A slowdown in emerging-market economies, including China, and a stronger yen
First written in FY2016. 18 of 31 entries say "Restated". Latest entry: 2026-11-10.
The whole theme swung hardest in 2022: 128 of 170 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「Meanwhile, uncertainty continued due to the impact of soaring raw material and energy prices associated with the continuation of U.S. trade policy and geopolitical risks.」
In addition to the existing concerns about the Chinese economy and other factors, soaring raw material and energy prices driven by U.S. trade policy and geopolitical risks continued to be a source of uncertainty about the outlook for manufacturing. - FY2026-H1WorsenedAnnual report
「Although the economy as a whole was on a gradual recovery track, supported by improvements in the employment and income environment, uncertainty continued, particularly in manufacturing, due to the impact of U.S. trade policy and other factors.」
While a gradual economic recovery was indicated, uncertainty about the outlook, particularly in manufacturing, due to U.S. trade policy and other factors was cited as a new external environmental factor. - FY2024-Q3RestatedAnnual report
「During the first nine months of the fiscal year (1 April 2023 to 31 December 2023), Japan's economy continued on a gradual recovery track as the solid employment and income environment improved. However, the outlook remained uncertain due to a downturn in overseas economies accompanying global monetary tightening, rising prices and other factors.」
While a gradual recovery in the domestic economy was indicated, continued uncertainty about the outlook due to global monetary tightening, a downturn in overseas economies and rising prices was noted. - FY2024-Q2RestatedAnnual report
「During the first six months of the fiscal year (1 April 2023 to 30 September 2023), Japan's economy showed signs of recovery in corporate capital investment and personal consumption, but the outlook remained uncertain due to a downturn in overseas economies accompanying global monetary tightening, the weakening yen, rising prices and other factors.」
While a recovery in the domestic economy was indicated, uncertainty due to global monetary tightening, a downturn in overseas economies, the weaker yen and rising prices continued to be noted. - FY2024-Q1RestatedAnnual report
「During the first quarter of the fiscal year (1 April 2023 to 30 June 2023), Japan's economy showed signs of recovery in corporate capital investment and personal consumption, but the outlook remained uncertain due to a downturn in overseas economies accompanying global monetary tightening, the weakening yen, rising prices and other factors.」
While a recovery in the domestic economy was indicated, continued uncertainty about the outlook due to global monetary tightening, a downturn in overseas economies, the weaker yen and rising prices was noted. - FY2023RestatedAnnual report
「Looking ahead, the business environment is expected to remain uncertain due to soaring component prices, supply shortages, the situation in Ukraine and geopolitical risks.」
The uncertain business environment caused by component prices, supply shortages, the situation in Ukraine and geopolitical risks continued to be recognized. - FY2023-Q3RestatedAnnual report
「During the first nine months of the fiscal year, economic normalization progressed on the assumption that COVID-19 would coexist with society, but the outlook for the economy remained uncertain due to the prolonged conflict in Ukraine, supply chain disruptions stemming from China's zero-COVID policy, soaring energy and raw material prices and other factors.」
While the economy was normalizing, uncertainty about the outlook due to the conflict in Ukraine, China's zero-COVID policy, supply chain disruptions and soaring energy and raw material prices continued. - FY2023-Q2RestatedAnnual report
「During the first six months of the fiscal year, economic normalization progressed on the assumption that COVID-19 would coexist with society, but the outlook for the economy remained uncertain due to the prolonged conflict in Ukraine, supply chain disruptions stemming from China's zero-COVID policy, soaring energy and raw material prices and other factors.」
While the economy was normalizing, uncertainty due to the conflict in Ukraine, China's zero-COVID policy, supply chain disruptions and soaring energy and raw material prices continued. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, economic normalization progressed on the assumption that COVID-19 would coexist with society, but the outlook for the economy remained uncertain due to the prolonged Ukraine issue, supply chain disruptions stemming from China's zero-COVID policy, soaring energy and raw material prices and other factors.」
In addition to the existing infection, geopolitical and supply constraint risks, the prolonged Ukraine issue, China's zero-COVID policy, supply chain disruptions and soaring energy and raw material prices were added, increasing sources of uncertainty in the external environment. - FY2022WorsenedAnnual report
「During the fiscal year (1 April 2021 to 31 March 2022), the global economy was recovering, led by advanced economies as vaccination became more widespread, but a firm recovery could not be forecast due to tight supply and demand for semiconductors and various components, supply chain disruptions, tensions between the United States and China, the situation in Ukraine and other factors.」
While the economy was recovering, tight supply and demand for components, supply chain disruptions, tensions between the United States and China and the situation in Ukraine were added as new sources of uncertainty. - FY2022-Q3WorsenedAnnual report
「During the first nine months of the fiscal year, the global economy moved toward a recovery, led by advanced economies that had made progress with vaccination, but concerns arose about the impact on the economy of prolonged U.S.-China trade friction, semiconductor shortages and the emergence of the Omicron variant.」
While signs of an economic recovery emerged, the emergence of the Omicron variant was cited as a new concern in addition to the existing U.S.-China trade friction and semiconductor shortages, increasing sources of uncertainty in the external environment. - FY2022-Q2Economic recovery alongside supply constraints and the resurgence of infectionsAnnual report
「During the first six months of the fiscal year, the global economy moved toward a recovery, led by advanced economies that had made progress with vaccination, but concerns arose about the impact on the economy of prolonged U.S.-China trade friction and semiconductor shortages. In Japan, although a state of emergency was declared intermittently amid the resurgence of COVID-19 infections, manufacturing activity continued to recover, supported by increased exports accompanying the recovery of overseas economies.」
While a recovery in the economies of advanced countries and a recovery in domestic manufacturing output were indicated, the prolonged U.S.-China trade friction, semiconductor shortages, the resurgence of COVID-19 infections and states of emergency were also cited as new sources of uncertainty. - FY2022-Q1Economic reopening and continued uncertainty noted togetherAnnual report
「During the first quarter of the fiscal year (1 April 2021 to 30 June 2021), Japan's economy showed signs of recovery as economic activity resumed in stages, but uncertainty about the outlook continued due to the reissuance of a state of emergency and other measures accompanying the spread of COVID-19. Overseas, although lockdowns and similar measures were implemented in some countries, economic activity gradually moved toward normalization as vaccination progressed.」
It was stated that, in Japan, signs of an economic recovery coexisted with uncertainty caused by the reissuance of the state of emergency, while overseas economies gradually normalized as vaccination progressed. - FY2021-Q3WorsenedAnnual report
「Although economic activity resumed and signs of a recovery emerged while measures were taken to prevent the spread of infection, a third wave of infections arrived domestically and uncertainty about the outlook continued. The global economy was also moving toward a gradual recovery as it sought to balance maintaining economic activity with containing the spread of infection, but the resurgence of infections increased uncertainty about the economic recovery.」
It was stated that, while economic activity had resumed and signs of a recovery had emerged, the domestic third wave of infections and the global resurgence of infections had increased uncertainty about the economic recovery. - FY2021-Q2Economic reopening and continued uncertainty noted togetherAnnual report
「Although conditions differed by country, economic activity subsequently began to resume gradually and signs of a recovery emerged, but uncertainty continued.」
While the rapid deterioration of the global economy due to COVID-19 was noted, signs of economic reopening and recovery in individual countries were also indicated. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year (1 April 2020 to 30 June 2020), the global economy faced severe conditions as economic activity stagnated and the economy and consumption suffered an unprecedented downturn due to the severe impact of the spread of COVID-19.」
In addition to the existing global economic slowdown and uncertainty, the stagnation of global economic activity and the downturn in the economy and consumption caused by the spread of COVID-19 were noted, indicating that external environmental risks had intensified. - FY2020-Q3RestatedAnnual report
「Meanwhile, concerns about uncertainty overseas resulting from the slowdown in the Chinese economy, the United Kingdom's withdrawal from the EU and the deterioration in Japan-South Korea relations remained, and conditions continued to be uncertain.」
It was stated that uncertainty and an unclear outlook overseas due to the slowdown in the Chinese economy, the United Kingdom's withdrawal from the EU and the deterioration in Japan-South Korea relations continued. - FY2020-Q2RestatedAnnual report
「Meanwhile, overseas economies remained uncertain, with concerns about uncertainty resulting from the slowdown in the Chinese economy, the United Kingdom's withdrawal from the EU and the deterioration in Japan-South Korea relations.」
The slowdown in the Chinese economy, the United Kingdom's withdrawal from the EU and the deterioration in Japan-South Korea relations continued to be cited as factors behind uncertainty and an unclear outlook overseas. - FY2020-Q1RestatedAnnual report
「Overseas economies remained uncertain due to factors including uncertainty surrounding trade friction, concerns about a slowdown in the Chinese economy and the United Kingdom's withdrawal from the EU.」
It was stated that uncertainty and an unclear outlook overseas due to trade friction, concerns about a slowdown in the Chinese economy and the United Kingdom's withdrawal from the EU continued. - FY2019-Q3RestatedAnnual report
「During the first nine months of the fiscal year (1 April 2018 to 31 December 2018), Japan's economy continued to recover gradually, with corporate earnings and capital investment improving, but overseas economies remained uncertain due to trade friction, geopolitical risks and other factors.」
It was stated that uncertainty about the outlook overseas due to trade friction and geopolitical risks continued. - FY2019-Q2RestatedAnnual report
「During the first six months of the fiscal year (1 April 2018 to 30 September 2018), Japan's economy continued to recover gradually, with corporate earnings and capital investment improving, but overseas economies remained uncertain due to trade friction, geopolitical risks and other factors.」
It was stated that uncertainty about the outlook overseas due to trade friction and geopolitical risks continued. - FY2019-Q1RestatedAnnual report
「During the first quarter of the fiscal year (1 April 2018 to 30 June 2018), Japan's economy remained on a gradual recovery track, with corporate earnings and capital investment improving, but overseas economies remained uncertain due to trade friction, geopolitical risks and other factors.」
It was stated that uncertainty about the outlook overseas due to trade friction and geopolitical risks continued. - FY2018-Q3RestatedAnnual report
「Meanwhile, the global economy remained in an uncertain situation due to geopolitical risk factors, including policy developments in Europe and the United States and conditions in the Middle East and Asia.」
The uncertainty in the global economy resulting from policy developments in Europe and the United States and geopolitical factors in the Middle East and Asia continued to be cited as a risk in the business environment. - FY2018-Q2RestatedAnnual report
「Meanwhile, the global economy remained in an uncertain situation due to geopolitical risk factors, including developments involving the U.S. administration and the North Korean issue.」
The uncertain outlook resulting from external economic and geopolitical factors continued to be cited as a risk in the business environment. - FY2018-Q1RestatedAnnual report
「Overseas, strong demand has continued in Asia, particularly China, amid tighter environmental regulations.」
While uncertainty about the outlook due to uncertainty in overseas economies was noted, demand associated with tighter environmental regulations in Asia, particularly China, was said to be continuing. - FY2017-Q3RestatedAnnual report
「In addition, the economy remained in an uncertain situation due to the global economic slowdown and the impact of the U.S. presidential election, among other factors.」
The uncertainty in the external economic environment, including the global economic slowdown and the impact of the U.S. presidential election, continued to be cited as a concern in the business environment. - FY2016First statedAnnual report
「Concerns about deteriorating corporate earnings intensified, due to a slowdown in emerging-market economies, particularly China, and lower resource prices, as well as the sharp shift toward yen appreciation in the foreign exchange market from the beginning of the year.」
The business environment for the period cited the slowdown in emerging markets and the sharp appreciation of the yen as factors contributing to concerns about deteriorating earnings.