Uncertainty over Domestic and Overseas Economic Conditions and China’s Economic Slowdown
First written in FY2016. 25 of 37 entries say "Worsened", first in FY2017-Q1. Latest entry: 2026-08-05.
Shinto Paint 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 2019: 101 of 178 companies on the "Worse" side.
66 other companies' latest entry also says "Worsened".
- 2026-08-05WorsenedEarnings
「中東地域を中心とした供給網の混乱もあり企業による在庫確保や代替調達の動きが強まり、一部の化学品等において供給制限等が発生するなど、当社グループを取り巻く事業環境は厳しい状況で推移しました。」
中東地域を中心とする供給網の混乱が、在庫確保・代替調達の動きと一部化学品等の供給制限として具体化した。 - FY2026WorsenedAnnual report
「The unstable situation surrounding the Strait of Hormuz also affected energy and petrochemical product prices, and the business environment remained highly uncertain.」
In addition to the previously identified risks involving geopolitical developments, resource prices and supply concerns, the unstable situation surrounding the Strait of Hormuz and its impact on energy and petrochemical product prices were explicitly identified. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, Japan's economy showed some improvement in employment and income conditions. However, real wages recovered slowly as consumer prices remained high, and growth in personal consumption lacked momentum. Although some export-related industries performed steadily as the yen depreciated, rising raw material prices and labor costs continued to weigh on corporate earnings. Meanwhile, the global economy continued to slow, affected by the prolonged situation in Ukraine, geopolitical risks in the Middle East and shifts in monetary policy by major economies. Concerns about trade friction stemming from U.S. tariff policy have also re-emerged, while fluctuations in resource prices have affected corporate activity, leaving the outlook highly uncertain.」
In Japan, the slow recovery in real wages and rising raw material prices and labor costs were highlighted. Overseas, slowing growth, geopolitical risks, shifts in monetary policy and concerns about trade friction resulting from U.S. tariff policy have persisted and become more pronounced. - FY2025WorsenedAnnual report
「The outlook remained uncertain as concerns about a global recession intensified due to the prolonged geopolitical risks surrounding Ukraine and the Middle East and the substantial tariff increases announced after the change of administration in the United States.」
In addition to the geopolitical risks and concerns about the Chinese economy seen previously, new concerns were raised about a global recession resulting from the United States' substantial tariff increases. - FY2025-H1RestatedAnnual report
「During the current interim consolidated fiscal period, the domestic economy continued on a gradual recovery trend due to improvements in employment and income conditions. However, downside risks to the economy from weakness in overseas economies remained, including the prolonged geopolitical risks surrounding Ukraine and the Middle East, soaring resource and raw-material prices, the effects of global monetary tightening and concerns about the outlook for the Chinese economy, leaving the outlook uncertain.」
Although improvements in employment and income conditions indicated a recovery trend in the domestic economy, external-environment risks continued, including the situations in Ukraine and the Middle East, resource and raw-material prices, monetary tightening and concerns about the outlook for the Chinese economy. - FY2024WorsenedAnnual report
「The trend of rising import prices has continued as yen depreciation was added to persistently high global resource and raw-material prices and supply concerns resulting from expanding geopolitical risks, including the prolonged Russian invasion of Ukraine and escalating conflict between Israel and pro-Palestinian forces.」
Although the domestic economy was described as being on a gradual recovery trend, expanding geopolitical risks, persistently high resource and raw-material prices, supply concerns, yen depreciation, labor shortages, logistics constraints and wage increases were identified, broadening the uncertainty factors in the business environment. - FY2024-Q3WorsenedAnnual report
「The economic outlook remained uncertain due to rapid yen depreciation, concerns about a slowdown in overseas economies resulting from continued monetary tightening in Europe and the United States, persistently high global raw-material and resource prices caused by the prolonged situation in Ukraine, and expanding geopolitical risks resulting from the escalating conflict between Israel and Palestine.」
Although the domestic economy was on a gradual recovery trend, tighter monetary policy in Europe and the United States, persistently high raw-material and resource prices, and geopolitical risks from the escalating conflict between Israel and Palestine were added as new uncertainty factors. - FY2024-Q2MitigatedAnnual report
「The domestic economy maintained a gradual recovery trend against a backdrop of the reclassification of COVID-19 as a Class 5 infectious disease and the normalization of social and economic activity. However, the economic outlook remained uncertain due to rapid yen depreciation, concerns about a slowdown in overseas economies, the prolonged situation in Ukraine and persistently high global raw-material and resource prices.」
The domestic economy was on a recovery trend against a backdrop of normalized social and economic activity, indicating that the deterioration caused by COVID-19 was easing. However, uncertainty remained due to yen depreciation, slowing overseas economies, the situation in Ukraine and persistently high raw-material and resource prices. - FY2023-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative fiscal period, signs of recovery emerged as restrictions on entry from overseas were eased following a decline in COVID-19 cases after a temporary explosive increase. However, the outlook remained uncertain as the eighth wave of infections arrived. In addition, the economic environment became increasingly severe due to the prolonged Russian invasion of Ukraine and globally elevated raw-material prices.」
Although the easing of entry restrictions and other factors supported a recovery, the eighth wave, the prolonged Russian invasion of Ukraine and globally soaring raw-material prices combined to broaden the external-environment uncertainty factors. - FY2023-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative fiscal period, restrictions on movement in Japan were eased as the number of COVID-19 cases declined, but the outlook remained uncertain amid concerns about the arrival of the eighth wave. In addition, the economic environment became increasingly severe due to rapid yen depreciation, the situation in Ukraine and globally elevated raw-material prices.」
Although restrictions on movement were eased, concerns about the eighth wave, rapid yen depreciation, the situation in Ukraine and globally soaring raw-material prices combined to broaden the external-environment uncertainty factors. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative fiscal period, restrictions on movement were eased as the number of COVID-19 cases declined, but the outlook remained uncertain as new cases began to surge again. In addition, the economic environment became increasingly severe due to rapid yen depreciation, the situation in Ukraine and globally elevated raw-material prices.」
In addition to the renewed surge in cases, rapid yen depreciation, the situation in Ukraine and globally soaring raw-material prices were identified as new uncertainty factors, making the economic environment increasingly severe. - FY2022WorsenedAnnual report
「Regarding the future business environment, a rapid improvement is difficult to expect, given the prolonged Russian invasion of Ukraine and other factors, in addition to」
In addition to COVID-19 and soaring raw-material prices, the prolonged Russian invasion of Ukraine has become a new external-environment uncertainty factor. - FY2022-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative fiscal period, economic activity continued to be restricted due to the prolonged impact of COVID-19. The timing of containment remained unforeseeable as new variants, including Omicron, emerged and spread worldwide. In addition, prices of crude oil and other raw materials continued to rise, and the outlook remained uncertain.」
In addition to the prolonged pandemic, the global spread of new variants, including Omicron, and soaring prices of crude oil and other raw materials were identified, broadening the uncertainty factors in the external economic environment. - FY2022-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative fiscal period, economic activity continued to be restricted due to the prolonged impact of COVID-19. Although the number of new infections began to decline as vaccinations progressed in Japan, the timing of the pandemic’s containment remained unforeseeable. In addition, prices of crude oil and other raw materials continued to rise, and the outlook remained uncertain.」
While restrictions on economic activity due to COVID-19 and uncertainty about when the pandemic would end continued, soaring prices of crude oil and other raw materials became a new uncertainty factor. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative fiscal period, economic activity continued to be restricted due to the impact of COVID-19. Although COVID-19 vaccinations began in Japan and signs of improvement emerged toward preventing the spread of infection, the number of cases was again trending upward, and uncertainty about the outlook continued.」
Although vaccinations indicated signs of improvement, the renewed increase in cases and uncertainty about the outlook continued. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative fiscal period, negative growth continued as personal consumption, capital investment and other factors declined sharply due to the spread of COVID-19. After the state of emergency was lifted in May, the number of infections remained temporarily stable and economic conditions gradually began to recover, but the situation remained unpredictable as the spread of COVID-19 began to increase again from the end of the previous year.」
In addition to the sharp declines in personal consumption and capital investment and negative growth, the resurgence of COVID-19 from the end of the year worsened risks in the external economic environment. - FY2021-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative fiscal period, the Japanese economy was in a severe condition, as social and economic activity stagnated after a state of emergency was declared in Japan in response to the spread of COVID-19. The state of emergency has since been lifted and economic activity is recovering, but the situation remains unpredictable, with concerns about a resurgence of COVID-19.」
Although economic activity was recovering after the state of emergency was lifted, concerns about a resurgence of COVID-19 and uncertainty about the outlook continued. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative fiscal period, the Japanese economy was in a severe condition, as social and economic activity stagnated after a state of emergency was declared in Japan in response to the spread of COVID-19.」
In addition to the previous slowdown in the Chinese economy and US-China trade tensions, the stagnation of social and economic activity caused by COVID-19 and the state of emergency became new external-environment uncertainty factors, worsening economic risks. - FY2020WorsenedAnnual report
「During the current consolidated fiscal year, a gradual recovery continued in the first half on the back of resilient domestic demand, including firm capital investment. In the second half, however, economic uncertainty increased and concerns about the outlook grew due to prolonged US-China trade tensions, the consumption-tax rate increase and, toward the end of the fiscal year, the global spread of COVID-19.」
In addition to the previous US-China trade tensions and other factors, the consumption-tax rate increase and the global spread of COVID-19 increased economic uncertainty in the second half of the fiscal year. - FY2020-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative fiscal period, the economy remained weak, particularly in manufacturing, but a gradual recovery continued on the back of resilient domestic demand, including firm capital investment. However, exports were expected to decline due to the prolonged US-China trade tensions and rising geopolitical risks in the Middle East, leaving the outlook uncertain.」
Although resilient domestic demand was noted, weakness in manufacturing, prolonged US-China trade tensions and concerns about declining exports were identified, with external-environment uncertainty continuing and becoming more specific. - FY2020-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative fiscal period, domestic capital investment and industrial production continued to remain firm. However, the outlook remained uncertain due to declining external demand resulting from the slowdown in the Chinese economy and other factors, as well as rising geopolitical risks in the Middle East.」
Although domestic capital investment and industrial production remained firm, declining external demand due to the slowdown in the Chinese economy, together with rising geopolitical risks in the Middle East, was identified as a new uncertainty factor. - FY2020-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative fiscal period, domestic capital investment and industrial production remained firm, but the decline in external demand resulting from the slowdown in the Chinese economy and other factors left the outlook uncertain.」
Although domestic capital investment and industrial production remained firm, declining external demand due to the slowdown in the Chinese economy and other factors, together with uncertainty about the outlook, continued. - FY2019WorsenedAnnual report
「During the current consolidated fiscal year, domestic demand remained firm, led by capital investment, but the economy began to weaken from the second half onward due to the temporary decline in personal consumption and industrial production caused by natural disasters and the decline in external demand resulting from the slowdown in the Chinese economy and other factors.」
The economy was recognized as weakening from the second half onward due to natural disasters, the slowdown in the Chinese economy and declining external demand, indicating a deterioration in external-environment risks. - FY2019-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative fiscal period, personal consumption in Japan continued to grow slowly and concerns remained about the impact of US-China trade tensions. However, production activity in the corporate sector was on an increasing trend, and the economy showed signs of a gradual recovery.」
Although sluggish personal consumption and concerns about US-China trade tensions remained, increased production activity in the corporate sector and an economic recovery were noted, indicating that the economic environment recognized in the previous quarter remained unchanged. - FY2019-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative fiscal period, personal consumption in Japan continued to grow slowly and concerns remained about the impact of US-China trade tensions. However, production activity in the corporate sector was on an increasing trend, and the economy showed signs of a gradual recovery.」
Although production activity in the corporate sector and an economic recovery were noted, sluggish personal consumption and the impact of US-China trade tensions were explicitly identified as new concerns. - FY2019-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative fiscal period, personal consumption in Japan continued to grow slowly. However, against a backdrop of the government’s economic measures and monetary easing, and with external demand remaining firm, production activity in the corporate sector was on an increasing trend, and the domestic economy showed signs of a gradual recovery.」
Although personal consumption remained sluggish, external demand, production activity and a recovery in the domestic economy were noted, indicating that the economic environment recognized at the end of the previous fiscal year remained unchanged. - FY2018RestatedAnnual report
「During the current consolidated fiscal year, personal consumption in Japan continued to grow slowly. However, against a backdrop of the government’s economic measures and monetary easing, and with external demand remaining firm, production activity in the corporate sector was on an increasing trend, and the domestic economy showed signs of a gradual recovery.」
Although personal consumption remained sluggish, external demand, production activity and a recovery in the domestic economy were noted, confirming on a full-year basis the direction of risk mitigation seen in the previous quarter. - FY2018-Q3MitigatedAnnual report
「During the third quarter of the current consolidated cumulative fiscal period, personal consumption in Japan continued to grow slowly. However, against a backdrop of the government’s economic measures and monetary easing, and with external demand remaining firm, production activity in the corporate sector was on an increasing trend, and the domestic economy showed signs of a gradual recovery.」
Although personal consumption remained sluggish, firm external demand, increased production activity and a recovery in the domestic economy were noted, indicating that the uncertainty seen through the previous quarter had eased somewhat. - FY2018-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative fiscal period, the Japanese economy remained uncertain. Real growth remained firm and employment conditions continued to improve against a backdrop of the government’s economic measures and monetary easing, but personal consumption in Japan remained sluggish.」
Sluggish domestic personal consumption and uncertainty about the outlook continued to be identified. No new deterioration factors were cited. - FY2018-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative fiscal period, the Japanese economy remained uncertain. Employment conditions continued to improve against a backdrop of the government’s economic measures and monetary easing, but uncertainty in overseas economies increased and personal consumption in Japan remained sluggish.」
Greater uncertainty in overseas economies and sluggish domestic personal consumption continued to be identified as factors clouding the outlook. - FY2017WorsenedAnnual report
「During the current consolidated fiscal year, the Japanese economy remained uncertain. Corporate earnings and employment conditions improved against a backdrop of the government’s economic measures and monetary easing, but overseas developments, including concerns about a shift in US policy toward protectionism, and sluggish personal consumption in Japan also weighed on the outlook.」
In addition to the previous concerns about overseas economies and the Chinese economy, concerns about a shift in US policy toward protectionism and sluggish domestic personal consumption were identified as uncertainty factors. - FY2017-Q3MaterialisedAnnual report
「Shipments of industrial coatings to construction-equipment and machine-tool users remained sluggish due to the slowdown in the Chinese economy and other factors. However, shipments to users of blinds, golf balls and ceramic building materials recovered, leaving sales at roughly the previous year’s level.」
The slowdown in the Chinese economy and other factors have affected the business in the form of sluggish shipments to construction-equipment and machine-tool users. - FY2017-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative fiscal period, the Japanese economy remained uncertain. Although the employment and income environment improved under the government’s economic policies, corporate earnings deteriorated due to rapid yen appreciation, capital investment remained sluggish, and concerns about a slowdown in emerging-market economies persisted.」
The impact of rapid yen appreciation on corporate earnings and sluggish capital investment were explicitly identified, making the adverse effects of the external environment more specific. The business and other risks section states that there were no significant changes. - FY2017-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative fiscal period, the Japanese economy remained uncertain, amid rapid yen appreciation and concerns about slowdowns in the Chinese and emerging-market economies.」
In addition to the previous concerns about the Chinese economy and overseas economies, rapid yen appreciation and concerns about a slowdown in emerging-market economies were explicitly identified, broadening the range of uncertainty factors. - FY2016First statedAnnual report
「The outlook remained uncertain, due in part to concerns about downside risks in overseas economies, including the slowdown in the Chinese economy, and sluggish personal consumption.」
The slowdown in the Chinese economy, weakness in overseas economies and sluggish personal consumption are recognized as business-environment risks.