Uncertainty over the Economic Outlook Due to Geopolitical Tensions, Overseas Policies and a Slowdown in Emerging Economies
First written in FY2018-Q3. 10 of 23 entries say "Worsened", first in FY2020. Latest entry: FY2026.
Agratio urban design moved to the "Worse" side of this theme in 2020, the same year as the typical company in this theme.
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
「Although economic activity in Japan has moved toward normalization as employment and income conditions improved and inbound demand recovered, uncertainty over the economic outlook is expected to continue because of rising geopolitical risks resulting from the situation in the Middle East, globally elevated prices and sharp foreign exchange fluctuations.」
Regarding the previously cited geopolitical, price and foreign exchange risks, the Company has identified rising geopolitical risks resulting from the situation in the Middle East as a new specific example. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period (1 April 2025 to 30 September 2025), economic activity in Japan moved toward normalization as employment and income conditions improved and inbound demand recovered. However, the economic outlook remains uncertain because of concerns over rising prices resulting from U.S. tariff issues and sharp foreign exchange fluctuations.」
While citing the normalization of economic activity and the recovery in inbound demand, the Company has identified concerns over rising prices resulting from U.S. tariff issues as a new factor contributing to uncertainty, in addition to previously cited foreign exchange fluctuations and other factors. - FY2025-H1Economic uncertainty continues, including foreign exchange fluctuationsAnnual report
「Economic activity has moved toward normalization as employment and income conditions improved and inbound demand recovered, but the economic outlook remains uncertain because of rising geopolitical risks, globally elevated prices and sharp foreign exchange fluctuations.」
While citing the normalization of economic activity and the recovery in inbound demand, the Company identifies sharp foreign exchange fluctuations, in addition to geopolitical risks and globally elevated prices, as factors contributing to uncertainty. - FY2024-Q3RestatedAnnual report
「Economic activity showed signs of recovery as restrictions on activities were eased or lifted following the subsiding of COVID-19, but the economic outlook remains uncertain because of rising geopolitical risks, globally elevated prices and the risk of economic downturns in other countries resulting from monetary tightening in response.」
While citing signs of recovery in economic activity, the Company continues to report geopolitical risks, globally elevated prices and the risk of an overseas economic downturn resulting from monetary tightening. - FY2024-Q2RestatedAnnual report
「Economic activity showed signs of recovery as restrictions on activities were eased or lifted following the subsiding of COVID-19, but the economic outlook remains uncertain because of rising geopolitical risks, globally elevated prices and the risk of economic downturns in other countries resulting from monetary tightening in response.」
While citing signs of recovery in economic activity, the Company continues to identify geopolitical risks, globally elevated prices and the risk of an overseas economic downturn resulting from monetary tightening as factors contributing to economic uncertainty. - FY2024-Q1WorsenedAnnual report
「The economic outlook remains uncertain because of rising geopolitical risks, globally elevated prices and the risk of economic downturns in other countries resulting from monetary tightening in response.」
Geopolitical risks, globally elevated prices and the risk of economic downturns in other countries resulting from monetary tightening have been specified as new external factors, and uncertainty over the economic outlook continues. - FY2023WorsenedAnnual report
「Economic activity showed signs of recovery as restrictions on activities were eased following the subsiding of COVID-19, but the economic outlook remains uncertain because of surging resource and energy prices resulting from the intensification and prolongation of the situation in Ukraine and financial instability in Europe and the United States.」
While citing signs of recovery in economic activity, the Company has added financial instability in Europe and the United States as a new factor contributing to uncertainty over the economic outlook. - FY2023-Q3Signs of recovery amid the eighth wave, while economic uncertainty continuesAnnual report
「Even as the eighth wave of COVID-19 arrived, economic activity showed signs of recovery as restrictions on activities were eased. However, uncertainty about the economic outlook remained due to factors including surging resource and energy prices resulting from the intensification and prolongation of the situation in Ukraine and the sharp depreciation of the yen caused by interest rate policies in Japan and the United States.」
While citing signs of recovery in economic activity amid the eighth wave of infections, the Company continues to report economic uncertainty arising from the situation in Ukraine, surging resource and energy prices and the sharp depreciation of the yen. - FY2023-Q2Economic uncertainty continues even after the seventh wave peakedAnnual report
「During the cumulative second-quarter period, the seventh wave of COVID-19 peaked and economic activity showed signs of recovery as restrictions on activities were eased. However, the economic outlook remains uncertain because of surging resource and energy prices resulting from the intensification and prolongation of the situation in Ukraine and the sharp depreciation of the yen caused by interest-rate policies in Japan and the United States.」
While citing the peaking of the seventh wave of infections and signs of recovery in economic activity, the Company continues to report economic uncertainty arising from the situation in Ukraine, surging resource and energy prices and the sharp depreciation of the yen. - FY2023-Q1WorsenedAnnual report
「During the cumulative first-quarter period, the number of new COVID-19 cases declined gradually and the economy showed signs of recovery. However, the economic outlook remains uncertain because of surging resource and energy prices resulting from the intensification and prolongation of the situation in Ukraine, a sharp depreciation of the yen caused by interest-rate policies in Japan and the United States, and a rapid increase in infections recently due to the emergence of a new variant.」
In addition to the previously cited COVID-19 pandemic and uncertainty in overseas economies, the Company specifies the intensification and prolongation of the situation in Ukraine, surging resource and energy prices, the sharp depreciation of the yen and a new variant as factors contributing to uncertainty over the economic outlook. - FY2022WorsenedAnnual report
「The Japanese economy has yet to show signs of COVID-19 subsiding, while the situation in Ukraine also appears likely to continue for an extended period. The economic outlook therefore remains uncertain.」
In addition to the previously cited infection and overseas economic risks, the Company has added the prolonged situation in Ukraine as a factor contributing to uncertainty over the economic outlook. - FY2022-Q2Improving infection conditions coexist with concerns over a sixth waveAnnual report
「During the cumulative second-quarter period, the number of infections surged with the arrival of the fifth wave as the impact of COVID-19 continued for an extended period, but the number of infections has recently been trending downward as vaccination rates improved. However, the economic outlook remains uncertain because of the emergence of highly transmissible variants and concerns over the arrival of a sixth wave this winter.」
Although the number of infections has recently been trending downward as vaccination rates improved, uncertainty over the economic outlook continues because of variants and concerns over the arrival of a sixth wave. - FY2022-Q1WorsenedAnnual report
「During the cumulative first-quarter period, as the impact of the COVID-19 pandemic continued for an extended period, the reissuance of a state of emergency in some regions prevented the contraction and stagnation of economic activity from being resolved. The economic outlook also remains uncertain because of the spread of highly transmissible variants and delays in the domestic supply of vaccines.」
The Company specifically identifies the prolonged pandemic, the reissuance of a state of emergency, the spread of variants and delays in vaccine supply as factors contributing to uncertainty over the economic outlook. - FY2021-Q3RestatedAnnual report
「During the cumulative third-quarter period, as the global spread of COVID-19 caused economies around the world to slow sharply, domestic economic activity also contracted and stagnated because of requests to refrain from going out, reduced business hours and requests for business closures. As there is still no clear prospect of bringing the pandemic under control, the economic outlook remains even more uncertain.」
The Company continues to cite the spread of the infection, the contraction and stagnation of domestic economic activity, and the uncertain outlook for containment. - FY2021-Q2WorsenedAnnual report
「During the cumulative second-quarter period, as the global spread of COVID-19 caused economies around the world to slow sharply, domestic economic activity also contracted and stagnated because of measures such as requests to refrain from going out and reduced business hours. As there is still no clear prospect of bringing the pandemic under control, the economic outlook remains even more uncertain.」
The Company continues to cite sharp slowdowns in economies around the world resulting from the spread of the infection, the contraction and stagnation of domestic economic activity, and the uncertain outlook for containment. - FY2021-Q1WorsenedAnnual report
「During the cumulative first-quarter period, as the global spread of COVID-19 caused economies around the world to slow sharply, domestic economic activity also contracted sharply because of requests to refrain from going out and requests for business closures. As there is still no clear prospect of bringing the pandemic under control, the economic outlook remains even more uncertain.」
The Company cites the global spread of the infection, sharp slowdowns in economies around the world, the sharp contraction in domestic economic activity and the uncertain outlook for containment, indicating that risks to the economic outlook have intensified. - FY2020WorsenedAnnual report
「In addition to trade issues between the United States and China and the slowdown in the Chinese economy, the global spread of COVID-19 has recently created even greater uncertainty over the economic outlook.」
The Company has added the global spread of COVID-19 to the previously cited trade issues and slowdown in the Chinese economy as a factor contributing to economic uncertainty. - FY2020-Q3RestatedAnnual report
「During the cumulative third-quarter period, the Japanese economy remained on a gradual recovery trend as corporate earnings and employment conditions improved, particularly among large companies. However, domestic consumer spending lacked strength because real wages remained sluggish and prices rose, while overseas political and economic uncertainty increased because of trade issues between the United States and China, the outlook for the Chinese economy and the UK's withdrawal from the EU. The economic outlook therefore remains uncertain.」
The Company specifically cites trade issues between the United States and China, the outlook for the Chinese economy and the UK's withdrawal from the EU as external risks to the economic outlook, and continues to report uncertainty. - FY2019RestatedAnnual report
「During the fiscal year, the Japanese economy remained on a gradual recovery trend as corporate earnings and employment conditions improved, particularly among large companies. However, domestic consumer spending lacked strength because real wages remained sluggish and prices rose, while overseas, trade issues between the United States and China and a slowdown in the Chinese economy persisted. The economic outlook therefore remains uncertain.」
The Company continues to cite real wages, rising prices, trade issues between the United States and China, and the slowdown in the Chinese economy as factors contributing to uncertainty over the economic outlook. - FY2019-Q2RestatedAnnual report
「During the cumulative second-quarter period, the Japanese economy remained on a gradual recovery trend as corporate earnings and employment conditions improved, particularly among large companies. However, domestic consumer spending lacked strength because real wages remained sluggish and prices rose, while overseas, concerns over U.S.-China trade friction increased. The economic outlook therefore remains uncertain.」
The Company continues to cite real wages, rising prices, the United States' shift toward protectionism and U.S.-China trade friction as factors contributing to uncertainty over the economic outlook. - FY2019-Q1RestatedAnnual report
「During the cumulative first-quarter period, the Japanese economy remained on a gradual recovery trend as corporate earnings and employment conditions improved, particularly among large companies. However, domestic consumer spending lacked strength because real wages remained sluggish and prices rose, while overseas, tensions over trade issues increased amid the United States' shift toward protectionism. The economic outlook therefore remains uncertain.」
The Company identifies real wages, rising prices, the United States' shift toward protectionism and trade issues as new specific examples of external risks to the economic outlook. - FY2018RestatedAnnual report
「Although the Japanese economy has generally remained on a recovery trend, it has become increasingly unstable under the impact of rapidly changing international conditions.」
The Company continues to cite uncertainty over the economic outlook arising from changes in international conditions, as in the previous quarterly report. - FY2018-Q3First statedAnnual report
「Amid concerns over the situation in North Korea, policy developments under the new U.S. administration and an economic slowdown in Asian emerging markets, particularly China, instability in the foreign exchange and equity markets has increased, and the economic outlook remains uncertain.」
The Company specifically identifies geopolitical conditions, U.S. policy, economic conditions in Asian emerging markets including China, and instability in the foreign exchange and equity markets as external risks to the economic outlook.