Risk of business performance fluctuations due to the global economy, declining demand and price competition
First written in FY2016. 17 of 40 entries say "Worsened", first in FY2019-Q3. Latest entry: 2026-07-24.
Shin-Etsu Chemical 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 2025: 8 of 12 companies on the "Worse" side.
10 other companies' latest entry also says "Restated".
- 2026-07-24RestatedEarnings
「The conflict between the United States, Israel, and Iran remains a concern. Conditions continued to require close attention to trends in crude oil and petroleum product prices and their impact on the economy.」
The company continues to identify the situation in the Middle East, crude oil and petroleum product prices, and their impact on the economy as concerns affecting the business environment. - FY2026WorsenedAnnual report
「During the consolidated fiscal year, the global economy and industry managed to hold up despite slowing growth, while being buffeted by various policies introduced by the United States under its America First policy from April of the previous year, as reflected in the World Economic Outlooks of the IMF and World Bank. China's excess exports did not subside, increasing the need to conduct business on the assumption that they would continue for a considerable period. In addition, the war between the United States and Israel and Iran that began at the end of February significantly unsettled the global economy.」
The document identifies U.S. policies, the expected prolongation of China's excess exports, and the war between the United States and Israel and Iran as new uncertainties in the economic and market environment. - FY2026-H1WorsenedAnnual report
「During the interim consolidated fiscal period, the global economy and industry managed to hold up, despite being buffeted by various policies introduced by the United States under its America First policy from April onward, as reflected in the IMF's World Economic Outlook released in mid-October. However, China's new export restrictions announced in early October have taken on an unprecedented character, as indicated by the U.S. government's response, and developments must be closely monitored.」
In addition to the previous concerns of China's economic stagnation, excess supply, trade tensions and geopolitical risks, the document identifies U.S. policies and China's new export restrictions as unprecedented uncertainties. - FY2025WorsenedAnnual report
「China finally began taking economic stimulus measures, but exports did not subside, as excess supply appeared to be part of the policy response. Trade tensions are heightening geopolitical risks, and vigilance cannot be relaxed.」
The document states that, in addition to China's excess supply and continued exports, trade tensions are heightening geopolitical risks. - FY2025-H1WorsenedAnnual report
「China finally introduced monetary measures as economic stimulus, but exports did not subside, as excess supply appeared to be part of the policy response. Trade tensions and geopolitical risks are rising, and vigilance cannot be relaxed.」
In addition to China's excess supply and continued exports, the document identifies rising trade tensions and geopolitical risks as new concerns in the business environment. - FY2024WorsenedAnnual report
「During the consolidated fiscal year, the likelihood of a so-called soft landing in the United States became a topic of discussion, while China's economy entered a significant adjustment phase. Amid China's economic stagnation, the resulting excess supply and rising geopolitical risks, the economies of Japan and the euro area followed contrasting paths, while several emerging-market countries sustained growth. Differences between strong and weak performance were also evident across industries.」
In addition to China's previous economic stagnation and differences in economic conditions across countries and industries, the document cites China's significant adjustment, excess supply and geopolitical risks, indicating heightened uncertainty in the business environment. - FY2024-Q3Updated differences in economic conditions between the United States and China, Japan and Europe, and across industriesAnnual report
「During the cumulative third quarter of the fiscal year, so-called soft landing in the United States became a topic of discussion, while China's economy stagnated. The economies of Japan and the euro area followed contrasting paths, and several emerging-market countries sustained growth. Differences between strong and weak performance were also notable across industries.」
Regarding differences in economic conditions across countries, regions and industries, the document describes the specific situations of a soft landing in the United States, economic stagnation in China, contrasting conditions in Japan and the euro area, and continued growth in emerging markets. - FY2024-Q2Differences in economic conditions across countries and industries reportedAnnual report
「During the cumulative second quarter of the fiscal year, the economies of the world's two largest countries presented contrasting conditions, while the economies of Japan and the euro area also contrasted, albeit to different degrees. Differences between strong and weak performance were also pronounced across industries. Amid fluid conditions, we maintained close communication with customers, ensured a stable supply of products meeting required quality standards, and pursued agile sales activities.」
Amid continuing adjustments from the second half of the previous fiscal year, the document states that contrasts in economic conditions and differences between strong and weak performance have become pronounced across countries, regions and industries. - FY2024-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, the economic and market conditions that emerged in the second half of the previous fiscal year did not improve overall, and adjustments continued in areas related to our main products. ... With the recognition that economic conditions do not permit optimism, we will work to expand our performance.」
The document states that the economic and market adjustments that began in the second half of the previous fiscal year have continued without improving. It also expresses the view that economic conditions do not permit optimism. - FY2023WorsenedAnnual report
「While monetary policies aimed at curbing inflation are weighing on economic activity, concerns about banks in Europe and the United States emerged in March. It has also been noted that such concerns could adversely affect the real economy through tighter lending. Geopolitical issues continue to unsettle the global economy.」
The document identifies inflation-control policies, banking concerns in Europe and the United States, the impact of tighter lending on the real economy, and geopolitical issues as new concerns in the economic environment. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, the International Monetary Fund revised down its economic growth forecast several times, and many unexpected events occurred, including situations described as phenomena not seen for decades. While monetary policies aimed at curbing inflation are weighing on economic activity, various changes are unsettling the global economy. In addition, measures for carbon neutrality, economic security and other industrial policies are advancing.」
As in the previous quarter, the document describes a situation in which downward revisions to economic growth forecasts, unexpected events, policies to curb inflation, carbon-neutrality measures and economic security are unsettling the global economy. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, the International Monetary Fund revised down its economic growth forecast several times, and the situation came to be frequently described as involving phenomena not seen for decades. In addition to cyclical slowing, various changes are unsettling the global economy. While monetary policies aimed at curbing inflation are being implemented, measures for carbon neutrality, economic security and other industrial policies are also advancing.」
For the global economy, the document identifies multiple downward revisions to the IMF's growth forecast, cyclical slowing, inflation and economic security, among other factors, as new sources of volatility. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, the global economy appeared to be at a crossroads, judging by forecasts from the International Monetary Fund and other major international institutions. The main factors cited were the U.S. economy, where cyclical adjustment and unconditional monetary tightening to curb inflation were emerging simultaneously, and the Chinese economy under its zero-COVID policy.」
In addition to the previous period's pandemic, supply disruptions, price pressures and geopolitical risks, the document identifies the U.S. economic adjustment and monetary tightening and China's zero-COVID policy as the main reasons the global economy is at a crossroads. - FY2022WorsenedAnnual report
「During the consolidated fiscal year, the global economy expanded solidly, as indicated by an economic growth rate, or GDP growth rate, of just over 5%. Meanwhile, as the major economic blocs continued to address the pandemic, supply disruptions, price pressures and other challenges, Russia's invasion of Ukraine began in February. The situation continues to significantly unsettle the world.」
While global economic growth remained solid at just over 5%, the document identifies Russia's invasion of Ukraine, in addition to the pandemic, supply disruptions and price pressures, as a new uncertainty. - FY2022-Q3Economic growth remains solid, while supply disruptions and price pressures continueAnnual report
「During the cumulative third quarter of the fiscal year, the global economy continued to expand solidly, as indicated by an economic growth rate, or GDP growth rate, of just over 5%. At the same time, the major economic blocs faced supply disruptions and price pressures while continuing to address infections, and were working to tackle various challenges.」
While global economic growth remained solid at just over 5%, infections, supply disruptions and price pressures continue to be cited as risks to the economic environment. - FY2022-Q2WorsenedAnnual report
「At the same time, the major economic blocs appeared to be reaching a crossroads. In its World Economic Outlook released this month, the International Monetary Fund (IMF) used the headline “The Recovery During the Pandemic—Health Concerns, Supply Disruptions and Price Pressures.”」
While the global economy showed solid growth, the document identifies the crossroads facing the major economic blocs, health concerns, supply disruptions and price pressures as new uncertainties, indicating heightened risk awareness. - FY2022-Q1MitigatedAnnual report
「During the cumulative first quarter of the fiscal year, the global economy expanded strongly, judging by the economic growth rate, or GDP growth rate.」
Against the concerns listed for FY2021, including inflation, supply-chain disruptions and a resurgence of infections, the document states that the global economy expanded strongly during the quarter. - FY2021WorsenedAnnual report
「At the same time, signs of an upside in inflation emerged, and supply-chain disruptions began to appear. Although vaccination progressed, infections also rebounded, and the situation remains uncertain. In addition to localized geopolitical risks, close attention must be paid to the increasingly apparent confrontation between the United States and China. Major swings in weather are also a concern.」
In addition to conventional fluctuations in economic conditions, demand and market conditions, the document lists inflation, supply-chain disruptions, a resurgence of infections, geopolitical risks, tensions between the United States and China, and weather volatility as concerns. - FY2021-Q3MitigatedAnnual report
「The April-June quarter experienced a downturn resulting from the spread of COVID-19 infections and the resulting restrictions on economic activity. In the July-September quarter, demand recovered despite regional and industry differences, and in the October-December quarter, demand and market conditions recovered further in the main business fields.」
Following the downturn caused by restrictions on economic activity reported through the cumulative second quarter, demand recovery progressed despite regional and industry differences, and demand and market conditions recovered further in the main business fields in the third quarter. - FY2021-Q2MitigatedAnnual report
「During the first half of the cumulative second quarter of the fiscal year, the global economy suffered a major downturn as it was hit by the spread of infections and restrictions on economic activity. Thereafter, recovery was seen, although conditions varied by region and industry.」
Following the major downturn in the global economy during the first half, recovery was seen, although conditions varied by region and industry. - FY2021-Q1MaterialisedAnnual report
「During the cumulative first quarter of the fiscal year, the global economy suffered a major downturn as it was hit by what has been described as the COVID-19 crisis. During the period, our business was also unable to avoid the impact of the COVID-19 crisis.」
The document explicitly states that the global economy suffered a major downturn and that our business was also affected by the COVID-19 crisis. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, global economic growth continued to slow overall and adjustments were seen in various areas, while this year the economy faced what has been described as the COVID-19 crisis.」
In addition to the previous period's uncertainties and recognition of slowing growth and adjustments, the business environment is described as having faced the COVID-19 crisis. The hedging policy of diversification and globalization remains in place. - FY2020-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, global economic growth continued to slow overall, and adjustments continued in various areas.」
The document states that slowing global economic growth and adjustments in various areas are continuing. There has been no substantive change in the risk assessment from the previous quarter. ※quantified=false, materialized=false - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, global economic growth continued to slow, with adjustments occurring in various areas.」
As in the previous quarter, the business environment is described as one of slowing global economic growth and adjustments in various areas. - FY2020-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, global economic growth continued to soften, with adjustments occurring in various areas.」
The description changed from the FY2019 full-year situation of “many uncertainties and an uncertain outlook” to one in which global economic growth continues to soften and adjustments are occurring in various areas. - FY2019WorsenedAnnual report
「The global economy remains subject to many uncertainties, and the outlook remains uncertain.」
While economic deterioration in China had been reported through the third quarter, the full-year business environment is also described as one in which the global economy faces many uncertainties and the outlook remains uncertain. - FY2019-Q3WorsenedAnnual report
「During the cumulative third quarter of the fiscal year, the global economy continued to recover steadily in the United States and at a moderate pace in Japan, Europe and emerging-market regions. In China, signs of economic deterioration emerged.」
While moderate recovery was reported in Japan, Europe and emerging markets, the description of China changed from recovery through the previous quarter to economic deterioration. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, the global economy continued to recover steadily in the United States and at a moderate pace in Japan, Europe and emerging-market regions. In China, the economy continued to show signs of recovery.」
The business environment is described as one of recovery in the United States, moderate recovery in Japan, Europe and emerging markets, and recovery in China. - FY2019-Q1MitigatedAnnual report
「During the first quarter of the current fiscal year, the global economy recovered moderately. The US economy continued to recover steadily, and Japan, Europe, and emerging-market regions also recovered moderately. In China, economic conditions continued to show signs of recovery.」
The global economy is described as having moved from the weakness and sluggish growth reported through the previous fiscal year to continued recovery in the US, moderate recovery in Japan, Europe, and emerging economies, and recovery in China. - FY2018MitigatedAnnual report
「The global economy during the current consolidated fiscal year was on a trend toward a moderate recovery. The US economy continued to recover steadily, and Japan, Europe, and emerging-market regions also recovered moderately. In China, economic conditions continued to show signs of recovery.」
Compared with the slowdown in China and emerging economies and weakness in Japan and Europe described through the previous fiscal year, this period describes the global economy as being on a trend toward moderate recovery and China as recovering. - FY2018-Q3MitigatedAnnual report
「During the first nine months of the current fiscal year, the global economy was on a trend toward a moderate recovery. The US economy continued to recover steadily, and Japan, Europe, and emerging-market regions also recovered moderately. In China, economic conditions continued to show signs of recovery due to the effects of various policies.」
Compared with the low growth in Japan and Europe, sluggish growth in China, and weakness in emerging economies described in the previous quarter, this period describes the global economy as being on a trend toward moderate recovery and China as recovering. - FY2018-Q2RestatedAnnual report
「During the first six months of the current fiscal year, the US economy continued to recover, while economic growth in Japan and Europe remained marginal. China's economic growth continued to show signs of stagnation, while some emerging economies showed signs of recovery but remained weak in some areas.」
Describes continued recovery in the US economy, low growth in Japan and Europe, sluggish growth in China, and weakness in some emerging economies as business conditions. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, the US economy continued to recover, while economic growth in Japan and Europe remained marginal. China's economic growth continued to show signs of stagnation, while some emerging economies showed signs of recovery but remained weak in some areas.」
Describes continued recovery in the US economy, low growth in Japan and Europe, sluggish growth in China, and weakness in some emerging economies as business conditions. - FY2017MaterialisedAnnual report
「Economic growth in China continued to slow moderately, and economic weakness was also seen in other emerging economies. Although Japan's manufacturing sector had been on a trend toward yen depreciation since late November of the previous year, it was generally affected by yen appreciation during the fiscal year. Overseas, commodity silicone products were affected by weak market prices during the first half of the period.」
The economic slowdown in China and emerging economies, yen appreciation, and weak market prices for commodity silicone products had an actual impact on business conditions and performance for the full fiscal year. - FY2017-Q3MaterialisedAnnual report
「Economic growth in China continued to slow, and economic weakness was seen in many other emerging economies. In Japan, silicone shipments for cosmetics and automotive applications remained strong. Overseas, shipments of commodity products were affected by weak market prices, while shipments of functional products to the US, China, and Southeast Asia remained firm.」
The economic slowdown in China and emerging economies continued, while weak market prices had an actual impact on overseas commodity silicone products. - FY2017-Q2MaterialisedAnnual report
「In Japan, silicone shipments for cosmetics and automotive applications remained strong. Overseas, shipments of functional products to the US, China, and Southeast Asia remained firm, although the business was affected by weak market prices.」
States that weak market prices had an actual impact on the overseas silicone business, indicating that price volatility risk had materialized. - FY2017-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, the US economy continued to recover, while conditions in Europe lacked strength in some areas and emerging economies in Asia and elsewhere continued to slow. In Japan, employment conditions improved and capital investment showed signs of recovery, but the economy remained unstable due to the yen's appreciation.」
Continues to describe weak conditions in Europe, slowing emerging economies, and instability in the Japanese economy due to the yen's appreciation as business conditions related to global economic and demand volatility. - FY2016First statedAnnual report
「Economic conditions in the countries and regions containing major markets for the Group's products may have a significant impact on the Group's performance. In addition, some major products are subject to substantial price fluctuations depending on global supply and demand conditions. The Group hedges these risks through business diversification and globalization, but a decline in product demand or intensification of price competition may have a significant impact on performance.」
Describes diversification and globalization as measures to hedge risk.