Slowdown in Emerging Asian Economies and Uncertainty Over the Economic Outlook
First written in FY2016-Q3. 13 of 33 entries say "Worsened", first in FY2016. Latest entry: 2026-10-07.
Jm Holdings moved to the "Worse" side of this theme in 2025, 6 years after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 125 of 168 companies on the "Worse" side.
65 other companies' latest entry also says "Restated".
- 2026-10-07RestatedGeneral Meetings of Shareholders
「The economy is slowing due to the impact of reduced exports associated with U.S. tariff policy. The outlook remains uncertain amid risks including Japan-China tensions, worsening conditions in the Middle East, and accelerating inflation caused by the weakening yen.」
Continues to identify U.S. tariff policy, Japan-China tensions, the situation in the Middle East, and accelerating inflation caused by the weakening yen as economic risks. - FY2026-H1WorsenedAnnual report
「During the six-month period ended 31 January 2026 (1 August 2025 to 31 January 2026), the Japanese economy slowed due to a decline in exports caused by US tariff policy. Risks also included friction between Japan and China and accelerating inflation caused by the continuing depreciation of the yen, leaving the outlook uncertain.」
It explicitly identifies declining exports due to US tariff policy, Japan-China friction, and accelerating inflation caused by yen depreciation as new risks, while describing the economic slowdown and uncertainty over the outlook. - FY2025WorsenedAnnual report
「The outlook for economic conditions remained uncertain due to the prolonged situation in Ukraine, heightened tensions in the Middle East, US economic policy, and the slowdown in the Chinese economy.」
It explicitly identifies the situations in Ukraine and the Middle East, the slowdown in the Chinese economy, and US economic policy as factors contributing to uncertainty over the economic outlook. - FY2025-H1WorsenedAnnual report
「During the six-month period ended 31 January 2025 (1 August 2024 to 31 January 2025), the Japanese economy improved gradually as employment and income conditions improved. However, the outlook for economic conditions remained uncertain due to the prolonged situation in Ukraine, heightened tensions in the Middle East, and the slowdown in the Chinese economy.」
It explicitly identifies the situations in Ukraine and the Middle East, together with the slowdown in the Chinese economy, as factors contributing to uncertainty over the economic outlook. - FY2024-Q3RestatedAnnual report
「During the nine-month period ended 30 April 2024 (1 August 2023 to 30 April 2024), normalization of socioeconomic activity progressed after COVID-19 was reclassified as a Category V infectious disease. However, the outlook for economic conditions remained uncertain due to the prolonged situation in Ukraine, heightened tensions in the Middle East, soaring raw material prices, and inflation caused by yen depreciation.」
While acknowledging the normalization of socioeconomic activity, it continues to cite the situation in Ukraine, the situation in the Middle East, soaring raw material prices, and inflation caused by yen depreciation as factors contributing to uncertainty over the economic outlook. - FY2024-Q1WorsenedAnnual report
「During the three-month period ended 31 October 2023 (1 August 2023 to 31 October 2023), normalization of socioeconomic activity progressed after COVID-19 was reclassified as a Category V infectious disease in May 2023. However, the outlook for economic conditions remained uncertain due to the prolonged situation in Ukraine, the Israel-Palestine conflict, soaring raw material prices, and inflation caused by yen depreciation.」
While describing normalization following the easing of activity restrictions, it adds the Israel-Palestine conflict as a new geopolitical factor contributing to uncertainty. - FY2023-Q3RestatedAnnual report
「During the nine-month period ended 30 April 2023 (1 August 2022 to 30 April 2023), the easing of COVID-19-related restrictions on activity led to progress toward the normalization of socioeconomic activity. Meanwhile, the outlook for economic conditions remained uncertain due to prolonged geopolitical risks surrounding the situation in Ukraine and soaring energy and raw material prices.」
While describing the easing of restrictions on activity and normalization of socioeconomic activity, it continues to cite uncertainty over the outlook due to the prolonged situation in Ukraine, geopolitical risks, and soaring energy and raw material prices. - FY2023-Q2MitigatedAnnual report
「The easing of COVID-19-related restrictions on activity led to progress toward the normalization of socioeconomic activity.」
It describes the easing of restrictions on activity and the normalization of socioeconomic activity, indicating that the impact of COVID-19 on economic activity has eased to some extent. Meanwhile, uncertainty due to geopolitical risks surrounding the situation in Ukraine and soaring resource and raw material prices continues. - FY2023-Q1RestatedAnnual report
「During the three-month period ended 31 October 2022 (1 August 2022 to 31 October 2022), the Japanese economy moved toward normalization of socioeconomic activity as new COVID-19 cases began to decline from mid-August. However, the outlook for economic conditions remained uncertain due to soaring energy and raw material prices resulting from the prolonged situation in Ukraine and the continuing depreciation of the yen.」
While describing the decline in infections and normalization of socioeconomic activity, it continues to cite uncertainty over the outlook due to the prolonged situation in Ukraine, yen depreciation, and soaring energy and raw material prices. - FY2022WorsenedAnnual report
「During the fiscal year, the Japanese economy showed signs of recovery toward the normalization of socioeconomic activity despite the continuing impact of COVID-19. However, the outlook for economic conditions remained uncertain due to heightened geopolitical risks, including the prolonged situation between Russia and Ukraine.」
Amid the continuing impact of COVID-19, it adds and specifies the prolonged situation between Russia and Ukraine and heightened geopolitical risks as factors contributing to uncertainty over the economic outlook. - FY2022-Q3WorsenedAnnual report
「During the nine-month period ended 30 April 2022 (1 August 2021 to 30 April 2022), the Japanese economy showed signs of recovery toward the normalization of socioeconomic activity despite the continuing impact of COVID-19. However, the outlook for economic conditions remained uncertain due to heightened geopolitical risks, including the worsening situation between Russia and Ukraine.」
Amid the continuing impact of COVID-19, it adds heightened geopolitical risks, including the worsening situation between Russia and Ukraine, as a new factor contributing to uncertainty. - FY2022-Q2WorsenedAnnual report
「As the impact of COVID-19 continued, new cases had been trending down as vaccination rates increased. However, the timing of containment remained unforeseeable due to the rapid spread of the new Omicron variant, and uncertainty continued.」
While describing the increase in vaccination rates and the downward trend in new COVID-19 cases, it adds the rapid spread of the Omicron variant as a new factor contributing to uncertainty. - FY2022-Q1MitigatedAnnual report
「During the three-month period ended 31 October 2021 (1 August 2021 to 31 October 2021), the Japanese economy saw new COVID-19 cases trend down as vaccination rates increased amid the continuing impact of COVID-19. However, the timing of containment remained unforeseeable, and uncertainty continued.」
It describes the increase in vaccination rates and the downward trend in new COVID-19 cases, indicating some improvement in infection conditions, while stating that the timing of containment remains unforeseeable and conditions remain uncertain. - FY2021-Q3RestatedAnnual report
「During the nine-month period ended 30 April 2021 (1 August 2020 to 30 April 2021), the Japanese economy deteriorated rapidly due to the global spread of COVID-19 and remained in a severe condition.」
It continues to describe the deterioration in economic conditions and the challenging economic environment caused by the global spread of COVID-19. - FY2021-Q2RestatedAnnual report
「During the six-month period ended 31 January 2021 (1 August 2020 to 31 January 2021), the Japanese economy deteriorated rapidly due to the global spread of COVID-19 and remained in a severe condition.」
It continues to describe the deterioration in economic conditions and the challenging economic environment caused by the global spread of COVID-19. - FY2021-Q1RestatedAnnual report
「During the three-month period ended 31 October 2020 (1 August 2020 to 31 October 2020), the Japanese economy remained subject to uncertainty over the outlook due to the global spread of COVID-19.」
It continues to describe uncertainty over the economic outlook caused by the global spread of COVID-19. - FY2020RestatedAnnual report
「In addition to US-China trade friction, concerns over Japan-South Korea relations, and rising tensions in the Middle East, the spread of COVID-19 has caused the outlook to remain uncertain.」
It continues to recognize the impact of COVID-19 in addition to uncertainty over the outlook arising from overseas developments and the Chinese economy. - FY2020-Q3WorsenedAnnual report
「During the nine-month period ended 30 April 2020 (1 August 2019 to 30 April 2020), the Japanese economy continued to recover gradually through improvements in employment and income conditions. However, the outlook remained uncertain due to US-China trade friction, concerns over Japan-South Korea relations, rising tensions in the Middle East, and the impact of the spread of COVID-19.」
In addition to the existing uncertainty surrounding US-China trade friction and China’s economy, it adds the impact of the spread of COVID-19 as a factor contributing to uncertainty over the economic outlook. - FY2020-Q2WorsenedAnnual report
「During the six-month period ended 31 January 2020 (1 August 2019 to 31 January 2020), the Japanese economy continued to recover gradually through improvements in employment and income conditions. However, the outlook for economic conditions remained uncertain due to US-China trade friction, the slowdown in the Chinese economy, concerns over Japan-South Korea relations, and rising tensions in the Middle East.」
In addition to the existing US-China trade friction and slowdown in the Chinese economy, it adds concerns over Japan-South Korea relations and rising tensions in the Middle East as factors contributing to uncertainty over the economic outlook. - FY2020-Q1RestatedAnnual report
「During the three-month period ended 31 October 2019 (1 August 2019 to 31 October 2019), the Japanese economy continued to recover gradually through improvements in corporate earnings and employment and income conditions. However, uncertainty in overseas economies, including US-China trade issues and the slowdown in the Chinese economy, continued to make the outlook for economic conditions uncertain.」
While describing a gradual recovery in the domestic economy, it continues to cite uncertainty over the outlook due to US-China trade issues and the slowdown in the Chinese economy. - FY2019RestatedAnnual report
「During the fiscal year, the Japanese economy continued to recover gradually through improvements in employment and income conditions. Meanwhile, overseas economies remained uncertain due to trade friction arising from the trade policies of the US and other countries and the slowdown in the Chinese economy.」
While describing a gradual recovery in the domestic economy, it continues to cite uncertainty over the outlook due to trade friction arising from trade policies and the slowdown in the Chinese economy. - FY2019-Q3RestatedAnnual report
「During the nine-month period ended 30 April 2019 (1 August 2018 to 30 April 2019), the Japanese economy continued to recover gradually through improvements in employment and income conditions. However, the outlook for economic conditions remained uncertain due to uncertainty over US policy and the slowdown in the Chinese economy.」
While describing a gradual recovery in the domestic economy, it continues to cite uncertainty over the economic outlook due to uncertainty over US policy and the slowdown in the Chinese economy. - FY2019-Q2WorsenedAnnual report
「During the six-month period ended 31 January 2019 (1 August 2018 to 31 January 2019), the Japanese economy continued to recover gradually through improvements in corporate earnings and employment and income conditions. However, the outlook for economic conditions remained uncertain due to developments in US-China trade issues, uncertainty over US policy, and the slowdown in the Chinese economy.」
While describing a gradual recovery in the domestic economy, it explicitly identifies US-China trade issues, uncertainty over US policy, and the slowdown in the Chinese economy as factors contributing to uncertainty over the economic outlook. - FY2019-Q1RestatedAnnual report
「During the three-month period ended 31 October 2018 (1 August 2018 to 31 October 2018), the Japanese economy continued to recover gradually through improvements in corporate earnings and employment and income conditions. However, the outlook for economic conditions remained uncertain due to uncertainty over US policy, developments in US-China trade issues, and a series of natural disasters.」
While describing a gradual recovery in the domestic economy, it continues to cite uncertainty over the outlook due to US policy, US-China trade issues, and natural disasters. - FY2018WorsenedAnnual report
「During the fiscal year, the Japanese economy continued to recover gradually, supported by steady improvements in corporate earnings and employment and income conditions. Although overseas economies were also recovering, the outlook remained uncertain due to uncertainty surrounding US trade and monetary policy and the political and economic situations in emerging economies.」
While acknowledging the recovery in domestic and overseas economies, it identifies uncertainty surrounding US trade and monetary policy and the political and economic situations in emerging economies, and states that uncertainty over the outlook remains. - FY2018-Q2MitigatedAnnual report
「During the six-month period ended 31 January 2018 (1 August 2017 to 31 January 2018), exports and production activity remained firm amid the recovery in overseas economies and stable exchange rates, while consumption recovered gradually against a backdrop of solid employment and income conditions. However, the strong focus of households on saving and low prices, particularly for fresh food and food products generally, meant that deflationary sentiment had not been overcome, and consumer prices for food remained weak.」
It describes the recovery in overseas economies, stable exchange rates, firm exports and production activity, and a gradual recovery in consumption, indicating that concerns over external economies have eased. Meanwhile, the focus on saving and low prices remains. - FY2018-Q1MitigatedAnnual report
「During the three-month period ended 31 October 2017 (1 August 2017 to 31 October 2017), the Japanese economy saw exports and production activity recover against a backdrop of a recovery in overseas economies, and employment conditions remained firm. However, growth in prices and wages remained modest, and private consumption continued to lack momentum.」
It describes the recovery in overseas economies, the recovery in exports and production activity, and firm employment conditions, with less concern than previously over the slowdown in overseas economies and uncertainty over the outlook. Meanwhile, private consumption remains sluggish. - FY2017MitigatedAnnual report
「During the fiscal year, the Japanese economy saw exports and production recover, against a backdrop of a gradual recovery in overseas economies, while employment conditions improved.」
While previous descriptions focused on the slowdown in overseas economies and uncertainty over the outlook, this time it describes a gradual recovery in overseas economies and an improvement in the domestic economy. - FY2017-Q3WorsenedAnnual report
「During the nine-month period ended 30 April 2017 (1 August 2016 to 30 April 2017), the Japanese economy showed signs of improvement in employment and income conditions in both the manufacturing and non-manufacturing sectors, supported by a recovery in exports associated with the weak yen, a recovery in inbound demand, and improving consumer sentiment. However, the outlook for the global economy has become increasingly uncertain, due to the slowdown in emerging economies including China, the UK’s decision to leave the European Union, concerns over policies of the new US administration, and heightened geopolitical risks, and economic conditions remain stagnant.」
It identifies the slowdown in emerging economies, including China, the UK’s withdrawal from the EU, concerns over the new US administration, and geopolitical risks, and states that uncertainty over the outlook for the global economy has increased. - FY2017-Q2MitigatedAnnual report
「However, the impact on spending, such as corporate capital investment and private consumption, remains insufficient. As for prices, the downward pressure from domestic wage increases has been offset by the downward pressure from import prices, and prices have remained broadly flat.」
It states that the slowdown in overseas economies and the decline in resource prices have abated, business sentiment has improved, and a gradual recovery has continued. - FY2017-Q1RestatedAnnual report
「Although fiscal stimulus is expected to support the Chinese economy, capital stock adjustment remains a drag, and the outlook for overseas economies remains uncertain. These factors have affected the Japanese economy through yen appreciation and falling share prices, and business sentiment continues to deteriorate.」
It continues to describe uncertainty over the outlook for overseas economies, including China, yen appreciation, falling share prices, and the deterioration in business sentiment. - FY2016WorsenedAnnual report
「Following public support in the referendum for the United Kingdom’s withdrawal from the European Union (EU), the yen temporarily strengthened and share prices fell, further increasing uncertainty over the outlook for the global economy.」
It states that uncertainty over the outlook for the global economy increased further following the UK’s withdrawal from the EU, in addition to the slowdown in emerging-market and resource-producing economies and yen appreciation. - FY2016-Q3First statedAnnual report
「Meanwhile, the slowdown in the economies of emerging Asian countries, including China, has tended to weigh on economic conditions, including through share price declines, and uncertainty over the economic outlook remains.」
It identifies the economic slowdown in emerging Asian countries, including China, and falling share prices as factors weighing on economic conditions and contributing to uncertainty over the outlook.