Changes in Domestic and Overseas Economic Conditions, Demand Industries and Regulations
First written in FY2016. 16 of 35 entries say "Worsened", first in FY2019. Latest entry: 2026-08-05.
Nof moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
84 other companies' latest entry also says "Worsened".
- 2026-08-05WorsenedEarnings
「During the first quarter, from 1 April 2026 to 30 June 2026, economic downside risks and policy uncertainty increased as a result of turmoil in the Middle East, worsening the outlook for the global economy. The outlook remains uncertain amid concerns about the continuing geopolitical risks in Ukraine and the Middle East, surging raw material and fuel prices, and volatility in the financial and capital markets.」
The disclosure describes increased economic downside risks and policy uncertainty resulting from turmoil in the Middle East, and continues to identify geopolitical conditions, raw material and fuel prices, and financial markets as sources of uncertainty. - FY2026MaterialisedAnnual report
「During the period, the impact of U.S. trade policy increased downside risks to the economy and policy uncertainty, worsening the outlook for the global economy.」
It stated that the impact of downside risks to the economy and policy uncertainty arising from U.S. trade policy had become evident during the period in both the global economy and Japan's automobile industry. - FY2026-H1MaterialisedAnnual report
「During the interim period, the impact of U.S. trade policy increased downside risks to the economy and policy uncertainty, worsening the outlook for the global economy. Concerns also remained about the prolonged Ukraine crisis, escalating tensions in the Middle East, persistently high raw material and fuel prices and fluctuations in financial and capital markets, leaving the outlook uncertain. In Japan, the impact of U.S. trade policy was evident mainly in the automobile industry, but personal consumption had begun to recover and the economy continued to follow a gradual recovery trend.」
The impact of U.S. trade policy on the automobile industry had become evident, increasing downside risks to the economy and policy uncertainty. Existing geopolitical, raw material and fuel price, and financial market factors also continued to affect conditions. - FY2025WorsenedAnnual report
「In addition, the impact of U.S. tariff policy is expected to extend beyond chemical products to a broad range of industries and products, posing a risk of downward pressure on Japan's economy. The situation continues to require close monitoring.」
In addition to the existing high interest rates, stagnation in China's property market, the situation in the Middle East and fluctuations in financial and capital markets, the risk of downward pressure on the economy from U.S. tariff policy was newly identified. - FY2025-H1WorsenedAnnual report
「During the first half, the outlook for the global economy remained uncertain amid concerns about downside risks to overseas economies, inflation, the situation in the Middle East and fluctuations in financial and capital markets, including the effects of continued high interest rates in Europe and the United States and continued stagnation in China's property market.」
In addition to the existing stagnation of the Chinese economy and geopolitical risks, high interest rates in Europe and the United States, stagnation in China's property market, inflation, the situation in the Middle East and fluctuations in financial and capital markets were explicitly identified as sources of uncertainty. - FY2024-Q3WorsenedAnnual report
「During the nine-month period from 1 April 2023 to 31 December 2023, the outlook for the global economy remained uncertain due to the prolonged Ukraine crisis, tensions between the United States and China, escalating tensions in the Middle East, persistently high raw material and fuel prices, continued global inflation and the effects of monetary tightening.」
In addition to the existing Ukraine crisis, tensions between the United States and China, and persistently high raw material and fuel prices, escalating tensions in the Middle East were explicitly identified as a new source of uncertainty. - FY2024-Q2WorsenedAnnual report
「Although Japan's economy was gradually recovering, the business environment surrounding the Group was affected by concerns about downward pressure from a prolonged stagnation of the Chinese economy.」
In addition to the delayed recovery noted in the previous quarter, concerns about downward pressure from a prolonged stagnation of the Chinese economy were explicitly stated. - FY2024-Q1WorsenedAnnual report
「Although Japan's economy was gradually recovering, the business environment surrounding the Group was affected by concerns about downward pressure from the delayed recovery of the Chinese economy.」
While a gradual recovery in Japan's economy was noted, concerns about downward pressure from the delayed recovery of the Chinese economy were newly identified as part of the business environment for the quarter. - FY2023-Q3WorsenedAnnual report
「Under the three-year 2022 Medium-Term Management Plan, which ends in fiscal 2022, the Group adopted “Challenge and Co-creation” as its basic policy and addressed the priorities of expanding its business in growth markets, accelerating the development of new products and technologies, strengthening collaboration inside and outside the Group, improving productivity, and promoting CSR activities. It also worked to develop new markets and expand sales, reduce production costs, maintain appropriate prices, and build on its management efforts toward sustainable growth.」
Additional concerns were identified, including China's zero-COVID policy, the Ukraine crisis, surging resource and energy prices, global inflation and the risk of an economic downturn caused by monetary tightening in various countries. The outlook continued to lack clarity. - FY2023-Q2WorsenedAnnual report
「During the first half, restrictions were eased and economic activity normalized, particularly in countries and regions where COVID-19 vaccinations were progressing. Meanwhile, concerns remained about stagnating economic activity under China's zero-COVID policy, the worsening Ukraine crisis, surging resource and energy prices, and rising global inflation, and the outlook continued to be uncertain.」
In addition to the existing risks associated with COVID-19 and geopolitical conditions, stagnating economic activity under China's zero-COVID policy, surging resource and energy prices, and rising global inflation were explicitly identified as factors of concern. - FY2023-Q1WorsenedAnnual report
「Although the business environment surrounding the Group was affected by continued high global raw material and fuel prices, semiconductor shortages and geopolitical risks including the Ukraine crisis, domestic and overseas demand generally remained robust.」
Continued high raw material and fuel prices, semiconductor shortages and risk factors including the Ukraine crisis continued to affect the business environment. Meanwhile, domestic and overseas demand was described as robust. - FY2022WorsenedAnnual report
「Although the business environment surrounding the Group was affected by rising global raw material and fuel prices, semiconductor shortages and geopolitical risks including the Ukraine crisis, demand in healthcare, automotive and related fields remained on a recovery trend.」
In addition to the existing semiconductor shortage and supply chain instability, geopolitical risks including the Ukraine crisis were explicitly identified as factors affecting the actual business environment. - FY2022-Q3RestatedAnnual report
「Although the business environment surrounding the Group continued to be affected by concerns about risk factors including the global semiconductor shortage, supply chain instability and higher raw material and fuel prices, demand in healthcare, automotive and related fields remained on a recovery trend.」
Concerns about semiconductor shortages, supply chain instability and higher raw material and fuel prices, as well as the recovery trend in healthcare- and automotive-related demand, continued to be noted. - FY2022-Q2Supply chain instability due to tensions between the United States and China explicitly statedAnnual report
「Although the business environment surrounding the Group continued to be affected by concerns about risk factors including the global semiconductor shortage, supply chain instability due to tensions between the United States and China, and higher raw material and fuel prices, demand in healthcare, automotive and related fields remained on a recovery trend.」
In addition to concerns about semiconductor shortages and higher raw material and fuel prices, supply chain instability due to tensions between the United States and China was explicitly stated. Meanwhile, demand related to healthcare and automobiles was described as being on a recovery trend. - FY2022-Q1Demand recovery alongside supply and raw material concernsAnnual report
「The business environment surrounding the Group was recovering from the sharp decline in demand in the previous fiscal year caused by the COVID-19 pandemic. Meanwhile, concerns about semiconductor shortages and higher raw material prices remained, and the outlook continued to be uncertain.」
While recovery from the sharp decline in demand in the previous fiscal year was noted, concerns about the outlook due to semiconductor shortages and higher raw material prices were newly specified. - FY2021WorsenedAnnual report
「However, in addition to the impact of new variants, concerns about supply chain instability due to prolonged tensions between the United States and China and higher raw material and fuel prices remain, and the outlook is expected to remain uncertain.」
Concerns about new variants of the virus, supply chain instability due to prolonged tensions between the United States and China, and higher raw material and fuel prices were newly specified, and the outlook was expected to remain uncertain. - FY2021-Q3RestatedAnnual report
「The business environment surrounding the Group was extremely challenging, affected by a global economic slowdown resulting from the disappearance of inbound demand in Japan and declining automobile production.」
The challenging business environment resulting from the loss of inbound demand, declining automobile production and a global economic slowdown continued to be noted. - FY2021-Q2RestatedAnnual report
「Overseas economies slowed as restrictions on movement and supply chain disruptions associated with the spread of COVID-19 curtailed economic activity. Although signs of an economic recovery emerged in China, which resumed economic activity early, concerns about a renewed spread of COVID-19 remained in some countries and regions, leaving the economic outlook uncertain and challenging.」
While the slowdown in economic activity caused by COVID-19 and the uncertain and challenging outlook continued to be noted, signs of an economic recovery in China were also noted. - FY2021-Q1WorsenedAnnual report
「The business environment surrounding the Group was extremely challenging, affected by the disappearance of inbound demand in Japan, lower demand resulting from calls to refrain from going out, and a global economic slowdown caused in part by declining automobile production. With no clear outlook for when the spread of the disease would subside, certain restrictions on economic activity remained in place, and the challenging conditions were expected to persist.」
The business environment was described as extremely challenging due to the effects of COVID-19, including the loss of inbound demand, calls to refrain from going out and lower automobile production, and the challenging conditions were expected to persist. - FY2020WorsenedAnnual report
「In Japan, not only is an economic downturn expected due to reduced inbound demand following the spread of COVID-19 and lower demand resulting from calls to refrain from going out, but it is also difficult to predict when the spread of the disease will subside or the extent of its impact. The outlook is therefore extremely uncertain.」
In addition to the existing U.S.-China trade conflict and slowdown in the Chinese economy, it identified lower demand, supply chain disruptions, financial instability and fluctuations in crude oil prices caused by COVID-19, describing the business environment as extremely uncertain and challenging. - FY2020-Q3WorsenedAnnual report
「Overseas economies were supported by a robust U.S. economy and a gradually recovering European economy, but the slowdown in Chinese economic growth became pronounced and concerns about the outlook intensified. The business environment surrounding the Group was affected by the escalation of the U.S.-China trade conflict and other factors, and demand generally remained weak.」
It stated that the slowdown in Chinese economic growth had become pronounced and concerns about the outlook had intensified, while demand generally remained weak due to the escalation of the U.S.-China trade conflict. - FY2020-Q2WorsenedAnnual report
「Overseas economies were supported by a robust U.S. economy and a gradually recovering European economy, but the slowdown in Chinese economic growth became pronounced, and conditions remained concerning for the outlook. The business environment surrounding the Group was also affected by concerns about declining domestic and overseas demand due to the escalation of the U.S.-China trade conflict and other factors.」
In addition to the pronounced slowdown in Chinese economic growth, concerns about declining domestic and overseas demand due to the escalation of the U.S.-China trade conflict were explicitly stated. - FY2020-Q1RestatedAnnual report
「Although the business environment surrounding the Group was supported by domestic demand and overseas demand, including in Europe and the United States, there were concerns about downward pressure from a prolonged trade conflict and a slowdown in the Chinese economy.」
Concerns about downward pressure from a prolonged trade conflict and a slowdown in the Chinese economy continued to be noted. It also stated that there had been no new risks or material changes in business and other risks. - FY2019WorsenedAnnual report
「In addition to expectations of a generally moderate economic slowdown overseas, concerns remain about risk factors including a prolonged U.S.-China trade conflict, the United Kingdom's withdrawal from the EU and a slowdown in the Chinese economy. Overall, the economic outlook is expected to remain uncertain.」
In addition to the existing concerns about trade issues, the prolonged U.S.-China trade conflict, the United Kingdom's withdrawal from the EU, the slowdown in the Chinese economy and the trend toward a slowdown in overseas economies were identified as specific risk factors. - FY2019-Q3RestatedAnnual report
「Although the business environment surrounding the Group raised concerns about downward pressure from higher raw material and fuel prices and the impact of trade issues, it remained relatively robust, supported by domestic and overseas demand.」
Concerns about higher raw material and fuel prices and the impact of trade issues continued to be noted. Meanwhile, the business environment was described as relatively robust, supported by domestic and overseas demand. - FY2019-Q2Trade concerns addedAnnual report
「Although the business environment surrounding the Group raised concerns about downward pressure from higher raw material and fuel prices and the impact of trade issues, it remained relatively robust, supported by domestic and overseas demand.」
Concerns about the impact of trade issues were newly stated in the description of the business environment. It also stated that there had been no new risks or material changes in business and other risks. - FY2019-Q1RestatedAnnual report
「During the three-month period ended [the current first quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
No new risks or material changes were identified in risks relating to domestic and overseas economic conditions, geopolitical risks, trends in customer industries, market conditions or regulations. - FY2018-Q3RestatedAnnual report
「Overseas economies generally remained resilient, supported by moderate growth in Europe, the United States, Asia and elsewhere.」
It stated that overseas economies in Europe, the United States, Asia and elsewhere remained resilient on the back of moderate growth. It also stated that there had been no new risks or material changes in business and other risks. - FY2018-Q2The resilience of overseas economies was noted.Annual report
「Overseas economies generally remained resilient, supported by moderate growth in Europe, the United States, Asia and elsewhere.」
In contrast to the uncertainty arising from U.S. policy developments and the European political situation noted in FY2018-Q1, the first half noted resilience supported by moderate growth in Europe, the United States and Asia. It also stated that there had been no new risks or material changes in business and other risks. - FY2018-Q1RestatedAnnual report
「Although the overseas economy was gradually recovering, it remained uncertain due to factors including the impact of US policy developments and the political situation in Europe.」
While recognizing that overseas economies are on a recovery trend, the Company continues to acknowledge uncertainty arising from U.S. policy developments and the political situation in Europe. - FY2017RestatedAnnual report
「The group has production and sales bases in Japan and overseas, and many of its products are used across a wide range of industries. Economic conditions and geopolitical risks in the countries or regions where the group sells its products, business conditions and market trends in its demand industries, and public laws and regulations may affect the group’s operating performance and financial condition.」
The company continues to disclose domestic and overseas economic conditions, geopolitical risks, trends in demand industries, market trends and regulations as risks. - FY2017-Q3RestatedAnnual report
「Although the overseas economy faced downside risks from an economic slowdown in China and emerging Asian economies, it remained generally firm, supported by the gradually recovering European economy and the solid US economy.」
While downside risks from economic slowdowns in China and emerging Asian economies continued to be recognized, the company states that the overseas economy remained generally firm, supported by Europe and the United States. - FY2017-Q2MaterialisedAnnual report
「Although the US economic recovery continued, downside risks, including slower growth in China and emerging Asian economies and the issue of the United Kingdom’s withdrawal from the European Union (EU), became apparent in the overseas economy.」
The company continues to describe the emergence of downside risks, including slower growth in China and emerging Asian economies and the United Kingdom’s withdrawal from the EU. - FY2017-Q1MaterialisedAnnual report
「The overseas economy was supported by solid economic conditions in the United States, but downside risks, including slower growth in China and emerging Asian economies and the issue of the United Kingdom’s withdrawal from the European Union (EU), became apparent, increasing uncertainty.」
The company explicitly states that downside risks, including slower growth in China and emerging Asian economies and the United Kingdom’s withdrawal from the EU, became apparent. - FY2016First statedAnnual report
「The group has production and sales bases in Japan and overseas, and many of its products are used across a wide range of industries. Economic conditions and geopolitical risks in the countries or regions where the group sells its products, business conditions and market trends in its demand industries, and public laws and regulations may affect the group’s operating performance and financial condition.」
The business overview states that downside risks from economic slowdowns in China and emerging Asian economies and weak crude oil prices have become apparent.