Uncertainty Surrounding the Global Economy Due to Brexit and Other Factors
First written in FY2017-Q1. 23 of 34 entries say "Worsened", first in FY2017-Q3. Latest entry: FY2026.
Maruwa moved to the "Worse" side of this theme in 2017, 1 year before the typical company in this theme (2018).
The whole theme swung hardest in 2022: 22 of 28 companies on the "Worse" side.
12 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「During the consolidated fiscal year, attention focused on the monetary policies of various countries and developments in tariffs between the United States and other countries, while concerns over geopolitical risks, including conditions in the Middle East and Ukraine, continued.」
The report continues to identify tariff developments between the United States and各国, monetary policy, and the situations in the Middle East and Ukraine as sources of uncertainty in the international situation and economic environment. - 2026-05-08RestatedEarnings
「During the consolidated fiscal year, attention focused on the monetary policies of various countries and developments in tariffs between the United States and other countries, while concerns over geopolitical risks, including conditions in the Middle East and Ukraine, continued.」
Concerns over tariff developments and geopolitical risks, including conditions in the Middle East and Ukraine, continued. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, attention focused on developments in tariffs between the United States and各国, while concerns over geopolitical risks arising from the situations in the Middle East and Ukraine continued.」
In addition to previously identified geopolitical risks, developments in tariffs between the United States and各国 emerged as a new source of uncertainty, and concerns over geopolitical risks persisted. - FY2025WorsenedAnnual report
「During the consolidated fiscal year, attention focused on developments in policies under the new US administration, while concerns over geopolitical risks, including the situations in Ukraine and the Middle East, continued worldwide.」
The report states that concerns over previously identified geopolitical and international risks, including policies under the new US administration and the situations in Ukraine and the Middle East, have persisted. - FY2025-H1WorsenedAnnual report
「During the interim consolidated accounting period, the Chinese economy continued to show no clear signs of recovery, trade friction between China and Europe and the United States intensified, geopolitical risks increased, and exchange rates continued to fluctuate.」
The report describes intensifying trade friction between China and Europe and the United States and rising geopolitical risks while uncertainty over China’s economic recovery and exchange-rate fluctuations persisted. - FY2024-Q3RestatedAnnual report
「During the nine-month consolidated cumulative period,各国 implemented monetary tightening in response to inflationary pressure, and signs of slowing inflation began to emerge in Europe and the United States. Meanwhile, China’s economy continued to show no clear signs of recovery, US-China tensions centred on semiconductors became prolonged, and efforts to restructure supply chains accelerated. Exchange-rate fluctuations in Japan were an additional factor, and the outlook remained uncertain.」
The report states that the outlook remained uncertain because, despite signs of slowing inflation in Europe and the United States, China’s economic recovery remained stalled, US-China tensions over semiconductors continued, supply chains were being restructured, and exchange rates fluctuated. - FY2024-Q2WorsenedAnnual report
「During the six-month consolidated cumulative period, the outlook remained uncertain amid monetary tightening by各国 in response to persistent global inflationary pressure, deepening US-China tensions centred on semiconductors, a delayed recovery in the Chinese economy, and exchange-rate fluctuations in Japan.」
The report identifies inflation, monetary tightening, US-China tensions over semiconductors, the delayed recovery of the Chinese economy and exchange-rate fluctuations, and states that the uncertain outlook has persisted. - FY2024-Q1WorsenedAnnual report
「During the three-month consolidated cumulative period, the outlook remained uncertain amid monetary tightening by各国 in response to persistent global inflationary pressure, financial instability in Europe and the United States, escalating US-China tensions centred on semiconductors, and exchange-rate fluctuations in Japan. Semiconductor and electronic component markets also remained weak. Meanwhile, there were signs of optimism, including the development of technologies such as generative AI that are expected to lead global markets in the future.」
The report states that inflation, monetary tightening, financial instability in Europe and the United States, US-China tensions over semiconductors, exchange-rate fluctuations, and continued weakness in the semiconductor and electronic component markets remain factors. It also identifies technological advances, including generative AI, as a sign of optimism. - FY2023WorsenedAnnual report
「It was a fiscal year marked by changes in the global economy, including monetary tightening by各国 in response to high inflation, financial instability in Europe and the United States, disruptions in China’s manufacturing sector resulting from its zero-COVID policy, and rapid fluctuations in exchange rates in Japan.」
The report identifies high inflation, monetary tightening, financial instability in Europe and the United States, stagnation in China’s manufacturing sector, and rapid exchange-rate fluctuations as actual economic conditions. - FY2023-Q3RestatedAnnual report
「During the nine-month consolidated cumulative period, concerns over a slowdown in the global economy increased amid fluctuations in commodity prices triggered by the situation in Ukraine, persistently high inflation in Europe and the United States and monetary tightening by各国 in response, and sluggish growth in China’s manufacturing sector resulting from its zero-COVID policy and other factors.」
The report continues to identify the situation in Ukraine, persistently high inflation, monetary tightening and sluggish growth in China’s manufacturing sector as factors behind concerns over a slowdown in the global economy. - FY2023-Q2WorsenedAnnual report
「During the six-month consolidated cumulative period, concerns over a slowdown in the global economy increased amid fluctuations in commodity prices triggered by the situation in Ukraine, persistently high inflation in Europe and the United States and monetary tightening by各国 in response, and declining demand resulting from China’s zero-COVID policy.」
The report states that concerns over a slowdown in the global economy intensified with the addition of the situation in Ukraine, persistently high inflation, monetary tightening, and declining demand resulting from China’s zero-COVID policy. - FY2023-Q1MaterialisedAnnual report
「During the three-month consolidated cumulative period, the outlook remained uncertain as the rise in energy prices following Russia’s invasion of Ukraine, declining demand and supply chain disruptions resulting from China’s zero-COVID policy, and a rapid depreciation of the yen were added to the economic environment.」
The rise in energy prices following Russia’s invasion of Ukraine, declining demand and supply chain disruptions resulting from China’s zero-COVID policy, and a rapid depreciation of the yen emerged as actual economic conditions, and uncertainty over the outlook persisted. - FY2022WorsenedAnnual report
「Supply constraints caused by labour shortages, supply chain disruptions and geopolitical risks, including the situation in Ukraine, led to global inflation, including surging raw material and fuel costs.」
In addition to the previously identified infectious diseases and trade friction, the report describes labour shortages, supply chain disruptions, the situation in Ukraine, supply constraints, surging raw material and fuel costs, and global inflation as the actual economic environment. - FY2022-Q3WorsenedAnnual report
「The global economy during the nine-month consolidated cumulative period showed signs of stabilisation as COVID-19 vaccination became more widespread in各国, but the spread of variants has emerged as a new risk. Sharp fluctuations in prices, including historically high inflation caused by labour shortages and supply constraints in the United States and rising resource prices resulting from reduced investment in fossil fuels as China’s economy slows and moves toward decarbonisation, have become risks to the global economy as it recovers from the COVID-19 pandemic.」
While noting the stabilising effect of vaccination, the report identifies new sources of uncertainty, including variants, labour shortages, supply constraints, high inflation and rising resource prices. - FY2022-Q1SoftenedAnnual report
「During the three-month period ended 30 June, restrictions on economic activity caused by the spread of COVID-19 continued for an extended period. Although some areas showed signs of recovery as a result of measures to control the infection, the overall economy remained in a situation where it would take time to recover.」
While noting that restrictions on economic activity caused by COVID-19 had continued for an extended period, the disclosure somewhat softens the description from the previous fiscal year's severe conditions by stating that some areas showed signs of recovery. - FY2021WorsenedAnnual report
「During the consolidated fiscal year, the global economy was significantly affected by the worldwide spread of COVID-19, and severe conditions continued as economic activity was forced to remain limited.」
The disclosure states that economic activity was restricted by the global spread of COVID-19 and that severe conditions persisted for the global economy throughout the fiscal year. - FY2021-Q3WorsenedAnnual report
「During the nine-month period ended 31 December, economic activity, which had declined due to COVID-19, showed signs of recovery, but the outlook became uncertain as infections began to spread again.」
Although economic activity showed signs of recovery, the disclosure identifies the renewed spread of infections as a new source of uncertainty, indicating that uncertainty about the outlook persisted. - FY2021-Q2SoftenedAnnual report
「During the six-month period ended 30 September, the global economy remained uncertain. Although economic activity, which had declined due to the spread of COVID-19, showed signs of recovery, personal consumption remained sluggish and the economy was affected by US-China trade friction.」
The description adds that economic activity showed signs of recovery, somewhat easing the prior quarter's description of an extremely severe condition, while uncertainty due to sluggish personal consumption and US-China trade friction persisted. - FY2021-Q1WorsenedAnnual report
「During the three-month period ended 30 June, the global economy was in an extremely severe condition, as US-China confrontation over trade and the Hong Kong issue continued, while corporate activity and consumer behavior were constrained by the curtailment of economic activity to prevent the spread of COVID-19.」
In addition to the continuing US-China confrontation and other factors, the disclosure cites constraints on economic activity and consumer behavior caused by the spread of COVID-19, describing the global economy as being in an “extremely severe condition.” - FY2020WorsenedAnnual report
「Furthermore, the global spread of COVID-19 led to declines in economic activity and consumer behavior due to measures to contain its spread, including requests to refrain from going out and restrictions on movement, leaving the outlook for the global economy generally severe.」
In addition to the previously cited slowdown in China and geopolitical risks, the disclosure specifically identifies COVID-19-related requests to refrain from going out, restrictions on movement, and declines in economic activity and consumer behavior as sources of uncertainty for the global economy. - FY2020-Q3WorsenedAnnual report
「Although the US economy remained firm, it remained difficult to predict the outlook amid slowing growth in China and the emergence of geopolitical risks in the Middle East.」
The disclosure identifies slowing growth in China and the emergence of geopolitical risks in the Middle East as sources of uncertainty regarding the outlook for overseas economies. - FY2020-Q2WorsenedAnnual report
「Although the US economy remained firm, uncertainty about the outlook for overseas economies intensified further amid concerns about a slowdown in China, the UK's exit from the EU, and the emergence of geopolitical risks.」
The disclosure cites concerns about a slowdown in the Chinese economy, the UK's exit from the EU, and the emergence of geopolitical risks, stating that uncertainty surrounding the global economy has intensified further. - FY2020-Q1WorsenedAnnual report
「Overseas economies remained broadly uncertain, amid prolonged US-China trade negotiations, increasing instability in the Middle East, and a slowdown in the Chinese economy.」
In addition to previously cited US-China trade friction and concerns about the Chinese economy, the disclosure specifically identifies prolonged US-China trade negotiations, increasing instability in the Middle East, and a slowdown in the Chinese economy as sources of uncertainty. - FY2019WorsenedAnnual report
「Overseas economic conditions remained unpredictable with regard to concerns about a slowdown in the global economy, amid intensified trade friction caused by US protectionist trade policies, China's debt reduction and restraint on capital investment, and disruption surrounding the UK's exit from the EU.」
The disclosure identifies intensified trade friction, China's debt reduction and restraint on capital investment, and disruption surrounding the UK's exit from the EU, specifying the sources of concern about a slowdown in the global economy. - FY2019-Q3WorsenedAnnual report
「Overseas economic conditions became increasingly uncertain as concerns grew about the outlook for the global economy, amid intensified trade friction caused by US protectionist trade policies and signs of weakening personal consumption in China, along with moves to restrain capital investment.」
In addition to intensified US protectionism and trade-friction risks, the disclosure specifically identifies China's restraint on capital investment and weakening personal consumption as new sources of uncertainty, stating that concerns about the outlook for the global economy have intensified. - FY2019-Q2MaterialisedAnnual report
「Meanwhile, the outlook for the global economy remained uncertain as the risk of trade friction increased amid the United States' shift toward protectionism and the imposition of tariffs and retaliatory tariffs stemming from it.」
The disclosure makes the previously cited protectionism and trade-friction risks more concrete by identifying the actual imposition of tariffs and retaliatory tariffs as sources of uncertainty. - FY2019-Q1WorsenedAnnual report
「Meanwhile, overseas economies remained unpredictable, with rising risks of trade friction stemming from the United States' protectionist policies.」
The disclosure specifically identifies rising trade-friction risks arising from US protectionist policies, making the sources of uncertainty facing overseas economies more concrete. - FY2018-Q3ReframedAnnual report
「However, concerns about instability in China's policymaking and the situation on the Korean Peninsula persisted, leaving the outlook uncertain.」
The description of risk factors has changed from references to protectionism under the new US administration and other factors to an explanation centered on instability in China's policymaking and the situation on the Korean Peninsula. - FY2018-Q2WorsenedAnnual report
「However, the outlook remained uncertain due to the increasing protectionism of the new US administration, geopolitical risks on the Korean Peninsula, and other factors.」
In addition to protectionism under the new US administration, the disclosure specifically identifies geopolitical risks on the Korean Peninsula, expanding the sources of uncertainty for the global economy. - FY2018-Q1WorsenedAnnual report
「However, the outlook remained uncertain due to the UK's exit from the EU, the increasing protectionism of the new US administration, and other factors.」
In addition to the previously cited UK's exit from the EU and concerns about the new US administration, the disclosure specifically identifies rising protectionism under the new US administration as a source of uncertainty for the global economy. - FY2017RestatedAnnual report
「However, the outlook became uncertain due to concerns about the direction of policy under the new US administration and economic conditions in emerging markets.」
In addition to the UK's exit from the EU, the disclosure continues to cite concerns about the new US administration and emerging-market economies as sources of uncertainty for the global economy. - FY2017-Q3WorsenedAnnual report
「However, overall economic conditions remained uncertain, amid sharp changes in foreign-exchange and equity markets following the US presidential election and rising volatility risks arising from political and economic developments in various countries.」
In addition to disruption caused by the UK's exit from the EU, the disclosure cites sharp post-election changes in foreign-exchange and equity markets and rising volatility risks related to political and economic developments in various countries, broadening the range of sources of uncertainty. - FY2017-Q2RestatedAnnual report
「Although there was disruption caused by the UK's exit from the EU, Europe's economy generally continued to expand moderately.」
The disclosure continues to identify disruption caused by the UK's exit from the EU as a source of uncertainty in the economic environment. - FY2017-Q1First statedAnnual report
「In Europe, the economy continued to expand moderately on the back of personal consumption, but uncertainty about the economic outlook emerged amid disruption caused by the UK's exit from the EU and other factors.」
The disclosure cites disruption caused by the UK's exit from the EU and other factors as sources of uncertainty regarding the outlook for the global economy.