Uncertainty in the Global Economy and Financial Markets
First written in FY2016-Q2. 23 of 38 entries say "Restated". Latest entry: FY2026-H1.
Trend Micro moved to the "Worse" side of this theme in 2025, 6 years after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 125 of 168 companies on the "Worse" side.
65 other companies' latest entry also says "Worsened".
- FY2026-H1WorsenedAnnual report
「During the six-month period ended 30 June 2026, the global economy remained subject to significantly heightened uncertainty due to new geopolitical risks, including the situation in the Middle East, uncertainty surrounding U.S. trade policies and volatility in financial and capital markets. Downside risks remained dominant, including the prolonged and expanded scope of conflicts, deepening geopolitical fragmentation and a resurgence of trade frictions, leaving the outlook for the global economy difficult to predict.」
The disclosure stated that uncertainty had increased further, citing new geopolitical risks, prolonged or expanding conflicts, geopolitical fragmentation, and renewed trade friction. - FY2025WorsenedAnnual report
「Uncertainty caused by the emergence of new geopolitical risks and volatility in financial markets was also increasing, and the outlook for the global economy was becoming increasingly unclear.」
The disclosure continued throughout the fiscal year to cite new geopolitical risks in addition to US trade policy, monetary policy, geopolitical risks, and volatility in financial markets, stating that the outlook for the global economy was becoming increasingly uncertain. - 2026-02-27WorsenedGeneral Meetings of Shareholders
「Uncertainty is also increasing due to the emergence of new geopolitical risks and volatility in financial and capital markets, and the outlook for the global economy is becoming increasingly opaque.」
In addition to the growing uncertainty indicated in FY2025-H1, the company cited new geopolitical risks, volatility in financial and capital markets, and increasingly complex supply chains, stating that the outlook for the global economy was becoming more opaque. - FY2025-H1WorsenedAnnual report
「During the six-month period ended 30 June 2025, the global economy remained subject to heightened uncertainty stemming from U.S. trade policies and concerns over the impact of monetary policies in various countries on economic conditions, as well as geopolitical risks. Uncertainty arising from volatility in financial and capital markets was also increasing, making the outlook for the global economy increasingly uncertain.」
The disclosure cited US trade policy, monetary policies in various countries, geopolitical risks, and volatility in financial markets, stating that the outlook for the global economy was becoming increasingly uncertain. - FY2024RestatedAnnual report
「The global economy during the fiscal year progressed amid widespread attention to monetary policy developments and uncertainty arising from the resulting foreign-exchange volatility and the prolonged impact of geopolitical risks, prompting concern over the economic outlook.」
The disclosure continued to cite monetary policy, foreign-exchange volatility, and uncertainty caused by prolonged geopolitical risks as factors weighing on the global economic outlook. - FY2024-Q1RestatedAnnual report
「During the three months ended 31 March 2024, the global economy progressed amid widespread attention to monetary policy developments, while concern over the economic outlook persisted due to uncertainty arising from resulting foreign-exchange volatility and higher fuel import prices caused by the prolonged impact of geopolitical risks.」
The disclosure continued to cite concern over the global economic outlook due to monetary policy developments, foreign-exchange volatility, and higher fuel import prices caused by prolonged geopolitical risks. - FY2023RestatedAnnual report
「The global economy during the fiscal year progressed amid concern over the economic outlook due to uncertainty arising from global monetary tightening and the resulting foreign-exchange volatility, inflation, and higher fuel import prices caused by the prolonged Russia-Ukraine situation.」
The disclosure continued throughout the fiscal year to cite uncertainty in the global economy caused by monetary tightening, foreign-exchange volatility, inflation, the prolonged Russia-Ukraine situation, and higher fuel import prices. - FY2023-Q3RestatedAnnual report
「During the nine months ended 30 September 2023, concern over the economic outlook persisted amid uncertainty arising from global monetary tightening and the resulting foreign-exchange volatility, inflation, and higher fuel import prices caused by the prolonged Russia-Ukraine situation.」
Concern over the outlook continued due to monetary tightening, foreign-exchange volatility, inflation, the prolonged Russia-Ukraine situation, and higher fuel import prices. - FY2023-Q2RestatedAnnual report
「During the six months ended 30 June 2023, the global economy was recovering moderately from the conditions caused by COVID-19. However, concern over the economic outlook persisted amid uncertainty arising from global monetary tightening and the resulting foreign-exchange volatility, inflation, and higher fuel import prices caused by the prolonged Russia-Ukraine situation.」
Although the global economy was recovering moderately, uncertainty arising from monetary tightening, foreign-exchange volatility, inflation, and higher fuel import prices caused by the prolonged Russia-Ukraine situation continued. - FY2023-Q1RestatedAnnual report
「During the three months ended 31 March 2023, the global economy showed signs of recovery as conditions caused by COVID-19 gradually eased. However, concern over the economic outlook persisted amid uncertainty arising from global monetary tightening and the resulting foreign-exchange volatility, inflation, and higher fuel import prices caused by the prolonged Russia-Ukraine situation.」
The disclosure continued to cite uncertainty in the global economy arising from global monetary tightening, foreign-exchange volatility, inflation, and higher fuel import prices caused by the prolonged Russia-Ukraine situation, while the impact of COVID-19 eased. - FY2022RestatedAnnual report
「The global economy during the fiscal year showed signs of recovery as the severe conditions caused by COVID-19 gradually eased. However, concern over the economic outlook persisted amid uncertainty arising from global monetary tightening and the resulting foreign-exchange volatility, inflation, and higher fuel import prices caused by the prolonged Russia-Ukraine situation.」
The disclosure continued to cite uncertainty in the global economy arising from monetary tightening, foreign-exchange volatility, inflation, and higher fuel import prices caused by the prolonged Russia-Ukraine situation. - FY2022-Q3WorsenedAnnual report
「During the nine months ended 30 September 2022, the global economy showed signs of recovery as the severe conditions caused by COVID-19 gradually eased. However, concern over the economic outlook persisted amid uncertainty arising from global monetary tightening and the resulting foreign-exchange volatility, inflation, and higher fuel import prices caused by the prolonged Russia-Ukraine situation.」
While the impact of COVID-19 eased and expectations for a recovery emerged, global monetary tightening, foreign-exchange volatility, inflation, and higher fuel import prices caused by the prolonged Russia-Ukraine situation were also cited, and uncertainty over the economic outlook continued and widened. - FY2022-Q2WorsenedAnnual report
「While the severe conditions caused by COVID-19 gradually eased and expectations for a recovery emerged, concern over the economic outlook persisted amid renewed outbreaks in some regions, rising global inflation, and uncertainty caused by the prolonged Russia-Ukraine situation and higher fuel import prices.」
While the impact of COVID-19 was easing, renewed outbreaks, global inflation, and higher fuel import prices caused by the prolonged Russia-Ukraine situation were added, increasing uncertainty over the economic outlook. - FY2022-Q1WorsenedAnnual report
「During the three months ended 31 March 2022, the global economy showed signs of recovery as the severe conditions caused by COVID-19 gradually eased. However, concern over the economic outlook persisted due to renewed outbreaks in some regions, rising global inflation, and uncertainty over the situation in Ukraine.」
While the impact of COVID-19 was easing, renewed outbreaks in some regions, global inflation, and uncertainty over the situation in Ukraine were newly specified, and concern over the economic outlook continued and widened. - FY2021WorsenedAnnual report
「While stock markets became buoyant, with U.S. equities reaching record highs on expectations of an economic recovery as vaccinations progressed and economies reopened, the outlook for the economy remains a concern given the ongoing global rise in inflation and the possibility of renewed infections.」
In addition to the continuing impact of COVID-19, rising global inflation and the possibility of renewed outbreaks were newly specified, while concern over the economic outlook persisted. - FY2021-Q3RestatedAnnual report
「During the nine months ended 30 September 2021, the global economy progressed amid restrictions on economic activity due to concerns over renewed outbreaks of COVID-19 variants, although some signs of recovery emerged. Concern over a recession and delays in the global recovery continued.」
The disclosure continued to cite concerns over renewed outbreaks caused by variants, a recession, and delays in the global recovery. - FY2021-Q2RestatedAnnual report
「During the six months ended 30 June 2021, the global economy progressed amid restrictions on economic activity caused by renewed outbreaks of COVID-19 variants, although some signs of recovery emerged. Concern over a recession and delays in the global recovery continued.」
Although some signs of recovery were seen, concerns over a recession and delays in the global recovery continued against the backdrop of renewed outbreaks caused by variants. - FY2021-Q1RestatedAnnual report
「During the three months ended 31 March 2021, the global economy progressed amid restrictions on economic activity caused by COVID-19, although some signs of recovery emerged. The emergence of highly transmissible variants increased the possibility of renewed outbreaks, and concern over a recession and delays in the global recovery continued.」
Although some signs of recovery emerged, concerns over renewed outbreaks and variants, as well as a recession and delays in the global recovery, persisted. - FY2020WorsenedAnnual report
「The global economy during the fiscal year progressed amid restrictions on economic activity caused by COVID-19 throughout the year. The emergence of variants and the possibility of renewed outbreaks continued to raise concern over a severe recession and delays in the global recovery.」
The disclosure stated that the impact of COVID-19 continued throughout the year and raised concerns over variants, renewed outbreaks, a severe recession, and delays in the recovery. - FY2020-Q3MitigatedAnnual report
「Following the IMF's upward revision of its updated 2020 global economic outlook to negative 4.4% growth, partly in response to recent GDP data exceeding expectations, the economic slowdown appears to have been less severe than previously assumed. However, concern over a severe recession and delays in the global recovery remains unavoidable.」
The IMF's 2020 global growth outlook was revised up from negative 4.9% to negative 4.4%, and the slowdown was viewed as less severe than previously assumed. At the same time, concerns over a severe recession and delayed recovery persisted. - FY2020-Q2WorsenedAnnual report
「During the six months ended 30 June 2020, the global economy progressed amid the prolonged suppression of all economic activity due to the spread of COVID-19. The IMF significantly revised down its 2020 global economic outlook to negative 4.9% growth, indicating that a more severe-than-expected recession and delays in the global recovery were unavoidable.」
The disclosure stated that constraints on economic activity due to COVID-19 had become prolonged and that the IMF had sharply revised its 2020 global growth forecast down to negative 4.9%. This indicated a worsening recession compared with the negative 3% outlook in the previous quarter. - FY2020-Q1MaterialisedAnnual report
「During the first quarter of the fiscal year, the global economy remained under pressure as the spread of COVID-19, which was becoming a global pandemic toward the end of the period, increasingly constrained economic activity worldwide. With the IMF forecasting 3% negative growth for the global economy in 2020, a global economic slowdown appeared unavoidable.」
Economic activity was actually constrained by COVID-19, and the IMF's forecast for global economic growth in 2020 was revised to negative 3%. The previously anticipated uncertainty and slowdown risks in the global economy were described as having materialized. - FY2019RestatedAnnual report
「The global economy during the fiscal year progressed amid concern over risks arising from US-China trade friction, the course of the UK's Brexit process, concerns over slower growth in emerging economies, and rising geopolitical risks associated with democratization movements in Asia and developments in the Middle East.」
The disclosure continued to cite US-China trade friction, Brexit, concerns over slower growth in emerging economies, democratization movements in Asia, and geopolitical risks in the Middle East. - FY2019-Q3RestatedAnnual report
「During the nine months ended 30 September 2019, the global economy progressed amid concern over various risks, including US-China trade friction, the course of the UK's Brexit process, concerns over slower growth in emerging economies, and rising geopolitical risks associated with democratization movements in Asia and developments in the Middle East.」
The disclosure continued to cite US-China trade friction, Brexit and concerns over slower growth in emerging economies, as well as geopolitical risks associated with democratization movements in Asia and the Middle East. - FY2019-Q2RestatedAnnual report
「During the six months ended 30 June 2019, the global economy progressed amid the emergence of various risks, including US-China trade friction, the course of the UK's Brexit process, concerns over slower growth in emerging economies, and rising geopolitical risks in the Middle East.」
The disclosure continued to indicate uncertainty in the global economy, citing US-China trade friction, Brexit, concerns over slower growth in emerging economies, and geopolitical risks in the Middle East. - FY2018RestatedAnnual report
「The global economy remained generally solid during the fiscal year, but the period unfolded amid the emergence of various risks toward the second half of the year, including US-China trade friction, the impact of interest-rate policies, the course of the UK's Brexit process and the partial shutdown of US government agencies.」
While the global economy was generally solid, the disclosure continued to cite multiple risks, including US-China trade friction, interest-rate policies, the UK's Brexit process and the partial shutdown of some US government agencies. - FY2018-Q3RestatedAnnual report
「During the nine-month period ended 31 December, the global economy remained generally solid, but did so amid the emergence of various risks, including trade friction centered on the US and China, the impact of interest-rate policies and concerns over slowing growth in emerging economies as a result.」
While the global economy was generally solid, the disclosure continued to indicate several sources of uncertainty, including US-China trade friction, interest-rate policies and concerns over slowing growth in emerging economies. - FY2018-Q2RestatedAnnual report
「During the six-month period ended 30 September, the global economy remained generally solid, but did so amid the emergence of various risks, including US-China trade friction, the impact of higher US policy rates and geopolitical risks reflected in soaring oil prices.」
While the global economy was generally solid, the disclosure continued to cite uncertainty over the outlook, including US-China trade friction, higher US policy rates and geopolitical risks reflected in soaring oil prices. - FY2018-Q1RestatedAnnual report
「During the three-month period ended 30 June, the global economy remained generally solid, but did so amid the emergence of various risks, including US-China trade friction and geopolitical risks.」
While the global economy was generally solid, the disclosure continued to indicate uncertainty over the outlook, including US-China trade friction and geopolitical risks. - FY2017RestatedAnnual report
「Japan's economy continued to recover moderately, with improvements in corporate earnings and various economic indicators, but remained subject to the impact of developments in the global economy described above and further increases in geopolitical risks.」
Although the global economy was described as generally stable, the disclosure continued to indicate a further increase in geopolitical risks. - FY2017-Q3RestatedAnnual report
「Although Japan's economy continued to recover moderately, as reflected in improving corporate earnings and solid economic indicators, concerns over the impact of future developments in the global economy described above and increasing geopolitical risks remained unresolved.」
The global economy was generally described as solid, particularly in the US, Europe and emerging economies, but concerns over future developments in the global economy and rising geopolitical risks could not be dispelled. - FY2017-Q2RestatedAnnual report
「During the six-month period ended 30 September, the global economy showed signs of recovery in Europe, centered on the eurozone, where various economic indicators were favorable, and in emerging economies including China, which performed better than expected. However, various risks remained a concern, including developments in the US economy, where growth remained strong but signs of protectionist policies had emerged and policies under the new administration were stalled.」
While Europe and China showed signs of recovery, the disclosure continued to indicate uncertainty over the outlook, including US policy developments, the impact on the global economy and geopolitical risks. - FY2017-Q1RestatedAnnual report
「The global economy remained in this state amid the emergence of various risks, including geopolitical risks, rather than expectations alone.」
The disclosure continued to indicate uncertainty in the global economy, including economic trends in the US, Europe and China, the UK's Brexit process and geopolitical risks. - FY2016RestatedAnnual report
「The global economy remained in this state amid the emergence of various risks, rather than expectations alone, toward the second half of the year.」
The disclosure pointed to a recovery trend in the US economy, while stating that risks to the global economy persisted, including the UK's Brexit process, political events in Europe and renewed slowdowns in emerging economies including China. - FY2016-Q3RestatedAnnual report
「The outlook for the global economy remains undeniably uncertain.」
Uncertainty surrounding the global economic outlook was described as continuing against a backdrop of economic trends in the United States, Europe and China, as well as yen appreciation. - FY2016-Q2First statedAnnual report
「The global economy remained volatile amid heightened uncertainty.」
The outlook for the global economy was described as increasingly uncertain due to the UK's departure from the EU, slowing growth in emerging economies such as China, and disruptions in oil prices and financial markets.