Uncertainty in the Global Economy and Trade Policy
First written in FY2017. 12 of 28 entries say "Worsened", first in FY2019-Q1. Latest entry: FY2026.
The whole theme swung hardest in 2022: 106 of 135 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「However, the outlook remained uncertain due to uncertainty over economic policy and destabilization in international politics, including conditions in the Middle East.」
Regarding uncertainty in the global economy, the report identified uncertainty over economic policy and destabilization in international politics, including conditions in the Middle East, as continuing sources of uncertainty. - FY2026-H1WorsenedAnnual report
「During the six-month interim period, the global economy's recovery was slowing, with some regions stagnating, and showed the effects of a pullback in rush demand following tariff increases, as well as uncertainty. Japan's economy was recovering gradually, although the impact of U.S. trade policy was evident, particularly in the automotive industry.」
Regarding uncertainty in the global economy, the report specifically cited, in addition to existing geopolitical risks and the sluggish Chinese economy, the pullback following tariff increases, U.S. trade policy and downside risks to the economy. It also stated that the global economy as a whole continued to recover. - FY2025WorsenedAnnual report
「The business environment surrounding the Group remained uncertain, despite continued solid overall growth in the global economy, with regional differences, and a gradual recovery in Japan's economy, led by personal consumption and capital investment. Geopolitical risks, the sluggish Chinese economy and increasing protectionist moves also left the outlook uncertain.」
Regarding uncertainty in the global economy, geopolitical risks, the sluggish Chinese economy and rising protectionism were specifically identified as new sources of uncertainty. - FY2024-Q3RestatedAnnual report
「During the nine-month period ended in the third quarter, the global economy was recovering, although some regions remained weak. Japan's economy was also recovering gradually, despite some signs of stagnation. Looking ahead, Japan's economy is expected to continue its gradual recovery as employment and income conditions improve, supported by the effects of various policies. However, the impact of global monetary tightening and concerns about the outlook for the Chinese economy mean that a downturn in overseas economies poses a risk of pushing down Japan's economy. Close attention is also required to the effects of rising prices, conditions in the Middle East and fluctuations in financial and capital markets.」
While indicating a recovery or gradual improvement in the global and Japanese economies, the report continues to identify global monetary tightening, the outlook for the Chinese economy, rising prices, conditions in the Middle East and fluctuations in financial and capital markets as downside factors. - FY2024-Q2RestatedAnnual report
「During the six-month period ended in the second quarter, the global economy was recovering, although some regions remained weak. Japan's economy was also recovering gradually. Looking ahead, Japan's economy is expected to continue its gradual recovery as employment and income conditions improve, supported by the effects of various policies. However, the impact of global monetary tightening and concerns about the outlook for the Chinese economy mean that a downturn in overseas economies poses a risk of pushing down Japan's economy. Close attention is also required to the effects of rising prices, conditions in the Middle East and fluctuations in financial and capital markets.」
While indicating a recovery in the global and Japanese economies, the report continues to identify global monetary tightening, the outlook for the Chinese economy, rising prices, conditions in the Middle East and fluctuations in financial and capital markets as downside factors. - FY2024-Q1RestatedAnnual report
「During the three-month period ended in the first quarter, the global economy was recovering, although some regions remained weak. Japan's economy was also recovering gradually. Looking ahead, Japan's economy is expected to continue its gradual recovery as employment and income conditions improve, supported by the effects of various policies. However, while global monetary tightening and other factors continue, a downturn in overseas economies poses a risk of pushing down Japan's economy. Close attention is also required to the effects of rising prices and fluctuations in financial and capital markets.」
While indicating a recovery or gradual improvement in the global and Japanese economies, the report continues to identify global monetary tightening, a downturn in overseas economies, rising prices and fluctuations in financial and capital markets as risks. - FY2023RestatedAnnual report
「However, concerns remain about the outlook, including intensifying inflationary pressure driven by higher resource prices, rapid monetary tightening in the United States and Europe, Russia's invasion of Ukraine, and heightened international tensions, including the conflict between the United States and China.」
While describing the normalization and recovery of economic activity, the report continues to cite inflation, monetary tightening, the situation in Ukraine and U.S.-China tensions as concerns for the outlook. - FY2023-Q2RestatedAnnual report
「During the six-month period ended in the second quarter, the global economy continued to recover gradually. Japan's economy was also expected to recover as the transition to a new phase of living with COVID-19 progressed. However, while global monetary tightening and other factors continue, a downturn in overseas economies poses a risk of pushing down Japan's economy. Close attention is also required to the effects of rising prices, supply constraints and fluctuations in financial and capital markets.」
While indicating a recovery in the global and domestic economies, the report continues to identify global monetary tightening, a downturn in overseas economies, rising prices, supply constraints and fluctuations in financial and capital markets as risks. - FY2023-Q1RestatedAnnual report
「During the three-month period ended in the first quarter, the global economy was recovering, although some regions remained sluggish. Japan's economy was also expected to recover as economic and social activity normalized with thorough infection-control measures. However, close attention is required to downside risks from fluctuations in financial and capital markets, in addition to rising raw-material prices and supply constraints amid concerns over the prolonged situation in Ukraine and restrictions on economic activity in China.」
While describing a recovery in the global and domestic economies, the report continues to identify the situation in Ukraine, the Chinese economy, raw-material and supply constraints, and fluctuations in financial and capital markets as downside risks. - FY2022WorsenedAnnual report
「The business environment has changed, including the increasing fragmentation of the global economy accompanying Russia's invasion of Ukraine in addition to U.S.-China tensions, intensifying competition for dominance due to cross-border regulations in areas such as digital devices and data, surging prices of resources and other goods, and sharp fluctuations in foreign exchange rates.」
The uncertainty has expanded beyond existing U.S.-China tensions and trade friction to include Russia's invasion of Ukraine, fragmentation of the global economy, surging resource and other prices, and sharp foreign exchange fluctuations. - FY2022-Q3MitigatedAnnual report
「During the nine-month period ended in the third quarter, the global economy was recovering as the difficult conditions caused by COVID-19 gradually eased, although conditions varied by country and region. Japan's economy also showed signs of recovery overall, although capital investment remained sluggish.」
Although the difficult economic conditions caused by COVID-19 continued, signs of recovery were reported in both the global and domestic economies. - FY2022-Q2WorsenedAnnual report
「During the six-month period ended in the second quarter, the global economy continued to show steady signs of recovery, including increased personal consumption and capital investment in the United States and a recovery in personal consumption in Europe. However, there are concerns that the pace of recovery overall may weaken due to the effects of the renewed global spread of COVID-19 and other factors.」
While recovery continued in the United States and Europe, concerns were expressed that the pace of recovery in the global economy as a whole could weaken due to the renewed spread of COVID-19 and other factors. - FY2022-Q1MitigatedAnnual report
「During the three-month period ended in the first quarter, the global economy remained difficult due to the impact of the global spread of COVID-19, but showed signs of recovery, with regional differences such as a gradual economic recovery in China. Japan's economy was also difficult, but continued to show signs of recovery, particularly in exports and production activity.」
Although the global and domestic economies remained difficult, signs of recovery were reported, particularly in China's economy and in exports and production activity. - FY2021WorsenedAnnual report
「For example, the global economy has seen changes in the business environment, including the global fragmentation and increasing localization of supply chains due to escalating tensions between the United States and China, as well as intensifying competition for dominance due to cross-border regulations in areas such as digital devices and data.」
The risks have become more specific, shifting from the uncertainty caused by existing trade friction and the global economy to structural business-environment risks, including supply-chain fragmentation and localization resulting from U.S.-China tensions and data regulations. - FY2021-Q2MitigatedAnnual report
「During the six-month period ended in the second quarter, the global economy remained in an extremely difficult situation due to the global spread of COVID-19, although signs of improvement have emerged recently. Japan's economy also remained difficult, but was beginning to recover as economic activity gradually resumed.」
While the global economy remained in an extremely difficult situation due to COVID-19, signs of improvement or recovery were reported in both the global and domestic economies. - FY2020WorsenedAnnual report
「The economy lost momentum sharply due to the global spread of COVID-19. Japan's economy was also significantly pushed down, as was the global economy.」
In addition to the uncertainty caused by existing U.S.-China trade friction and other factors, the global and domestic economies deteriorated sharply due to COVID-19. - FY2020-Q3RestatedAnnual report
「During the cumulative third-quarter period of the current consolidated fiscal year, the global economy continued to recover moderately overall, but conditions warranted attention to downside economic risks, including the slowdown in China's economy due to the US-China trade conflict and developments relating to the UK's withdrawal from the EU.」
While describing a gradual recovery in the global economy as a whole, the report continues to identify U.S.-China trade friction, the slowdown in the Chinese economy and the UK's withdrawal from the EU as downside risks to the economy. - FY2020-Q2WorsenedAnnual report
「During the cumulative second-quarter period of the current consolidated fiscal year, the global economy continued to recover moderately overall, but conditions warranted attention to downside economic risks, including the slowdown in China's economy due to the US-China trade conflict and developments relating to the UK's EU withdrawal issue.」
While describing a moderate recovery in the global economy overall, the disclosure explicitly identifies a slowdown in China's economy caused by U.S.-China trade friction and the United Kingdom's EU withdrawal issue as downside risks to the economy. - FY2020-Q1MitigatedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy continued to recover moderately overall, supported by a steady recovery in the United States, despite growing signs of an economic slowdown in China and South Korea.」
While the slowdown in China and South Korea was noted, the disclosure states that the global economy overall is recovering moderately due to the steady recovery in the United States, representing a partial easing from the previous year's disclosure of uncertainty, which included China's economic stagnation and a slowdown in the European economy. - FY2019WorsenedAnnual report
「During the current consolidated fiscal year, the global economy was affected by the US-China trade conflict and the UK's EU withdrawal issue, among other factors. Although economic stagnation was seen in China and the European economy slowed, the US economy continued to expand moderately.」
The U.S.-China trade dispute, the United Kingdom's withdrawal from the EU, China's economic stagnation and the slowdown in the European economy are newly listed, specifying the sources of uncertainty in the global economy. - FY2019-Q3WorsenedAnnual report
「During the cumulative third-quarter period of the current consolidated fiscal year, the global economy continued to expand despite intensifying uncertainty due to the prolonged US-China trade conflict, the continuation of the US policy of raising interest rates, the UK's EU withdrawal issue and other factors.」
Compared with the previous disclosures of moderate expansion and recovery trends, the current disclosure states that uncertainty increased due to the prolonged U.S.-China trade dispute, continued U.S. interest-rate hikes and the United Kingdom's withdrawal from the EU. At the same time, it states that the trend toward economic expansion continued. - FY2019-Q2MitigatedAnnual report
「The global economy continued to expand moderately during the second quarter of the current consolidated fiscal year. The U.S. economy remained strong despite uncertainty over trade policy, while emerging economies generally continued to expand steadily, led by domestic demand and exports.」
The disclosure changed from the moderate slowdown in the global economy reported in the previous quarter to continued moderate global expansion in the current quarter. However, uncertainty over U.S. trade policy remains. - FY2019-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy remained firm while slowing moderately, as real GDP growth rates in the United States and Europe decelerated.」
Compared with the previous disclosures of firm economic expansion and recovery trends, the current disclosure indicates slower real GDP growth in the United States and Europe and a moderate slowdown in the global economy. - FY2018-Q2RestatedAnnual report
「During the second quarter of the current consolidated fiscal year, the global economy expanded firmly. In the United States, private consumption and corporate earnings remained strong despite political turmoil; the eurozone economy expanded steadily; and stable growth continued overall in Asia. The Japanese economy also continued to recover moderately, with private consumption and capital investment picking up and corporate earnings improving.」
The disclosure continues to describe economic expansion or recovery trends in the United States, Europe, Asia and Japan. - FY2018-Q1MitigatedAnnual report
「During the first quarter of the current consolidated fiscal year, the global economy recovered moderately overall. In China, signs of an economic recovery emerged partly due to the effects of various policies; in the United States, the recovery trend continued as consumption and capital investment increased; and the eurozone economy generally remained firm. The Japanese economy also continued to recover moderately, as private consumption and capital investment picked up.」
In contrast to the uncertainty in the global economy identified in the previous fiscal year, the current quarter's disclosure describes moderate recovery trends in China, the United States, the eurozone and Japan. - FY2017First statedAnnual report
「During the current consolidated fiscal year, the global economy maintained moderate growth, supported by the bottoming out of prices for resources including crude oil and expansion of the U.S. economy. However, uncertainty about the outlook increased due in part to a backlash against globalism. … Uncertainty also emerged regarding future U.S. trade policy and other matters.」
Separate from the risk of the United Kingdom leaving the EU, the disclosure identifies uncertainty in the global economy, including the backlash against globalism and U.S. trade policy.