China and Emerging-Market Slowdown and Foreign-Exchange Market Instability
First written in FY2016. 9 of 33 entries say "Worsened", first in FY2017-Q2. Latest entry: FY2026.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- FY2026RestatedAnnual report
「Although inflation rates in the global economy were trending down, uncertainty stemming from concerns over trade friction and geopolitical risks remained unresolved, and overall growth remained moderate.」
Uncertainty in the global economy due to inflation, trade friction and geopolitical risks continued. - FY2026-H1RestatedAnnual report
「Although inflation rates were trending down in the global economy, they remained high. Against a backdrop of the effects of monetary tightening and geopolitical risks, growth remained moderate and uncertainty about the outlook continued.」
Uncertainty in the global economy due to inflation, monetary tightening and geopolitical risks continued. - FY2025WorsenedAnnual report
「Regarding the future business environment, the outlook for the global economy remains uncertain due to the prolonged situations in Ukraine and the Middle East, U.S.-led tariff increases, currency movements and concerns over the outlook for the Chinese economy.」
In addition to the existing geopolitical risks and concerns over the Chinese economy, U.S.-led tariff increases were explicitly identified as a factor clouding the external environment. - FY2025-H1A recovery trend and external uncertainties coexisted.Annual report
「During the interim consolidated accounting period (1 April 2024 to 30 September 2024), Japan's economy entered a moderate recovery trend as economic activity normalized, corporate earnings recovered, capital investment picked up and inbound demand continued to expand. However, downside risks remained, including higher raw-material prices due to the weaker yen and stagnant consumer sentiment resulting from higher prices. In the global economy, uncertainty continued due to the prolonged situations in Ukraine and the Middle East, higher energy prices, slower growth in the Chinese economy and U.S.-China trade friction, although countries in the United States and Europe had begun to slow their high-interest-rate policies.」
In Japan, normalization of economic activity and recovery in corporate earnings, capital investment and inbound demand were noted. However, downside risks from the weaker yen, higher prices and rising raw-material costs, as well as uncertainty surrounding geopolitical conditions, the Chinese economy and U.S.-China trade friction, continued. - FY2024-Q3WorsenedAnnual report
「Uncertainty persisted in the global economy due to rising geopolitical risks in Ukraine, the Middle East and elsewhere, concerns over an economic slowdown resulting from higher interest rates, particularly in the United States and Europe, and concerns over the outlook for the Chinese economy.」
In addition to the existing concerns over the situation in Ukraine, higher interest rates and the Chinese economy, rising geopolitical risks in the Middle East and elsewhere were explicitly identified, broadening the factors clouding the global economic outlook. - FY2024-Q2Added concerns over U.S.-China tensions, higher interest rates and the Chinese economy.Annual report
「Uncertainty persisted in the global economy due to the prolonged situation in Ukraine, U.S.-China tensions, concerns over an economic slowdown resulting from higher interest rates, particularly in the United States and Europe, and concerns over the outlook for the Chinese economy.」
In addition to the existing concerns including the situation in Ukraine, U.S.-China tensions, higher interest rates in the United States and Europe, and concerns over the outlook for the Chinese economy were explicitly identified as factors clouding the global economic outlook. - FY2024-Q1A moderation in the semiconductor shortage coexisted with adjustments in PC and server demand.Annual report
「In the Group's main markets, the global semiconductor shortage had eased from the previous fiscal year, but adjustments in component procurement and product inventories continued, particularly as PC and server demand slowed.」
While the semiconductor shortage had eased from the previous fiscal year, adjustments in component procurement and product inventories due to slowing PC and server demand continued. - FY2023-Q3WorsenedAnnual report
「During the cumulative third quarter of the fiscal year (1 April 2022 to 31 December 2022), Japan's economy remained uncertain due to the renewed spread of COVID-19 caused by new variants and the impact of rising prices resulting from the sharp depreciation of the yen and higher raw-material prices. The global economy also became increasingly difficult due to the prolonged situation in Ukraine, accelerating global inflation and soaring energy prices.」
The renewed spread of COVID-19 due to new variants, the sharp depreciation of the yen, higher raw-material and energy prices, global inflation and the prolonged situation in Ukraine coincided, making the external economic environment more challenging. - FY2023-Q2WorsenedAnnual report
「The global economy remained uncertain due to the prolonged semiconductor shortage, Russia's invasion of Ukraine, interest-rate hikes by countries against a backdrop of inflation, and restrictions on activity under China's zero-COVID policy.」
In addition to the existing semiconductor shortage and the situation in Ukraine, interest-rate hikes against a backdrop of inflation and restrictions on activity under China's zero-COVID policy were explicitly identified as factors clouding the outlook. - FY2023-Q1RestatedAnnual report
「The global economy also remained in a situation requiring close monitoring due to the effects of the semiconductor shortage, higher raw-material prices, Russia's invasion of Ukraine and lockdown measures in various parts of China.」
Uncertainty in the external environment due to the semiconductor shortage, higher raw-material prices, the situation in Ukraine and lockdowns in various parts of China continued. - FY2022WorsenedAnnual report
「Regarding the future business environment, the Group expects uncertain conditions to continue due to concerns over a renewed spread of COVID-19, the situation in Ukraine, and sharp increases in raw-material prices and transportation costs.」
In addition to the existing pandemic-related concerns and semiconductor shortage, the situation in Ukraine and sharp increases in raw-material prices and transportation costs were explicitly identified as factors clouding the outlook. - FY2022-Q3An economic recovery coexisted with the semiconductor shortage and concerns over new variants.Annual report
「During the cumulative third quarter of the fiscal year (1 April 2021 to 31 December 2021), Japan's economy remained subject to voluntary restraints and restrictions on economic activity due to the impact of COVID-19. However, following the lifting of the state of emergency, private consumption, particularly spending on services, showed signs of recovery, while signs of a recovery also emerged against a backdrop of progress in vaccinations and improving overseas economies. Nevertheless, in addition to the global semiconductor shortage and higher raw-material prices, developments involving new variants were also a concern, and uncertainty about the outlook continued.」
While signs of a recovery supported by the lifting of the state of emergency, progress in vaccinations and improving overseas economies were noted, the semiconductor shortage, higher raw-material prices and new variants were added as factors clouding the outlook. - FY2022-Q2WorsenedAnnual report
「However, the global semiconductor shortage and higher raw-material prices were also evident, and uncertainty about the outlook continued.」
In addition to the existing activity restrictions caused by COVID-19 and uncertainty in overseas economies, the global semiconductor shortage and higher raw-material prices were explicitly identified as external factors clouding the outlook. - FY2022-Q1A recovery in overseas economies and restrictions on domestic activity coexisted.Annual report
「During the cumulative first quarter of the fiscal year, Japan's economy showed signs of recovery against a backdrop of improving overseas economies. However, economic activity remained subject to voluntary restraints and restrictions to prevent the spread of COVID-19, while repeated declarations of a state of emergency and extensions of priority preventive measures also left the outlook uncertain.」
While a recovery supported by improving overseas economies was noted, restrictions on economic activity and states of emergency continued in Japan, and the outlook remained uncertain. - FY2021A recovery trend and a global semiconductor shortage coexisted.Annual report
「In the Group's core memory-module business, rising memory-product prices and continuing delays in component supplies due to the global semiconductor shortage may affect some products and sales. However, demand for semiconductor products is expected to expand with the spread of 5G and the wider adoption of IoT, and future growth is anticipated.」
While economic activity and customer demand showed signs of recovery, the global semiconductor shortage, higher prices and delays in component supplies were explicitly identified as new external constraints. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy deteriorated rapidly as a result of the global spread of COVID-19, but signs of a recovery emerged as economic activity resumed. However, the number of infections was again trending upward, with no clear prospect of the pandemic subsiding. Concerns remained that its economic impact would be prolonged, and conditions requiring close monitoring continued.」
While economic activity showed signs of recovery after reopening, the renewed increase in infections, the lack of a clear prospect of the pandemic subsiding and concerns over a prolonged impact were explicitly noted, indicating that the uncertainty cited in the previous quarter has continued and intensified. - FY2021-Q2SoftenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy deteriorated rapidly as a result of the global spread of COVID-19, but signs of a recovery emerged as economic activity resumed. However, there was still no clear prospect of the pandemic subsiding, concerns remained that its economic impact would be prolonged, and uncertainty about the outlook continued.」
The emergence of signs of a recovery accompanying the resumption of economic activity softened the tone from the previous quarter's exclusive focus on the rapid deterioration in economic conditions. However, there is still no clear prospect of the pandemic subsiding, and concerns over a prolonged impact continue. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy faced extremely difficult conditions as the global spread of COVID-19 severely restricted social and economic activity and caused a rapid deterioration in economic conditions. Even after the state of emergency was lifted, there was still no clear prospect of the pandemic subsiding, and uncertainty about the outlook continued.」
In addition to the existing uncertainty surrounding overseas economies and trade friction, restrictions on social and economic activity and the sharp deterioration in economic conditions caused by the global spread of COVID-19 were explicitly identified. - FY2020-Q3The prolonged U.S.-China trade dispute explicitly identified as a continuing factor clouding the outlook.Annual report
「During the cumulative third quarter of the fiscal year, Japan's economy remained on a moderate recovery trend as improvements in employment and income conditions continued. However, uncertainty persisted over the outlook, including the potential impact on the global economy of the prolonged U.S.-China trade dispute.」
The impact of the prolonged U.S.-China trade dispute on the global economy continues to be cited as a factor clouding the outlook. - FY2020-Q2Added uncertainty over the UK's EU withdrawal negotiations.Annual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued its moderate recovery, supported by improvements in employment and income conditions. However, uncertainty persisted in the global economy due to concerns over the uncertainty of the UK's EU withdrawal negotiations and the prolonged U.S.-China trade friction.」
In addition to the existing U.S.-China trade friction, uncertainty over the UK's EU withdrawal negotiations was explicitly identified as a factor clouding the outlook for the global economy. - FY2020-Q1Concerns over a slowdown in the Chinese economy and U.S.-China trade friction explicitly identified.Annual report
「During the cumulative first quarter of the fiscal year, Japan's economy continued its moderate recovery, supported by improvements in corporate earnings and employment conditions. Meanwhile, the outlook for the global economy remained a matter requiring close monitoring due to U.S.-China trade friction and concerns over a slowdown in the Chinese economy.」
In addition to the existing trade-friction concerns, concerns over a slowdown in the Chinese economy were explicitly identified as a factor clouding the outlook for the global economy. - FY2019-Q3Domestic natural disasters explicitly identified as a factor clouding the outlook.Annual report
「During the cumulative third quarter of the fiscal year, Japan's economy continued its moderate recovery trend, supported by improvements in private consumption and the environment for capital investment. However, the economic outlook is uncertain due to the effects of natural disasters in Japan and concerns over trade friction in overseas economies.」
In addition to the previously cited concerns over overseas economies and trade friction, the effects of natural disasters in Japan were explicitly identified as a factor clouding the economic outlook. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued its moderate recovery trend, supported by improvements in corporate earnings and employment conditions. However, conditions remained uncertain due to developments in U.S. policy and concerns over trade friction in overseas economies.」
Developments in U.S. policy and trade friction in overseas economies continue to be explicitly identified as factors clouding the economic outlook. - FY2019-Q1Trade-friction concerns explicitly identified.Annual report
「During the cumulative first quarter of the fiscal year, Japan's economy generally continued its moderate recovery trend, supported by improvements in corporate earnings and employment conditions. Meanwhile, the outlook for overseas economies remained uncertain due to concerns including trade friction.」
In addition to the previously cited uncertainty in overseas economies and financial markets, concerns over trade friction were explicitly identified as a factor clouding the outlook for overseas economies. - FY2018SoftenedAnnual report
「Meanwhile, although risks such as volatility in the financial and capital markets remained in the global economy, the economies of the United States, China and emerging markets grew steadily, and conditions remained on a moderate recovery trend.」
Regarding overseas economies, the disclosure describes steady growth in the United States, China and emerging markets, together with a recovery trend while noting the continuing risk of volatility in the financial and capital markets. This represents a less cautious tone than the previous quarter's focus on uncertainty. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy maintained a moderate recovery trend as improvements in corporate earnings and employment conditions continued. However, conditions remained uncertain due to uncertainty in overseas economies and volatility in the financial and capital markets.」
Uncertainty in overseas economies and volatility in the financial and capital markets continue to be cited as factors clouding the economic outlook. - FY2018-Q2Added concerns over U.S. policy and overseas political conditions.Annual report
「During the cumulative second quarter of the fiscal year, Japan's economy maintained a moderate recovery trend, supported by improvements in corporate earnings and employment conditions. However, the outlook remained uncertain due to developments in U.S. policy and concerns over overseas political conditions.」
In addition to the previously cited uncertainty surrounding the economy and foreign exchange, developments in U.S. policy and concerns over overseas political conditions were explicitly identified as factors clouding the outlook. - FY2018-Q1Addition of an uncertainty factorAnnual report
「Under these circumstances, the Group's net sales in its core memory-module-related business significantly exceeded the initial forecast due to higher DRAM and NAND prices. However, higher cost of sales resulting from difficulties in procuring components weighed on profit.」
In addition to the existing uncertainty in China and emerging Asian markets, the quarterly earnings explanation identified difficulties in procuring components as a specific factor weighing on profit. - FY2017MaterialisedAnnual report
「As a result, for the fiscal year, the Group recorded net sales of ¥7,981 million (¥2,114 million in the previous fiscal year), operating profit of ¥119 million (operating loss of ¥6 million in the previous fiscal year), a foreign exchange loss of ¥21 million and ¥14 million in fees for arranging a syndicated loan, resulting in ordinary profit of ¥71 million (ordinary loss of ¥45 million in the previous fiscal year).」
A foreign exchange loss of ¥21 million was incurred for the full year due to currency movements. - FY2017-Q3MaterialisedAnnual report
「For ordinary income, the Company recorded a foreign exchange loss of ¥16 million and ¥14 million in fees for arranging a syndicated loan, resulting in ordinary profit of ¥31 million, an improvement of ¥55 million from the same quarter of the previous year, when it reported an ordinary loss of ¥24 million.」
A foreign exchange loss of ¥16 million was incurred during the quarter in connection with overseas transactions and foreign-currency balances. This was down from the ¥46 million loss in the previous quarter. - FY2017-Q2WorsenedAnnual report
「Ordinary loss was ¥56 million, ¥44 million worse than in the same quarter of the previous year, when ordinary loss was ¥11 million, mainly due to the recognition of a ¥46 million foreign exchange loss and ¥14 million in fees related to arranging a syndicated loan, among other factors.」
A ¥46 million foreign exchange loss was recognized due to the impact of yen appreciation and foreign exchange movements, increasing the loss from ¥35 million at the time of the previous quarterly report. - FY2017-Q1MaterialisedAnnual report
「Ordinary loss was ¥27 million, ¥17 million worse than in the same quarter of the previous year, when ordinary loss was ¥10 million, mainly due to the recognition of a ¥35 million foreign exchange loss.」
A ¥35 million foreign exchange loss was recognized during the current quarter, contributing to ordinary loss. In addition, the high proportion of overseas procurement in the memory module-related business is explicitly noted. - FY2016First statedAnnual report
「In addition to slower production and exports due to the economic slowdown in China and emerging markets, foreign exchange market movements became unstable, and conditions remained uncertain amid concerns about an economic slowdown.」
It identifies the economic slowdown in China and emerging markets, slower production and exports, and increasing foreign exchange market volatility as external conditions during the current fiscal year.