External-environment risks arising from US economic policy
First written in FY2018-Q1. 4 of 10 entries say "Worsened", first in FY2019-Q1. Latest entry: 2026-07-31.
Tomoku moved to the "Worse" side of this theme in 2018, 2 years before the typical company in this theme (2020).
The whole theme swung hardest in 2022: 104 of 134 companies on the "Worse" side.
16 other companies' latest entry also says "Materialised".
- FY2026-H1MaterialisedAnnual report
「While employment and income conditions improved, corporate earnings showed signs of stagnation owing to the impact of US trade policy.」
It states that the external-environment risks associated with US trade policy have emerged in the real economy as stagnation in corporate earnings. - FY2020-Q3WorsenedAnnual report
「Although exports and production showed weakness, particularly in manufacturing, because of the prolonged US-China trade friction and signs of a slowdown in overseas economies, centered on China, the economy continued to expand moderately as various policies, including public investment, were steadily implemented.」
The prolonged US-China trade friction, together with a slowdown in overseas economies centered on China, is contributing to weakness in exports and production. - FY2020-Q2WorsenedAnnual report
「During the first 2 quarters of the current consolidated fiscal year, corporate sentiment in Japan, particularly in manufacturing, weakened somewhat because of the intensification of US-China trade friction and signs of a slowdown in overseas economies, centered on China.」
US-China trade friction is described as becoming more serious and, together with a slowdown in overseas economies centered on China, is contributing to weaker corporate sentiment. - FY2020-Q1WorsenedAnnual report
「Although uncertainty about the overseas outlook persists, including because of escalating US-China trade friction, the economic expansion led by external demand has broadly spread to domestic demand, and the economy is expanding moderately.」
US-China trade friction is now described as escalating rather than simply as a source of uncertainty, indicating heightened uncertainty about the overseas outlook. - FY2019RestatedAnnual report
「During the fiscal year, the Japanese economy continued to expand moderately. Strong corporate performance supported consumption through improvements in employment and income conditions, while capital investment remained firm, centered on efficiency and labor-saving investment against a backdrop of labor shortages. Overseas economies continued to grow steadily overall, despite uncertainty including US-China trade friction and confusion surrounding the UK's withdrawal from the EU.」
It identifies US-China trade friction as a continuing factor behind the external-environment risks associated with US trade policy and trade friction. - FY2019-Q2RestatedAnnual report
「Meanwhile, the outlook for overseas economies remains uncertain because of the impact of protectionist US trade policy and volatility in financial and capital markets, among other factors.」
It continues to identify protectionist US trade policy and volatility in financial and capital markets as sources of uncertainty for the outlook for overseas economies. - FY2019-Q1WorsenedAnnual report
「Although concerns remain over the United States' shift toward trade protectionism, the resulting intensification of trade friction, trends in emerging and commodity-producing economies, and higher raw material and energy prices, the economy is expected to continue its moderate recovery as a basic trend.」
The previous concern about US economic policy has taken more concrete form as a shift toward trade protectionism and the resulting escalation of trade friction. - FY2018-Q1First statedAnnual report
「Although concerns remain over US economic policy, trends in emerging and commodity-producing economies, developments in the UK's EU withdrawal negotiations and their impact, the economy is expected to continue its moderate recovery as a basic trend.」
It identifies US economic policy as a new concern regarding the economic outlook.