Downside risks to the global and Japanese economies
First written in FY2017-Q1. 14 of 39 entries say "Worsened", first in FY2019-Q2. Latest entry: 2026-11-06.
The whole theme swung hardest in 2022: 132 of 174 companies on the "Worse" side.
- FY2026Domestic economic recovery alongside uncertainty in the Middle East, prices and financial marketsAnnual report
「During the consolidated fiscal year, the Japanese economy remained on a moderate recovery trend as employment and income conditions continued to improve. However, uncertainty about the outlook continues due to upward pressure on crude oil prices associated with heightened tensions in the Middle East, continued increases in prices across various categories, and volatility in financial and capital markets.」
The domestic economy is described as being on a moderate recovery trend due to improving employment and income conditions, while uncertainty is noted due to the situation in the Middle East, rising crude oil prices and consumer prices, and volatility in financial and capital markets. - FY2026-H1Domestic recovery alongside tariff concerns and concerns over an overseas slowdownAnnual report
「During the interim consolidated accounting period, the Japanese economy remained on a moderate recovery trend, supported by a recovery in personal consumption and a pickup in capital investment. However, uncertainty about the outlook remains due to continued increases in consumer prices, the impact of U.S. tariff policy on exports to the United States, and concerns over a slowdown in overseas economies.」
The domestic economy is described as being on a moderate recovery trend due to the recovery in personal consumption and capital investment, while uncertainty is noted due to rising consumer prices, the impact of U.S. tariff policy on exports to the United States, and concerns over a slowdown in overseas economies. - FY2025Domestic recovery alongside uncertainty over tariffs, overseas conditions and costsAnnual report
「During the fiscal year, the Japanese economy remained on a moderate recovery trend due to improvements in employment and income conditions and expanding inbound demand. However, the outlook remained uncertain amid unstable international conditions, persistently high resource, raw-material and energy prices, US tariff policies and slowing growth in China.」
While noting a moderate recovery in the domestic economy, the company indicates uncertainty due to unstable international conditions, persistently high prices for resources and other items, US tariff policies and slowing growth in China. - FY2025-H1Domestic recovery alongside uncertainty overseas and over costsAnnual report
「During the interim consolidated accounting period, the Japanese economy entered a moderate recovery trend due to expanding inbound demand and improvements in employment and income conditions. However, the outlook remained uncertain amid the prolonged Russian invasion of Ukraine, soaring resource, raw-material and energy prices, heightened tensions in the Middle East and the stagnation of the Chinese economy.」
While noting a domestic recovery trend driven by inbound demand and employment and income conditions, the company continues to indicate uncertainty over the outlook due to overseas conditions, resource and raw-material prices, the situation in the Middle East and the Chinese economy. - FY2024Domestic normalization alongside a weaker yen and higher prices and labor costsAnnual report
「Economic and social activity has been normalizing and showing signs of recovery following the reclassification of COVID-19 as a Class 5 infectious disease. However, the outlook for economic conditions remains uncertain due to higher prices for imported goods and food caused by the weaker yen, as well as rising labor costs.」
While noting the economic recovery following the reclassification of COVID-19 as a Class 5 infectious disease, the company indicates continued uncertainty over the outlook due to the weaker yen and higher prices for imported goods, food and labor. - FY2024-Q3Continued geopolitical risks alongside domestic recovery and delayed regional economic recoveryAnnual report
「During the first nine months of the current fiscal year, uncertainty over the economic outlook increased due to geopolitical risks including the prolonged Russian invasion of Ukraine and the Israel-Hamas conflict. In Japan, economic conditions, particularly in the restaurant, bar and tourism industries, showed signs of recovery after COVID-19 was reclassified as a Class 5 infectious disease in May, but the outlook became more uncertain as higher prices, a weaker yen and delayed recovery in regional economies compounded one another.」
The company cites the Israel-Hamas conflict alongside the prolonged invasion of Ukraine as geopolitical risks, while noting that Japan has seen a recovery in restaurants, bars and tourism following the reclassification of COVID-19 as a Class 5 infectious disease, alongside higher prices, a weaker yen and delayed recovery in regional economies. - FY2024-Q2High global inflation and a downturn in Europe alongside a domestic recoveryAnnual report
「During the first six months of the current fiscal year, the global economy experienced high inflation due to the prolonged Russian invasion of Ukraine and worsening economic relations between the United States and China. Soaring oil and agricultural commodity prices caused economic conditions in European countries, including Germany and the United Kingdom, to deteriorate, increasing uncertainty over the economic outlook. In Japan, economic conditions showed signs of recovery, particularly in the restaurant, bar and tourism industries, after COVID-19 was reclassified as a Class 5 infectious disease. However, the further weakening of the yen benefited export-related companies while raising prices for import-related companies, and inflation increased uncertainty over the outlook.」
While noting the prolonged invasion of Ukraine, worsening US-China relations, high inflation, soaring resource and agricultural commodity prices, and the downturn in Europe, the company indicates that Japan experienced a recovery in restaurants, bars and tourism following the reclassification of COVID-19 as a Class 5 infectious disease, alongside uncertainty caused by the weaker yen and higher prices. - FY2024-Q1Global economic slowdown alongside a domestic recovery trendAnnual report
「In Japan, economic activity showed signs of recovery after COVID-19 was reclassified as a Class 5 infectious disease in May, but uncertainty continued due to global economic trends and rising costs affected by the weaker yen.」
The company explains that the global economy slowed due to monetary tightening to combat inflation and the prolonged situation in Ukraine, while the Japanese economy showed signs of recovery after COVID-19 was reclassified as a Class 5 infectious disease. - FY2023Continued global economic downturn alongside a bottoming-out and recovery trend in the domestic economyAnnual report
「During the fiscal year, the global economy declined as the prolonged invasion of Ukraine by Russia and the ongoing global pandemic caused by the Omicron variant led to soaring global resource and energy costs and shortages and higher prices for agricultural products, resulting in unusually high inflation in Europe and the United States.」
The company notes that the global economy remained in a downturn due to the invasion of Ukraine, the Omicron variant, high resource and energy prices, shortages of agricultural products, inflation, US-China friction, China's zero-COVID policy and disruptions to semiconductor supplies, while the Japanese economy began to bottom out and recover in 2023 as COVID-19 measures were eased. - FY2023-Q3Continued global economic downturn alongside a domestic recovery trendAnnual report
「In Japan, people flows were beginning to recover against a backdrop of increased inbound demand following the lifting of restrictions on activities related to COVID-19 and the removal of caps on the number of foreign arrivals, as well as a recovery in personal consumption supported by travel subsidies. However, consumer sentiment weakened due to soaring energy prices, shortages and higher costs for semiconductor components and other items and raw materials, a weaker yen and rising prices, and the outlook remained uncertain.」
The company notes that the global economy remained in a downturn due to the invasion of Ukraine, soaring energy and food prices and component shortages, while people flows and personal consumption in Japan began to recover due to the easing of entry restrictions and travel support. - FY2023-Q2WorsenedAnnual report
「During the first six months of the current fiscal year, concerns over an economic slowdown spread as the prolonged impact of Russia's invasion of Ukraine continued to drive up energy and food prices, and global shortages of semiconductors and other components and soaring resource prices showed no sign of abating. In Japan, consumer sentiment weakened due to the renewed spread of COVID-19, the global economic downturn, shortages and higher costs for raw materials including semiconductor components, higher crude oil prices and inflation accompanying the continued weakening of the yen.」
The company notes the continued and increasingly concrete concerns over a downturn in the global and Japanese economies, citing Russia's invasion of Ukraine, soaring energy and food prices, component shortages, higher resource prices, and in Japan, inflation caused by higher crude oil prices and a weaker yen and the resulting deterioration in consumer sentiment. - FY2023-Q1WorsenedAnnual report
「During the first three months of the current fiscal year, the global economy entered a downturn and uncertainty increased as the impact of Russia's invasion of Ukraine drove up energy and food prices, lockdowns in major Chinese cities caused by the spread of COVID-19 added to the disruption, and shortages of semiconductors and other components and soaring resource prices continued worldwide. In Japan, a sense of recession intensified amid the global downturn, shortages and higher costs for semiconductor components and other items and raw materials, higher crude oil prices and the continued weakening of the yen.」
The company notes that the global and Japanese downturns and uncertainty became increasingly concrete as the invasion of Ukraine, lockdowns in major Chinese cities, component shortages, soaring resource and energy prices, higher crude oil prices and a weaker yen added to the pressures. - FY2022WorsenedAnnual report
「During the fiscal year, the global economy had begun to recover from the pandemic through December 2021 as vaccination rates rose, particularly in Europe and the United States. However, the resurgence of COVID-19 caused by the new Omicron variant in December, worsening US-China economic friction, and Russia's invasion of Ukraine in February 2022 suddenly changed economic conditions, resulting in a worldwide downturn marked by higher crude oil and gas prices, falling stock prices and inflation.」
The company notes that the global economy shifted abruptly from a recovery trend to a worldwide downturn against a backdrop of the Omicron variant, US-China friction, Russia's invasion of Ukraine, higher crude oil and gas prices, falling stock prices and inflation. - FY2022-Q3Recovery trend emerging, but uncertainty continues due to the Omicron variant and shortages of materialsAnnual report
「During the first nine months of the current fiscal year, economic activity resumed, particularly in Europe and the United States, and the global economy entered a recovery trend. However, shortages of semiconductors and other components and raw materials and soaring resource prices continued worldwide, while the resurgence of COVID-19 caused by the new Omicron variant began, increasing uncertainty over the outlook for the global economy.」
While noting the economic recovery centered on Europe and the United States, the company explains that supply shortages of semiconductors and other items, soaring resource prices and the resurgence of the Omicron variant increased uncertainty over the outlook. New risk factors have emerged, and conditions in the global economy have become polarized. - FY2022-Q2Overseas recovery alongside domestic stagnationAnnual report
「During the first six months of the current fiscal year, economic activity picked up, led by Europe and the United States, where vaccination against COVID-19 enabled a shift toward policies easing various restrictions, and by China, which brought infections under control. However, the recovery in economic activity increased the risk of production cuts and suspensions at related companies due to higher crude oil prices and shortages of semiconductor components, and highly uncertain conditions continued. In Japan, the nationwide recovery in economic activity was delayed by a state of emergency declared in response to the fifth wave of COVID-19, and small and medium-sized restaurants and bars, hotels and tourism-related industries remained sluggish.」
The company describes a polarized environment in which economic activity in Europe, the United States and China recovered due to vaccinations and easing of restrictions, while small and medium-sized restaurants and bars, hotels and tourism businesses in Japan remained sluggish due to higher crude oil prices, semiconductor-component shortages, the fifth wave in Japan and the state of emergency. - FY2022-Q1Partial recovery alongside continued uncertaintyAnnual report
「During the first three months of the current fiscal year, the global economy showed signs of recovery as COVID-19 vaccinations progressed, particularly in Europe and the United States. However, some regions continued to experience spreading infections, leaving the economic outlook uncertain and producing K-shaped economic trends.」
While noting the recovery in the European and US economies from vaccination programs, the company continues to indicate that infections are still spreading in some regions, economic trends are K-shaped and the outlook remains uncertain. - FY2021WorsenedAnnual report
「In Japan, domestic economic activity remained stagnant due to the resurgence of COVID-19. Although the restaurant and bar market had begun to show signs of recovery, a sharp increase in infections toward the end of 2020 led to the reissuance of a state of emergency in January 2021, creating extremely difficult conditions.」
The difficult environment for the Japanese economy and core markets continued and worsened due to the resurgence of infections, the sharp increase in infections at year-end, and the reissuance of a state of emergency in January 2021. - FY2021-Q3WorsenedAnnual report
「During the first nine months of the current fiscal year, the global economy and social conditions remained confused as the resurgence of COVID-19 continued unabated and variant strains emerged. The situation was also marked by domestic divisions in the United States resulting from the presidential election, intensifying US-China economic friction and high uncertainty. In Japan, domestic economic activity began to contract again due to the resurgence of COVID-19, and economic trends took on a K-shaped pattern. IT-related companies posted higher revenue, while small and medium-sized restaurants and bars curtailed operations, inbound visitors declined by 99.9% due to the suspension of exchanges with foreign countries, and the travel industry, tourism businesses such as hotels and traditional inns, department stores and retailers performed very poorly.」
The company notes the resurgence of infections and emergence of variant strains, domestic divisions in the United States and intensifying US-China friction, along with renewed contraction in Japanese economic activity, a 99.9% decline in inbound visitors, and severe downturns in tourism and retail, making the downside factors affecting the global and Japanese economies increasingly concrete. - FY2021-Q2WorsenedAnnual report
「During the second quarter of the current fiscal year, the second wave of COVID-19 infections spread to Europe and the United States, Brazil, India and countries in the Southern Hemisphere. With more than 4000万人 infected worldwide, confusion continued in the global economy and social conditions. In addition, political and economic friction between the United States and China intensified, as did the division of public opinion caused by the US presidential election, making the outlook extremely uncertain.」
The company notes that the second wave of COVID-19 spread worldwide, the number of infections globally exceeded 4000万人, and friction between the United States and China and political divisions in the United States intensified, further increasing confusion and uncertainty in the global economy. - FY2021-Q1WorsenedAnnual report
「In Japan, the declaration of a state of emergency on 7 April 2020 imposed major restrictions on economic activity, including school closures, the closure of restaurants and bars, and the cancellation of various events. The suspension of exchanges with foreign countries also reduced inbound visitors by 99.9%, severely affecting the travel industry, tourism businesses such as hotels and traditional inns, department stores and retailers.」
The company specifically and quantitatively describes the deterioration of the external environment, noting that COVID-19 rapidly worsened global economic activity and caused restrictions on economic activity in Japan, a 99.9% decline in inbound visitors, and severe downturns in tourism, retail and other sectors. - FY2020WorsenedAnnual report
「During the fiscal year, the global economy was thrown into severe turmoil after the novel coronavirus disease (COVID-19), which emerged in Wuhan, Hubei Province, China, in November 2019, spread worldwide in 2020 and became a global pandemic.」
The company notes that, in addition to the economic downside risks caused by factors such as ongoing US-China trade friction, the global economy was thrown into severe turmoil by the COVID-19 pandemic. - FY2020-Q3WorsenedAnnual report
「During the first nine months of the current fiscal year, uncertainty increased in the global economy due to US-China trade friction and political and religious tensions. Major economies outside the United States deteriorated from a Goldilocks economy to a low-temperature economy. In Japan, personal consumption began to stagnate following the consumption-tax rate increase. In addition, earnings at related companies declined due to the global economic slowdown and US-China trade friction.」
The company cites US-China trade friction, political and religious tensions, the downturn in major economies, sluggish personal consumption in Japan following the consumption-tax rate increase, and declining earnings at related companies, noting that the economic downturn and uncertainty seen through the previous quarter have continued and become more pronounced. - FY2020-Q2WorsenedAnnual report
「During the first six months of the current fiscal year, the global economy entered a downturn as several difficult-to-predict factors converged, including the intensification of US-China trade friction, troubles involving the Middle East, including Iran, Israel and Saudi Arabia, and oil and religious disputes in the United States, turmoil over the UK's EU withdrawal, worsening Japan-South Korea relations, and the deepening recession in Latin America. The Japanese economy also entered a downturn due to the impact of the consumption-tax rate increase from 1 October and weak export industries resulting from the global economic downturn.」
The company cites US-China trade friction, the UK's EU withdrawal, troubles in the Middle East and the United States, worsening Japan-South Korea relations, the Latin American recession and the consumption-tax rate increase, noting that the global and Japanese economies clearly entered a downturn. - FY2020-Q1WorsenedAnnual report
「During the first three months of the current fiscal year, the global economy entered a downturn as uncertainty increased due to US-China trade friction, uncertainty over a no-deal Brexit, a downturn in China and risks involving Iran and the Middle East. In Japan, personal consumption increased partly due to the change of era, and domestic demand remained firm, but the outlook for economic conditions turned downward under the impact of slower overseas economies, including US-China trade friction and strained Japan-South Korea relations. Regional economies continued to stagnate amid depopulation and aging.」
The company notes that US-China trade friction, the UK's EU withdrawal, a downturn in China, Middle East risks and strained Japan-South Korea relations pushed the global economy into a downturn and caused the Japanese economy to turn downward. Regional economies also continued to stagnate. - FY2019WorsenedAnnual report
「The Chinese economy deteriorated due to US-China trade friction and other factors, and the economies of South Korea and emerging countries were similarly affected. Uncertainty surrounding the UK's EU withdrawal increased in Europe, and the overall trend was toward a slowdown. In Japan, the slowdown in electronic components and equipment-related businesses accelerated under the impact of US-China trade friction, and the outlook for economic conditions turned downward. Regional economies continued to stagnate amid depopulation and aging, except in famous tourist destinations.」
The company notes the slowdown in the economies of China, South Korea, emerging countries and Europe, the shift of the Japanese economy into a downturn, and the continued stagnation of regional economies. - FY2019-Q3WorsenedAnnual report
「During the first nine months of the current fiscal year, the global economy became increasingly uncertain overall as the intensification of US-China trade friction, turmoil surrounding the EU withdrawal process between Europe and the United Kingdom, and worsening economic conditions in China began to weigh on the performance of global IT companies, automotive companies and leading electronic-component companies. In Japan, a series of downward revisions began to emerge, particularly among companies exposed to China.」
The company cites the intensification of US-China trade friction, turmoil surrounding the UK's EU withdrawal, worsening economic conditions in China and downward revisions to corporate performance, noting that uncertainty and downside trends in the global and Japanese economies have become more pronounced. - FY2019-Q2WorsenedAnnual report
「During the first six months of the current fiscal year, the global economy remained at a so-called Goldilocks level. In particular, the US economy continued to boom, supported by the effects of substantial tax cuts and a stronger dollar and higher stock prices. Europe and China remained firm despite the start of trade friction with the United States. Emerging economies in South America and Africa experienced a downturn. In Japan, in addition to an unusually hot summer, the economy suffered successive natural disasters, including torrential rains in western Japan in July, Typhoon Jebi in September and the Hokkaido earthquake. Export-related companies generally continued to prosper, while earnings at domestic-demand-related and inbound-related companies declined.」
While noting strong economic conditions in the United States and elsewhere, the company identifies US-China trade friction, a downturn in emerging economies, natural-disaster damage in Japan, and declining earnings at domestic-demand- and inbound-related companies as specific downside factors in the external environment. - FY2019-Q1RestatedAnnual report
「During the first three months of the current fiscal year, the global economy remained firm, led by advanced economies, despite geopolitical and political-change risks. In the United States, corporate conditions continued to improve, partly due to the effects of tax cuts. Economic conditions in Europe also continued to improve. Business sentiment in China, Russia and emerging economies stopped deteriorating, but uncertainty increased as protectionism gained ground in Europe and the United States. In Japan, export-related companies, including infrastructure companies, and inbound-related companies remained firm on the back of strong economic conditions in Europe and the United States. Regional economies and small and medium-sized companies, however, continued to struggle amid structural economic stagnation caused by population decline and aging.」
While indicating the strength of advanced economies and export- and inbound-related companies, the company continues to cite uncertainty caused by geopolitical and political changes and protectionism, as well as sluggish regional economies and small and medium-sized companies against a backdrop of population decline and aging. - FY2018-Q3RestatedAnnual report
「During the first nine months of the current fiscal year, the global economy continued to recover moderately, led by advanced economies, despite geopolitical and terrorist risks. Business sentiment in China, Russia and emerging economies stopped deteriorating but remained unstable. In Japan, export-related companies, including automotive and infrastructure companies, and inbound-related companies performed well on the back of strong economic conditions in Europe and the United States, a weaker yen and higher stock prices. Regional economies and small and medium-sized companies, however, struggled to grow.」
While noting the moderate recovery led by advanced economies and the strong performance of Japan's export- and inbound-related businesses, the company continues to identify geopolitical and terrorist risks, instability in emerging economies, and sluggish regional economies and small and medium-sized companies as external factors. - FY2018-Q2RestatedAnnual report
「In Japan, export-related companies and inbound-related industries continued to perform well, benefiting from a weaker yen and higher stock prices. Regional small and medium-sized distribution and service businesses were sluggish due to weak growth in personal consumption.」
The assessment of conditions in the global and Japanese economies continues to cite the strength of export- and inbound-related businesses alongside sluggish regional small and medium-sized distribution and service businesses due to weak growth in personal consumption. - FY2018-Q1RestatedAnnual report
「The outlook is for a fluid and highly uncertain operating environment, driven mainly by political developments in the United States, China, Russia, North Korea, South Korea and Japan. In Japan, export-related companies and inbound-related industries remained robust, benefiting from a temporary weaker yen and higher stock prices, while regional small and medium-sized distribution and service businesses were sluggish due to weak growth in personal consumption.」
Uncertainty in the global economy caused by political developments in individual countries and sluggish regional small and medium-sized distribution and service businesses continue to be cited as external factors. - FY2017RestatedAnnual report
「During the fiscal year, the global economy expanded moderately, although temporary turmoil was seen in the US market following the formation of a new administration. Uncertainty surrounding the slowdown in China and emerging economies and the UK's EU withdrawal issue increased, and growth rates slowed. In Japan, the recovery in personal consumption remained weak, while the so-called Trump effect led to a stronger dollar, weaker yen and higher stock prices. Export- and infrastructure-related companies remained robust, whereas domestic consumption and other areas were sluggish.」
Uncertainty and downside factors affecting the global and Japanese economies, including the slowdown in China and emerging economies, the UK's EU withdrawal issue, policy changes in the United States and sluggish personal consumption in Japan, continue to be cited. - FY2017-Q3RestatedAnnual report
「During the first nine months of the current fiscal year, economic conditions in Europe and the Middle East were sluggish amid financial and political instability caused by terrorist attacks and responses to the UK's withdrawal from the EU. Growth rates in the BRICs slowed amid lower resource prices and weaker currencies. In the United States, the dollar and stock prices rose after the presidential election, but political instability increased, making the outlook generally difficult to predict. In Japan, export- and infrastructure-related companies performed well due to the temporary effects of a stronger dollar, weaker yen, higher stock prices and lower resource prices, while the domestic economy remained sluggish.」
Political instability in Europe and the Middle East, the UK's decision to leave the EU, slowing growth in the BRICs, uncertainty in the United States and sluggish domestic economic conditions continue to be cited as external factors affecting the global and Japanese economies. - FY2017-Q2RestatedAnnual report
「During the first six months of the current fiscal year, uncertainty over the outlook for politics and financial markets increased due to a series of terrorist attacks in Europe and the United States and the UK's decision to leave the EU in a national referendum. Meanwhile, growth rates slowed in China and other emerging economies. Overall, downside risks to the global economy increased. The Japanese economy also turned downward as downside risks from external factors, including uncertainty over the outlook for the Chinese economy and political and economic developments in Europe and the United States, increased, leading to worsening earnings at export-related companies and sluggish personal consumption in regional economies.」
As in the previous quarter, downside risks to the global and Japanese economies stemming from terrorist attacks, the UK's decision to leave the EU, slowing growth in China and emerging economies, worsening earnings at export-related companies and sluggish regional consumption are cited. - FY2017-Q1First statedAnnual report
「A series of terrorist attacks in Europe and the United States and the UK's decision to leave the EU increased uncertainty over the outlook for politics and financial markets. Meanwhile, growth rates slowed in China and other emerging economies. Overall, downside risks to the global economy increased.」
Terrorist attacks, the UK's decision to leave the EU, and slowing growth in China and emerging economies are cited as external risks creating uncertainty over the outlook for the global and Japanese economies.