Stagnation in the Domestic Economy and Uncertainty Surrounding the Global Economy
First written in FY2016-Q3. 12 of 30 entries say "Worsened", first in FY2019-Q3. Latest entry: FY2026-H1.
Hamamatsu Photonics K.K. moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
66 other companies' latest entry also says "Worsened".
- FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, the business environment surrounding the Group remained uncertain against a backdrop of continued inflation, fluctuations in raw material and energy prices due to heightened geopolitical risks centered on the Middle East, and unstable international logistics.」
In addition to tariffs and political uncertainty in Europe, continued price increases, geopolitical risks in the Middle East, volatility in raw material and energy prices and unstable international logistics were cited as sources of uncertainty. - 2026-05-14WorsenedRevision of earnings forecasts
「During the interim consolidated accounting period, the business environment surrounding the Group remained uncertain against a backdrop of continued inflation, fluctuations in raw material and energy prices due to heightened geopolitical risks centered on the Middle East, and unstable international logistics.」
In addition to persistent inflation and the international situation, geopolitical risks, raw material and energy prices, and international logistics have emerged as specific sources of uncertainty. - FY2025-H1Moderate growth coexisted with uncertainty over the outlook due to tariffs and political instability in EuropeAnnual report
「During the interim consolidated accounting period, Japan’s economy continued on a moderate growth trend against a backdrop of higher real income resulting from easing inflation. However, conditions remained uncertain due to tariff increases by various countries and growing political instability in major European countries.」
Moderate growth continued against a backdrop of easing inflation and higher real income, while tariff increases by various countries and growing political instability in major European countries were cited as new sources of uncertainty. - FY2024-Q2Improving capital investment and non-manufacturing earnings coexisted with inflation, monetary tightening and concerns over a downturn in China’s economyAnnual report
「During the first 6 months of the fiscal year, corporate capital investment showed signs of recovery despite the effects of high prices and labor shortages, while earnings improved, particularly in the non-manufacturing sector, due to the recovery in inbound tourism demand. However, the outlook remained uncertain and difficult due to accelerating inflation mainly in Europe and the United States, the effects of monetary tightening by various countries and concerns over a downturn in China’s economy.」
While capital investment and improved non-manufacturing earnings supported by inbound tourism demand were reported, high prices, labor shortages, inflation and monetary tightening in Europe and the United States, and concerns over a downturn in China’s economy became specific new sources of uncertainty. - FY2024-Q1Domestic recovery coexisted with downside risks to overseas economies from the situation in the Middle East and monetary tighteningAnnual report
「During the first quarter, Japan’s economy was recovering as economic activity normalized following a policy shift on COVID-19 and inbound tourism demand recovered. However, the outlook remained uncertain, with risks that a downturn in overseas economies due to the situation in the Middle East and the effects of global monetary tightening could weigh on Japan’s economy.」
Domestic economic conditions were considered to be recovering due to economic normalization following the policy shift and the recovery in inbound tourism demand, while downside risks to overseas economies from the situation in the Middle East and global monetary tightening were explicitly stated. - FY2023-Q3Domestic recovery coexisted with an overseas slowdown and an adjustment in the semiconductor marketAnnual report
「During the first 9 months of the fiscal year, economic activity in Japan showed signs of recovery, including increased inbound tourism following the reclassification of COVID-19 to Category 5. However, the economy remained difficult and the outlook uncertain due to growing concerns over a slowdown in overseas economies as monetary tightening continued in Europe and the United States, and the prolonged adjustment in the global semiconductor market.」
While domestic economic activity was considered to be recovering due to the reclassification of COVID-19 to Category 5 and increased inbound tourism, difficult conditions and uncertainty over the outlook continued due to prolonged monetary tightening in Europe and the United States, concerns over a slowdown in overseas economies and the prolonged adjustment in the global semiconductor market. - FY2023-Q2WorsenedAnnual report
「During the first 6 months of the fiscal year, a balance between containing COVID-19 and maintaining economic activity was expected. However, the economy remained difficult and the outlook uncertain due to concerns over a downturn in overseas economies, rising prices, prolonged difficulty procuring materials and the effects of the situation in Ukraine, amid continued global monetary tightening.」
Global monetary tightening, a downturn in overseas economies, rising prices and prolonged difficulty procuring materials were explicitly stated, and the severe assessment of economic conditions and uncertainty over the outlook continued. - FY2023-Q1WorsenedAnnual report
「During the first quarter, some signs of recovery were seen in corporate earnings and capital investment. However, concerns remained unresolved, including difficulty procuring materials, higher raw material prices due to the situation in Ukraine and other factors, and volatile foreign exchange markets. Overseas economies also showed signs of slowing, particularly in developed countries, due to monetary tightening and China’s zero-COVID policy, leaving the outlook uncertain.」
While difficulty procuring materials, higher raw material prices and foreign exchange volatility continued, the slowdown in overseas economies due to monetary tightening and China’s zero-COVID policy was newly stated, and uncertainty over the outlook persisted. - FY2022WorsenedAnnual report
「During the fiscal year, some signs of recovery were seen in corporate earnings and capital investment. However, uncertainty increased due to the resurgence of COVID-19, prolonged difficulty procuring raw materials, and higher resource prices resulting from the situation in Russia and Ukraine. The business environment remained difficult and the outlook uncertain, with concerns over a global economic downturn caused by monetary tightening worldwide.」
In addition to COVID-19, difficulty procuring raw materials, higher resource prices and the situation in Russia and Ukraine, concerns over a global economic downturn caused by monetary tightening were explicitly stated, expanding the sources of uncertainty. - FY2022-Q3WorsenedAnnual report
「During the first 9 months of the fiscal year, some signs of recovery were seen in corporate earnings and capital investment. However, factors of concern included prolonged difficulty procuring materials and higher raw material prices due to the situation in Ukraine and restrictions on economic activity in China. The yen remained significantly weaker, which was a tailwind for the Group in the short term, but the outlook for the global economy remained uncertain, including due to economic trends resulting from monetary tightening in the United States.」
In addition to difficulty procuring materials and the situation in Russia and Ukraine, restrictions on economic activity in China, higher raw material prices and monetary tightening in the United States became specific sources of concern. Yen depreciation was considered a short-term tailwind for the Group. - FY2022-Q2WorsenedAnnual report
「During the first 6 months of the fiscal year, Japan’s economy remained difficult and the outlook uncertain due to the resurgence of COVID-19, prolonged difficulty procuring materials and the effects of the situation in Russia and Ukraine, despite some signs of recovery in corporate earnings and capital investment.」
While corporate earnings and capital investment showed signs of recovery, the resurgence of COVID-19 and prolonged difficulty procuring materials were joined by the situation in Russia and Ukraine as new sources of uncertainty. - FY2022-Q1Economic recovery coexisted with uncertainty from the Omicron variant and difficulty procuring materialsAnnual report
「During the first quarter, Japan’s economy showed signs of a gradual recovery, including increases in corporate earnings and capital investment in some areas. However, the impact of COVID-19 remained severe and the outlook uncertain, with the Omicron variant newly detected in Japan toward the end of the period. In addition, difficulty procuring materials such as electronic components began to affect production and delivery schedules. As of now, the impact on the consolidated earnings forecast for the fiscal year ending September 2022 is minor.」
While recovery in corporate earnings and capital investment indicated an economic improvement, the effects of the Omicron variant and difficulty procuring materials such as electronic components on production and delivery schedules were newly specified. However, the impact on the full-year earnings forecast was considered minor at this time. - FY2021Recovery in demand and record highs coexisted with concerns over semiconductor shortagesAnnual report
「Although the business environment remained difficult due to the prolonged impact of COVID-19, some improvement was seen, including the expansion of global semiconductor-related demand.」
Although performance reached record highs due to demand related to semiconductors, 5G and data centers and demand for medical equipment, the global semiconductor shortage was having a serious impact on manufacturing activity, and uncertainty over the outlook remained. - FY2021-Q3Export recovery driven by semiconductor and digital-related demand became more evidentAnnual report
「During the first 9 months of the fiscal year, Japan’s economy remained uncertain due to the prolonged impact of COVID-19. However, exports continued to show signs of recovery, including an increase, as global demand for digital-related products, particularly semiconductors, expanded.」
While uncertainty due to the prolonged pandemic remained, the recovery became more evident as global demand for digital-related products, including semiconductors, expanded and exports increased. - FY2021-Q2Some recovery driven by semiconductor-related demand amid the prolonged pandemicAnnual report
「During the first 6 months of the fiscal year, Japan’s economy remained in a difficult environment due to the spread and prolonged duration of COVID-19. However, some signs of recovery emerged as global semiconductor-related demand expanded.」
While the difficult conditions caused by the spread and prolonged duration of COVID-19 continued, some signs of recovery were described due to the expansion of global semiconductor-related demand. - FY2021-Q1Early signs of recovery coexisted with a difficult outlook due to the resurgence of infectionsAnnual report
「During the first quarter, Japan’s economy showed some signs of recovery in exports and production. However, the impact of COVID-19 remained severe, and capital investment continued to contract as corporate earnings deteriorated. With COVID-19 infections again spreading in Japan and overseas, the economy remained difficult and the outlook uncertain.」
While some recovery was seen in exports and production, difficult conditions and uncertainty over the outlook persisted due to the resurgence of infections, deteriorating corporate earnings and contracting capital investment. - FY2020WorsenedAnnual report
「The global spread of COVID-19 caused economic activity to stagnate, resulting in a sharp decline in demand across countries and regions and a broad range of sectors. Capital investment contracted as corporate earnings deteriorated, leaving the economy in an extremely difficult and unpredictable situation.」
The severe assessment of economic conditions in the quarterly period continued for the full fiscal year, confirmed by a sharp decline in demand across countries, regions and broad sectors, deteriorating corporate earnings and contracting capital investment. - FY2020-Q3WorsenedAnnual report
「Demand declined sharply as economic activity was restricted in countries and regions worldwide due to the global spread of COVID-19. Corporate earnings also deteriorated rapidly and capital investment contracted, leaving the economy in an extremely difficult and unpredictable situation.」
The impact of COVID-19 caused a sharp decline in demand, a rapid deterioration in corporate earnings and a contraction in capital investment, making the assessment of economic conditions more severe than before. - FY2020-Q2WorsenedAnnual report
「During the first 6 months of the fiscal year, capital investment remained restrained due to US-China trade friction and the slowdown in overseas economies. Economic activity was also constrained by a decline in demand caused by the spread of COVID-19 and supply chain disruptions, and the economy remained increasingly difficult.」
In addition to the existing US-China trade friction and slowdown in overseas economies, the decline in demand and supply chain disruptions caused by COVID-19 were added, making economic conditions more difficult. - FY2020-Q1WorsenedAnnual report
「During the first quarter, Japan’s economy entered a downturn as China’s economy continued to stagnate against a backdrop of trade issues between the United States and China, corporate earnings remained weak, capital investment was restrained, and personal consumption weakened following the consumption tax increase. In addition, conditions in the Middle East became turbulent amid issues related to the nuclear development programs of the United States and Iran. The economy therefore remained in a situation where the outlook could not be taken for granted.」
The previous uncertainty over the economic outlook deteriorated into an economic downturn characterized by weak Chinese economic activity and corporate earnings, restrained capital investment and sluggish personal consumption following the consumption tax increase. Instability in the Middle East was also cited as a new source of uncertainty. - FY2019-Q3WorsenedAnnual report
「The economy remained on a gradual recovery track, with signs of recovery in personal consumption. However, the prolonged US-China trade friction weakened capital investment and exports, particularly in the manufacturing sector. Uncertainty over international trade issues remained high, and the economic outlook could not be taken for granted.」
While personal consumption showed signs of recovery, the prolonged US-China trade friction materialized as weakness in capital investment and exports in the manufacturing sector, and uncertainty over the outlook due to international trade issues persisted. - FY2019-Q2MaterialisedAnnual report
「During the first 6 months of the fiscal year, Japan’s economy remained on a gradual recovery track overall, although exports and production were affected by the slowdown in China’s economy and IT-related demand, while capital investment continued to increase. However, the outlook became difficult due to the effects of international trade issues and concerns over an expected continued slowdown in China’s economy.」
The slowdown in China’s economy and IT-related demand was described as having had an actual impact on exports and production, indicating that previous concerns had materialized in the business environment. The gradual overall recovery was maintained. - FY2019-Q1The gradual economic recovery continued, while concerns over stagnation in China’s economy and US-China trade issues became more specificAnnual report
「During the first quarter, Japan’s economy entered a gradual recovery phase as corporate earnings improved against a backdrop of economic recovery overseas, particularly in Europe and the United States, leading to higher capital investment, while personal consumption also recovered. However, amid trade issues between the United States and China, China’s economic recovery showed signs of stalling, and concerns emerged over the impact on the US economy. The economy therefore remained in a situation where the outlook could not be taken for granted.」
The recovery supported by improving corporate earnings, capital investment and personal consumption continued. Meanwhile, previous concerns over international trade issues became more specific in the form of US-China trade issues, stagnation in China’s economy and concerns over the impact on the US economy. - FY2018The gradual economic recovery continued, while concerns over international trade issues and policy developments were explicitly statedAnnual report
「During the fiscal year, Japan’s economy remained on a gradual recovery track, with capital investment increasing against a backdrop of improving corporate earnings. However, we recognize that the outlook remains uncertain, with concerns toward the end of the fiscal year over the effects of international trade issues and policy developments.」
The domestic economy continued on a gradual recovery track, accompanied by higher capital investment, while the previous references to US-China trade friction were recast as concerns over the outlook arising from international trade issues and policy developments. - FY2018-Q3The gradual economic recovery continued, while uncertainty related to US-China trade tensions was addedAnnual report
「During the first 9 months of the fiscal year, Japan’s economy remained on a gradual recovery track, with capital investment continuing to increase against a backdrop of improving corporate earnings and exports continuing to recover. However, the outlook remained uncertain due to political developments in Europe and the United States and trade friction between the United States and China.」
The recovery supported by higher capital investment and recovering exports continued, while trade friction between the United States and China was cited, in addition to political developments in Europe and the United States, as a source of uncertainty. - FY2018-Q2The gradual economic recovery continued, while uncertainty related to geopolitical risks and yen appreciation was addedAnnual report
「During the first 6 months of the fiscal year, Japan’s economy entered a gradual recovery phase, with capital investment increasing against a backdrop of improving corporate earnings and exports recovering. However, the outlook remained uncertain due to political developments in Europe and the United States, geopolitical risks in East Asia and the Middle East, and the yen’s tendency to appreciate toward the end of March.」
The gradual recovery supported by the recovery in capital investment and exports continued, while geopolitical risks in East Asia and the Middle East and the yen’s tendency to appreciate toward the fiscal year-end were newly described in specific terms. - FY2017-Q3Stronger economic recovery and persistent uncertaintyAnnual report
「During the first 9 months of the fiscal year, Japan’s economy remained on a gradual recovery track. Capital investment increased moderately against a backdrop of improving corporate earnings, exports recovered, and personal consumption strengthened as employment and income conditions continued to improve. However, the outlook remained uncertain due to concerns over emerging-market economies and uncertainty surrounding political developments in Europe and the United States.」
Improvements in capital investment, exports and personal consumption, supported by corporate earnings, became more evident, strengthening the domestic recovery. Meanwhile, uncertainty related to emerging-market economies and political developments in Europe and the United States persisted. - FY2017-Q2RestatedAnnual report
「During the first 6 months of the fiscal year, Japan’s economy remained on a gradual recovery track, with personal consumption holding firm against a backdrop of improving employment and income conditions and the recovery in exports continuing. However, the outlook remained difficult due to concerns over political developments in Europe and the United States and volatile foreign exchange markets.」
While the gradual domestic recovery continued, supported by the recovery in personal consumption and exports, the difficult outlook was reaffirmed due to political developments in Europe and the United States and foreign exchange markets. - FY2017-Q1Domestic economy improves while overseas uncertainty persistsAnnual report
「During the first quarter, Japan’s economy remained on a gradual recovery track, with personal consumption holding firm and exports showing signs of recovery. However, the outlook remained uncertain due to risks of a slowdown in emerging-market economies, the UK’s exit from the EU and the change of administration in the United States.」
The description changed from weakness in personal consumption and stalled corporate earnings to a gradual domestic recovery. Meanwhile, uncertainty over the outlook persisted, with risks cited from emerging-market economies, the UK’s exit from the EU and the change of administration in the United States. - FY2016-Q3First statedAnnual report
「During the first 9 months of the fiscal year, Japan’s economy remained in a difficult environment. Although employment and income conditions continued to improve, signs of weakness emerged in personal consumption, while the improvement in corporate earnings stalled. The yen also appreciated amid uncertainty in the global economy.」
The business environment for the quarter was characterized by stalled improvements in personal consumption and corporate earnings, as well as uncertainty in the global economy.