Uncertainty over the Economic Outlook Due to Global Economic and Geopolitical Risks
First written in FY2017-Q1. 12 of 37 entries say "Restated". Latest entry: 2026-10-19.
Shirai Electronics Industrial moved to the "Worse" side of this theme in 2018, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 19 of 22 companies on the "Worse" side.
6 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「During the fiscal year under review, the Japanese economy showed signs of a gradual recovery, supported by solid corporate earnings and continued improvements in employment and income conditions. However, uncertainty about the outlook persisted due to the impact of U.S. tariff policies, elevated energy and raw-material prices, and unstable conditions overseas.」
While indicating a recovery trend, the document continues to describe uncertainty arising from US tariff policy, high energy and raw-material prices, and unstable overseas conditions. - 2026-05-12RestatedEarnings
「During the fiscal year under review, the Japanese economy showed signs of a gradual recovery, supported by solid corporate earnings and continued improvements in employment and income conditions. However, uncertainty about the outlook persisted due to the impact of U.S. tariff policies, elevated energy and raw-material prices, and unstable conditions overseas.」
While indicating a recovery trend, the company reaffirmed U.S. tariff policies, elevated energy and raw-material prices, and unstable conditions overseas as factors contributing to uncertainty. - FY2026-H1Uncertainty from US tariff policy and overseas conditionsAnnual report
「During the first half of the current consolidated fiscal year, Japan's economy showed signs of a gradual recovery as employment and income conditions continued to improve. However, uncertainty persisted due to the impact of US tariff policy, high energy and raw-material prices, and unstable overseas conditions.」
While indicating a recovery trend driven by employment and income conditions, the document newly identifies the impact of US tariff policy as a source of uncertainty. - FY2025Uncertainty from China's property downturn and US tariff policyAnnual report
「During the current consolidated fiscal year, Japan's economy remained on a gradual recovery path due to improvements in employment and income conditions and expanding inbound demand. However, the outlook remained uncertain due to high energy and raw-material costs, foreign-exchange and interest-rate volatility, and overseas factors including economic stagnation originating from China's property downturn and the impact of US tariff policy.」
While indicating a recovery trend, the document identifies, in addition to the existing high costs and foreign-exchange volatility, economic stagnation originating from China's property downturn and the impact of US tariff policy as new sources of uncertainty. - FY2025-H1Uncertainty from the situation in the Middle East and market volatility amid recoveryAnnual report
「During the first half of the current consolidated fiscal year, Japan's economy showed signs of a gradual recovery due to improvements in employment and income conditions and expanding inbound demand. However, uncertainty persisted due to continued high raw-material and energy prices, volatility in financial and capital markets, and rising tensions in the Middle East.」
While indicating a recovery trend driven by employment and income conditions and inbound demand, the document identifies volatility in financial and capital markets and rising tensions in the Middle East as new sources of uncertainty. - FY2024RestatedAnnual report
「Japan's economy is progressing toward normalization of economic activity, but the outlook remains uncertain due to downside risks to overseas economies, continued high energy and raw-material prices, and the ongoing trend of yen depreciation.」
The normalization of economic activity coexists with uncertainty arising from downside risks to overseas economies, high energy and raw-material prices, and continued yen depreciation. - FY2024-Q3RestatedAnnual report
「During the third quarter of the current fiscal year, Japan's economy had been gradually recovering as social and economic activity moved from the COVID-19 pandemic toward normalization. However, the outlook remained uncertain as overseas economies faced downside risks due to the prolonged Russia-Ukraine situation, developments in China's economy and global monetary tightening, including the resulting impact on fuel and raw-material prices.」
While indicating a gradual recovery due to the normalization of social and economic activity, the document continues to describe the Russia-Ukraine situation, China's economy and downside risks to overseas economies from global monetary tightening as sources of uncertainty over the outlook. - FY2024-Q2RestatedAnnual report
「During the second quarter of the current consolidated fiscal year, Japan's economy showed signs of a gradual recovery as service consumption and inbound demand increased against a backdrop of normalized social and economic activity. Meanwhile, resource prices remained high and overseas economies continued to face downside risks from global monetary tightening, leaving the outlook uncertain.」
The document continues from the previous quarter to describe the coexistence of a recovery driven by the normalization of social and economic activity and downside risks to overseas economies from high resource prices and global monetary tightening. - FY2024-Q1Recovery amid normalization coexists with downside risks to overseas economiesAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy showed signs of a gradual recovery as service consumption and inbound demand increased against a backdrop of normalized social and economic activity. Meanwhile, resource prices remained high and overseas economies continued to face downside risks from global monetary tightening, leaving the outlook uncertain.」
While indicating a recovery driven by the normalization of social and economic activity and increases in service consumption and inbound demand, the document notes that high resource prices and downside risks to overseas economies from global monetary tightening continue to create uncertainty over the outlook. - FY2023Monetary tightening and the prolonged situation in Ukraine amid advancing economic normalizationAnnual report
「Japan's economy is progressing toward normalization of social and economic activity as restrictions on behaviour related to COVID-19 are gradually eased. However, the outlook remains uncertain due to downside risks to overseas economies from global monetary tightening and soaring energy and raw-material prices resulting from the prolonged situation in Ukraine.」
While indicating the easing of restrictions on behaviour and the normalization of social and economic activity, the document describes uncertainty arising from global monetary tightening, downside risks to overseas economies, the prolonged situation in Ukraine and higher energy and raw-material prices. - FY2023-Q3WorsenedAnnual report
「During the third quarter of the current fiscal year, Japan's economy showed signs of recovery under the coexistence-with-COVID approach. However, downside risks to overseas economies from global monetary tightening posed a risk of putting downward pressure on Japan's economy, while the outlook remained uncertain due to supply-chain disruption and soaring resource prices.」
While signs of recovery were seen under the coexistence-with-COVID approach, the document newly identifies downside risks to overseas economies from global monetary tightening, supply-chain disruption and soaring resource prices as sources of uncertainty. - FY2023-Q2Foreign-exchange volatility and additional inflation concerns amid recoveryAnnual report
「During the second quarter of the current fiscal year, corporate production activity and demand for capital investment remained firm. However, the outlook remained uncertain due to the prolonged situation in Ukraine, restrictions on economic activity in China, sharp foreign-exchange volatility and inflation.」
While indicating firm production activity and demand for capital investment, the document identifies the prolonged situation in Ukraine, restrictions on economic activity in China, sharp foreign-exchange volatility and inflation as sources of uncertainty. - FY2023-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy showed signs of recovery in personal consumption and corporate capital investment. However, the outlook remained uncertain due to inflation and supply-chain disruptions resulting from the prolonged situation in Ukraine and restrictions on economic activity in China.」
While indicating a recovery in personal consumption and capital investment, the document continues to describe uncertainty over the outlook arising from the prolonged situation in Ukraine, restrictions on economic activity in China, inflation and supply-chain disruptions. - FY2022WorsenedAnnual report
「The global economy is gradually recovering overall toward the normalization of social and economic activity, despite continued difficult conditions caused by COVID-19. However, uncertainty remains due to rising raw-material prices, foreign-exchange volatility and supply constraints stemming from supply chains, while Russia's invasion of Ukraine has further increased uncertainty over the outlook.」
While indicating a recovery trend, the document newly identifies Russia's invasion of Ukraine, in addition to rising raw-material prices, foreign-exchange volatility and supply constraints, as a source of uncertainty. - FY2022-Q3New variants, higher costs and supply bottlenecks amid recoveryAnnual report
「During the third quarter of the current consolidated fiscal year, Japan's economy showed signs of recovery as COVID-19 vaccinations were promoted. However, the outlook remained uncertain due to the rapid spread of new variants, persistently high raw-material prices, soaring transportation costs and supply-chain disruption caused by a global semiconductor shortage.」
While indicating an economic recovery driven by vaccinations, the document identifies the coexistence of new variants, soaring raw-material and transportation costs, and supply-chain disruption caused by semiconductor shortages as sources of uncertainty. - FY2022-Q2Inflation and semiconductor shortages amid recovery keep uncertainty elevatedAnnual report
「During the second quarter of the current consolidated fiscal year, Japan's economy continued to show signs of recovery as COVID-19 vaccinations progressed more rapidly than expected. However, concerns over global inflation caused by monetary policy and tight supply-demand conditions, as well as semiconductor shortages transmitted through supply chains, intensified, leaving continued uncertainty over the outlook.」
While indicating a recovery driven by progress in vaccinations, the document identifies intensifying global inflation concerns and semiconductor shortages through supply chains as new sources of uncertainty. - FY2021Some recovery, but the outlook remains extremely uncertainAnnual report
「Although the outlook remains extremely uncertain due to the impact of COVID-19, progress in vaccinations and the struggle for hegemony between the US and China,」
The document states that while the global economy is beginning to recover as a result of economic policies in various countries and vaccinations, the outlook remains extremely uncertain due to COVID-19, progress in vaccinations and the struggle for hegemony between the US and China. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the current consolidated fiscal year, the impact of COVID-19 remained significant. China and Taiwan achieved a degree of containment, but the spread of infections did not subside in the US and Europe, and some regions entered lockdowns, leaving the economic outlook uncertain.」
While progress in containing infections was seen in China and Taiwan, the spread of infections did not subside in the US and Europe, where lockdowns also occurred, and uncertainty in the global economy due to COVID-19 continued. - FY2021-Q2Partial recovery after a severe downturn, with uncertainty persistingAnnual report
「During the second quarter of the current consolidated fiscal year, the global economy suffered a severe recession in the first half of the period as the novel coronavirus spread worldwide and countries imposed entry and exit restrictions, lockdowns and restrictions on going outdoors. In the latter half of the period, the easing of economic activity as infections peaked and began to decline put a certain floor under the recession, but conditions remained uncertain.」
The document states that the first half of the period saw a severe global recession caused by the novel coronavirus, while the easing of economic activity in the latter half put a certain floor under the downturn. However, conditions remained uncertain. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy slowed sharply as the prolonged US-China trade friction remained unresolved, the novel coronavirus spread worldwide and countries curbed economic activity.」
The document states that, in addition to the existing US-China trade friction, the global spread of the novel coronavirus and restrictions on economic activity in various countries caused the global economy to slow sharply. - FY2020WorsenedAnnual report
「During the current consolidated fiscal year, the global economy remained in an uncertain state due to the adverse effects of the prolonged US-China trade friction, the resulting economic downturn in China and concerns over geopolitical risks in the Middle East. From the start of the new year, the global spread of the novel coronavirus had a major impact on the global economy, further worsening conditions.」
In addition to the existing US-China trade friction, China's economic downturn and geopolitical risks in the Middle East, the document identifies the impact of the global spread of the novel coronavirus on the global economy and the further deterioration of conditions. - FY2020-Q3Expectations for an end to trade friction and concerns over conflict in the Middle EastAnnual report
「During the third quarter of the current consolidated fiscal year, expectations for an end to the prolonged US-China trade friction increased after negotiations between the two countries resulted in a Phase One agreement. However, caution remained, and concerns over a new conflict in the Middle East also emerged, leaving the global economy in an uncertain state.」
While the Phase One agreement created expectations that US-China trade friction would be resolved, caution remained, and concerns over conflict in the Middle East were newly added, leaving the global economy in an uncertain state. - FY2020-Q2WorsenedAnnual report
「During the second quarter of the current consolidated fiscal year, the US economy, which had remained strong, began to show signs of slowing, cutting interest rates twice, in July and September, partly due to intensifying US-China trade friction. In Europe, uncertainty persisted as issues surrounding the UK's withdrawal from the EU dragged on. In China, the economic downturn continued as a result of intensifying US-China trade friction, further strengthening signs of a slowdown across the global economy.」
The document states that the US economy began to slow as US-China trade friction intensified, while China's economic downturn continued, further strengthening signs of a slowdown across the global economy from the previous quarter. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the US economy remained firm against a backdrop of favourable employment conditions. However, uncertainty in Europe increased further due to issues surrounding the UK's withdrawal from the EU, while China's economic slowdown continued as US-China trade friction expanded, increasing downside pressure on the global economy overall.」
The document states that uncertainty in Europe arising from the UK's withdrawal from the EU increased further, while China's economic slowdown continued due to expanding US-China trade friction, strengthening downside pressure on the global economy as a whole. - FY2019WorsenedAnnual report
「In China, signs of an economic slowdown became evident toward the latter half of the fiscal year as a result of the impact of trade friction with the US, and uncertainty over the outlook increased overall.」
The document states that, in addition to the existing US-China trade friction, signs of an economic slowdown in China became evident in the latter half of the fiscal year, increasing uncertainty over the global economic outlook. - FY2019-Q3WorsenedAnnual report
「During the third quarter of the current consolidated fiscal year, the US economy continued to expand, but the outlook for the global economy became even more uncertain due to factors including intensifying US-China trade friction, the UK's withdrawal from the EU and domestic political turmoil caused by escalating demonstrations in France.」
In addition to the existing US protectionism and trade friction, the document identifies intensifying US-China trade friction, the UK's withdrawal from the EU and domestic political turmoil caused by demonstrations in France, indicating increased uncertainty over the global economic outlook. - FY2019-Q2WorsenedAnnual report
「During the second quarter of the current consolidated fiscal year, the global economy generally continued to expand gradually, led by the US. However, the outlook remains uncertain due to factors including intensifying trade friction resulting from US protectionist policies, currency depreciation in emerging economies, higher crude oil prices and geopolitical risks.」
In addition to the existing US protectionism and trade friction, the document identifies intensifying trade friction, currency depreciation in emerging economies and higher crude oil prices, indicating an increase in factors contributing to uncertainty in the global economy. - FY2019-Q1WorsenedAnnual report
「However, the US adopted increasingly hard-line protectionist policies, resulting in trade friction, and the outlook remains uncertain.」
In addition to the existing uncertainty in the global economy, the document newly identifies the hardening of US protectionist policy and the emergence of trade friction, indicating increased uncertainty over the outlook. - FY2018RestatedAnnual report
「During the current consolidated fiscal year, the US economy remained strong and Europe maintained its recovery trend. China's economy also remained firm, and although there was uncertainty over the outlook in terms of the international political situation and policy, the global economy generally remained robust.」
While describing the global economy as generally robust, the document continues to note uncertainty over the outlook arising from the international political situation and policy developments. - FY2018-Q3SoftenedAnnual report
「During the third quarter of the current consolidated fiscal year, the US economy continued to expand against a backdrop of favourable employment conditions, while the European economy maintained its recovery trend. China's economy also remained firm as a result of various policy measures. Despite concerns over rising geopolitical risks, including the North Korea issue, the global economy generally remained on a gradual recovery path.」
Although geopolitical risks such as the North Korea issue remain a concern, the document states that the global economy as a whole is generally on a gradual recovery path, based on economic conditions in the US, Europe and China. - FY2018-Q2RestatedAnnual report
「During the second quarter of the current consolidated fiscal year, the global economy continued to expand gradually, led by the US and Europe, while China also showed signs of recovery, partly due to the effects of the government's economic measures. However, concerns arose over the retreat in policy expectations caused by turmoil in the US political situation and increasing geopolitical risks such as the North Korea issue, requiring close attention to downside risks to the global economy.」
While indicating a recovery in the US, European and Chinese economies, the document continues to note the need for attention to downside risks to the global economy arising from the US political situation and issues such as North Korea. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy generally remained on a gradual recovery path, supported by the robust economies of the US and Europe. However, risks of a downside in the global economy, including concerns over an economic downturn caused by political turmoil in the US and geopolitical risks such as the North Korea issue, remained unresolved.」
The document states that although the global economy was on a recovery path, downside risks from political turmoil in the US and issues such as North Korea remained unresolved. - FY2017-Q3WorsenedAnnual report
「Meanwhile, China's lower growth rate and the economic slowdown in other emerging economies continued. In addition, concerns increased over the impact of US policy management on the global economy following the results of last November's US presidential election, and uncertainty over the outlook persisted.」
In addition to the economic slowdown in China and emerging markets, concerns over the impact of post-election US policy management on the global economy have been newly identified, increasing uncertainty in the global economic outlook. - FY2017-Q2RestatedAnnual report
「In Europe, personal consumption and exports remained firm, led by Germany, but uncertainty over the outlook increased in connection with the UK's withdrawal from the EU. In China and other emerging economies, the trend of economic slowdown remained unchanged, and difficult conditions continued.」
The document continues to describe uncertainty caused by the UK's withdrawal from the EU and the economic slowdown in China and emerging markets. - FY2017-Q1First statedAnnual report
「Meanwhile, there were no signs of recovery in China and emerging economies, and in the latter half of the period, economic anxiety stemming from the UK's withdrawal from the EU led to a simultaneous global stock-market sell-off and sharp swings in currencies worldwide. Geopolitical risks, including the frequent occurrence of terrorist attacks, also increased, heightening uncertainty over the economic outlook.」
The business environment is described as being affected by stagnant economies in China and emerging markets, the UK's withdrawal from the EU, sharp swings in stock prices and foreign exchange rates, and frequent terrorist attacks.