Domestic and Overseas Recession and Stagnation in Demand
First written in FY2016. 14 of 32 entries say "Worsened", first in FY2017-Q3. Latest entry: FY2026.
Uacj moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
66 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「During the fiscal year, the global economy remained on a sustained recovery trend, but the operating environment surrounding the Group remains uncertain as inflation, including resource and energy prices, advanced amid changes in U.S. tariff policy and heightened tensions in the Middle East.」
In addition to the previously cited tariff policies and geopolitical risks, the disclosure identifies rising resource and energy prices and advancing inflation against the backdrop of changes in U.S. tariff policy and heightened tensions in the Middle East as specific sources of uncertainty. - 2026-05-14WorsenedEarnings presentation
「Approximately 20% of full-year FY2026 business profit (impact on business profit: ¥15 billion)」
The company incorporated an estimated impact from the situation in the Middle East equivalent to approximately 20% of full-year FY2026 business profit, or ¥15 billion, into its earnings outlook. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, the global economy remained on a sustained recovery trend, but uncertainty remained high due to geopolitical risks in Europe and the Middle East, international tensions among major powers, and uncertainty surrounding U.S. tariff policy. In the domestic economy, business sentiment generally improved, particularly in non-manufacturing industries, supported by a gradual increase in private consumption and a recovery in inbound demand. However, high inflationary pressures and increasingly severe labor shortages persisted, leaving the operating environment surrounding the Group uncertain.」
While indicating that the global economy remains on a recovery trend, the disclosure cites geopolitical risks in Europe and the Middle East, tensions among major powers, U.S. tariff policy, high domestic inflationary pressures, and increasingly severe labor shortages as sources of uncertainty. - FY2025WorsenedAnnual report
「During the fiscal year, the global economy remained on a sustained recovery trend, but uncertainty increased due to geopolitical risks in Europe and the Middle East, international tensions among major powers, and the effects of the United States' reciprocal tariff policy.」
In addition to the previously cited geopolitical risks and the slowdown in the Chinese economy, the disclosure added geopolitical risks in Europe and the Middle East, tensions among major powers, and the United States' reciprocal tariff policy as sources of uncertainty. - FY2025-H1WorsenedAnnual report
「During the interim consolidated accounting period, restrictions on economic activity resulting from COVID-19 had been eliminated, but the prolonged Russian invasion of Ukraine, slower growth in U.S. private consumption, and the slowdown in the Chinese economy affected economic activity. In the domestic economy, the recovery was gradual and driven by domestic demand, supported by a gradual improvement in household income conditions and strong inbound demand, although the recovery had stalled in some areas. In addition, the operating environment surrounding the Company remains uncertain due to concerns over geopolitical risks and the entrenchment of inflationary pressures, including those resulting from yen depreciation and wage increases.」
While restrictions on economic activity resulting from COVID-19 had been eliminated, the disclosure cites slower growth in U.S. private consumption, the slowdown in the Chinese economy, the prolonged invasion of Ukraine, geopolitical risks, and inflationary pressures from yen depreciation and wage increases as sources of uncertainty. - FY2024-Q3Added monetary tightening and the entrenchment of inflationary pressures.Annual report
「During the cumulative third quarter of the fiscal year, restrictions on economic activity resulting from COVID-19 were eased, while the prolonged Russian invasion of Ukraine and monetary tightening aimed at containing inflation in the United States continued to affect economic activity. In the domestic economy, progress was made in balancing infection-control measures with economic activity, including the reclassification of COVID-19 as a Class 5 disease, and the economy was recovering gradually, supported by private consumption and inbound demand. However, the operating environment surrounding the Company remains uncertain due to geopolitical risks and the entrenchment of inflationary pressures, including those resulting from yen depreciation and wage increases.」
While noting the easing of restrictions caused by COVID-19 and the gradual recovery in the domestic economy, the disclosure cites the prolonged invasion of Ukraine, monetary tightening in the United States, geopolitical risks, and the entrenchment of inflationary pressures from yen depreciation and wage increases as sources of uncertainty. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, restrictions on economic activity resulting from COVID-19 were eased, while the prolonged Russian invasion of Ukraine and interest-rate hikes aimed at containing inflation in the United States and elsewhere continued to affect economic activity. In the domestic economy, progress was made in balancing infection-control measures with economic activity, including the reclassification of COVID-19 as a Class 5 disease, and the economy was beginning to recover, led by private consumption and inbound demand. However, the operating environment surrounding the Company remains uncertain due to heightened geopolitical risks, inflation driven by soaring resource prices and yen depreciation, and other factors.」
While noting the easing of restrictions caused by COVID-19 and the recovery in the domestic economy, the disclosure continues to cite the situation in Ukraine, interest-rate hikes, geopolitical risks, soaring resource prices, and inflation driven by yen depreciation as sources of uncertainty. - FY2024-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, restrictions on economic activity resulting from COVID-19 were eased, while the prolonged Russian invasion of Ukraine and interest-rate hikes aimed at containing inflation in the United States and elsewhere continued to affect economic activity. In the domestic economy, progress was made in balancing infection-control measures with economic activity, including the reclassification of COVID-19 as a Class 5 disease, and the economy was beginning to recover, led by private consumption and inbound demand. However, the operating environment surrounding the Company remains uncertain due to heightened geopolitical risks, inflation driven by soaring resource prices and yen depreciation, and other factors.」
While noting the easing of restrictions on economic activity caused by COVID-19 and the recovery in the domestic economy, the disclosure continues to cite the situation in Ukraine, interest-rate hikes, geopolitical risks, soaring resource prices, and inflation driven by yen depreciation as sources of uncertainty. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, the global economy generally showed signs of recovery from the decline in demand caused by the spread of COVID-19, despite variations among countries and regions. However, energy resource prices continued to rise as Russia's invasion of Ukraine became protracted, while interest-rate hikes aimed at containing inflation progressed in the United States and elsewhere, affecting economic activity. In the domestic economy, progress was made in balancing infection-control measures with economic activity, and the economy was beginning to recover, led by private consumption. However, the operating environment surrounding the Company remains uncertain due to heightened geopolitical risks, inflation driven by soaring resource prices, reduced automobile production caused by semiconductor shortages and other factors, and concerns over a resurgence of COVID-19 infections.」
While noting the global economy's recovery trend and the domestic economy's recovery, the disclosure continues to cite higher resource prices resulting from the situation in Ukraine, interest-rate hikes, geopolitical risks, reduced automobile production due to semiconductor shortages, and concerns over a resurgence of COVID-19 infections as sources of uncertainty. - FY2023-Q2RestatedAnnual report
「In the domestic economy, progress was made in balancing infection-control measures with economic activity, and signs of an economic recovery were seen, led by private consumption. However, the operating environment surrounding the Company remains uncertain due to heightened geopolitical risks, the rapid depreciation of the yen, soaring energy prices, reduced automobile production caused by semiconductor shortages and other factors, and concerns over a resurgence of COVID-19 infections.」
While noting signs of an economic recovery, the disclosure continues to cite geopolitical risks, yen depreciation and soaring energy prices, reduced automobile production due to semiconductor shortages, and concerns over a resurgence of COVID-19 infections as sources of uncertainty. - FY2023-Q1WorsenedAnnual report
「During the three-month consolidated reporting period, the global economy generally continued to recover from the decline in demand caused by the spread of COVID-19, despite variations by country and region. However, global supply chains were disrupted by factors including the Shanghai lockdown, energy and resource prices rose as Russia's invasion of Ukraine became prolonged, and interest-rate hikes to curb inflation progressed in the US and elsewhere, affecting economic activity.」
Although demand was recovering, the company newly identified disruptions to supply chains caused by the Shanghai lockdown, higher energy and resource prices due to the prolonged Russian invasion of Ukraine, and the effects of interest-rate hikes on economic activity as specific factors affecting the outlook. - FY2022WorsenedAnnual report
「Although the global economy generally continued to recover from the decline in demand caused by the spread of COVID-19, despite variations by country and region, consumption slowed sharply from the second half of the year, mainly due to the renewed spread of COVID-19, supply constraints caused by semiconductor shortages, higher energy prices resulting from the situation in Ukraine, and supply-chain disruptions, affecting economic activity.」
In addition to the recovery trend, renewed infections, semiconductor shortages, and higher energy prices and supply-chain disruptions resulting from the situation in Ukraine have become concrete factors slowing consumption and affecting economic activity. - FY2022-Q3Specific regional factors slowing the economy emerged amid the recovery trendAnnual report
「In the US, consumption slowed sharply from the second half of the year, mainly due to the spread of COVID-19 and supply constraints centered on semiconductor shortages, affecting economic activity. In China, economic activity slowed as tighter restrictions to contain COVID-19 and power shortages caused manufacturing output to stagnate. In Japan, personal consumption also remained sluggish due to repeated declarations of a state of emergency.」
While stating that the global economy as a whole continued to recover, the company specifically cited slower US consumption, stagnant Chinese manufacturing output and sluggish personal consumption in Japan. - FY2022-Q2Recovery and uncertainty due to supply constraints and power shortages coexistAnnual report
「During the six-month consolidated reporting period, the global economy generally continued to recover from the downturn caused by the COVID-19 crisis, although conditions varied by country and region.」
The description changed from the previous quarter's references to recovery in China and the US and renewed infections in Southeast Asia to state that the global economy was generally continuing to recover. At the same time, supply constraints for semiconductors and other products, renewed infections in the US, activity restrictions and power shortages in China, and the state of emergency in Japan were cited as sources of uncertainty. - FY2022-Q1Recovery and uncertainty coexist amid renewed infections in Southeast AsiaAnnual report
「During the three-month consolidated reporting period, China's economy continued to recover, while the US economy also recovered as various economic measures were implemented and restrictions on economic activity were eased with the spread of COVID-19 vaccines. Japan's economy also showed signs of recovery, but the outlook became uncertain due to the renewed spread of COVID-19, particularly in Southeast Asia.」
While referring to economic recovery in China and the US and signs of improvement in Japan, the company states that the outlook remains uncertain due to the renewed spread of COVID-19, particularly in Southeast Asia. - FY2021-Q2Some signs of recovery, but instability and uncertainty persistAnnual report
「During the six-month consolidated reporting period, there were some signs of recovery, particularly in China, but conditions remained unstable due to the effects of the spread of COVID-19. In Japan, some recovery had recently emerged, but the business environment surrounding the company remained uncertain.」
While referring to some recovery centered on China and signs of improvement in Japan, the company states that instability in the global economy due to COVID-19 and uncertainty in Japan's business environment continue. - FY2021-Q1WorsenedAnnual report
「During the three-month consolidated reporting period, the global economy entered a severe recession due to the spread of COVID-19. In Japan, corporate and consumer activity fell sharply as requests for business closures and voluntary restraints on activities were issued under the state of emergency declared to prevent the spread of COVID-19, causing the economy to slow rapidly. As of the reporting date, the end of the COVID-19 pandemic was not in sight, and the outlook for the global economy was extremely uncertain.」
In addition to the previous concerns over US-China trade friction and China's economic slowdown, the company cites a global recession caused by the spread of COVID-19, a sharp decline in domestic corporate and consumer activity, and continuing uncertainty with no end to the pandemic in sight. - FY2020-Q3WorsenedAnnual report
「During the nine-month consolidated reporting period, the slowdown in China's economy associated with US-China trade friction since the second half of the previous fiscal year became more pronounced. IT and semiconductor market conditions continued to deteriorate, and the economy remained sluggish. In Japan, domestic demand, which had supported the economy amid the decline in exports caused by the weak global economy, has recently been affected by the backlash from the consumption tax increase and natural disasters. Signs of an economic slowdown have strengthened, and the outlook remains uncertain.」
In addition to US-China trade friction, China's economic slowdown and deteriorating IT and semiconductor market conditions, the company states that signs of an economic slowdown in Japan strengthened due to the backlash from the consumption tax increase and the effects of natural disasters. The factors behind economic deterioration have become more specific than the previously cited general uncertainty. - FY2020-Q2RestatedAnnual report
「During the six-month consolidated reporting period, the global economy remained sluggish as the slowdown in China's economy resulting from US-China trade friction since the second half of the previous fiscal year and the deterioration in IT and semiconductor market conditions continued. Japan's economy continued to grow moderately in both the corporate and household sectors, but remained uncertain due to the effects of the global slowdown.」
US-China trade friction, China's economic slowdown, deteriorating IT and semiconductor market conditions, and uncertainty in the domestic economy continue to be cited as business-environment concerns, as in the previous quarter. - FY2020-Q1RestatedAnnual report
「During the three-month consolidated reporting period, the global economy remained sluggish, as the slowdown in China's economy resulting from US-China trade friction since the second half of the previous fiscal year and the deterioration in IT and semiconductor market conditions continued. Japan's economy continued to grow moderately in both the corporate and household sectors, but remained uncertain due to the effects of the global slowdown.」
US-China trade friction, China's economic slowdown, deteriorating IT and semiconductor market conditions, and uncertainty in the domestic economy continue to be cited as business-environment concerns. - FY2019WorsenedAnnual report
「The company expects the global economy to slow further due to slower growth in China associated with US-China trade friction, a slowdown in the European economy, and a rapid deterioration in IT and semiconductor market conditions. It expects the business environment surrounding the company to become increasingly challenging.」
In addition to the previously cited concerns over US-China trade friction and China's slowdown, the company cites a slowdown in the European economy and a rapid deterioration in IT and semiconductor market conditions, changing its view to expect a further deterioration in the business environment. - FY2019-Q3WorsenedAnnual report
「The global economy had been performing steadily during the nine-month consolidated reporting period, but the effects of escalating US-China trade friction made the slowdown in China's economy evident and uncertainty began to increase. Japan's economy also remained relatively firm, but uncertainty about the outlook increased due to these changes in conditions.」
Concerns about trade friction between the US and China have become more concrete, with escalating friction, a clearer slowdown in China's economy and rising uncertainty. - FY2019-Q2RestatedAnnual report
「However, the outlook has become uncertain as the US government has implemented various protectionist trade measures since the beginning of the fiscal year and the Chinese government has responded with countermeasures.」
The company continues to cite uncertainty about the global economic outlook due to protectionist trade measures by the US and countermeasures by China. Domestically, it also refers to worsening business sentiment due to the effects of natural disasters and other factors. - FY2019-Q1WorsenedAnnual report
「However, the outlook has become uncertain as the US government has introduced various protectionist trade measures since the beginning of the year and the Chinese government has responded with countermeasures. Depending on future developments, this may exert downward pressure on the global economy.」
In addition to the previously cited US protectionism, the company refers to countermeasures by the Chinese government and indicates the possibility of downward pressure on the global economy. - FY2018-Q3RestatedAnnual report
「During the nine-month consolidated reporting period, the global economy continued to recover moderately overall in the US, Europe, China and emerging economies, despite uncertainty about the outlook due to the direction of the US administration and other factors. In Japan, the economy continued on a moderate recovery track, supported by strong domestic and overseas demand as corporate activity continued to recover.」
The company states that moderate recovery in the global economy and a recovery trend in Japan's economy are continuing, while uncertainty about the outlook due to the direction of the US administration and other factors remains. - FY2018-Q2RestatedAnnual report
「During the six-month consolidated reporting period, the global economy continued to recover moderately overall in the US, Europe, China and emerging economies, despite broad uncertainty about the outlook, including the direction of the US administration. In Japan, the economy continued on a moderate recovery track, supported by firm domestic and overseas demand as corporate activity continued to recover.」
The company maintained its view that the global economy would continue to recover moderately despite uncertainty about the outlook, and described Japan's economy as being on a recovery track supported by corporate activity and domestic and overseas demand. - FY2018-Q1Economic recovery and persistent uncertainty about the outlookAnnual report
「During the three-month consolidated reporting period, the global economy continued to recover moderately overall in the US, Europe, China and emerging economies, despite broad uncertainty about the outlook, including the direction of the US administration.」
The description has changed to indicate that the US, European, Chinese and emerging-market economies are generally continuing to recover moderately, while uncertainty about the outlook due to the direction of the US administration and other factors remains. - FY2017WorsenedAnnual report
「However, the economic outlook remains uncertain as the new US administration has made its protectionist stance clear and geopolitical risks have increased.」
In addition to protectionism under the new US administration, the company cites rising geopolitical risks as a source of economic uncertainty. - FY2017-Q3WorsenedAnnual report
「However, the economic outlook remains uncertain, as the new US administration is expected to pursue protectionist policies and a hard-line immigration policy.」
Expected protectionist policies and a hard-line immigration policy under the new US administration were newly cited as sources of uncertainty surrounding the economy and demand. The company stated that there were no material changes in the risks related to its business and other activities. - FY2017-Q2RestatedAnnual report
「During the six-month consolidated reporting period, the global economy continued to recover moderately in the US and Europe. China's economy slowed moderately. Emerging economies varied by country, but overall remained on a recovery track. In Japan, employment remained firm, but personal consumption weakened. In addition, weaker inbound demand due to the stronger yen and adverse weather contributed to continued uncertainty about the economic outlook.」
The business environment continues to reflect recovery in the US and Europe, a moderate slowdown in China, varying conditions across emerging economies, and uncertainty about the outlook due to weak personal consumption in Japan and the stronger yen, among other factors. - FY2017-Q1RestatedAnnual report
「Although the economic slowdown in China continued, its pace became more moderate. Emerging economies as a whole had passed their worst point, but showed signs of bifurcation, with resource-rich countries particularly weak. More recently, issues such as the UK's withdrawal from the EU have increased uncertainty about the economic outlook.」
The business environment continues to include China's economic slowdown, weakness in emerging and resource-rich economies, and uncertainty about the outlook due to the UK's EU withdrawal issue. - FY2016First statedAnnual report
「Operating performance and other factors may be affected if product demand stagnates or declines due to an economic downturn in Japan or worldwide, or due to factors such as cool summers and warm winters.」
The company cites slower growth in China and ASEAN, sluggish domestic capital investment and personal consumption, and changes in the demand structure due to the declining birth rate, aging population and customers moving overseas.