Uncertainty in International Financial Markets Due to the Slowdown in Emerging-Market and Resource-Rich Economies, Among Other Factors
First written in FY2017-Q1. 14 of 36 entries say "Worsened", first in FY2019-Q1. Latest entry: 2026-11-09.
The Hanshin Diesel Works 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: 159 of 185 companies on the "Worse" side.
62 other companies' latest entry also says "Restated".
- 2026-11-09RestatedResults
「The global economy remains uncertain, affected by higher crude oil prices and supply risks associated with heightened tensions in the Middle East, as well as foreign exchange fluctuations and rising interest rates.」
Reaffirms uncertainty in the global economy caused by tensions in the Middle East, crude oil prices and supply risks, foreign exchange volatility, and rising interest rates. - FY2026WorsenedAnnual report
「The business environment remains uncertain due to the effects of rising crude oil prices and supply risks associated with escalating tensions in the Middle East, as well as fluctuations in foreign exchange markets and rising interest rates.」
In addition to previously cited geopolitical risks and tariff policies, the filing explicitly identifies the situation in the Middle East, rising crude oil prices, supply risks, foreign exchange fluctuations and rising interest rates as factors contributing to uncertainty. - 2026-05-15WorsenedResults
「The business environment remains uncertain due to the effects of rising crude oil prices and supply risks associated with escalating tensions in the Middle East, as well as fluctuations in foreign exchange markets and rising interest rates.」
In addition to existing geopolitical risks, identifies tensions in the Middle East, higher crude oil prices, supply risks, foreign exchange volatility, and rising interest rates as sources of uncertainty. - FY2026-H1RestatedAnnual report
「The global economy remains highly uncertain due to geopolitical risks and the impact of U.S. tariff policies.」
The filing reconfirms that uncertainty in the global economy due to geopolitical risks and U.S. tariff policies continues. - FY2025WorsenedAnnual report
「The global economy has become increasingly uncertain due to the implementation of U.S. tariff policies, in addition to continued geopolitical risks.」
In addition to the previously cited geopolitical risks, the implementation of U.S. tariff policies is explicitly identified as a new factor contributing to uncertainty. - FY2025-H1WorsenedAnnual report
「The global economy remains highly uncertain due to continued geopolitical risks and fluctuations in interest rates and foreign exchange rates.」
In addition to geopolitical risks, fluctuations in interest rates and foreign exchange rates are newly identified as factors contributing to uncertainty in the global economy. - FY2024SoftenedAnnual report
「The global economy remains highly uncertain due to increased geopolitical risks and the continued slowdown in the Chinese economy.」
Although uncertainty in the global economy continues, the individual factors previously identified, including inflation, monetary tightening and the situation in Ukraine, are not cited in the annual description of the business environment, narrowing the factors mentioned. - FY2024-Q3WorsenedAnnual report
「The global economy remains highly uncertain due to continued and prolonged monetary tightening in various countries, the prolonged situation in Ukraine, and the emergence of geopolitical risks in the Middle East, among other factors.」
In addition to continued and prolonged monetary tightening and the situation in Ukraine, geopolitical risks in the Middle East are newly identified, with the filing stating that heightened uncertainty persists. - FY2024-Q2RestatedAnnual report
「The global economy remains highly uncertain due to the delayed economic recovery in Europe and the United States and the continued slowdown in the Chinese economy under high interest rates and high inflation.」
The filing continues to describe uncertainty in the global economy arising from delayed economic recovery in Europe and the United States against a backdrop of high interest rates and high inflation, and the continued slowdown in the Chinese economy. - FY2024-Q1Explicit reference to delayed recovery in Europe and the United States and the slowdown in China under high interest rates and high inflationAnnual report
「The global economy remains uncertain due to the delayed economic recovery in Europe and the United States and the continued slowdown in the Chinese economy under high interest rates and high inflation.」
In addition to the previously cited geopolitical risks, inflation and rising policy rates, the filing explicitly identifies delayed economic recovery in Europe and the United States and the continued slowdown in the Chinese economy under high interest rates and high inflation as factors contributing to uncertainty. - FY2023WorsenedAnnual report
「Meanwhile, the global economy remained uncertain, amid increased geopolitical risks, including the prolonged Russian invasion of Ukraine, and rising policy rates in various countries as inflation progressed.」
The prolonged invasion of Ukraine, increased geopolitical risks, inflation and rising policy rates continue to be identified as factors contributing to uncertainty in the global economy. - FY2023-Q3WorsenedAnnual report
「During the first 3 quarters of the fiscal year, Japan's economy showed signs of a recovery in personal consumption as restrictions on activity related to COVID-19 were eased. However, uncertainty about the outlook persisted because of high inflation driven by prolonged tensions in Ukraine and surging resource prices, as well as concerns over slowing growth in overseas economies.」
While acknowledging signs of a recovery in personal consumption, the document additionally identifies prolonged tensions in Ukraine, inflation caused by surging resource prices and concerns over slowing growth in overseas economies as sources of uncertainty about the outlook. - FY2023-Q1RestatedAnnual report
「The global economy had been on a recovery path, with the Omicron variant expected to subside despite inflation concerns, but the acceleration of inflation caused by higher resource prices following the sudden Ukraine crisis has reduced personal consumption and cast a shadow over the post-pandemic economic recovery scenario.」
The document continues to state that the Ukraine crisis, higher resource prices and accelerating inflation will affect the global economic recovery scenario. - FY2022WorsenedAnnual report
「The global economy had been on a recovery path, with the Omicron variant expected to subside despite inflation concerns, but the acceleration of inflation caused by higher resource prices following the sudden Ukraine crisis has reduced personal consumption and cast a shadow over the post-pandemic economic recovery scenario.」
While acknowledging that the global economy remains on a recovery path, the document newly identifies concerns over the recovery scenario arising from the Ukraine crisis, higher resource prices and accelerating inflation. - FY2022-Q3WorsenedAnnual report
「Although the global economy experienced a sharp recovery driven by fiscal stimulus in major countries, the pace of recovery is expected to slow in the second half of the fiscal year because of supply constraints, primarily semiconductor shortages. A sharp slowdown is forecast going forward because of the rapid spread of the Omicron variant and factors including inflation caused by supply-demand and logistics disruptions.」
Risk perceptions have deepened from a sharp recovery driven by fiscal stimulus in major countries to a slower recovery caused by supply constraints such as semiconductor shortages, the rapid spread of the Omicron variant, and a forecast of a sharp slowdown resulting from supply-demand and logistics disruptions and rising prices. - FY2022-Q2MitigatedAnnual report
「The global economy is clearly entering a recovery phase, supported by progress in vaccination, large-scale fiscal stimulus and monetary policy, particularly in Europe and the US.」
Against the backdrop of vaccination, fiscal stimulus and monetary policy, the document indicates that the global economy has clearly entered a recovery phase, moving on from the previous recovery trend accompanied by differences in recovery among countries. - FY2022-Q1Recovery led by China and the US, with divergence across countriesAnnual report
「The global economy is recovering, led by China, which has succeeded in containing the spread of COVID-19, and the US, where vaccination is progressing. However, differences among other countries are becoming increasingly pronounced because of their varying ability to respond to the pandemic.」
While describing the global economy as being on a recovery path led by China and the US, the document states that differences in recovery among countries have become more pronounced because of their varying ability to respond to the pandemic. - FY2021MitigatedAnnual report
「Services consumption remained weak through the end of last year, but a moderate recovery is expected as vaccines become widely available, and investment in digitalization and the green transition is expected to gather momentum.」
While noting the weakness in the global economy caused by the pandemic, the document expects a moderate recovery as vaccines become widely available and progress in digitalization and the green transition. - FY2021-Q3Recovery outlook driven by vaccine distribution and divergence across countriesAnnual report
「The global economy is also expected to recover as vaccines are distributed, although the degree of recovery is diverging significantly across countries.」
While indicating that the global economy is expected to recover as vaccines are distributed, the document states that recovery conditions vary significantly from country to country. - FY2021-Q2RestatedAnnual report
「The global economy is also expected to require considerable time to normalize, as the end of the pandemic is expected to take considerable time because vaccine distribution will take time.」
The document reconfirms the view that the global economy will require considerable time to normalize because the global spread of infection will take time to end, citing the time required for vaccine distribution. - FY2021-Q1RestatedAnnual report
「The global spread of infection, including in emerging economies, has prolonged the decline in global services consumption as a trade-off with measures to prevent further spread, and the global economy is expected to require considerable time to normalize.」
The document notes the global spread of infection, including in emerging economies, the prolonged weakness in services consumption and the expectation that the global economy will require considerable time to normalize, continuing the previous period's recognition of deterioration in the global economy. - FY2020WorsenedAnnual report
「The global economy is showing signs of a sharp slowdown, as economic activity in China stagnated amid measures to prevent the spread of COVID-19, followed by prolonged weakness in global services consumption as the infection spread worldwide.」
Concerns have deepened from the previous expectation of a moderate slowdown and downside risks to an outlook for a sharp slowdown in the global economy caused by stagnant economic activity in China and the global spread of infection. - FY2020-Q3An expected bottoming-out alongside risks of further weaknessAnnual report
「The global economy is gradually expected to bottom out, but appears likely to remain weak because of the impact of US-China trade friction and geopolitical risks in the Middle East.」
While indicating that the global economy is expected to bottom out, the document also states that weakness is likely to continue because of US-China trade friction and geopolitical risks in the Middle East. - FY2020-Q2WorsenedAnnual report
「The global economy is expected to continue slowing as a result of intensifying US-China trade friction.」
The document states that the global economy is expected to continue slowing because of intensifying US-China trade friction, developing the previous concern over downside risks into an explicit outlook for a slowdown. - FY2020-Q1WorsenedAnnual report
「The global economy is slowing moderately, while downside risks are increasing, and the intensification of US-China trade friction requires close monitoring.」
Concerns about the global economy have become more specific, shifting from the previous references to a moderate recovery or flat conditions to a slowdown, increasing downside risks and intensifying US-China trade friction. - FY2019RestatedAnnual report
「The US economy remains steady, led by personal consumption, but the effects of China's economic stimulus measures remain limited, while the euro area economy is being affected by declining orders from outside the region. The future course of US-China trade friction also remains under close watch.」
While indicating that the US economy remains firm, the document continues to identify the limited effectiveness of China's economic stimulus measures, declining orders from outside the euro area and US-China trade friction as sources of uncertainty. - FY2019-Q3WorsenedAnnual report
「Although the global economy is generally flat, with conditions varying by region, US-China trade friction has become a risk factor that could prolong China's economic stagnation.」
The assessment of the global economy has shifted from an expectation of a moderate recovery to an overall flat trend, with US-China trade friction identified as a specific risk that could prolong China's economic stagnation. - FY2019-Q2RestatedAnnual report
「The global economy remains firm and is expected to recover moderately, but concerns over US-China trade friction and other factors continue, and downside risks cannot be dispelled.」
While indicating that the global economy is expected to recover moderately, the document reconfirms that downside risks from US-China trade friction and other factors persist. - FY2019-Q1WorsenedAnnual report
「The global economy remains firm and is expected to recover moderately, but a rise in uncertainty, including concerns over US-China trade friction, could cause companies to adopt a more cautious investment stance and hinder the recovery.」
While indicating that the global economy remains firm and is expected to recover moderately, the document explicitly identifies the possibility that concerns over US-China trade friction could make companies more cautious about investment and hinder the recovery as a new source of uncertainty. - FY2018-Q3RestatedAnnual report
「The global economy is generally continuing to grow moderately, but concerns remain over the impact of US economic policy, the outcome of the UK's negotiations to leave the EU, and geopolitical risks in the Middle East and Asia.」
While acknowledging moderate global economic growth, the document continues to identify US economic policy, the UK's negotiations to leave the EU, and geopolitical risks in the Middle East and Asia as sources of concern. - FY2018-Q2RestatedAnnual report
「The global economy is generally continuing to grow moderately, but concerns remain over the impact of US economic policy, the outcome of the UK's negotiations to leave the EU, and geopolitical risks in the Middle East and Asia.」
While acknowledging moderate global economic growth, the document continues to identify US economic policy, the UK's negotiations to leave the EU, and geopolitical risks in the Middle East and Asia as sources of concern. - FY2018-Q1Continued concerns despite signs of a recovery cycleAnnual report
「The global economy is generally continuing to grow moderately, with signs of a recovery cycle beginning to emerge in Russia and Brazil as well. However, concerns remain over US economic policy and its impact on international financial markets, developments in the UK's negotiations to leave the EU and their impact, and geopolitical risks in the Middle East and Asia.」
While stating that the recovery cycle is broadening, including in Russia and Brazil, and that moderate growth is continuing overall, the document continues to express concern over US economic policy, the UK's negotiations to leave the EU, and geopolitical risks in the Middle East and Asia. - FY2017Concerns over geopolitics and protectionism despite the economic recoveryAnnual report
「The global economy continues to grow moderately overall, although weakness remains in some emerging economies. However, concerns remain over the rise of protectionism, political and economic instability in Europe, and geopolitical risks in the Middle East and Asia.」
While acknowledging moderate global economic growth, the document identifies protectionism, political and economic conditions in Europe, and geopolitical risks in the Middle East and Asia, in addition to the previous uncertainty surrounding emerging economies, as sources of concern. - FY2017-Q3Continued inclusion of factors supporting an improvement in economic conditionsAnnual report
「In the global economy, the slowdown in emerging economies has eased, improvement is beginning to spread through the corporate sectors of developed economies, and manufacturing is improving globally. However, close attention is being paid to developments in emerging and commodity-exporting economies, including China, the US economy, and the outcome and impact of the UK's withdrawal from the EU.」
While noting the easing slowdown in emerging economies and improvement in developed economies and manufacturing, the document continues to monitor emerging and commodity-exporting economies, including China, the US, and the UK's withdrawal from the EU. - FY2017-Q2RestatedAnnual report
「In the global economy, the US economy continued to recover moderately, but lacked momentum because of the slowdown in emerging economies and other factors. In addition to uncertainty surrounding emerging and commodity-exporting economies, close attention is being paid to the impact on international financial markets of developments in the US economy, the presidential election, the conduct of monetary policy and the UK's withdrawal from the EU.」
The document continues to identify emerging and commodity-exporting economies, the US economy, the presidential election and monetary policy, and the UK's withdrawal from the EU as sources of uncertainty for the international financial markets. - FY2017-Q1First statedAnnual report
「In addition to uncertainty surrounding emerging and commodity-exporting economies, close attention is being paid to the impact on international financial markets of developments in the US economy, the conduct of monetary policy and the UK's withdrawal from the EU.」
For the first time, the risks posed to international financial markets by uncertainty surrounding emerging and commodity-exporting economies, the US economy and monetary policy, and the UK's withdrawal from the EU are explicitly identified.