Economic Uncertainty in Japan and Overseas and Cautious Capital Investment
First written in FY2017-Q1. 15 of 32 entries say "Worsened", first in FY2019-Q2. Latest entry: FY2026.
Fuji moved to the "Worse" side of this theme in 2019, 1 year before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 68 of 87 companies on the "Worse" side.
24 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Although the outlook for the global economy remains uncertain due to the prolonged geopolitical risks, including the situation in the Middle East, and fluctuations in foreign exchange rates,」
In addition to the previous uncertainty surrounding the economic and capital-investment environment, the report explicitly identifies the prolonged geopolitical risks, including the situation in the Middle East. - FY2026-H1MaterialisedAnnual report
「During the interim consolidated accounting period, Japan's goods exports showed weakness as the impact of US tariff policy became apparent, but corporate capital investment remained solid, led by software investment. In the global economy, the impact of US tariff policy depressed the US economy as higher tariff costs squeezed corporate earnings, while external demand declined in Europe, causing both economies to slow.」
The uncertainty caused by US tariff policy, which had been a concern since the previous fiscal year, has materialized as weakness in goods exports, pressure on US corporate earnings and a decline in external demand in Europe. - FY2025WorsenedAnnual report
「In the global economy, uncertainty about the outlook, including tariff policy, caused business sentiment to deteriorate in North America, while the economies of Europe and China stagnated due to sluggish exports.」
In addition to weak demand in Europe and China in the previous fiscal year, the report explicitly identifies uncertainty and deteriorating business sentiment caused by US tariff policy. - FY2025-H1Recovery in Japan and Europe, stagnation in North America and ChinaAnnual report
「During the interim consolidated accounting period, the Japanese economy recovered moderately, although personal consumption showed some weakness due to rising prices. Corporate capital investment remained firm, led by software investment. In the global economy, the European economy recovered moderately, supported by personal consumption, while North America and China showed signs of stagnation in their economic recoveries.」
While the report describes a moderate recovery in Japan and Europe, it notes stagnation in the economic recovery in North America and China, indicating an uneven business environment by region. - FY2024-Q3WorsenedAnnual report
「In the global economy, personal consumption remained firm in North America, while domestic and external demand was weak in Europe and China, and the global economic slowdown continued due to the downturn in manufacturing accompanying sluggish growth in goods exports.」
While personal consumption in North America remained firm, the report describes weak demand in Europe and China, sluggish growth in goods exports and the continued global economic slowdown caused by the downturn in manufacturing. - FY2024-Q2WorsenedAnnual report
「During the first six months of the fiscal year under review, exports of capital goods remained weak against a backdrop of declining global appetite for capital investment, but the economy was supported by the recovery in personal consumption and inbound demand, and corporate capital investment increased moderately, led by software investment. In the global economy, personal consumption remained firm in North America, while domestic and external demand was weak in Europe and China, and the global economic slowdown continued due to the downturn in manufacturing accompanying sluggish growth in goods exports.」
The report describes declining global appetite for capital investment and weak capital-goods exports in Japan, as well as weak demand in Europe and China and the global downturn in manufacturing overseas, specifying the external-environment risks. - FY2024-Q1WorsenedAnnual report
「During the first quarter of the fiscal year under review, exports of capital goods remained weak against a backdrop of the cyclical downturn in semiconductor demand and other factors, but the economy was supported by the recovery in personal consumption and inbound demand, and corporate capital investment increased moderately. In the global economy, personal consumption remained firm, but the economy was depressed by weakness in the manufacturing sector accompanying sluggish growth in goods exports.」
While moderate growth in corporate capital investment was evident in Japan, the report newly specifies the cyclical downturn in semiconductor demand, weakness in capital-goods exports and the global downturn in manufacturing. - FY2023WorsenedAnnual report
「In the global economy, high inflation and monetary tightening slowed the economies of North America and Europe, while China's economy began to recover following the lifting of its zero-COVID policy. However, production and sales activity in the manufacturing sector remains uncertain due to supply-chain disruptions triggered by Russia's invasion of Ukraine.」
The report continues to specify high inflation and monetary tightening in North America and Europe, as well as supply-chain disruptions triggered by the invasion of Ukraine, as sources of uncertainty for manufacturing production and sales activity. - FY2023-Q3WorsenedAnnual report
「In the global economy, Europe was depressed by high inflation and monetary tightening stemming from the situation in Ukraine, while China was depressed by restrictions on activity related to COVID-19. In contrast, the recovery trend continued in North America, and corporate capital investment remained solid. However, production and sales activity in the manufacturing sector remains uncertain due to supply-chain disruptions triggered by Russia's invasion of Ukraine.」
While the report describes economic conditions and capital investment in North America as solid, it newly specifies high inflation and monetary tightening in Europe, activity restrictions in China, and uncertainty surrounding manufacturing production and sales due to supply-chain disruptions. - FY2023-Q2RestatedAnnual report
「However, the outlook for the impact on production and sales remains uncertain worldwide due to supply-chain disruptions in the manufacturing sector triggered by China's lockdowns and Russia's invasion of Ukraine.」
The report continues to describe the impact on production and sales and uncertainty about the outlook resulting from China's lockdowns, the invasion of Ukraine and supply-chain disruptions. - FY2023-Q1WorsenedAnnual report
「However, the outlook for the impact on production and sales remains uncertain worldwide due to supply-chain disruptions in the manufacturing sector triggered by China's lockdowns and Russia's invasion of Ukraine.」
While economic and capital-investment conditions are recovering, the report identifies the impact on production and sales from China's lockdowns, the invasion of Ukraine and supply-chain disruptions as new sources of uncertainty. - FY2022WorsenedAnnual report
「The outlook remains uncertain, with the resurgence of COVID-19 infections, the impact of Russia's invasion of Ukraine on the global economy and soaring material prices, among other factors, making the situation difficult to predict.」
In addition to the previous uncertainty surrounding the economy and capital investment, the report explicitly identifies the resurgence of infectious diseases, Russia's invasion of Ukraine and soaring material prices as new sources of uncertainty. - FY2022-Q3RestatedAnnual report
「During the first nine months of the fiscal year under review, the Japanese economy continued to recover from the downturn caused by the spread of COVID-19, against a backdrop of increased exports and easing supply constraints. The global economy also continued to recover, supported by solid personal consumption, and capital investment in the manufacturing sector continued to increase.」
The report continues to describe economic recovery in Japan and overseas and the increasing trend in capital investment in the manufacturing sector, reaffirming the improvement in the external environment from the previous fiscal year. - FY2022-Q1MitigatedAnnual report
「The economy, which had been depressed by the spread of COVID-19, began to recover against a backdrop of rising exports. In the manufacturing sector, companies began to resume capital investment as corporate performance improved. The global economy also continued to recover as restrictions on activity related to the spread of COVID-19 were eased, and capital investment in the manufacturing sector remained solid.」
Compared with the economic downturn and increasing caution toward capital investment through the previous fiscal year, the report describes economic recovery in Japan and overseas and the resumption and solid performance of capital investment, indicating a less severe expression of external-environment risks. - FY2021-Q3WorsenedAnnual report
「During the first nine months of the fiscal year under review, the Japanese economy was significantly depressed by the spread of COVID-19, and capital investment declined along with deteriorating corporate earnings. The deterioration in business sentiment was curbed as economic activity resumed, but uncertainty about the outlook continued due to the subsequent resurgence of COVID-19 infections. In the global economy, exports in China showed signs of recovery, but the economies of Europe and North America remained in severe conditions due to the spread of COVID-19, and capital investment in the manufacturing sector remained sluggish.」
The report describes declining domestic capital investment, uncertainty about the outlook due to the resurgence of infections, and sluggish economic conditions and capital investment in Europe and North America, indicating worsening external-environment risks. - FY2021-Q2RestatedAnnual report
「The Japanese economy was significantly depressed by the spread of COVID-19, and capital investment declined along with deteriorating corporate earnings. Meanwhile, the spread of efforts to resume economic activity put a brake on the deterioration in business sentiment.」
While the domestic economic downturn, declining capital investment and sluggish capital investment in Europe and North America continued, the report also notes that the resumption of economic activity put a brake on the deterioration in business sentiment. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year under review, the Japanese economy was significantly depressed by the spread of COVID-19, and companies remained cautious about capital investment amid concerns about deteriorating corporate performance. In the global economy, exports in China showed signs of recovery as economic activity resumed, but the economies of Europe and North America declined sharply due to the spread of COVID-19, and capital investment in the manufacturing sector remained sluggish.」
The report states that COVID-19 significantly depressed the Japanese economy and that the economies of Europe and North America, as well as capital investment in the manufacturing sector, remained sluggish, indicating continued deterioration in external-environment risks. - FY2020MaterialisedAnnual report
「Economic activity stagnated as a result of the global spread of COVID-19, and companies adopted a cautious stance toward capital investment amid concerns about deteriorating corporate performance.」
The previously noted uncertainty about the economy and increasing caution toward capital investment materialized as stagnating economic activity due to the spread of COVID-19 and greater customer caution toward capital investment. - FY2020-Q3RestatedAnnual report
「During the first nine months of the fiscal year under review, the Japanese economy showed signs of stagnation against a backdrop of sluggish exports. In the global economy, solid personal consumption supported the European economy, while the slowdown in China continued due to the intensifying US-China trade dispute and other factors. In North America, personal consumption remained firm, but corporate capital investment stagnated amid uncertainty about the economic outlook caused by the US-China trade dispute.」
The report continues to describe an uneven external environment by region, with economic stagnation in Japan, an economic slowdown in China and stagnating capital investment in North America. - FY2020-Q2WorsenedAnnual report
「During the first six months of the fiscal year under review, the Japanese economy showed signs of stagnation against a backdrop of sluggish exports. In the global economy, solid personal consumption supported the European economy, while the slowdown in China intensified due to the escalating US-China trade dispute and other factors. In North America, personal consumption remained solid, but corporate capital investment stagnated due to the intensifying US-China trade dispute.」
The report describes economic stagnation in Japan due to sluggish exports, a deepening slowdown in China and stagnating corporate capital investment in North America, indicating that business-environment risks continue to expand. - FY2020-Q1WorsenedAnnual report
「Against a backdrop of uncertainty about the outlook for the global economy, some customers adopted a cautious stance toward capital investment, resulting in lower sales.」
The report states that customers became more cautious about capital investment against a backdrop of uncertainty in the global economy, leading to lower sales. - FY2019WorsenedAnnual report
「The environment surrounding the Group remains uncertain, with concerns including a further escalation of the US-China trade dispute, the UK's withdrawal from the EU and the impact of the increase in Japan's consumption tax rate.」
In addition to China's economic slowdown and the US-China trade dispute, the report newly identifies the UK's withdrawal from the EU and the impact of the increase in Japan's consumption tax rate as concerns, describing a broadening of uncertainty about the outlook. - FY2019-Q3RestatedAnnual report
「In the global economy, the slowdown in China continued due to the intensifying US-China trade dispute and other factors, while a moderate recovery continued in Europe. In North America, personal consumption remained solid against a backdrop of improving employment and income conditions, and capital investment in the manufacturing sector also remained firm.」
While the economic slowdown continued in China due to the US-China trade dispute and other factors, recovery and resilience were evident in Europe and North America, indicating that the business environment continued to vary by region. - FY2019-Q2WorsenedAnnual report
「During the first six months of the fiscal year under review, the Japanese economy continued to recover, and capital investment remained solid. In the global economy, growth in China showed signs of slowing due to the intensifying US-China trade dispute and other factors, while a moderate recovery continued in Europe. In North America, personal consumption remained solid against a backdrop of improving employment and income conditions, and capital investment in the manufacturing sector also remained firm.」
While recovery and resilience were evident in Japan, Europe and North America, the slowdown in China caused by the intensifying US-China trade dispute and other factors was newly identified, indicating worsening business-environment risks by region. - FY2019-Q1RestatedAnnual report
「During the first quarter of the fiscal year under review, the Japanese economy continued to recover, and capital investment remained solid. In the global economy, a moderate recovery continued in Europe, while capital investment in North America continued to increase against a backdrop of strong corporate performance supported by solid personal consumption. In China, the economy remained solid, driven by capital investment in the manufacturing sector.」
The report continues to describe economic recovery in Japan and overseas and the solid and increasing trend in capital investment. - FY2018RestatedAnnual report
「The economic recovery trend continued, and capital investment remained solid. In the global economy, a moderate recovery continued in Europe, while capital investment in North America continued to recover against a backdrop of improving corporate earnings. The Chinese economy also regained momentum, and capital investment in the manufacturing sector remained solid.」
While continuing to describe the recovery trend in the economy and capital investment, the report states that uncertainty remains in the global economy and the business environment. - FY2018-Q3RestatedAnnual report
「The economic recovery trend continued, and capital investment remained firm. In the global economy, a gradual recovery continued in Europe, while capital investment in North America continued to recover gradually against a backdrop of improved corporate earnings. China also showed signs of economic recovery, and capital investment in manufacturing began to recover.」
As in the previous quarter, the report describes economic recovery in Japan and overseas and solid and recovering capital investment, indicating that the improved business environment continues. - FY2018-Q2MitigatedAnnual report
「The economic recovery trend continued, and capital investment remained firm. In the global economy, a gradual recovery continued in Europe, while manufacturing in North America continued to show signs of recovery against a backdrop of improved corporate earnings. China also showed signs of economic recovery, and capital investment in manufacturing began to recover.」
As in the previous quarter, we describe the economic recovery in Japan and overseas and firm or recovering capital investment, indicating that the business environment for the economy and capital investment continues to improve. - FY2018-Q1MitigatedAnnual report
「The economic recovery trend continued, and capital investment remained firm. In the global economy, a gradual recovery continued in Europe, while manufacturing in North America continued to show signs of recovery against a backdrop of improved corporate earnings. In China, the economic slowdown came to a halt, and capital investment in manufacturing began to show signs of improvement.」
In contrast to the economic uncertainty and caution toward capital investment described through the previous fiscal year, this time we describe economic recovery and improved capital investment in Japan and overseas, indicating a less severe risk environment. - FY2017-Q3RestatedAnnual report
「Although the economy was gradually recovering, a cautious approach to capital investment was observed. In the global economy, sentiment improved in North America, but capital investment remained weak, while manufacturing showed signs of recovery in Europe. In China, capital investment in manufacturing, where the slowdown had continued, also showed signs of improvement.」
While noting the economic recovery and improvements in Europe and China, we continue to identify cautious and weak capital investment in Japan and overseas as a business-environment risk. - FY2017-Q2RestatedAnnual report
「As economic stagnation continued, a cautious approach to capital investment was observed.」
We continue to identify economic stagnation and cautious capital investment as business-environment risks. - FY2017-Q1First statedAnnual report
「Although economic uncertainty led to a cautious approach to capital investment, some companies, particularly certain EMS (electronics manufacturing services) providers, were actively investing.」
We state that caution and delays in capital investment in Japan and overseas affected segment performance.