Uncertainty arising from China's slowdown, Brexit and the US presidential election
First written in FY2017-Q1. 25 of 35 entries say "Worsened", first in FY2018-Q2. Latest entry: 2026-11-09.
Mikuni 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: 50 of 60 companies on the "Worse" side.
19 other companies' latest entry also says "Restated".
- FY2026WorsenedAnnual report
「Meanwhile, overseas economies remained generally firm, led by the US, but uncertainty about the outlook continued against a backdrop of developments in countries' trade policies, volatility in financial markets and rising geopolitical risks, including the situation in the Middle East.」
In addition to the previously cited Chinese property downturn and geopolitical risks, developments in countries' trade policies, volatility in financial markets and the situation in the Middle East are identified as new sources of uncertainty. - 2026-05-29WorsenedRevisions to earnings forecasts
「Meanwhile, overseas economies remained generally firm, led by the US, but uncertainty about the outlook continued against a backdrop of developments in countries' trade policies, volatility in financial markets and rising geopolitical risks, including the situation in the Middle East.」
通商政策、金融市場、中東情勢を含む地政学的リスクが、不透明要因として引き続き明示されている。 - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period (1 April 2025 to 30 September 2025), economic conditions in Japan and overseas followed a moderate recovery trend. In Japan, personal consumption and inbound demand remained firm, and capital investment also recovered, but uncertainty about the outlook remained because of concerns over rising prices and interest-rate trends. Overseas, signs of slower growth emerged because of weak domestic demand in China and the impact of US tariff policies, and uncertainty about the outlook continued both in Japan and overseas.」
In addition to concerns over domestic price increases and interest-rate trends, signs of slower growth in China due to weak domestic demand and the impact of US tariff policies are specifically identified as new sources of uncertainty. - FY2025WorsenedAnnual report
「During the consolidated fiscal year under review, the global economy remained uncertain because of policy trends in various countries, China's property downturn and geopolitical risks, including the situation in the Middle East, although it remained firm overall.」
In addition to China's property downturn, geopolitical risks, including the situation in the Middle East, are specifically identified as sources of uncertainty. - FY2025-H1WorsenedAnnual report
「Overseas, uncertainty about the outlook continued because of China's property downturn and persistently high interest rates in the US, among other factors.」
Regarding overseas economies, China's property downturn and persistently high US interest rates are specifically identified as new sources of uncertainty. - FY2024-Q3WorsenedAnnual report
「Overseas, concerns were raised about geopolitical risks, as well as the impact of the Chinese economy and volatility in financial and capital markets, although signs of recovery continued.」
Regarding overseas economies, geopolitical risks, the Chinese economy and volatility in financial and capital markets are specifically identified as concerns. At the same time, signs of recovery are also noted. - FY2024-Q2WorsenedAnnual report
「Overseas, the European economy stalled, although the US economy continued to recover. In Asia, the pace of recovery in China slowed, while Thailand, India and Indonesia saw moderate economic recoveries.」
While describing recoveries in the US and parts of Asia, the disclosure newly specifies the stagnation of the European economy and the slower recovery in China. - FY2024-Q1MitigatedAnnual report
「During the first quarter of the fiscal year ending March 2024 (1 April 2023 to 30 June 2023), Japan’s economy recovered moderately as restrictions on activities related to infectious diseases were lifted and socioeconomic activity normalised. Overseas, the economies of India and Indonesia also recovered moderately, in addition to the US. In China, the economy showed signs of recovery, although the property market required close monitoring.」
Regarding domestic and overseas economies, it describes the lifting of restrictions, recovery in the US and Asia, and signs of recovery in China, representing an improvement from the previous descriptions of uncertainty. Meanwhile, it states that China’s property market continues to require close monitoring. - FY2023-Q3WorsenedAnnual report
「During the third quarter of the fiscal year ending March 2023 (1 April 2022 to 31 December 2022), Japan’s economy recovered moderately as it entered a new phase of living with COVID-19, but uncertainty about the outlook increased amid surging energy prices and foreign exchange volatility. In the US and Europe, monetary tightening accelerated and concerns about a recession began to emerge in some areas. Economic activity was restricted in China, while recovery continued in ASEAN and India.」
While the economy recovered moderately, it explicitly identifies surging energy prices, foreign exchange volatility, accelerating monetary tightening in the US and Europe, restrictions on economic activity in China and concerns about a recession. - FY2023-Q2WorsenedAnnual report
「In the US and Europe, rising prices accelerated monetary tightening, and the yen continued to weaken against other currencies. Economic activity was restricted in China, while economic conditions improved in ASEAN and India.」
While rising prices and monetary tightening in the US and Europe and restrictions on economic activity in China are identified as new concerns in the overseas environment, it also describes recovery in ASEAN and India. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the fiscal year ending March 2023 (1 April 2022 to 30 June 2022), Japan’s economy showed signs of recovery from the impact of COVID-19, but the impact of shortages of semiconductors and other parts on the automotive industry’s supply chain persisted. Overseas, Russia’s invasion of Ukraine continued, while China was affected by restrictions on economic activity. In the US, prices continued to rise, raising concerns about the impact of monetary policy on the real economy.」
In addition to the previous uncertainty surrounding geopolitical and overseas economic conditions, it explicitly identifies the continuing Russian invasion of Ukraine, restrictions on economic activity in China, and concerns about the impact of rising prices and monetary policy in the US. - FY2022WorsenedAnnual report
「It has been observed that geopolitical risks have increased, particularly in Europe, following Russia’s invasion of Ukraine.」
In addition to previous concerns about China’s economy and trade issues, it newly explicitly identifies geopolitical risks, particularly in Europe, following Russia’s invasion of Ukraine. - FY2022-Q3WorsenedAnnual report
「During the third quarter of the fiscal year ending March 2022 (1 April 2021 to 31 December 2021), Japan’s economy showed signs of recovery from the impact of COVID-19, but the automotive industry’s supply chain was affected by both semiconductor shortages and difficulty procuring parts. Overseas, in addition to the recovery of the US economy, India, Thailand and Indonesia showed signs of recovery. Meanwhile, the pace of economic recovery in China slowed.」
While describing signs of recovery in India, Thailand and Indonesia, it states that difficulty procuring parts arose in addition to the semiconductor shortage and that the pace of China’s economic recovery slowed. - FY2022-Q2WorsenedAnnual report
「During the second quarter of the fiscal year ending March 2022 (1 April 2021 to 30 September 2021), Japan’s economy showed signs of recovery from the impact of COVID-19, but the automotive industry’s supply chain was affected by a global semiconductor shortage. Overseas, the US economy recovered steadily, while the pace of recovery in China slowed and difficult economic conditions continued in India and ASEAN due to the impact of COVID-19.」
While indicating recovery in the US, it describes the slower pace of recovery in China, difficult economic conditions in India and ASEAN, and the semiconductor shortage in the automotive supply chain, showing increased uncertainty in the overseas economy and supply environment. - FY2022-Q1WorsenedAnnual report
「Overseas, the economies of China and the US recovered steadily, while difficult economic conditions continued in India, Thailand and Indonesia.」
While indicating recovery in China and the US, it states that difficult economic conditions continue in India, Thailand and Indonesia, showing that the overseas economic environment remains challenging in some regions. - FY2021MitigatedAnnual report
「Overseas, production activities gradually resumed following restrictions on movement and other measures, and the recovery trend continued. The economy recovered in China and production normalisation progressed in India, but differences in the economic outlook from country to country continued.」
It describes the resumption of production activities, recovery in China and production normalisation in India, representing an improvement from the difficult conditions through the previous quarter. Meanwhile, differences in the economic outlook from country to country continue. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the fiscal year ending March 2021 (1 April 2020 to 31 December 2020), Japan’s economy showed signs of recovery after rapidly deteriorating due to the spread of COVID-19, but uncertainty about the outlook increased as infections resurged. Overseas, production activities were significantly affected by restrictions on movement and other measures. While the economy recovered in China and production normalisation progressed in India, the spread of infections in Europe and the US remained serious and the outlook continued to be highly uncertain.」
Domestically, uncertainty about the outlook increased as infections resurged, while overseas, it describes the impact of restrictions on movement on production activities and the spread of infections in Europe and the US. - FY2021-Q2WorsenedAnnual report
「During the second quarter of the fiscal year ending March 2021, Japan’s economy remained in severe conditions despite signs of recovery in personal consumption after a rapid deterioration caused by the spread of COVID-19. Overseas, production activities were significantly affected by lockdowns and other measures. While the economy recovered in China and production normalisation progressed in India, concerns arose over a resurgence of infections in Europe and the US, and uncertainty about the outlook continued.」
It explicitly describes the continuing impact of COVID-19 on domestic and overseas economies, the impact of overseas lockdowns on production activities and concerns about a resurgence of infections in Europe and the US. - FY2021-Q1WorsenedAnnual report
「Overseas, China showed signs of recovery, but other regions remained in extremely difficult conditions.」
It states that China showed signs of recovery while other overseas regions remained in extremely difficult conditions, indicating that deterioration in the overseas economic environment has continued. - FY2020WorsenedAnnual report
「Overseas, there were periods of heightened tensions over trade issues, while China’s economy slowed moderately. In addition, from January onward, the global spread of COVID-19 placed significant downward pressure on economies in Japan and overseas.」
In addition to China’s economic slowdown and tensions over trade issues, it explicitly describes the downward pressure on domestic and overseas economies from the spread of COVID-19, expanding the discussion of uncertainty. - FY2020-Q3WorsenedAnnual report
「Meanwhile, the outlook for the economy grew uncertain due to a succession of natural disasters and the consumption tax rate increase. Overseas, tensions over trade issues eased somewhat, while China’s economy slowed moderately.」
While tensions over trade issues eased somewhat, it describes uncertainty in the domestic economy due to natural disasters and the consumption tax rate increase, as well as a moderate slowdown in China. - FY2020-Q2WorsenedAnnual report
「During the second quarter of the fiscal year ending March 2019 (1 April 2019 to 30 September 2019), Japan’s economy saw a recovery in personal consumption as employment improved, but the impact of a succession of natural disasters on the economy became difficult to predict and the outlook grew uncertain. Overseas, tensions over trade issues continued, while China’s economy slowed moderately.」
It describes the continuing slowdown in China and tensions over trade issues, while identifying the impact of a succession of natural disasters on the domestic economy as a new source of uncertainty. - FY2020-Q1WorsenedAnnual report
「Overseas, China’s economy slowed amid uncertainty over trade policy.」
The previous concerns about China’s economic slowdown and trade issues are explicitly described this quarter as a slowdown in the Chinese economy. - FY2019-Q3WorsenedAnnual report
「Overseas, attention has increasingly been required on developments in trade issues, while China’s economy has slowed moderately and the outlook has become uncertain.」
The description has changed from China’s economic recovery and subsequent stalling to an explicit description of a moderate slowdown in China and an uncertain outlook. Attention to trade issues has also been newly mentioned. - FY2019-Q2WorsenedAnnual report
「Overseas, the US continued to recover steadily, while China’s economic recovery showed some signs of stalling.」
While describing recovery in the US, the wording regarding China’s economy has changed from recovery to “some signs of stalling,” indicating increased concern. - FY2019-Q1MitigatedAnnual report
「Meanwhile, overseas, the US and Europe continued to recover steadily, China continued to show signs of recovery, and the global economy continued to recover moderately.」
It states that recovery in the US and Europe and signs of recovery in China continued, while the global economy continued to recover moderately. - FY2018-Q3WorsenedAnnual report
「Although concerns were raised about Chinese property prices and financial market trends, the US and Europe continued to recover and economic conditions in Asia also improved, so the global economy continued to recover moderately.」
While describing recovery in the US and Europe and signs of recovery in the Asian economy, it newly identifies concerns about Chinese property prices and financial market trends. - FY2018-Q2WorsenedAnnual report
「Although rising geopolitical risks were a concern overseas, the US and European economies continued to recover steadily, China’s slowdown remained limited, and the Asian region also showed signs of recovery, so the global economy continued to recover moderately.」
While describing recovery in the US and Europe and signs of recovery in China and Asia, it newly identifies rising geopolitical risks as a concern. - FY2018-Q1MitigatedAnnual report
「Meanwhile, overseas, the US and European economies continued to recover steadily, while economic conditions in Asia, including China, showed signs of recovery.」
Regarding the overseas economy, it describes recovery in the US and Europe and signs of recovery in Asia, including China, representing an improvement from the previous descriptions of uncertainty. - FY2017RestatedAnnual report
「Overseas, developed economies, led by the US, remained firm, while the Chinese economy also showed signs of recovery and the global economy recovered moderately.」
It continues to describe the resilience of developed economies, recovery in China and a moderate recovery in the global economy. Separately, it states that political changes, including the UK’s withdrawal from the EU and the inauguration of a new US president, affected foreign exchange rates and other factors. - FY2017-Q3RestatedAnnual report
「Overseas, the US economy continued to expand and the Chinese economy also showed signs of recovery, while the global economy recovered moderately.」
It continues to describe the expansion of the US economy, recovery in China and a moderate recovery in the global economy from the previous quarter. - FY2017-Q2SoftenedAnnual report
「Overseas, the US economy continued to expand and the Chinese economy showed signs of recovery, while the global economy recovered moderately.」
Compared with the previous description of uncertainty, including China’s slowdown, this time it describes expansion of the US economy, recovery in China and a recovery in the global economy. - FY2017-Q1First statedAnnual report
「Overseas, uncertainty increased due to the slowdown in the Chinese economy, the UK’s withdrawal from the EU and the US presidential election.」
It indicates that uncertainty in the overseas economic and political environment has increased.