China and emerging-market slowdown and downside economic risks
First written in FY2017-Q1. 14 of 29 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-08-04.
Sanyu 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: 98 of 176 companies on the "Worse" side.
64 other companies' latest entry also says "Restated".
- 2026-08-04RestatedResults
「雇用・所得環境の改善や企業収益の拡大による設備投資の増加により、景気は緩やかに回復の動きを見せていますが、中東情勢をはじめとする地政学的リスクの高まりや円安による更なる物価上昇影響等を受け、依然として先行き不透明な状況が継続しております。」
景気の回復動向とともに、中東情勢等の地政学的リスク、円安及び物価上昇による先行き不透明感を再確認している。 - FY2026WorsenedAnnual report
「During the fiscal year, the Japanese economy recovered gradually, supported by improvements in employment and income conditions and inbound demand. However, conditions remained challenging amid continued price increases, heightened tensions in Japan-China relations, the Trump administration’s tariff policies in the United States, and rising downside risks to the economy stemming from unstable international conditions, including attacks on Iran by the United States and Israel at the end of the fiscal year.」
Price increases, heightened tensions in Japan-China relations, U.S. tariff policies, and instability in international conditions, including the situation in the Middle East, were added and specified as factors contributing to rising downside risks to the economy. - 2026-05-12WorsenedResults
「継続する物価上昇に加え、日中関係の緊張化や米国トランプ政権の関税政策、更には年度末の米国とイスラエルによるイランへの攻撃などの不安定な国際情勢による景気下振れリスクの高まりを受け、依然として厳しい状況が続きました。」
日中関係の緊張化、米国の関税政策及び中東情勢が景気下振れ要因として追加・具体化された。 - FY2026-H1WorsenedAnnual report
「During the six months ended September 2024, the Japanese economy recovered gradually, supported by improvements in employment and income conditions and inbound demand. However, conditions remained challenging amid continued price increases and rising downside risks to the economy due to the impact of the Trump administration’s tariff policies in the United States.」
The rising downside risks to the economy from the Trump administration’s tariff policies in the United States were explicitly identified as a new risk factor in addition to price increases. - FY2024RestatedAnnual report
「Regarding the outlook for the Japanese economy, concerns including uncertainty over the global economic outlook, including the situations in Ukraine and the Middle East, and further price increases mean that the situation cannot be viewed optimistically.」
The challenging economic environment caused by the situations in Ukraine and the Middle East, uncertainty over the global economy, and broad-based price increases was reconfirmed. - FY2024-Q3WorsenedAnnual report
「During the first 3 quarters of the fiscal year, the Japanese economy began moving toward normalization following the reclassification of COVID-19 as a Class 5 disease, but challenging conditions continued due to soaring resource and energy prices and prices of various materials caused by the prolonged situation in Ukraine, the new conflict in Palestine and the yen’s depreciation.」
While the reclassification of COVID-19 as a Class 5 disease and the move toward normalization were noted, the new conflict in Palestine was added, and the challenging economic environment caused by the situation in Ukraine, the yen’s depreciation, and soaring resource and energy prices and prices of various materials was said to be continuing. - FY2024-Q1The normalization of economic activity and uncertainty caused by higher prices were both noted.Annual report
「During the first 3 months of the fiscal year, the Japanese economy began moving toward normalization as COVID-19 was reclassified as a Class 5 disease, and the economy was gradually recovering. However, resource and energy prices and the prices of various materials continued to rise due to the prolonged situation in Ukraine and other factors, and uncertainty over the outlook remained.」
While the reclassification of COVID-19 as a Class 5 disease and the normalization and gradual recovery of economic activity were noted, uncertainty over the outlook was said to be continuing because of soaring resource and energy prices and prices of various materials stemming from the situation in Ukraine. - FY2023WorsenedAnnual report
「Regarding the outlook for the Japanese economy, activity levels are expected to normalize as the impact of COVID-19 subsides. However, the situation remains difficult to view optimistically because of concerns including the situation in Ukraine and the resulting instability in resource and energy prices, uncertainty in the global economy, including the failure of some financial institutions in Europe and the United States, and further price increases across the board.」
While expectations were expressed for the end of the pandemic’s impact and the normalization of activity, the situation in Ukraine, instability in resource and energy prices, the failure of financial institutions in Europe and the United States, and broad-based price increases were added and specified as risk factors for the global economy. - FY2023-Q3WorsenedAnnual report
「During the first 3 quarters of the fiscal year, the Japanese economy was in a challenging situation, with import prices for resources and energy soaring as the yen’s depreciation accelerated due to the prolonged situation in Ukraine and interest-rate differentials with Europe and the United States.」
The prolonged situation in Ukraine, the accelerated depreciation of the yen due to interest-rate differentials with Europe and the United States, and soaring import prices for resources and energy were noted, indicating that the challenging economic environment had continued. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter consolidated period, Japan faced a difficult business environment due to soaring import prices for resources and energy caused by the situation in Ukraine, the sharp depreciation of the yen and other factors.」
While the resource and energy price spikes and uncertainty over the outlook noted in the previous quarter continued, this quarter described the business environment as “challenging” due to soaring import prices, indicating that conditions had deteriorated in practice. - FY2023-Q1Signs of recovery noted alongside uncertainty caused by higher resource pricesAnnual report
「During the cumulative first quarter consolidated period, Japan showed signs of an economic recovery as the COVID-19 pandemic entered a lull. However, the outlook remained uncertain due to soaring resource and energy prices caused by the prolonged situation in Ukraine and the sharp depreciation of the yen.」
While the pandemic entering a lull and signs of an economic recovery are noted, the Company also states that the outlook remains uncertain due to the prolonged situation in Ukraine, the sharp depreciation of the yen and soaring resource and energy prices. - FY2022-Q3WorsenedAnnual report
「During the cumulative third quarter consolidated period, Japan saw positive signs, including the full-scale rollout of COVID-19 vaccinations and a recovery trend in some areas, particularly manufacturing. However, infections caused by new variants also began to spread, and uncertainty over the outlook continued.」
The description has changed to note that, while vaccinations and a partial recovery in manufacturing are positive signs, infections caused by new variants have begun to spread and uncertainty over the outlook continues. - FY2022-Q2RestatedAnnual report
「During the cumulative second quarter consolidated period, although the impact of COVID-19 remained, vaccinations began and there were also signs of improvement, including a recovery in some areas, particularly manufacturing.」
While describing the difficult economic environment caused by the continuing impact of COVID-19, the Company also notes positive signs, including the start of vaccinations and a partial recovery in manufacturing. - FY2022-Q1Signs of recovery noted alongside a difficult economic environmentAnnual report
「During the cumulative first quarter consolidated period, Japan remained in a difficult situation as the impact of COVID-19 persisted and economic activity and personal consumption were restricted. However, there were also signs of improvement, including a recovery in some areas, particularly manufacturing, and economic activity is expected to enter a recovery trend as vaccination coverage expands.」
While continuing to report restrictions on economic activity and difficult conditions caused by the pandemic, the Company also notes expectations for a recovery driven by an improvement in manufacturing and vaccinations. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter consolidated period, Japan faced a severe economic situation because the rapid spread of COVID-19 had a significant impact on various economic activities.」
The Company has reconfirmed the significant impact of the rapid spread of COVID-19 on economic activity and the severe economic conditions. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter consolidated period, Japan faced a severe situation as the domestic economy deteriorated rapidly because various economic activities were restricted in response to the rapid spread of COVID-19.」
The Company has reconfirmed its view that the domestic economy deteriorated rapidly due to the spread of COVID-19 and restrictions on economic activity. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter consolidated period, Japan faced a severe economic environment in which the domestic economy deteriorated rapidly as many economic activities were restricted in response to the rapid spread of COVID-19.」
The domestic economy is reported to have deteriorated rapidly due to the rapid spread of COVID-19 and restrictions on economic activity. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, employment and income conditions in Japan remained subdued, but the economy lost momentum due to deterioration factors including the prolonged US-China trade conflict and the slowdown in the Chinese economy, as well as the impact of the global COVID-19 pandemic, resulting in conditions as severe as those seen since the Lehman shock at the fiscal year-end.」
In addition to the US-China trade conflict and the slowdown in the Chinese economy, the global COVID-19 pandemic caused the economic environment to lose momentum, with conditions at the fiscal year-end described as the most severe since the Lehman shock. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter consolidated period, employment and income conditions remained subdued in Japan, but the economy generally deteriorated due to the prolonged US-China trade conflict, the slowdown in the Chinese economy and other factors.」
The economic environment is described as having changed from the previous uncertainty over the outlook to a general deterioration, against the backdrop of the prolonged US-China trade conflict and the slowdown in the Chinese economy. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter consolidated period, employment and income conditions remained subdued in Japan, while the prolonged US-China trade conflict, the slowdown in the Chinese economy and the UK’s EU withdrawal issue contributed to continued uncertainty over the outlook.」
Continued uncertainty over the outlook due to the prolonged US-China trade conflict and the slowdown in the Chinese economy is reported. - FY2020-Q1WorsenedAnnual report
「During the cumulative first quarter consolidated period, Japan’s economic outlook remained uncertain due to the slowdown in the Chinese economy resulting from the prolonged US-China trade conflict and geopolitical risks in the Middle East and Asia.」
The relationship between the slowdown in the Chinese economy and the prolonged US-China trade conflict is explicitly stated. Geopolitical risks in the Middle East and Asia are also noted, and concerns about downside economic risks continue. - FY2019-Q3WorsenedAnnual report
「During the cumulative third quarter consolidated period, although concerns existed regarding the US-China trade conflict and the slowdown in the Chinese economy, employment and income conditions continued to improve due to government economic policies and strong corporate earnings, and the economy remained on a moderate recovery trend.」
In addition to the slowdown in the Chinese economy, the intensification of the US-China trade conflict is explicitly identified as a concern, expanding the scope of concerns regarding the overseas economy. - FY2019-Q2RestatedAnnual report
「During the six-month period ended [current second quarter], there were no new business risks and no material changes to the business risks described in the prior fiscal year's annual securities report.」
No significant changes are reported regarding downside economic risks, including the slowdown in the Chinese and emerging-market economies. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter under review, there were no newly arising business or other risks, nor any material changes to the business or other risks described in the securities report for the preceding fiscal year.」
No significant changes are reported regarding downside economic risks, including the slowdown in the Chinese and emerging-market economies. - FY2018-Q3RestatedAnnual report
「During the nine-month period ended in the third quarter, there was no occurrence of any new business or other risk, nor any material change in the business or other risks described in the annual securities report for the previous fiscal year.」
No significant changes are reported regarding downside economic risks, including the slowdown in the Chinese and emerging-market economies. - FY2017SoftenedAnnual report
「The situation remains difficult to view optimistically due to concerns including uncertainty in overseas economies.」
The wording has changed from the specific expression “slowdown in the Chinese and emerging-market economies” to the more general expression “uncertainty in overseas economies.” - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter consolidated period, improvements in capital investment and employment conditions resulting from various government policies, as well as rising share prices, led to signs of a recovery in personal consumption in Japan. Overseas, however, concerns emerged, including the slowdown in the Chinese economy, the UK’s withdrawal from the EU and heightened geopolitical risks in the Middle East.」
The slowdown in the Chinese economy, the UK’s EU withdrawal issue and heightened geopolitical risks in the Middle East continue to be identified as concerns overseas. - FY2017-Q2WorsenedAnnual report
「During the cumulative second quarter consolidated period, improvements were seen in capital investment and employment conditions in Japan as a result of various government policies, but concerns emerged overseas, including the slowdown in the Chinese economy, the UK’s withdrawal from the EU and heightened geopolitical risks in the Middle East.」
In addition to the slowdown in the Chinese economy, the UK’s EU withdrawal issue and heightened geopolitical risks in the Middle East have emerged as concerns, broadening the range of external-environment risks. - FY2017-Q1First statedAnnual report
「During the cumulative first quarter consolidated period, Japan’s economy was on a moderate recovery trend, with improvements in capital investment and employment conditions resulting from various government policies. However, the impact of the Kumamoto Earthquake and the slowdown in the Chinese and emerging-market economies raised concerns about downside economic risks, leaving the outlook uncertain.」
The slowdown in the Chinese and emerging-market economies is identified as a new external-environment risk, along with downside economic risks and uncertainty over the outlook.