Economic slowdown and weak demand in emerging markets
First written in FY2016. 12 of 26 entries say "Reframed", first in FY2017-Q3. Latest entry: 2026-07-30.
Gun Ei Chemical Industry moved to the "Worse" side of this theme in 2016, 4 years before the typical company in this theme (2020).
The whole theme swung hardest in 2023: 14 of 25 companies on the "Worse" side.
0 other companies' latest entry also says "Restated".
- FY2026WorsenedAnnual report
「During the fiscal year, the global economy remained uncertain, with risks of recession resulting from factors including continued inflation, in addition to U.S. trade policy, and geopolitical risks, including conditions in the Middle East.」
It explicitly identifies U.S. trade policy, recession risks caused by continuing inflation and geopolitical risks, including conditions in the Middle East, as new sources of uncertainty. - 2026-05-14WorsenedEarnings
「During the fiscal year, the global economy remained uncertain, with risks of recession resulting from factors including continued inflation, in addition to U.S. trade policy, and geopolitical risks, including conditions in the Middle East.」
米国の通商政策、景気後退リスクに加え、中東情勢を含む地政学リスクを明示し、不透明要因を更新・拡大している。 - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period from 1 April 2025 to 30 September 2025, the global economy remained uncertain, with risks of recession resulting from factors including continued inflation, in addition to U.S. trade policy, and geopolitical risks.」
In addition to the previous concerns over the sluggish Chinese economy and inflation, it explicitly identifies U.S. trade policy and recession risks, updating and expanding the sources of uncertainty for the global economy. - FY2025-H1ReframedAnnual report
「During the interim consolidated accounting period from 1 April 2024 to 30 September 2024, the global economy continued to face risks of an economic slowdown resulting from the sluggish Chinese economy, global inflation and monetary tightening, as well as heightened geopolitical and climate-change risks.」
In addition to the longstanding sluggish Chinese economy, inflation, monetary tightening and geopolitical risks, it explicitly identifies heightened climate-change risks as continuing risk factors for the global economy. - FY2024-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year from 1 April 2023 to 31 December 2023, the global economy was on a recovery track following the easing of COVID-19 measures, but conditions remained unpredictable due to the effects of global monetary tightening, the sluggish Chinese economy, the prolonged situation in Ukraine and rising geopolitical risks associated with the worsening situation in Israel and Palestine. In Japan, the economy was on a moderate recovery track due to an increase in inbound visitors and firm private consumption following the move of COVID-19 to Category 5 under the Infectious Diseases Act. However, production adjustments resulting from weaker external demand are expected to continue amid rising consumer prices caused by a sharp depreciation of the yen and persistently high resource prices.」
For the global economy, it explicitly identifies monetary tightening, the sluggish Chinese economy and the situation in Ukraine, as well as geopolitical risks from the worsening situation in Israel and Palestine. For the domestic economy, it cites recovery factors while describing production adjustments associated with the weaker yen, higher resource prices and weaker external demand as sources of uncertainty. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year from 1 April 2023 to 30 September 2023, the global economy was on a recovery track following the easing of COVID-19 measures, but signs of stagnation intensified due to the sluggish Chinese economy and the effects of global inflation and monetary tightening. In Japan, the classification of COVID-19 under the Infectious Diseases Act was moved to Category 5. Although the economy was on a moderate recovery track due to an increase in inbound visitors and firm private consumption, the outlook is expected to remain uncertain as it entered a phase of adjusting excess inventories resulting from weaker external demand, amid rising consumer prices caused by a sharp depreciation of the yen and persistently high resource prices.」
It continues to describe the global economy as being on a recovery track while citing stagnation caused by the sluggish Chinese economy, inflation and monetary tightening. For the domestic economy, it cites both recovery factors, including the move to Category 5 and an increase in inbound visitors, and uncertainty caused by the weaker yen, higher resource prices and weaker external demand. - FY2024-Q1ReframedAnnual report
「During the cumulative first quarter of the fiscal year, the global economy was on a recovery track following the easing of COVID-19 measures, but signs of stagnation intensified due to the sluggish Chinese economy and the effects of global inflation and monetary tightening. In Japan, the classification of COVID-19 under the Infectious Diseases Act was moved to Category 5. Although the economy was on a moderate recovery track due to firm private consumption, the outlook is expected to remain uncertain as the country entered a phase of watching for excess inventories resulting from weaker external demand, amid rising consumer prices caused by a sharp depreciation of the yen and persistently high resource prices.」
The description of the global economy has shifted from a recovery trend following the easing of infection-control measures to language also citing stagnation caused by the sluggish Chinese economy, inflation and monetary tightening. For the domestic economy, it cites both the recovery trend following the move to Category 5 and concerns over excess inventories due to the weaker yen, higher resource prices and weaker external demand. - FY2023ReframedAnnual report
「During the fiscal year, the global economy showed signs of recovery, particularly in the United States and Europe, as the transition to a new stage of living with COVID-19 progressed. However, economic disruption associated with the prolonged situation in Ukraine made the outlook uncertain.」
While indicating a recovery driven by living with COVID-19, it explicitly identifies the prolonged situation in Ukraine and economic disruption as new sources of uncertainty. - FY2023-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year from 1 April 2022 to 31 December 2022, the global economy showed signs of recovery, particularly in Europe and the United States, following the shift to living with COVID-19 policies. However, concerns over an economic slowdown spread due to the prolonged situation in Ukraine, concerns over component supply and global monetary tightening.」
While indicating a recovery trend from living with COVID-19, it explicitly identifies the prolonged situation in Ukraine, concerns over component supply and concerns over an economic slowdown caused by global monetary tightening as risk factors for overseas economies. - FY2023-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year from 1 April 2022 to 30 September 2022, the global economy showed signs of recovery, particularly in Europe and the United States, following the shift to living with COVID-19 policies. However, concerns over an economic slowdown spread due to the prolonged situation in Ukraine, concerns over component supply caused by lockdowns in China and global monetary tightening.」
It newly lists the prolonged situation in Ukraine, concerns over component supply caused by lockdowns in China and global monetary tightening as risk factors for overseas economies, presenting both a recovery trend and concerns over an economic slowdown. - FY2023-Q1ReframedAnnual report
「During the cumulative first quarter of the fiscal year, the global economy showed signs of recovery, particularly in Europe and the United States, following the shift to living with COVID-19 policies. However, concerns over an economic slowdown spread due to the prolonged situation in Ukraine and concerns over component supply caused by lockdowns in China.」
While indicating a recovery trend from living with COVID-19, it explicitly identifies the prolonged situation in Ukraine and concerns over component supply caused by lockdowns in China as new sources of uncertainty. - FY2022-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year, the global economy remained on a recovery track, supported by the effectiveness of measures taken by countries to prevent the spread of infection, including vaccination, and the normalization of economic activity in the United States and China, despite downside factors such as the emergence of COVID-19 variants, a global semiconductor shortage and soaring crude oil prices.」
It explicitly identifies the global semiconductor shortage and soaring crude oil prices, in addition to variants, as risk factors for overseas economies, while also describing the recovery trend driven by the normalization of economic activity in the United States and China. - FY2022-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, the global economy showed signs of recovery due to the effectiveness of measures taken by countries to prevent the spread of COVID-19 and the normalization of economic activity in the United States and China. However, it remained in a difficult situation from July onward due to the renewed spread of infections caused by variants. Although a recovery in economic activity is expected as the spread of infection is contained through measures such as vaccination, the outlook remains uncertain.」
While indicating a recovery trend driven by the normalization of economic activity in the United States and China, it states that the global economy remains in a difficult situation due to the renewed spread of infections caused by variants since July. - FY2022-Q1ReframedAnnual report
「During the cumulative first quarter of the fiscal year, the global economy was affected by the COVID-19 pandemic, but economic policies and measures to prevent the spread of infection were implemented in various countries, and economic activity began to normalize, particularly in the United States and China as vaccinations progressed. The economy was therefore on a recovery track in the near term. However, the outlook is expected to remain uncertain due to downside risks, including the renewed spread of infection resulting from an increase in COVID-19 variants.」
The description of overseas economies has shifted from a focus on the previous slowdown and uncertainty to language presenting both a near-term recovery trend driven by the normalization of economic activity and downside risks from variants. - FY2020-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year, the Japanese economy remained on a moderate recovery track due to improvements in employment and income conditions, but the outlook remained uncertain because of overseas economic developments, including prolonged U.S.-China trade friction and Brexit, as well as the effects of successive natural disasters in Japan.」
It continues to indicate uncertainty in overseas economies, but the description of risk factors has shifted from the previous references to concerns over a slowdown in the Chinese economy and an increase in the consumption tax rate to language including Brexit and natural disasters in Japan. - FY2020-Q2RestatedAnnual report
「Meanwhile, the outlook remains uncertain due to factors including prolonged U.S.-China trade friction, concerns over a slowdown in the Chinese economy and the effects of an increase in the consumption tax rate.」
It continues to describe uncertainty in overseas economies, including prolonged U.S.-China trade friction and concerns over a slowdown in the Chinese economy. - FY2020-Q1RestatedAnnual report
「Meanwhile, the outlook for overseas economies remains uncertain, including the prolongation of U.S.-China trade friction and concerns over a slowdown in the Chinese economy.」
It continues to describe uncertainty in overseas economies, including prolonged U.S.-China trade friction and concerns over a slowdown in the Chinese economy. - FY2019Renewed reference to concerns over a slowdown in the Chinese economyAnnual report
「Meanwhile, the outlook for overseas economies remains uncertain, including concerns over a slowdown in the Chinese economy resulting from the effects of U.S.-China trade friction.」
Concerns over a slowdown in emerging-market and Chinese economies, which were not listed separately in the previous fiscal year, have been included again in connection with the effects of U.S.-China trade friction. - FY2018DroppedAnnual report
「However, the risks affecting the business are not limited to these factors.」
In the risks relating to the business and other matters for the fiscal year, the slowdown in emerging-market economies and weak demand, which had previously been listed separately, are no longer presented as an individual item. - FY2017RestatedAnnual report
「Going forward, although emerging-market economies, including China, are showing signs of recovery, the outlook is expected to remain uncertain due to factors including Brexit, developments under the new U.S. administration and instability in neighboring countries.」
While acknowledging signs of recovery in emerging markets, it continues to indicate uncertainty in overseas economies, including Brexit, the new U.S. administration and conditions in neighboring countries. - FY2017-Q3ReframedAnnual report
「Although emerging-market economies, including China, are showing signs of recovery, business sentiment remains uncertain due to factors including the UK's Brexit issue and heightened uncertainty over the policies of the new U.S. administration.」
While acknowledging signs of recovery in emerging markets, it broadens the risk factors from the previous focus on slowing emerging-market economies to uncertainty in overseas business conditions, including Brexit and policy uncertainty under the new U.S. administration. - FY2017-Q2MaterialisedAnnual report
「In the Chemicals business, resins for electronic materials performed steadily, but resins for automotive applications and construction machinery applications performed weakly due to sluggish demand. As a result, sales decreased 4.4% year on year to ¥9,792 million.」
It states that weak demand for resins for automotive and construction machinery applications in the Chemicals business actually led to lower sales. - FY2017-Q1WorsenedAnnual report
「Meanwhile, in addition to the slowdown in exports and production resulting from the slowdown in emerging-market economies, including China, downside risks to overseas economies have increased, including turmoil in financial markets caused by political instability in Europe, leaving the outlook uncertain.」
It states that, in addition to the impact of slowing emerging-market economies, downside risks to overseas economies, including turmoil in financial markets caused by political instability in Europe, have increased. - FY2016First statedAnnual report
「The Company has been affected in exports and production by the slowdown in overseas economies, including emerging markets such as China, and the outlook has become uncertain.」
It states that the slowdown in overseas economies, including emerging markets, had an actual impact, relating this to weak demand in the Chemicals business and elsewhere during the period.