Declining demand due to slower growth in China and other emerging markets, and increasing uncertainty in the business environment
First written in FY2016-Q2. 12 of 37 entries say "Worsened", first in FY2019-Q1. Latest entry: 2026-10-05.
Nachi-Fujikoshi Corp. moved to the "Worse" side of this theme in 2016.
1 other company's latest entry also says "Other".
- FY2026-H1Construction machinery demand recovery and new uncertainties both notedAnnual report
「During the interim consolidated accounting period, the environment surrounding the Group generally recovered moderately, as demand for construction machinery, particularly in Europe, the United States and China, recovered, although demand varied by industry. However, the outlook remained uncertain due to disruption caused by worsening conditions in the Middle East, US trade policy, rising prices and the weakness of the Chinese economy.」
The overall environment recovered moderately as demand for construction machinery in Europe, the United States and China recovered, while uncertainty caused by the situation in the Middle East, US trade policy, rising prices and weakness in the Chinese economy continued. - 2026-04-06RestatedEarnings
「The outlook remains uncertain due to factors including U.S. trade policy, rising prices, the prolonged weakness of the Chinese economy and heightened tensions in the Middle East.」
While U.S. trade policy, rising prices, the weak Chinese economy and the situation in the Middle East remain sources of uncertainty, the business environment during the quarter was generally recovering moderately. - FY2025WorsenedAnnual report
「During the fiscal year, the environment surrounding the Group remained uncertain due to US trade policy, rising prices, prolonged geopolitical risks in Russia, Ukraine and the Middle East, and volatility in the financial and capital markets, although the automotive sector showed a moderate recovery in the second half. Overseas, business conditions became more severe in some areas, including China, where the economy remained sluggish.」
In addition to the weakness of the Chinese economy, the company cites US trade policy, rising prices, prolonged geopolitical risks and volatility in financial markets, indicating that severe and uncertain business conditions continue. - FY2025-H1WorsenedAnnual report
「In addition to continued uncertainty over the outlook due to Russia's invasion of Ukraine, heightened tensions in the Middle East and foreign-exchange trends, business conditions have become more severe in some areas due to the prolonged weakness of the Chinese and European economies and the impact on other countries of US protectionist policies.」
The prolonged weakness of the Chinese and European economies and the impact of US protectionist policies have been newly specified, adding to existing geopolitical and foreign-exchange risks and making the business environment more severe. - FY2024-Q2MaterialisedAnnual report
「Sales were ¥11,871.2 million, down 12.2% year on year, due to lower demand in the construction machinery and industrial machinery sectors in China and Europe and production cuts by some domestic automakers. Of this amount, domestic sales were ¥5,831.3 million, down 4.7% year on year, and overseas sales were ¥6,039.9 million, down 18.4%.」
Lower demand in China and Europe and production cuts by domestic automakers materialized in actual results as a 12.2% decline in consolidated sales and an 18.4% decline in overseas sales. - FY2024-Q1MaterialisedAnnual report
「In the industrial machinery, construction machinery and aftermarket sectors, sales were ¥5,933.8 million, down 9.9% year on year, due to lower overseas demand, including in China. Of this amount, domestic sales were ¥2,968.8 million, up 2.0% year on year, and overseas sales were ¥2,964.9 million, down 19.2%.」
Lower overseas demand, including in China, materialized as an actual decline in sales, with overseas sales down 19.2% year on year. - FY2023Recovery continues, while China's slowdown, the Middle East situation and monetary tightening are addedAnnual report
「During the fiscal year, the environment surrounding the Group generally continued to recover moderately as economic activity normalized following the recovery of automobile production and developed economies such as Japan and the Americas continued to recover. However, the outlook remained uncertain due to persistently high raw material and energy prices associated with the prolonged situation in Ukraine, a slowdown in the Chinese economy resulting from the sluggish real estate market, heightened tensions in the Middle East, and the impact of monetary tightening in Europe and the United States.」
While continuing to describe the recovery of developed economies and automobile production, the company adds the slowdown in the Chinese economy, heightened tensions in the Middle East and monetary tightening in Europe and the United States as new uncertainties. - FY2023-Q3Recovery continues while weakness in China and some industries is also notedAnnual report
「During the first 3 quarters of the fiscal year, the environment surrounding the Group generally continued to recover moderately, although weakness was seen in the Chinese economy and some industries, including construction machinery. In the automotive sector, production recovered as the impact of production cuts caused by the semiconductor shortage eased.」
Although the slowdown in the Chinese economy and weakness in some industries, including construction machinery, have newly become more apparent, the company also notes the easing of production cuts caused by the semiconductor shortage and the recovery of production in the automotive sector. - FY2023-Q2Impact of semiconductor shortages easing while uncertainties continueAnnual report
「Although the impact of production cuts by automakers due to the semiconductor shortage is easing, the outlook remains uncertain due to the prolonged situation in Ukraine, global inflation including persistently high raw material and energy prices, and concerns over an economic recession associated with interest-rate hikes by central banks.」
Although the impact of production cuts by automakers due to the semiconductor shortage is easing, the situation in Ukraine, inflation, persistently high raw material and energy prices, and concerns over an economic recession associated with interest-rate hikes continue. The risk factors have not been quantified, and the impact of the semiconductor shortage is described as an actual business-environment factor. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, the environment surrounding the Group generally continued to recover moderately, although weakness was seen in some regions and industries. However, the outlook remained uncertain due to production cuts by automakers caused by the semiconductor shortage, the prolonged situation in Ukraine, soaring raw material and energy prices, rising concerns over an economic recession associated with global inflation and interest-rate hikes by central banks, and other factors.」
While the moderate recovery continues, rising concerns over an economic recession associated with global inflation and interest-rate hikes by central banks have been newly emphasized, expanding the uncertainties over the outlook. The impact of production cuts by automakers due to the semiconductor shortage also continues. - FY2022-Q3WorsenedAnnual report
「During the first 3 quarters of the fiscal year, the environment surrounding the Group generally continued to recover moderately as economic activity normalized and developed economies such as Japan, Europe and the United States continued to recover. However, the outlook remained uncertain due to the impact of production cuts by automakers caused by the semiconductor shortage, lockdowns in China as part of its COVID-19 measures, soaring raw material and energy prices associated with the prolonged situation in Ukraine, and sharp foreign-exchange fluctuations caused by US interest-rate hikes.」
While the economic recovery continues, the company also notes China's lockdowns, the prolonged situation in Ukraine, soaring raw material and energy prices, and sharp foreign-exchange fluctuations associated with US interest-rate hikes as new uncertainties. - FY2022-Q2WorsenedAnnual report
「During the second quarter of the fiscal year, the environment surrounding the Group generally continued to recover moderately as economic activity normalized and developed economies such as Japan, Europe and the United States continued to recover. However, the outlook remained uncertain due to the impact of production cuts by automakers caused by the semiconductor shortage, lockdowns in China as part of its COVID-19 measures, the prolonged situation in Ukraine, and soaring raw material and energy prices caused by the sharp depreciation of the yen.」
Previously cited uncertainties, including lockdowns in China and their impact on the Chinese economy, the situation in Ukraine, and soaring raw material and energy prices, have continued and become more concrete. - FY2022-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, the environment surrounding the Group was generally on a moderate recovery trend as economic activity normalized and developed economies such as Japan, Europe and the United States continued to recover, although there were production cuts by automakers due to the semiconductor shortage. However, the outlook remained uncertain due to the resurgence of COVID-19, concerns over a slowdown in the Chinese economy and soaring raw material and energy prices associated with the worsening situation in Ukraine.」
While the economy is recovering, the company identifies concerns over a slowdown in the Chinese economy, the semiconductor shortage, the resurgence of infections and soaring raw material and energy prices associated with the situation in Ukraine as new uncertainties. - FY2021RestatedAnnual report
「During the fiscal year, the environment surrounding the Group was generally on a moderate recovery trend as economic activity normalized and developed economies such as Japan, Europe and the United States continued to recover. However, the outlook remained uncertain due to the resurgence of COVID-19, production cuts in the automotive industry caused by the global semiconductor shortage and concerns over a slowdown in the Chinese economy.」
The company notes both the economic recovery and the uncertainty caused by the resurgence of infections, the semiconductor shortage and concerns over a slowdown in the Chinese economy. - FY2021-Q3Recovery trend and specific production cuts due to supply constraintsAnnual report
「During the first 3 quarters of the fiscal year, the environment surrounding the Group was generally on a moderate recovery trend as economic activity normalized, supported by the expansion of the Chinese economy and the recovery of developed economies such as Japan, Europe and the United States. However, the outlook remained uncertain due to the resurgence of COVID-19, particularly in Southeast Asia, and production cuts by automakers caused by the global semiconductor shortage.」
The company describes the normalization of economic activity and recovery trends in China, Japan, Europe and the United States, while identifying the resurgence of infections in Southeast Asia and production cuts by automakers due to the semiconductor shortage as specific uncertainties. - FY2021-Q2RestatedAnnual report
「During the second quarter of the fiscal year, the environment surrounding the Group was generally on a moderate recovery trend, supported by the expansion of the Chinese economy and the recovery of developed economies such as Japan, Europe and the United States. However, the outlook remained uncertain due to concerns over a resurgence of COVID-19, a global semiconductor shortage and the prolonged US-China conflict.」
The company notes both the economic recovery in China, Japan, Europe and the United States and the uncertainty caused by the resurgence of COVID-19, the semiconductor shortage and the prolonged US-China conflict. - FY2021-Q1Recovery trend and new uncertainties both notedAnnual report
「During the first quarter of the fiscal year, the environment surrounding the Group was gradually recovering, as the expansion of China's economy, which recovered quickly from the impact of COVID-19, and signs of recovery in developed economies such as Japan, Europe and the United States continued. However, the outlook remained uncertain due to concerns over a resurgence of COVID-19, a global semiconductor shortage and the prolonged US-China conflict.」
The business environment is gradually recovering, supported by the recovery of the Chinese and developed economies, while the company also notes the resurgence of COVID-19, a global semiconductor shortage and the prolonged US-China conflict as new uncertainties. - FY2020-Q3Recovery beginning in some regions notedAnnual report
「During the first 3 quarters of the fiscal year, signs of recovery began to emerge in some areas, including China, which resumed economic activity at an early stage. However, the global economy, including Japan, remained extremely severe due to the spread of the novel coronavirus.」
Although signs of an economic recovery began to emerge in some regions, including China, the company reports that the global economy, including Japan, remained extremely severe. - FY2020-Q2WorsenedAnnual report
「During the second quarter of the fiscal year, the global economy slowed rapidly due to the spread of the novel coronavirus, in addition to the impact of US-China trade friction, resulting in extremely severe conditions.」
The rapid slowdown caused by the spread of the novel coronavirus has been added to the global slowdown and severe conditions through the previous quarter, making the business environment more severe. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, the global economy slowed due to the impact of US-China trade friction, the UK's withdrawal from the EU and the spread of the novel coronavirus, resulting in generally severe conditions.」
In addition to the global slowdown and severe conditions in the previous fiscal year, the spread of the novel coronavirus has added to the factors slowing the global economy and has made the business environment more severe. - FY2019WorsenedAnnual report
「During the fiscal year, the global economy showed significantly stronger signs of a slowdown due to the expanding impact of US-China trade friction and the UK's withdrawal from the EU, resulting in generally severe conditions.」
The company describes a further slowdown in the global economy, against the backdrop of the expanding impact of US-China trade friction and the UK's withdrawal from the EU, following the severe conditions through the third quarter. - FY2019-Q3WorsenedAnnual report
「During the first 3 quarters of the fiscal year, the global economy showed further signs of a slowdown as the impact of US-China trade friction expanded. Although the domestic market remained solid, the outlook was uncertain, particularly in the industrial machinery sector, and the business environment was generally severe.」
The company describes the expanding impact of US-China trade friction, further signs of a global slowdown and increasing uncertainty over the outlook, particularly in the industrial machinery sector, indicating that business conditions have become more severe. - FY2019-Q2WorsenedAnnual report
「During the second quarter of the fiscal year, the global economy showed increasing signs of a slowdown, centered on China, as the impact of US-China trade friction expanded. Although the domestic economy continued to recover moderately, the business environment was becoming increasingly chaotic overall, with the outlook uncertain, particularly in the industrial machinery sector.」
In addition to the signs of a global slowdown centered on China in the previous quarter, the company describes the expanding impact of US-China trade friction and increasing uncertainty over the outlook, particularly in the industrial machinery sector, indicating that the business environment is deteriorating and becoming more uncertain. - FY2019-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, the environment surrounding the Group became uncertain in Japan as well, as the global economy, particularly China, showed increasing signs of a slowdown due to the impact of US-China trade friction.」
The description has changed from the stable growth of the Chinese and Asian economies and solid conditions in the previous fiscal year to increasing signs of a global slowdown centered on China and greater uncertainty in the Japanese economy. - FY2018SoftenedAnnual report
「During the fiscal year, the environment surrounding the Group remained generally solid, supported by the moderate recovery of the Japanese economy and continued economic growth overseas, particularly in Europe, the United States and Asia.」
In contrast to the previous description of slower growth and greater uncertainty in China and other emerging economies, the economic environment during the fiscal year was described as generally solid, including in Europe, the United States and Asia. - FY2018-Q3SoftenedAnnual report
「During the first 3 quarters of the fiscal year (1 December 2016 to 31 August 2017), the environment surrounding the Group remained generally solid, although growth was moderate, as the Japanese and European and US economies grew steadily and Asian economies, including China, continued to grow stably.」
The company describes steady growth in the Japanese and European and US economies and stable growth in Asian economies, including China, further shifting from its previous description of slower growth and greater uncertainty in emerging economies to a solid business environment. - FY2018-Q2SoftenedAnnual report
「During the second quarter of the fiscal year (1 December 2017 to 31 May 2018), the environment surrounding the Group generally recovered moderately, supported by the solid performance of developed economies, particularly in Europe and the United States, and the recovery of emerging economies.」
The company describes the solid performance of the European and US economies and the recovery of emerging economies, continuing to describe a recovery trend rather than the previous risks of slower growth and greater uncertainty. - FY2018-Q1SoftenedAnnual report
「During the first quarter of the fiscal year (1 December 2017 to 28 February 2018), the environment surrounding the Group generally recovered moderately, as developed economies, particularly in Europe and the United States, remained solid and the industrial machinery market in China performed well.」
The company describes the strength of the European and US economies and the strong performance of China's industrial machinery market, changing from its previous description of slower growth and uncertainty in China and emerging markets to a recovery trend. - FY2017SoftenedAnnual report
「During the fiscal year, the environment surrounding the Group generally recovered moderately, supported by the recovery of developed economies, particularly in Europe and the United States, and the recovery of the Chinese economy.」
The description has changed from slower growth and greater uncertainty to a recovery trend, supported by the recovery of the Chinese and developed economies. - FY2017-Q3SoftenedAnnual report
「During the first 3 quarters of the fiscal year (1 December 2016 to 31 August 2017), the environment surrounding the Group generally recovered moderately, supported by the recovery of developed economies, particularly in Europe and the United States, and the recovery of the Chinese economy.」
The business environment continued to recover, supported by the recovery of developed economies and the Chinese economy. - FY2017-Q2SoftenedAnnual report
「During the second quarter of the fiscal year (1 December 2016 to 31 May 2017), the environment surrounding the Group generally recovered moderately, supported by the recovery of developed economies, particularly the United States, and the recovery of the Chinese economy.」
In addition to the recovery of the Chinese economy, developed economies also recovered, and the business environment continued to improve from the first quarter's description of a moderate recovery. - FY2017-Q1SoftenedAnnual report
「During the first quarter of the fiscal year (1 December 2016 to 28 February 2017), the environment surrounding the Group was generally recovering moderately, supported by the recovery of developed economies, particularly the United States, and signs of a recovery in the Chinese economy. However, the outlook remained uncertain due to concerns over the UK's withdrawal from the EU and the policies of the new US administration.」
The description has changed from slower growth in China and other emerging economies to a recovery in the Chinese economy, indicating that China-related risks have temporarily weakened. Meanwhile, uncertainty over the economic outlook continues. - FY2016MaterialisedAnnual report
「Overseas sales were ¥9,852.9 million, down 4.0% year on year. This was attributable to the yen's appreciation and sluggish sales of bearings and tools, mainly in the Chinese and North American markets.」
Sluggish sales of bearings and tools, mainly in the Chinese and North American markets, resulted in a 4.0% year-on-year decline in full-year overseas sales. - FY2016-Q3RestatedAnnual report
「During the first 3 quarters of the fiscal year, although signs of recovery were seen in developed economies, particularly the United States, the overall environment surrounding the Group remained uncertain due to the impact of slower growth in emerging economies, including China.」
The company continues to report an uncertain business environment due to slower growth in emerging economies, including China. - FY2016-Q2MaterialisedAnnual report
「Although signs of recovery were seen in developed economies, particularly the United States, the overall situation remained uncertain due to the impact of slower growth in emerging economies, including China.」
Slower growth in emerging economies has resulted in greater uncertainty in the business environment, while the parts business has reported lower demand due to the slowdown in the Chinese economy.