Increasing yen appreciation and a downturn in the global economy make the business environment more uncertain
First written in FY2017-Q1. 10 of 28 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-08-06.
Dainichiseika Color & Chemicals Mfg. moved to the "Worse" side of this theme in 2016, 3 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
66 other companies' latest entry also says "Restated".
- FY2026WorsenedAnnual report
「During the current consolidated fiscal year, the business environment surrounding our Group remained uncertain. In the first half, this was due to responses to U.S. tariff policies, and in the second half, to the emergence of geopolitical risks associated with deteriorating conditions in Latin America and the Middle East.」
U.S. tariff policies, deteriorating conditions in Latin America and the Middle East, and the emergence of geopolitical risks were described as new business environment factors. - FY2024-Q3Stagnation in overseas economies and continued domestic recoveryAnnual report
「During the third quarter of the current consolidated cumulative period, the economic environment surrounding our Group saw European and Chinese economies stagnate due to a global decline in demand caused by inflation and other factors, while the Japanese economy recovered moderately on the strength of automobile production and inbound demand.」
The stagnation of the European and Chinese economies due to inflation and other factors was cited alongside Japan's moderate recovery driven by automobile production and inbound demand, indicating that the pattern of overseas stagnation and domestic recovery has continued from the previous quarter. - FY2024-Q2Declining overseas demand and continued domestic recoveryAnnual report
「While overseas economies, including those of Europe and China, slowed due to a global decline in demand caused by inflation and other factors, the Japanese economy showed a moderate recovery as easing supply constraints supported a recovery in automobile production and inbound demand recovered.」
The global decline in demand caused by inflation and the slowdown in overseas economies, including those of Europe and China, were cited alongside a moderate recovery in the Japanese economy due to easing supply constraints, a recovery in automobile production and a recovery in inbound demand. - FY2024-Q1The slowdown in overseas economies and continued domestic recovery were both citedAnnual report
「During the first quarter of the current consolidated cumulative period, overseas economies, including those of Europe, the United States and China, slowed as inflation progressed, while the Japanese economy showed a moderate recovery as economic normalization led to a recovery in personal consumption and inbound demand.」
The slowdown in overseas economies, including those of Europe, the United States and China, due to rising inflation was cited alongside the recovery in Japanese personal consumption and inbound demand resulting from economic normalization, indicating divergent economic conditions by region. - FY2023-Q3Resource prices remaining elevated and the slowdown in the global economy due to inflation were both citedAnnual report
「During the third quarter of the current consolidated cumulative period, the economic environment surrounding our Group became uncertain. While economic activity increased as restrictions related to the novel coronavirus disease were eased, the outlook for the economy remained uncertain due to persistently high resource prices and the slowdown in the global economy caused by inflation.」
While the easing of activity restrictions was shown to be stimulating economic activity, persistently high resource prices and the slowdown in the global economy caused by inflation were identified as new sources of uncertainty, replacing the previously cited higher raw material prices and yen depreciation. - FY2023-Q2Easing activity restrictions coexisted with uncertainty from higher raw material prices and yen depreciationAnnual report
「During the second quarter of the current consolidated cumulative period, the economic environment surrounding our Group became uncertain. While restrictions on activities related to the novel coronavirus disease were gradually eased and the movement of people became more active, the prolonged situation in Ukraine drove up raw material prices, and the rise in U.S. interest rates accelerated the depreciation of the yen.」
While the easing of activity restrictions and increased movement of people were noted, the prolonged situation in Ukraine, surging raw material prices and yen depreciation driven by higher U.S. interest rates continued to create uncertainty about the outlook. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the economic environment surrounding our Group became uncertain. Although restrictions on activities related to the novel coronavirus disease were gradually eased and the economy showed signs of recovery, the prolonged situation in Ukraine, the impact of lockdowns in China, surging raw material prices and the rapid depreciation of the yen contributed to the uncertainty.」
While the easing of restrictions on activities and signs of economic recovery were noted, new external environmental factors, including the situation in Ukraine, lockdowns in China, surging raw material prices and the rapid depreciation of the yen, were listed, increasing uncertainty about the outlook. - FY2022-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, the global economy remained uncertain due to the spread of variants of the novel coronavirus disease.」
Uncertainty about the outlook for the global economy due to the spread of variants has continued. - FY2022-Q2Additional downside factors for Japanese production and consumptionAnnual report
「During the second quarter of the current consolidated cumulative period, the global economy was on a recovery track in the United States, Europe, China and other regions, where vaccination against the novel coronavirus disease was progressing, but restrictions on economic activity were tightened in Southeast Asia and elsewhere due to the spread of variants. In Japan, production declined due to stagnant automobile production caused by semiconductor shortages, while personal consumption remained weak because of the declaration of a state of emergency.」
In addition to the coexistence of recovery in the United States, Europe, China and other regions and restrictions on activity in Southeast Asia and elsewhere, the stagnation of automobile production due to semiconductor shortages and the weakness of Japanese production and personal consumption due to the state of emergency were described. - FY2022-Q1Recovery in developed regions coexisted with tighter restrictions in India and Southeast AsiaAnnual report
「During the first quarter of the current consolidated cumulative period, the global economy was on a recovery track in the United States, Europe, China and other regions, where vaccination against the novel coronavirus disease was progressing, but restrictions on economic activity were tightened in India, Southeast Asia and elsewhere due to the spread of variants.」
While the United States, Europe, China and other regions showed signs of recovery against a backdrop of vaccination, restrictions on economic activity were tightened in India and Southeast Asia due to the spread of variants, indicating divergent conditions by region. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, the global economy was generally recovering, led by the United States and China, but the spread of the novel coronavirus disease accelerated again toward the end of the period, and countries strengthened restrictions on economic activity by implementing lockdowns. In Japan, production and exports continued to show signs of recovery, but domestic demand improved only moderately due to deteriorating employment indicators and stagnant personal consumption.」
Although the global economy was shown to be on a recovery track, the infection spread again toward the end of the period, leading to lockdowns and tighter restrictions on economic activity, while employment and personal consumption remained weak. - FY2021-Q2SoftenedAnnual report
「During the second quarter of the current consolidated cumulative period, economic sentiment improved globally as countries resumed economic activity following lockdowns and other restrictions. In Japan, external demand showed signs of improvement as exports increased, while domestic demand continued to improve moderately due to deteriorating employment indicators and stagnant personal consumption.」
The resumption of economic activity in various countries, the improvement in economic sentiment, and the improvement in Japan's external demand from increased exports were described, following the economic stagnation caused by lockdowns through the previous quarter. However, deteriorating employment indicators and stagnant personal consumption remained. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the global economy deteriorated significantly as countries implemented lockdowns and other city-wide restrictions to prevent the spread of the novel coronavirus disease. In Japan, the impact of requests to refrain from going out remained substantial even after the state of emergency was lifted, delaying the recovery in demand for consumption and exports.」
The lockdowns implemented in various countries due to the novel coronavirus disease, the significant deterioration in economic activity, and the delayed recovery in Japanese demand were described, making the deterioration in the external business environment more concrete. - FY2020WorsenedAnnual report
「From January 2020, the global economy began to stagnate as the novel coronavirus disease spread.」
In addition to the ongoing U.S.-China trade friction, the slowdown in China and Asia, and the decline in Japan's exports, the stagnation of the global economy caused by the novel coronavirus disease was cited as a new downside factor. - FY2020-Q3WorsenedAnnual report
「The Chinese economy showed signs of bottoming out after a downturn caused by factors including lower exports to the United States, but pressure for a renewed downturn has been strengthening due to the spread of the novel coronavirus since the beginning of the year. Exports to China also remained weak in other emerging Asian economies, and their economies continued to slow. In Japan, the employment and income environment continued to improve, while the recovery in exports remained slow.」
In addition to the economic downturn caused by factors including lower exports to the United States, renewed downside pressure from the spread of the novel coronavirus was cited for the Chinese economy, adding and specifying risk factors in the external environment. No quantified risks or impacts on the business were described. - FY2020-Q2WorsenedAnnual report
「In China, both external and domestic demand remained sluggish following higher US tariffs and other factors, while exports to China remained weak and the economy began to slow in other emerging Asian economies. In Japan, improvement in exports was delayed, while employment and income conditions continued to improve.」
Against a backdrop of higher U.S. tariffs and other factors, both external and domestic demand in China remained weak, while exports to China also remained weak in other emerging Asian economies. Concerns about the external environment have continued and become more concrete since the previous quarter. - FY2020-Q1WorsenedAnnual report
「In China, exports remained at low levels as a result of higher US tariffs, while other emerging Asian economies also began to slow, led by exports. In Japan, improvement in exports was delayed, while employment and income conditions continued to improve.」
The company indicates weak exports in China following higher US tariffs and an export-led slowdown in other emerging Asian economies, showing that concerns about the slowdown in China and trade friction from the previous period have continued and become more specific. - FY2019-Q3Natural-disaster effects subside alongside China's slowdownAnnual report
「During the nine-month period ended in the third quarter, Japanese production recovered as the effects of natural disasters subsided, but exports lacked strength due to the slowdown in the Chinese economy. Meanwhile, personal consumption continued to recover amid solid employment and income conditions. Overseas, the US economy remained solid, while in emerging Asia the Chinese economy slowed against a backdrop including trade friction with the US.」
The company states that Japanese production recovered as the effects of natural disasters subsided, while exports lacked strength against a backdrop of the slowdown in the Chinese economy, which also continued. Both factors supporting economic recovery and concerns about the external environment are presented. - FY2019-Q2WorsenedAnnual report
「During the six-month period ended in the second quarter, Japanese production weakened due to the effects of disasters including torrential rain, but personal consumption continued to recover amid solid employment and income conditions. Overseas, the US economy remained strong, while in emerging Asia the Chinese economy began to slow against a backdrop including trade friction with the US, and other emerging economies generally remained solid.」
In Japan, production weakened due to the effects of disasters including torrential rain, while in China the economy began to slow against a backdrop including trade friction with the US. Concerns about the external environment have increased from the previous quarter's description of a solid economic environment. - FY2019-Q1SoftenedAnnual report
「During the three-month period ended in the first quarter, Japanese exports and capital investment increased moderately, while personal consumption also recovered amid solid employment and income conditions. Overseas, the US economy continued to expand. In emerging Asia, the Chinese economy remained solid despite some weakness, and other emerging economies generally remained solid.」
The company indicates strength in exports, capital investment and personal consumption, as well as in the Japanese and overseas economies, with the uncertainty caused by the global economic downturn and yen appreciation through the previous period easing further. Meanwhile, some weakness was seen in the Chinese economy. - FY2018-Q3Recovery trend continues alongside slowdown in ChinaAnnual report
「During the nine-month period ended in the third quarter, Japanese exports were flat, while personal consumption began to recover gradually amid solid employment and income conditions. Overseas, the US and European economies continued to expand moderately. In emerging Asia, the Chinese economy slowed moderately, while other emerging economies generally remained on a recovery path.」
While Japanese personal consumption and the US, European and other emerging economies continued to recover, the company expressly noted a moderate slowdown in the Chinese economy, presenting both recovery factors and regional weakness in the economic environment. - FY2018-Q2SoftenedAnnual report
「During the six-month period ended in the second quarter, Japanese exports were flat, while personal consumption recovered gradually amid solid employment and income conditions. Overseas, the US and European economies continued to expand moderately, while emerging Asia generally remained on a recovery path, including the recovery in the Chinese economy since the second half of the previous year.」
The company states that Japanese personal consumption and the recovery trend in the US, European and emerging Asian economies continued, with the uncertainty caused by a global economic downturn through the previous period continuing to ease. Meanwhile, Japanese exports were flat. - FY2018-Q1SoftenedAnnual report
「During the three-month period ended in the first quarter, Japanese exports paused in their recovery, while personal consumption recovered gradually amid solid employment and income conditions. Overseas, the US and European economies continued to expand moderately, while emerging Asia generally remained on a recovery path, including signs of a recovery in the Chinese economy.」
The company indicates recovery in Japanese personal consumption and in the US, European and emerging Asian economies, with the uncertainty caused by yen appreciation and a global economic downturn continuing to ease from the previous period. Meanwhile, the recovery in Japanese exports has paused. - FY2017-Q3SoftenedAnnual report
「During the nine-month period ended in the third quarter, the US economy continued to grow moderately and Asian economies continued to recover gradually, supported by a recovery in exports, although the Chinese economy continued to slow. In Japan, the economy recovered gradually from autumn, supported by yen depreciation and economic measures.」
The company indicates a recovery in the US and Asian economies and the Japanese economy, with some easing of the uncertainty caused by yen appreciation and a global economic downturn described in the previous quarter. Meanwhile, the Chinese economy continues to slow. The company states that there have been no material changes in business and other risks. - FY2017-Q2WorsenedAnnual report
「In developed economies, the US economy continued to grow, albeit moderately, while uncertainty surrounding the European economy increased due to the UK's withdrawal from the EU. In emerging Asia, the Chinese economy continued to slow, while other emerging economies generally remained weak, except for some. The Japanese economy lacked strength because exports declined amid the rapid appreciation of the yen since the beginning of the year and personal consumption remained sluggish.」
The existing risks associated with yen appreciation and a global economic downturn are described in specific terms, including uncertainty in Europe due to the UK's withdrawal from the EU, the slowdown in the Chinese economy, and declines in Japanese exports and personal consumption. Uncertainty in the business environment has broadened. - FY2017-Q1First statedAnnual report
「The Japanese economy has become increasingly uncertain due to the rapid appreciation of the yen and downside risks to the global economy.」
The company cites rapid yen appreciation and a global economic downturn as factors making the business environment uncertain during the quarter.