scale government measures and accompanied by differences across countries and regions, uncertainty continued as negative factors such as the worsening global semiconductor shortage and surging commodity prices intensified and infections rose sharply due to new variants. In Japan, economic activity gradually normalized and the economy achieved moderate growth as vaccination rates rose, as in Europe and the U.S., but conditions remained unstable as infections spread again due to new variants and raw-material procurement became more difficult amid the global surge in commodity prices.」
Although economic activity was recovering, shortages of semiconductors and surging commodity prices worsened, infections rose sharply due to new variants, and raw-material procurement became more difficult. Uncertain and unstable factors intensified from the previous quarter. - FY2022-Q1ReframedAnnual report
「During the first quarter of the current consolidated fiscal year, vaccinations progressed mainly in Europe and the U.S., and production activity normalized and personal consumption recovered as movement and overseas travel restrictions were eased. While large-scale economic measures by governments accelerated the recovery, the outlook became uncertain due to negative factors including the global semiconductor shortage, surging commodity prices and the slowdown in China. In Japan, economic activity gradually normalized and the economy achieved moderate growth as vaccination rates rose and the state of emergency was lifted nationwide, as in Europe and the U.S. However, concerns remained about a renewed spread of the novel coronavirus and difficulties in procuring resources.」
Although recovery in the global and domestic economies was evident as vaccinations progressed and restrictions were eased, the global semiconductor shortage, surging commodity prices, the slowdown in China, renewed spread of infections and difficulties in procuring resources were identified as new sources of uncertainty. - FY2021ReframedAnnual report
「During the consolidated fiscal year, the U.S. economy recovered as vaccinations against the novel coronavirus infection and large-scale economic measures took effect, and China also recovered. In emerging economies, however, recovery was delayed, partly because of slower vaccination rollouts, resulting in a two-track economy. In Japan, economic activity remained constrained by repeated states of emergency as infections spread, and difficult conditions continued. Some industries recovered as exports to regions including China, where the economy was recovering, expanded, but a broad-based recovery in economic activity was expected to take more time.」
The assessment shifted to a two-track economy, with recovery in the U.S. and China coexisting with delayed recovery in emerging economies and restrictions on activity in Japan. - FY2021-Q3RestatedAnnual report
「During the first nine months of the current consolidated fiscal year, restrictions on corporate and economic activity continued for an extended period, including stringent movement restrictions imposed in response to the renewed spread of the novel coronavirus, and the timing of a return to normal economic activity overall remained unforeseeable. In Japan, corporate activity was constrained by the reissuance of a state of emergency as infections spread, and difficult conditions continued, particularly in the food-service and tourism industries. Some areas, including stay-at-home and remote-work-related demand, remained firm, but a broad-based recovery in economic activity was expected to take more time.」
The renewed spread of the novel coronavirus, stringent movement restrictions and the reissuance of a state of emergency prolonged constraints on global and domestic economic activity. The view that the timing of a return to normal economic activity overall remained unforeseeable continued from the previous quarter. - FY2021-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year, the pace of the novel coronavirus spread accelerated again, particularly in Europe and the U.S., constraining economic activity. Although measures such as vaccinations were beginning, the timing of a return to normal economic activity overall remained unforeseeable. In Japan, some industries showed signs of recovery, but the reissuance of a state of emergency and other factors were expected to delay a broad-based recovery in economic activity further.」
The renewed acceleration in infections, centered on Europe and the U.S., constrained economic activity. Although vaccinations and other measures were beginning, the timing of a return to normal economic activity overall remained unforeseeable, and the renewed state of emergency in Japan was expected to delay recovery. - FY2021-Q1ReframedAnnual report
「During the first quarter of the current consolidated fiscal year, corporate and economic activity showed signs of recovery as movement restrictions and other measures introduced in various countries to contain the spread of the novel coronavirus infection were eased. However, as infections recently began to spread again, particularly in Europe and the U.S., some countries reintroduced movement restrictions, and uncertainty about the outlook for the global economy increased rapidly.」
Although corporate and economic activity showed signs of recovery as movement restrictions were eased, the renewed spread of infections centered on Europe and the U.S. and the reintroduction of movement restrictions rapidly increased uncertainty about the outlook. - FY2020RestatedAnnual report
「During the consolidated fiscal year, no end to the global spread of the novel coronavirus infection was in sight. Restrictions on corporate and economic activity continued for an extended period as countries implemented measures such as movement restrictions to contain the spread, and challenging economic conditions persisted.」
Restrictions on economic activity due to the novel coronavirus infection continued for an extended period, and the global economy remained challenging. The deterioration of the Chinese economy and difficult conditions in Japan were also noted. - FY2020-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, the global economy deteriorated rapidly as countries imposed restrictions on corporate and economic activity in response to measures such as movement restrictions to contain the worldwide spread of the novel coronavirus infection. In Japan, the economy also deteriorated rapidly as the global economy slowed sharply and restrictions on economic activity continued, including voluntary curbs on corporate activity, despite the recent lifting of the state of emergency.」
The global spread of the novel coronavirus infection, movement restrictions in various countries and restrictions on corporate activity rapidly worsened the global and domestic economies. Compared with the uncertainty about the outlook noted in the previous quarter, the deterioration of the economic environment was described more specifically. - FY2020-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year, signs of improvement had emerged, led by the U.S. economy, as employment and income conditions improved and the U.S. and Chinese governments reached a Phase One agreement on the previously problematic U.S.-China trade friction. However, uncertainty about the outlook increased rapidly recently as the infectious disease caused by the novel coronavirus spread. In Japan, signs of economic stagnation intensified further due to a decline in domestic demand following the consumption tax increase and deteriorating corporate earnings.」
Although the U.S. and China reached a Phase One agreement on trade friction, the spread of the novel coronavirus infection rapidly increased uncertainty about the outlook for the global economy. In Japan, economic stagnation intensified as domestic demand fell after the consumption tax increase and corporate earnings deteriorated. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the U.S. economy slowed, particularly in manufacturing, as U.S.-China trade friction intensified. In China, production activity by companies showed increasing signs of stagnation, and the economy deteriorated further. In Europe, exports deteriorated due to U.S.-China trade friction, while political risks related to the issue of the United Kingdom leaving the EU increased, intensifying signs of economic stagnation. In Japan, exports, particularly to China, deteriorated due to disruptions in the Chinese economy, affecting corporate activity, including a decline in companies' willingness to invest.」
As U.S.-China trade friction intensified, the U.S. economy slowed, particularly in manufacturing, while production activity stagnated and economic conditions deteriorated in China. Deterioration in European exports, political risks related to the issue of the United Kingdom leaving the EU, and the deterioration of Japan's exports to China and its impact on corporate activity were also explicitly noted, further increasing uncertainty in the global and domestic economies. - FY2019WorsenedAnnual report
「During the consolidated fiscal year, the U.S. economy slowed, particularly in manufacturing, as U.S.-China trade friction intensified. The European economy also showed increasing signs of stagnation due to heightened political risks, including the issue of the United Kingdom leaving the EU, in addition to U.S.-China trade friction. In China, the economy deteriorated further as trade friction with the U.S. intensified, and manufacturing production activity showed increasing signs of stagnation.」
The intensification of U.S.-China trade friction made the slowdown in the U.S. and Chinese economies increasingly evident. Including political risks in Europe and deterioration in Japan's exports, the difficult conditions facing the global and domestic economies broadened from the previous quarter. - FY2019-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, the U.S. economy continued to expand steadily, supported by firm personal consumption, but concerns about a slowdown increased recently as U.S.-China trade friction intensified. In Europe, personal consumption and capital investment had remained firm following improvements in employment and income conditions, but political risks, including the issue of the United Kingdom leaving the EU, became a concern.」
Concerns over U.S.-China trade friction deteriorated from the previous quarter into concerns about an economic slowdown resulting from intensification of the friction. Political risks in Europe, including the issue of the United Kingdom leaving the EU, also continued. - FY2019-Q2WorsenedAnnual report
「As trade friction with the U.S. intensified, concerns about an economic slowdown began to spread in China, particularly in manufacturing, and uncertainty about the outlook increased. In Japan, personal consumption remained firm as employment and income conditions improved, but exports, particularly to China, deteriorated due to disruptions in the Chinese economy, and uncertainty about the outlook increased.」
The effects of U.S.-China trade friction became evident. As concerns about a slowdown in China and deterioration in domestic exports were explicitly noted, uncertainty in the global and domestic economies increased from the previous quarter. - FY2019-Q1ReframedAnnual report
「During the first quarter of the current consolidated fiscal year, the U.S. economy continued to expand steadily, supported by firm personal consumption, although concerns remained about the impact of U.S.-China trade friction. In Europe, despite political risks including the issue of the United Kingdom leaving the EU, personal consumption and capital investment remained firm, supported by continued improvements in employment and income conditions and strong corporate earnings. In emerging economies, concerns about a slowdown spread in China as trade friction with the U.S. intensified, while other emerging economies achieved stable growth against a backdrop of favorable employment and income conditions. In Japan, personal consumption showed signs of recovery as improvements in employment and income conditions were expected against a backdrop of strong corporate earnings, and capital investment also improved. The economy continued to recover gradually, although uncertainty originating overseas, typified by U.S.-China trade friction, increased.」
U.S.-China trade friction newly emerged as a prominent factor behind concerns about a slowdown in the U.S. and Chinese economies and uncertainty in Japan and overseas. The European and Japanese economies were described as being on a recovery path or remaining firm. - FY2018-Q3ReframedAnnual report
「During the first nine months of the current consolidated fiscal year, political risks existed in the U.S., including the rise in protectionist trade policies exemplified by higher automobile tariffs. However, personal consumption and capital investment remained strong, supported by favorable employment conditions and the effects of tax cuts. In Europe, personal consumption and capital investment also remained firm, supported by continued improvements in employment and income conditions and strong corporate earnings. In emerging economies, concerns remained that structural adjustments would slow China, but domestic demand expanded steadily as income conditions improved, and exports increased on the strength of developed economies, resulting in stable growth across emerging economies. In Japan, personal consumption showed signs of recovery as improvements in employment and income conditions were expected against a backdrop of strong corporate earnings. Capital investment also improved, particularly investment in IoT systems, and the economy continued to recover gradually, although concerns remained about the impact of increasingly severe labor shortages on economic activity.」
The economies of the U.S., Europe, emerging markets and Japan were generally described as strong or on a recovery path, while political risks associated with protectionist trade policies, including higher automobile tariffs, were newly identified in the U.S. Concerns about a slowdown in China and the impact of domestic labor shortages continued. - FY2018-Q2ReframedAnnual report
「During the first six months of the current consolidated fiscal year, the U.S. economy experienced temporary financial-market turmoil due to rising long-term interest rates, but personal consumption and capital investment remained strong. In Europe, personal consumption and capital investment also remained firm, supported by continued improvements in employment and income conditions and strong corporate earnings. In emerging economies, concerns remained that structural adjustments would slow China, but domestic demand expanded steadily as income conditions improved, and exports increased on the strength of developed economies, resulting in stable growth across emerging economies. In Japan, exports increased on the strength of the global economy, and personal consumption showed signs of recovery as improvements in employment and income conditions were expected against a backdrop of strong corporate earnings. Capital investment also improved, particularly investment in IoT systems, and the economy continued to recover gradually, although concerns remained about the impact of increasingly severe labor shortages on economic activity.」
Although the U.S. experienced temporary financial-market turmoil due to rising long-term interest rates, economic conditions in the U.S., Europe, emerging economies and Japan were generally described as strong or on a recovery path. Concerns about a slowdown in China and labor shortages in Japan continued. - FY2018-Q1ReframedAnnual report
「During the first quarter of the current consolidated fiscal year, the U.S. economy maintained strong personal consumption and capital investment, led by domestic demand against a backdrop of favorable employment conditions. In Europe, personal consumption remained firm as employment and income conditions improved, while corporate capital investment also showed signs of improvement, leaving the economy on a gradual recovery path. In emerging economies, concerns remained that structural adjustments would slow the Chinese economy, but exports expanded on the strength of developed economies, and emerging economies as a whole showed signs of recovery. In Japan, exports increased on the strength of the global economy, personal consumption showed signs of recovery supported by improvements in employment and income conditions, and capital investment also improved, particularly investment in factory IoT systems. The economy was therefore on a gradual recovery path, although concerns remained about the impact of increasingly severe labor shortages on economic activity.」
The U.S., Europe, emerging economies and Japan showed recovery or improvement, while concerns continued regarding a slowdown in China and the impact of domestic labor shortages on economic activity. The discussion of the economic environment was organized mainly around the recovery trend. - FY2017ReframedAnnual report
「During the consolidated fiscal year, the U.S. economy continued to recover against a backdrop of favorable employment conditions. The European economy was also on a gradual recovery path, as personal consumption began to recover following improvements in employment conditions and corporate capital investment showed signs of improvement. In emerging economies, concerns remained that structural adjustments would slow the Chinese economy, but exports expanded on the strength of developed economies, and emerging economies as a whole showed signs of recovery. In Japan, exports increased as the global economy, led by the U.S. economy, improved, and personal consumption and capital investment showed signs of recovery. The economy was therefore on a gradual recovery path, although concerns arose that increasingly severe labor shortages could hinder economic activity going forward.」
The U.S., European, emerging-market and domestic economies were described as being on a recovery path, while concerns continued to be noted in Japan that increasingly severe labor shortages could hinder economic activity. - FY2017-Q3ReframedAnnual report
「During the first nine months of the current consolidated fiscal year, the U.S. economy continued to recover against a backdrop of favorable employment conditions. The European economy was also on a gradual recovery path, as personal consumption began to recover following improvements in employment conditions and corporate capital investment also showed signs of improvement. In emerging economies, some resource-producing economies recovered as commodity prices rebounded, but the Chinese economy continued to slow as structural adjustments progressed, leaving the outlook uncertain. In Japan, personal consumption remained stagnant, but exports increased as the global economy, led by the U.S. economy, improved, and capital investment showed signs of recovery. The economy was therefore on a gradual recovery path, although concerns arose that increasingly severe labor shortages could hinder economic activity going forward.」
While the U.S., Europe and Japan showed signs of recovery or improvement, the slowdown in China and uncertainty about the outlook continued. In Japan, concerns were newly noted that increasingly severe labor shortages could hinder economic activity. - FY2017-Q2ReframedAnnual report
「During the first six months of the current consolidated fiscal year, the U.S. economy continued to recover against a backdrop of favorable employment conditions, although considerable uncertainty remained regarding the economic policies of the new U.S. administration and concerns persisted that the economic environment could change abruptly. The European economy continued to recover gradually, but political risk was a concern as anti-EU parties gained ground in major EU countries, including Germany and France. In emerging economies, some resource-producing economies showed signs of recovery as commodity prices rebounded, but the Chinese economy was slowing as structural adjustments progressed, and the outlook for emerging economies as a whole remained uncertain. In Japan, exports increased as the yen remained on a weakening trend, but personal consumption and capital investment continued to show signs of stagnation, and challenging conditions persisted.」
In the U.S., concerns about an abrupt change resulting from the new administration's economic policies continued, while political risk arising from the rise of anti-EU parties was added in Europe. Some resource-producing economies showed signs of recovery, but the slowdown in China, uncertainty about the outlook for emerging economies as a whole, and stagnation in domestic personal consumption and capital investment continued. - FY2017-Q1ReframedAnnual report
「During the first quarter of the current consolidated fiscal year, the U.S. economy continued to recover, supported by favorable employment conditions, although there remained considerable uncertainty regarding the economic management of the incoming U.S. administration and concerns that the economic environment could change abruptly. The European economy regained stability following the disruption caused by the United Kingdom's departure from the EU and showed signs of a gradual recovery. In emerging economies, however, uncertainty increased as growth slowed and resource-producing economies weakened due to the prolonged stagnation of commodity prices. In Japan, employment conditions remained firm, but personal consumption and capital investment continued to show signs of stagnation, and challenging conditions persisted.」
New concerns emerged in the U.S. over the possibility of an abrupt change resulting from the economic management of the incoming administration, while Europe shifted toward a recovery. Uncertainty in emerging economies and stagnation in Japan continued. The economic risk factors changed, resulting in a more mixed situation. - FY2016WorsenedAnnual report
「In Europe, uncertainty about the outlook for employment and income spread as a result of the issue of the United Kingdom leaving the EU. Uncertainty also increased as emerging economies slowed and resource-producing economies were disrupted by persistently weak commodity prices. In Japan, employment conditions remained firm, but personal consumption continued to show signs of stagnation. The situation remained challenging, as stock prices fell and the yen appreciated sharply against the backdrop of unstable conditions overseas, creating uncertainty about recent corporate earnings.」
In addition to the points noted in the previous quarter, the full-year discussion identifies the United Kingdom's departure from the EU, falling stock prices and the yen's sharp appreciation as factors contributing to uncertainty in the global and domestic economies and the challenging conditions. - FY2016-Q3First statedAnnual report
「Although the U.S. economy had remained firm, uncertainty about the outlook increased following the recent deterioration in employment conditions. The European economy remained sluggish, as employment conditions failed to improve under the impact of prolonged fiscal austerity. Uncertainty also increased in emerging economies as the slowdown in China and disruptions in resource-producing economies caused by falling commodity prices weighed on conditions.」
Uncertainty in the economic environments of the U.S., Europe and emerging economies is attributed to employment conditions, fiscal austerity, the slowdown in China and falling commodity prices.