Uncertainty in overseas markets due to changes of government, terrorism and other factors
First written in FY2017. 13 of 25 entries say "Worsened", first in FY2019-Q3. Latest entry: 2026-08-07.
The whole theme swung hardest in 2022: 104 of 134 companies on the "Worse" side.
- 2026-08-07WorsenedResults
「欧州においては、緩やかな成長基調が維持されたものの、中東情勢の緊迫化の悪影響を受け、輸送業、観光関連産業を中心に景況感が大幅に悪化しており、経済成長率の下振れ圧力が強まっています。」
中東情勢の緊迫化を受け、欧州の景況感悪化と成長率下振れ圧力が示された。 - FY2026WorsenedAnnual report
「During the current fiscal year, the US economy remained firm despite the impact of tariff policy and other factors, supported by increased AI-related capital investment and personal consumption, mainly among high-income groups. However, uncertainty surrounding political and economic developments has increased amid confusion over the response to conflicts in the Middle East.」
It was explained that uncertainty surrounding political and economic developments had increased due to US tariff policy and confusion over the response to conflicts in the Middle East, among other factors. - 2026-05-12WorsenedResults
「足もとでは中東紛争への対応の混迷などもあり、政治・経済動向の不確実性は高まっている状況にあります。」
前期まで示されていた関税政策等に加え、中東紛争による政治・経済動向の不確実性が示された。 - FY2026-H1WorsenedAnnual report
「However, the economic outlook remains uncertain as a slowdown in employment has become increasingly evident in the labour market, while the economic policies of the US administration remain difficult to predict.」
In the United States, in addition to the impact of tariff policy, a slowdown in employment and the low predictability of the US administration's economic policies were noted, making uncertainty in overseas markets more pronounced. - FY2025WorsenedAnnual report
「During the current fiscal year, the global economy saw US business confidence deteriorate, including a sharp decline in equity markets amid uncertainty over tariff policy. Residential investment, personal consumption and external demand contributed positively to growth, but inventory investment contracted sharply, significantly weighing on growth, and real GDP growth slowed.」
Uncertainty over US tariff policy and deteriorating business confidence were specifically identified, continuing and adding detail to the risk factors underlying uncertainty in overseas markets. - FY2025-H1WorsenedAnnual report
「In Europe, domestic demand such as consumption and investment remained weak and business confidence continued to soften. Recovery varied by country, with stagnation particularly pronounced in Germany.」
Weak domestic demand and softening business confidence continued in Europe, with differences in recovery by country and stagnation in Germany specifically identified. - FY2024Europe broadly flat, China stalledAnnual report
「In Europe, inflation was trending down as raw material prices fell and demand weakened, but consumer price inflation was broadly flat year on year. Both domestic demand and exports remained sluggish, and the economy was broadly flat.」
In Europe, inflation declined while domestic demand and exports remained sluggish and the economy was broadly flat. The specific regional conditions underlying uncertainty in overseas markets were updated. - FY2024-Q3Slowing European economy and an uneven recovery in ChinaAnnual report
「In Europe, consumer price inflation was trending down as raw material prices fell and demand weakened, and inflation had peaked. However, both domestic demand and exports remained sluggish, and the economy was slowing, with real GDP growth turning negative.」
Although inflation was shown to have peaked in Europe, weak domestic demand and exports and negative real GDP growth made the economic slowdown more pronounced. - FY2024-Q2High inflation and interest rates in Europe, and a slowing recovery in ChinaAnnual report
「In Europe, energy prices declined and employment remained firm, but domestic demand was weak and exports remained sluggish because inflation was still high and monetary tightening continued. The economy was consequently slowing.」
Regarding uncertainty in overseas markets, weak domestic demand and sluggish exports in Europe due to high inflation and monetary tightening were noted. - FY2024-Q1High inflation and interest rates in Europe, and a slowing recovery in ChinaAnnual report
「In Europe, high inflation and interest rates weighed on growth, domestic demand remained sluggish and exports were lacklustre, resulting in a small decline in real GDP.」
For overseas markets, the restraint on growth from high inflation and interest rates in Europe and the slowing momentum of China's economic recovery were noted. - FY2023WorsenedAnnual report
「In overseas markets, uncertainty about the outlook is increasing due to changes in the international political situation, surging energy and raw material prices, global inflation and trends in monetary policy, making it increasingly difficult to predict the impact of various factors on business.」
The political situation, energy and raw material prices, inflation and monetary policy were listed as new sources of uncertainty, and it was explained that the outlook for overseas markets had become more difficult to predict. - FY2023-Q3RestatedAnnual report
「During the nine-month period of the current fiscal year, US real GDP growth was boosted by a substantial increase in energy-related exports associated with Russia's invasion of Ukraine, even as Federal Reserve monetary tightening depressed private demand.」
Factors contributing to uncertainty in overseas markets, including Russia's invasion of Ukraine, monetary tightening and weak private demand, continue to be described. - FY2023-Q1WorsenedAnnual report
「During the three-month period of the current fiscal year, the US economy remained firm, with real GDP growing quarter on quarter at an annualised rate in capital investment, personal consumption and residential investment. However, the outlook became highly uncertain as higher crude oil and food prices following Russia's invasion of Ukraine led to growing concerns over a recession amid the Federal Reserve's monetary tightening focused on curbing inflation.」
Russia's invasion of Ukraine, higher crude oil and food prices, monetary tightening and recession concerns have increased uncertainty in overseas markets. - FY2022-Q2RestatedAnnual report
「As part of its growth strategy, the company is expanding its overseas business, which may be affected by various factors, including trends in the global economy and foreign exchange, legal regulations relating to investment and competition, business practices and labour-management relations.」
The global economy, foreign exchange, legal regulations, business practices and labour-management relations, among others, continue to be listed as risk factors for overseas business. - FY2022-Q1RestatedAnnual report
「As part of its growth strategy, the company is expanding its overseas business, which may be affected by various factors, including trends in the global economy and foreign exchange, legal regulations relating to investment and competition, business practices and labour-management relations.」
The global economy, foreign exchange, legal regulations, business practices and labour-management relations, among others, continue to be listed as risk factors for overseas business. - FY2021WorsenedAnnual report
「In overseas markets, uncertainty about the outlook is increasing amid a geopolitical turning point also described as a new Cold War between the United States and China, but regardless of whether inside or outside the markets, the depth and duration of the impact of the COVID-19 pandemic on business remain entirely unpredictable.」
Risk awareness expanded from concerns over conventional trade policies and US-China trade friction to uncertainty including geopolitical shifts and the depth and prolonged nature of the impact of the COVID-19 pandemic. - FY2021-Q3RestatedAnnual report
「Overseas business may be affected by various factors, including trends in the global economy and foreign exchange, legal regulations relating to investment and competition, business practices and labour-management relations.」
Multiple risk factors for overseas business, including the global economy, foreign exchange, legal regulations, business practices and labour-management relations, continue to be listed. - FY2021-Q2Specific risk factors for overseas businessAnnual report
「Overseas business may be affected by various factors, including trends in the global economy and foreign exchange, legal regulations relating to investment and competition, business practices and labour-management relations.」
Legal regulations, business practices and labour-management relations, among others, were specifically listed as sources of uncertainty and risk for overseas business. - FY2020WorsenedAnnual report
「In overseas markets, uncertainty about the outlook is increasing due to US-China trade friction and weak crude oil prices, but regardless of whether inside or outside the markets, the depth and duration of the impact of the COVID-19 pandemic on business remain entirely unpredictable.」
In addition to US-China trade friction and weak crude oil prices, the depth and prolonged nature of the impact of the COVID-19 pandemic have increased uncertainty in overseas markets. - FY2020-Q3RestatedAnnual report
「During the nine-month period of the current fiscal year, the global economy saw business confidence and capital investment in the United States weaken against a backdrop of continued uncertainty over trade policy, while personal consumption slowed but maintained solid growth.」
Continued uncertainty over US trade policy was noted and linked to weak business confidence and capital investment. - FY2020-Q2WorsenedAnnual report
「In emerging-market economies, including China, measures such as income-tax cuts and increased local-government bond issuance supported China's economy, but could not fully offset declines in exports and investment caused by U.S.-China trade friction. Overall, the momentum of economic growth slowed.」
The impact of US-China trade friction on exports and investment has continued, and a slowdown in growth in emerging markets has been specified. - FY2020-Q1WorsenedAnnual report
「In emerging-market economies, including China, the impact of U.S.-China trade friction began to appear in exports and investment. China's economic growth momentum remained broadly flat, while growth across emerging markets as a whole continued to slow.」
The impact of US-China trade friction has materialised in exports and investment, while uncertainty in overseas markets and its impact on emerging-market economies have continued and expanded. - FY2019-Q3WorsenedAnnual report
「In emerging-market economies, including China, the slowdown in economic growth became pronounced, owing to slower infrastructure investment and falling consumption amid the intensifying U.S.-China trade war, and the economies continued to trend downward.」
The intensification of the US-China trade war was identified as a new external factor contributing to uncertainty in overseas markets, and its impact on consumption and growth in emerging markets was explained. - FY2019-Q2Concern over protectionist trade policiesAnnual report
「In the United States, trends in protectionist trade policies remain a concern, but personal consumption accelerated as wage growth and tax cuts provided support, while strong capital investment helped sustain the upward trend.」
Trends in protectionist US trade policies were newly identified as a concern regarding uncertainty in overseas markets. - FY2017First statedAnnual report
「In overseas markets, the economic impact is becoming increasingly uncertain due to external factors such as recent changes of government worldwide, terrorism and deterioration in the security environment.」
Changes of government, terrorism and deterioration in the security environment are identified as external factors increasing uncertainty in overseas markets.