Uncertain Outlook Due to Economic Slowdown in Japan and Overseas and the UK's Withdrawal from the EU
First written in FY2017-Q1. 15 of 30 entries say "Restated". Latest entry: FY2026.
Nippon Avionics moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
68 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「In addition to the geopolitical risks seen to date, uncertainty about the outlook increased further.」
It recognized that uncertainty about the outlook had increased further as the depreciation of the yen, soaring material costs, difficulty securing resources such as rare metals and the impact of the situation in the Middle East were added to the existing factors. - 2026-05-12WorsenedRevision of earnings forecasts
「In addition to the geopolitical risks seen to date, uncertainty about the outlook increased further.」
In addition to geopolitical risks, the disclosure cites the weaker yen, higher material costs, difficulty securing resources and the impact of the situation in the Middle East, strengthening its language concerning uncertainty about the outlook. - FY2025Continued uncertainty, including tariff measuresAnnual report
「Although we believe that the direct impact of tariff measures imposed by the U.S. government is limited at present, we will continue to closely monitor and respond as appropriate to the impact of supply chains arising from the trade policies of various countries, as well as the impact on the financial markets and capital investment demand of various countries.」
It explained that, while domestic production and capital investment were showing signs of recovery, it would continue to monitor uncertainty arising from the situation in Ukraine, tensions in the Middle East, the Chinese economy, U.S. trade policy and tariff measures. - FY2025-H1Domestic recovery alongside global uncertaintyAnnual report
「During the six months ended 30 September, the Japanese economy showed signs of a gradual recovery in manufacturing production and capital investment. Meanwhile, the global economy remained in an uncertain environment due to instability in global affairs, including the prolonged situation in Ukraine and heightened tensions in the Middle East, concerns over the outlook for the Chinese economy, inflation and the continued high level of interest rates in Europe and the United States.」
While gradual recovery was indicated in domestic manufacturing and capital investment, uncertainty surrounding global affairs, the Chinese economy, prices and interest rates continued. - FY2024RestatedAnnual report
「However, uncertain and unpredictable conditions continued due to instability in global affairs, including the prolonged situation in Ukraine and heightened tensions in the Middle East, stagnation in overseas economies, global inflation and the ongoing depreciation of the yen.」
While acknowledging the normalization of economic activity and the recovery in economic conditions, it explained that uncertainty due to the situation in Ukraine, tensions in the Middle East, overseas economies, inflation and the depreciation of the yen continued. - FY2024-Q3Economic recovery coexists with uncertain factorsAnnual report
「During the first nine months of the fiscal year, the Japanese economy showed signs of gradual recovery, including the normalization of economic activity following the recovery in automobile production and a recovery in economic conditions driven mainly by inbound tourism. However, uncertainty about the outlook continued due to higher energy and raw material prices and supply concerns caused by instability in global affairs, including the prolonged situation in Ukraine, stagnation in overseas economies centered on China, and heightened tensions in the Middle East.」
While recovery in automobile production and normalization of economic activity were indicated, uncertainty remained due to the situation in Ukraine, higher prices and supply concerns, stagnation in the Chinese economy and heightened tensions in the Middle East. - FY2023WorsenedAnnual report
「However, conditions became difficult due to the prolonged situation in Ukraine, substantial exchange-rate volatility amid ongoing global monetary tightening, the impact of China's COVID-19 measures on the economy, rising global energy prices, higher raw material prices and continued uncertainty on the supply side.」
The situation in Ukraine, global monetary tightening, substantial exchange-rate volatility, the Chinese economy, higher energy and raw material prices, and supply-side uncertainty were cited together, indicating increased uncertainty in the macro environment. - FY2023-Q3WorsenedAnnual report
「During the first nine months of the fiscal year, the Japanese economy showed signs of normalization in social and economic activity and a gradual recovery due to the easing of restrictions on movement related to COVID-19 and the effects of various policies. However, difficult conditions continued due to the prolonged situation in Ukraine, volatile exchange rates amid ongoing global monetary tightening, the impact on the economy of China's COVID-19 measures, higher raw material prices and continued uncertainty on the supply side.」
While acknowledging the normalization of economic activity, it cited the situation in Ukraine, global monetary tightening, volatile exchange rates, the impact of China's measures against COVID-19 on the economy, and higher raw material prices and supply-side uncertainty, indicating increased uncertainty in the macro environment. - FY2023-Q2WorsenedAnnual report
「During the first six months of the fiscal year, the Japanese economy showed signs of a gradual recovery due to the easing of restrictions on economic activity related to COVID-19 and the effects of various policies. However, as the situation in Ukraine continued for an extended period and global monetary tightening persisted, the yen depreciated rapidly, and uncertainty about the outlook continued due to higher raw material prices and supply-side factors.」
While acknowledging the recovery in economic activity, it cited the prolonged situation in Ukraine, the rapid depreciation of the yen, higher raw material prices and supply-side uncertainty as additional downside factors. - FY2023-Q1WorsenedAnnual report
「During the first three months of the fiscal year, the Japanese economy showed signs of recovery as economic and social activity moved toward normalization due to measures against COVID-19 and the effects of various policies. However, amid concerns over the prolonged situation in Ukraine and the impact of restrictions on economic activity in China, conditions now require attention to downside risks arising from higher raw material prices, supply constraints and volatility in the financial and capital markets.」
While acknowledging the normalization of economic and social activity and the recovery in economic conditions, it cited the prolonged situation in Ukraine, restrictions on economic activity in China, higher raw material prices, supply constraints and volatility in the financial and capital markets as downside factors, indicating increased uncertainty in the macro environment. - FY2022WorsenedAnnual report
「On the other hand, amid concerns that the impact of Russia's invasion of Ukraine could be prolonged, we expect uncertain conditions to continue, including downside risks arising from constraints on the supply of raw materials and higher prices, as well as volatility in the financial and capital markets.」
In addition to the existing uncertainty caused by the pandemic, U.S.-China friction and other factors, Russia's invasion of Ukraine, constraints on the supply of raw materials and higher prices, and volatility in the financial and capital markets were identified as new downside factors. - FY2022-Q3WorsenedAnnual report
「During the first nine months of the fiscal year, the Japanese economy showed signs of recovery as the severe conditions caused by COVID-19 gradually eased. However, in addition to the impact of semiconductor shortages on various industries and soaring raw material prices, concerns over the rapid spread of the Omicron variant of COVID-19 increased, and uncertainty about the outlook is rising again.」
While the economy showed signs of recovery, uncertainty about the macro environment rose again due to concerns over semiconductor shortages, soaring raw material prices and the rapid spread of the Omicron variant. - FY2022-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, the Japanese economy showed signs of a gradual recovery, with overseas economies recovering and exports increasing, despite the extension of the state of emergency and implementation of priority preventive measures in response to the renewed spread of COVID-19 infections.」
While uncertainty caused by the resurgence of infections and other factors remained, a recovery in economic conditions was reported against the backdrop of recovery in overseas economies and increased exports. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, exports showed an upward trend as overseas economies recovered, but the outlook remained extremely uncertain due to the impact of the state of emergency and priority preventive measures implemented in response to the renewed spread of COVID-19 infections.」
Although the overseas economies and exports showed signs of recovery, it was explained that uncertainty about the outlook for domestic and overseas economic and business conditions continued due to the resurgence of infections and declarations of a state of emergency. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, the Japanese economy remained in a difficult situation due to the impact of COVID-19, although signs of a recovery were seen in some areas. Looking ahead, uncertainty has increased further due to the renewed spread of infections.」
It explained that, in addition to the existing uncertainty surrounding economic and business conditions, the further spread of COVID-19 had increased uncertainty about the outlook. - FY2020WorsenedAnnual report
「Since the beginning of the year, economic activity has been constrained by the global spread of COVID-19, and the economy has slowed sharply.」
In addition to the uncertainty caused by the previous U.S.-China trade friction and other factors, constraints on economic activity caused by COVID-19 and a sharp economic slowdown actually occurred. - FY2020-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy remained in an uncertain environment, despite continued improvements in employment and income conditions, as the global economy faced various uncertainties, including the impact of the consumption tax rate increase on consumer sentiment, the U.S.-China trade friction, developments in the Chinese economy and the UK's withdrawal from the EU.」
While acknowledging improvements in employment and income conditions, it maintained its view that the outlook remained uncertain due to the consumption tax rate increase, the U.S.-China trade friction, the Chinese economy and the UK's withdrawal from the EU. - FY2020-Q2RestatedAnnual report
「During the first six months of the fiscal year, the Japanese economy remained in an uncertain environment, despite continued gradual improvements in employment and income conditions, as weakness persisted mainly in exports to Asia and the EU and concerns over stagnation in the global economy remained due in part to the effects of the U.S.-China trade friction.」
While acknowledging improvements in employment and income conditions, it cited weak exports to Asia and the EU and concerns over stagnation in the global economy due to the U.S.-China trade friction, maintaining its view that the outlook remained uncertain. - FY2020-Q1WorsenedAnnual report
「During the first three months of the fiscal year, the Japanese economy remained in an uncertain environment due to concerns over stagnation in the global economy associated with the prolonged U.S.-China trade friction, despite continued improvements in employment and income conditions. Capital investment was also being postponed, particularly in the manufacturing sector, against the backdrop of sluggish exports resulting from the slowdown in the Chinese economy.」
The prolonged U.S.-China trade friction and sluggish exports resulting from the slowdown in the Chinese economy materialized as delays in capital investment by manufacturers. Uncertainty in the macro environment was translating into actual investment restraint. - FY2019-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy continued to recover gradually. Although concerns remained, including over the U.S.-China trade friction, personal consumption showed signs of recovery against the backdrop of improving employment and income conditions.」
While citing the U.S.-China trade friction as a source of concern, it recognized that the domestic economy was continuing to recover gradually. - FY2019-Q2RestatedAnnual report
「During the first six months of the fiscal year, the Japanese economy continued to recover gradually, despite the outlook for economies in emerging markets, including China, developments in trade issues and the impact of a succession of natural disasters, supported by improvements in corporate earnings and employment and income conditions.」
While citing emerging-market economies such as China, trade issues and natural disasters as sources of uncertainty, it recognized that the domestic economy was continuing to recover gradually. - FY2019-Q1RestatedAnnual report
「During the first three months of the fiscal year, the Japanese economy continued to see increases in capital investment and research and development investment to address labor shortages against the backdrop of expanding corporate earnings. Personal consumption remained firm as employment and income conditions continued to improve, while the economy was affected by downside risks, including geopolitical risks arising from heightened tensions in the Middle East and around North Korea, as well as escalating disputes over U.S. trade policy.」
While describing the resilience of the domestic economy, it cited geopolitical risks, including tensions in the Middle East and around North Korea, and disputes over U.S. trade policy as downside factors for the economy. - FY2018RestatedAnnual report
「Looking ahead, the macroeconomic and social environment surrounding the Company, including U.S. policy developments, protectionist moves by various countries and concerns over geopolitical risks, has become characterized by persistent uncertainty, and we expect this unpredictable environment to continue.」
It recognized that uncertainty in the macro environment due to U.S. policy, protectionism and geopolitical risks would persist. - FY2018-Q3RestatedAnnual report
「During the third quarter of the consolidated cumulative period, Japan's economy showed signs of recovery in personal consumption and capital investment against a backdrop of improving employment conditions and corporate earnings. The global economy also remained on a gradual recovery trend, despite concerns about geopolitical risks in some regions.」
It recognized that the domestic and overseas economies were showing signs of recovery and a gradual improvement trend, while concerns about geopolitical risks in certain regions remained. - FY2018-Q2RestatedAnnual report
「Although the global economy showed a gradual recovery, conditions remained uncertain due to concerns about geopolitical risks in some regions and policy developments in Europe, the US and other countries.」
Regarding the global economy, the company cited geopolitical risks and policy developments in Europe, the US and other countries as new sources of uncertainty, while continuing to recognize the outlook as uncertain. - FY2018-Q1RestatedAnnual report
「During the first quarter of the consolidated cumulative period, Japan's economy showed signs of a recovery in personal consumption and capital investment against a backdrop of improving employment conditions and corporate earnings. However, the outlook remained uncertain due to concerns about US monetary policy and economic conditions in China and other emerging Asian economies.」
Although the domestic economy showed signs of recovery, the company continued to recognize an uncertain outlook due to concerns about US monetary policy and the economies of emerging Asian economies, including China. - FY2017RestatedAnnual report
「Regarding the outlook, the macroeconomic and social environment surrounding the company, including US policy developments and protectionist moves by various countries, has become characterized by persistent uncertainty, and the company expects this period of limited visibility to continue.」
The company indicated that uncertainty in the macro environment due to US policy, protectionism and overseas economies would persist. - FY2017-Q3RestatedAnnual report
「Although conditions remained uncertain due to increasing uncertainty surrounding the economic situation in China and other emerging Asian economies and financial market volatility resulting from factors including the US presidential election,」
The company cited uncertainty in China and emerging Asian economies and financial market volatility resulting from factors including the US presidential election, and continued to recognize a lack of clarity in the business environment. - FY2017-Q2RestatedAnnual report
「Although employment and income conditions in Japan continued to improve during the second quarter of the consolidated cumulative period, corporate earnings showed signs of stagnation as the stronger yen prompted export-related companies in particular to remain cautious about capital investment. In addition, the business outlook remained uncertain amid risks of a downturn in the UK’s withdrawal from the EU and in the economies of China and other emerging Asian economies and resource-producing countries.」
The company cited the stronger yen, the UK's withdrawal from the EU and downside risks to the economies of emerging Asian economies and resource-producing countries, including China, and continued to recognize the outlook as uncertain. - FY2017-Q1First statedAnnual report
「The economy remained uncertain, amid concerns about the effects on the global economy of economic slowdowns in China and other emerging Asian economies and resource-producing countries, as well as the UK's withdrawal from the EU.」
The explanation of the business environment for the quarter noted concerns about economic slowdowns in emerging Asian economies and resource-producing countries, as well as the effects of the UK's withdrawal from the EU.