Demand environment uncertainty due to global economic slowdown and weaker machinery orders
First written in FY2017-Q1. 11 of 33 entries say "Restated". Latest entry: 2026-10-02.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- FY2026Demand recovery alongside persistent uncertaintyAnnual report
「Domestic sales have been recovering as distribution inventories have been cleared and demand in major industries has gradually begun to recover, with orders starting to lead sales in the near term.」
Domestic and overseas sales recovered as distribution inventories were cleared and demand in major industries recovered, while uncertainty continued due to US tariff policies, weak demand in Europe, the sluggish Chinese real estate market and geopolitical risks related to the situation in the Middle East. - FY2026-H1Inventory normalization and divergent regional demandAnnual report
「During the six-month consolidated period, the Japanese economy remained on a moderate recovery trend, supported by improving employment and income conditions despite continued price increases. However, the outlook remained uncertain due to concerns about an economic downturn caused by US tariff policies, weak demand centered on manufacturing in Europe, and the effects of the sluggish real estate market in China.」
Domestic and overseas sales recovered as distribution inventories normalized and demand for automobiles and semiconductors expanded in China, but uncertainty continued due to US tariff policies, weak manufacturing demand in Europe and the sluggish Chinese real estate market. - FY2025Excess inventory largely cleared while adjustments continuedAnnual report
「Although excess market inventory had largely been cleared, the effects of distribution inventory adjustments that had continued since the prior fiscal year remained.」
Excess market inventory had largely been cleared, but distribution inventory adjustments continued. Domestic sales fell 9.7% year on year, overseas sales fell 5.9%, and consolidated sales fell 7.3%. - FY2025-H1WorsenedAnnual report
「The outlook remains uncertain because of downside-risk factors including higher raw material prices caused by higher resource prices and the weakening yen, the effects of continued high interest rates in Europe and the US, and the effects of the stagnation in China's real estate market.」
Distribution inventory adjustments continued in Japan and overseas. Higher resource and raw material prices, high interest rates in Europe and the US, and stagnation in China's real estate market were identified as additional downside factors. Consolidated sales fell 12.5% year on year. - FY2024-Q3WorsenedAnnual report
「In the global economy, order conditions in Europe and the US became increasingly difficult against a backdrop of slowing global demand following the end of stay-at-home consumption and monetary tightening. Order conditions also deteriorated in China, where they had recovered rapidly following the lifting of the zero-COVID policy, and the economy remained uncertain.」
The slowdown in global demand and monetary tightening continued, while order conditions in China deteriorated further. Domestic sales fell 21.8% year on year, overseas sales fell 10.8%, and consolidated sales fell 15.2%. - FY2024-Q2RestatedAnnual report
「On the other hand, exports have stagnated against a backdrop of weak global demand caused by downward pressure on economic activity from monetary tightening and other factors, and weakness remains despite the continuing moderate recovery. In the global economy, order conditions in Europe and the US became increasingly difficult against a backdrop of slowing global demand following the end of stay-at-home consumption and monetary tightening. Order conditions also deteriorated in China, where they had recovered rapidly following the lifting of the zero-COVID policy, and the economy remained uncertain.」
As in the previous quarter, the filing cited weak global demand, sluggish exports and worsening order conditions in Europe, the United States and China, indicating that weakness and uncertainty in the demand environment continued. - FY2024-Q1WorsenedAnnual report
「On the other hand, exports have stagnated against a backdrop of weak global demand caused by downward pressure on economic activity from monetary tightening and other factors, and weakness remains despite the continuing moderate recovery. In the global economy, order conditions in Europe and the US became increasingly difficult against a backdrop of slowing global demand following the end of stay-at-home consumption and monetary tightening. Order conditions also deteriorated in China, where they had recovered rapidly following the lifting of the zero-COVID policy, and the economy remained uncertain.」
Compared with the high level of capital investment demand through the prior filing, the filing explicitly cited slowing global demand, monetary tightening, deterioration in order conditions in Europe and the US, and worsening order conditions in China, indicating greater uncertainty in the demand environment. The Company also said that weakness remained in the Japanese economy despite its moderate recovery. - FY2023-Q3RestatedAnnual report
「During the nine-month period ended 31 December, although there were concerns such as soaring raw material prices and increasingly tight procurement of components, global capital investment demand among manufacturers remained strong, as it had in the previous fiscal year.」
Soaring raw material prices and tight component procurement remained concerns, while global capital investment demand among manufacturers continued to be strong, as in the previous fiscal year. - FY2023-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, although there were concerns such as higher raw material prices and tighter supplies of components, global capital investment demand in manufacturing remained extremely strong, as it had in the prior fiscal year.」
Higher raw material prices and tight component supplies remained concerns, while global manufacturing capital investment demand continued to be extremely strong, as in the prior fiscal year. - FY2023-Q1RestatedAnnual report
「Although there were concerns such as higher raw material prices and tighter supplies of components, global capital investment demand in manufacturing remained extremely strong, as it had in the prior fiscal year.」
Higher raw material prices and tighter component supplies were added as concerns, while manufacturing capital investment demand remained extremely strong, as in the prior fiscal year. - FY2022RestatedAnnual report
「During the current consolidated fiscal year, economic normalization from the COVID-19 pandemic progressed rapidly worldwide, and capital investment demand among the manufacturing industries that are the Group's major customers remained at levels far above expectations.」
Global economic normalization from the COVID-19 pandemic and high manufacturing capital investment demand continued throughout the fiscal year. - FY2022-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, economic normalization from the COVID-19 pandemic progressed rapidly worldwide, and capital investment demand among the manufacturing industries that are the Group's major customers remained at levels far above expectations.」
Global economic normalization from the COVID-19 pandemic and high manufacturing capital investment demand continued. Demand in the Americas and EMEA expanded sharply, in addition to China, and orders increased. - FY2022-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, economic normalization from the COVID-19 pandemic progressed rapidly worldwide, and capital investment demand among the manufacturing industries that are the Group's major customers remained at levels far above expectations.」
Global economic normalization from the COVID-19 pandemic and high manufacturing capital investment demand continued, further reducing the deterioration in the demand environment seen through the prior period. - FY2022-Q1MitigatedAnnual report
「During the first quarter of the current consolidated cumulative period, economic normalization from the COVID-19 pandemic progressed rapidly worldwide, and capital investment demand among the manufacturing industries that are the Group's major customers remained at levels far above expectations.」
Economic normalization from the COVID-19 pandemic progressed worldwide, and manufacturing capital investment demand reached levels far above expectations. The demand environment improved further from the downturn and instability seen through the prior period. - FY2021-Q3MitigatedAnnual report
「On the other hand, after entering the third quarter, the recovery in market conditions in China became more pronounced, and conditions also improved in Europe and the US. Although recovery in Japan was somewhat slower, orders and sales, centered on the core switch business, have been recovering.」
The difficult business environment caused by COVID-19 continued, but recovery became more pronounced in China and conditions improved in Europe and the US. Although recovery in Japan lagged, orders and sales in the core switch business were recovering. - FY2021-Q2Divergence by regionAnnual report
「During the second quarter of the current consolidated cumulative period, capital investment demand among the manufacturing industries that are the Group's major customers remained extremely weak outside China, as the global economy stagnated following the spread of COVID-19.」
Weak manufacturing capital investment demand caused by COVID-19 continued, but demand recovered rapidly in China, resulting in divergent conditions by region. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, capital investment demand among the manufacturing industries that are the Group's major customers remained extremely weak, except in some digital equipment and semiconductor-related industries, as the global economy stagnated following the spread of COVID-19.」
The factors worsening the demand environment broadened and became more specific, shifting from uncertainty caused by the US-China trade dispute and other factors to the global economic downturn caused by the spread of COVID-19 and extremely weak capital investment demand among manufacturers. - FY2020-Q3WorsenedAnnual report
「The Japanese economy was also weakening, particularly in capital investment and exports, due partly to overseas economic conditions. The business environment surrounding the Group remained difficult, as shipments by the General Incorporated Association Japan Electrical Control Equipment Industries Association, of which the Company is a member, continued to fall below the prior-year level.」
The filing continued to cite the US slowdown, worsening sentiment in Europe and the effects of US-China trade friction in China. The Japanese economy was also described as weakening, particularly in capital investment and exports, while below-prior-year shipments by the electrical control equipment industry association and difficult market conditions continued. - FY2020-Q2WorsenedAnnual report
「During the second quarter of the current consolidated cumulative period, the US economy remained resilient, supported by solid consumer spending, but was slowing due to a decline in the manufacturing business index and weak capital investment. Business sentiment also deteriorated in Europe, while the effects of US-China trade friction continued in China. The global outlook therefore remained uncertain. Although the Japanese economy was recovering moderately, it was weakening, particularly in exports, due partly to overseas economic conditions. The business environment surrounding the Group was difficult, as shipments by the General Incorporated Association Japan Electrical Control Equipment Industries Association, of which the Company is a member, continued to fall below the prior-year level.」
The decline in the US manufacturing business index and capital investment, worsening sentiment in Europe, continued US-China trade friction in China, weak Japanese exports and below-prior-year shipments by the electrical control equipment industry association were cited, making the difficult demand environment more pronounced than in the prior quarter. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the global economy remained uncertain overall. The US economy remained resilient, supported by solid consumer spending, but business sentiment in China deteriorated due to the effects of US-China trade friction.」
US-China trade friction weakened business sentiment in China, and shipments by the electrical control equipment industry association also fell below the prior-year level, resulting in a difficult market environment. - FY2019-Q3WorsenedAnnual report
「During the cumulative third quarter of the fiscal year under review, the global economy had remained on a recovery trend, supported by solid consumer spending and capital investment, but uncertainty increased as US-China trade tensions intensified. Japan's economy continued to recover gradually, supported by higher capital investment on the back of strong corporate earnings and solid consumer spending, but concerns arose about the impact on Japan as overseas economies were expected to slow gradually. The business environment surrounding the Group also became uncertain, as export shipments by the General Incorporated Association Japan Electrical Control Equipment Industries Association, of which the Company is a member, fell below the prior-year level.」
The recovery trend continued, but uncertainty increased due to intensifying US-China trade tensions, the expected slowdown in overseas economies, concerns about the impact on Japan and lower export shipments by the electrical control equipment industry. - FY2019-Q2RestatedAnnual report
「Demand remained firm amid capital investment demand and growing demand for automation of production equipment, but shipments by the General Incorporated Association Japan Electrical Control Equipment Industries Association, of which the Company is a member, declined slightly year on year.」
Demand remained firm against a backdrop of capital investment and automation needs, while shipments by the electrical control equipment industry declined slightly, indicating that the divergence among demand indicators seen in the previous quarter continued. - FY2019-Q1Divergence among demand indicatorsAnnual report
「Shipments by the General Incorporated Association Japan Electrical Control Equipment Industries Association, of which the Company is a member, declined slightly year on year, but machinery orders remained strong, supported by capital investment demand and demand for automation of production equipment, particularly in China.」
Shipments by the electrical control equipment industry turned slightly lower, while machinery orders remained strong on the back of capital investment demand and automation needs, resulting in divergent demand indicators. - FY2018-Q3MitigatedAnnual report
「Shipments by the Japan Electrical Control Equipment Industries Association, of which the Company is a member, remained at record-high levels.」
The global and Japanese economies were recovering, and shipments by the electrical control equipment industry reached record-high levels, supported by demand for production-equipment automation, capital investment centered on China and strong machinery orders. - FY2018-Q2MitigatedAnnual report
「The business environment surrounding the Group remained favorable, as the Americas market performed well, particularly in semiconductor-related areas, while capital investment increased, especially in China, amid growing demand for automation of production equipment. Against this backdrop, machinery orders remained strong. Shipments by the Japan Electrical Control Equipment Industries Association, of which the Company is a member, also continued to increase from the prior-year period, and the recovery trend continued.」
The Americas market, capital investment, machinery orders and shipments of electrical control equipment were all described as favorable or increasing, further reducing the uncertainty and weakness in the demand environment seen through the previous period. - FY2018-Q1MitigatedAnnual report
「Shipments by the Japan Electrical Control Equipment Industries Association, of which the Company is a member, also increased from the prior-year period, and the recovery trend continued.」
The global economy, Japan's economy and demand for electrical control equipment were all described as being on a recovery trend, reducing the weakness and uncertainty in the demand environment seen through the previous period. - FY2017-Q3MitigatedAnnual report
「During the cumulative third quarter of the fiscal year under review, the global economy remained uncertain due to concerns about the impact of the UK's decision to leave the EU and policies of the new US administration. Japan's economy showed a gradual recovery, supported by improvements in employment and income and the yen's shift from an appreciating trend to a depreciating trend in the third quarter. Shipments by the Japan Electrical Control Equipment Industries Association, of which the Company is a member, increased slightly from the prior-year period, indicating a recovery trend despite a lack of momentum.」
While uncertainty about the global outlook persisted, Japan's economy and shipments of electrical control equipment shifted toward recovery, partly easing the weakness seen through the previous quarter. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year under review, the global economy remained uncertain amid concerns about disruption to the European economy following the UK's decision to leave the EU and uncertainty ahead of the US presidential election scheduled for November 2016. Japan's economy also showed some weakness, affected by the sustained appreciation of the yen and the slowdown in the Chinese economy. Shipments by the Japan Electrical Control Equipment Industries Association, of which the Company is a member, were below the prior-year cumulative level, indicating a lack of momentum.」
The filing continued to describe uncertainty in the global economy, weakness in Japan's economy due to the stronger yen and the slowdown in China, and sluggish shipments of electrical control equipment. - FY2017-Q1First statedAnnual report
「The outlook has become uncertain amid the continued slowdown in emerging-market economies, particularly China, and heightened risks to the European economy following the UK's decision to leave the EU in a referendum.」
The slowdown in machinery orders and the Chinese economy affected the business environment, with domestic sales down 9.7% year on year and overseas sales down 12.4%.