Uncertainty in the business environment due to unstable international conditions, monetary policy and China's economic slowdown
First written in FY2018-Q3. 11 of 30 entries say "Worsened", first in FY2021-Q1. Latest entry: 2026-10-22.
Ishizuka Glass moved to the "Worse" side of this theme in 2022, 3 years after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
84 other companies' latest entry also says "Worsened".
- FY2026ReframedAnnual report
「During the fiscal year, Japan’s economy remained on a gradual recovery path, supported by improvements in employment and income conditions and increased inbound consumption. However, the outlook remained uncertain as material prices stayed elevated due to yen depreciation and further price increases were expected with rising crude oil prices amid heightened tensions in the Middle East.」
The focus of the sources of uncertainty in the outlook shifted from COVID-19 and the situation in Ukraine to yen depreciation, persistently high prices for other materials, the situation in the Middle East, rising crude oil prices and higher prices overall. - FY2026-H1ReframedAnnual report
「The outlook is expected to remain uncertain due to the impact on personal consumption of real wages failing to keep pace with rising prices, as well as instability in the domestic and international political environment.」
The focus of the sources of uncertainty in the outlook shifted from the situation in Ukraine, the Middle East and surging material prices to the impact on personal consumption of rising prices without corresponding real wage growth and instability in the domestic and international political environment. - FY2025-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, Japan’s economy showed signs of recovery, including improvements in employment and income conditions and strong inbound consumption, but the outlook remained uncertain as real wages continued to decline due to surging prices against a backdrop of yen depreciation and other factors.」
While economic activity showed signs of recovery, surging prices against a backdrop of yen depreciation and continued negative real wage growth were identified as new sources of uncertainty. - FY2024WorsenedAnnual report
「During the fiscal year, Japan’s economy continued to face an uncertain outlook. While COVID-19 restrictions were significantly eased and economic activity moved toward normalization, geopolitical issues surrounding Ukraine and the Middle East remained prolonged, and prices continued to rise against a backdrop of yen depreciation.」
While normalization progressed as COVID-19 restrictions were eased, the prolonged geopolitical issues in the Middle East, in addition to the situation in Ukraine, were identified as sources of uncertainty. - FY2024-Q3WorsenedAnnual report
「During the third quarter cumulative period, Japan's economy was moving toward normalization as COVID-19 restrictions were substantially eased, but the outlook remained uncertain due to the prolonged geopolitical issues surrounding Ukraine and the Middle East, the weaker yen, and surging materials prices and resulting inflation.」
In addition to the situation in Ukraine and other factors, the prolonged geopolitical issues in the Middle East were explicitly identified, broadening the sources of uncertainty in the outlook. - FY2024-Q2WorsenedAnnual report
「During the second quarter cumulative period, Japan's economy was moving toward normalization as COVID-19 restrictions were substantially eased, but the outlook remained uncertain due to downside risks to overseas economies from monetary tightening centered in the United States and Europe, the prolonged international situation surrounding Ukraine, and surging materials prices and resulting inflation against the backdrop of the weaker yen.」
In addition to the previously identified factors of geopolitical risk, yen depreciation and material prices, downside risks to overseas economies resulting from monetary tightening in the United States and Europe were explicitly identified, broadening the sources of uncertainty. - FY2024-Q1RestatedAnnual report
「During the first quarter cumulative period, Japan's economy was moving toward normalization as COVID-19 restrictions were substantially eased, but the outlook remained uncertain due to the prolonged international situation surrounding Ukraine, surging materials prices caused by the weaker yen and other factors, and the resulting increase in prices.」
While COVID-19 restrictions were eased and economic activity moved toward normalization, the prolonged situation in Ukraine, yen depreciation and surging prices for other materials continued to be identified as sources of uncertainty. - FY2023-Q3RestatedAnnual report
「During the first nine months of the fiscal year, Japan’s economy remained in an extremely difficult situation. While restrictions on activity related to COVID-19 were eased and economic activity showed signs of recovery, geopolitical risks surrounding the situation in Ukraine increased, and the yen weakened partly due to differences between the monetary policies of Western countries and Japan, driving up energy and other material prices.」
While restrictions on activity related to COVID-19 were eased and economic activity showed signs of recovery, the business environment remained uncertain due to geopolitical risks, differences in monetary policy, yen depreciation and surging material prices. - FY2023-Q2ReframedAnnual report
「In addition to heightened geopolitical risks surrounding the situation in Ukraine, the yen weakened due partly to differences between the monetary policies of Western countries and Japan, driving up prices for energy and other materials and resulting in extremely difficult conditions.」
The focus of sources of uncertainty in the outlook broadened from geopolitical issues, U.S. monetary policy and China’s zero-COVID policy to yen depreciation resulting from differences between Western and Japanese monetary policies and surging energy and other material prices. - FY2023-Q1ReframedAnnual report
「The outlook also remains uncertain due to geopolitical issues, U.S. monetary policy and developments in China’s zero-COVID policy.」
The focus of the outlook shifted from conventional sources of uncertainty, centered on COVID-19, trade friction and the Omicron variant, to geopolitical issues, U.S. monetary policy and China’s zero-COVID policy. - FY2022-Q3WorsenedAnnual report
「During the first nine months of the fiscal year, Japan’s economy remained in a difficult situation, with personal consumption sluggish and economic activity restricted due to the spread of COVID-19. Looking ahead, encouraging signs emerged, including a higher vaccination rate in Japan, a decline in the number of infections and the lifting of the state of emergency, but the outlook remains uncertain as infections began to spread again in some countries and regions due to the Omicron variant.」
While signs of improvement emerged, including a higher vaccination rate and the lifting of the state of emergency, the resurgence of infections in some countries and regions due to the Omicron variant was identified as a new source of uncertainty. - FY2022-Q2MitigatedAnnual report
「During the first six months of the fiscal year, Japan’s economy remained in a difficult situation as the state of emergency was extended in response to the spread of COVID-19, depressing personal consumption and restricting economic activity. The outlook remains uncertain, despite some encouraging signs, including a higher vaccination rate in Japan and the lifting of the state of emergency, amid growing downside risks from surging crude oil and other material prices.」
Although signs of improvement emerged, including the lifting of the state of emergency and a higher vaccination rate, uncertainty eased only partially, and downside risks from restrictions on personal consumption and economic activity and surging crude oil and other material prices remain. - FY2022-Q1RestatedAnnual report
「During the first quarter of the fiscal year, Japan’s economy remained uncertain, with a third state of emergency declared in response to the spread of COVID-19. Vaccination has become widespread in Europe and the United States, and signs of progress are also emerging in Japan, but economic activity is expected to take some time to return to normal.」
While uncertainty continued due to the spread of COVID-19 and the third state of emergency, the outlook was reaffirmed that vaccination and the normalization of economic activity would take time. - FY2021-Q3WorsenedAnnual report
「Although vaccine supplies have begun, the number of infections worldwide is trending upward and the pandemic is spreading again in some areas, further increasing uncertainty about the outlook.」
Even after vaccine supplies began, the global increase in infections and the renewed spread of the pandemic were reported, further intensifying uncertainty about the outlook. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy deteriorated rapidly and entered an extremely challenging situation, as economic activity was severely constrained and personal consumption remained sluggish due to requests for business closures and restrictions on the movement of people resulting from the spread of COVID-19. Although the number of infections has recently been declining and economic activity has gradually resumed, the pandemic has been spreading again in certain countries and regions, further increasing uncertainty about the outlook.」
Although economic activity has been gradually reopening, uncertainty about the outlook has intensified further due to the economic deterioration caused by requests for business closures and movement restrictions and the renewed spread of infections in some regions. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy deteriorated rapidly and entered an extremely challenging situation as economic activity stagnated and personal consumption fell sharply due to the spread of COVID-19. Although economic activity has resumed, the recovery has been sluggish, and concerns over a second wave of infections have further increased uncertainty about the outlook.」
In addition to the previous uncertainty stemming from trade friction and geopolitical factors, economic activity and personal consumption actually deteriorated due to COVID-19, and uncertainty intensified further, including concerns over a second wave. - FY2020ReframedAnnual report
「During the fiscal year, Japan's economy was gradually recovering in terms of employment conditions and personal income, but consumption declined as the global spread of COVID-19 restricted the movement of people. Looking ahead, concerns over a global economic slowdown due to the prolonged and worsening pandemic have created an even greater sense of uncertainty.」
The focus shifted from the previous uncertainty stemming from trade friction and geopolitical factors to the global spread of COVID-19, restrictions on the movement of people, declining consumption, and concerns over an economic slowdown. - FY2020-Q3ReframedAnnual report
「Looking ahead, uncertain conditions are still expected, including developments in U.S. and Chinese trade policies and rising geopolitical tensions.」
The focus among the factors creating uncertainty about the outlook has shifted from U.S. and Chinese trade policies to rising geopolitical tensions. - FY2020-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy saw gradual recoveries in employment conditions and personal income, but exports and capital investment showed weakness due to the impact of prolonged U.S.-China trade friction. Looking ahead, uncertain conditions are still expected, including developments in U.S. and Chinese trade policies and the United Kingdom's EU withdrawal issue.」
The focus has shifted from the previous characterization of trade friction originating in the United States to prolonged U.S.-China trade friction and developments in U.S. and Chinese trade policies, with the impact on exports and capital investment also recorded as an actual result. - FY2020-Q1RestatedAnnual report
「Looking ahead, uncertain conditions are still expected, including downside risks to overseas economies from the United Kingdom's EU withdrawal issue and trade friction originating in U.S. trade policy.」
The Company continues to identify the United Kingdom's EU withdrawal issue, trade friction originating in U.S. trade policy, and downside risks to overseas economies as factors creating uncertainty about the outlook. - FY2019RestatedAnnual report
「Uncertain conditions are still expected, including the United Kingdom's EU withdrawal issue and the impact on the real economy of trade friction originating in U.S. trade policy.」
The Company continues to identify the United Kingdom's EU withdrawal issue and the impact on the real economy of trade friction originating in U.S. trade policy as factors creating uncertainty about the outlook. - FY2019-Q3RestatedAnnual report
「Uncertain conditions are still expected, including the uncertainty surrounding the United Kingdom's negotiations to leave the EU and the impact on the real economy of trade friction originating in U.S. trade policy.」
The Company has reconfirmed the uncertainty surrounding the United Kingdom's negotiations to leave the EU and the impact on the real economy of trade friction originating in U.S. trade policy as factors creating uncertainty about the outlook. - FY2019-Q2ReframedAnnual report
「Looking ahead, uncertain conditions are still expected, including trade friction originating in U.S. trade policy and uncertainty surrounding the United Kingdom's negotiations to leave the EU.」
In addition to trade friction originating in U.S. trade policy, the uncertainty surrounding the United Kingdom's negotiations to leave the EU is identified as a factor creating uncertainty about the outlook. - FY2019-Q1RestatedAnnual report
「Looking ahead, uncertain conditions are still expected, including trade friction originating in the United States and the risk of price fluctuations due to rising crude oil prices.」
The Company has reconfirmed trade friction originating in the United States and the risk of price fluctuations due to rising crude oil prices as factors creating uncertainty about the outlook. - FY2018ReframedAnnual report
「Looking ahead, uncertain conditions are expected to continue, including instability in domestic politics and concerns over trade friction originating in the United States.」
The focus of the stated factors creating uncertainty about the outlook has shifted from international conditions, monetary policy in Europe and the United States, and the Chinese economic slowdown to domestic political instability and trade friction originating in the United States. - FY2018-Q3First statedAnnual report
「Looking ahead, uncertain conditions are expected to continue, including unstable international conditions, developments in monetary policy in Europe and the United States, and concerns over a slowdown in the Chinese economy.」
The Company newly identifies unstable international conditions, monetary policy in Europe and the United States, and concerns over a slowdown in the Chinese economy as risks creating uncertainty about the outlook.