Uncertainty from a Slowdown in Overseas Economies and Geopolitical Developments
First written in FY2017-Q1. 27 of 39 entries say "Worsened", first in FY2018-Q1. Latest entry: 2026-08-07.
Achilles moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
56 other companies' latest entry also says "Restated".
- 2026-08-07RestatedResults briefing materials
「Although the first quarter performed above the same period of the previous year, we will continue to monitor external factors such as fluctuations in raw-material prices and exchange rates resulting from the situation in the Middle East.」
The company continues to identify fluctuations in raw-material prices and exchange rates, including those related to the Middle East situation, as external factors requiring close monitoring. - FY2026WorsenedAnnual report
「The Japanese economy remained in an uncertain environment due to persistently high raw-material prices and energy costs, exchange-rate volatility, the impact of U.S. trade policy and growing tensions in the Middle East.」
US trade policy and escalating tensions in the Middle East have been added as new sources of uncertainty regarding overseas economic and geopolitical risks. - FY2026-H1WorsenedAnnual report
「During the current interim consolidated fiscal period, the US economy remained firm, but Europe stalled because of the impact of US tariff policies and other factors. China also continued to face sluggish growth in personal consumption and an adjustment phase in its property market, delaying its recovery.」
In addition to the ongoing slowdown in China’s economy, the stagnation in Europe resulting from US tariff policies is explicitly identified, adding a downside factor for the overseas economy. - FY2025-H1WorsenedAnnual report
「During the current interim consolidated fiscal period, the US economy remained firm and Europe moved toward a gradual recovery, but downside risks continued, including heightened geopolitical risks resulting from the prolonged situation in Ukraine and escalating tensions in the Middle East. China also continued to slow because of sluggish personal consumption and a deteriorating property market.」
In addition to the ongoing situation in Ukraine and the slowdown in China’s economy, geopolitical risks resulting from escalating tensions in the Middle East are explicitly identified as downside factors. - FY2024RestatedAnnual report
「The economy remained sluggish, particularly in Europe, because of rising raw material prices and energy costs resulting from the prolonged situation in Ukraine and accelerating global inflation. China also continued to slow because of sluggish personal consumption and a deteriorating property market.」
The economic weakness in Europe, sluggish personal consumption and a deteriorating property market in China, the situation in Ukraine, and inflation continue to be identified as sources of uncertainty in the overseas economy. - FY2024-Q3RestatedAnnual report
「During the third quarter of the current consolidated fiscal year, the US economy remained firm, but the global economy, particularly Europe, showed a slowing trend because of rising raw material prices and energy costs resulting from the prolonged situation in Ukraine and accelerating global inflation. China also continued to slow because of sluggish personal consumption and a deteriorating property market.」
In contrast to the strength of the US economy, the slowdown in Europe and the continued slowdown in China due to sluggish personal consumption and a deteriorating property market continue to be described. - FY2024-Q2WorsenedAnnual report
「During the second quarter of the current consolidated fiscal year, the US economy remained firm, but the global economy, particularly Europe, showed a slowing trend because of rising raw material prices and energy costs resulting from the prolonged situation in Ukraine and accelerating global inflation. China also continued to slow because of sluggish personal consumption and a deteriorating property market.」
In addition to the economic slowdown, particularly in Europe, the continued slowdown in China due to sluggish personal consumption and a deteriorating property market is described, providing more specific detail on uncertainty in the overseas economy. - FY2024-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy showed a gradual slowdown, particularly in Europe and the US, because of rising raw material prices and energy costs resulting from the prolonged situation in Ukraine and accelerating global inflation.」
In addition to the prolonged situation in Ukraine, rising raw material and energy costs, and global inflation, a slowdown in the global economy, particularly in Europe and the US, is described. - FY2023WorsenedAnnual report
「During the current consolidated fiscal year, the global economy moved toward normalisation as countries adopted living-with-COVID policies, but raw material prices and energy costs rose because of the prolonged situation in Ukraine, while global inflation progressed.」
As restrictions related to COVID-19 were eased, the prolonged situation in Ukraine, rising raw material and energy costs, and global inflation are explicitly identified as new sources of economic uncertainty. - FY2023-Q3WorsenedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, the global economy moved toward normalisation as countries adopted living-with-COVID policies, but concerns arose about an economic slowdown because of surging energy and raw material prices resulting from the prolonged situation in Ukraine and other factors, as well as accelerating global inflation.」
While normalisation under living-with-COVID policies is described, the prolonged situation in Ukraine and other factors, surging energy and raw material prices, and accelerating global inflation are explicitly identified as new concerns about an economic slowdown. - FY2023-Q2RestatedAnnual report
「During the second quarter of the current consolidated fiscal year, the global economy moved toward recovery as measures to prevent the spread of COVID-19 were balanced with economic and social activity, but it was affected by rising energy and raw material prices resulting from the prolonged situation in Ukraine.」
While the global economy’s recovery trend is described, the prolonged situation in Ukraine and rising energy and raw material prices continue to be identified as sources of uncertainty. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy moved toward recovery as the COVID-19 pandemic continued but the easing of infection-control measures took effect. Meanwhile, it was affected by worsening supply-demand balances as economic activity resumed in earnest and rising energy and raw material prices resulting from the prolonged situation in Ukraine.」
While the global economy’s recovery trend is described, worsening supply-demand balances, the prolonged situation in Ukraine, and rising energy and raw material prices continue to be identified as new sources of uncertainty. - FY2022WorsenedAnnual report
「The surge in crude oil prices associated with the deterioration of the situation in Ukraine and the recovery of the global economy, as well as the semiconductor shortage, are expected to affect the economic recovery.」
In addition to the existing pandemic, trade tensions and geopolitical uncertainty, the deterioration of the situation in Ukraine, surging crude oil prices and the semiconductor shortage are explicitly identified as new sources of uncertainty. - FY2022-Q2WorsenedAnnual report
「During the second quarter of the current consolidated fiscal year, the global economy moved toward recovery as restrictions on activity were eased, particularly in Europe and the US, owing to progress in vaccinations, although the COVID-19 pandemic continued. Meanwhile, the global semiconductor shortage had a major impact on production activity in manufacturing industries, including the automotive industry.」
Although the recovery trend in Europe and the US is described, the global semiconductor shortage is explicitly identified as a new source of uncertainty that had a major impact on production activity in manufacturing industries such as automotive. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, some regions showed signs of recovery, but difficult conditions continued because economic activity was restricted by the spread of COVID-19.」
The view that some regions were recovering while the spread of COVID-19 restricted economic activity and kept the global economy in difficult conditions continues to be maintained. - FY2021RestatedAnnual report
「During the current consolidated fiscal year, some regions showed signs of recovery, but difficult conditions continued because economic activity was restricted by the spread of COVID-19.」
The view that the global economy remains difficult because economic activity is restricted by COVID-19 continues to be maintained, alongside signs of recovery in some regions. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the current consolidated fiscal year, some regions recovered, but overall conditions remained difficult as improvements in corporate performance and employment and income conditions stagnated, partly because COVID-19 infections were spreading again in Europe and the US.」
Although some regions recovered, the renewed spread of COVID-19 in Europe and the US caused improvements in corporate performance and employment and income conditions to stagnate, and difficult conditions in the global economy are described as continuing. - FY2021-Q2WorsenedAnnual report
「During the second quarter of the current consolidated fiscal year, some regions showed signs of recovery, but overall conditions remained difficult as the COVID-19 pandemic continued without subsiding, accompanied by sluggish personal consumption and corporate performance.」
Regarding uncertainty in overseas economic and geopolitical conditions, difficult conditions are described as having continued because the COVID-19 pandemic had not subsided and personal consumption and corporate performance remained sluggish. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy entered a period of significant recession as the spread of COVID-19 restricted economic activity.」
In addition to the existing trade tensions between the US and China and geopolitical conditions, the restriction of economic activity caused by COVID-19 is described as having pushed the global economy into a period of significant recession. - FY2020WorsenedAnnual report
「In addition, toward the end of the fiscal year, the global spread of COVID-19 caused economic activity in Japan and overseas to stagnate, and the economy slowed sharply.」
In addition to the existing trade tensions between the US and China and the situation in the Middle East, the stagnation of economic activity in Japan and overseas and the sharp economic slowdown caused by the global spread of COVID-19 are described. - FY2020-Q3WorsenedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, the global economy remained uncertain, owing to the prolonged trade tensions between the US and China and escalating tensions in the Middle East.」
The prolonged trade tensions between the US and China and escalating tensions in the Middle East are explicitly identified as factors sustaining or worsening overseas economic and geopolitical risks. - FY2020-Q2WorsenedAnnual report
「During the second quarter of the current consolidated fiscal year, the global economy remained uncertain, as the US economy remained strong but trade tensions between the US and China and escalating tensions in the Middle East continued.」
In terms of overseas economic and geopolitical risks, escalating tensions in the Middle East are explicitly identified as a source of uncertainty in addition to trade tensions between the US and China. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy remained uncertain, as the US economy remained strong but trade tensions between the US and China and the economic slowdown in China continued.」
Trade tensions between the US and China and the economic slowdown in China are explicitly identified as new sources of concern regarding uncertainty in the overseas economy. - FY2019WorsenedAnnual report
「Although the US and emerging Asian economies remained firm overseas, concerns about slower growth in China and diplomatic and trade issues originating in the US meant that the outlook remained uncertain.」
While including regions where the overseas economy remained firm, slower growth in China and diplomatic and trade issues originating in the US are explicitly identified as new sources of concern. - FY2019-Q3WorsenedAnnual report
「Although the US and emerging Asian economies remained firm overseas, concerns about diplomatic and trade issues involving the US, as well as temporary plunges in the stock prices of major countries toward year-end, meant that the outlook remained uncertain.」
The temporary plunge in the stock prices of major countries toward year-end is identified as a new source of uncertainty, in addition to US diplomatic and trade issues. - FY2019-Q2WorsenedAnnual report
「Although the US, Chinese and emerging Asian economies remained strong overseas, the outlook remained uncertain because of the impact of US trade policy, the situations in the Middle East and North Korea, and the rising trend in crude oil prices.」
While the overseas economy remained strong, US trade policy, the situations in the Middle East and North Korea, and rising crude oil prices are explicitly identified as sources of uncertainty. - FY2019-Q1WorsenedAnnual report
「Although the US, Chinese and emerging Asian economies remained firm overseas, concerns about diplomatic and trade issues originating in the US and continued increases in the prices of crude oil and other natural resources meant that the outlook remained uncertain.」
Alongside the strength of the overseas economy, diplomatic and trade issues originating in the US are explicitly identified as a new source of concern, and the outlook is described as remaining uncertain. - FY2018WorsenedAnnual report
「Stock prices temporarily plunged in the second half of the fiscal year in response to US interest-rate and trade policies, significantly affecting the global economy」
The plunge in stock prices in response to US interest-rate and trade policies and its impact on the global economy are identified as new sources of uncertainty. - FY2018-Q3WorsenedAnnual report
「While the US economy remained strong overseas and the economies of China, emerging Asian countries and resource-producing countries showed signs of recovery, geopolitical risks in the Middle East and East Asia became increasingly pronounced.」
The increasing prominence of geopolitical risks in the Middle East and East Asia is described alongside the recovery trend in the overseas economy. - FY2018-Q2RestatedAnnual report
「Although the US economy remained strong overseas, the euro area economy showed a gradual recovery and the economies of emerging Asian countries, including China, showed signs of recovery, the outlook remained uncertain because of heightened geopolitical risks.」
Growing uncertainty about the outlook due to heightened geopolitical risks continues to be described alongside the recovery trends in the US, euro area and emerging Asian economies. - FY2018-Q1WorsenedAnnual report
「Meanwhile, the outlook for the economy remained uncertain, partly because of heightened geopolitical risks surrounding the situation in North Korea.」
Alongside the statement that the overseas economy was recovering, heightened geopolitical risks surrounding the situation in North Korea were explicitly identified as a new source of uncertainty. This falls into the category of worsening overseas economic and geopolitical risks. - FY2017RestatedAnnual report
「The US economy remained strong overseas, and the economies of emerging Asian countries, including China, and resource-producing countries showed signs of recovery, but growing uncertainty about the outlook resulting from the UK’s decision to leave the European Union and the outcome of the US presidential election had a major impact on economies worldwide.」
The UK’s decision to leave the EU, the US presidential election, and economic trends in emerging Asian and resource-producing countries continue to be identified as overseas uncertainties. - FY2017-Q3RestatedAnnual report
「The US economy remained strong overseas, and the economies of emerging Asian countries, including China, and resource-producing countries showed signs of recovery, but a series of unexpected events occurred, including the UK’s decision to leave the European Union and the outcome of the US presidential election.」
The UK’s decision to leave the EU, the outcome of the US presidential election, and economic trends in emerging Asian and resource-producing countries continue to be identified as economic and geopolitical uncertainties overseas. - FY2017-Q2RestatedAnnual report
「While the US economy remained strong overseas, the economies of emerging Asian countries, including China, and resource-producing countries weakened, and the UK’s EU exit and the frequent terrorist attacks around the world were sources of concern.」
The economic downturn in emerging Asian and resource-producing countries, the UK’s EU exit, and terrorist attacks continue to be identified as overseas concerns. - FY2017-Q1First statedAnnual report
「Although there were moves toward normalising monetary policy overseas, the UK’s referendum on leaving the EU, the frequent terrorist attacks around the world, and the economic slowdown in emerging and resource-producing countries were major sources of concern, while the US economy remained firm.」
For the first time, economic and geopolitical uncertainty overseas, including the UK’s EU exit, terrorist attacks, and the economic slowdown in emerging and resource-producing countries, was separately identified as a concern in the business environment.