U.S.-China Trade Frictions and Concerns Over a Global Economic Slowdown
First written in FY2019-Q3. 10 of 25 entries say "Worsened", first in FY2020-Q1. Latest entry: 2026-08-07.
The whole theme swung hardest in 2022: 106 of 135 companies on the "Worse" side.
- 2026-08-07RestatedEarnings
「Uncertainty about the outlook also continued due to the impact of the situation in the Middle East and volatility in financial and capital markets.」
The company continued to cite uncertainty arising from the situation in the Middle East and volatility in financial and capital markets. - FY2026WorsenedAnnual report
「During the current consolidated fiscal year, uncertainty increased in the global economy due to escalating tensions in the Middle East, the impact of US trade policies, and the continued stagnation of China's economy.」
The disclosure states that uncertainty in the global economy increased due to the impact of US trade policies, escalating tensions in the Middle East, and continued stagnation in China's economy. - 2026-05-14WorsenedEarnings
「Uncertainty increased due to heightened tensions in the Middle East, the impact of U.S. trade policy and the continuing economic slowdown in China.」
The disclosure identified the situation in the Middle East, U.S. trade policy and China’s economic slowdown as sources of uncertainty for the global economy. - FY2026-H1WorsenedAnnual report
「During the current interim consolidated fiscal period, the global economy's recovery slowed due to the wider impact of US trade policies, while the effects of a backlash from front-loaded demand ahead of higher tariffs and uncertainty were observed.」
The disclosure states that US trade policies and the backlash from higher tariffs contributed to a slowdown in the global economic recovery and increased uncertainty, adding and specifying concerns about the external environment. - FY2025-H1Partial recovery amid high interest rates, stagnation in China's property market and the situation in the Middle EastAnnual report
「During the current interim consolidated fiscal period, the global economy was affected by continued high interest rates in Europe and the US, continued stagnation in China's property market, and the situation in the Middle East. Meanwhile, personal consumption and capital investment increased in the US, while some parts of Europe showed signs of economic recovery despite remaining stagnant in places.」
The disclosure describes the continuing effects of high interest rates, stagnation in China's property market and the situation in the Middle East, while also noting increases in personal consumption and capital investment in the US and some recovery in Europe. - FY2024WorsenedAnnual report
「During the current consolidated fiscal year, the global economy showed increasing signs of stagnation due to heightened tensions in international affairs, continued inflation and monetary tightening in Europe and the US, and China's economic slowdown.」
In addition to existing geopolitical tensions and the deterioration of China's economy, the disclosure describes increasing stagnation in the global economy due to the situation in the Middle East and continued inflation and monetary tightening. - FY2024-Q3MaterialisedAnnual report
「Capital investment by manufacturers that are major customers of the Group (the Company and its consolidated subsidiaries), including those in the steel, electronic components, chemicals, semiconductor, printing and paper processing, and food industries, continued to show some signs of recovery, although trends varied by industry. Meanwhile, certain product areas were affected by heightened geopolitical competition in relations between the United States and China and by the deterioration of the Chinese economy.」
While capital investment continued to recover, the disclosure describes heightened geopolitical competition between the US and China and the deterioration of China's economy as factors affecting some product areas. - FY2024-Q2Global economic recovery and impact of geopolitical competition in US-China relationsAnnual report
「Capital investment by manufacturers that are major customers of the Group (the Company and its consolidated subsidiaries), including those in the steel, electronic components, chemicals, semiconductor, printing and paper processing, and food industries, continued to show some signs of recovery, although trends varied by industry. Meanwhile, certain product areas were affected by heightened geopolitical competition in relations between the United States and China.」
The disclosure states that, while capital investment continued to recover to a certain degree, heightened geopolitical competition between the US and China affected some product areas. - FY2024-Q1Global economic recovery and decline in semiconductor investmentAnnual report
「During the three-month period of the current consolidated fiscal year, the global economy recovered gradually, supported by a recovery in personal consumption and capital investment, despite rising energy prices caused by the situation in Russia and Ukraine and other factors. In Japan, consumer prices rose, but economic activity picked up as infection-control measures were relaxed following the reclassification of the novel coronavirus disease and supply chain constraints that had persisted began to ease.」
The disclosure states that, while uncertainties such as high energy prices remained, the global economy recovered gradually against a backdrop of recovering personal consumption and capital investment, and the domestic economy also became more active. - FY2023-Q3RestatedAnnual report
「During the nine-month period of the current consolidated fiscal year, the global economy remained highly uncertain amid rising energy prices and inflation caused by the situation in Russia and Ukraine and other factors, as major countries adopted measures to contain inflation through interest-rate hikes. In Japan, rising prices and supply-side constraints had an impact amid significant exchange-rate fluctuations.」
The uncertain economic environment caused by the situation in Russia and Ukraine, rising energy prices, inflation, interest-rate hikes, exchange-rate fluctuations and supply constraints has continued. - FY2023-Q2RestatedAnnual report
「During the six-month period of the current consolidated fiscal year, the global economy remained highly uncertain amid rising energy prices and inflation caused by the situation in Russia and Ukraine and other factors, as major countries adopted measures to contain inflation through interest-rate hikes. In Japan, rising prices and supply-side constraints had an impact as the yen depreciated rapidly.」
The uncertain economic environment caused by the situation in Russia and Ukraine, rising energy prices, inflation, interest-rate hikes, yen depreciation and supply constraints has continued. - FY2023-Q1WorsenedAnnual report
「During the three-month period of the current consolidated fiscal year, the global economy, including Japan, remained highly uncertain due to rising energy prices and declining demand caused by the situation in Russia and Ukraine and lockdowns in China, followed by interest-rate hikes by the world's major central banks.」
In addition to the previous concerns over a global economic slowdown, uncertainty remained high due to the situation in Russia and Ukraine, lockdowns in China, rising energy prices, declining demand, and interest-rate hikes by central banks in various countries. - FY2022-Q3WorsenedAnnual report
「Meanwhile, some supply chains were disrupted by shortages of semiconductors, electronic components and resin components, while renewed spread of infections caused by the Omicron variant increased uncertainty over the economic outlook.」
The disclosure states that, while economic activity was recovering, shortages of semiconductors, electronic components and resin components, together with the renewed spread of infections caused by the Omicron variant, increased uncertainty over the outlook. - FY2022-Q2Recovery continues amid supply chain disruptionsAnnual report
「During the six-month period of the current consolidated fiscal year, the global economy remained severe due to the global spread of the novel coronavirus disease, but recovery generally continued. In Japan, economic recovery was also seen as vaccine coverage expanded and the global economy recovered. Meanwhile, some supply chains were disrupted due to shortages of semiconductors, resin products and other items.」
While the global economy and domestic economic conditions continued to recover, the disclosure newly notes supply chain disruptions caused by shortages of semiconductors, resin products and other items. - FY2022-Q1Signs of economic recoveryAnnual report
「During the three-month period of the current consolidated fiscal year, the global economy remained severe due to the global spread of the novel coronavirus disease, but signs of recovery were seen. In Japan, a positive growth outlook emerged as vaccine coverage expanded and the global economy recovered.」
While severe conditions continued due to the impact of the novel coronavirus disease, the disclosure states that signs of recovery were seen in the global economy and that the domestic economy was also expected to achieve positive growth. - FY2021RestatedAnnual report
「During the current consolidated fiscal year, the global economy suffered a significant downturn in the first half as the novel coronavirus disease spread worldwide, but efforts to resume economic activity were seen toward the second half, including through vaccine development.」
The disclosure continues to describe the downturn in the global economy caused by the novel coronavirus disease and moves toward resuming economic activity in the second half of the year. - FY2021-Q3RestatedAnnual report
「During the nine-month period of the current consolidated fiscal year, efforts to resume economic activity were seen as the novel coronavirus disease continued to spread worldwide. In Japan, although severe economic conditions continued due to the impact of the disease and other factors, some signs of recovery were also seen.」
While continuing to describe the severe economic conditions caused by the global spread of the novel coronavirus disease, the disclosure also indicates efforts to resume economic activity and some signs of recovery. - FY2021-Q2RestatedAnnual report
「During the six-month period of the current consolidated fiscal year, the global economy experienced a significant downturn as social and economic activity stagnated to prevent the spread of the novel coronavirus disease, followed by signs of recovery as economic activity resumed. In Japan, the spread of the disease had a significant impact on corporate activity and consumer trends.」
The disclosure continues to describe the significant downturn in the global economy caused by the novel coronavirus disease and its impact on domestic corporate activity and consumer trends. It also describes signs of recovery in economic activity. - FY2021-Q1WorsenedAnnual report
「During the three-month period of the current consolidated fiscal year, the global economy stagnated as the novel coronavirus disease spread. In Japan, a declaration of a state of emergency over the novel coronavirus was issued from early April through late May, restricting economic activity.」
In addition to US-China trade friction and other factors, the global economy stagnated as the novel coronavirus disease spread, while restrictions were placed on economic activity in Japan. - FY2020WorsenedAnnual report
「Although the global economy was generally firm during the first half of the year, unstable conditions continued due to escalating US-China trade friction and the UK's departure from the EU. The spread of the novel coronavirus during the second half of the year had a significant impact on the real economy.」
In addition to the existing issues of US-China trade friction and the UK's departure from the EU, the disclosure describes the significant impact of the spread of the novel coronavirus on the real economy. - FY2020-Q3RestatedAnnual report
「During the nine-month period of the current consolidated fiscal year, the global economy continued to slow against a backdrop of US-China trade friction and the UK's issue of leaving the EU. In Japan, exports weakened against a backdrop of the global economic slowdown, and the outlook remained uncertain.」
The disclosure continues to describe the global economic slowdown stemming from US-China trade friction and the UK's issue of leaving the EU, as well as weak domestic exports and uncertainty over the outlook. - FY2020-Q2WorsenedAnnual report
「During the six-month period of the current consolidated fiscal year, the global economy's slowdown intensified against a backdrop of US-China trade friction and the UK's issue of leaving the EU. Japan's economy remained uncertain against a backdrop of the global economic slowdown.」
The disclosure states that the global economy's slowdown intensified against a backdrop of US-China trade friction and the UK's issue of leaving the EU. - FY2020-Q1WorsenedAnnual report
「During the three-month period of the current consolidated fiscal year, the global economy showed signs of slowing against a backdrop of heightened geopolitical risks, including US-China trade friction and the UK's issue of leaving the EU. Japan's economy remained uncertain against a backdrop of the global economic slowdown.」
The disclosure identifies geopolitical risks including the UK's issue of leaving the EU, in addition to US-China trade friction, and describes the economic slowdown and uncertainty surrounding the outlook for the domestic economy. The factors contributing to deterioration in the external environment have broadened from previously. - FY2019RestatedAnnual report
「Although the global economy was generally firm during the year, concerns over a slowdown in the real economy spread as US-China trade friction intensified. Japan's economy continued a gradual recovery supported by solid capital investment and personal consumption, but remained uncertain against a backdrop of concerns over a global economic slowdown.」
The disclosure continues to describe the impact of US-China trade friction on the real economy, concerns over a global economic slowdown, and uncertainty over the outlook. - FY2019-Q3First statedAnnual report
「Although the global economy remained generally firm during the nine-month period of the current consolidated fiscal year, escalating US-China trade friction began to affect the real economy. Japan's economy continued a gradual recovery supported by capital investment and personal consumption, but the outlook remained uncertain against a backdrop of concerns over a global economic slowdown.」
The analysis of operating results explicitly identifies, for the first time, the impact of US-China trade friction on the real economy and uncertainty over the outlook due to concerns about a global economic slowdown.