Risk of disruption and stagnation in the global economy due to intensifying U.S. protectionism
First written in FY2019-Q1. 16 of 29 entries say "Worsened", first in FY2019-Q3. Latest entry: 2026-08-12.
Techno Mathematical 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.
65 other companies' latest entry also says "Restated".
- 2026-08-12RestatedEarnings
「Russia's invasion of Ukraine has continued without reaching a clear resolution, while the outcome of the ceasefire agreement between the United States and Iran concerning the situation in the Middle East also remains uncertain. Concerns about a resurgence of inflation due to soaring energy and food prices and other factors could not be dispelled, and conditions remained marked by significant uncertainty about the outlook.」
The situations in Ukraine and the Middle East and concerns about a resurgence of inflation continued to be reported as external-environment risks. - FY2026WorsenedAnnual report
「Conditions in the Middle East also cannot be viewed optimistically, as the US and Israel have carried out attacks on Iran. Concerns over a resurgence of inflation caused by soaring energy and food prices have not been dispelled, and the outlook remained highly uncertain amid concern over the impact of US President Trump’s tariff policy on the economies of various countries.」
In addition to the previously cited concerns over the invasion of Ukraine, conditions in the Middle East, inflation, and tariff policies, attacks on Iran by the US and Israel are explicitly identified, indicating increased geopolitical risks in the external environment. - 2026-06-02RestatedGeneral Meetings of Shareholders
「Concerns about a resurgence of inflation due to soaring energy and food prices and other factors could not be dispelled. In addition, the outlook remained highly uncertain because of the potential impact of tariff policies under U.S. President Trump on economies around the world.」
Concerns about a resurgence of inflation and the impact of U.S. tariff policies on economies around the world remained external-environment concerns. - FY2026-H1RestatedAnnual report
「Looking overseas, the US and EU began seeking a soft landing by cutting policy rates against a backdrop of deteriorating labor markets and expectations of easing inflationary pressure. China also began efforts to contain the deterioration in sentiment caused by the sluggish property market and declining personal consumption through measures including rate cuts. Meanwhile, Russia’s invasion of Ukraine, which began in February 2022, and the deterioration in the Middle East situation resulting from the military conflict between Israel and Hamas have continued without appearing close to resolution. Concerns over a resurgence of inflation caused by soaring energy and food prices have not been dispelled, and the outlook remained highly uncertain amid concern over the impact of US President Trump’s reciprocal tariff policy on the economies of various countries.」
While the US, EU, and China have begun measures to contain economic deterioration, the invasion of Ukraine, conditions in the Middle East, a resurgence of inflation, and the impact of reciprocal tariff policies continue to be cited as concerns in the external environment. - FY2025WorsenedAnnual report
「Regarding the near-term operating environment, although conditions are expected to improve as the invasion of Ukraine by Russia and the conflict in the Middle East come to an end, there are concerns that, depending on developments in US President Trump’s reciprocal tariff policy, the global economy could slow and stagnate while also coming under inflationary pressure.」
In addition to the previously cited geopolitical and inflation concerns, the slowdown and stagnation of the global economy and inflationary pressure resulting from the US reciprocal tariff policy are newly identified as concerns. - FY2025-H1RestatedAnnual report
「Looking overseas, the US and EU began seeking a soft landing by cutting policy rates against a backdrop of deteriorating labor markets and expectations of easing inflationary pressure. China also began efforts to contain the deterioration in sentiment caused by the sluggish property market and declining personal consumption through measures including rate cuts. Meanwhile, Russia’s invasion of Ukraine, which began in February 2022, shows no sign of ending, and the military conflict between Israel and Hamas has worsened conditions in the Middle East. Concerns over a resurgence of inflation caused by soaring energy and food prices have not been dispelled, leaving considerable uncertainty over the outlook.」
While the US, EU, and China have begun measures to contain economic deterioration, the invasion of Ukraine, worsening conditions in the Middle East, and concerns over a resurgence of inflation continue to be cited. - FY2024RestatedAnnual report
「Looking overseas, domestic demand in the US, led by personal consumption, remained firm, while Germany, the core economy in Europe, remained sluggish. In China, sentiment deteriorated owing to the sluggish property market and declining personal consumption, leaving the outlook uncertain. Russia’s invasion of Ukraine, which began in February 2022, shows no sign of ending, and the military conflict between Israel and Hamas has further worsened conditions in the Middle East. Energy and food prices remain high, while the effects of interest-rate hikes by central banks in various countries have raised concerns over an economic slowdown, leaving considerable uncertainty over the outlook.」
The deterioration in the Chinese economy and the prolonged invasion of Ukraine are cited, along with the deterioration in the Middle East situation resulting from the military conflict between Israel and Hamas, indicating continuing and growing uncertainty over the outlook for overseas economies. - FY2024-Q3WorsenedAnnual report
「Looking overseas, domestic demand in the US, led by personal consumption, remained firm, while Germany, the core economy in Europe, remained sluggish. In China, sentiment deteriorated owing to the sluggish property market and declining personal consumption, leaving the outlook uncertain. Russia’s invasion of Ukraine, which began in February last year, shows no sign of ending, and the military conflict between Israel and Hamas has further worsened conditions in the Middle East. Energy and food prices remain high, while the effects of interest-rate hikes by central banks in various countries have raised concerns over an economic slowdown, leaving considerable uncertainty over the outlook.」
The sluggish Chinese property market, declining personal consumption, and the prolonged invasion of Ukraine continue to be cited, while the deterioration in the Middle East situation resulting from the military conflict between Israel and Hamas is newly identified. - FY2024-Q2WorsenedAnnual report
「Looking overseas, labor supply and demand have remained tight in the US and Europe, while the Chinese economy remains uncertain as sentiment deteriorates owing to the sluggish property market. Russia’s invasion of Ukraine, which began in February last year, shows no sign of ending, and soaring prices caused by higher energy and food prices, together with interest-rate hikes by central banks in various countries, have raised concerns over recession, leaving considerable uncertainty over the outlook.」
The deterioration in sentiment resulting from the sluggish Chinese property market, the prolonged invasion of Ukraine, and concerns over recession caused by inflation and interest-rate hikes are cited, indicating continuing and growing uncertainty over the outlook for overseas economies. - FY2024-Q1RestatedAnnual report
「Looking overseas, the US and Europe have returned to normal economic operations. However, the outlook remains uncertain, as renewed infections caused by disease variants are spreading in China following changes to its zero-COVID policy. Russia’s invasion of Ukraine, which began in February last year, shows no sign of ending, while soaring energy and food prices, accelerating inflation caused by supply-chain disruptions, and interest-rate hikes by central banks in various countries have raised concerns over recession, leaving considerable uncertainty over the outlook.」
Renewed infections in China, the prolonged invasion of Ukraine, soaring energy and food prices, supply-chain disruptions, and concerns over recession caused by inflation and interest-rate hikes continue to be cited. - FY2023WorsenedAnnual report
「Russia’s invasion of Ukraine, which began in February last year, shows no sign of ending. Soaring energy and food prices, accelerating inflation caused by supply-chain disruptions, and interest-rate hikes by central banks in various countries have raised concerns over recession, leaving considerable uncertainty over the outlook.」
The prolonged invasion of Ukraine, soaring energy and food prices, supply-chain disruptions, accelerating inflation, interest-rate hikes in various countries, and concerns over recession continue to be cited as sources of uncertainty in the external environment. - FY2023-Q2WorsenedAnnual report
「Looking overseas, the US and Europe have lifted various restrictions implemented to contain COVID-19 and returned to normal economic operations. However, the outlook remains uncertain, as some Chinese cities have been locked down following renewed infections caused by disease variants. In addition, the prolonged economic disruption resulting from Russia’s invasion of Ukraine, which began in February, has raised concerns over soaring energy and food prices, accelerating inflation caused by supply-chain disruptions, and recessions resulting from interest-rate hikes by central banks in various countries, leaving considerable uncertainty over the outlook.」
In addition to renewed infections and lockdowns in China, the prolonged economic disruption resulting from the invasion of Ukraine, soaring prices, and supply-chain disruptions, the disclosure cites interest-rate hikes by central banks in various countries and concerns over recession, indicating increased uncertainty over overseas economies. - FY2023-Q1WorsenedAnnual report
「Looking overseas, the US and Europe have lifted various restrictions implemented to contain COVID-19 and returned to normal economic operations. However, the outlook remains uncertain, as some Chinese cities have been locked down following renewed infections caused by disease variants. In addition, the prolonged economic disruption resulting from Russia’s invasion of Ukraine, which began in February, has raised concerns over soaring energy and food prices, accelerating inflation caused by supply-chain disruptions, and recessions in various countries, leaving considerable uncertainty over the outlook.」
The disclosure cites lockdowns in China caused by disease variants, the prolonged invasion of Ukraine and resulting economic disruption, soaring energy and food prices, supply-chain disruptions, accelerating inflation, and concerns over recessions in various countries, indicating increased uncertainty in the external environment. - FY2022WorsenedAnnual report
「Amid growing concern over excessive inflationary pressure, mainly caused by shortages of components resulting from higher energy and other raw-material prices and supply-chain disruptions, Russia’s invasion of Ukraine in February made geopolitical risk a reality, while sanctions imposed on Russia by major countries further increased inflationary pressure, leaving considerable uncertainty over the outlook.」
In addition to the previously cited pandemic, US-China conflict, and slowdown in overseas economies, Russia’s invasion of Ukraine and the geopolitical and inflation risks arising from sanctions are newly identified, indicating increased concerns in the external environment. - FY2022-Q3RestatedAnnual report
「Signs of a slowdown began to emerge in the previously firm Chinese economy. Although the US and European economies appeared to be steadily recovering, the outlook remained uncertain, with renewed infections caused by disease variants seen in some areas.」
Signs of a slowdown in the Chinese economy, renewed infections caused by disease variants, and uncertainty over the outlook for overseas economies continue to be cited. - FY2022-Q2WorsenedAnnual report
「Looking overseas, signs of a slowdown began to emerge in the previously firm Chinese economy. Although the US and European economies appeared to be steadily recovering, the outlook remained uncertain, with renewed infections caused by disease variants seen in some areas. Concern also began to grow over excessive inflationary pressure, mainly caused by supply shortages resulting from higher energy and other raw-material prices and supply-chain disruptions, leaving considerable uncertainty over the outlook.」
The disclosure cites signs of a slowdown in the Chinese economy, renewed infections caused by disease variants, and supply shortages and inflationary pressure resulting from higher raw-material prices and supply-chain disruptions, indicating growing uncertainty over the outlook for overseas economies. - FY2022-Q1WorsenedAnnual report
「Looking overseas, economic activity resumed in China after reportedly succeeding in containing COVID-19 and remained firm. The US and European economies appeared to be steadily recovering from the sharp deterioration caused by several lockdowns implemented to contain the disease, but the outlook remained uncertain, with renewed infections caused by variants seen in some areas. US-China trade friction and geopolitical risks involving China and India, North Korea, and the Spratly Islands also remained concerns, leaving considerable uncertainty over the outlook.」
While overseas economies are recovering, renewed infections caused by disease variants have newly been identified, and US-China trade friction and geopolitical risks involving China and India, North Korea, and the Spratly Islands continue to be cited. - FY2021RestatedAnnual report
「Looking overseas, economic activity resumed in China after reportedly succeeding in containing COVID-19 and remained firm. The US and European economies appeared to be steadily recovering from the sharp deterioration caused by several lockdowns implemented to contain the disease, but the outlook remained uncertain. US-China trade friction and geopolitical risks involving China and India, North Korea, and the Spratly Islands also remained concerns, leaving considerable uncertainty over the outlook.」
Although overseas economies show signs of recovery, US-China trade friction and geopolitical risks involving China and India, North Korea, and the Spratly Islands continue to be cited as concerns. - FY2021-Q3WorsenedAnnual report
「Looking overseas, economic activity resumed in China after reportedly succeeding in containing COVID-19 and remained firm. The US and European economies, like Japan, were gradually recovering from the sharp deterioration caused by lockdowns implemented to contain the disease, but the outlook remained uncertain as infections resurged in various countries and additional lockdowns began to be implemented. US-China trade friction and geopolitical risks involving China and India, North Korea, and the Spratly Islands also remained concerns, leaving considerable uncertainty over the outlook.」
While the US and European economies are recovering gradually, renewed infections and additional lockdowns have been seen in various countries, and US-China trade friction and geopolitical risks involving China and India, North Korea, and the Spratly Islands continue to be cited. - FY2021-Q2RestatedAnnual report
「Looking overseas, China has resumed economic activity after reportedly succeeding in containing COVID-19, although renewed infections have been seen in some areas. Meanwhile, the US and European economies, like Japan, have recovered only slowly from the sharp deterioration caused by lockdowns implemented to contain the disease. The outlook remains uncertain, with renewed infections in some areas, US-China trade friction, and geopolitical risks involving China and India, North Korea, and the Spratly Islands remaining concerns.」
The gradual recovery of the US and European economies after COVID-19, renewed infections, US-China trade friction, and geopolitical risks involving China and India, North Korea, and the Spratly Islands continue to be cited. - FY2021-Q1WorsenedAnnual report
「Looking overseas, the US and European economies, like Japan, deteriorated sharply owing to lockdowns implemented to contain COVID-19. China resumed economic activity after reportedly succeeding in containing the disease, but some areas saw renewed infections, leaving the outlook uncertain. Geopolitical risks involving China and India, North Korea, and the Spratly Islands, as well as US-China trade friction, also remained a concern, leaving considerable uncertainty over the outlook.」
In addition to the sharp deterioration in the US and European economies caused by COVID-19 and renewed infections in China, geopolitical risks involving China and India, North Korea, and the Spratly Islands are cited, indicating increased concerns in the external environment. - FY2020WorsenedAnnual report
「For the time being, economic conditions in Japan and worldwide are expected to remain unstable, as they will be significantly affected by policies and measures to address COVID-19. There are also concerns that the political and economic conflict between the US and China could develop into a new Cold War, and that it will take time for the global economy and the economies of individual countries to recover to pre-COVID-19 levels.」
In addition to the existing US-China conflict, the slowdown in the European and Chinese economies, and Brexit-related issues, the disclosure cites the destabilization of the global economy caused by COVID-19 and the prospect of a prolonged recovery, indicating increased external-environment risks. - FY2020-Q3Update to concern itemsAnnual report
「Looking overseas, the US economy remained resilient, although the European economy, led by Germany, showed signs of slowing and the Chinese economy also entered a slowdown. The outlook remained uncertain owing to the risk of disruption and stagnation in the global economy from concerns over intensifying and protracted US-China trade friction negotiations, continuing uncertainty over Brexit, and rising tensions over Iran.」
US-China trade friction, the slowdown in the European and Chinese economies, uncertainty over Brexit, and rising tensions over Iran continue to be cited. The weak crude oil prices and “no-deal Brexit” cited in the previous quarter do not appear in the current disclosure. - FY2020-Q2WorsenedAnnual report
「Looking overseas, the US economy remained resilient, although the European economy, led by Germany, showed signs of slowing and the Chinese economy also entered a slowdown. The outlook remained uncertain owing to the risk of disruption and stagnation in the global economy from intensifying and protracted US-China trade friction negotiations, the increasing likelihood of a no-deal Brexit, weak crude oil prices, and rising tensions over Iran.」
In addition to the previously cited US-China trade friction, the slowdown in the European and Chinese economies, weak crude oil prices, and rising tensions over Iran, the increasing likelihood of a no-deal Brexit is cited, indicating growing uncertainty over the outlook for overseas economies. - FY2020-Q1WorsenedAnnual report
「Looking overseas, the US continued to recover, although the European economy, led by Germany, showed signs of slowing, while the Chinese economy also entered a slowdown. The outlook remained uncertain owing to the risk of disruption and stagnation in the global economy from intensifying and protracted US-China trade friction negotiations, as well as weak crude oil prices and rising tensions over Iran.」
In addition to the previously cited US protectionism and uncertainty over overseas economies, the slowdown in Europe and China, intensifying and protracted US-China trade friction, and rising tensions over Iran are cited, indicating growing uncertainty over the outlook for overseas economies. - FY2019RestatedAnnual report
「The outlook remained uncertain owing to the risk of disruption and stagnation in the global economy from intensifying US protectionism, weak crude oil prices, and economic and political instability in some emerging markets.」
US protectionism, weak crude oil prices, and economic and political instability in emerging markets continue to be cited as concerns in the external environment. - FY2019-Q3WorsenedAnnual report
「Looking overseas, the US continued to recover, while the European economy showed signs of slowing and the Chinese economy also entered a slowdown. The outlook remained uncertain owing to the risk of disruption and stagnation in the global economy from intensifying US protectionism, weak crude oil prices, and economic and political instability in some emerging markets.」
In addition to US protectionism and instability in emerging markets, the slowdown in the European and Chinese economies and weak crude oil prices are cited, indicating growing uncertainty over the outlook for overseas economies. - FY2019-Q2RestatedAnnual report
「Looking overseas, the US continued to recover, the European economy remained relatively firm, and the Chinese economy maintained a recovery trend, although it lacked strength. Overall economic conditions remained relatively favorable, but the outlook remained uncertain owing to the risk of disruption and stagnation in the global economy from intensifying US protectionism and economic and political instability in some emerging markets.」
The risk of disruption and stagnation in the global economy from intensifying US protectionism continues to be cited as a concern in the external environment. - FY2019-Q1First statedAnnual report
「The outlook remained uncertain, owing to the risk of disruption and stagnation in the global economy from intensifying US protectionism.」
The possibility of disruption and stagnation in the global economy from intensifying US protectionism is cited as a concern in the external environment.