Uncertainty over the outlook due to the slowdown in the Chinese economy, weak crude oil prices, and geopolitical risks in Europe and the Middle East
First written in FY2017-Q1. 23 of 37 entries say "Worsened", first in FY2017-Q3. Latest entry: 2026-08-07.
Tsurumi Manufacturing moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
85 other companies' latest entry also says "Worsened".
- FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period under review, the Japanese economy saw robust inbound demand and improvements in employment and income conditions, but uncertainty about the domestic and global economic outlook intensified due to persistently high raw material prices, labor shortages and declining consumer sentiment resulting from continued inflation in Japan, as well as market disruption caused by U.S. tariff policy, heightened geopolitical risks from escalating tensions in the Middle East and the prolonged situation in Ukraine, and the slowdown of the Chinese economy in the global economy.」
In addition to the existing geopolitical risks, inflation and high raw material prices, and the slowdown of the Chinese economy, market disruption caused by U.S. tariff policy and declining consumer sentiment were identified, and uncertainty about the outlook intensified. - FY2025WorsenedAnnual report
「Concerns include the slowdown of the Chinese economy, high volatility in financial markets, persistently high energy and raw material prices resulting from the prolonged situations in Ukraine and the Middle East, reduced purchasing due to price increases for food and other essential goods, and developments in U.S. tariff policy, all of which could have a significant impact on the Japanese and global economies.」
In addition to the existing concerns about geopolitics, high prices and exchange rates, high volatility in financial markets, price increases for essential goods and U.S. tariff policy were added as factors contributing to uncertainty. - FY2025-H1WorsenedAnnual report
「Meanwhile, the global economy remains unpredictable due to persistently high global resource and energy prices resulting from the prolonged instability in Ukraine and the Middle East, exchange-rate trends and inflation, as well as the potential impact of policies adopted by the new U.S. administration following the U.S. presidential election.」
In addition to the existing geopolitical risks, resource and energy prices, exchange rates and inflation, the impact of policies adopted by the new U.S. administration following the U.S. presidential election was explicitly identified as a factor contributing to uncertainty about the outlook. - FY2024WorsenedAnnual report
「There are concerns that further escalation of tensions surrounding Russia and Ukraine and Israel and Palestine, renewed acceleration in inflation, including raw material and energy prices, and the resulting strengthening of monetary tightening policies, prolonged labor shortages and sharp exchange-rate fluctuations will have a significant impact on the Japanese and global economies, and the uncertain economic outlook is expected to persist for some time.」
In addition to the existing geopolitical risks, high prices and exchange-rate fluctuations, further escalation of tensions in both regions, renewed acceleration in inflation and stronger monetary tightening were cited as factors contributing to uncertainty. - FY2024-Q3WorsenedAnnual report
「Although efforts to adapt to the post-COVID environment are progressing both in Japan and overseas, the economic outlook is expected to remain uncertain for some time due to persistently high energy and raw material prices resulting from the prolonged situation in Ukraine and heightened tensions in the Middle East, as well as reduced purchasing caused by price increases for food and other essential goods, and significant impacts on the Japanese and global economies are a concern.」
While efforts to adapt to the post-COVID environment are progressing, the prolonged situation in Ukraine, heightened tensions in the Middle East, persistently high energy and raw material prices, and reduced purchasing due to price increases for essential goods were identified as factors contributing to uncertainty. - FY2024-Q2WorsenedAnnual report
「During the cumulative second-quarter period under review, the Japanese economy remained uncertain, as the recovery trend slowed due to factors including the prolonged situation in Ukraine, persistently high raw material and energy prices, prolonged labor shortages and sharp exchange-rate fluctuations. The global economy also remains unpredictable, with inflation restraining consumption in some regions and the Chinese economy slowing.」
In addition to the existing uncertainty caused by the situation in Ukraine, high prices, labor shortages and exchange-rate fluctuations, restraint on consumption due to inflation and the slowdown of the Chinese economy were explicitly identified. - FY2024-Q1WorsenedAnnual report
「During the cumulative first-quarter period under review, the Japanese economy remained uncertain, as the recovery trend slowed due to factors including the continuing uncertainty surrounding the situation in Ukraine, soaring raw material and energy prices, prolonged labor shortages and sharp exchange-rate fluctuations. The global economy also remains unpredictable, with consumption sluggish in some regions due to inflation.」
In addition to the situation in Ukraine, raw material and energy prices, labor shortages and exchange-rate fluctuations, the slowdown in the domestic economic recovery and sluggish consumption caused by inflation in some regions were identified, and uncertainty about the outlook continues. - FY2023RestatedAnnual report
「Regarding the business environment surrounding our group, although the impact of COVID-19 has eased, concerns remain that price increases caused by sharp exchange-rate fluctuations, higher energy prices and supply chain disruptions resulting from the prolonged situation in Ukraine will have a significant impact on the Japanese and global economies, and the uncertain economic outlook is expected to persist for some time.」
While the impact of infectious diseases has eased, uncertainty stemming from sharp exchange-rate fluctuations, the situation in Ukraine, higher energy prices and supply chain disruptions continues. - FY2023-Q3RestatedAnnual report
「The global economy also saw growing concern about an economic slowdown, as energy prices remained high and supply chain disruptions continued due to the prolonged situation in Ukraine, and the situation is expected to remain unpredictable.」
The prolonged situation in Ukraine, higher energy prices, supply chain disruptions and concern about an economic slowdown continue to be cited as factors contributing to uncertainty in the global economy. - FY2023-Q2WorsenedAnnual report
「The global economy also saw growing concern about an economic slowdown, as energy prices remained high and supply chain disruptions continued due to the prolonged situation in Ukraine, and the situation is expected to remain unpredictable.」
It states that, in addition to the prolonged situation in Ukraine, higher energy prices and continued supply chain disruptions, concern about an economic slowdown has intensified. - FY2023-Q1WorsenedAnnual report
「During the cumulative first-quarter period under review, the Japanese economy remained uncertain, as the end of the COVID-19 pandemic was not yet in sight and uncertainty surrounding the situation in Ukraine increased, while semiconductor shortages, surging resource prices, supply chain disruptions and sharp exchange-rate fluctuations affected domestic production and trade. The global economy was similarly subject to heightened concern about an economic slowdown, and the situation is expected to remain unpredictable.」
In addition to infectious diseases, the situation in Ukraine, semiconductor shortages and surging resource prices, supply chain disruptions, sharp exchange-rate fluctuations and concern about an economic slowdown were explicitly identified, along with their impact on production and trade. - FY2022WorsenedAnnual report
「Regarding the business environment surrounding our group, the prolonged impact of COVID-19, soaring energy and raw material prices resulting from the worsening situation in Ukraine, the global semiconductor shortage, and monetary tightening by the Federal Reserve Board (FRB) against a backdrop of accelerating inflation are expected to leave the economic outlook uncertain for some time, and significant impacts on the Japanese and global economies are a concern.」
In addition to the existing uncertainty caused by infectious diseases and trade issues, the situation in Ukraine, energy and raw material prices, the semiconductor shortage, inflation and monetary tightening by the FRB were identified as specific concerns. - FY2022-Q3Recovery in Europe and the United States coexisting with uncertainty from the spread of variant strainsAnnual report
「The global economy also showed signs of recovery, particularly in Europe and the United States, but the global spread of new variant strains continued, and the outlook remained uncertain.」
While a recovery trend was evident, particularly in Europe and the United States, uncertainty about the outlook continued due to the global spread of new variant strains. - FY2022-Q2Recovery in Europe and the United States coexisting with the spread of infections in other regionsAnnual report
「The global economy also showed signs of recovery, particularly in Europe and the United States, but in other regions the spread of COVID-19 continued to trend upward due to delays in vaccination, and the outlook for economic activity remained uncertain.」
The global economy showed a recovery trend centered on Europe and the United States, while delays in vaccination led to continued spread of infections and economic uncertainty in other regions. - FY2022-Q1Recovery in some regions coexisting with stagnation in economic activityAnnual report
「Although some regions, particularly the United States, showed signs of economic recovery, economic activity in other regions continued to stagnate due to the effects of COVID-19, and conditions remained uncertain with respect to the outlook for the global economy.」
The description of the global economy has been made more specific, presenting a combination of recovery in some regions and pandemic-related stagnation in economic activity elsewhere. - FY2021RestatedAnnual report
「Japan's economy was in an extremely difficult environment during the current fiscal year as intensifying US-China trade friction and the global spread of COVID-19 caused various economic activities to stagnate, corporate performance and private consumption to deteriorate, and exports and production to fall sharply. Although signs of a recovery emerged temporarily, the number of infections increased again during the second half, and the outlook remained uncertain as no end to the spread of infections in Japan or overseas was in sight.」
The stagnation of economic activity due to US-China trade friction and the spread of COVID-19 continued, as did uncertainty over the outlook due to the lack of visibility on an end to the spread of infections. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan's economy remained in a difficult environment as the global spread of COVID-19 continued, with economic activity affected by declining corporate performance due to stagnant exports and production and weak private consumption, while the outlook remained uncertain with no end to the pandemic in sight.」
The continued global spread of COVID-19, stagnant exports and production, declining corporate performance, and weak private consumption continued to manifest external economic risks in the real economy. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter under review, Japan's economy was in an extremely difficult environment as intensifying US-China trade friction and the global spread of COVID-19 caused various economic activities to stagnate, corporate performance and private consumption to deteriorate, and exports and production to fall sharply. Although signs of a recovery emerged after the state of emergency was lifted in May, the outlook remained uncertain as the number of infections increased again.」
The stagnation of economic activity caused by US-China trade friction and the spread of COVID-19, the deterioration in corporate performance and private consumption, and the sharp declines in exports and production are explicitly identified, while uncertainty over the outlook continued due to the renewed increase in infections. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan's economy remained in an extremely difficult environment as the global spread of COVID-19 led to the issuance of a state of emergency in Japan and significant restrictions on social and economic activity, while the outlook for the economy remained uncertain.」
In addition to the previously cited trade friction and slowdown in the Chinese and emerging-market economies, the global spread of COVID-19 and restrictions on social and economic activity resulting from the state of emergency were identified as creating an extremely difficult economic environment and uncertainty over the outlook. - FY2020WorsenedAnnual report
「Although Japan's economy remained on a gradual recovery path during the first half of the current fiscal year amid continued improvement in employment and income conditions and the effects of various policies, the outlook remained uncertain due to the intensification of US-China trade friction, slowing growth in the Chinese and emerging-market economies, and the effects on the global economy of the emergence and spread of COVID-19 during the second half.」
In addition to the previously cited US-China trade friction and the slowdown in the Chinese and emerging-market economies, the emergence and spread of COVID-19 and its effects on the global economy became additional sources of uncertainty. - FY2020-Q3ReframedAnnual report
「In overseas economies, conditions remained uncertain with respect to the outlook due to concerns over the effects of trade issues between the United States and China, the UK's withdrawal from the EU, and geopolitical risks in the Middle East and East Asia.」
The sources of uncertainty in overseas economies have been recast around trade issues between the United States and China, the UK's withdrawal from the EU, and geopolitical risks in the Middle East and East Asia. - FY2020-Q2WorsenedAnnual report
「In overseas economies, conditions remained uncertain with respect to the outlook due to expanding economic friction between the United States and China and between Japan and South Korea, slowing growth in the Chinese and emerging-market economies, and geopolitical risks in the Middle East and East Asia.」
The expansion of economic friction between the United States and China and between Japan and South Korea, and slowing growth in the Chinese and emerging-market economies, are explicitly identified as sources of uncertainty in overseas economies, adding more specific concerns to the previously cited uncertainty and geopolitical risks. - FY2020-Q1WorsenedAnnual report
「Although Japan's economy remained on a gradual recovery path during the cumulative first quarter under review, supported by the effects of various policies, solid corporate earnings, and continued improvement in employment and income conditions, the outlook remained uncertain due to concerns over a decline in consumption following the consumption tax increase scheduled for October this year, as well as the effects of developments in trade issues centered on the United States and uncertainty in the global economy.」
While indicating a recovery trend in the domestic economy, the text explicitly identifies concerns over a decline in consumption following the consumption tax increase scheduled for October this year, trade issues centered on the United States, and uncertainty in the global economy as sources of uncertainty over the outlook. - FY2019RestatedAnnual report
「Although the business environment surrounding the Group is expected to remain on a gradual recovery path despite some areas of weakness, the outlook is expected to remain uncertain due to risks associated with the impact of US trade policy on the global economy, developments in the Chinese economy, uncertainty in the global economy, and volatility in financial and capital markets.」
The explanation continues to identify US trade policy, the Chinese economy, uncertainty in the global economy, and volatility in financial and capital markets as sources of uncertainty over the outlook. - FY2019-Q3WorsenedAnnual report
「In overseas economies, concerns remained over the effects on the global economy of US administration policies and trade issues associated with protectionism, as well as the effects of economic uncertainty and volatility in financial and capital markets, and conditions remained uncertain with respect to the outlook.」
In contrast to the recovery in overseas economies described in the previous quarter, concerns over trade issues associated with US protectionist policies, economic uncertainty, and volatility in financial and capital markets are explicitly identified, again emphasizing uncertainty over the outlook. - FY2019-Q2MitigatedAnnual report
「In overseas economies, Europe and the United States continued to show a gradual recovery, while Asian economies, including China, also continued to recover.」
In contrast to the concerns over uncertainty in overseas economies and trade friction cited in the previous quarter, the text describes a recovery trend in Europe and the United States and a recovery in Asian economies, including China. - FY2019-Q1WorsenedAnnual report
「In overseas economies, conditions remained uncertain with respect to the outlook due to intensifying trade friction stemming from the protectionist economic policies of the United States, economic trends in emerging Asian economies, including China, and uncertainty in overseas economies resulting from policy developments in Europe and the United States.」
In addition to previously cited US policies and emerging-market economies, the intensification of trade friction stemming from protectionist US policies is explicitly identified as a source of uncertainty in overseas economies. - FY2018ReframedAnnual report
「Although further improvement in employment and income conditions and corporate earnings is expected, supported by the economic policies of the government and the Bank of Japan, the outlook is expected to remain uncertain due to US economic policy management, economic trends in emerging and resource-producing economies, and conditions on the Korean Peninsula.」
The sources of uncertainty over the outlook have been recast around US economic policy, economic trends in emerging and resource-producing economies, and conditions on the Korean Peninsula. - FY2018-Q3WorsenedAnnual report
「Although Japan's economy remained on a gradual recovery path amid continued improvement in corporate earnings and employment and income conditions during the cumulative third quarter under review, the outlook remained uncertain due to increasingly severe labor shortages, heightened tensions and instability in international affairs, uncertainty in the global economy, and volatility risks in financial and capital markets.」
In addition to the previously cited uncertainty in the global economy and international affairs, increasingly severe labor shortages and volatility risks in financial and capital markets are explicitly identified, broadening the sources of uncertainty. - FY2018-Q2ReframedAnnual report
「In overseas economies, conditions remained uncertain with respect to the outlook, due to the policies of the new US administration and uncertainty over its monetary and trade policies, uncertainty associated with the UK's withdrawal from the EU, and growing geopolitical risks in the Middle East and East Asia.」
The sources of uncertainty in overseas economies are described in terms of the policies of the new US administration and its monetary and trade policies, the UK's withdrawal from the EU, and geopolitical risks in the Middle East and East Asia. - FY2018-Q1ReframedAnnual report
「In overseas economies, conditions remained uncertain with respect to the outlook, due to economic trends in emerging Asian economies, including China, policy developments under the new US administration, and growing uncertainty in the global economy.」
The sources of uncertainty over the outlook have been recast as economic trends in China and emerging Asian economies, policy developments under the new US administration, and uncertainty in the global economy. - FY2017-Q3WorsenedAnnual report
「Although the economy is expected to remain on a gradual recovery path, supported by continued improvement in employment and income conditions and resilient private consumption, the outlook remains uncertain due to the slowdown in the Chinese economy, weak oil prices, and growing geopolitical risks in Europe and the Middle East.」
In addition to the previously cited Chinese economy, oil prices, and geopolitical risks in Europe and the Middle East, the preceding text also indicates increased economic uncertainty due to the UK's withdrawal from the EU and the outcome of the US presidential election, broadening the range of external sources of uncertainty. - FY2017-Q2RestatedAnnual report
「Although the economy is expected to remain on a gradual recovery path, supported by continued improvement in employment and income conditions and resilient private consumption, the outlook remains uncertain due to the slowdown in the Chinese economy, weak oil prices, and growing geopolitical risks in Europe and the Middle East.」
Continued uncertainty over the outlook is indicated due to the Chinese economy, oil prices, and geopolitical risks in Europe and the Middle East. - FY2017-Q1First statedAnnual report
「Although the outlook remains uncertain due to the slowdown in the Chinese economy, weak oil prices, and growing geopolitical risks in Europe and the Middle East,」
Multiple external factors are listed as risks creating uncertainty over the outlook.