Slowing emerging markets, led by China, and a downturn in the global economy
First written in FY2016. 20 of 37 entries say "Worsened", first in FY2017-Q1. Latest entry: 2026-10-30.
Tdk moved to the "Worse" side of this theme in 2016, 3 years before the typical company in this theme (2019).
The whole theme swung hardest in 2019: 99 of 177 companies on the "Worse" side.
66 other companies' latest entry also says "Restated".
- 2026-10-30RestatedEarnings
「当中間期における世界経済は、中東地域における情勢緊迫化などの影響により、極めて不安定な状況が継続しました。」
世界経済の不安定さと中東情勢を含む下振れ要因の記載が継続した。 - FY2026-H1RestatedAnnual report
「During the interim consolidated fiscal period, concerns about an economic slowdown caused by excessive U.S. tariff measures receded. However, the global economy remained extremely unstable because of escalating trade friction and geopolitical risks in the Middle East.」
While concerns about a slowdown caused by excessive U.S. tariff measures receded, the global economy remained unstable because of escalating trade friction and geopolitical risks in the Middle East. - FY2025WorsenedAnnual report
「During the fourth quarter of the current consolidated fiscal year, the global economy became more unstable amid concerns about the impact of additional tariffs following the inauguration of the new U.S. administration.」
In addition to the existing slowdown in Europe and China and tensions in the Middle East, concerns about additional tariff measures by the new U.S. administration intensified the instability of the global economy. - FY2025-H1RestatedAnnual report
「During the interim consolidated fiscal period, the global economy remained relatively resilient in North America but was sluggish in Europe. China's economy continued to slow, and escalating tensions in the Middle East also had an impact, leaving the global economy unstable.」
The instability of the global economy caused by sluggish conditions in Europe, the slowdown in China, and escalating tensions in the Middle East continued to be noted from the previous fiscal year. - FY2024WorsenedAnnual report
「During the current consolidated fiscal year, the global economy remained firm in North America but showed signs of an economic slowdown in Europe and China. Tensions in the Middle East also had an impact, intensifying the sense of a slowdown.」
In addition to the economic slowdown in Europe and China, tensions in the Middle East were also cited as a new downside factor, intensifying the sense of a slowdown in the global economy. - FY2024-Q3WorsenedAnnual report
「During the nine months ended the third quarter of the current consolidated fiscal year, the global economy showed signs of slowing further. Although North America remained firm, the economy was affected by the slowdown in Europe and China and by instability surrounding the situation in the Middle East.」
In addition to the economic slowdown in Europe and China, instability surrounding the situation in the Middle East was newly noted, intensifying the sense of a slowdown in the global economy. - FY2024-Q2WorsenedAnnual report
「During the six months ended the second quarter of the current consolidated fiscal year, the economic environment remained unstable. Although some regions showed signs of an economic recovery, economic conditions varied by region, with economic stagnation caused by monetary tightening in Europe and an economic slowdown caused by the property slump in China.」
The economic slowdown caused by monetary tightening in Europe and the property slump in China was newly identified, while the unstable situation resulting from differing economic conditions across regions continued. - FY2024-Q1WorsenedAnnual report
「During the three months ended the first quarter of the current consolidated fiscal year, the global economy became unstable as growth slowed because of prolonged inflation and continued high-interest-rate policies in Europe and the United States.」
The slowdown in global economic growth and the resulting instability caused by prolonged inflation and continued high-interest-rate policies in Europe and the United States were noted. - FY2023WorsenedAnnual report
「During the current consolidated fiscal year, socioeconomic and production activity continued to recover from the renewed spread of COVID-19 in some regions. However, the global economy slowed because of persistent inflation stemming from the prolonged crisis in Ukraine and policy interest rate increases by countries in Europe and the United States.」
In addition to the Ukraine crisis, inflation, and rate hikes in Europe and the United States, financial instability caused by concerns about financial institution failures and management crises was also noted, intensifying the slowdown and uncertainty in the global economy. - FY2023-Q3WorsenedAnnual report
「During the nine months ended the third quarter of the current consolidated fiscal year, geopolitical risks increased. In particular, the prolonged invasion of Ukraine by Russia led to continued price increases for energy and certain materials, while policy interest rate hikes in Europe and the United States intensified the sense of stagnation in the global economy.」
The prolonged invasion of Ukraine, soaring energy and material prices, and rate hikes in Europe and the United States were cited as having intensified the stagnation of the global economy. The Chinese economy also became unstable amid the disruption surrounding the shift in policy before and after the change in direction from its zero-COVID policy. - FY2023-Q2WorsenedAnnual report
「In Europe and the United States, policy interest rates were raised as an inflation-control measure, increasing concerns about a global recession.」
While a recovery in production from China's lockdowns was observed, rate hikes to combat inflation and growing concerns about a global recession were newly identified. - FY2023-Q1WorsenedAnnual report
「During the three months ended the first quarter of the current consolidated fiscal year, China, which was pursuing a zero-COVID policy amid the renewed spread of infections, implemented large-scale lockdowns, significantly affecting the Chinese economy as production and socioeconomic activity stagnated. In addition, heightened geopolitical risks associated with Russia's invasion of Ukraine drove up prices, particularly for energy and food, also affecting the global economy.」
In addition to the stagnation of economic activity caused by China's large-scale lockdowns, the impact of geopolitical risks associated with Russia's invasion of Ukraine and soaring energy and food prices was noted. - FY2022WorsenedAnnual report
「However, geopolitical risks rose sharply during the fourth quarter of the current consolidated fiscal year as a result of Russia's invasion of Ukraine. Concerns about supplies of materials and energy and soaring prices emerged, leaving uncertainty about the outlook for the global economy.」
In addition to the previously noted infections and tensions between the United States and China, geopolitical risks associated with Russia's invasion of Ukraine, supply concerns for materials and energy, and soaring prices were newly identified. - FY2022-Q3RestatedAnnual report
「During the nine months ended the third quarter of the current consolidated fiscal year, the normalization of socioeconomic activity in various countries supported a continued recovery trend in production activity, and corporate capital investment remained firm. However, infections of COVID-19 began to rise again during the third quarter, affecting the manufacturing sector. Political conflicts, including continuing tensions between the United States and China, also raised concerns, leaving uncertainty about the outlook for the global economy.」
The recovery in socioeconomic and production activity and uncertainty about the outlook caused by the renewed spread of infections and political conflicts, including relations between the United States and China, were noted together, indicating that the previous assessment of the economic environment remained unchanged. - FY2022-Q2RestatedAnnual report
「During the six months ended the second quarter of the current consolidated fiscal year, socioeconomic activity normalized, particularly in developed countries, as COVID-19 vaccinations progressed. Production activity continued to recover, and corporate capital investment remained firm. Meanwhile, the renewed spread of infections led to strict measures such as lockdowns in Southeast Asian countries, affecting the manufacturing sector. Tensions in relations between the United States and China also continued, leaving uncertainty about the outlook for the global economy.」
The recovery in socioeconomic and production activity and the uncertainty caused by the renewed spread of infections in Southeast Asia and tensions between the United States and China were noted together, indicating that the previous assessment of the economic environment remained unchanged. - FY2022-Q1RestatedAnnual report
「During the three months ended the first quarter of the current consolidated fiscal year, socioeconomic and production activity, which had stagnated because of the spread of COVID-19, continued to recover, and signs of recovery were also seen in corporate capital investment. Meanwhile, some Asian countries imposed strict measures such as lockdowns in response to the renewed spread of infections, while tensions in relations between the United States and China continued, leaving uncertainty about the outlook.」
The recovery in socioeconomic and production activity and the uncertainty caused by the renewed spread of infections in Asia and tensions between the United States and China were noted together, indicating that the previous assessment of the economic environment remained unchanged. - FY2021RestatedAnnual report
「During the current consolidated fiscal year, the global economy was significantly affected by the renewed spread of COVID-19 and the intensifying tensions between the United States and China, among other factors. Meanwhile, the gradual resumption of socioeconomic and production activity supported a continued recovery trend.」
While downside factors arising from the renewed spread of infections and tensions between the United States and China were recognized, the recovery trend in socioeconomic and production activity was also noted. - FY2021-Q3WorsenedAnnual report
「During the nine months ended the third quarter of the current consolidated fiscal year, the global economy was significantly affected by the renewed spread of COVID-19 and the continuing serious tensions between the United States and China, among other factors. Meanwhile, socioeconomic and production activity resumed worldwide from the second quarter of the current consolidated fiscal year, and the recovery trend continued during the third quarter.」
While the impact of the renewed spread of infections and serious tensions between the United States and China was explicitly noted, the recovery trend in socioeconomic and production activity also continued. - FY2021-Q2SoftenedAnnual report
「During the second quarter of the current consolidated fiscal period, the number of COVID-19 cases showed signs of rising again and uncertainty about the outlook persisted. However, socioeconomic activity gradually resumed worldwide, and production activity, which had been significantly restricted by measures to prevent the spread of infection, also began to recover.」
While the renewed rise in infections and uncertainty about the outlook remained, the resumption of socioeconomic activity and the recovery trend in production activity were noted, indicating some improvement from the previous quarter's focus on the widening impact. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the global spread of COVID-19 accelerated and the deterioration in US-China relations intensified, expanding the impact on the global economy.」
The global spread of COVID-19 and worsening US-China relations were explicitly identified as expanding their impact on the global economy. - FY2020WorsenedAnnual report
「Furthermore, during the fourth quarter of the current consolidated fiscal year, the global spread of COVID-19 led countries including China to implement large-scale measures, such as city lockdowns, to prevent the spread of infection, significantly affecting the real economy.」
In addition to the slowdown in the Chinese economy caused by US-China trade friction, COVID-19 affected the global real economy. - FY2020-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, the global economy continued to slow due to rising geopolitical risks, including US-China trade friction and escalating tensions between the United States and Iran. Although there were signs of improvement, such as efforts to temporarily ease US-China trade friction, uncertainty about the outlook remained.」
In addition to US-China trade friction, geopolitical risks such as escalating tensions between the United States and Iran were explicitly cited, while the global economy's slowdown trend and uncertainty about the outlook continued. - FY2020-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year, the impact of US-China trade friction became full-fledged, the global economy, including China, continued to show signs of slowing, and uncertainty about the outlook intensified.」
The impact of US-China trade friction became full-fledged, and the description cited continued signs of slowing in the global economy, including China, along with increasing uncertainty about the outlook. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the intensification of US-China trade friction heightened perceptions of a slowdown in the Chinese economy, and its impact on the global economy expanded.」
Along with the intensification of US-China trade friction, the slowdown in the Chinese economy and its widening impact on the global economy have come to the forefront. - FY2019RestatedAnnual report
「During the current consolidated fiscal year, the global economy remained generally solid through the first half, supported by consumption, production and exports, but in the second half, the slowdown in the Chinese economy intensified due to the emergence of US-China trade friction and other factors.」
Uncertainty about the outlook arising from US-China trade friction, the slowdown in the Chinese economy and political issues in Europe was also confirmed for the full year. - FY2019-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, the global economy remained generally solid through the first six months, but after entering the third quarter, a slowdown in the Chinese economy became apparent due to the intensification of US-China trade friction and other factors. Although the US, European and Japanese economies had continued on a moderate recovery trend, an economic slowdown caused by the impact of this trade friction and other factors could not be avoided, and uncertainty about the outlook continued to intensify.」
The intensification of US-China trade friction made the slowdown in the Chinese economy apparent, and the economic slowdown and uncertainty about the outlook were additionally reported. - FY2019-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year, the global economy remained generally solid, but trade friction, particularly between the United States and China, intensified, raising concerns about its impact. The US and European economies were supported by strong personal consumption and business conditions, while the Japanese economy maintained a recovery trend with solid capital investment and business conditions. Meanwhile, emerging-market economies showed signs of slowing, as China's growth rate slowed slightly and other regions were affected by weaker currencies.」
While the global economy overall was described as solid, the description changed to state that US-China trade friction was “intensifying” and that emerging-market economies were also showing signs of slowing. - FY2019-Q1Additional concern over US-China trade frictionAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy remained generally solid, although concerns arose over the impact of trade friction, particularly between the United States and China.」
While describing the global economy as solid, the disclosure specifically identified the impact of trade friction, particularly between the United States and China, as a new concern. - FY2018RestatedAnnual report
「During the current consolidated fiscal year, the global economy overall remained on a moderate recovery trend. In Europe, the United States and Japan, business conditions, employment and personal consumption remained solid. Although emerging-market economies showed some signs of slowing in China, they maintained higher growth rates than developed economies.」
While acknowledging some slowing in China, the assessment that the global economy overall remained on a moderate recovery trend was maintained for the full year. - FY2018-Q3RestatedAnnual report
「During the first nine months of the current consolidated fiscal year, business conditions, employment and personal consumption continued to remain solid in Europe, the United States and Japan. Although emerging-market economies showed some signs of slowing in China, they maintained higher growth rates than developed economies, and the global economy overall remained on a moderate recovery trend.」
While China showed some signs of slowing, the description that the global economy overall remained on a moderate recovery trend continued. - FY2018-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, business conditions, employment and personal consumption remained solid in Europe, the United States and Japan. Although emerging-market economies such as China and India showed some signs of slowing, they maintained higher growth rates than developed economies, and the global economy overall remained on a moderate recovery trend.」
While emerging-market economies showed some signs of slowing, the description that the global economy overall remained on a moderate recovery trend continued. - FY2018-Q1SoftenedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy maintained a trend of moderate recovery. Business conditions, employment and personal consumption remained solid in the United States, Europe and Japan. Although emerging-market economies such as China and India showed some signs of slowing, they continued to maintain higher growth rates than developed economies.」
While emerging markets such as China and India showed some signs of slowing, the global economy was described as being on a moderate recovery trend and developed economies as solid, marking a shift from a focus on downside concerns to a focus on recovery. - FY2017SoftenedAnnual report
「During the current consolidated fiscal year, the global economy maintained moderate growth. Emerging-market economies such as China and India continued to maintain higher growth rates than developed economies. Business conditions, employment and personal consumption in the US and European economies also remained resilient, and the economy expanded moderately.」
Compared with the downside risks for the UK and Europe and concerns about protectionism under the new US administration reported in the previous quarter, the full-year description of the economic environment centered on moderate growth and expansion. - FY2017-Q3WorsenedAnnual report
「During the third quarter of the current consolidated fiscal year, the election of the new Trump administration in the United States became certain. Against expectations for fiscal policies such as infrastructure investment and tax cuts by the new administration, as well as concerns about excessive protectionism and various other expectations, changes began to emerge in exchange-rate levels against the US dollar and in the outlook for the global economy.」
While stating that the global economy maintained moderate growth, the disclosure newly cited concerns about protectionism surrounding the new US administration and changes in the economic outlook. - FY2017-Q2SoftenedAnnual report
「During the first six months of the current consolidated fiscal year, the global economy maintained moderate growth overall. Although growth in Asian economies, including China, showed signs of slowing, employment growth and solid personal consumption continued in the United States, while the European economy also remained on a recovery trend.」
While slower growth in Asian economies continued, the description changed from the increased downside risks for the UK and Europe reported in the previous quarter to a recovery trend in Europe and moderate growth in the global economy overall. - FY2017-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy maintained a trend of moderate growth overall, despite increased downside risks for the UK and European economies following the UK's referendum on leaving the European Union (EU), and signs of slower growth in Asia, supported by continued employment growth and solid personal consumption in the United States.」
Following the UK's EU referendum, increased downside risks for the UK and European economies and slower growth in Asia were reported. - FY2016First statedAnnual report
「With the decline in crude oil prices and the slowdown in emerging-market economies continuing, the risk of a downturn in the global economy has been intensifying due to deteriorating business and consumer sentiment, among other factors.」
The slowdown in emerging-market economies and lower crude oil prices are identified as risks that could lead to a downturn in the global economy.