Uncertainty in the economic environment arising from a downturn in Asian emerging economies and uncertainty surrounding the incoming U.S. administration
First written in FY2017-Q3. 14 of 35 entries say "Worsened", first in FY2019. Latest entry: 2026-11-06.
The whole theme swung hardest in 2022: 106 of 135 companies on the "Worse" side.
- 2026-11-06MitigatedResults
「AI関連や半導体関連の需要が引き続き堅調だったことや、原油などの値上がりを販売価格に転嫁する動きが企業収益を下支えしていることなどから、企業の景況感を示す業況判断指数は、大企業製造業ではプラス24となり前回６月調査から2ポイントの改善となっております。」
景況感が前回調査から改善したことを記載した。 - FY2026MitigatedAnnual report
「During the fiscal year, according to the Bank of Japan's March Tankan survey, the business conditions diffusion index, which indicates corporate sentiment, improved 1 point from the previous December survey to plus 17 for large manufacturers due to increased demand for AI-related semiconductors and other factors.」
Recorded that sentiment among large manufacturers improved 1 point to plus 17 against the backdrop of increased demand for AI-related semiconductors. - 2026-05-11MitigatedResults
「During the fiscal year, according to the Bank of Japan's March Tankan survey, the business conditions diffusion index, which indicates corporate sentiment, improved 1 point from the previous December survey to plus 17 for large manufacturers due to increased demand for AI-related semiconductors and other factors.」
大企業製造業の業況判断指数が前回調査から改善し、経済環境に関する懸念は前回開示時点より弱まった。 - FY2026-H1MitigatedAnnual report
「The business conditions diffusion index, which indicates corporate sentiment, improved 1 point from the previous June survey to plus 14 for large manufacturers due to reduced uncertainty as Japan-US tariff negotiations progressed and expectations of improved earnings as cost pass-through progressed further.」
Reduced uncertainty due to progress in tariff negotiations and expectations of further progress in cost pass-through were noted, and the DI for large manufacturers improved 1 point from the previous survey. - FY2025WorsenedAnnual report
「The business conditions diffusion index, which indicates corporate sentiment, deteriorated 2 points from the previous December survey to plus 12 for large manufacturers due to rising uncertainty associated with the Trump administration's additional tariffs, higher raw material costs and slowing overseas economies, including China.」
Uncertainty from additional tariffs, rising raw material costs and slowing overseas economies, including China, were identified as new external environmental factors, and the DI for large manufacturers deteriorated 2 points from the previous survey. - FY2025-H1Business sentiment flat overall, with mixed results by industryAnnual report
「During the interim accounting period, according to the Bank of Japan's September Tankan survey, business sentiment in electrical machinery-related industries improved on strong IT-related business, while business conditions in automobile-related and other industries deteriorated due to sluggish overseas demand. As a result, the business conditions diffusion index (DI), which indicates corporate sentiment, remained flat at plus 13 for large manufacturers compared with the previous June survey.」
Business sentiment in electrical machinery-related industries improved on IT-related business, while business conditions in automobile-related and other industries deteriorated due to sluggish overseas demand, leaving the DI for large manufacturers flat at plus 13 from the previous survey. - FY2024WorsenedAnnual report
「A decline in automobile production due to quality misconduct issues caused business sentiment in related industries to deteriorate, and the business conditions diffusion index (DI), which indicates corporate sentiment, deteriorated 2 points from the previous December survey to plus 11 for large manufacturers」
Against the backdrop of lower automobile production and quality misconduct issues, the DI for large manufacturers deteriorated 2 points from plus 13 to plus 11. - FY2024-Q3MitigatedAnnual report
「Easing supply constraints and the recovery in automobile production provided support, and the business conditions diffusion index (DI), which indicates corporate sentiment, improved 3 points from the previous September survey to plus 12 for large manufacturers.」
Against the backdrop of easing supply constraints and the recovery in automobile production, the DI for large manufacturers improved 3 points from plus 9 to plus 12. - FY2024-Q2MitigatedAnnual report
「During the six-month cumulative period, according to the Bank of Japan's September Tankan survey, easing supply constraints and improved export profitability due to the weaker yen provided support. The business conditions diffusion index (DI), which indicates corporate sentiment, improved 4 points from the previous June survey to plus 9 for large manufacturers.」
The DI for large manufacturers improved 4 points from the previous survey against the backdrop of easing supply constraints and improved export profitability. The deterioration in the external environment surrounding business sentiment eased. - FY2024-Q1MitigatedAnnual report
「According to the Bank of Japan's June Tankan (Short-Term Economic Survey of Enterprises in Japan), the Japanese economy during the three months ended 30 June saw a pause in the rise in resource and energy prices. The business conditions diffusion index (DI), an indicator of corporate sentiment, was plus 5 for large manufacturers, an improvement of 4 points from the previous survey in March.」
Recorded that the easing of surging resource and energy prices led to a 4-point improvement in the DI for large manufacturers from the previous survey. - FY2023WorsenedAnnual report
「Surging resource and energy prices weighed on business sentiment, and the business conditions diffusion index (DI), which indicates corporate sentiment, deteriorated 6 points from the previous December survey to plus 1 for large manufacturers.」
Against the backdrop of surging resource and energy prices, the DI for large manufacturers deteriorated 6 points from plus 7 to plus 1. - FY2023-Q3WorsenedAnnual report
「According to the Bank of Japan's December Tankan (Short-Term Economic Survey of Enterprises in Japan), the Japanese economy during the nine months ended 31 December was affected by an increase in raw material costs against a backdrop including yen depreciation, which weighed on business sentiment. The business conditions diffusion index (DI), an indicator of corporate sentiment, was plus 7 for large manufacturers, down 1 point from the previous survey in September.」
Due to higher raw material costs against the backdrop of the weaker yen and other factors, the DI for large manufacturers deteriorated 1 point from plus 8 in the previous survey to plus 7. - FY2023-Q2WorsenedAnnual report
「During the six-month cumulative period, according to the Bank of Japan's September Tankan survey, higher raw material costs, partly due to the weaker yen, weighed on business sentiment. The business conditions diffusion index (DI), which indicates corporate sentiment, deteriorated 1 point from the previous June survey to plus 8 for large manufacturers.」
Higher raw material costs, partly due to the weaker yen, weighed on business sentiment, and the DI for large manufacturers deteriorated 1 point from plus 9 to plus 8. - FY2023-Q1WorsenedAnnual report
「During the three-month cumulative period, according to the Bank of Japan's June Tankan survey, rising import costs due to the weaker yen, persistently high resource and raw material prices and prolonged shortages of components weighed on business sentiment. The business conditions diffusion index (DI), which indicates corporate sentiment, deteriorated 5 points from the previous March survey to plus 9 for large manufacturers.」
Against the backdrop of the weaker yen, persistently high resource and raw material prices and prolonged shortages of components, the DI for large manufacturers deteriorated 5 points from plus 14 to plus 9. - FY2022WorsenedAnnual report
「During the fiscal year, according to the Bank of Japan's March Tankan survey, rising import costs due to the weaker yen, surging resource and raw material prices and prolonged shortages of semiconductors and other components weighed on business sentiment. The business conditions diffusion index (DI), which indicates corporate sentiment, fell to plus 14 for large manufacturers, deteriorating for the first time in 7 quarters.」
Against the backdrop of the weaker yen, surging resource and raw material prices and prolonged shortages of components, the DI for large manufacturers fell from plus 18 to plus 14, deteriorating for the first time in 7 quarters. - FY2022-Q3WorsenedAnnual report
「During the nine-month cumulative period, according to the Bank of Japan's December Tankan survey, surging resource and raw material prices and prolonged shortages of semiconductors and other components weighed on business sentiment. The business conditions diffusion index (DI), which indicates corporate sentiment, remained flat at plus 18 for large manufacturers compared with the previous September survey.」
Surging resource and raw material prices and prolonged shortages of components were cited as burdens, and the business sentiment DI remained flat at plus 18 from the previous survey. - FY2022-Q2MitigatedAnnual report
「During the six-month cumulative period, according to the Bank of Japan's September Tankan survey, although there were concerns about the outlook due to surging resource prices and semiconductor shortages, business sentiment in the near term was improving as the economy recovered from the COVID-19 pandemic. The business conditions diffusion index (DI), which indicates corporate sentiment, improved 4 points from the previous June survey to plus 18 for large manufacturers.」
Concerns about the outlook due to surging resource prices and semiconductor shortages were noted, while the DI for large manufacturers improved 4 points to plus 18 as the economy recovered from the COVID-19 pandemic. - FY2022-Q1MitigatedAnnual report
「During the three-month cumulative period, according to the Bank of Japan's June Tankan survey, an increase in exports, supported by the global economic recovery and a weaker yen, lifted business sentiment. The business conditions diffusion index (DI), which indicates corporate sentiment, improved 9 points from the previous March survey to plus 14 for large manufacturers.」
Against the backdrop of the global economic recovery and increased exports, the DI for large manufacturers reached plus 14, improving 9 points from the previous survey. - FY2021MitigatedAnnual report
「The business conditions diffusion index (DI), which indicates corporate sentiment, improved 15 points from the previous December survey to plus 5 for large manufacturers.」
Against the backdrop of a recovery in overseas economies and expansion in exports and production, the DI for large manufacturers improved 15 points from the previous survey. - FY2021-Q3MitigatedAnnual report
「During the nine-month cumulative period, according to the Bank of Japan's December Tankan survey, the resumption of global economic activity, which had stagnated due to the spread of COVID-19, progressed. The business conditions diffusion index (DI), which indicates corporate sentiment, improved 17 points from the previous September survey to minus 10 for large manufacturers.」
The resumption of global economic activity progressed, and the DI for large manufacturers improved 17 points from minus 27 to minus 10. - FY2021-Q2MitigatedAnnual report
「During the six-month cumulative period, according to the Bank of Japan's September Tankan survey, global economic activity, which had stagnated due to the spread of COVID-19, was moving toward a resumption. The business conditions diffusion index (DI), which indicates corporate sentiment, improved 7 points from the previous June survey to minus 27 for large manufacturers.」
The resumption of global economic activity was noted, and the DI for large manufacturers improved 7 points from the previous survey. - FY2021-Q1WorsenedAnnual report
「During the fiscal year, according to the Bank of Japan's June Tankan survey, global economic activity stagnated as the COVID-19 pandemic spread. The business conditions diffusion index (DI), which indicates corporate sentiment, fell to minus 34 for large manufacturers, deteriorating for the sixth consecutive quarter.」
The spread of COVID-19 and the resulting stagnation in global economic activity were explicitly noted, and the DI for large manufacturers fell to minus 34, deteriorating for the sixth consecutive quarter. - FY2020WorsenedAnnual report
「During the fiscal year, according to the Bank of Japan's March Tankan survey, global economic activity stagnated as the COVID-19 pandemic spread. The business conditions diffusion index (DI), which indicates corporate sentiment, fell to minus 8 for large manufacturers, deteriorating for the fifth consecutive quarter.」
The spread of COVID-19 and the resulting stagnation in global economic activity were explicitly noted, and the DI for large manufacturers was minus 8, deteriorating for the fifth consecutive quarter. - FY2020-Q3WorsenedAnnual report
「During the nine-month cumulative period, according to the Bank of Japan's December Tankan survey, the slowdown in the global economy against the backdrop of US-China trade friction continued. The business conditions diffusion index (DI), which indicates corporate sentiment, fell to zero for large manufacturers, deteriorating for the fourth consecutive quarter.」
The slowdown in the global economy against the backdrop of US-China trade friction continued, and the DI for large manufacturers fell from the previous plus 5 to zero, deteriorating for the fourth consecutive quarter. - FY2020-Q2WorsenedAnnual report
「During the six-month cumulative period, according to the Bank of Japan's September Tankan survey, the slowdown in the global economy against the backdrop of US-China trade friction continued. The business conditions diffusion index (DI), which indicates corporate sentiment, fell to plus 5 for large manufacturers, deteriorating for the third consecutive quarter.」
The slowdown in the global economy against the backdrop of US-China trade friction continued, and the DI for large manufacturers fell from plus 7 to plus 5, deteriorating for the third consecutive quarter. - FY2020-Q1WorsenedAnnual report
「During the three-month cumulative period, according to the Bank of Japan's June Tankan survey, concerns about the impact of US-China trade friction on the global economy weighed on business sentiment. The business conditions diffusion index (DI), which indicates corporate sentiment, fell to plus 7 for large manufacturers, deteriorating for the second consecutive quarter.」
Against the backdrop of concerns about the impact of US-China trade friction on the global economy, the DI for large manufacturers fell from plus 12 to plus 7, deteriorating for the second consecutive quarter. - FY2019WorsenedAnnual report
「During the fiscal year, according to the Bank of Japan's March Tankan survey, US-China trade friction and a slowdown in overseas economies led to worsening business sentiment. The business conditions diffusion index (DI), which indicates corporate sentiment, fell 7 points from the previous December survey to plus 12 for large manufacturers.」
Against the backdrop of US-China trade friction and a slowdown in overseas economies, the DI for large manufacturers fell 7 points from plus 19 to plus 12, with the deterioration in business sentiment becoming more pronounced. - FY2019-Q3Flat business sentiment and uncertainty over trade friction, labor shortages and other factorsAnnual report
「During the nine-month cumulative period, according to the Bank of Japan's December Tankan survey, the expansion trend in corporate earnings, the fading impact of natural disasters and reconstruction demand provided support. However, many companies remained cautious about the outlook against the backdrop of concerns over US-China trade friction, higher crude oil prices and labor shortages. The business conditions diffusion index (DI), which indicates corporate sentiment, remained flat at plus 19 for large manufacturers compared with the previous September survey.」
The expansion in corporate earnings and the fading impact of natural disasters were noted, while caution about the outlook continued against the backdrop of US-China trade friction, higher crude oil prices and labor shortages, and the DI for large manufacturers remained flat at plus 19 from the previous survey. - FY2019-Q2Worsening business sentiment and uncertainty over trade friction, natural disasters and other factorsAnnual report
「During the six-month cumulative period, according to the Bank of Japan's September Tankan survey, many companies remained cautious about the outlook against the backdrop of US-led trade friction, a succession of natural disasters, higher crude oil prices and labor shortages. The business conditions diffusion index (DI), which indicates corporate sentiment, fell to plus 19 for large manufacturers, deteriorating for the third consecutive quarter.」
Caution about the outlook was evident against the backdrop of trade friction, natural disasters, higher crude oil prices and labor shortages, and the DI for large manufacturers fell to plus 19, deteriorating for the third consecutive quarter. - FY2019-Q1Worsening business sentiment and uncertainty over overseas conditions, crude oil and labor shortagesAnnual report
「During the three-month cumulative period, according to the Bank of Japan's June Tankan survey, many companies remained cautious about the outlook against the backdrop of uncertain overseas political and economic conditions, higher crude oil prices and labor shortages. The business conditions diffusion index (DI), which indicates corporate sentiment, fell to plus 21 for large manufacturers, deteriorating for the second consecutive quarter.」
Caution about the outlook was evident against the backdrop of overseas political and economic conditions, crude oil prices and labor shortages, and the DI for large manufacturers fell to plus 21, deteriorating for the second consecutive quarter. - FY2018-Q3Strong business sentiment amid uncertainty overseasAnnual report
「During the nine-month cumulative period, according to the Bank of Japan's December Tankan survey, the business conditions diffusion index (DI), which indicates corporate sentiment, reached plus 25 for large manufacturers, its highest level in 11 years. However, many companies remained cautious about the outlook due to uncertainty surrounding overseas political and economic conditions.」
Recorded that the business conditions diffusion index for large manufacturers reached plus 25, its highest level in 11 years, while many companies remained cautious about the outlook due to uncertainty surrounding overseas political and economic conditions. - FY2018-Q2Strong business sentiment alongside caution about the outlookAnnual report
「During the six-month cumulative period, according to the Bank of Japan's September Tankan survey, the business conditions diffusion index (DI), which indicates corporate sentiment, reached plus 22 for large manufacturers, its highest level in 10 years. However, many companies remained cautious about the outlook due to labor shortages and other factors.」
Recorded that the business conditions diffusion index for large manufacturers reached plus 22, its highest level in 10 years, while many companies remained cautious about the outlook due to labor shortages and other factors. - FY2018-Q1RestatedAnnual report
「During the three-month cumulative period, according to the Bank of Japan's June Tankan survey, the business conditions diffusion index (DI), which indicates corporate sentiment, rose 5 points from the previous March survey to plus 17 for large manufacturers. While this led to an increasingly bullish view that the virtuous cycle of the economy was becoming clearer, labor shortages were becoming more serious in line with the improvement in business sentiment and had become an issue for almost all domestic companies.」
Noted the improvement in business sentiment while identifying the worsening labor shortage as an issue in the economic environment. - FY2017RestatedAnnual report
「During the fiscal year, Japan's economy remained on a gradual recovery trend as the employment and income environment improved against the backdrop of the government's economic policies and the Bank of Japan's monetary easing measures, although concerns about the outlook persisted due to the Kumamoto Earthquake, the postponement of the consumption tax increase and uncertainty surrounding the new US administration.」
Noted external environmental factors including the Kumamoto Earthquake, the postponement of the consumption tax increase and uncertainty surrounding the new US administration, as well as the domestic economy's gradual recovery trend. - FY2017-Q3First statedAnnual report
「During the nine-month period, Japan's economy was on a gradual recovery trend as the employment and income environment improved against the backdrop of the government's economic policies and the Bank of Japan's monetary easing measures. However, the situation remained unpredictable due to downturns in emerging Asian economies, including China, and uncertainty surrounding the next US administration.」
For the first time, noted the recovery trend in the domestic economy, while identifying downturns in emerging Asian economies, including China, and uncertainty surrounding the next US administration as concerns in the external environment.