Stagnation, slowing growth and instability in the global economy
First written in FY2017-Q1. 16 of 34 entries say "Worsened", first in FY2019-Q2. Latest entry: 2026-08-07.
Yushin Company moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
84 other companies' latest entry also says "Worsened".
- FY2026-H1WorsenedAnnual report
「During the current interim consolidated fiscal period, the global economy remained uncertain due to factors including US tariff policy and higher energy and raw material prices.」
US tariff policy and higher energy and raw material prices are identified as new external environmental factors, and uncertainty about the outlook continued. - FY2025-H1WorsenedAnnual report
「During the current interim consolidated fiscal period, the global situation remained uncertain, with high interest rates continuing in the United States and Europe, higher material prices due to prolonged geopolitical risks, and stagnation in the Chinese economy due to the continuing real estate downturn.」
It identifies high interest rates, higher material prices due to prolonged geopolitical risks, and China's real estate downturn and economic stagnation as additional external environmental factors, noting that uncertainty about the outlook continued. - FY2024WorsenedAnnual report
「During the current consolidated fiscal year, the business environment surrounding the Group was characterized by prolonged tensions between Russia and Ukraine, continued high resource prices due to instability in the Middle East, lingering geopolitical risks and differences in the direction of economic activity among regions.」
In addition to the existing geopolitical risks, it identifies the prolonged Russia-Ukraine situation, the situation in the Middle East and higher resource prices as specific external environmental factors. - FY2024-Q2RestatedAnnual report
「During the second quarter of the current consolidated fiscal year, although some areas showed signs of recovery, uncertainty about the outlook continued due to the upward pressure on the economy from higher resource prices caused by geopolitical risks and global monetary tightening.」
While some areas showed signs of recovery, it cites higher resource prices due to geopolitical risks and the downward pressure on the economy from global monetary tightening, noting that uncertainty about the outlook continued. - FY2024-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, although some areas showed signs of recovery, uncertainty about the outlook continued due to the upward pressure on the economy from higher resource prices caused by geopolitical risks and global monetary tightening.」
Compared with the previous fiscal year, when pandemic-related uncertainty had eased, higher resource prices due to geopolitical risks and the downward pressure on the economy from global monetary tightening are identified as external environmental factors. - FY2023Easing of infection-related risks and a shift in focus to higher interest rates and geopolitical risksAnnual report
「Uncertainty about the outlook associated with COVID-19 has eased, and some regions, including China, are expected to see improved economic growth rates. However, growth is expected to remain weak in other regions due to higher interest rates aimed at curbing inflation and the impact of geopolitical risks.」
While indicating that uncertainty associated with the pandemic had eased, it identifies weak growth caused by higher interest rates and geopolitical risks as new external environmental factors. - FY2023-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, the global economy showed signs of recovery toward positive growth, partly because vaccination against COVID-19 progressed globally, restrictions on business activity were eased and efforts were made to balance economic activity with infection control. However, uncertainty about the future of foreign exchange markets increased, and higher resource prices and ocean freight rates due to geopolitical risks raised concerns that the pace of economic recovery could slow.」
While indicating signs of recovery in the global economy, it additionally cites uncertainty about the outlook for foreign exchange markets, higher resource prices and ocean freight rates due to geopolitical risks, and concerns about a slower pace of economic recovery. - FY2023-Q2SoftenedAnnual report
「During the first six months of the current consolidated fiscal year, the global economy showed signs of recovery toward positive growth, partly because vaccination against COVID-19 progressed globally, restrictions on business activity were eased and efforts were made to balance economic activity with infection control. However, volatility in foreign exchange markets caused by the rapid depreciation of the yen and higher resource prices and ocean freight rates due to geopolitical risks meant that uncertainty about the outlook continued.」
It describes signs of recovery in the global economy resulting from vaccination and the easing of restrictions on business activity, while identifying the weaker yen and higher resource prices and ocean freight rates due to geopolitical risks as sources of uncertainty. The semiconductor shortage mentioned explicitly in the previous quarter is not referenced. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy showed signs of recovery toward positive growth, partly because vaccination against COVID-19 progressed globally and more regions eased restrictions on business activity. However, volatility in foreign exchange markets caused by the rapid depreciation of the yen, higher resource prices and ocean freight rates due to geopolitical risks, and the adverse impact of the global semiconductor shortage on production activity led to continued uncertainty about the outlook.」
While indicating signs of recovery in the global economy, it identifies the rapid depreciation of the yen, higher resource prices and ocean freight rates associated with geopolitical risks, and the adverse impact of the semiconductor shortage on production activity as specific new sources of uncertainty. - FY2022WorsenedAnnual report
「However, in addition to the adverse impact of the global semiconductor shortage on production activity and higher ocean freight rates, geopolitical risks adversely affected the global economy, and uncertainty about the outlook continued.」
While describing signs of recovery driven by vaccination and other factors, it cites geopolitical risks in addition to the semiconductor shortage and higher ocean freight rates, noting that uncertainty surrounding the global economy continued. - FY2022-Q3WorsenedAnnual report
「However, regions experiencing an increase in new infections began to spread during the latter half of the period. The outlook remained uncertain due to the adverse impact of the global semiconductor shortage on production activity and higher ocean freight rates.」
Although the global economy was showing signs of recovery, uncertainty about the outlook continued due to the spread of regions with rising infections, the semiconductor shortage and higher ocean freight rates. - FY2022-Q2SoftenedAnnual report
「During the first six months of the current consolidated fiscal year, the global economy showed signs of recovery toward positive growth, partly because vaccination against COVID-19 progressed globally and more regions eased restrictions on business activity. However, the outlook remained uncertain due to concerns about a renewed spread of infections, the adverse impact of a global semiconductor shortage on production activity and higher ocean freight rates.」
It states that the global economy was showing positive growth and signs of recovery as vaccination progressed and restrictions on business activity were eased. It also cites uncertainty arising from a renewed spread of infections, the semiconductor shortage and higher ocean freight rates. - FY2022-Q1SoftenedAnnual report
「During the first quarter of the current consolidated fiscal year, business activity remained restricted by the global spread of COVID-19, while the global economy showed signs of recovery toward positive growth, partly as vaccination progressed. However, the outlook for the future remained uncertain, partly due to the spread of new variants.」
It states that the global economy was showing positive growth and signs of recovery as vaccinations progressed, while restrictions on business activity and uncertainty caused by variants remained. The external environment had improved from the previous period, but the risks themselves continued to materialize. - FY2021SoftenedAnnual report
「Although business sentiment improved as vaccination rates increased, the end of the pandemic was still not in sight globally, and uncertainty about the outlook continued.」
It describes an improvement in business sentiment resulting from higher vaccination rates, while noting that uncertainty about the end of the pandemic and the outlook remained. - FY2021-Q3RestatedAnnual report
「The global spread of COVID-19 continued to severely restrict business activity, and the global economy fell into negative growth, creating a challenging environment. With the end of the pandemic still not in sight globally, concerns remained about a prolonged economic impact, and uncertainty about the outlook continued.」
Restrictions on business activity, negative global economic growth, uncertainty about the end of the pandemic and concerns about a prolonged economic impact continued. - FY2021-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year, the global economy remained in a challenging situation, with business activity still severely restricted by the global spread of COVID-19 and the global economy falling into negative growth. Although some Asian countries, including China and South Korea, showed signs of recovery, the end of the pandemic was still not in sight, raising concerns that its economic impact would be prolonged, and uncertainty about the outlook continued.」
It states that the global economy fell into negative growth while restrictions on business activity continued, and that the economic impact was expected to be prolonged because the end of the pandemic was not in sight. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy remained in a challenging situation. Capital investment continued to decline due to the impact of US-China trade frictions, while business activity was severely restricted by lockdowns imposed in various countries amid the spread of COVID-19. Although some countries, including China, showed signs of recovery as economic activity resumed, the significant slowdown in consumption had a serious impact on economies worldwide. As a result, the business environment surrounding the Company became increasingly severe, and uncertainty about the outlook continued.」
It states that lockdowns associated with COVID-19, restrictions on business activity and a slowdown in consumption made the global economy and the business environment surrounding the Company increasingly challenging. - FY2020-Q3RestatedAnnual report
「During the nine months ended the third quarter of the current fiscal year, although signs of a partial agreement emerged in US-China trade friction, the global decline in companies' willingness to invest in facilities continued due to uncertainty over the outlook, and the environment surrounding the company remained unpredictable.」
While signs of a partial agreement emerged in US-China trade friction, the company stated that the global decline in companies' willingness to invest in facilities and uncertainty over the outlook continued. - FY2020-Q2WorsenedAnnual report
「During the six months ended the second quarter of the current fiscal year, the global economy began to show signs of slowing, partly due to deterioration in the US manufacturing business climate index, while China's economic growth also slowed markedly. In addition, growing uncertainty over the outlook due to US-China trade friction and the UK's EU withdrawal issue has made the decline in companies' willingness to invest in facilities increasingly evident. Concerns over yen appreciation due to interest-rate cuts in the US and Europe have also emerged, and the environment surrounding the company remains unpredictable.」
The company cited a slowdown in US manufacturing, slower growth in China, trade friction and the UK's EU withdrawal issue, declining corporate appetite for capital investment, and concerns over yen appreciation due to interest-rate cuts in the US and Europe, making the uncertainty in the external environment more specific. - FY2020-Q1WorsenedAnnual report
「Economic growth slowed markedly in China. In addition, growing uncertainty over the outlook due to US-China trade friction and the UK's EU withdrawal issue has made the decline in companies' willingness to invest in facilities increasingly evident.」
The company described a marked slowdown in China's growth, uncertainty due to trade friction and the UK's EU withdrawal issue, and a decline in companies' willingness to invest in facilities, indicating a worsening external environment. - FY2019-Q3WorsenedAnnual report
「The outlook for economic conditions has become increasingly uncertain amid concern over the impact on the global economy of US-China trade friction and growing political instability in certain countries.」
The company cited US-China trade friction and growing political instability in certain countries, and stated that uncertainty over the outlook for the global economy had increased. - FY2019-Q2WorsenedAnnual report
「However, concern over the effects on the global economy of higher crude oil prices, falling emerging-market currencies and US-China trade friction has left the outlook for economic conditions uncertain.」
While describing a gradual expansion trend in the global economy, the company indicated uncertainty over the outlook due to higher crude oil prices, falling emerging-market currencies and US-China trade friction. - FY2019-Q1SoftenedAnnual report
「Although uncertainty remained in the US due to protectionist trade policies, the economy continued to expand, supported by improving employment conditions and other factors. Europe also moved toward a gradual recovery, supported by improving employment and income conditions. China and emerging economies likewise continued to grow steadily as exports increased against a backdrop of global economic expansion and recovery.」
Although uncertainty over US trade policy remained, the company described a broader recovery and growth trend across the US, Europe, China and emerging economies. - FY2018-Q3Recovery trend coexisting with uncertaintyAnnual report
「During the nine months ended the third quarter of the current fiscal year, the global economy continued to recover, led by developed countries. However, uncertainty over the outlook continued due to the policy direction of the US administration, geopolitical risks in certain regions, and uncertainty in emerging economies, including China.」
While the recovery trend led by developed countries continued, the company continued to describe uncertainty over the outlook due to the policy direction of the US administration, geopolitical risks and uncertainty in emerging economies. - FY2018-Q2SoftenedAnnual report
「During the six months ended the second quarter of the current fiscal year, the global economy continued to recover gradually overall. In the US, improving employment conditions and resilient consumer spending supported continued gradual expansion. Europe likewise remained on a recovery trend as employment conditions improved and consumer spending recovered. In China, corporate sentiment remained firm, supported by infrastructure investment, while economies in other emerging countries generally remained strong, supported by exports.」
The company described a continued gradual recovery across the global economy, with conditions in the US, Europe, China and other emerging economies generally strong or on a recovery trend. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, the global economy continued to recover gradually, led by developed countries. Although economic growth slowed in China and emerging economies, the US continued to expand gradually, supported by resilient consumer spending and improving employment conditions. Europe also remained generally firm, despite uncertainty over the outlook due to geopolitical risks and other factors.」
The company continued to describe a gradual recovery led by developed countries, slower growth in China and emerging economies, and uncertainty in Europe due to geopolitical risks. - FY2017SoftenedAnnual report
「In Asia, China showed signs of slowing economic growth and emerging economies saw slower economic expansion, but signs of a recovery emerged toward the second half of the year, and the overall economy continued to recover gradually.」
Although the slowdown in China and emerging economies remained, the company described a recovery in the second half of the year and a gradual recovery across the global economy. - FY2017-Q3SoftenedAnnual report
「Overall, economies, particularly in developed countries, remained on a gradual recovery trend. However, the outlook remained uncertain regarding the future effects of the new US administration's economic and trade policies.」
While describing a gradual recovery trend centred on developed countries across the global economy, the company also cited a slowdown in China and emerging economies and uncertainty over the policy impact of the new US administration. - FY2017-Q2SoftenedAnnual report
「Overall, economies, particularly in developed countries, remained on a trend of gradual recovery. In Asia, however, economic growth slowed in China due to overinvestment, while other parts of Asia also showed signs of economic stagnation.」
The description changed from the previous account of instability across the global economy to a regional breakdown highlighting a gradual recovery centred on developed countries and slowdown and stagnation in Asia. - FY2017-Q1First statedAnnual report
「Economic stagnation or slowdown continued in China, other emerging Asian economies and resource-rich countries. In Europe, the UK referendum's support for leaving the EU caused turmoil in financial and capital markets and increased uncertainty about the outlook for the European economy, leaving the global economy unstable.」
The company cited stagnation and slowdown in China, emerging Asian economies and resource-rich countries, as well as uncertainty in Europe, as external environmental risks.