Uncertainty stemming from the slowdown in growth in China and Asia and the UK's withdrawal from the EU
First written in FY2016-Q3. 23 of 32 entries say "Worsened", first in FY2017. Latest entry: FY2026-H1.
Hi-Lex moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
68 other companies' latest entry also says "Worsened".
- FY2026-H1WorsenedAnnual report
「During the interim consolidated fiscal period, the global economy continued on a moderate recovery trend overall, but uncertainty about the outlook emerged owing to heightened geopolitical tensions in the Middle East. In the US, the economy expanded moderately, supported by increased capital investment and other factors, despite concerns about trade policy and employment trends. In China, the economy slowed owing to the weak property market and other factors.」
Geopolitical tensions in the Middle East, US trade policy and employment trends, and China's weak property market and economic slowdown are identified as sources of uncertainty for the global economy. - 2026-06-05WorsenedEarnings
「The global economy during the interim consolidated accounting period continued to recover moderately, but uncertainty about the outlook has increased amid heightened geopolitical tensions surrounding the Middle East and other factors.」
Geopolitical tensions were identified as a new source of uncertainty. - FY2025-H1WorsenedAnnual report
「During the interim consolidated fiscal period, the global economy remained firm overall, but uncertainty about the outlook increased owing to the impact of economic policies, including tariffs on automobiles and auto parts in the US. In the US, concerns were raised about a decline in consumption and the risk of an economic downturn resulting from changes in economic policy. In Europe, employment remained firm and inflation moderated, but instability increased owing to US economic policy. In China, the risk of an economic downturn increased owing to the weak property market, slowing consumption and higher US tariffs on Chinese imports, with concerns also about the impact on Asian economies. In addition, conditions remained unstable across regions owing to the prolonged conflict in Ukraine and military conflict in Palestine, among other factors, increasing uncertainty in the global economy.」
US tariffs on automobiles and auto parts, US economic policy, higher US tariffs on Chinese imports and slowing consumption are explicitly identified as new sources of uncertainty, and the disclosure states that uncertainty in the global economy increased. - FY2024WorsenedAnnual report
「Furthermore, uncertainty continued across regions owing to the prolonged conflict in Ukraine and military conflict in Palestine, and the disclosure states that uncertainty in the global economy increased.」
The downturn in China's property market, slowing consumption and the prolonged conflict in Ukraine and military conflict in Palestine were also identified for the full fiscal year as factors increasing uncertainty in the global economy. - FY2024-Q2WorsenedAnnual report
「The US economy remained firm, supported by growth in consumption, but concerns were raised about the impact of future monetary policy on the economy. In Europe, economic downside effects from sluggish domestic and external demand, and in China, concerns about an economic downturn due to the deteriorating property market and excessive debt, as well as the impact on Asian economies, continued. The economic impact of Russia's invasion of Ukraine and the military conflict in Palestine also contributed to persistent uncertainty across regions, and uncertainty in the global economy increased.」
In addition to the previous concerns about China's property market and excessive debt, the invasion of Ukraine and the military conflict in Palestine, US monetary policy and sluggish domestic and external demand in Europe are identified as specific sources of uncertainty. - FY2024-Q1WorsenedAnnual report
「At the same time, uncertainty continued owing to inflation concerns resulting from higher prices and interest rates in Europe and the US, concerns about an economic downturn resulting from China's deteriorating property market and excessive debt, the impact on Asian economies, and the economic impact of Russia's invasion of Ukraine and military conflict in Palestine. The disclosure states that uncertainty in the global economy has increased.」
In addition to the previous concerns about inflation, higher interest rates, China's economy and the invasion of Ukraine, the economic impact of the military conflict in Palestine is explicitly identified, and the disclosure states that uncertainty in the global economy has increased. - FY2023-Q3WorsenedAnnual report
「At the same time, uncertainty continued owing to the spread of infection by new variant strains, a slowdown in the global economy resulting from higher interest rates, the risk of an economic downturn due to a prolonged global semiconductor shortage and higher resource prices, tensions surrounding trade issues between the US and China, rapidly accelerating inflation in the US, slower growth in China's economy and Russia's invasion of Ukraine. Uncertainty in the global economy continued to increase.」
While noting the easing impact of COVID-19 and the normalization of economic activity, the disclosure lists higher interest rates, a prolonged semiconductor shortage, resource prices, US inflation and slower growth in China's economy among the sources of uncertainty, stating that uncertainty in the global economy is increasing. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter, the global economy remained in an uncertain position owing to tensions surrounding trade issues between the US and China, higher energy resource prices, Russia's invasion of Ukraine, the impact of COVID-19 and concerns about a prolonged global semiconductor supply shortage. By region, the global economy remained unpredictable owing to the risk of an economic downturn resulting from global inflation and interest-rate increases in various countries, as well as stagnation in logistics and the flow of funds resulting from the invasion of Ukraine.」
Uncertainty resulting from trade issues, resource prices, the invasion of Ukraine, COVID-19, the semiconductor shortage, inflation, interest-rate increases and stagnation in logistics and the flow of funds continues to be disclosed. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter, the global economy remained in an uncertain position owing to tensions surrounding trade issues between the US and China, higher energy resource prices, Russia's invasion of Ukraine, the impact of COVID-19 and concerns about a prolonged global semiconductor supply shortage. By region, the global economy remained unpredictable owing to the risk of an economic downturn resulting from global inflation and interest-rate increases in various countries, as well as stagnation in logistics and the flow of funds resulting from the invasion of Ukraine.」
In addition to the previous trade issues, resource prices, COVID-19, the semiconductor shortage and the invasion of Ukraine, global inflation, interest-rate increases in various countries and stagnation in logistics and the flow of funds are explicitly identified as factors that could cause an economic downturn. - FY2022RestatedAnnual report
「During the consolidated fiscal year, the global economy remained in an uncertain position owing to tensions surrounding trade issues between the US and China, higher energy resource prices, the impact of COVID-19 and concerns about a prolonged global semiconductor supply shortage. In addition, Russia's invasion of Ukraine increased concerns about a downturn in future growth and inflation.」
In addition to trade issues, China's economy, COVID-19, the semiconductor shortage and energy prices, the disclosure continues to identify the downturn in growth and inflation concerns resulting from the invasion of Ukraine as sources of uncertainty for the global economy. - FY2022-Q3WorsenedAnnual report
「In China, intermittent production cuts by automakers occurred owing to the impact of lockdowns in major cities following the renewed spread of COVID-19, semiconductor supply shortages and tight electricity supply and demand, raising concerns about an economic slowdown.」
In addition to the previous trade issues, COVID-19, resource prices and the semiconductor shortage, specific concerns have emerged regarding lockdowns and tight electricity supply and demand in China, stalled parts supplies in Asia, uncertainty over component supplies and supply-chain disruption in Europe due to the conflict in Ukraine. - FY2022-Q2WorsenedAnnual report
「During the cumulative second quarter, the global economy remained in an uncertain position owing to tensions surrounding trade issues between the US and China, higher energy resource prices, the impact of COVID-19 and concerns about a prolonged global semiconductor supply shortage. In addition, Russia's invasion of Ukraine increased concerns about a downturn in future growth and inflation.」
In addition to the previous trade issues, energy prices, COVID-19 and the semiconductor shortage, Russia's invasion of Ukraine has been added as a factor heightening concerns about a downturn in growth and inflation, increasing uncertainty in the global economy. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter, the global economy remained in an uncertain position owing to tensions surrounding trade issues between the US and China, higher energy resource prices, the impact of COVID-19 and concerns about a prolonged global semiconductor supply shortage.」
In addition to the previous trade issues, COVID-19 and the semiconductor shortage, higher energy resource prices are explicitly identified, and concerns about a prolonged semiconductor supply shortage remain. Sources of uncertainty for the global economy are continuing to increase. - FY2021-Q3WorsenedAnnual report
「Although economic conditions were on a moderate recovery trend year on year, despite the continuing severe impact of COVID-19, the global economy remained unpredictable owing to concerns about renewed infection from variant strains and the impact on production activity of the global semiconductor supply shortage, among other factors.」
Although the economy was on a recovery trend year on year, concerns about downward pressure on production activity continued as renewed infection from variant strains and a global semiconductor supply shortage were added. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter, the global economy remained in an uncertain position owing to tensions surrounding trade issues between the US and China, developments in China's economy, volatility in financial and capital markets and the impact of the renewed spread of COVID-19 caused by variant strains. A new problem, the global semiconductor shortage, also emerged. In addition, there were concerns that these conditions could continue and prolong their impact.」
In addition to the previous trade issues, China's economy, volatility in financial markets and COVID-19, the renewed spread of infection caused by variant strains and the global semiconductor shortage are explicitly identified, with concerns about a prolonged impact continuing. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter, the global economy remained in an uncertain position owing to tensions surrounding trade issues between the US and China, uncertainty about China's economic outlook, the UK's departure from the EU, conditions in the Middle East, volatility in financial and capital markets and the renewed spread of COVID-19. New problems also emerged, including a global semiconductor supply-demand imbalance and shortages of raw materials. In addition, concerns were raised that the impact could be prolonged if these conditions continued.」
In addition to the previous trade issues, China's economy, the UK's departure from the EU, conditions in the Middle East, volatility in financial markets and COVID-19, tight semiconductor supply and demand and shortages of raw materials have been added as new sources of uncertainty, with concerns that the impact could be prolonged. - FY2020-Q3WorsenedAnnual report
「By region, the US economy faced a risk of an economic downturn due to the renewed spread of COVID-19, but showed signs of a pickup as economic activity gradually resumed. China and Europe also showed signs of a pickup recently.」
The US is newly described as facing a risk of an economic downturn due to the renewed spread of COVID-19. At the same time, signs of a pickup in China and Europe are also noted. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter, the global economy remained in an uncertain position owing to tensions surrounding trade issues between the US and China, the outlook for China's economy, the UK's departure from the EU, conditions in the Middle East, volatility in financial and capital markets and the spread of COVID-19.」
In addition to the previous concerns about trade issues, China's economy, the UK's departure from the EU, conditions in the Middle East and volatility in financial markets, the spread of COVID-19 is newly identified as a source of uncertainty. The pandemic has in fact led to shutdowns of operations and economic deterioration in various countries. - FY2020-Q1WorsenedAnnual report
「During the cumulative first quarter, the global economy remained in an uncertain position owing to tensions surrounding trade issues, the outlook for China's economy, the UK's departure from the EU, conditions in the Middle East and volatility in financial and capital markets.」
In addition to the previous concerns about trade issues, China's economy, the UK's departure from the EU and volatility in financial and capital markets, conditions in the Middle East are explicitly identified as a source of uncertainty. Renewed tensions in trade issues between the US and China, concerns about China's financial system and the risk of an economic downturn in the UK are also specified. - FY2019WorsenedAnnual report
「During the consolidated fiscal year, the global economy remained in an uncertain position owing to tensions surrounding trade issues, the outlook for China's economy, the UK's departure from the EU and volatility in financial and capital markets.」
In addition to longstanding concerns about China's economy and the UK's departure from the EU, tensions surrounding trade issues and volatility in financial and capital markets are also included, broadening the sources of uncertainty for the global economy. - FY2019-Q3WorsenedAnnual report
「During the cumulative third quarter, the global economy remained in an uncertain position owing to the prolonged US-China trade friction and the UK's departure from the EU. In the US, uncertainty continued against the backdrop of trade issues with China. In China, concerns were raised about the risk of an economic downturn resulting from developments in trade issues with the US and the impact of measures to address excessive debt.」
The prolonged US-China trade friction and the UK's departure from the EU continue to be sources of uncertainty about the outlook, while China continues to face a stated risk of an economic downturn resulting from trade issues with the US and measures to address excessive debt. - FY2019-Q2WorsenedAnnual report
「During the cumulative second quarter, the global economy continued to recover moderately overall, but remained in an uncertain position owing to the impact of US-China trade friction and the UK's departure from the EU.」
In addition to US-China trade friction, the UK's departure from the EU continues to be identified as a source of uncertainty for the global economy. In China, the risk of an economic downturn due to trade issues with the US and volatility in financial and capital markets is also noted, and uncertainty about the outlook continues. - FY2019-Q1WorsenedAnnual report
「During the cumulative first quarter, the global economy continued to recover moderately overall, but remained in an uncertain position owing to escalating trade tensions between the US and China.」
The previously disclosed trade issues are now explicitly described as intensifying between the US and China, with increased uncertainty about the outlook. For China, the risk of an economic downturn due to trade issues, excessive debt and volatility in financial and capital markets also remains identified. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter, the US economy continued to recover steadily. In China, although there was a risk of an economic downturn due to developments in financial markets, including property prices and excessive debt, as well as developments in trade issues, the economy was expected to continue showing signs of a pickup.」
For China, the disclosure continues to specify the risk of an economic downturn resulting from financial-market conditions, including property prices and excessive debt, as well as trade issues. At the same time, it maintains the view that the economy will continue to recover. - FY2018-Q2WorsenedAnnual report
「Although China faced a risk of an economic downturn due to developments in financial markets, including property prices and excessive debt, as well as developments in trade issues, the economy was expected to continue showing signs of a pickup.」
While stating that China's economy would continue to show signs of a pickup, the disclosure newly specifies the risk of an economic downturn resulting from developments in trade issues, in addition to financial-market conditions including property prices and excessive debt. - FY2018-Q1ReframedAnnual report
「The US economy continued to recover steadily. In China, although there was a risk of an economic downturn due to developments in financial markets, including property prices and excessive debt, the economy was expected to continue showing signs of a pickup.」
Rather than the uncertainty associated with the UK's departure from the EU previously mentioned, the disclosure specifically identifies the risk of an economic downturn resulting from financial-market conditions in China, including property prices and excessive debt. At the same time, China's economy as a whole is described as continuing to show signs of a pickup. - FY2017WorsenedAnnual report
「During the consolidated fiscal year, moderate growth in the global economy continued, led by the US, where the real economy was strong. However, uncertainty about the outlook for the real economy persisted owing to concerns about slower growth in emerging economies, including China, the UK's departure from the EU and the potential expansion of protectionist policies, leaving the global economy generally lacking momentum.」
In addition to concerns about slower growth in emerging economies, including China, and the UK's departure from the EU, concerns about the expansion of protectionist policies are newly included, with continued uncertainty about the outlook for the global economy described. - FY2017-Q3SoftenedAnnual report
「During the cumulative third quarter, the global economy showed signs of a pickup in China and other emerging Asian countries, while the US continued to recover steadily. In Europe, concerns remained about the impact of uncertainty associated with the UK's departure from the EU, but the economy continued to recover moderately.」
A pickup in economic conditions in China and emerging Asia and a moderate recovery in Europe, despite lingering concerns about uncertainty associated with the UK's departure from the EU, are described, further softening the previous wording emphasizing slower growth and uncertainty. - FY2017-Q2SoftenedAnnual report
「During the cumulative second quarter, the US economy was expected to remain firm, although attention was required regarding future policy developments. In China, there was a reaction following the end of the purchase tax reduction for automobiles, but the economy remained generally firm.」
The disclosure notes the reaction following the end of China's purchase tax reduction for automobiles and the need to monitor future policy developments in the US, but describes economic conditions in both regions as generally firm. This is less emphatic than the previous wording highlighting slower growth in China and Asia and uncertainty resulting from the UK's departure from the EU. - FY2017-Q1SoftenedAnnual report
「Although some weakness was seen in China, the economy was generally recovering moderately, with signs of a pickup due in part to the effects of various government policies.」
China is described as showing signs of a pickup due to the effects of government policies, while the global economy as a whole is described as recovering moderately. This is less emphatic than the previous wording highlighting slower growth in China and Asia and uncertainty resulting from the UK's departure from the EU. - FY2016SoftenedAnnual report
「Although weakness was seen in the economies of China and other emerging Asian countries, the US economy remained generally weak but firm. In Europe, concerns were raised about the impact of the UK's departure from the EU, but the economy continued on a moderate recovery trend.」
Weakness in China and emerging Asia and concerns over the UK's departure from the EU continue, but Europe's recovery trend is also noted, softening the previous wording that uncertainty about the outlook was increasing. - FY2016-Q3First statedAnnual report
「Although growth slowed in China and other emerging Asian countries, the US economy remained generally weak but firm. In Europe, the economy continued on a moderate recovery trend, but uncertainty about the outlook increased as a result of the UK's departure from the EU.」
The slowdown in China and Asia and the uncertainty about Europe's outlook associated with the UK's departure from the EU are described as business-environment risks.