Growing Uncertainty in the Global Economy
First written in FY2017-Q3. 9 of 31 entries say "Restated". Latest entry: 2026-07-28.
Entrust moved to the "Worse" side of this theme in 2018, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 20 of 26 companies on the "Worse" side.
7 other companies' latest entry also says "Restated".
- 2026-07-28RestatedEarnings
「一方、米国の通商政策など政策動向による影響や中東情勢の影響が、景気を下押しするリスクとなっており、金融資本市場の変動等の影響に注意が必要な状況にあります。」
米国の通商政策、中東情勢、金融資本市場の変動への注意が継続して示された。 - FY2026Added tensions in the Middle East as a source of uncertaintyAnnual report
「Meanwhile, continued attention is required to the effects of the situation in the Middle East, volatility in the financial and capital markets, and developments concerning US trade policy.」
In addition to the previous attention to US trade policy and volatility in the financial and capital markets, the effects of the situation in the Middle East were identified as a factor requiring attention in the external environment. - 2026-05-13RestatedEarnings
「一方、米国の通商政策など政策動向による影響や中東情勢の影響が、我が国の景気を下押しするリスクとなっており、金融資本市場の変動等の影響に注意が必要な状況にあります。」
米国の通商政策などの政策動向、中東情勢、金融資本市場の変動への注意が継続して示された。 - FY2026-H1Updated the sources of uncertainty to US trade policy and other factorsAnnual report
「Meanwhile, policy developments, including US trade policy, pose a risk of exerting downward pressure on the Japanese economy, and continued attention is required to the effects of volatility in the financial and capital markets and other factors.」
The description shifted from a focus on high interest rates in Europe and the US and downturns in overseas economies to a specific description of the risk of downward pressure on the economy from policy developments, including US trade policy. Continued attention to volatility in the financial and capital markets was also noted. - FY2025-H1Updated the sources of uncertainty to focus on high interest rates in Europe and the USAnnual report
「Meanwhile, as high interest rates persist in Europe and the US, the downturn in overseas economies poses a risk of exerting downward pressure on the Japanese economy, and continued attention is required to the effects of rising prices, volatility in the financial and capital markets, and other factors.」
The previous reference to global monetary tightening and other factors was replaced with specific factors requiring attention: high interest rates in Europe and the US, downturns in overseas economies, rising prices, and volatility in the financial and capital markets. - FY2024-Q3RestatedAnnual report
「Meanwhile, amid continued global monetary tightening and other factors, the downturn in overseas economies poses a risk of exerting downward pressure on the Japanese economy, and continued attention is required to inflation caused by surging energy prices due to exchange rate effects, as well as volatility in the financial and capital markets and other factors.」
Continued attention is being drawn to global monetary tightening, downturns in overseas economies, inflation caused by surging energy prices due to exchange rate effects, and volatility in the financial and capital markets. - FY2024-Q2Added surging exchange rates and energy pricesAnnual report
「Meanwhile, amid continued global monetary tightening and other factors, the downturn in overseas economies poses a risk of exerting downward pressure on the Japanese economy, and continued attention is required to inflation caused by surging energy prices due to exchange rate effects, as well as volatility in the financial and capital markets and other factors.」
In addition to the previous global monetary tightening, downturns in overseas economies, rising prices, and volatility in the financial and capital markets, surging energy prices due to exchange rate effects were explicitly cited as a source of uncertainty. - FY2024-Q1Update to the factors contributing to uncertaintyAnnual report
「Meanwhile, amid continued global monetary tightening and other factors, the downturn in overseas economies poses a risk of exerting downward pressure on the Japanese economy, and continued attention is required to the effects of rising prices, volatility in the financial and capital markets, and other factors.」
Global monetary tightening, downturns in overseas economies, rising prices, and volatility in the financial and capital markets were cited as sources of uncertainty. Developments in the spread of the disease in China and supply-side constraints, which had been explicitly stated previously, were not included this time. - FY2023-Q3Added developments in the spread of the disease in China to the sources of uncertaintyAnnual report
「While the economy is expected to recover, partly due to the effects of various policies, the downturn in overseas economies amid continued global monetary tightening poses a risk of exerting downward pressure on the domestic economy. Attention is also required to the effects of rising prices, supply-side constraints, volatility in the financial and capital markets, and developments in the spread of the disease in China.」
In addition to global monetary tightening, downturns in overseas economies, rising prices, supply constraints, and volatility in the financial and capital markets, developments in the spread of the disease in China were added as a factor requiring attention. - FY2023-Q2WorsenedAnnual report
「While the economy is expected to recover, partly due to the effects of various policies, the downturn in overseas economies amid continued global monetary tightening poses a risk of exerting downward pressure on the domestic economy. Accordingly, continued attention is required to the effects of rising prices, supply-side constraints, volatility in the financial and capital markets, and other factors.」
In addition to the previous supply constraints and volatility in the financial and capital markets, global monetary tightening, downturns in overseas economies, and rising prices were explicitly stated, broadening the sources of uncertainty. Expectations of an economic recovery were also included. - FY2023-Q1Included both normalization of economic activity and downside risksAnnual report
「During the first quarter cumulative period (1 April 2022 to 30 June 2022), the Japanese economy showed signs of recovery as economic and social activity normalized. However, amid concerns over the prolonged situation in Ukraine and elsewhere, continued attention is required to downside risks from rising raw material prices, supply-side constraints, and volatility in the financial and capital markets.」
While normalization of economic and social activity and an economic recovery were indicated, continued attention to downside risks from the situation in Ukraine, raw material prices, supply constraints, and volatility in the financial and capital markets was also noted. - FY2022WorsenedAnnual report
「During the fiscal year, the Japanese economy was recovering from its downturn, helped by the prolonged impact of the spread of the novel coronavirus disease, increased vaccination, the effects of various economic policies, and the improvement in overseas economies. Meanwhile, amid uncertainty arising from the situation in Ukraine and elsewhere, the need to continue closely monitoring developments remains, including downside risks from rising raw material prices, volatility in the financial and capital markets, and supply-side constraints.」
In addition to the prolonged disease, the situation in Ukraine, rising raw material prices, volatility in the financial and capital markets, and downside risks from supply constraints were newly specified, broadening the sources of uncertainty in the external economic environment. - FY2022-Q3MitigatedAnnual report
「During the third quarter cumulative period (1 April 2021 to 31 December 2021), the Japanese economy showed signs of recovery as the challenging conditions caused by the novel coronavirus disease gradually eased, partly due to the effects of various policies and the improvement in overseas economies. Meanwhile, uncertainty surrounding the disease remains significant, and the economic outlook is uncertain.」
The assessment progressed to one that the challenging economic conditions caused by the disease were gradually easing and the economy was showing signs of recovery. Meanwhile, uncertainty surrounding the disease and the economic outlook remains. - FY2022-Q2Included both expectations of a recovery and uncertainty related to the diseaseAnnual report
「During the second quarter cumulative period (1 April 2021 to 30 September 2021), the Japanese economy remained challenging due to the impact of the novel coronavirus disease. However, partly due to the effects of various policies and the improvement in overseas economies, a further recovery is expected, although uncertainty surrounding the disease remains significant and the economic outlook is uncertain.」
While the challenging economic conditions and uncertain outlook caused by the disease were indicated, expectations of a recovery driven by the effects of policies and the improvement in overseas economies were also included. - FY2021-Q3WorsenedAnnual report
「During the third quarter cumulative period (1 April 2020 to 31 December 2020), the Japanese economy showed signs of recovery, partly due to the effects of various measures and the improvement in overseas economies, despite the impact of the novel coronavirus disease. Meanwhile, the economic outlook remains extremely uncertain due to the renewed spread of the disease.」
While recognizing signs of an economic recovery, the outlook was described as extremely uncertain due to the renewed spread of the disease, indicating that uncertainty had intensified again from the previous quarter's expectations of a recovery. - FY2021-Q2Added expectations of a recovery following the economic deteriorationAnnual report
「During the second quarter cumulative period (1 April 2020 to 30 September 2020), the Japanese economy deteriorated rapidly due to the spread of the novel coronavirus disease. However, following the lifting of the state of emergency, economic activity was gradually being increased, and, partly due to the effects of various measures and the recovery of overseas economies, a continued recovery is expected. Meanwhile, the economic outlook remains extremely uncertain depending on future developments in the disease.」
While the rapid deterioration in economic conditions caused by the novel coronavirus disease continues to be described, expectations of a recovery following the lifting of the state of emergency have also been included. The extremely uncertain outlook due to future developments in the disease continues. - FY2021-Q1WorsenedAnnual report
「During the first quarter cumulative period (1 April 2020 to 30 June 2020), the Japanese economy rapidly stagnated as personal consumption declined and companies continued to voluntarily suspend operations due to the impact of the novel coronavirus disease. Although economic activity is expected to recover following the lifting of the state of emergency, the economic outlook remains extremely uncertain depending on future developments in the disease.」
The rapid stagnation of economic activity caused by the novel coronavirus disease and the extremely uncertain economic outlook depending on future developments in the disease were described. - FY2020WorsenedAnnual report
「During the fiscal year, the Japanese economy remained on a moderate recovery path, with continued improvement in employment and income conditions, partly due to the effects of various government policies. However, the impact of the novel coronavirus disease has begun to exert significant downward pressure, and the outlook for economic conditions is expected to remain challenging.」
In addition to the previous trade friction and other factors, the significant downward pressure on the economy from the novel coronavirus disease and the challenging outlook were explicitly stated. - FY2020-Q3Recast the sources of uncertaintyAnnual report
「Meanwhile, uncertainty persists due to the uncertainty surrounding the global economy, the outlook for the Chinese economy, the UK's withdrawal from the EU, and volatility in the financial and capital markets, as well as trends in domestic consumption following the consumption tax rate increase.」
In addition to uncertainty surrounding the global economy and volatility in the financial and capital markets, the outlook for the Chinese economy, the UK's withdrawal from the EU, and domestic consumption following the consumption tax rate increase were cited as sources of uncertainty. There was no reference to the rise in crude oil prices mentioned in the previous quarter. - FY2020-Q2Update to the factors contributing to uncertaintyAnnual report
「Meanwhile, uncertainty persists due to the uncertainty surrounding the global economy, the effects of trade friction, rising crude oil prices, and volatility in the financial and capital markets.」
In addition to uncertainty surrounding the global economy and trade friction, rising crude oil prices and volatility in the financial and capital markets were cited as sources of uncertainty, while the previous quarter's reference to the consumption tax increase was absent. - FY2020-Q1WorsenedAnnual report
「Meanwhile, uncertainty continues amid concerns over an economic downturn resulting from global economic uncertainty, the impact of trade frictions and the consumption tax increase.」
In addition to existing global economic uncertainty and trade frictions, the report explicitly cites concerns over an economic downturn resulting from the consumption tax increase, broadening the range of uncertainty factors. - FY2019RestatedAnnual report
「Meanwhile, the economic outlook remains uncertain due to rising downside risks to the global economy from intensifying trade frictions between the US and China and between the US and Europe.」
Downside risks to the global economy from trade frictions between the US and China and between the US and Europe, as well as uncertainty over the economic outlook, continue. - FY2019-Q3RestatedAnnual report
「Meanwhile, the economic outlook remains uncertain due to rising downside risks to the global economy from intensifying trade frictions between the US and China and between the US and Europe.」
The report continues to cite downside risks to the global economy from intensifying trade frictions between the US and China and between the US and Europe, as well as uncertainty over the economic outlook. - FY2019-Q2WorsenedAnnual report
「However, the economic outlook remains uncertain due to rising downside risks to the global economy from intensifying trade frictions between the US and China and between the US and Europe, as well as a succession of natural disasters.」
Amid continuing trade-friction risks between the US and China and between the US and Europe, the report newly mentions rising downside risks to the global economy and a succession of natural disasters, emphasizing uncertainty over the economic outlook. - FY2019-Q1WorsenedAnnual report
「Meanwhile, the economic outlook remains uncertain amid rising risks from intensifying trade frictions between the US and China and between the US and Europe.」
In addition to previously cited US foreign policy and geopolitical risks, the report explicitly identifies rising risks from intensifying trade frictions between the US and China and between the US and Europe. - FY2018RestatedAnnual report
「In the global economy, uncertainty over US foreign policy and geopolitical risks in the Middle East and Asia remain concerns, although the economy continues to recover.」
The report cites US foreign policy and geopolitical risks in the Middle East and Asia, while maintaining its view that the global economy is on a recovery trend. - FY2018-Q3RestatedAnnual report
「In the global economy, uncertainty over US foreign policy and geopolitical risks in the Middle East and Asia remain concerns, although the economy is generally on a gradual recovery track.」
The report continues to cite US foreign policy and geopolitical risks in the Middle East and Asia, while stating that the global economy is generally on a gradual recovery track. - FY2018-Q2RestatedAnnual report
「In the global economy, uncertainty over US foreign policy and rising geopolitical risks in the Middle East and Asia remain concerns, although the economy is generally on a gradual recovery track.」
The report cites US foreign policy and geopolitical risks in the Middle East and Asia, while also noting the global economy's gradual recovery trend. - FY2018-Q1SoftenedAnnual report
「In the global economy, risks related to US foreign policy and political developments in Europe remain, although signs of an economic recovery have emerged.」
While risks related to US foreign policy and political developments in Europe remain, the report also mentions an economic recovery, using somewhat less forceful language than its previous emphasis on uncertainty. - FY2017RestatedAnnual report
「Amid growing uncertainty in the global economy, including concerns over a slowdown in emerging-market economies such as China, the UK's withdrawal from the European Union (EU) and the transition to a new US administration, the outlook remains uncertain.」
The company continues to identify the slowdown in emerging-market economies, the UK's withdrawal from the EU and the transition to a new US administration as uncertainties affecting the global economy. - FY2017-Q3First statedAnnual report
「Amid growing uncertainty in the global economy, including concerns over a slowdown in emerging-market economies such as China, the UK's withdrawal from the European Union (EU) and the transition to a new US administration, the outlook remains uncertain.」
The company cites the slowdown in emerging-market economies, the UK's withdrawal from the EU and the transition to a new US administration as uncertainties in the external environment.