Shrinking Domestic Market, China Slowdown and Emerging-Market Instability
First written in FY2016. 21 of 36 entries say "Worsened", first in FY2017. Latest entry: 2026-08-10.
Tigers Polymer moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 131 of 174 companies on the "Worse" side.
60 other companies' latest entry also says "Worsened".
- FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, the global economy showed signs of recovery, but the pace slowed due to the impact of U.S. trade policy. In the United States, pressure on corporate earnings from higher tariffs is beginning to weigh on economic activity. … Japan's economy remained on a moderate recovery track as employment and income conditions continued to improve, but consumer spending declined due to continued price increases, and downside risks to the economy increased due to the impact of U.S. trade policy.」
It states that U.S. trade policy and higher tariffs are weighing on corporate earnings and the pace of the global economic recovery, while increasing downside risks to the domestic economy. - FY2025RestatedAnnual report
「We recognize that uncertainty is increasing in the operating environment surrounding our Group amid concerns about rising geopolitical risks associated with the growing multipolarization and fragmentation of the international community, concerns about the outlook for the Chinese economy and the impact of policy changes in the United States.」
It reiterates the uncertain operating environment, including geopolitical risks, the outlook for the Chinese economy and changes in U.S. policy. - FY2025-H1RestatedAnnual report
「The filing states that, during the interim consolidated accounting period, there were no material changes in the major risks that management recognizes could materially affect the consolidated companies' financial position, operating results or cash flows, or in the matters described under Business Risks in the securities report for the previous fiscal year.」
It explicitly states that there have been no material changes in business and other risks. Meanwhile, its analysis of operating results states that the uncertain economic environment has continued, citing the prolonged situation in Ukraine, heightened tensions in the Middle East, concerns about the outlook for the Chinese economy, surging raw material and energy prices, and sharp exchange-rate fluctuations. - FY2024WorsenedAnnual report
「We recognize that uncertainty is increasing amid concerns about rising geopolitical risks associated with the growing multipolarization and fragmentation of the international community, as well as surging raw material prices, higher logistics costs, a slowdown in the Chinese economy and the impact of sharp exchange-rate fluctuations.」
It lists rising geopolitical risks, higher raw material and logistics costs, a slowdown in the Chinese economy and sharp exchange-rate fluctuations as factors contributing to increased uncertainty. - FY2024-Q3WorsenedAnnual report
「During the nine months ended the third quarter of the current fiscal year, socioeconomic activity began to normalize as restrictions on activities were eased, but the outlook remained uncertain amid the prolonged situation in Ukraine, worsening conditions in the Middle East, rising prices and exchange-rate fluctuations.」
While describing the normalization of socioeconomic activity, it identifies worsening conditions in the Middle East, in addition to the ongoing situations in Ukraine, prices and foreign exchange, as a new source of uncertainty. - FY2024-Q1Update to the assessment of economic conditionsAnnual report
「During the three months ended the first quarter of the current fiscal year, socioeconomic activity began to normalize as restrictions on activities were eased, but the outlook remained uncertain amid the prolonged situation in Ukraine, rising prices and exchange-rate fluctuations.」
While describing the normalization of socioeconomic activity following the easing of restrictions, it also states that uncertainty about the outlook persisted due to the prolonged situation in Ukraine, rising prices and exchange-rate fluctuations. - FY2023-Q3WorsenedAnnual report
「During the nine months ended the third quarter of the current fiscal year, economic conditions in Japan showed signs of recovery as restrictions on activities were eased, but the outlook remained uncertain amid the rapid depreciation of the yen and surging resource and energy prices. Overseas, the operating environment also remained challenging due to the prolonged Russia-Ukraine war, high inflation and monetary tightening led by the United States and Europe, and major supply-chain disruptions caused by lockdowns in China.」
It cites the rapid depreciation of the yen, surging resource and energy prices, the prolonged Russia-Ukraine war, high inflation and monetary tightening, and supply-chain disruptions caused by lockdowns in China as factors behind the challenging operating environment. - FY2023-Q2WorsenedAnnual report
「During the nine months ended the second quarter of the current fiscal year, economic conditions in Japan showed signs of recovery as restrictions on activities were eased, but the outlook remained uncertain amid a global semiconductor shortage and the rapid depreciation of the yen. Overseas, raw material and energy prices, which had begun rising before Russia's invasion of Ukraine, remained elevated, and the operating environment continued to be challenging due in part to major supply-chain disruptions caused by lockdowns in China.」
It describes the ongoing challenging operating environment resulting from semiconductor shortages, the rapid depreciation of the yen, persistently high raw material and energy prices, and major supply-chain disruptions caused by lockdowns in China. - FY2023-Q1WorsenedAnnual report
「Overseas, the operating environment also remained challenging, with raw material and energy prices rising, financial and capital markets becoming more volatile, and supply-side constraints persisting as economic and geopolitical risks increased dramatically following Russia's invasion of Ukraine.」
It states that heightened geopolitical and economic risks associated with Russia's invasion of Ukraine materialized as higher raw material and energy prices, financial market volatility and supply constraints. - FY2022WorsenedAnnual report
「As the impact of COVID-19 continued for an extended period, subdued consumer activity and declining inbound demand persisted. In addition, the operating environment remained challenging due to the worsening impact on supply chains from rising raw material prices, semiconductor shortages and logistics disruptions in Japan and overseas, as well as heightened geopolitical risks.」
It states that, in addition to the prolonged impact of the pandemic, the impact on supply chains from rising raw material prices, semiconductor shortages and logistics disruptions had become more severe. - FY2022-Q3Update to the assessment of economic conditionsAnnual report
「During the first nine months of the current consolidated fiscal year, signs of a gradual recovery emerged in Japan due to progress in vaccinations and the lifting of the state of emergency, although inbound demand continued to decline. A challenging business environment nevertheless persisted in Japan and overseas due to the impact on supply chains from rising raw-material prices, semiconductor shortages, logistics disruptions and other factors.」
While noting signs of recovery following progress in vaccinations and the lifting of the state of emergency, the filing states that the decline in inbound demand, rising raw-material prices, semiconductor shortages and the impact of logistics disruptions on supply chains continued. No specific figures are provided, but the reported impacts have in fact occurred. materialized is true. - FY2022-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year, inbound demand continued to decline in Japan due to the effects of COVID-19. In Japan and overseas, a challenging business environment persisted due to the impact on supply chains from rising raw-material prices, semiconductor shortages, logistics disruptions and other factors.」
Amid the continuing effects of COVID-19, the filing identifies rising raw-material prices, semiconductor shortages and the impact of logistics disruptions on supply chains as factors contributing to the new challenging business environment. - FY2022-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, inbound demand continued to decline in Japan due to the effects of COVID-19 and overseas economic conditions remained uncertain, despite some regions being ahead in vaccinations, because of continued US-China tensions, semiconductor shortages and other factors.」
Amid the continuing effects of COVID-19, the filing explicitly identifies semiconductor shortages, in addition to continued US-China tensions, as a new factor clouding the outlook. - FY2021WorsenedAnnual report
「The domestic and overseas economies remained in a challenging condition throughout the fiscal year, having been substantially depressed by the effects of COVID-19. Although a recovery is expected as economic activity is gradually stepped up while measures to prevent the spread of infection are implemented through the effects of various policies, difficult conditions are expected to continue for the time being, and the domestic and overseas economies remain unpredictable.」
States that the downward pressure exerted by COVID-19 on the domestic and overseas economies was substantial throughout the fiscal year, and indicates that difficult conditions are expected to continue for the time being and that the outlook remains unpredictable. - FY2021-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, the Japanese economy remained in a challenging situation due to a decline in inbound demand and requests to refrain from going out caused by COVID-19. Overseas, the business environment was also challenging, with persistently high numbers of new infections and lockdown measures associated with the same disease causing GDP growth rates to decline.」
States that challenging conditions continued in Japan, while overseas the business environment was challenging due to persistently high infection numbers, lockdown measures and declining GDP growth rates. - FY2021-Q2Update to the assessment of economic conditionsAnnual report
「During the first six months of the current consolidated fiscal year, the Japanese economy deteriorated due to a decline in inbound demand and requests to refrain from going out caused by COVID-19. Overseas, the business environment was challenging due to lockdown measures and US-China trade friction associated with the same disease.」
Describes the deterioration of the Japanese economy and a challenging overseas business environment due to lockdown measures and US-China trade friction. It also states that there were no material changes to business and other risks. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the Japanese economy deteriorated due to a decline in inbound demand and requests to refrain from going out caused by COVID-19. Overseas, the business environment remained uncertain due to lockdown measures and US-China trade friction associated with the same disease.」
Describes the deterioration of the Japanese economy caused by COVID-19 and an uncertain overseas business environment due to lockdown measures and other factors. - FY2020WorsenedAnnual report
「The Company believes that the environment surrounding its group is undergoing a major period of change both in Japan and overseas. Although various monetary and economic policies known as Abenomics have been implemented for 7 years, progress has not matched the original expectations of enhancing Japan’s economic growth potential. In addition, domestic and overseas economies have been unsettled by factors including disruption associated with the spread of COVID-19, US-China trade friction and the UK’s withdrawal from the EU.」
In addition to existing factors such as US-China trade friction, the filing explicitly identifies disruption associated with the spread of COVID-19 as a new destabilising factor in the economic environment. - FY2020-Q3Update to the assessment of economic conditionsAnnual report
「During the first nine months of the current consolidated fiscal year, the Japanese economy remained on a gradual recovery track, supported by firm employment conditions and the effects of various policies, although the consumption tax rate was increased. Overseas, uncertainty over the outlook intensified further due to US-China trade friction and concerns over a slowdown in the global economy.」
The filing notes the increase in Japan’s consumption tax rate and indicates that uncertainty over the overseas outlook intensified further due to US-China trade friction and concerns over a slowdown in the global economy. - FY2020-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year, the Japanese economy remained on a gradual recovery track, supported by favourable employment conditions and the effects of various policies. Overseas, however, uncertainty over the outlook intensified further due to US-China trade friction and concerns over a slowdown in the global economy.」
States that uncertainty over the overseas outlook intensified further from the previous quarter due to US-China trade friction and concerns over a slowdown in the global economy. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the Japanese economy remained on a gradual recovery track, supported by improving employment conditions and the effects of various policies. Overseas, however, uncertainty over the outlook intensified due to US-China trade friction and concerns over a slowdown in the global economy.」
In addition to the previous concerns over US-China trade friction, the filing explicitly identifies concerns over a slowdown in the global economy and states that uncertainty over the overseas outlook has “intensified.” - FY2019Update to the assessment of economic conditionsAnnual report
「The Company believes that the environment surrounding its group is undergoing a major period of change both in Japan and overseas. Although various monetary and economic policies known as Abenomics have been implemented for 6 years, progress has not matched the original expectations of enhancing Japan’s economic growth potential. In addition, domestic and overseas economies have been unsettled by factors including US-China trade friction, the UK’s withdrawal from the EU and developments involving North Korea.」
Describes US-China trade friction, the UK’s withdrawal from the EU and developments involving North Korea as destabilising factors for the domestic and overseas economies. - FY2019-Q3Update to the assessment of economic conditionsAnnual report
「During the first nine months of the current consolidated fiscal year, despite uncertainty over the outlook due to volatility in financial markets and concerns over US-China trade friction, the Japanese economy remained on a gradual recovery track, supported by improving employment conditions and the effects of various policies.」
Identifies volatility in financial markets and concerns over US-China trade friction as factors clouding the outlook. Meanwhile, the Japanese economy is described as remaining on a gradual recovery track, and the filing states that there were no material changes to business and other risks. - FY2019-Q2Update to the assessment of economic conditionsAnnual report
「During the first six months of the current consolidated fiscal year, despite uncertainty over the outlook due to developments in trade issues and volatility in financial markets, the Japanese economy remained on a gradual recovery track, supported by improving employment conditions and the effects of various policies.」
Identifies volatility in financial markets and developments in trade issues as factors clouding the outlook. Meanwhile, the Japanese economy is described as remaining on a gradual recovery track, and the filing states that there were no material changes to business and other risks. - FY2019-Q1Update to the assessment of economic conditionsAnnual report
「During the first quarter of the current consolidated fiscal year, despite uncertainty over the outlook due to volatility in financial markets and concerns over trade friction, the Japanese economy remained on a gradual recovery track, supported by improving employment conditions and the effects of various policies.」
Identifies volatility in financial markets and concerns over trade friction as factors clouding the outlook. Meanwhile, it states that there were no material changes to business and other risks. - FY2018WorsenedAnnual report
「The Company believes that the environment surrounding its group is undergoing a major period of change both in Japan and overseas. Although various monetary and economic policies known as Abenomics have been implemented for 5 years, progress has not matched the original expectations of enhancing Japan’s economic growth potential. In addition, domestic and overseas economies have been unsettled by factors including statements by the US President, the rise of China and developments involving North Korea.」
In addition to the previous uncertainty surrounding the domestic and overseas economies, the filing explicitly identifies the rise of China and developments involving North Korea as new destabilising factors. - FY2018-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, despite heightened geopolitical risks and uncertainty in overseas economies, the Japanese economy remained on a gradual recovery track, supported by a recovery in personal consumption and the effects of various policies as employment conditions continued to improve.」
Geopolitical risk is described as having increased and is identified, together with uncertainty in overseas economies, as a concern in the business environment. Meanwhile, the Japanese economy is described as remaining on a gradual recovery track. - FY2018-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year, despite geopolitical risks and uncertainty in overseas economies, the Japanese economy remained on a gradual recovery track, supported by the effects of various policies and firm domestic demand as employment conditions continued to improve.」
Explicitly identifies geopolitical risks in addition to uncertainty in overseas economies. At the same time, it describes the Japanese economy as remaining on a gradual recovery track. - FY2018-Q1Update to the assessment of economic conditionsAnnual report
「During the first quarter of the current consolidated fiscal year, despite uncertainty in overseas economies, the Japanese economy remained on a gradual recovery track as employment conditions continued to improve and various policies took effect.」
Describes uncertainty in overseas economies and Japan’s gradual recovery against a backdrop of improving employment conditions. It states that there were no material changes to business and other risks. - FY2017WorsenedAnnual report
「The Company believes that the environment surrounding its group is undergoing a major period of change both in Japan and overseas. In Japan, various monetary and economic policies known as Abenomics have been implemented, but the Japanese economy has not necessarily been progressing smoothly. Overseas, economic conditions have been unsettled by statements from the US President, while political instability has begun to emerge in European countries following the UK’s notification of its intention to leave the EU.」
In addition to the previous assessment of conditions in the domestic market, China and emerging markets, the filing describes international political and economic instability associated with statements by the US President and the UK’s notification of its intention to leave the EU. - FY2017-Q3Update to the assessment of economic conditionsAnnual report
「In Japan, the economy remained on a gradual recovery track amid continued improvement in employment and income conditions and the effects of various policies. Overseas, the US economy continued to recover, while some emerging markets, including China, showed signs of improvement.」
States that Japan was recovering gradually, the US recovery continued, and some emerging markets showed signs of improvement. It also states that there were no material changes to business and other risks. - FY2017-Q2RestatedAnnual report
「In Japan, personal consumption remained firm amid continued improvement in employment conditions, and the economy remained on a gradual recovery track, supported by the effects of various policies. Overseas, the US continued to expand gradually, while emerging markets, including China, generally remained on a slowing trend.」
Reiterates Japan’s gradual recovery and the slowing trend in emerging markets, including China, as elements of the business environment. - FY2017-Q1RestatedAnnual report
「In Japan, although the appreciation of the yen exerted downward pressure on corporate earnings, the economy remained on a gradual recovery track as employment and income conditions continued to improve. Overseas, the US economy maintained a gradual recovery, while growth in emerging markets, including China, slowed.」
Reiterates the downward pressure from yen appreciation in Japan and slower growth in emerging markets, including China, as elements of the business environment. - FY2016First statedAnnual report
「Amid a challenging environment marked by the trend toward a shrinking domestic market due to the declining birth rate and ageing population, the loss of momentum in Abenomics, the slowdown in the Chinese economy and instability in emerging-market economies」
The Company identifies the shrinking domestic market, policy and economic conditions, and instability in overseas emerging markets as business-environment risks.