Global Economic Uncertainty Driven by European National Elections and U.S. Protectionism
First written in FY2017-Q3. 19 of 28 entries say "Worsened", first in FY2018-Q2. Latest entry: FY2026.
Hodogaya Chemical moved to the "Worse" side of this theme in 2017, 3 years before the typical company in this theme (2020).
The whole theme swung hardest in 2022: 104 of 134 companies on the "Worse" side.
73 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「In the global economy, geopolitical risks increased further due to uncertainty surrounding US trade policy, as well as soaring raw material and fuel prices and supply-chain disruptions associated with the conflict in the Middle East that broke out at the end of February this year.」
In addition to uncertainty caused by trade policy and other factors, the conflict in the Middle East, soaring raw material and fuel prices, and supply-chain disruptions were explicitly identified, and geopolitical risks were reported to have increased further. - FY2026-H1WorsenedAnnual report
「Japan's economy during the interim consolidated accounting period continued to recover gradually due to improvements in employment and income conditions. However, the outlook for the economy remained uncertain as US tariff measures, foreign-exchange instability and soaring energy prices affected economic conditions.」
Although a gradual recovery driven by employment and income conditions was reported, US tariff measures, foreign-exchange instability and soaring energy prices were explicitly identified as factors affecting the economy. - FY2025WorsenedAnnual report
「In addition to these external factors, uncertainty about the outlook has increased further amid concerns that the expansion of US protectionism could deepen the fragmentation of the global economy.」
In addition to international conditions and trade friction, the deepening fragmentation of the global economy due to expanding US protectionism was newly identified as a factor contributing to uncertainty. - FY2024-Q3RestatedAnnual report
「Japan's economy was on a gradual recovery track as economic activity showed signs of recovery, but uncertainty about the outlook continued due to persistently high energy prices, the prolonged depreciation of the yen, and the resulting rise in prices, amid continuing instability in the international situation.」
Although signs of a recovery in economic activity were reported, uncertainty about the outlook due to unstable international conditions, energy prices, yen depreciation and rising prices has continued. - FY2024-Q2RestatedAnnual report
「Japan's economy was on a gradual recovery track due to the recovery from the COVID-19 pandemic, but the outlook remained uncertain because energy prices remained high, the yen depreciated rapidly, and prices rose as a result, amid continuing instability in the international situation.」
The domestic economy is considered to be on a gradual recovery trend, while uncertainty due to unstable international conditions, energy prices, yen depreciation and rising prices has continued. - FY2024-Q1SoftenedAnnual report
「Japan's economy during the first quarter of the fiscal year was on a gradual recovery trend due to recovery from the COVID-19 pandemic and other factors. However, uncertainty about the outlook has continued due to the ongoing impact of global monetary tightening, including persistently high energy prices and the depreciation of the yen.」
A gradual recovery trend driven by the recovery from the COVID-19 pandemic was reported, weakening the previous increasingly negative description of uncertainty due to inflation and lower demand. However, uncertainty due to energy prices, yen depreciation and monetary tightening remains. - FY2023-Q3WorsenedAnnual report
「As concerns over global inflation spread, demand also declined as consumption was restrained, further increasing uncertainty.」
In addition to previously cited soaring energy prices, the prolonged invasion of Ukraine and yen depreciation, restrained consumption and lower demand due to inflation were identified, further increasing uncertainty. - FY2023-Q2WorsenedAnnual report
「During the first half of the fiscal year, Japan's economy showed signs of recovery in economic activity as restrictions on movement related to COVID-19 were eased. However, uncertainty about the outlook continued due to soaring energy prices, the prolonged Russian invasion of Ukraine, and the rapid depreciation of the yen.」
Although signs of a recovery in economic activity were reported, the prolonged Russian invasion of Ukraine, in addition to soaring energy prices, was explicitly identified, and factors contributing to an uncertain outlook have continued. - FY2023-Q1WorsenedAnnual report
「Although Japan's economy showed signs of recovery as restrictions on activity related to COVID-19 were eased and economic activity resumed, uncertainty about the outlook continued due to soaring raw material and fuel prices, Russia's invasion of Ukraine, and the rapid depreciation of the yen.」
In addition to the previously cited infection, supply constraints and soaring raw material and fuel prices, Russia's invasion of Ukraine and the rapid depreciation of the yen were explicitly identified as factors contributing to uncertainty. - FY2022WorsenedAnnual report
「Japan's economy during the consolidated fiscal year showed signs of recovery in economic activity, which had stagnated amid the global spread of COVID-19. However, uncertainty about the outlook continued due to soaring raw material and fuel prices, disruption to global maritime transport, and increasing geopolitical risks associated with Russia's invasion of Ukraine.」
In addition to the previously cited infection, US-China confrontation and supply constraints, disruption to maritime transport, soaring raw material and fuel prices, and geopolitical risks associated with Russia's invasion of Ukraine were newly identified. - FY2022-Q3WorsenedAnnual report
「However, conditions have remained unstable due to the impact of COVID-19, persistently high global raw material and fuel prices, inflation, particularly in the United States, and tensions between Western countries and Russia.」
In addition to the renewed spread of infections, supply constraints and soaring raw material and fuel prices, inflation in the United States and tensions between Western countries and Russia were identified as sources of instability, broadening the factors contributing to uncertainty in the global economy. - FY2022-Q2RestatedAnnual report
「During the first half of the fiscal year, the global economy was on a recovery trend due to the resumption of economic activity in Europe and the United States against the backdrop of progress in vaccinations against COVID-19. However, difficult conditions continued due to the possibility of a renewed spread of infections, the global semiconductor shortage, supply-chain disruptions, the impact on raw-material procurement caused by China's power shortages, and soaring raw material and fuel prices.」
Although the global economy was on a recovery trend, uncertainty was reaffirmed as difficult conditions continued due to a renewed spread of infections, supply constraints, and soaring raw material and fuel prices. - FY2022-Q1SoftenedAnnual report
「During the first quarter of the fiscal year, the global economy was on a recovery trend due to the continued recovery of the Chinese economy and the resumption of economic activity in Europe and the United States against the backdrop of progress in vaccinations. However, uncertainty remained due to concerns over a renewed spread of infections and the continuing US-China confrontation.」
The global economy entered a recovery trend due to the continued recovery of the Chinese economy and the resumption of economic activity in Europe and the United States, while uncertainty due to a renewed spread of infections and the US-China confrontation remained. - FY2021-Q3WorsenedAnnual report
「During the nine-month period of the fiscal year, China had already recovered to its pre-COVID-19 economic level globally, but in Europe and the United States, restrictions on all activities, including economic activity, continued due to the renewed spread of infections. In addition, uncertainty remained high due to the continuing US-China confrontation and the impact of policies under the new US administration.」
In addition to restrictions on activity due to the renewed spread of infections in Europe and the United States, the US-China confrontation and the impact of policies under the new US administration were identified as factors contributing to uncertainty, and uncertainty in the global economy has continued. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, the global economy slowed sharply as economic and social activity stagnated due to the spread of COVID-19.」
The explanation of risks and deterioration in the business environment has shifted from uncertainty caused by US-China trade friction and other factors to the sharp slowdown in the global economy due to the spread of COVID-19. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, the global economy experienced periods of firm performance, as in the United States, but slowed sharply from the beginning of this year due to the impact of the spread of COVID-19, in addition to the prolonged US-China trade friction and the slowdown of the Chinese economy.」
In addition to the uncertainty caused by US-China trade friction and other factors, the sharp slowdown in the global economy due to the spread of COVID-19 was explicitly identified. - FY2020-Q3RestatedAnnual report
「As described above, while uncertainty surrounding the economies of various countries is increasing, Japan's economy is expected to face a challenging environment amid concerns over escalating US-China trade friction, export restrictions on South Korea, geopolitical risks, and the risk of a stronger yen.」
Uncertainty surrounding the outlook due to US-China trade friction, export controls on South Korea, geopolitical risks and the risk of yen appreciation has continued. - FY2020-Q2WorsenedAnnual report
「As described above, while uncertainty surrounding the economies of various countries is increasing, Japan's economy is expected to face a challenging environment due to escalating US-China trade friction, the impact of export restrictions on South Korea, geopolitical risks in the Middle East and elsewhere, the risk of a stronger yen, and concerns over a decline in domestic consumption following the consumption tax increase.」
In addition to the explanation that uncertainty surrounding the economies of various countries had increased, export controls on South Korea, geopolitical risks in the Middle East and elsewhere, yen appreciation, and concerns over domestic consumption following the consumption tax increase continue to be identified as factors contributing to a difficult environment. - FY2020-Q1WorsenedAnnual report
「As uncertainty surrounding the economies of various countries has increased, Japan's employment and income environment has continued to improve, but weakness in exports and production remains a concern. Going forward, the environment is expected to remain difficult due to the intensification of the US-China trade war, the impact of export controls on South Korea, geopolitical risks in the Middle East and South America, the risk of yen appreciation, and the increase in the consumption tax rate.」
In addition to US-China trade friction and foreign-exchange volatility, export controls on South Korea, geopolitical risks in the Middle East and South America, and the increase in the consumption tax rate have been explicitly identified, broadening the range of factors contributing to the uncertain outlook. - FY2019WorsenedAnnual report
「Japan's economy entered a slowdown due to slower exports to China as a result of US-China trade friction and persistently high raw material and fuel prices.」
In addition to slower exports to China due to US-China trade friction, persistently high raw material and fuel prices have been explicitly identified as factors slowing the domestic economy, with uncertainty in the global economy affecting the business environment. - FY2019-Q3WorsenedAnnual report
「Looking ahead, the outlook remains uncertain, with concerns over a stagnation of the global economy triggered by US-China trade friction, foreign-exchange volatility, and the UK's withdrawal from the EU.」
In addition to US-China trade friction and foreign-exchange volatility, the UK's withdrawal from the EU has been explicitly identified as a factor contributing to the uncertain outlook. - FY2019-Q2RestatedAnnual report
「Looking ahead, the outlook remains uncertain, with concerns over a stagnation of the global economy triggered by US-China trade friction and the risk of foreign-exchange volatility.」
Concerns over a slowdown in the global economy triggered by US-China trade friction and the resulting uncertainty have continued to be reported. - FY2019-Q1WorsenedAnnual report
「Looking ahead, the outlook remains uncertain, with concerns over a stagnation of the global economy triggered by US-China trade friction and the risk of foreign-exchange volatility.」
In addition to European political developments, US protectionism and geopolitical risks, concerns over a slowdown in the global economy triggered by US-China trade friction have been explicitly identified, broadening the factors contributing to the uncertain outlook. - FY2018-Q3RestatedAnnual report
「However, the outlook cannot be viewed optimistically due to geopolitical risks centered on North Korea and uncertainty surrounding political and economic developments in Europe and the United States.」
Concerns about the outlook due to geopolitical risks centered on North Korea and uncertainty surrounding political and economic developments in Europe and the United States have continued. - FY2018-Q2WorsenedAnnual report
「First, the US economy has remained firm, but various risks have recently increased. In particular, geopolitical risks centered on North Korea and numerous domestic issues, including tax reform, have left the outlook uncertain.」
The description has shifted from previous concerns over European national elections and US protectionism to more direct references to rising risks and an uncertain outlook, including geopolitical risks centered on North Korea and US tax reform. - FY2017-Q3First statedAnnual report
「However, concerns over the national elections scheduled in various European countries this year and the United States' aggressive protectionism remain strong, and the global economy continues to face an uncertain outlook.」
National elections scheduled in Europe and concerns over US protectionism are identified for the first time as factors contributing to the uncertain outlook for the global economy.