Impact of Trade Issues and a Global Economic Slowdown on the Japanese Economy
First written in FY2019-Q3. 7 of 21 entries say "Worsened", first in FY2020-Q1. Latest entry: FY2026.
Ai moved to the "Worse" side of this theme in 2020, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 105 of 134 companies on the "Worse" side.
75 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「During the consolidated fiscal year, Japan’s economy remained in an uncertain environment against a backdrop of the impact of United States trade policy on exports and corporate earnings, geopolitical risks including the situation in the Middle East, volatility in the financial and capital markets, and rising prices centered on food products and other items」
In addition to exchange rates, prices and the international situation, it identified United States trade policy, the situation in the Middle East and geopolitical risks as sources of uncertainty. - 2026-05-14WorsenedEarnings
「During the consolidated fiscal year under review, Japan’s economy remained on a gradual recovery trend overall amid an uncertain outlook, against a backdrop of the impact of U.S. trade policy on exports and corporate earnings, geopolitical risks including the situation in the Middle East, fluctuations in financial and capital markets, and rising prices centered on food products, supported by expanding inbound demand and continued capital investment related to DX.」
The economic environment continued to identify U.S. trade policy, geopolitical risks, financial market volatility and rising prices as factors contributing to uncertainty. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, Japan’s economy was supported by inbound demand and Expo-related demand, but uncertainty about the outlook remained amid the launch of the United States’ new tariff framework, advancing discussions regarding interest-rate hikes by the Bank of Japan, continued yen depreciation and persistently high prices.」
Regarding risks in the economic environment, it identifies the United States’ new tariff framework, interest-rate hike discussions, yen depreciation and high prices as additional sources of uncertainty alongside the previously identified factors of rising prices, labor shortages and exchange-rate fluctuations. - FY2025-H1Persistent high prices, labor shortages and other factors, with the economy flatAnnual report
「During the interim accounting period, Japan’s economy remained broadly flat despite rising prices stemming from sharp exchange-rate fluctuations and labor shortages, amid continued instability in the international situation.」
Regarding the economic environment, it indicates that prices, labor shortages, sharp exchange-rate fluctuations and instability in the international situation continue, while the economy remains flat. - FY2024-Q3Economic normalization and easing inflationary pressureAnnual report
「Despite further instability in global conditions, economic normalization from the disruption caused by COVID-19 has progressed. Although the economic recovery trend has continued to slow, inflationary pressure has eased, while inbound demand in tourism and capital investment have remained firm.」
While instability in global conditions remains, it describes economic normalization from the disruption caused by COVID-19, easing inflationary pressure, and firm inbound demand and capital investment. - FY2024-Q2Economic recovery coexists with high prices, labor shortages and other factorsAnnual report
「The economy has continued to recover gradually as inbound demand in tourism and foot traffic increased following the substantial easing of restrictions accompanying COVID-19’s reclassification to Category 5, and wage growth has accelerated. However, the recovery trend has remained sluggish against a backdrop of persistently high prices, labor shortages, the situation in Ukraine and increasing instability in global conditions, including exchange-rate fluctuations.」
While the economic recovery and inbound demand continue to increase, it indicates that the recovery remains sluggish due to high prices, labor shortages, the situation in Ukraine and exchange-rate fluctuations. - FY2024-Q1Easing of pandemic-related restrictions coexists with high pricesAnnual report
「During the first quarter of the current fiscal year, Japan’s economy saw restrictions eased substantially following the reclassification of COVID-19 under the Infectious Diseases Control Law to Category 5. The economy has been gradually recovering on increased inbound demand in tourism and greater foot traffic, although the recovery trend has weakened amid persistently high prices, labor shortages and the situation in Ukraine.」
While indicating an economic recovery driven by the easing of pandemic-related restrictions and inbound demand, it also identifies high prices, labor shortages and the situation in Ukraine as factors slowing the recovery. - FY2023-Q3WorsenedAnnual report
「Meanwhile, the outlook remained uncertain due to the impact of the protracted situation in Ukraine, sharp exchange-rate movements, broad-based price increases, semiconductor shortages and volatility in the financial and capital markets.」
Although the recovery of economic activity is indicated, the situation in Ukraine, sharp exchange-rate movements, rising prices, semiconductor shortages and volatility in the financial and capital markets have become specific and continuing sources of uncertainty. - FY2023-Q2Economic normalisation coexists with uncertaintyAnnual report
「During the cumulative second quarter, restrictions on activity related to COVID-19 were eased and economic and social activity moved towards normalisation. However, the outlook remained uncertain due to concerns about the protracted situation in Russia and Ukraine, as well as soaring global raw-material prices, semiconductor shortages and volatility in the financial and capital markets.」
Although the easing of activity restrictions and the normalisation of economic and social activity progressed, uncertainty continued due to the situation in Russia and Ukraine, soaring raw-material prices, semiconductor shortages and volatility in the financial and capital markets. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter, the severe conditions caused by COVID-19 gradually eased and economic activity showed signs of normalisation. However, the outlook remained uncertain due to concerns about the protracted situation in Russia and Ukraine, as well as soaring global raw-material prices, semiconductor shortages and volatility in the financial and capital markets.」
In addition to the previous uncertainty surrounding infectious diseases and the global economy, the situation in Russia and Ukraine, soaring raw-material prices, semiconductor shortages and volatility in the financial and capital markets have emerged as specific new sources of uncertainty. - FY2022RestatedAnnual report
「During the fiscal year, the Japanese economy remained extremely uncertain. Although conditions remained severe due to the impact of COVID-19, signs of improvement in infection rates emerged as a result of vaccinations and other measures, raising expectations for the resumption of economic activity. However, infections spread again due to the emergence of new variants.」
The document continues to describe an economic environment in which expectations of improved infection rates and the resumption of economic activity coexist with the renewed spread of infections due to variants and uncertainty about the outlook. - FY2022-Q3Expectations of improvement coexist with renewed uncertainty due to variantsAnnual report
「During the cumulative third quarter, the Japanese economy remained extremely uncertain. Although conditions remained severe due to the impact of COVID-19, signs of improvement in infection rates emerged as a result of vaccinations and other measures, raising expectations for the resumption of economic activity. However, infections have begun to spread again due to the emergence of new variants.」
Although improvement in infection rates due to vaccinations and other measures and expectations for the resumption of economic activity are indicated, uncertainty about the outlook has persisted due to the renewed spread of infections caused by new variants. - FY2022-Q2RestatedAnnual report
「During the cumulative second quarter, the Japanese economy remained extremely uncertain, as the resurgence of COVID-19 led to the intermittent application of states of emergency and priority preventive measures to prevent the spread of disease, among other measures.」
The economic environment has remained uncertain due to the resurgence of COVID-19 and various measures. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter, the Japanese economy remained extremely uncertain, as the resurgence of COVID-19 led to the intermittent application of states of emergency and priority preventive measures to prevent the spread of disease, among other measures.」
The resurgence of COVID-19 and various measures have kept the economic environment uncertain. - FY2021MaterialisedAnnual report
「During the fiscal year, the Japanese economy recorded negative growth as the spread of COVID-19 continued from the previous fiscal year, the Tokyo Olympic and Paralympic Games were postponed, and two states of emergency were declared, resulting in deteriorating corporate performance and weak personal consumption.」
The risk has become more specific, moving from concern about trade issues and the global economic slowdown to actual adverse effects on corporate performance and personal consumption from COVID-19, the postponement of the Olympic Games and the states of emergency. - FY2020WorsenedAnnual report
「However, the situation changed completely when COVID-19 spread worldwide. Personal consumption declined and a deterioration in corporate earnings became unavoidable due to a sharp drop in inbound tourists, the cancellation of domestic events and requests to refrain from going out.」
The economic-environment risk has intensified from the previous concern about trade issues and the global economic slowdown to specific adverse effects of COVID-19 on tourism, events and personal consumption. - FY2020-Q3Concern coexists with expectations of a recoveryAnnual report
「Meanwhile, although concern remains about overseas conditions and other factors, expectations of a recovery in the global economy are mounting.」
While concern about overseas conditions remains, the discussion of the global economy indicates not only the uncertainty about the outlook seen through the previous quarter but also expectations of a recovery. - FY2020-Q2RestatedAnnual report
「Meanwhile, the global economy remained in an uncertain state, with the slowdown in external demand intensifying due to the US-China trade tensions, slowing economic growth in China and deteriorating Japan-South Korea relations.」
Although the slowdown in external demand and uncertainty resulting from US-China trade tensions, the Chinese economic slowdown and deteriorating Japan-South Korea relations are described in greater detail, the document states that there were no material changes in business risks, reaffirming the existing economic-environment risks. - FY2020-Q1WorsenedAnnual report
「Meanwhile, the global economy remained in an uncertain state, with the slowdown in external demand intensifying amid escalating US-China trade tensions.」
In addition to the previous concern about trade issues and the global economic slowdown, the document describes the intensifying slowdown in external demand due to escalating US-China trade tensions and increased uncertainty about the outlook, making the economic-environment risk more specific and severe. - FY2019RestatedAnnual report
「Meanwhile, concern is mounting that trade issues between foreign governments and the global economic slowdown will affect the Japanese economy.」
The discussion of the operating environment continues to indicate concern about the impact of trade issues and the global economic slowdown on the Japanese economy. - FY2019-Q3First statedAnnual report
「Meanwhile, concern is mounting that trade issues between foreign governments and the global economic slowdown will affect the Japanese economy.」
Although the business risk section states that there were no material changes, the discussion of the economic environment explicitly raises, for the first time, concern about the impact of trade issues and the global economic slowdown on the Japanese economy.