Concerns About U.S. Protectionist Policies and Intensifying Trade Frictions
First written in FY2019-Q1. 15 of 27 entries say "Worsened", first in FY2019-Q3. Latest entry: 2026-08-06.
Tokai Senko K.K. 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".
- 2026-08-06WorsenedEarnings
「At the same time, concerns over continuing instability in the Middle East and rising energy and raw material prices accompanying the yen's depreciation have increased the uncertainty surrounding the outlook.」
Regarding the external environment, the Company cited concerns over rising energy and raw material prices and increased uncertainty about the outlook. - FY2026WorsenedAnnual report
「Overseas, at the Indonesian subsidiary, inexpensive products from China have flowed into the market under the influence of U.S. trade policy, market conditions have stagnated, and a challenging order environment has continued.」
US trade policy and the inflow of inexpensive products from China emerged as specific factors behind stagnant market conditions and a deterioration in the order environment in Indonesia. - 2026-06-04RestatedGeneral Meetings of Shareholders
「Concerns remain over the trade policies of various countries, foreign exchange trends, and rising energy prices and logistics costs amid heightened tensions in the Middle East, leaving the outlook uncertain.」
The Company continued to identify external environmental risks, including trade policies, foreign exchange, energy prices and logistics costs. - FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period, Japan's economy was supported by improving employment and income conditions and increased inbound demand. However, many concerns were also evident, including a slowdown in overseas economies affected by the trade policies of various countries, the impact of the yen's depreciation, and downward pressure on consumer sentiment from higher food prices, and uncertainty about the outlook remained high.」
While improvements in employment and income conditions and inbound demand were indicated, the trade policies of various countries, the slowdown in overseas economies, yen depreciation and pressure on consumer sentiment from higher prices continued to be cited as external-environment risks. - FY2025WorsenedAnnual report
「Meanwhile, the outlook for the economy remains uncertain due to the prolonged instability of international conditions and the sluggish Chinese economy, as well as the effects of higher prices and US policies to raise tariffs.」
In addition to the previous concerns over trade friction and the slowdown in the Chinese economy, US policies to raise tariffs and higher prices were explicitly identified as external-environment risks. - FY2024Economic normalization alongside external-environment risksAnnual report
「In Japan, social and economic activity recovered after COVID-19 was reclassified as a Class 5 infectious disease, and the economy continued to recover moderately as inbound consumption increased with the rise in visitors to Japan and capital investment trended upward against a backdrop of solid corporate performance. However, many uncertainties remain, including prolonged international instability, soaring resource and energy prices associated with the yen's depreciation, and the outlook for the Chinese economy and the US presidential election, and the outlook remains uncertain.」
While the recovery in the economy, consumption and capital investment following the reclassification of COVID-19 to a Class 5 infectious disease was indicated, international conditions, yen depreciation, resource prices and the Chinese economy continued to be cited as risks. - FY2024-Q3Economic normalization with continued external-environment risksAnnual report
「During the third quarter of the fiscal year, Japan's economy continued to recover moderately as economic and social activity normalized following the reclassification of COVID-19 to a Class 5 infectious disease, and investment in DX, decarbonization, and labor-saving and automation equipment advanced. Meanwhile, the outlook remained uncertain due to heightened international tensions, higher prices associated with the yen's depreciation, soaring resource and energy prices, and concerns over the outlook for the Chinese economy.」
While economic normalization and recovery driven by the reclassification of COVID-19 to a Class 5 infectious disease and capital investment were indicated, concerns over international conditions, yen depreciation, resource and energy prices, and the Chinese economy persisted. - FY2024-Q2Economic normalization with continued external-environment risksAnnual report
「During the second quarter of the fiscal year, Japan's economy continued to recover moderately as economic and social activity normalized following the reclassification of COVID-19 to a Class 5 infectious disease, private consumption expanded, inbound consumption became more active, and capital investment in digitalization, decarbonization and labor-saving and automation advanced. However, the outlook remained uncertain due to the slowdown in the Chinese economy, soaring resource and energy prices resulting from the prolonged Russian invasion of Ukraine, higher prices associated with the yen's depreciation, and concerns over an economic slowdown caused by global monetary tightening.」
While the normalization of economic and social activity after COVID-19 and increased private and inbound consumption were indicated, the slowdown in the Chinese economy, high resource and energy prices, yen depreciation and uncertainty caused by monetary tightening were also cited. - FY2024-Q1Economic normalization alongside high costs and concerns over a slowdown overseasAnnual report
「During the first quarter of the fiscal year, Japan's economy continued to recover moderately as economic and social activity normalized after the COVID-19 pandemic, private consumption expanded due to wage increases, people flows became more active, and companies pursued pent-up investment as well as capital investment in digital transformation and decarbonization. However, the outlook remained uncertain due to soaring resource and energy prices caused by climate change, including extreme heat, and heightened geopolitical risks, higher prices associated with the yen's depreciation, and concerns over a slowdown in overseas economies resulting from global monetary tightening.」
While the normalization of economic and social activity after the COVID-19 pandemic and the recovery in private consumption and capital investment were indicated, climate change, geopolitical risks, soaring resource and energy prices, yen depreciation and concerns over a slowdown in overseas economies were also cited. - FY2023-Q3WorsenedAnnual report
「During the third quarter of the fiscal year, Japan's economy continued to face an uncertain outlook due to the prolonged impact of COVID-19, the situation involving Russia and Ukraine, soaring raw material and energy prices, supply chain disruptions, higher prices associated with the yen's depreciation, and concerns over an economic recession caused by monetary tightening in Europe and the United States.」
In addition to the previous risks from COVID-19, geopolitical developments, high raw material prices, supply chain disruptions and yen depreciation, concerns over an economic recession caused by monetary tightening in Europe and the United States were indicated, broadening the risks to the economic environment. - FY2023-Q2WorsenedAnnual report
「During the second quarter of the current consolidated fiscal year, Japan's economy remained challenging due to rising prices for raw materials and energy stemming from geopolitical risks and supply chain disruptions, as well as mounting inflationary pressure associated with the rapid depreciation of the yen.」
In addition to geopolitical risks and supply chain disruptions, inflationary pressure from the rapid depreciation of the yen has emerged, and the challenging economic environment continues. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy remained challenging due to the global surge in raw material and energy prices associated with the prolonged situation involving Russia and Ukraine, as well as rising prices resulting from the rapid depreciation of the yen.」
In addition to the previous concerns over COVID-19 and trade friction, the situation involving Russia and Ukraine, soaring raw material and energy prices, and inflation caused by the sharp depreciation of the yen were indicated as risks to the economic environment. - FY2022WorsenedAnnual report
「Energy prices have risen further, partly due to Russia's invasion of Ukraine, and the outlook remains uncertain.」
In addition to the previous risks from COVID-19 and trade friction, Russia's invasion of Ukraine and higher energy prices have been added as risks to the economic environment. - FY2022-Q3WorsenedAnnual report
「During the cumulative nine-month period under review, the Japanese economy remained uncertain. Although expectations for the resumption and recovery of economic activity rose as vaccination against COVID-19 progressed and restrictions were eased, as well as for a recovery in corporate investment and production, the outlook remained uncertain due to sharp global increases in crude oil and raw material prices, the spread of the Omicron variant and concerns over a sixth wave of infections in Japan.」
In addition to the previous risks from trade friction and COVID-19, concerns over the Omicron variant and Japan's sixth wave of infections, together with a sharp rise in crude oil and raw material prices, heightened uncertainty about the economic environment. - FY2022-Q2Continued activity restrictions alongside expectations for recoveryAnnual report
「Concerns over a delayed economic recovery continue as states of emergency and priority preventive measures have been reimposed following the emergence of variants and other developments. However, economic recovery is expected to gain momentum from October onward as states of emergency are lifted, vaccination rates rise and infection-prevention measures become more widespread.」
While concerns were expressed over delays to the economic recovery due to resurgent infections and activity restrictions, expectations for a recovery following the lifting of the state of emergency and an increase in vaccination rates were also indicated. - FY2022-Q1Expectations for recovery and continued activity restrictionsAnnual report
「In the longer term, signs of recovery, particularly in private consumption, are expected as vaccination accelerates. For the time being, however, restrictions on activity as a measure to prevent the spread of COVID-19 will weigh on the economy, making a recovery in consumption unlikely, and challenging conditions will continue.」
While long-term expectations for a recovery driven by vaccinations were indicated, the view that a recovery in consumption is unlikely for the time being due to activity restrictions continues. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the fiscal year, Japan's economic and social activity stagnated substantially due to the global spread of COVID-19. In addition, there was still no sign that the pandemic had subsided because of intermittent resurgences of infections, and challenging conditions continued.」
The global spread of COVID-19, intermittent resurgences of infections and the absence of signs that the pandemic had subsided were indicated, and the risk of stagnation in economic and social activity became more serious. - FY2021-Q2WorsenedAnnual report
「During the second quarter of the fiscal year, Japan's economic and social activity stagnated substantially due to the global spread of COVID-19. Although economic activity began to resume from June, there was still no sign that the pandemic had subsided, and challenging conditions continued.」
In addition to the previous risks of trade friction and a slowdown in overseas economies, the stagnation of economic and social activity caused by the global spread of COVID-19 and the delay in its containment continue. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, Japan's economy showed signs of rapidly deteriorating as economic and social activity stagnated due to the spread of COVID-19, and extremely challenging conditions continued.」
In addition to the previous concerns over trade friction and the slowdown in the Chinese economy, the spread of COVID-19 caused economic and social activity to stagnate, creating an extremely challenging domestic economic environment. - FY2020WorsenedAnnual report
「As the global economy rapidly contracted due to the impact of the COVID-19 pandemic, the domestic economy also declined sharply because of reduced inbound demand, sluggish consumption resulting from requests to refrain from going out and deteriorating corporate earnings. Although the economy is expected to return to a recovery trend after the pandemic subsides, a V-shaped recovery is not expected, and conditions are expected to remain below pre-pandemic levels for an extended period, making the future business environment even more challenging.」
In addition to the previous risks of US-China trade friction and a slowdown in the Chinese economy, the contraction of the global economy due to COVID-19, sluggish domestic consumption, deteriorating corporate earnings and the prospect of a prolonged impact were indicated. - FY2020-Q3RestatedAnnual report
「During the third quarter of the fiscal year, Japan's economy continued to face an uncertain outlook, although employment and income conditions continued to improve moderately, due to concerns over prolonged US-China trade friction and the slowdown in the global economy, including China.」
Continued recognition of uncertainty about the outlook due to concerns over prolonged US-China trade friction and the slowdown in the global economy, including China. - FY2020-Q2WorsenedAnnual report
「In addition to escalating US-China trade friction and the slowdown in overseas economies, concerns over sluggish consumption and a stronger preference for saving due to the consumption tax increase remain, and the outlook continues to be uncertain.」
In addition to US-China trade friction and the slowdown in overseas economies, concerns over sluggish domestic consumption and a stronger preference for saving due to the consumption tax increase have broadened recognition of risks to the economic environment. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, Japan's economy continued to recover moderately, supported by improving employment and income conditions. However, overseas conditions deteriorated due to escalating US-China trade friction and the slowdown in the Chinese economy, and the outlook remained uncertain.」
It was recognized that overseas conditions had deteriorated due to escalating US-China trade friction and the slowdown in the Chinese economy, indicating that the risk had become more serious than the previous concerns over trade friction. - FY2019RestatedAnnual report
「The risk of downside pressure on the global economy has increased due to economic contraction caused by trade friction and the slowdown in the Chinese economy, and uncertainty about the outlook has increased.」
The downside risk to the global economy from trade friction and the slowdown in the Chinese economy continues to be recognized. - FY2019-Q3WorsenedAnnual report
「During the third quarter of the fiscal year, Japan's economy continued to recover moderately, supported by solid corporate earnings and improvements in employment and income conditions. However, the prolonged US-China trade war and the resulting slowdown in the Chinese economy became increasingly evident, and the outlook remained uncertain.」
Risk awareness has intensified from the previous concerns over US trade policy to the prolonged US-China trade war and the increasingly evident slowdown in the Chinese economy. - FY2019-Q2RestatedAnnual report
「Against a backdrop of solid corporate earnings, improving capital investment sentiment, better employment conditions and continued growth in private consumption, the economy continued to recover moderately, although US trade policy posed a downside risk.」
The downside risk to the economy from US trade policy continues to be recognized. - FY2019-Q1First statedAnnual report
「Although concerns remain over US protectionist policies and the resulting escalation in trade friction,」
It was stated for the first time, as part of the economic environment, that concerns over US protectionist policies and the resulting escalation in trade friction exist.