Downside risks and uncertainty over the outlook for emerging-market economies, particularly China
First written in FY2017-Q1. 8 of 25 entries say "Mitigated", first in FY2018-Q2. Latest entry: FY2026-H1.
The whole theme swung hardest in 2022: 127 of 168 companies on the "Worse" side.
- FY2026-H1MitigatedAnnual report
「In China, fixed asset investment showed signs of slowing against a backdrop of growing uncertainty over US tariff policy, but consumer spending remained strong, supported by government measures to promote the replacement of durable consumer goods, among other factors, and the economy as a whole showed gradual growth.」
The view of China's economy has changed to indicate that, despite factors slowing fixed asset investment, consumer spending remains strong and the economy as a whole is showing gradual growth. - FY2025WorsenedAnnual report
「The main risks include the impact on the global economy of the Trump administration's review of its major policies in the United States, as well as China's persistently sluggish economy.」
Continued weakness in China's economy is explicitly identified as a key risk. In the China segment, revenue fell 4.5% year on year and the operating loss was ¥602 million. - FY2024-Q1WorsenedAnnual report
「In assessing future business trends, it will be necessary to monitor whether interest rates, which have been raised in major countries to contain inflation, can achieve a soft landing without causing a significant decline in auto sales, as well as developments in the Chinese market, where sales of Japanese vehicles have generally remained sluggish.」
Regarding the Chinese market, the view presented is that sales of Japanese vehicles have generally remained sluggish, indicating that the previously identified risks of an economic slowdown and weak sales in China persist. - FY2023-Q1WorsenedAnnual report
「Prolonged semiconductor shortages, the loss of demand in the Chinese market due to lockdowns in Chinese cities, and global supply-chain disruptions left the automakers that are our customers unable to secure their originally planned production volumes.」
Among the factors contributing to uncertainty in emerging-market and overseas markets, including China, the loss of demand caused by lockdowns in Chinese cities and supply-chain disruptions have materialized as automakers falling short of their production targets. - FY2022WorsenedAnnual report
「Overseas, there were signs of recovery as economic activity gradually resumed, but the outlook remains uncertain due to the rapid spread of infections since the end of 2021, the cooling of China's real estate market, restrictions on economic activity under the zero-COVID policy, and the impact of Russia's military invasion of Ukraine, among other factors.」
The cooling of China's real estate market, the zero-COVID policy, and Russia's military invasion of Ukraine were added as factors contributing to uncertainty in emerging-market and overseas economies. - FY2022-Q3WorsenedAnnual report
「The outlook remains uncertain, as COVID-19 infections have resurged in Southeast Asia, while the growth in production activity in China has slowed against a backdrop of environmental regulations and restrictions on real estate development, among other factors.」
Regarding emerging-market risks, the report noted the resurgence of infections in Southeast Asia and slower production growth in China due to environmental regulations and restrictions on real estate development. - FY2022-Q1MitigatedAnnual report
「China's economy continued to show a gradual recovery」
Regarding China's economy, the view presented is that a gradual recovery will continue, despite concerns about downside economic risk. - FY2021MitigatedAnnual report
「Overseas, China's economic recovery was seen at an early stage, while the recovery in Europe and the United States, where infections remained high, was slowing, and disparities in recovery among countries were becoming increasingly pronounced.」
The description changed to state that China's economy was recovering, while also noting the slowdown in the recovery in Europe and the United States and disparities among countries. - FY2021-Q3MitigatedAnnual report
「The Chinese market continued to recover from the impact of COVID-19, with unit sales increasing for 9 consecutive months.」
The Chinese market continued to recover from the impact of COVID-19, with unit sales increasing for 9 consecutive months. - FY2021-Q2MitigatedAnnual report
「The Chinese market continued to recover from the impact of COVID-19, with unit sales increasing for 6 consecutive months.」
The Chinese market is recovering from the impact of the spread of COVID-19, and unit sales continue to increase. Market performance has improved relative to concerns about declines and downside risk. - FY2021-Q1MitigatedAnnual report
「In the Chinese market, unit sales are showing signs of recovery due to improved conditions surrounding COVID-19 and the impact of fiscal subsidy policies for new-energy vehicles, among other factors.」
The description has changed to state that unit sales in the Chinese market are showing signs of recovery, against a backdrop of improving infection conditions and fiscal subsidies for new-energy vehicles. - FY2020WorsenedAnnual report
「In the Chinese market, unit sales continued to fall below the prior-year level due to the effects of US-China trade friction, tighter environmental standards and reduced subsidies for new-energy vehicles, among other factors.」
It describes the continued shortfall in Chinese-market sales against the prior-year level, with tighter environmental standards and reduced subsidies for new-energy vehicles added to US-China trade friction as factors behind the weakness. - FY2020-Q2WorsenedAnnual report
「Sales in the Chinese market continued to decline due to concerns about prolonged trade friction with the United States and the economic slowdown.」
It explicitly identifies concerns about prolonged trade friction with the United States as a factor behind the continued decline in Chinese-market sales. - FY2020-Q1RestatedAnnual report
「Sales in the Chinese market continued to decline due to concerns about the impact of trade friction with the United States and the economic slowdown.」
It reiterates the view that sales in the Chinese market continued to decline against the backdrop of trade friction and the economic slowdown. - FY2019-Q3WorsenedAnnual report
「Sales in the Chinese market continued to decline due to concerns about the impact of trade friction with the United States and the economic slowdown, as well as the reaction from front-loaded demand before the 2017 tax cuts were discontinued.」
It states that sales in the Chinese market continued to decline due to US-China trade friction, the economic slowdown and the reaction from demand brought forward before the tax cuts were discontinued. - FY2019-Q2MaterialisedAnnual report
「In the Chinese market, consumers have been holding back on purchases amid deteriorating economic sentiment and concerns about trade friction with the United States.」
Regarding concerns about an economic downturn in emerging markets, particularly China, it states that consumers in the Chinese market are actually holding back on purchases against the backdrop of deteriorating economic sentiment and trade friction. - FY2019-Q1MitigatedAnnual report
「Although the popularity of SUVs in the Chinese market showed signs of leveling off, the market as a whole remained steady. Unit sales in the Southeast Asian and Brazilian markets also showed signs of recovery.」
It describes the overall strength of the Chinese market and signs of recovery in the Southeast Asian and Brazilian markets, indicating improved market performance compared with the previous concern about a downturn in emerging-market economies. - FY2018RestatedAnnual report
「Economic conditions in emerging markets, particularly China, showed signs of recovery, but the outlook remains uncertain.」
It reiterates the view that, while emerging-market economies are showing signs of recovery, uncertainty about the outlook remains. - FY2018-Q3RestatedAnnual report
「Economic conditions in emerging markets, particularly China, showed signs of recovery, but the outlook remains uncertain.」
It reiterates the view that, while emerging-market economies are showing signs of recovery, uncertainty about the outlook remains. - FY2018-Q2MitigatedAnnual report
「Sales in the Chinese market remained steady, supported by the popularity of SUVs.」
Compared with the previous concern about an economic downturn in emerging markets, particularly China, the description now states that sales in the Chinese market remained steady. - FY2018-Q1MaterialisedAnnual report
「Sales growth in the Chinese market slowed, partly due to the scaling back of tax incentives for small vehicles.」
In relation to the previously identified concerns about an economic downturn and an uncertain outlook in emerging markets, particularly China, it is specifically stated that sales growth slowed in the Chinese market. - FY2017RestatedAnnual report
「Amid concerns about the risk of an economic downturn in emerging markets, particularly China, the outlook remains uncertain.」
It reiterates the risk of an economic downturn in emerging markets, particularly China, and the uncertain outlook. - FY2017-Q3RestatedAnnual report
「Amid concerns about the risk of an economic downturn in emerging markets, particularly China, the outlook remains uncertain.」
It reiterates the risk of an economic downturn in emerging markets, particularly China, and the uncertain outlook. - FY2017-Q2RestatedAnnual report
「There are concerns about the risk of an economic downturn in emerging markets, particularly China, and the outlook remains uncertain.」
It reiterates the risk of an economic downturn in emerging markets, particularly China, and the uncertain outlook. - FY2017-Q1First statedAnnual report
「There are concerns about the risk of an economic downturn in emerging markets, particularly China, and the outlook remains uncertain.」
While expanding in emerging markets, it explicitly identifies the risk of an economic downturn centered on China.