Uncertainty over the economic outlook due to China's economic slowdown and political instability in Europe and the Middle East
First written in FY2017-Q1. 18 of 29 entries say "Worsened", first in FY2017-Q3. Latest entry: 2026-11-13.
Yamaki moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 84 of 98 companies on the "Worse" side.
26 other companies' latest entry also says "Worsened".
- 2026-11-13WorsenedResults
「米国の通商政策の動向や世界情勢の不確実性の高まり等により、先行きは依然として不透明な状況にあります。」
米国の通商政策と世界情勢の不確実性を、先行きの不透明要因として記載している。 - FY2026WorsenedAnnual report
「The global economy remained uncertain due to persistently high raw material and energy prices, uncertainty surrounding monetary policies in various countries, and continued geopolitical risks.」
Persistently high raw material and energy prices, uncertainty surrounding monetary policy, and continued geopolitical risks were cited, and the outlook remained uncertain. - 2026-06-03WorsenedGeneral Meetings of Shareholders
「The global economy remained uncertain due to persistently high raw material and energy prices, uncertainty surrounding monetary policies in various countries, and continued geopolitical risks.」
原材料・エネルギー価格、金融政策、地政学的リスクによる不透明感の継続を記載している。 - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, Japan's economy continued to show signs of improvement in employment and income. However, in the global economy, uncertainty was increasing due to trends in trade policy among major countries, particularly the United States, prolonged instability in international conditions, the impact on raw material and energy prices, and monetary policy in various countries, leading to a growing cautious view of economic conditions.」
Economic uncertainty increased due to trade policies among major countries, unstable international conditions, raw material and energy prices, and monetary policies in various countries. - FY2025WorsenedAnnual report
「At the same time, concerns about the outlook for the Chinese economy, prolonged geopolitical risks, and future US policy trends raised concerns about downside risks to the economy.」
Concerns about the outlook for the Chinese economy, prolonged geopolitical risks, and US policy trends have newly been identified as downside factors for the economy. - FY2024-Q3RestatedAnnual report
「During the first 3 quarters of the fiscal year, Japan's economy was moving toward normalization, with the lifting of restrictions on activities supporting a recovery in private consumption and inbound demand. At the same time, inflation resulting from soaring energy and raw material prices caused by international conditions and exchange-rate fluctuations was affecting consumer sentiment and corporate activity, and uncertainty continued.」
While the lifting of restrictions on activities supported a recovery in private consumption and inbound demand, uncertainty continued due to soaring energy and raw material prices, exchange-rate fluctuations, and rising prices. - FY2024-Q1ReframedAnnual report
「During the first quarter of the fiscal year, Japan's economy was expected to see a recovery in the services sector due to the shift in economic policy toward living with COVID-19 and the revival of inbound demand following the easing of border control measures. At the same time, prices were expected to remain elevated due to soaring energy costs, higher raw material prices, particularly for food products, and the impact of passing on costs resulting from the sharp depreciation of the yen against the US dollar.」
The focus has shifted from the previous assessment of the external environment, centered on infectious diseases, geopolitics, and trade friction, to an assessment that highlights recovery factors from living with COVID-19 and inbound demand while expressing concern about continued soaring energy and raw material prices, yen depreciation, and high prices. - FY2023WorsenedAnnual report
「While policy shifts toward living with COVID-19 moved social and economic activity toward normalization, the outlook remained uncertain because of inflation caused by soaring energy and raw-material prices associated with the prolonged situation in Ukraine and rapid yen depreciation against the US dollar.」
While restrictions related to infectious diseases have eased, the situation in Ukraine, soaring energy and raw material prices, the sharp depreciation of the yen against the US dollar, and rising prices have emerged as new external environmental factors, and uncertainty about the outlook continues. - FY2023-Q3WorsenedAnnual report
「During the first 9 months of the fiscal year (1 April 2022 to 31 December 2022), Japan's economy remained uncertain. Although the COVID-19 situation had begun to settle, infections spread during November and December as the eighth wave emerged.」
The disclosure states that, although the infection situation temporarily eased, infections spread during November and December 2022 in the eighth wave, and uncertainty in the economic environment persisted. - FY2023-Q2WorsenedAnnual report
「During the first 6 months of the fiscal year, Japan's economy showed some signs of recovery as restrictions on activity related to COVID-19 were eased, but the outlook remained uncertain because of soaring raw-material prices, a rapid weakening of the yen against the US dollar, and rising energy prices due to the situation in Ukraine.」
While noting signs of an economic recovery following the easing of activity restrictions, the disclosure identifies raw-material prices, rapid yen depreciation against the US dollar, and energy-price increases caused by the situation in Ukraine as new sources of uncertainty. - FY2023-Q1WorsenedAnnual report
「During the first 3 months of the fiscal year, Japan's economy showed some signs of recovery as restrictions on activity related to COVID-19 were eased, but the outlook remained uncertain because of soaring raw-material prices, a rapid weakening of the yen against the US dollar, and the situation in Ukraine.」
While noting signs of a recovery following the easing of activity restrictions, the disclosure identifies raw-material prices, yen depreciation against the US dollar, and the situation in Ukraine as new sources of uncertainty, increasing uncertainty in the external environment. - FY2022-Q2WorsenedAnnual report
「During the first 6 months of the fiscal year (1 April 2021 to 30 September 2021), Japan's economy remained in a difficult situation as the impact of COVID-19 continued and infections spread through more transmissible variants. Although a decline in the number of infected people was expected as vaccinations took effect, the impact of infection trends on the economy remained significant, raising concerns that sluggish personal consumption would persist over an extended period.」
The disclosure points to the spread of infections caused by variants and concerns over prolonged weakness in personal consumption, again emphasizing the uncertainty and difficult economic environment. - FY2022-Q1RestatedAnnual report
「During the first 3 months of the fiscal year (1 April 2021 to 30 June 2021), Japan's economy remained uncertain, as much of the market's functioning was constrained by the continued spread of COVID-19, repeated declarations of a state of emergency, and the intermittent application of priority preventive measures.」
The view that the spread of infectious diseases and measures such as the declarations of a state of emergency constrained the functioning of the market, leaving the economic outlook uncertain, is reaffirmed. - FY2021WorsenedAnnual report
「During the consolidated fiscal year (1 April 2019 to 31 March 2020), Japan's economy faced a difficult outlook as domestic demand declined following the consumption tax increase, while demand also fell because of the global spread of the novel coronavirus and the global economy slowed due to prolonged US-China trade friction.」
Against a backdrop of the consumption tax increase, the spread of infectious diseases, and prolonged US-China trade friction, the economic outlook is described as difficult. - FY2020WorsenedAnnual report
「During the consolidated fiscal year (1 April 2019 to 31 March 2020), Japan's economy faced a difficult outlook as domestic demand declined following the consumption tax increase, while demand also fell because of the global spread of the novel coronavirus and the global economy slowed due to prolonged US-China trade friction.」
The disclosure states that the domestic economic outlook was difficult, citing the consumption tax increase, the global spread of the novel coronavirus, and prolonged US-China trade friction. - FY2020-Q3WorsenedAnnual report
「During the first 9 months of the fiscal year (1 April 2019 to 31 December 2019), Japan's economy remained in a situation of persistent uncertainty over the domestic outlook, as the impact of the consumption tax increase and the global economic slowdown caused by prolonged US-China trade friction began to weigh on the economy, despite solid employment and income conditions.」
The disclosure specifically identifies the impact of the consumption tax increase and the global economic slowdown caused by prolonged US-China trade friction, stating that uncertainty over the outlook for the domestic economy persisted. - FY2020-Q1WorsenedAnnual report
「During the first 3 months of the fiscal year (1 April 2019 to 30 June 2019), Japan's economy remained in an uncertain environment, owing to heightened US-China tensions in trade and technology and the issue of the UK's withdrawal from the EU. Domestic personal consumption also failed to achieve a full-fledged recovery, as weak consumer sentiment, changes in the market structure, and unseasonable weather acted as downward pressures.」
The disclosure newly highlights heightened US-China tensions in trade and technology and the UK's withdrawal from the EU, and explains that domestic personal consumption had not reached a full recovery because of weak consumer sentiment and other factors. - FY2019WorsenedAnnual report
「During the consolidated fiscal year, Japan's economy faced an uncertain outlook as a result of the trade dispute and tariff increases between the US and China, a worldwide deterioration in economic sentiment, tighter financial markets in major countries, and increasing policy uncertainty in many countries.」
In addition to the US-China trade dispute and tariff increases, the disclosure cites a worldwide deterioration in economic sentiment, tighter financial markets, and policy uncertainty as factors increasing uncertainty over the outlook. - FY2019-Q3WorsenedAnnual report
「During the first 9 months of the fiscal year (1 April 2018 to 31 December 2018), Japan's economy became increasingly uncertain as trade showed signs of levelling off due to US-China trade friction and previously solid corporate performance began to show weakness. Overseas, the US economy remained strong, but the Chinese and emerging-market economies were seriously affected by trade friction and US interest-rate hikes.」
The disclosure states that corporate performance began to show weakness because of US-China trade friction, increasing uncertainty over the outlook. The impact on the Chinese and emerging-market economies is described as serious. - FY2019-Q2RestatedAnnual report
「During the first 6 months of the fiscal year (1 April 2018 to 30 September 2018), Japan's economy continued on a gradual improvement trend, supported by the recovery in corporate performance and improvements in employment conditions, despite concerns over the outlook due to escalating trade friction resulting from US policies. Overseas economies, including those in Asia, also generally remained strong, led by the US and China. Domestic personal consumption in Japan, however, remained far from a full-fledged recovery, as the preference for thrift remained entrenched.」
While citing concerns over the outlook due to trade friction, the disclosure reiterates that corporate performance and employment were improving, whereas domestic personal consumption remained far from a full recovery because of a persistent preference for thrift. - FY2019-Q1WorsenedAnnual report
「During the first 3 months of the fiscal year (1 April to 30 June 2018), Japan's economy continued on a gradual improvement trend, supported by the recovery in corporate performance, particularly among export-related companies, and improvements in employment conditions, despite concerns over the outlook due to escalating trade friction. However, domestic personal consumption remained far from a full-fledged recovery, as the preference for thrift remained entrenched.」
The disclosure describes corporate performance and employment as improving, while newly highlighting concerns over the outlook due to escalating trade friction and stating that domestic personal consumption remained far from a full recovery because of a persistent preference for thrift. - FY2018RestatedAnnual report
「During the consolidated fiscal year, Japan's economy continued on a gradual recovery trend, with corporate performance improving against a backdrop of strong US and European economies, despite increased uncertainty arising from US economic policy and geopolitical risks. Personal consumption, meanwhile, remained far from a full-fledged recovery: high-value products performed well owing to the wealth effect of rising share prices and inbound consumption, but employees' disposable income had not improved significantly and the preference for low prices continued.」
The view that overseas economies and corporate performance were gradually recovering is reaffirmed, along with the uncertainty caused by US economic policy and geopolitical risks and the delayed recovery and persistent preference for low prices in domestic personal consumption. - FY2018-Q3RestatedAnnual report
「During the first 9 months of the fiscal year (1 April 2017 to 31 December 2017), Japan's economy continued on a gradual improvement trend, supported by strong Western economies and the recovery in corporate performance, particularly among companies involved in capital investment and exports. Domestic personal consumption in Japan showed signs of recovery in high-value products against a backdrop of rising share prices, but a preference for low prices remained entrenched, leaving consumption far from a full-fledged recovery.」
The view that overseas economies and corporate performance were gradually improving, while domestic personal consumption remained far from a full recovery because of a persistent preference for low prices, is reiterated. - FY2018-Q2RestatedAnnual report
「Although domestic personal consumption in Japan showed signs of recovery in high-value products against a backdrop of rising share prices, it remained far from a full-fledged recovery.」
The view that corporate performance and overseas economies were on a gradual improvement and expansion trend, while domestic personal consumption in Japan had not reached a full recovery, is reiterated. - FY2018-Q1RestatedAnnual report
「During the first quarter of the consolidated fiscal year (1 April to 30 June 2017), Japan's economy continued on a gradual improvement trend, supported by improving corporate performance, particularly among export-related companies, and improvements in employment conditions. Overseas economies, including those in Asia, also generally remained strong, led by the US and European economies. However, domestic personal consumption in Japan remained far from a full-fledged recovery.」
The view that the global economy was generally strong and the domestic economy was gradually improving, while domestic personal consumption in Japan had not reached a full recovery, is reiterated. - FY2017ReframedAnnual report
「During the consolidated fiscal year ended 31 March 2017 (1 April 2016 to 31 March 2017), the global economy continued on a gradual recovery track, as the expansion of the US economy had a positive effect on the European and Asian economies. Meanwhile, the foreign exchange market reacted sensitively to policy announcements by the new US administration, and currency volatility risk suddenly increased toward the second half of the fiscal year. In Japan, the recovery in personal consumption remained weak, but corporate performance improved on the back of overseas economic expansion and a weaker yen, and the economy as a whole continued on a gradual recovery track.」
The focus of risk has shifted from the uncertainty in the previous fiscal year, centered on China's economic slowdown and political instability in Europe and the Middle East, to a gradual recovery in the global and domestic economies, foreign exchange volatility triggered by the new US administration, and weak personal consumption. - FY2017-Q3WorsenedAnnual report
「Expectations and concerns over the outlook became intertwined, owing to China's economic slowdown and the results of the US presidential election, while the foreign exchange market also fluctuated significantly, increasing uncertainty over political and economic conditions.」
The disclosure states that uncertainty over political and economic conditions increased against a backdrop of China's economic slowdown, the results of the US presidential election, and significant fluctuations in foreign exchange markets. - FY2017-Q2RestatedAnnual report
「However, the situation remained marked by persistent uncertainty over the outlook, owing to falling share prices attributable to China's economic slowdown and the UK's withdrawal from the EU, as well as the trend toward a rapid strengthening of the yen against the US dollar. Domestic personal consumption also remained without any significant improvement.」
Persistent uncertainty over the outlook and sluggish personal consumption, against a backdrop of China's economic slowdown, the UK's withdrawal from the EU, and yen appreciation against the US dollar, continue to be cited. - FY2017-Q1First statedAnnual report
「Against a backdrop of concerns over a slowdown in China's economy and political instability in Europe and the Middle East, the yen strengthened against the US dollar, increasing uncertainty over the outlook for corporate performance, particularly among large companies. Personal consumption also remained broadly unchanged, with no significant improvement partly because inbound demand had levelled off.」
Uncertainty surrounding the economy and personal consumption, driven by concerns over China's economic slowdown, political instability in Europe and the Middle East, and the levelling off of inbound demand, is identified as a new external risk.