Economic and Market Uncertainty Due to Downside Risks to Overseas Economies, Brexit and Other Factors
First written in FY2017-Q1. 15 of 28 entries say "Worsened", first in FY2017-Q3. Latest entry: FY2026.
Elecom moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
84 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Downside risks remain a concern for the outlook, and a renewed increase in trade friction, volatility in financial and capital markets, and heightened geopolitical tensions could affect the global economy. In addition, the impact of the situation in the Middle East, which became more tense from late February 2026, could spread to raw material and energy prices and international logistics, increasing uncertainty about the outlook for the global economy through supply chain disruptions, upside risks to inflation, and effects on corporate earnings and investment plans.」
In addition to the existing risks from geopolitical developments, trade friction, and market volatility, concerns about the situation in the Middle East, which became more tense from late February 2026, supply chain disruptions, and upside risks to inflation were added. - 2026-05-15WorsenedEarnings
「The conflict that broke out in the Middle East at the end of February 2026 has raised concerns in Japan and other countries about supply chain disruptions centered on energy supplies, higher inflation, and impacts on financial markets, including monetary policy.」
In addition to existing concerns over trade friction, geopolitical risks, and inflation, the company added the potential effects of the Middle East conflict on supply chains, inflation, and financial markets. - FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The disclosure states that there have been no material changes in the existing risks related to downside risks in overseas economies, geopolitical risks, and economic uncertainty. - FY2025WorsenedAnnual report
「A recession resulting from changes in the business environment beyond expectations is also a concern, due to factors including escalating trade friction, supply chain fragmentation, a resurgence of inflation, sharp changes in financial markets caused by shifts in monetary policy, and further geopolitical risks.」
In addition to the existing concerns about geopolitical risks and an economic downturn, trade friction, supply chain fragmentation, a resurgence of inflation, and sharp changes in financial markets were added as factors contributing to uncertainty. - FY2024WorsenedAnnual report
「The global economy is expected to face changes in the business environment beyond expectations, due to slower growth resulting from continued monetary tightening, particularly in Europe and the United States, and weakness in China's real estate sector, as well as heightened geopolitical risks associated with the prolonged situation in Ukraine and tensions between the United States and China.」
In addition to the previously cited situation in Ukraine and tensions between the United States and China, monetary tightening in Europe and the United States and slower growth due to weakness in China's real estate sector were explicitly identified as factors contributing to uncertainty. - FY2023WorsenedAnnual report
「During the fiscal year, the global economy showed signs of slowing due to the situation in Ukraine, surging resource prices, global inflation and rising interest rates, and supply chain stagnation caused by semiconductor shortages and the COVID-19 pandemic.」
In addition to the existing risks from the pandemic, semiconductor shortages, and supply constraints, the situation in Ukraine, global inflation, and rising interest rates were added as factors contributing to economic uncertainty. - FY2022WorsenedAnnual report
「The economic outlook remains difficult, as the global spread of COVID-19 continues to weigh on the economy, semiconductor shortages pose supply chain risks, container shortages have raised ocean freight rates and created logistics risks, and the interest-rate differential between Japan and the United States has caused a sharp depreciation of the yen, creating foreign-exchange risks.」
The pandemic, semiconductor shortages, supply chains, container shortages and ocean freight rates, and the sharp depreciation of the yen were all explicitly identified as risks to the economic environment, and the difficult outlook continued. - FY2022-Q3Uncertainty persists due to variants and supply constraintsAnnual report
「Turning to the global economy, market conditions have been changing rapidly due to supply chain disruptions stemming from the global semiconductor shortage, soaring ocean freight rates caused by container shortages and labor shortages associated with lockdowns, and surging resource prices, including crude oil prices.」
Semiconductor shortages, supply chain disruptions, container shortages, labor shortages, and elevated ocean freight rates and resource prices continued to be cited, while growing uncertainty about the outlook due to new variants was also noted in Japan. - FY2022-Q2WorsenedAnnual report
「The global market environment is changing rapidly, with supply chain disruptions stemming from the global semiconductor shortage and other factors, higher ocean freight rates due to container and labor shortages associated with lockdowns, and surging resource prices, including crude oil prices.」
In addition to the existing factors contributing to uncertainty in the economy and markets, semiconductor shortages, supply chain disruptions, and rising logistics costs and resource prices were specifically identified as sources of uncertainty. - FY2022-Q1WorsenedAnnual report
「Although Japan's economy was showing signs of improvement as vaccinations gradually progressed, it remained extremely uncertain, with the reissuance of a state of emergency due to the resurgence of COVID-19 infections, a global semiconductor shortage, surging resource prices and higher ocean freight rates caused by a shortage of containers.」
In addition to the renewed spread of COVID-19 and the reissuance of the state of emergency, semiconductor shortages and surging resource prices and ocean freight rates added to the factors contributing to uncertainty in the economy and markets. - FY2021-Q3WorsenedAnnual report
「During the nine-month period ended 31 December, the Japanese economy entered an extremely difficult situation as the COVID-19 pandemic led to the declaration of a state of emergency, causing social and economic activity to rapidly stagnate. Although economic activity gradually resumed, no signs emerged that the pandemic was coming to an end, due in part to the reissuance of the state of emergency, and the economy remained exposed to downside risks both in Japan and overseas.」
In addition to the previously noted signs of recovery from the resumption of economic activity, the reissuance of the state of emergency and the absence of signs that the pandemic was coming to an end were noted, worsening the description of downside risks. - FY2021-Q2Economic activity resumes, but downside risks persistAnnual report
「During the six-month period ended 30 September, the Japanese economy entered an extremely difficult situation as the COVID-19 pandemic led to the declaration of a state of emergency, causing social and economic activity to rapidly stagnate. Although signs of recovery emerged as economic activity gradually resumed, the economy remained exposed to downside risks both in Japan and overseas.」
The disclosure describes the stagnation of social and economic activity caused by the state of emergency, while also noting signs of recovery from the gradual resumption of economic activity and the continued downside risks. - FY2021-Q1MaterialisedAnnual report
「During the first quarter of the current fiscal year, Japan's economy entered an extremely difficult situation as the COVID-19 pandemic led to a state of emergency being declared and social and economic activity rapidly stagnating. Although domestic economic activity began to resume after the state of emergency was lifted, economic conditions in Japan and overseas remained exposed to downside risks, including concerns about a second wave of COVID-19 infections.」
The rapid stagnation of social and economic activity caused by COVID-19 actually occurred, and concerns about a second wave emerged, bringing downside risks to the economy and markets to the fore. - FY2020WorsenedAnnual report
「During the current consolidated fiscal year, Japan's economy had remained on a moderate recovery trend as corporate earnings and employment and income conditions continued to improve under the government's economic policies. However, the impact of the global spread of COVID-19, in addition to US-China trade friction, the political situation in Europe, geopolitical risks in neighboring countries, and the impact of the consumption tax increase, has further heightened uncertainty in the domestic economy.」
In addition to the existing factors of US-China trade friction, the political situation in Europe, geopolitical risks, and the impact of the consumption tax increase, the global spread of COVID-19 further heightened uncertainty. - FY2020-Q3WorsenedAnnual report
「During the first nine months of the current fiscal year, Japan's economy remained on a moderate recovery trend as corporate earnings and employment and income conditions continued to improve under the government's economic policies. However, domestic economic conditions remained uncertain due to US-China trade friction, the political situation in Europe, geopolitical risks in neighboring countries, and the impact of the consumption tax increase.」
The Company lists the impact of the consumption tax increase in addition to US-China trade friction, the political situation in Europe, and geopolitical risks in neighboring countries as factors contributing to uncertainty. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current fiscal year, Japan's economy remained on a moderate recovery trend as corporate earnings and employment and income conditions continued to improve under the government's economic policies. However, domestic economic conditions remained uncertain, partly due to heightened tensions over US-China trade friction, the political situation in Europe, and geopolitical risks in neighboring countries.」
In addition to the existing factor of US-China trade friction, the political situation in Europe and geopolitical risks in neighboring countries were listed as factors contributing to uncertainty. - FY2019WorsenedAnnual report
「The outlook remains uncertain due to the impact of overseas economic uncertainty, including a domestic economic slowdown accompanying the consumption tax increase, heightened tensions over US-China trade friction, and geopolitical risks in Northeast Asia.」
In addition to the existing factors of US-China trade friction and geopolitical risks in Northeast Asia, a domestic economic slowdown accompanying the consumption tax increase was added as a factor contributing to uncertainty. - FY2019-Q3RestatedAnnual report
「During the first nine months of the current fiscal year, Japan's economy remained on a moderate recovery trend as corporate earnings and employment and income conditions continued to improve under the government's economic policies. However, domestic economic conditions remained uncertain, partly due to heightened tensions over US-China trade friction.」
The Company continues to list heightened tensions over US-China trade friction as a factor contributing to uncertainty in the domestic economy. - FY2019-Q2RestatedAnnual report
「During the first six months of the current fiscal year, Japan's economy remained on a moderate recovery trend as corporate earnings and employment and income conditions continued to improve under the government's economic policies. However, domestic economic conditions remained uncertain, partly due to heightened tensions over US-China trade friction.」
The Company continues to list heightened tensions over US-China trade friction as a factor contributing to uncertainty in the domestic economy. - FY2019-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, Japan's economy remained on a moderate recovery trend as corporate earnings and employment and income conditions continued to improve under the government's economic policies. However, domestic economic conditions remained uncertain, partly due to heightened tensions over US-China trade friction.」
The Company continues to list heightened tensions over US-China trade friction as a factor contributing to uncertainty in the domestic economy. - FY2018ReframedAnnual report
「Although the economy is expected to move toward a moderate recovery as employment and income conditions continue to improve and various policies take effect, the outlook remains uncertain due to overseas economic uncertainty, including heightened tensions over US-China trade friction and geopolitical risks in Northeast Asia.」
The factors listed changed from the UK's Brexit issue, the North Korean issue, and concerns about the US administration to factors centered on US-China trade friction and geopolitical risks in Northeast Asia. - FY2018-Q3RestatedAnnual report
「During the first nine months of the current fiscal year, Japan's economy remained on a moderate recovery trend as corporate earnings and employment and income conditions continued to improve under the government's economic policies. However, domestic economic conditions remained uncertain, partly due to geopolitical risks related to the North Korean issue and concerns about the future direction of the US administration.」
The Company continues to list geopolitical risks related to the North Korean issue and concerns about the future direction of the US administration as factors contributing to uncertainty in the domestic economy. - FY2018-Q2ReframedAnnual report
「During the first six months of the current fiscal year, Japan's economy remained on a moderate recovery trend as corporate earnings and employment and income conditions continued to improve under the government's economic policies. However, domestic economic conditions remained uncertain, partly due to geopolitical risks related to the North Korean issue and concerns about the future direction of the US administration.」
Geopolitical risks related to the North Korean issue and concerns about the future direction of the US administration were listed as factors contributing to uncertainty, replacing the economic trends in emerging Asian countries and the UK's Brexit issue described in the previous quarter. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, Japan's economy remained on a moderate recovery trend as corporate earnings and employment and income conditions continued to improve under the government's economic policies. However, domestic economic conditions remained uncertain, partly due to economic trends in emerging Asian countries, the UK's Brexit issue, and concerns about the future direction of the US administration.」
The Company continues to list economic trends in emerging Asian countries, the UK's Brexit issue, and concerns about the future direction of the US administration as factors contributing to uncertainty in the domestic economy. - FY2017WorsenedAnnual report
「Although the economy is expected to move toward a moderate recovery as employment and income conditions continue to improve and various policies take effect, the outlook remains uncertain due to the impact of overseas economic uncertainty, including the UK's Brexit issue and increasing instability in the situation surrounding North Korea.」
Increasing instability in the situation surrounding North Korea was added to the UK's Brexit issue and other existing factors as a source of overseas economic uncertainty. - FY2017-Q3WorsenedAnnual report
「During the first nine months of the current fiscal year, Japan's economy continued to show signs of improvement in corporate earnings and employment and income conditions, and the economy remained on a moderate recovery trend. However, domestic economic conditions remained uncertain, partly due to downside risks to overseas economies, particularly those of emerging countries, and unstable movements in share prices and the yen exchange rate resulting from the UK's Brexit issue and the inauguration of the Trump administration.」
In addition to the previous factors of downside risks to overseas economies and the UK's Brexit issue, the inauguration of the Trump administration was added as a factor behind unstable movements in share prices and the yen exchange rate, broadening the factors contributing to economic uncertainty. - FY2017-Q2RestatedAnnual report
「During the first six months of the current fiscal year, Japan's economy continued to show signs of improvement in corporate earnings and employment and income conditions, and the economy remained on a moderate recovery trend. However, domestic economic conditions remained uncertain, partly due to downside risks to overseas economies, particularly those of emerging countries, and unstable movements in share prices and the yen exchange rate stemming from the UK's Brexit issue.」
The Company continues to list downside risks to overseas economies, the UK's Brexit issue, and unstable movements in share prices and the yen exchange rate as factors contributing to uncertainty in the domestic economy. - FY2017-Q1First statedAnnual report
「During the first quarter of the current fiscal year, Japan's economy continued to show signs of improvement in corporate earnings and employment and income conditions, and the economy remained on a moderate recovery trend. However, domestic economic conditions remained uncertain, partly due to downside risks to overseas economies, particularly those of emerging countries, and unstable movements in share prices and the yen exchange rate stemming from the UK's Brexit issue.」
The Company recorded downside risks to overseas economies, the UK's Brexit issue, and unstable movements in share prices and the yen exchange rate as factors contributing to uncertainty in the domestic economy for the first time. Although unstable market movements had already occurred, no specific impact on the Company's performance was indicated.