U.S. Protectionist Economic Policies and Geopolitical Risks
First written in FY2018. 14 of 21 entries say "Worsened", first in FY2019-Q1. Latest entry: 2026-08-07.
The whole theme swung hardest in 2022: 106 of 135 companies on the "Worse" side.
- 2026-08-07WorsenedEarnings
「In addition to the continuing impact of U.S. tariff policies on the global economy, the outlook remains uncertain because rising resource prices and concerns about supply caused by heightened tensions in the Middle East are expected to persist.」
The company cited the continuing impact of U.S. tariff policies and rising resource prices and supply concerns caused by heightened tensions in the Middle East. - FY2026WorsenedAnnual report
「The business environment surrounding our group is expected to remain uncertain, as energy and resource prices rise due to the situation in the Middle East, U.S. trade policy develops, and foreign-exchange markets remain unstable.」
Regarding geopolitical risks, higher resource prices due to the situation in the Middle East, U.S. trade policy, and unstable foreign-exchange markets continued and became more specific as sources of future uncertainty. - FY2026-H1WorsenedAnnual report
「Overseas, the outlook remains uncertain due to downside risks to the global economy resulting from conflicts in the Middle East and Ukraine, as well as the full-scale application of additional US tariffs from August, together with an economic recession and declining exports in China.」
In addition to conflicts in the Middle East and Ukraine, the full implementation of additional U.S. tariffs, China's economic downturn, and lower exports were listed as factors contributing to uncertainty in overseas economies. - FY2025WorsenedAnnual report
「Heightened geopolitical risks in Europe and the Middle East, as well as risks including additional tariffs imposed by the United States, are causing fluctuations in the economic conditions of the countries and regions where our group manufactures and sells products, while also having a significant impact on resource prices, including oil and natural gas, and on financial markets.」
Regarding geopolitical risks, the situation in the Middle East and additional U.S. tariffs were explicitly identified, further clarifying the impact pathways to resource prices, financial markets, and economic conditions in manufacturing and sales regions. - FY2025-H1Added the impact of the expansion of conflicts in the Middle East and inflation caused by foreign-exchange fluctuationsAnnual report
「During the interim consolidated accounting period, the Japanese economy showed signs of recovery as income and personal consumption, among other factors, were recovering, but the outlook remained uncertain due to the impact of soaring energy prices resulting from the expansion of the conflict in the Middle East and the prolonged conflict in Ukraine, as well as continued price increases caused by foreign-exchange movements.」
Regarding geopolitical risks, the expansion of conflicts in the Middle East was newly identified, and the impact pathways involving the prolonged conflict in Ukraine, higher energy prices, and inflation caused by foreign-exchange fluctuations were presented. - FY2024-Q3Added the impact of geopolitical risks, including conflicts in the Middle East, and monetary tighteningAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, the Japanese economy continued to show gradual signs of recovery after COVID-19 was reclassified as a Class 5 infectious disease in May last year, but the outlook remained uncertain due to the impact of soaring energy prices resulting from the situation in Ukraine and the conflict in the Middle East, higher prices caused by the depreciation of the yen, prolonged inflation, and monetary tightening in various countries.」
Regarding geopolitical risks, conflicts in the Middle East were explicitly identified in addition to the situation in Ukraine, and the impact pathways to higher energy prices, yen depreciation and inflation, prolonged inflation, and monetary tightening in various countries were presented. - FY2024-Q2Added specific impact pathways for geopolitical risksAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, the Japanese economy showed signs of recovery following the lifting of COVID-19 restrictions on activities, but the outlook remained uncertain due to the impact of soaring energy prices caused by the prolonged conflict in Ukraine, higher prices resulting from the depreciation of the yen, and financial instability associated with policy-rate hikes in various countries.」
The impact pathway whereby prolonged geopolitical risks lead to higher energy prices, yen depreciation and inflation became more specific, while uncertainty about the outlook continues alongside financial instability caused by interest-rate hikes in various countries. - FY2024-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, the Japanese economy remained in an uncertain outlook due to the prolonged geopolitical risks surrounding Ukraine, persistently high global inflation, and financial instability caused by policy-rate hikes in various countries.」
The prolonged geopolitical risks, persistently high global inflation, and financial uncertainty associated with interest-rate hikes in various countries were explicitly identified, making external-environment uncertainty more specific. - FY2023WorsenedAnnual report
「Heightened geopolitical risks in Europe are causing fluctuations in the economic conditions of the countries and regions where our group manufactures and sells products, while also having a significant impact on resource prices, including oil and natural gas, and on financial markets.」
The impact pathway of heightened geopolitical risks in Europe became more specific, extending to resource prices, financial markets, and economic conditions in manufacturing and sales regions. - FY2023-Q3WorsenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy faced numerous downside risks, including higher resource prices due to the prolonged Russian invasion of Ukraine, inflation resulting from global inflation and the depreciation of the yen, and parts shortages caused by supply-chain disruptions associated with China's lockdowns」
Regarding geopolitical risks, the prolonged Russian invasion of Ukraine was explicitly identified and discussed in connection with higher resource prices and inflation, as well as supply disruptions caused by China's lockdowns. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy faced numerous downside risks, including higher resource prices due to the situation in Ukraine, inflation resulting from the rapid depreciation of the yen following U.S. interest-rate hikes, and production constraints and parts shortages caused by logistics disruptions, including the impact of China's lockdowns」
In addition to existing geopolitical risks, external-environment uncertainty became more specific through higher resource prices due to the situation in Ukraine, yen depreciation and inflation following U.S. interest-rate hikes, and China's lockdowns. - FY2023-Q1RestatedAnnual report
「Geopolitical risks, including the situation in Ukraine, are expected to compound the uncertainty, and the business environment is expected to remain highly uncertain and unclear.」
Geopolitical risks, including the situation in Ukraine, and uncertainty and lack of clarity regarding the business environment continue to be reported. - FY2022WorsenedAnnual report
「The business environment surrounding our group is expected to remain highly uncertain and unclear, as the impact of COVID-19 is compounded by geopolitical risks, including the situation in Ukraine.」
In addition to the previously identified U.S.-China trade friction and other factors, geopolitical risks in Europe, including the situation in Ukraine, were explicitly identified, indicating increased uncertainty. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, the global economy continued to slow against a backdrop of deteriorating market conditions resulting from prolonged US-China trade friction and slower growth in Asia, but the global spread of COVID-19 made the outlook even more uncertain.」
The deterioration in market conditions caused by prolonged U.S.-China trade friction continued, while slower growth in Asia and the global spread of COVID-19 further defined external-environment risks. - FY2020-Q3WorsenedAnnual report
「Overseas, concerns arose over the impact of prolonged US-China trade friction, and uncertain conditions continued.」
The impact of the prolonged U.S.-China trade friction was explicitly identified, and uncertainty about the outlook continues. - FY2020-Q2RestatedAnnual report
「Overseas, the US economy followed a gradual recovery trend, but China showed signs of a slowdown due to the impact of trade friction and other factors, and uncertain conditions continued.」
Concern over the impact of U.S.-China trade friction and uncertainty about the outlook continue. The connection with the slowdown in China was also explicitly identified. - FY2019WorsenedAnnual report
「Regarding the environment surrounding the Group going forward, the economies of both developed and emerging countries are expected to remain firm, but developments in US-China trade friction and the slowdown in the Chinese economy will require close attention.」
Previous concerns about protectionist U.S. policies have continued and become more specific, with U.S.-China trade friction and a slowdown in the Chinese economy identified as concrete concerns. - FY2019-Q3WorsenedAnnual report
「Overseas, concerns arose over the impact of prolonged US-China trade friction, and the uncertain conditions continued.」
The prolonged impact of U.S.-China trade friction was explicitly identified, confirming continued uncertainty about the outlook following the previous quarter. - FY2019-Q2RestatedAnnual report
「Overseas, concerns arose over the impact of US-China trade friction, and conditions remained uncertain.」
Concern over the impact of U.S.-China trade friction and uncertainty about the outlook continue to be reported, following the previous quarter. - FY2019-Q1WorsenedAnnual report
「Overseas, concerns arose over the impact of trade friction on the United States and China, and conditions remained uncertain.」
The impact of U.S.-China trade friction was described as a specific concern, indicating recognition that the outlook is uncertain. - FY2018First statedAnnual report
「Although economic conditions are expected to remain firm, particularly in developed countries, it is necessary to closely monitor the impact of protectionist U.S. economic policies and geopolitical risks.」
Protectionist U.S. economic policies and geopolitical risks were identified for the first time as risks to the future business environment.