Uncertainty in the Global Economy Caused by China's Economic Slowdown and the UK's Withdrawal from the EU
First written in FY2017-Q1. 16 of 29 entries say "Worsened", first in FY2017-Q3. Latest entry: 2026-08-07.
Japan Electronic Materials moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
54 other companies' latest entry also says "Restated".
- 2026-08-07RestatedEarnings
「Looking ahead, uncertainty persisted owing to the impact of the situation in the Middle East, rising prices, and volatility in the financial and capital markets.」
The company continues to describe macroeconomic uncertainty factors. - FY2026WorsenedAnnual report
「During the consolidated fiscal year, Japan’s economy continued to show a moderate recovery, supported by improvements in employment and income conditions and the effects of various policies. However, the outlook remained uncertain due to the impact of the situation in the Middle East, rising prices, developments surrounding US trade policy, and volatility in financial and capital markets, among other factors.」
The situation in the Middle East, rising prices, US trade policy and volatility in financial and capital markets were explicitly identified as sources of uncertainty, indicating that references to macroeconomic risks had continued and expanded. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, Japan’s economy continued to show a moderate recovery, supported by improvements in employment and income conditions and the effects of various policies. However, the outlook remained uncertain due to the impact of US trade policy, particularly on the automotive industry, rising prices, the impact of continued high interest rates in the US and Europe, and concerns about the outlook for the Chinese economy, among other factors.」
In addition to the previously cited rising prices, high interest rates and concerns about the outlook for the Chinese economy, the impact of US trade policy, particularly on the automotive industry, was explicitly identified as a source of uncertainty. - FY2025WorsenedAnnual report
「However, the outlook remained uncertain as the continued impact of rising prices on personal consumption, continued high interest rates in the US and Europe, and the prolonged stagnation of China’s property market posed downside risks to the economy.」
Rising prices, high interest rates and stagnation in China’s property market were explicitly identified as downside risks to the economy, while macroeconomic uncertainty continued. - FY2025-H1WorsenedAnnual report
「However, the outlook remained uncertain due to rising prices, the impact of continued high interest rates in the US and Europe, concerns about the outlook for the Chinese economy, and developments in the Middle East.」
In addition to rising prices, continued high interest rates and concerns about the outlook for the Chinese economy, developments in the Middle East were identified as a source of uncertainty. - FY2024-Q2WorsenedAnnual report
「However, economic growth rates, particularly in developed economies, continued to stagnate, and the outlook remained uncertain due to the impact of global monetary tightening, concerns about the outlook for the Chinese economy, rising prices and heightened tensions in the Middle East, among other factors.」
In addition to the previously cited stagnation in developed economies, monetary tightening, the Chinese economy and rising prices, heightened tensions in the Middle East were newly identified as a source of uncertainty. No specific figures were provided, and no direct impact on the company’s performance was stated; therefore, quantified=false and materialized=false. - FY2024-Q1WorsenedAnnual report
「However, economic growth rates, particularly in developed economies, continued to stagnate, and the risk of recession due to tighter monetary policy and prolonged inflation remained unresolved.」
In addition to the previously cited trade issues and infectious disease, the disclosure explicitly identified stagnating growth in developed economies, tighter monetary policy and the risk of recession due to prolonged inflation. - FY2023-Q3WorsenedAnnual report
「Overseas economies also experienced a broad-based slowdown in growth due to the renewed spread of infections in China and the impact of global price increases, among other factors.」
The disclosure stated that the slowdown in overseas economic growth had become broad-based due to the renewed spread of infections in China and global price increases. - FY2023-Q2WorsenedAnnual report
「However, with global monetary tightening continuing, the outlook for the economy remained uncertain due to increased downside risks for overseas economies and rising energy and raw material prices resulting from the sharp depreciation of the yen, among other factors. Overseas economies also experienced a broad-based slowdown in growth due to the prolonged situation in Ukraine, the lingering impact of COVID-19 and rising inflation rates.」
In addition to the previously cited infectious disease and the situation in Ukraine, global monetary tightening, downside risks for overseas economies, the sharp depreciation of the yen, rising energy and raw material prices, and higher inflation rates were explicitly identified as sources of uncertainty. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy showed signs of moving toward normalisation of social and economic activity as various restrictions related to COVID-19 were eased. However, the outlook for the economy remained uncertain due to volatility in financial and capital markets, rising energy and raw material prices, supply-side constraints caused by semiconductor shortages, and concerns about a renewed spread of infections caused by new COVID-19 variants. Overseas economies also showed increasingly broad signs of slowing, owing to the prolonged situation in Ukraine, rising inflation, particularly in the US and major European countries, and the impact of the spread of COVID-19 and lockdowns in China.」
While there were signs of normalisation following the easing of activity restrictions, sources of uncertainty expanded to include volatility in financial markets, rising energy and raw material prices, semiconductor shortages, new variants, the prolonged situation in Ukraine, inflation and China’s lockdowns. - FY2022WorsenedAnnual report
「Overseas economies also maintained signs of recovery, led by the US, but remained highly uncertain amid uncertainty arising from the situation in Ukraine and other factors, including rising energy and raw material prices, volatility in financial and capital markets, supply-side constraints caused by semiconductor shortages, and the impact of the spread of COVID-19.」
In addition to the previously cited trade issues and the Chinese economy, the situation in Ukraine, rising energy and raw material prices, volatility in financial markets and semiconductor supply constraints were identified as sources of uncertainty. - FY2022-Q3Slower recovery in China; recovery in the US and Europe maintainedAnnual report
「Overseas economies also maintained signs of recovery in the US and Europe, although the pace of economic recovery in China slowed.」
Regarding overseas economies, the disclosure newly stated that the pace of China’s economic recovery had slowed, while explaining that the recovery trend in the US and Europe had been maintained. - FY2022-Q1MitigatedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy remained in a severe condition due to the impact of COVID-19, although some signs of recovery were seen. Overseas economies were also in a severe condition, but showed signs of improvement, led by the US and China.」
While Japan’s economy remained severe due to the impact of COVID-19, overseas economies were described as improving, led by the US and China, indicating some easing from the uncertain and severe conditions described in the previous period. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy remained in a severe condition due to the renewed spread of COVID-19, despite some signs of recovery, including a bottoming out in capital investment. Overseas economies also remained uncertain due to similar effects.」
The explanation changed from one that included some signs of recovery in the previous quarter to one stating that Japan’s economy remained severe due to the renewed spread of COVID-19 and that the outlook for overseas economies was also uncertain. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy remained in a severe condition as economic activity was restricted by the spread of COVID-19, causing corporate earnings to deteriorate rapidly, among other effects. Although various policies were expected to help raise the level of social activity, the situation remained unpredictable, with the number of infections again trending upward. Overseas economies also remained in a severe condition due to similar effects, including declines in personal consumption and capital investment.」
In addition to the previously cited trade issues, the Chinese economy and policy uncertainty, the disclosure referred to restrictions on economic activity caused by the spread of COVID-19, deteriorating corporate earnings, and declines in personal consumption and capital investment, indicating a significant deterioration in macroeconomic risks in Japan and overseas. - FY2020-Q3RestatedAnnual report
「Overall, overseas economies, led by the US, were gradually recovering, but remained uncertain due to tensions surrounding trade issues and the economic slowdown in China, among other factors.」
The disclosure continued to refer to uncertainty arising from trade issues and China’s economic slowdown, while explaining that overseas economies as a whole were gradually recovering. - FY2020-Q2WorsenedAnnual report
「Overall, overseas economies were gradually recovering, but weak conditions were seen mainly in Asia and Europe, owing to tensions surrounding trade issues, uncertainty about the outlook for the Chinese economy and the UK’s withdrawal from the EU, among other factors.」
The disclosure stated that uncertainty surrounding trade issues, the Chinese economy and the UK’s withdrawal from the EU persisted, and that weak conditions were seen mainly in Asia and Europe. - FY2020-Q1WorsenedAnnual report
「Overseas economies also maintained a moderate recovery trend, although uncertainty about developments in trade issues, the outlook for the Chinese economy, policy-related uncertainty and volatility in financial and capital markets increased.」
In addition to the previously cited trade issues, the Chinese economy and policy uncertainty, volatility in financial and capital markets was explicitly identified as a source of uncertainty, and the disclosure stated that uncertainty had increased. - FY2019RestatedAnnual report
「Overseas economies also maintained a moderate recovery trend, although uncertainty about developments in trade issues and the outlook for the Chinese economy increased.」
The disclosure continued to refer to uncertainty about trade issues and the outlook for the Chinese economy, while also mentioning the moderate recovery trend in overseas economies. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy showed a moderate recovery as personal consumption picked up and employment conditions improved. Overseas economies also maintained a moderate recovery trend, although uncertainty about developments in trade issues and the outlook for the Chinese economy increased.」
The disclosure continued to refer to uncertainty about trade issues and the outlook for the Chinese economy, while explaining that overseas economies maintained a moderate recovery trend. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy showed a moderate recovery as personal consumption picked up and employment conditions improved. Overseas economies also maintained a moderate recovery trend, although uncertainty about the outlook increased due to developments in trade issues and uncertainty surrounding overseas economies.」
Developments in trade issues and uncertainty surrounding overseas economies continued to be identified as concerns, while the moderate recovery trend in overseas economies was also mentioned. - FY2019-Q1ReframedAnnual report
「Overseas economies also continued to show signs of recovery, although there were concerns about developments in trade issues, with the US economy, among others, remaining robust.」
The wording changed from a focus on policy uncertainty and other factors to explicitly identifying developments in trade issues as a concern. At the same time, the strength of the US economy and the recovery trend in overseas economies were also mentioned. - FY2018-Q3ReframedAnnual report
「Overseas economies also remained firm, although there were concerns arising from the impact of policy-related uncertainty, with the US economy, among others, remaining robust.」
The wording continued to identify policy-related uncertainty as a concern, while also referring to the resilience of overseas economies, including the strength of the US economy. - FY2018-Q2ReframedAnnual report
「Overseas economies continued on a moderate recovery trend, with the US economy steadily recovering and signs of a pickup in the Chinese economy. However, concerns that could weigh on Japan’s economy, including the outlook for economies in emerging Asian countries and elsewhere and the impact of uncertainty surrounding the policies of various countries, have not been dispelled.」
The wording for the concerns changed from China’s economic slowdown, the UK’s withdrawal from the EU and the normalisation of US monetary policy to the outlook for emerging Asian economies and uncertainty surrounding government policies. - FY2018-Q1ReframedAnnual report
「Meanwhile, the outlook remained uncertain, amid concerns over the impact of the normalization of US monetary policy, the outlook for emerging economies including China, and policy-related uncertainty.」
The wording of the concerns changed from the previous references to China’s economic slowdown, the UK’s EU withdrawal and the change of administration in the United States to the normalization of US monetary policy, the outlook for emerging economies and policy-related uncertainty. - FY2017-Q3WorsenedAnnual report
「Meanwhile, the outlook remained uncertain, amid concerns over the impact of slower economic growth in emerging economies, including China, the UK’s EU withdrawal issue and the change of administration in the United States.」
In addition to the existing concerns over China’s economic slowdown and the UK’s EU withdrawal, the change of administration in the United States was also identified as a concern, broadening the range of factors contributing to uncertainty. - FY2017-Q1First statedAnnual report
「The outlook remained uncertain, amid concerns over the impact on the global economy of the UK’s EU withdrawal issue, in addition to a deterioration in the export environment caused by China’s economic slowdown and the rapid appreciation of the yen.」
For the operating environment during the quarter, the company mentioned for the first time concerns over the impact of China’s economic slowdown and the UK’s EU withdrawal issue on the global economy. The reference to yen appreciation is linked to the existing foreign exchange risk.