Domestic and Overseas Economic Slowdowns and Uncertainty Surrounding the Economic Environment
First written in FY2017-Q1. 19 of 38 entries say "Worsened", first in FY2019-Q3. Latest entry: 2026-08-06.
Neturen moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
58 other companies' latest entry also says "Restated".
- 2026-08-06RestatedEarnings
「However, uncertainty about the outlook remains amid ongoing inflation, heightened geopolitical risks arising from conflicts in Ukraine and the Middle East, persistently high energy and raw-material prices resulting from these conflicts, and disruptions in material procurement.」
Continues to identify inflation, conflicts in Ukraine and the Middle East, persistently high energy and raw-material prices and disruptions in material procurement as factors contributing to uncertainty about the outlook. - FY2026WorsenedAnnual report
「In Japan, rising prices and the worsening labor shortage continue at levels exceeding expectations. Overseas, the U.S. tariff policy, the prolonged slowdown in the Chinese economy, and persistently high crude oil prices and energy costs stemming from the conflict in Ukraine continue. Further uncertainty is also increasing, including rising geopolitical risks resulting from conflicts in the Middle East, and the outlook remains uncertain.」
In addition to rising prices, labor shortages, U.S. tariff policy, the prolonged slowdown in the Chinese economy, and persistently high energy costs, geopolitical risks related to the situation in the Middle East are identified as new sources of uncertainty. - FY2026-H1WorsenedAnnual report
「However, uncertainty persists because of continuing price increases, the U.S. tariff policy, and rising geopolitical risks associated with unstable international conditions.」
In addition to the previously identified factors of rising prices and geopolitical risks, the U.S. tariff policy is explicitly identified as an uncertainty factor. - FY2025WorsenedAnnual report
「The business environment surrounding the Group remains uncertain. In Japan, rising prices and a worsening labor shortage continue, while overseas, increasing geopolitical risks arising from unstable regional conditions, including concerns about a downturn in the Chinese economy and the prolonged conflict in Ukraine, as well as the U.S. tariff increase policy, are affecting the global economy.」
In addition to the previously identified concerns about a slowdown in the Chinese economy, the conflict in Ukraine and geopolitical risks, the U.S. tariff increase policy, rising prices and the worsening labor shortage are identified as uncertainty factors. - FY2025-H1WorsenedAnnual report
「However, uncertainty persisted amid price increases caused by persistently high energy and raw material prices and the weaker yen, as well as rising geopolitical risks and concerns about economic recessions in China and the United States.」
Persistently high energy and raw material prices, the weaker yen, geopolitical risks, and concerns about economic recessions in China and the United States are identified as uncertainty factors. - FY2024WorsenedAnnual report
「However, uncertainty is expected to persist amid persistently high energy and raw material prices, higher import prices caused by the weaker yen, and rising transportation costs associated with the 2024 logistics issue. Overseas, stagnation may intensify because of the further escalation of geopolitical risks arising from unstable regional conditions, including the prolonged conflict in Ukraine, continuing global inflation, and financial instability.」
In addition to the previously identified uncertainty factors of soaring raw material and energy prices and the weaker yen, the 2024 logistics issue, global inflation, financial instability, and further escalation of geopolitical risks have been added. - FY2024-Q3RestatedAnnual report
「During the first 9 months of the fiscal year, Japan’s economy continued to normalize as restrictions on movement related to COVID-19 were eased. However, uncertainty persisted amid the emergence of global geopolitical risks, including the prolonged conflict in Ukraine, persistently high raw material and energy prices, and rising prices driven by the weaker yen.」
While economic activity normalized, uncertainty persisted because of geopolitical risks, persistently high raw material and energy prices, and rising prices driven by the weaker yen. - FY2024-Q2WorsenedAnnual report
「During the first 6 months of the fiscal year, Japan’s economy continued to normalize as restrictions on movement related to COVID-19 were eased. However, uncertainty persisted amid the emergence of global geopolitical risks, including the prolonged conflict in Ukraine, persistently high raw material and energy prices, and rising prices driven by the weaker yen.」
While economic activity normalized, the emergence of geopolitical risks, persistently high raw material and energy prices, and price increases driven by the weaker yen are identified as new uncertainty factors. - FY2024-Q1Economic normalization and new uncertainty factors coexistAnnual report
「Economic activity normalized as restrictions on movement related to COVID-19 were eased. However, uncertainty persisted amid concerns about the impact of the prolonged conflict in Ukraine, persistently high raw material and energy prices, and global monetary tightening on economic activity and foreign exchange markets.」
While economic activity normalized, the prolonged conflict in Ukraine, persistently high raw material and energy prices, and the impact of global monetary tightening on the economy and foreign exchange markets are identified as new uncertainty factors. - FY2023-Q3WorsenedAnnual report
「During the first 9 months of the fiscal year, economic conditions in Japan and globally showed signs of recovery as measures to combat COVID-19 were balanced with social and economic activity, although lockdowns in some Chinese cities had a negative global impact on the economy and logistics. Production stagnation caused by shortages of components such as semiconductors also persisted, while higher costs continued as material costs, including steel, electricity costs, and logistics costs rose. Furthermore, disruption to the global economy stemming from the situation in Ukraine and the rapid depreciation of the yen caused by the widening Japan-U.S. interest rate differential drove up resource and energy prices, worsening the business environment for companies.」
While the economy shows signs of recovery, the deterioration in the business environment is continuing and expanding as Chinese lockdowns, prolonged production stagnation caused by component shortages, soaring material, electricity and logistics costs, and the rapid depreciation of the yen caused by the situation in Ukraine and the widening Japan-U.S. interest rate differential coexist. - FY2023-Q2WorsenedAnnual report
「During the first 6 months of the fiscal year, economic conditions in Japan and globally showed signs of recovery from the stagnation in socioeconomic activity caused by COVID-19, although lockdowns in some Chinese cities had a negative global impact on the economy and logistics. Production stagnation caused by shortages of components such as semiconductors also persisted, while higher costs became pronounced as material costs, including steel, electricity costs, and logistics costs rose. Furthermore, disruption to the global economy stemming from the situation in Ukraine and the rapid depreciation of the yen drove up resource and energy prices, worsening the business environment for companies.」
While economic activity shows signs of recovery, the deterioration in the business environment is broadening as Chinese lockdowns, prolonged component shortages, soaring material, electricity and logistics costs, and higher resource and energy prices caused by the situation in Ukraine and the rapid depreciation of the yen coincide. - FY2023-Q1WorsenedAnnual report
「During the first 3 months of the fiscal year, economic conditions in Japan and globally showed signs of recovery from the stagnation in socioeconomic activity caused by COVID-19. However, lockdowns in some Chinese cities had a negative global impact on the economy and logistics. In addition, production stagnated because of shortages of components such as semiconductors, while higher costs became evident as material costs, including steel, electricity costs, and logistics costs rose. Furthermore, disruption to the global economy stemming from the situation in Ukraine drove up resource and energy prices, further worsening the business environment for companies.」
While socioeconomic activity shows signs of recovery, the deterioration in the business environment is broadening as Chinese lockdowns, component shortages, soaring material, electricity and logistics costs, and higher resource and energy prices caused by the situation in Ukraine coincide. These risks are described in terms of their actual impact on the economy, logistics and production. - FY2022WorsenedAnnual report
「However, despite progress in vaccinations, uncertainty persisted as new variants continued to spread. Production activity was also hampered by tight supply and demand for components such as semiconductors, while soaring steel prices and other factors affected corporate activity. In addition, Russia’s invasion of Ukraine has caused major disruption to the global economy.」
Alongside the recovery in economic activity, new uncertainty factors have been added, including new variants, tight component supply and demand, soaring steel prices, and disruption to the global economy caused by the situation in Ukraine. - FY2022-Q3Coexistence of recovery and variant viruses and supply constraintsAnnual report
「During the first 9 months of the fiscal year, economic conditions in Japan and globally gradually recovered from the stagnation caused by COVID-19. However, despite progress in vaccinations, uncertainty persisted, including the urgent need to respond to new variants. Production activity was also hampered by tight supply and demand for components such as semiconductors, while soaring steel prices and other factors affected corporate activity.」
While the domestic and overseas economies are recovering, corporate activity continues to be affected by the need to respond to new variants, tight component supply and demand, and soaring steel prices, leaving the outlook uncertain. - FY2022-Q2Continued coexistence of a recovery trend and uncertainty caused by variant virusesAnnual report
「During the six-month period ended the second quarter, economic conditions in Japan and worldwide gradually recovered from the stagnation caused by the novel coronavirus disease. However, despite progress in vaccinations, uncertainty about the outlook continued as variant viruses raged.」
Although economies in Japan and overseas showed a recovery trend, uncertainty about the outlook continued because of the spread of variant viruses. - FY2022-Q1Coexistence of a recovery trend and uncertainty caused by variant virusesAnnual report
「During the three-month period ended the first quarter, Japan's economy gradually recovered from the stagnation caused by the novel coronavirus disease. However, despite progress in vaccinations, concerns over a rebound persisted, including the issuance of a third declaration of a state of emergency in some parts of Japan in April 2021. Overseas, although the economies of China and the US remained relatively strong, the outlook was extremely uncertain owing to differences in vaccination progress among countries and the risk of the spread of variant viruses.」
Japan's economy gradually recovered, but the third declaration of a state of emergency and concerns over a rebound persisted. Although China and the US performed well overseas, uncertainty continued owing to differences in vaccination progress and the risk of the spread of variant viruses. - FY2021Coexistence of recovery and severe conditions caused by renewed infection spreadAnnual report
「Although economic conditions in Japan and overseas remained on a gradual recovery trend, it was difficult to foresee the future economic impact of the novel coronavirus disease, and uncertainty about the outlook had not been dispelled.」
While describing signs of recovery in Japan and overseas, continued to describe uncertainty and a severe business environment because of concerns over declarations of a state of emergency and renewed spread of infections. - FY2021-Q3Expansion of recovering regions alongside continued uncertainty caused by a third waveAnnual report
「During the nine-month period ended the third quarter, Japan's economy began to show signs of a gradual recovery from the impact of the novel coronavirus disease, but the situation remained unpredictable, with a third wave arriving in the latter half of the period. Overseas, China and North America were able to emerge relatively early from the economic stagnation caused by the disease, but some regions still had no foreseeable timeline for containment, leaving the outlook extremely uncertain.」
Japan showed signs of a gradual recovery, but the arrival of a third wave kept conditions unpredictable. Overseas, recovery in China and North America was described, but regions where the timing of infection containment could not be foreseen remained, and extreme uncertainty persisted. No quantitative risk assessment was provided, but the spread of infections and economic stagnation had actually occurred. - FY2021-Q2Extremely uncertain conditions accompanied by a partial recoveryAnnual report
「During the six-month period ended the second quarter, Japan's economy deteriorated rapidly as the spread of the novel coronavirus disease caused personal consumption to fall and restricted corporate activity. Although the declaration of a state of emergency was lifted and signs of recovery emerged, infections remained difficult to contain. Overseas, China was able to emerge relatively early from the economic stagnation caused by the disease, but in other parts of Asia, the US, and Europe, among others, the timing of containment remained unforeseeable, leaving the outlook extremely uncertain.」
Japan showed signs of recovery after the state of emergency was lifted, while China emerged early from economic stagnation. However, regions where the timing of infection containment could not be foreseen remained, and extreme uncertainty in the global economy persisted. - FY2021-Q1WorsenedAnnual report
「During the three-month period ended the first quarter, Japan's economy deteriorated rapidly as the declaration of a state of emergency in response to the spread of the novel coronavirus disease caused personal consumption to fall and restricted corporate activity, creating an extremely severe situation without precedent. Overseas economies were also gradually resuming economic activity, but the spread of infections remained difficult to contain in many countries, leaving the global economic outlook extremely uncertain.」
Described the rapid deterioration of Japan's economy caused by the novel coronavirus disease and the extremely high level of uncertainty surrounding the global economy, including overseas economies. - FY2020WorsenedAnnual report
「Since the global spread of the novel coronavirus disease from early 2020, restrictions on the movement of people and goods and a downturn in economic activity have begun to significantly affect employment and investment. Uncertainty about the economic outlook has therefore intensified, creating an extremely uncertain and difficult business environment.」
In addition to uncertainty caused by US-China trade friction and other factors, described restrictions on movement, a downturn in economic activity, and emerging effects on employment and investment caused by the novel coronavirus disease. - FY2020-Q3RestatedAnnual report
「During the nine-month period ended the third quarter, Japan's economy showed stronger signs of slowing as the impact of prolonged US-China trade friction expanded. The global economic outlook also became increasingly uncertain, owing to US-China trade friction, developments in the European economy affected by the UK's Brexit issue and other factors, and other developments.」
Continued to describe signs of a slowdown in Japan's economy resulting from prolonged US-China trade friction and uncertainty about the global economy arising from the UK's Brexit issue and other factors. - FY2020-Q2WorsenedAnnual report
「During the six-month period ended the second quarter, Japan's economy showed stronger signs of slowing as the impact of prolonged US-China trade friction expanded. The global economic outlook also became increasingly uncertain, owing to US-China trade friction, developments in the European economy affected by the UK's Brexit issue and other factors, and other developments.」
Stated that domestic economic slowdown became more pronounced as the impact of US-China trade friction expanded, while uncertainty about the outlook for the global economy also increased further. - FY2020-Q1WorsenedAnnual report
「The global economic outlook remained uncertain, owing to the prolonged impact of US-China trade friction, concerns over a slowdown in China's economy, and rising tensions between Japan and South Korea.」
Identified the prolonged US-China trade friction, concerns over a slowdown in China's economy, and rising tensions between Japan and South Korea as new external sources of concern. - FY2019WorsenedAnnual report
「The global economy remained uncertain, owing to US-China trade friction, the UK's Brexit issue, and growing signs of a slowdown in China's economy.」
Cited US-China trade friction, growing signs of a slowdown in China's economy, and the UK's Brexit issue, maintaining and intensifying the description of uncertainty about the global economic outlook. - FY2019-Q3WorsenedAnnual report
「The global economic outlook became uncertain amid concerns over an economic downturn stemming from US-China trade friction and other factors. However, the US and European economies remained relatively firm, while demand in China for infrastructure investment linked to construction machinery and for robots and communications equipment used in machine tools and industrial machinery expanded.」
Changed the description from the concerns cited through the previous quarter to heightened uncertainty about the global economic outlook, citing concerns over an economic downturn stemming from US-China trade friction. At the same time, it also described the firmness of the US and European economies and expanding demand in China. - FY2019-Q2RestatedAnnual report
「Although concerns remained, including US-China trade friction, the US and European economies remained relatively firm, while China's infrastructure investment linked to construction machinery demand and its demand related to robots and communications, linked to capital investment in machine tools and industrial machinery, expanded.」
Continued to identify US-China trade friction as a source of concern, while describing the firmness of the US and European economies and expanding infrastructure, robotics, and communications-related demand in China. - FY2019-Q1Addition of a New External Source of ConcernAnnual report
「Although concerns remained, including US-China trade friction, the US and European economies remained relatively firm, while China's infrastructure investment linked to construction machinery demand and its trend of rising smartphone demand linked to capital investment in machine tools and industrial machinery continued.」
Identified US-China trade friction as a new source of concern, while also describing the firmness of the US and European economies and the continuing expansion of demand in China. - FY2018-Q3RestatedAnnual report
「The US and European economies remained relatively firm, while China's economy showed signs of recovery, including increased infrastructure investment linked to demand for construction machinery and increased smartphone demand linked to capital investment in machine tools and industrial machinery.」
Continued to describe the firmness of the US and European economies and signs of recovery in China's economy. - FY2018-Q2RestatedAnnual report
「The US and European economies remained relatively firm, while China's economy also showed signs of recovery, including increased infrastructure investment linked to demand for construction machinery and increased smartphone demand linked to capital investment in machine tools and industrial machinery.」
Continued to describe the firmness of the US and European economies and signs of recovery in China's economy from the previous quarter. - FY2018-Q1MitigatedAnnual report
「During the three-month period ended the first quarter, Japan's economy remained on a gradual recovery trend overall. The US and European economies remained relatively firm, while China's economy also showed signs of recovery, including through increased infrastructure investment and smartphone demand.」
Compared with the economic slowdown and uncertainty described through the previous fiscal year, described the domestic economy as being on a recovery trend, the US and Europe as firm, and China as showing signs of recovery. - FY2017RestatedAnnual report
「Although concerns remained over stagnation in emerging-market economies, particularly China, the US and European economies remained relatively firm.」
While describing the domestic economy as being on a recovery trend, continued to identify concerns over stagnation in emerging-market economies, including China, as external-environment risks. - FY2017-Q3Change in Risk FactorsAnnual report
「During the nine-month period ended the third quarter, Japan's economy remained on a gradual recovery trend, but the global economy became increasingly uncertain, owing to China's economic slowdown and concerns over policy developments following the US presidential election.」
While describing the domestic economy as being on a gradual recovery trend, identified China's economic slowdown and concerns over policy developments following the US presidential election as new sources of uncertainty. - FY2017-Q2RestatedAnnual report
「During the six-month period ended the second quarter, Japan's economy remained uncertain, as yen appreciation and other factors affected corporate earnings and personal consumption. In the global economy, concerns arose over downside risks to economic activity, including the slowdown in emerging-market economies, particularly China.」
Continued to describe the impact of yen appreciation on the domestic economy and the risk of a slowdown in emerging-market economies, including China. - FY2017-Q1First statedAnnual report
「During the three-month period ended the first quarter, Japan's economy remained subject to persistent uncertainty about the outlook, with signs of weakness in corporate earnings and personal consumption due to falling share prices and the yen's appreciation. In the global economy, concerns arose over downside risks to economic activity from the slowdown in emerging-market economies, particularly China, as well as the UK's decision to leave the EU.」
Identified falling share prices, yen appreciation, the slowdown in emerging-market economies, and the UK's decision to leave the EU as concerns affecting the economic environment.