Uncertainty over the economic outlook due to trade friction and geopolitical risks
First written in FY2019-Q1. 14 of 28 entries say "Restated". Latest entry: 2026-07-24.
The whole theme swung hardest in 2022: 105 of 134 companies on the "Worse" side.
- 2026-07-24RestatedEarnings
「During the cumulative first quarter, although the Japanese economy faced downside risks from the situation in the Middle East, it recovered moderately owing to improvements in domestic employment and income conditions and the effects of various policies.」
The disclosure continued to cite downside risks to the economy from the situation in the Middle East, while identifying improvements in domestic employment and income conditions and other factors as support for the economy. - FY2026MaterialisedAnnual report
「However, downside risks to the economy from the impact of the situation in the Middle East emerged, and the outlook remained uncertain.」
It states that, in addition to rising prices and US trade policy, downside risks to the economy from the impact of the situation in the Middle East emerged. - FY2026-H1RestatedAnnual report
「During the interim accounting period, the outlook remained uncertain as improvements in domestic employment and the income environment supported the economy, while downside risks remained, including the impact of continued price increases on personal consumption and the impact of US trade policy and other factors.」
It continues to recognize the downside risks to the economy from rising prices and US trade policy. Meanwhile, the domestic employment and income environment is identified as a positive factor for the economy. - FY2025Added rising prices and US trade policy as downside factors for the economyAnnual report
「During the fiscal year, Japan's economy recovered moderately as the domestic employment and income environment improved, despite downside risks to the economy, including the impact of continued price increases on personal consumption and policy changes, particularly US trade policy.」
In addition to the previous geopolitical and monetary-tightening concerns, continued price increases, US trade policy and policy changes were expressly identified as downside risks to the economy. Meanwhile, it states that the domestic economy recovered moderately. - FY2025-H1Added rising prices as a downside risk to the economyAnnual report
「During the interim accounting period, Japan's economy recovered moderately, as domestic employment and the income environment improved, despite downside risks to the economy, including rising prices and the situation in the Middle East.」
In addition to the situation in the Middle East, rising prices were expressly identified as a downside risk to the economy. Meanwhile, it states that the economy recovered moderately against a backdrop of improvements in the domestic employment and income environment. - FY2024Added uncertainty over the outlook for the Chinese economyAnnual report
「During the fiscal year, Japan's economy remained on a gradual recovery trend as domestic personal consumption and the employment and income environment improved, despite concerns including a downturn in overseas economies due to global monetary tightening, the prolonged situation in Ukraine, heightened tensions in the Middle East and uncertainty over the outlook for the Chinese economy.」
In addition to the previous concerns over global monetary tightening, the situation in Ukraine and the situation in the Middle East, uncertainty over the outlook for the Chinese economy was expressly identified as a concern for the economy. Meanwhile, the domestic economy was described as remaining on a gradual recovery trend. - FY2024-Q3Added heightened tensions in the Middle EastAnnual report
「During the cumulative third quarter, Japan's economy remained on a gradual recovery trend as domestic personal consumption and the employment and income environment improved, despite concerns including a downturn in overseas economies due to global monetary tightening, the prolonged situation in Ukraine and heightened tensions in the Middle East.」
In addition to the previous concerns over global monetary tightening and the situation in Ukraine, heightened tensions in the Middle East were expressly identified as a concern regarding the economic outlook. Meanwhile, it states that the domestic economy remained on a gradual recovery trend. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter, Japan's economy remained on a gradual recovery trend as domestic personal consumption and the employment and income environment improved, despite concerns including a downturn in overseas economies due to global monetary tightening.」
While citing concerns over a downturn in overseas economies due to global monetary tightening, it states that the economy remained on a gradual recovery trend as domestic personal consumption and the employment and income environment improved. - FY2024-Q1MitigatedAnnual report
「During the cumulative first quarter, Japan's economy remained on a gradual recovery trend as personal consumption and the employment and income environment improved following the reclassification of COVID-19 under the Infectious Diseases Act to Category 5.」
Following the reclassification of COVID-19 to Category 5, the economy was described as remaining on a gradual recovery trend, supported by improvements in personal consumption, employment and the income environment, indicating an improved economic assessment from the uncertainty about the outlook in the previous fiscal year. - FY2023Added financial instability in Europe and the United States as a concernAnnual report
「During the fiscal year, Japan's economy showed signs of recovery in some areas as domestic economic activity normalized, but the outlook remained uncertain due to concerns including higher resource prices resulting from the prolonged situation in Ukraine and a downturn in overseas economies due to global monetary tightening, as well as growing financial instability in Europe and the United States in March.」
In addition to the previous concerns over the situation in Ukraine, higher resource prices and global monetary tightening, the expansion of financial instability in Europe and the United States in March was identified as a factor contributing to economic uncertainty. - FY2023-Q3Added the Bank of Japan's adjustment of monetary policy as a concernAnnual report
「During the cumulative third quarter, Japan's economy showed signs of recovery in some areas as domestic economic activity normalized, but the outlook remained uncertain due to concerns including higher resource prices resulting from the prolonged situation in Ukraine and a downturn in overseas economies due to global monetary tightening, as well as the Bank of Japan moving to adjust monetary policy in late December.」
In addition to the situation in Ukraine, higher resource prices and global monetary tightening, the Bank of Japan's adjustment of monetary policy was expressly identified as a factor making the outlook uncertain. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy showed signs of recovery in some areas as domestic economic activity normalized, but concerns emerged, including higher resource prices due to the prolonged situation in Ukraine and a downturn in overseas economies due to global monetary tightening, and the outlook remained uncertain.」
While the domestic economy was normalizing and showing signs of recovery, concerns emerged, including the prolonged situation in Ukraine, higher resource prices, global monetary tightening and a downturn in overseas economies, and the outlook remained uncertain. - FY2023-Q1Added China's zero-COVID policy as a concernAnnual report
「During the cumulative first quarter, Japan's economy showed signs of recovery as domestic economic activity normalized further, despite concerns including the prolonged situation in Ukraine and stagnation in economic activity due to China's zero-COVID policy.」
The prolonged situation in Ukraine and stagnation in economic activity due to China's zero-COVID policy were expressly identified as concerns. Meanwhile, it states that the domestic economy was normalizing and showing signs of recovery. - FY2022WorsenedAnnual report
「During the fiscal year, Japan's economy showed signs of recovery in the first half as the rollout of COVID-19 vaccinations progressed, stability returned and economic activity gradually normalized. In the latter half, however, risk factors emerged, including the renewed spread of infections from new variants, soaring crude oil prices and Russia's invasion of Ukraine, and the outlook remained uncertain.」
In addition to COVID-19, new risk factors emerged, including soaring crude oil prices and Russia's invasion of Ukraine, increasing uncertainty about the economic outlook. - FY2022-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy showed signs of recovery after the domestic spread of COVID-19 peaked in August, as vaccination progressed, stability temporarily returned and economic activity gradually normalized. However, the outlook remained uncertain, including due to the discovery of new variants.」
It states that, while economic activity showed signs of recovery, the outlook remained uncertain due to the discovery of new variants and other factors. - FY2022-Q2RestatedAnnual report
「During the cumulative second quarter, although signs of a recovery were seen in Japan's economy, no signs of containment had emerged as economic activity was restricted in some regions following the reissuance of states of emergency due to the spread of COVID-19, and the outlook remained uncertain.」
The spread of COVID-19, restrictions on economic activity under the states of emergency and an uncertain economic outlook continued. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter, although signs of a partial recovery were seen in Japan's economy, no signs of containment had emerged as economic activity was restricted in some regions following the reissuance of states of emergency due to the spread of COVID-19, and the outlook remained uncertain.」
Restrictions on economic activity due to the spread of COVID-19 and an uncertain economic outlook continued during the cumulative first quarter. - FY2021RestatedAnnual report
「During the fiscal year, Japan's economy stagnated after a state of emergency concerning COVID-19 was declared in April, restricting the movement of people and goods and otherwise affecting economic activity.」
It states that restrictions on movement due to COVID-19, stagnation in economic activity and an uncertain outlook continued. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy remained difficult as economic activity stagnated, including restrictions on the movement of people and goods, due to the spread of COVID-19.」
The stagnation of economic activity caused by the spread of COVID-19 and difficult economic conditions continued. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter, Japan's economy was significantly affected by the declaration of a state of emergency concerning COVID-19 in April, which restricted the movement of people and goods and otherwise affected economic activity. Even after the declaration was lifted in May, recovery remained slow due to caution over the spread of infection, and difficult conditions continued.」
The impact of COVID-19 on economic activity and difficult economic conditions continued during the cumulative second quarter. - FY2021-Q1RestatedAnnual report
「During the cumulative first quarter, Japan's economy deteriorated due to the spread of COVID-19 and entered a difficult situation.」
The economic deterioration and difficult conditions caused by the spread of COVID-19 continued during the cumulative first quarter. - FY2020WorsenedAnnual report
「During the fiscal year, Japan's economy was recovering moderately, but was significantly depressed by the spread of COVID-19, and difficult conditions continued.」
It states that, in addition to the previous trade tensions and geopolitical risks, the spread of COVID-19 significantly depressed the economy, resulting in difficult conditions. - FY2020-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy was recovering moderately, but conditions remained such that attention had to be paid to the impact of developments in trade policies, including US-China trade tensions, on the global economy.」
Although the economy was recovering moderately, conditions remained such that attention had to be paid to the impact of trade policies, including US-China trade tensions, on the global economy. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter, Japan's economy was recovering moderately, but conditions remained such that attention had to be paid to the impact of developments in trade policies, including US-China trade tensions, on the global economy.」
Conditions remain such that attention must be paid to the impact of trade policies, including US-China trade tensions, on the global economy. - FY2020-Q1RestatedAnnual report
「As the Company's business consists of a single segment, investment and financial services, segment-by-segment analysis has been omitted.」
It states that conditions remain such that attention must be paid to the impact of trade policies, including US-China trade tensions, on the global economy. - FY2019Added factors contributing to economic uncertaintyAnnual report
「During the fiscal year, Japan's economy remained on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment, but the outlook remained uncertain due to trade tensions between the United States and China, the UK's withdrawal from the EU and heightened geopolitical risks.」
The UK's withdrawal from the EU was expressly identified, in addition to US-China trade tensions and geopolitical risks, as a factor contributing to uncertainty about the economic outlook. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter, Japan's economy remained on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment, but the outlook remained uncertain due to trade tensions between the United States and China and heightened geopolitical risks.」
It states that the economic outlook has remained uncertain due to trade tensions between the United States and China and heightened geopolitical risks. - FY2019-Q1First statedAnnual report
「Although the economy has remained on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment, the economic outlook has remained uncertain due to trade tensions between the United States and China and the EU, as well as heightened geopolitical risks.」
Newly identified trade tensions between the United States, China and the EU, and heightened geopolitical risks, as factors making the economic outlook uncertain.