Uncertainty over the Outlook Due to Trade Frictions and Geopolitical Risks
First written in FY2019-Q1. 13 of 24 entries say "Worsened", first in FY2019. Latest entry: FY2027-H1.
No.1 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 2022: 106 of 135 companies on the "Worse" side.
76 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「In addition, conditions remained unpredictable due to factors including developments in the monetary policies of major countries, the impact on supply chains of prolonged geopolitical risks, and financial-market volatility associated with rising domestic interest rates.」
Identifies monetary policies in major countries, prolonged geopolitical risks, their impact on supply chains and financial-market volatility resulting from rising domestic interest rates as factors contributing to an uncertain outlook. - FY2026WorsenedAnnual report
「Meanwhile, conditions remained unpredictable due to factors including the development of specific protectionist trade policies by the new US administration, the impact on supply chains of prolonged geopolitical risks, and financial-market volatility associated with rising domestic interest rates.」
Explicitly identifies US trade policy, geopolitical risks, supply chains and financial-market volatility resulting from higher domestic interest rates as new factors contributing to an uncertain outlook. - FY2026-H1RestatedAnnual report
「However, the overall economic situation remains uncertain due to factors including higher prices resulting from US trade policy and fluctuations in exchange rates, and a cautious outlook for the future is required.」
Reiterates the view that economic uncertainty resulting from US trade policy, exchange-rate fluctuations and higher prices continues. - FY2025-H1SoftenedAnnual report
「During the interim consolidated fiscal period, the Japanese economy remained subject to an uncertain outlook due to globally high resource prices resulting from unstable international conditions and yen depreciation, which continued to have a significant impact on the economy despite gradually showing signs of stabilisation.」
Although uncertainty about the outlook due to high resource prices and yen depreciation continues, the wording “gradually showing signs of stabilisation” has been added, partially softening the description of the external environment from the previous reference to the “unchecked depreciation of the yen.” - FY2025-Q1WorsenedAnnual report
「During the cumulative first quarter of the consolidated fiscal year, the Japanese economy remained subject to an uncertain outlook due to globally high resource prices resulting from unstable international conditions and the continued, unchecked depreciation of the yen.」
In addition to unstable international conditions and high resource prices, explicitly identifies the “unchecked depreciation of the yen” as a factor contributing to an uncertain outlook. - FY2024-Q3RestatedAnnual report
「During the cumulative consolidated third quarter under review, Japan's economy remained in an uncertain situation due to disruption to the global economy caused by unstable international conditions and the addition of a weaker yen to globally high resource prices.」
Continues to identify uncertainty about the outlook due to unstable international conditions, disruption to the global economy, high resource prices and yen depreciation. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter of the consolidated fiscal year, the Japanese economy gradually moved toward normalisation as restrictions on activity associated with COVID-19 were eased. However, the outlook remained uncertain due to concerns over a resurgence of COVID-19, disruption to the global economy caused by unstable international conditions, globally high resource prices and yen depreciation.」
While economic activity is moving toward normalisation, reiterates uncertainty resulting from concerns over a resurgence of infections, unstable international conditions, disruption to the global economy, high resource prices and yen depreciation. - FY2024-Q1RestatedAnnual report
「During the cumulative consolidated first quarter under review, COVID-19 was classified as a Category V infectious disease in Japan and economic activity gradually moved toward normalization. However, the outlook remained uncertain due to concerns about a resurgence of COVID-19, disruption to the global economy caused by unstable international conditions, and the addition of a weaker yen to globally high resource prices.」
Continues to identify uncertainty in the external environment due to concerns over the resurgence of infections, unstable international conditions, disruption to the global economy, high resource prices and yen depreciation. - FY2023-Q3RestatedAnnual report
「During the cumulative consolidated third quarter under review, Japan's economy gradually moved toward normalization as measures to address COVID-19 were balanced with socioeconomic activity. However, the outlook remained uncertain due to the resurgence of COVID-19, disruption to the global economy caused by unstable international political conditions, and the addition of a weaker yen to globally high resource prices.」
Continues to identify uncertainty surrounding the global and domestic economies due to international political conditions, high resource prices, yen depreciation and the resurgence of infections. - FY2023-Q2WorsenedAnnual report
「During the cumulative consolidated second quarter under review, Japan's economy gradually moved toward normalization as measures to address COVID-19 were balanced with socioeconomic activity. However, domestic economic conditions remained uncertain due to the resurgence of COVID-19, disruption to the global economy caused by unstable international political conditions, and the addition of a weaker yen to high resource prices in advanced economies.」
In addition to the existing uncertainty surrounding international political conditions and resource prices, explicitly identifies yen depreciation and states that the outlook for the global and domestic economies is uncertain. - FY2023-Q1RestatedAnnual report
「In addition, the situation remains one requiring continued close attention to factors including disruption to the global economy caused by unstable international political conditions and soaring resource prices in developed countries.」
Continues to identify unstable international political conditions, disruption to the global economy and soaring resource prices as factors contributing to an uncertain outlook. - FY2022WorsenedAnnual report
「In addition, the situation remains one requiring continued close attention to factors including disruption to the global economy caused by unstable international political conditions and soaring resource prices in developed countries.」
In addition to the existing risks from COVID-19 and trade friction, identifies unstable international political conditions, disruption to the global economy and soaring resource prices as factors contributing to an uncertain outlook. - FY2022-Q2WorsenedAnnual report
「During the cumulative consolidated second quarter under review, Japan's economy remained in a very difficult situation due to repeated declarations of a state of emergency in response to COVID-19. Although the number of infections began to trend downward after vaccinations started, it began to rise again as a new Delta variant spread, and the situation remains such that an end to the pandemic cannot yet be foreseen.」
Uncertainty about the outlook for economic activity continues due to the resurgence of COVID-19 and the spread of the Delta variant. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter of the consolidated fiscal year, the Japanese economy remained in a difficult situation due to the global spread of COVID-19. Although the economic environment showed signs of a temporary recovery, the subsequent resurgence of infections led to Tokyo's fourth declaration of a state of emergency, leaving the outlook uncertain.」
Identifies the resurgence of infections and Tokyo's fourth declaration of a state of emergency, and states that difficult economic conditions and uncertainty about the outlook continue. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter of the consolidated fiscal year, the Japanese economy showed signs of falling back again after having begun to recover, as the number of people infected with COVID-19 began to rise sharply again. Meanwhile, uncertainty about the outlook for the global economy due to the pandemic continued to increase」
States that a renewed increase in COVID-19 cases and a further downturn in the economy, together with growing uncertainty about the global outlook due to the pandemic, - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter of the consolidated fiscal year, downside risks to the global economy increased further due to factors including the continuing impact of COVID-19, which showed no sign of abating, trade tensions between the United States and China, and the slowdown in the European economy amid Brexit-related issues.」
Identifies COVID-19, US-China tensions and the slowdown in the European economy associated with Brexit, and states that downside risks to the global economy increased further. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter of the consolidated fiscal year, the Japanese economy was forced into a significant stagnation of economic activity due to the global spread of COVID-19. Although the state of emergency in Japan had been lifted as of the disclosure date, there was still no prospect of a complete resolution, and the impact on the economy was expected to persist for an extended period.」
States that COVID-19 caused a significant stagnation in economic activity and that its impact is expected to persist, indicating increasing uncertainty about the outlook. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, the global economy remained subject to an uncertain outlook due to factors including developments in US-China trade friction, progress on the UK's withdrawal from the EU, geopolitical risks in the Middle East and the spread of a novel coronavirus originating in China.」
In addition to the existing US-China trade friction and geopolitical risks, explicitly identifies the spread of the novel coronavirus as a factor contributing to an uncertain outlook. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter of the consolidated fiscal year, downside risks to the global economy increased further due to factors including trade tensions between the United States and China and the resulting stagnation of the Chinese economy, as well as the slowdown in the European economy amid Brexit-related issues.」
Identifies US-China trade tensions, stagnation in the Chinese economy and the slowdown in the European economy associated with Brexit, and states that downside risks to the global economy increased further. - FY2020-Q1RestatedAnnual report
「Meanwhile, the economic outlook remains uncertain due to the US government's pursuit of protectionist policies.」
Reiterates uncertainty about the economic outlook resulting from US protectionist policies as an ongoing external risk. - FY2019WorsenedAnnual report
「During the consolidated fiscal year, downside risks to the global economy increased due to factors including the growing trend toward protectionism and the slowdown in the Chinese and emerging-market economies.」
In addition to the existing trade friction and geopolitical risks, identifies the slowdown in the Chinese and emerging-market economies and states that downside risks to the global economy increased. - FY2019-Q3RestatedAnnual report
「Meanwhile, uncertainty about the outlook continues due to factors including US-China trade friction and heightened concerns surrounding the Korean Peninsula.」
Reiterates US-China trade friction and concerns surrounding the Korean Peninsula as factors contributing to an uncertain outlook. - FY2019-Q2RestatedAnnual report
「Meanwhile, concerns over the impact of trade friction resulting from US trade policy and geopolitical risks in various countries have left the outlook uncertain.」
Reiterates trade friction resulting from US trade policy and geopolitical risks in various countries as factors contributing to an uncertain outlook. - FY2019-Q1First statedAnnual report
「Meanwhile, the outlook remains uncertain due to factors including escalating trade friction associated with the US protectionist trade policies of concern and rising geopolitical risks in the Middle East and East Asia.」
For the first time, identifies trade friction associated with US protectionism and geopolitical risks in the Middle East and East Asia as factors contributing to an uncertain outlook.