Domestic and overseas economic conditions and the risk of an economic slowdown in China and emerging markets
First written in FY2016. 14 of 29 entries say "Worsened", first in FY2017-Q1. Latest entry: FY2027-H1.
Kitagawa 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 2019: 99 of 178 companies on the "Worse" side.
32 other companies' latest entry also says "Other".
- FY2027-H1Growth drivers and downside risks coexistAnnual report
「During the interim consolidated accounting period (1 April 2026 to 30 September 2026), AI-related investment and growing semiconductor demand drove growth in the global economy, while rising energy prices associated with escalating tensions in the Middle East pushed up prices and corporate costs in countries around the world. Japan's economy continued a gradual recovery supported by exports and capital investment in digitalization and labor-saving measures, but the burden of rising prices on households remained heavy, and close attention is needed to downside risks to economic conditions amid higher interest rates.」
While AI-related investment, semiconductor demand, and domestic investment in digitalization and labor-saving measures support growth, the situation has shifted to one in which downside risks from higher energy prices due to the situation in the Middle East and from rising prices and interest rates coexist. - FY2026WorsenedAnnual report
「In addition to US trade policy, China's economic slowdown, and the conflict between Israel and Palestine, geopolitical risks in the Middle East increased further as the United States and Israel carried out military strikes against Iran in February, and the outlook remained uncertain.」
In addition to the previous trade policies, China's economic slowdown, and the situation in the Middle East, the disclosure cites military strikes against Iran and states that geopolitical risks in the Middle East increased further. - FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period (1 April 2025 to 30 September 2025), the global economy remained in an uncertain situation due to US trade policy, a slowdown in China's economy, and instability in the Middle East. Japan's economy also showed signs of a recovery in personal consumption, supported by improvements in employment and income conditions, but uncertainty remained high because prices stayed elevated and exchange rates changed sharply.」
The disclosure cites US trade policy, China's economic slowdown, the situation in the Middle East, persistently high prices, and sharp exchange-rate movements, and states that uncertainty continues in both the global and domestic economies. - FY2025Recovery trend coexists with new policy risksAnnual report
「During the fiscal year under review, the global economy remained uncertain due to the sluggish Chinese economy, unstable conditions in the Middle East and the risk of higher tariffs on imports by the US government, but remained on a moderate recovery track, supported by increased personal consumption in the United States and a recovery in the European economy as inflation eased.」
While citing China's economy, the situation in the Middle East, and the risk of higher US tariffs, the disclosure describes the global economy as being on a gradual recovery track, supported by recoveries in the United States and Europe. - FY2025-H1MitigatedAnnual report
「During the interim consolidated accounting period (1 April 2024 to 30 September 2024), the global economy remained in an uncertain situation due to China's sluggish economy and instability in the Middle East, but continued on a gradual recovery track, supported by increased personal consumption in the United States and a recovery in the European economy as inflation declined.」
While uncertainty due to China's sluggish economy and the situation in the Middle East remains, the disclosure indicates an improvement from the previous view of a slowing global economy toward a gradual recovery, supported by recoveries in the United States and Europe. - FY2024-Q3WorsenedAnnual report
「During the cumulative consolidated third quarter under review (1 April 2023 to 31 December 2023), the global economy slowed moderately overall, with Europe weakening and China remaining stagnant due to the prolonged situation in Ukraine, global monetary tightening, heightened tensions in the Middle East and other factors.」
In addition to the situation in Ukraine and monetary tightening, the disclosure cites escalating tensions in the Middle East and states that the global economy is slowing moderately overall against a backdrop of weakness in Europe and China. - FY2024-Q2MitigatedAnnual report
「During the cumulative consolidated second quarter under review (1 April 2023 to 30 September 2023), the global economy recovered moderately overall, although Europe and China remained stagnant due to the prolonged situation in Ukraine, global monetary tightening and other factors. In Japan, the economy remained on a recovery track, despite the risk that rising consumer prices and a downturn in overseas economies could weigh on domestic economic conditions.」
Although stagnation in Europe and China and downside risks remain, the disclosure describes both the global and domestic economies as being on a recovery track, representing a partial improvement from the previous assessment of a slowdown. - FY2024-Q1WorsenedAnnual report
「During the first quarter of the fiscal year (1 April 2023 to 30 June 2023), the global economy showed increasing signs of a slowdown due to the prolonged situation in Ukraine and the effects of global monetary tightening. In Japan, economic activity normalized as the legal classification of COVID-19 was changed, but the outlook remained uncertain because consumer prices were rising and concern remained that a downturn in overseas economies could weigh on domestic economic conditions.」
The disclosure states that signs of a slowdown in the global economy intensified due to the prolonged situation in Ukraine and global monetary tightening, while uncertainty continued domestically, including rising prices and concern over a downturn in overseas economies. - FY2023-Q3RestatedAnnual report
「During the first nine months of the fiscal year (1 April 2022 to 31 December 2022), the global economy remained unstable due to supply-chain disruptions caused by China's lockdowns, the prolonged situation in Ukraine, and global monetary tightening. In Japan, economic activity gradually became more active toward normalization as restrictions on activity related to COVID-19 were eased, but conditions remained difficult because of the unstable global situation, sharp yen depreciation, and soaring raw-material and energy prices.」
The disclosure continues to describe an unstable economic environment caused by China's lockdowns, the situation in Ukraine, monetary tightening, the sharp depreciation of the yen, and soaring raw-material and energy prices. - FY2023-Q2WorsenedAnnual report
「During the first six months of the fiscal year (1 April 2022 to 30 September 2022), the global economy remained unstable due to supply-chain disruptions caused by China's lockdowns, the prolonged situation in Ukraine, and global monetary tightening. Japan's economy also remained in a difficult situation: economic activity gradually became more active toward normalization, but the unstable global situation, sharp yen depreciation, and rising raw-material and energy prices continued to weigh on conditions. The outlook remained uncertain both domestically and overseas.」
In addition to the previous pandemic-related and supply constraints, the disclosure cites China's lockdowns, the prolonged situation in Ukraine, monetary tightening, the sharp depreciation of the yen, and rising raw-material and energy prices, and states that uncertainty about the domestic and overseas outlook continues. - FY2022-Q3WorsenedAnnual report
「During the first 9 months of the fiscal year ending March 2022 (1 April 2021 to 31 December 2021), the global economy gained momentum in its recovery as COVID-19 vaccinations spread, particularly in developed countries. However, problems such as semiconductor supply shortages and soaring raw-material prices remained unresolved, and shortages of automotive parts caused by the spread of COVID-19, mainly in Southeast Asia, continued, leaving the outlook for the global economy uncertain. Japan's economy also remained on a recovery trend, but concerns about a resurgence of COVID-19 infections persisted, and the outlook remained unclear.」
While describing progress in the economic recovery, the disclosure states that shortages of semiconductors, raw materials and automotive parts have not been resolved, and that uncertainty continues amid the spread of infections in Southeast Asia and concern over another increase in domestic infections. - FY2022-Q2WorsenedAnnual report
「During the first six months of the fiscal year (1 April 2021 to 30 September 2021), the global economy gained momentum in its recovery as COVID-19 vaccinations became widespread, particularly in developed countries. However, the outlook for the economic recovery remained uncertain due to reduced automobile production caused by shortages of automotive parts in addition to semiconductor shortages, and soaring material prices. Japan's economy also remained on a recovery track, but the number of COVID-19 cases reached a record high in August, and the outlook remained difficult to foresee.」
While describing progress in the economic recovery, the disclosure cites reduced production due to shortages of automotive parts in addition to semiconductor shortages, soaring material prices, and a record-high number of domestic infections, indicating increased uncertainty about the outlook. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period (1 April 2021 to 30 June 2021), the global economy saw vaccination programs for COVID-19 begin to spread, particularly in developed countries, while the economic recovery, led by China, gathered strength. However, the end of the pandemic remains out of sight, and the continued economic recovery remains uncertain because of factors including reduced automobile production caused by semiconductor shortages and soaring material prices.」
While describing the spread of vaccines and the recovery centered on China, the disclosure states that uncertainty remains about the continuation of the economic recovery because the end of the pandemic is still unclear, semiconductors are in short supply, and material prices are rising. - FY2021-Q3WorsenedAnnual report
「During the first nine months of the fiscal year (1 April 2020 to 31 December 2020), the global economy continued to face an uncertain outlook amid the worldwide spread of COVID-19 and trade issues, including the US-China trade dispute. In Japan, economic activity resumed after the first state of emergency was lifted on 25 May and the economy began to recover, but a third wave of COVID-19 infections had been developing since around November, adversely affecting the economic recovery.」
The disclosure states that uncertainty about the global economic outlook continued, while a third wave of infections developed domestically from around November and adversely affected the economic recovery. - FY2021-Q2WorsenedAnnual report
「During the first six months of the fiscal year (1 April 2020 to 30 September 2020), the global economy continued to face an uncertain outlook amid the worldwide spread of COVID-19 and trade issues, including the US-China trade dispute. Japan's economy also remained unpredictable: economic activity resumed after the state of emergency was lifted on 25 May, and signs of an economic recovery emerged, but the number of infections began rising again.」
The disclosure states that uncertainty about the global economy continued due to COVID-19 and trade issues, while the outlook for Japan's economy remained unpredictable as infections rose again. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year (1 April 2020 to 30 June 2020), Japan's economy remained in an extremely difficult situation as economic activity rapidly stalled due to measures to prevent the spread of COVID-19, including restrictions on nonessential, nonurgent outings. The global economy was likewise significantly weakened as countries imposed restrictions on activity to contain COVID-19.」
The disclosure describes the stagnation of domestic and overseas economic activity and the resulting downward pressure on economic conditions from COVID-19, in addition to the previous uncertainty caused by economic conditions and trade friction. - FY2020-Q3WorsenedAnnual report
「Meanwhile, concern over a global recession intensified further worldwide due to the prolonged US-China trade dispute, the UK's withdrawal from the EU, and rising geopolitical risks, and the outlook for economic conditions remained uncertain both domestically and overseas.」
The disclosure cites the prolonged US-China trade dispute and the UK's withdrawal from the EU, as well as rising geopolitical risks, and states that concern over a global recession intensified further. - FY2020-Q2WorsenedAnnual report
「During the first six months of the fiscal year (1 April 2019 to 30 September 2019), Japan's economy had remained on a recovery track, supported by solid corporate earnings and improving employment conditions. However, concern over a global recession intensified further due to the prolonged US-China trade dispute and the UK's withdrawal from the EU, while its effects, including more cautious capital investment, were beginning to spread domestically, and the outlook remained uncertain.」
The disclosure states that the prolonged US-China trade dispute and the UK's withdrawal from the EU further intensified concern over a global recession and that the effects on domestic capital investment were beginning to spread. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the fiscal year (1 April 2019 to 30 June 2019), Japan's economy had remained on a recovery track, supported by solid corporate earnings and improving employment conditions. However, concern over a global recession intensified as the US-China trade dispute became prolonged, and its effects, including delays to capital investment, were beginning to spread domestically, leaving the outlook uncertain.」
The disclosure states that the prolonged US-China trade dispute intensified concern over a global recession and that its effects, including delays to domestic capital investment, were beginning to spread. - FY2019-Q3WorsenedAnnual report
「The global economy, meanwhile, became increasingly uncertain due to US monetary policy, US-China trade friction, and the UK's withdrawal from the European Union, and the outlook remained uncertain.」
The disclosure states that, in addition to the previous uncertainty surrounding overseas economies, uncertainty increased because of US monetary policy, US-China trade friction, and the UK's withdrawal from the EU. - FY2019-Q2RestatedAnnual report
「The global economy, meanwhile, continued to face an uncertain outlook, with concern over the impact of trade friction arising from the US's protectionist trade policies.」
The disclosure continues to describe uncertainty about the outlook for the global economy, including concern over US protectionist trade policies and trade friction. - FY2019-Q1RestatedAnnual report
「During the first quarter of the fiscal year (1 April 2018 to 30 June 2018), Japan's economy remained on a gradual recovery track, supported by recovering corporate earnings and improving employment conditions. Overseas economies, however, continued to face an uncertain outlook, in part because of the effects of US protectionist policies.」
While describing Japan's economy as being on a recovery track, the disclosure continues to indicate uncertainty about the outlook overseas due to the effects of US protectionist policies. - FY2018-Q2RestatedAnnual report
「Overseas economies, meanwhile, remained in an uncertain situation, including because of the US administration's protectionist policies and rising geopolitical risks in Asia.」
While describing the domestic economy as being on a recovery track, the disclosure continues to cite uncertainty about the outlook due to the US administration's protectionist policies and geopolitical risks in Asia. - FY2018-Q1RestatedAnnual report
「During the first quarter of the fiscal year (1 April 2017 to 30 June 2017), Japan's economy was on a gradual recovery track, supported by stable corporate earnings and solid capital investment. However, the outlook remained uncertain due to the US administration's protectionist policies, political developments in Europe, and rising geopolitical risks in Asia.」
While describing Japan's economy as being on a recovery track, the disclosure continues to indicate uncertainty about the outlook due to US protectionism, political developments in Europe, and geopolitical risks in Asia. - FY2017RestatedAnnual report
「The global economy remained uncertain, owing to slowing economies in emerging Asian countries, including China, concerns about the UK's EU-exit issue and the policies of the new US administration, and significant fluctuations in foreign-exchange and equity markets.」
The disclosure continues to describe uncertainty stemming from the slowdown in China and Asian emerging markets, the UK's departure from the EU, concerns about the policies of the new US administration, and volatility in foreign-exchange and equity markets. - FY2017-Q3RestatedAnnual report
「After Trump, who had pledged in November to stimulate the US economy through fiscal policy, was elected president of the United States, the yen moved from its trend toward appreciation back to the weaker-yen level at the end of the previous fiscal year, raising expectations for an economic recovery. However, uncertainty about the outlook has persisted amid the expected slowdown in China, Asian emerging markets and resource-producing countries, as well as the anticipated effects of the United States shifting toward protectionism.」
While noting a partial reversal of the trend toward yen appreciation and expectations for an economic recovery, the disclosure continues to indicate uncertainty about the outlook, including the slowdown in China, Asian emerging markets and resource-producing countries and the United States' shift toward protectionism. - FY2017-Q2RestatedAnnual report
「During the first six months of the fiscal year, Japan's economy remained in an uncertain situation, with the continued trend toward a stronger yen, deteriorating corporate earnings and sluggish capital investment, while risks weighing on economic activity remained, including sharp exchange-rate movements and an economic slowdown in Asian emerging markets, particularly China, and resource-producing countries.」
The disclosure continues to cite the stronger yen, sharp exchange-rate movements, and downside risks from an economic slowdown in Asian emerging markets and resource-producing countries. - FY2017-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, Japan's economy remained in a situation requiring attention to risks that could weigh on economic activity, including growing concern over deteriorating corporate earnings due to a sharp fall in share prices and unstable movements in the yen, as well as disruption in financial markets following the UK's decision to leave the European Union (EU).」
In addition to the previous uncertainty surrounding economic conditions and financial markets, the disclosure specifically describes the sharp fall in share prices, instability in the yen, and disruption in financial markets following the UK's decision to leave the EU. - FY2016First statedAnnual report
「The economy has been affected by a slowdown in China and emerging markets, falling resource prices, rising geopolitical risks, and instability in financial markets, including equity and foreign-exchange markets, and uncertainty about the outlook has persisted.」
The slowdown in China and emerging markets and instability in financial markets are cited as risks in the operating environment.