Risk of a Global Economy, China and ASEAN Slowdown
First written in FY2016. 11 of 33 entries say "Restated". Latest entry: 2026-08-06.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- 2026-08-06RestatedEarnings
「At the same time, concerns remain over the impact of risks including higher energy and raw material prices resulting from the situation in the Middle East, as well as volatility in financial and capital markets, and the outlook remains uncertain.」
The company cites risks of higher energy and raw material prices and volatility in financial and capital markets, indicating that uncertainty about the outlook continues. - FY2026WorsenedAnnual report
「Changes to US trade and tariff policies could increase the costs of automobiles, construction and industrial machinery, agricultural machinery and other products equipped with the Company's products and exported to North America.」
In addition to the previous uncertainty surrounding the global economy, China and ASEAN, the document identifies the risk of higher costs and price competition resulting from changes to US trade and tariff policies. - 2026-06-06WorsenedGeneral Meetings of Shareholders
「Overseas, new-vehicle sales, particularly of our core pickup trucks, have remained sluggish in the ASEAN region, especially Thailand, due to the impact of stricter auto loan screening by financial institutions against a backdrop of rising household debt. Although some signs of recovery have recently emerged, a full-fledged recovery is still expected to take time. In China, the heavy commercial vehicle sector, where the TBK Group’s core products are used, has shown signs of recovery, but the business environment remains difficult, and we expect demand recovery to take time.」
For Thailand and China, the company specifies that demand remains weak and that a full-fledged recovery will take time, indicating that external environmental risks in Asia persist. - FY2026-H1Continued uncertainty in the external environmentAnnual report
「During the six months ended September 30, the Japanese economy was expected to recover, supported by growing inbound demand and expanded capital investment to address labor shortages and other issues. However, the outlook remained uncertain due to the slowdown in the global economy, fluctuations in resource prices, instability in foreign-exchange markets and other factors.」
While inbound demand and capital investment raised expectations for a recovery, the slowdown in the global economy, fluctuations in resource prices, and instability in foreign-exchange markets were listed as new sources of uncertainty. - FY2025WorsenedAnnual report
「The outlook remained uncertain due to developments in US economic policy, the stagnation of the Chinese economy, Russia's invasion of Ukraine, the situation in the Middle East and other factors.」
External-environment factors including US policy, the stagnation of the Chinese economy, the invasion of Ukraine, and the situation in the Middle East were listed, and uncertainty in the global economy continued. - FY2025-H1Expectations for recovery alongside continued uncertaintyAnnual report
「During the six months ended September 30, the Japanese economy was expected to recover, supported by growing inbound demand and expanded capital investment to address labor shortages and other issues. However, many concerns remained, including a prolonged slump in private consumption due to stagnant real wage growth, leaving the outlook uncertain.」
While inbound demand and capital investment raised expectations for a recovery, stagnant real wage growth and the prolonged weakness in private consumption remained concerns, and uncertainty in the external environment continued. - FY2024-Q3Recovery in component supplies and economic normalization alongside rising costsAnnual report
「During the nine months ended December 31 of the current fiscal year, economic activity in Japan was normalizing following the lifting of COVID-19-related restrictions, and shortages of semiconductors and other components were easing. However, the outlook remained uncertain due to the continued increase in energy costs and consumer prices, among other factors.」
While COVID-19-related restrictions were lifted, economic activity was normalizing, and shortages of components were easing, higher energy prices and consumer prices and uncertainty over the outlook continued. - FY2024-Q1Recovery and uncertainty coexistAnnual report
「During the three months ended June 30 of the current fiscal year, economic activity in Japan was normalizing following the lifting of COVID-19-related restrictions, and shortages of semiconductors and other components were easing. However, the outlook remained uncertain due to the continued increase in energy costs and consumer prices, among other factors.」
While COVID-19-related restrictions were lifted, economic activity was normalizing, and shortages of components were easing, higher energy prices and consumer prices and uncertainty over the outlook continued. Regional and external-environment risks included both improving and deteriorating factors. - FY2023-Q3WorsenedAnnual report
「The truck manufacturing industry relevant to the Group was affected by supply disruptions caused by production delays due to parts shortages, including the global semiconductor shortage. As a result, domestic registrations of ordinary trucks with a payload capacity of 4 tons or more declined 35.6% year on year to 38,717 units. Exports, particularly to ASEAN, remained firm and on a recovery trend. In China, difficult conditions continued due to restrictions on economic activity associated with the renewed spread of COVID-19 and other factors.」
While exports to ASEAN were on a recovery trend, the domestic market continued to contract due to semiconductor shortages, and restrictions on economic activity associated with the renewed spread of COVID-19 in China continued, resulting in recovery and deterioration coexisting by region. - FY2023-Q2WorsenedAnnual report
「During the six months ended September 30 of the current fiscal year, economic activity in Japan was gradually normalizing as restrictions were eased while the effects of COVID-19 continued for an extended period. However, the outlook remained uncertain due to soaring global resource prices resulting from the deteriorating situation in Ukraine and other factors, as well as the rapid depreciation of the yen, mainly due to the widening interest-rate differential with Europe and the United States.」
While economic activity was normalizing and exports to ASEAN were on a recovery trend, higher resource prices resulting from the situation in Ukraine and the rapid depreciation of the yen were newly emphasized, and uncertainty in the external environment continued. - FY2023-Q1WorsenedAnnual report
「The truck manufacturing industry relevant to the Group was affected by production delays due to parts shortages, including lockdowns in China and semiconductor supply shortages. As a result, domestic registrations of ordinary trucks with a payload capacity of 4 tons or more declined 35.9% year on year to 11,885 units. Exports, particularly to ASEAN, remained firm and on a recovery trend. In China, however, difficult conditions continued due to restrictions on economic activity associated with the renewed spread of COVID-19 and other factors.」
While exports to ASEAN showed signs of recovery, restrictions on economic activity due to lockdowns and the renewed spread of COVID-19 in China, together with production delays caused by parts shortages, worsened external-environment risks differently by region. - FY2022WorsenedAnnual report
「However, the Company was unable to achieve its numerical targets due to external factors, including further market price increases resulting from the prolonged spread of COVID-19 and the escalating situation in Ukraine, as well as internal factors, including delays in making the North American business profitable and in carrying out fundamental reforms to the domestic business.」
In addition to the spread of COVID-19, the escalation of the situation in Ukraine and rising market prices were added as external-environment risks. - FY2022-Q3WorsenedAnnual report
「During the nine months ended December 31 of the current fiscal year, economic activity in Japan showed signs of recovery in private consumption and exports following the resumption of economic activity after the stagnation caused by the spread of COVID-19. However, the outlook remained uncertain due to downside risks from semiconductor supply shortages and higher raw material prices, as well as reports of the spread of COVID-19 variants.」
While economic activity and exports showed signs of recovery, uncertainty over the outlook continued as the spread of COVID-19 variants was newly identified as an additional risk alongside semiconductor supply shortages and downside risks from higher raw material prices. - FY2022-Q2Uncertainty amid economic recovery and supply constraintsAnnual report
「During the six months ended September 30 of the current fiscal year, economic activity in Japan showed signs of recovery in private consumption and exports following the resumption of economic activity after the stagnation caused by the spread of COVID-19. However, the outlook remained uncertain due to semiconductor shortages and higher resource prices. Exports, particularly to ASEAN, remained on an upward trend, supported by the recovery of the global economy.」
While economic activity and exports to ASEAN showed signs of recovery and expansion, uncertainty over the outlook continued due to semiconductor shortages and higher resource prices. - FY2022-Q1MitigatedAnnual report
「During the three months ended June 30 of the current fiscal year, economic activity in Japan showed signs of recovery in private consumption and exports following the resumption of economic activity after the stagnation caused by the spread of COVID-19. However, the outlook remained uncertain due to the prolonged spread of COVID-19. Exports, particularly to ASEAN, also remained on an upward trend, supported by the recovery of the global economy.」
The external environment improved, with exports to ASEAN moving onto an expansionary trend amid the resumption of economic activity and the recovery of the global economy. However, uncertainty due to the prolonged spread of COVID-19 continued. - FY2021Recovery and stagnation coexist by regionAnnual report
「Amid the disruption to the global economy caused by the spread of COVID-19, recovery trends were seen in Japan, Thailand, China and the United States. However, demand remained sluggish in ASEAN, India and other regions, and production adjustments were implemented accordingly.」
While recovery trends were seen in Japan, Thailand, China and the United States, weak demand and continued production adjustments in ASEAN and India indicate differences in the pace of recovery by region. - FY2021-Q3Recovery and continued uncertaintyAnnual report
「During the nine months ended December 31 of the current fiscal year, economic activity in Japan showed signs of recovery in private consumption and exports following the resumption of economic activity after the stagnation caused by the spread of COVID-19. However, the outlook remained uncertain due to the prolonged spread of COVID-19.」
While economic activity showed signs of recovery following its resumption, uncertainty over the outlook continued due to the prolonged spread of COVID-19. - FY2021-Q2RestatedAnnual report
「During the six months ended September 30 of the current fiscal year, economic activity in Japan remained uncertain, as the deterioration in US-China relations and the continued lack of visibility regarding the end of the COVID-19 pandemic persisted. Exports, particularly to ASEAN, also remained sluggish due to the stagnation of the global economy and other factors.」
The deterioration in US-China relations, uncertainty over the outlook for the end of the COVID-19 pandemic, and sluggish exports to ASEAN due to the stagnation of the global economy continue. - FY2020WorsenedAnnual report
「During the fiscal year, the Japanese economy remained uncertain, as economic activity rapidly contracted due to the global spread of COVID-19, in addition to the prolonged US-China trade friction and the slowdown in the Chinese economy.」
In addition to the previous risks of US-China trade friction and the slowdown in the Chinese economy, the global spread of COVID-19 caused a rapid contraction in economic activity, indicating that external-environment risks had become more serious. - FY2020-Q3RestatedAnnual report
「During the nine months ended December 31 of the current fiscal year, the Japanese economy showed weakness in some exports and production, partly because the global economy remained uncertain due to the prolonged US-China trade friction and the slowdown in the Chinese economy.」
The uncertainty surrounding the global economy due to the prolonged US-China trade friction, the slowdown in the Chinese economy, and weakness in exports and production continues to be reported. - FY2020-Q2RestatedAnnual report
「During the six months ended September 30 of the current fiscal year, the Japanese economy showed weakness in some exports and production, partly because the global economy remained uncertain due to the prolonged US-China trade friction and the slowdown in the Chinese economy.」
The uncertainty surrounding the global economy due to the prolonged US-China trade friction and the slowdown in the Chinese economy continues to be reported. - FY2020-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, the Japanese economy showed some weakness in exports and production, partly because the global economy remained uncertain due to the prolonged US-China trade friction and the slowdown in the Chinese economy. In the truck manufacturing industry relevant to our Group, domestic registrations of standard trucks (payload capacity of 4 tonnes or more) totaled 20,533 units, up 1.9% year on year. Meanwhile, exports, primarily to ASEAN, remained weak. In the construction and industrial machinery industries, exports, primarily to China, remained weak.」
Against a backdrop of prolonged US-China trade friction and a slowdown in the Chinese economy, exports to ASEAN and China weakened, and the company disclosed a deterioration in the overseas business environment. - FY2019WorsenedAnnual report
「The construction and industrial machinery industries were generally firm, but weakened toward the second half of the fiscal year as signs of a slowdown in the Chinese economy intensified. In addition, against a backdrop of slowing economic activity in Europe and China and moves by various countries to tighten emissions regulations, the business environment for processed engine-related components weakened.」
The company explains that the business environment for processed engine-related components weakened against a backdrop of an intensifying slowdown in the Chinese economy, economic slowdowns in Europe and China, and emissions regulations. - FY2019-Q3RestatedAnnual report
「Exports to overseas markets, primarily ASEAN, continued to perform firmly.」
Firm exports to overseas markets, primarily ASEAN, continued, reaffirming the existing overseas market conditions. - FY2019-Q2RestatedAnnual report
「Exports to overseas markets, primarily ASEAN, continued to perform firmly.」
Firm exports to overseas markets, primarily ASEAN, continued, reaffirming the improvement in overseas market conditions indicated in the previous period. - FY2019-Q1RestatedAnnual report
「Exports to overseas markets, primarily ASEAN, continued to perform firmly.」
Firm exports to overseas markets, primarily ASEAN, continued, reaffirming the improvement in overseas market conditions indicated in the previous period. - FY2018MitigatedAnnual report
「Although demand was sluggish in some resource-rich countries, the recovery of the advanced economies and China spread to neighboring countries, and conditions remained firm.」
Although demand was sluggish in some resource-rich countries, the recovery of the advanced economies and China spread to neighboring countries, and the company describes the overseas business environment as firm. - FY2018-Q3MitigatedAnnual report
「Exports to overseas markets began to show signs of recovery, primarily in shipments to ASEAN.」
The company states that exports to ASEAN, which had remained sluggish, have begun to show signs of recovery, indicating some improvement in the existing overseas market risk. - FY2018-Q2RestatedAnnual report
「Exports to overseas markets, primarily ASEAN, also remained sluggish.」
Weak exports to overseas markets, primarily ASEAN, have continued, reaffirming the existing overseas and regional economic risks. - FY2017-Q3RestatedAnnual report
「Meanwhile, exports to overseas markets, primarily ASEAN, remained sluggish.」
Weak exports to overseas markets, primarily ASEAN, have continued, reaffirming the existing overseas and regional economic risks. - FY2017-Q2RestatedAnnual report
「Meanwhile, exports to overseas markets, primarily ASEAN, remained sluggish.」
Weak exports to overseas markets, primarily ASEAN, have continued, reaffirming the existing overseas and regional economic risks. - FY2017-Q1RestatedAnnual report
「Meanwhile, exports to overseas markets, primarily ASEAN, remained sluggish.」
Weak exports to overseas markets, primarily ASEAN, have continued. No significant change in risk was indicated, and the existing overseas and regional economic risks were reaffirmed. - FY2016First statedAnnual report
「During the current fiscal year, the Asian economy remained in a difficult situation, with growth slowing in Southeast Asian countries such as Thailand and Indonesia due to the impact of the slowdown in the Chinese economy.」
The company describes the slowdown in the Chinese economy and slower growth in Southeast Asia as results for the current period, while identifying a slowdown in the global economy as a future risk.