Sluggish consumer spending, downside risks to overseas economies, and uncertainty over the outlook due to the UK's withdrawal from the EU
First written in FY2017-Q1. 23 of 42 entries say "Worsened", first in FY2019-Q2. Latest entry: 2026-11-13.
Nihon Plast moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 84 of 98 companies on the "Worse" side.
42 other companies' latest entry also says "Restated".
- FY2026WorsenedAnnual report
「In addition to the expected continuation of these effects during the fiscal year ending March 2027, new challenges have emerged, including heightened geopolitical risks, including the situation in the Middle East, and fundamental reviews of customers' business strategies. The business environment surrounding the Company is undergoing dramatic change on an unprecedented scale.」
In addition to the struggles of Japanese automakers in the Chinese market and US tariff policy, geopolitical risks including the situation in the Middle East and customers' reviews of their business strategies have been identified as new challenges. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, the outlook surrounding the Group remained uncertain due to continued weak sales by Japanese automakers in China, US tariff measures, the resulting review of automotive production systems, and their impact on the global economy.」
Continued weak sales by Japanese automakers in China, US tariff measures, and the resulting review of production systems were identified as sources of uncertainty in the operating environment for the interim period, including their impact on the global economy. - FY2025WorsenedAnnual report
「Although the impact of external factors such as COVID-19 and the semiconductor shortage has eased, new challenges have emerged, including lower sales volumes for Japanese automakers due to structural changes in the Chinese market and increased market uncertainty resulting from the tariff policy of the new US administration. The difficult operating environment is expected to continue through the fiscal year ending March 2026.」
While the impact of the semiconductor shortage and other factors has eased, lower sales by Japanese manufacturers due to structural changes in the Chinese market and uncertainty resulting from the tariff policy of the new US administration have been identified as new challenges. - FY2025-H1Resolution of the semiconductor shortage coexists with the Chinese market and geopolitical risksAnnual report
「During the interim consolidated accounting period, automotive production was returning to previous levels as the semiconductor shortage was resolved. However, concerns remained over major changes in automotive market needs in China and the unstable global situation resulting from heightened geopolitical risks, leaving the outlook uncertain.」
The resolution of the semiconductor shortage and recovery in automotive production are indicated, while concerns over changing needs in the Chinese market and geopolitical risks continue. Rather than introducing a new specific situation, the description updates the previous trend of the shift to EVs and geopolitical risks to reflect the environment after supply constraints were resolved. - FY2024-Q3Updated from the situation surrounding Russia and Ukraine to broader geopolitical risksAnnual report
「The environment surrounding the Group remained uncertain. The global semiconductor shortage was gradually easing and automotive production was recovering, but concerns remained over major changes in market needs due to China's rapid shift to EVs and the unstable global situation resulting from heightened geopolitical risks.」
While the easing of the semiconductor shortage and the recovery trend in automotive production continue, the wording has broadened from the specific situation surrounding Russia and Ukraine to an unstable global situation resulting from heightened geopolitical risks. - FY2024-Q2Easing supply constraints coexist with concerns over China's shift to EVsAnnual report
「During the six months ended 30 September, the environment surrounding the Group remained uncertain. The global semiconductor shortage was gradually easing and automotive production was recovering, but concerns remained over the rapid shift to EVs in China and the resulting major changes in market needs, as well as the unstable global situation, including the situation surrounding Russia and Ukraine.」
While the easing of the semiconductor shortage and recovery in automotive production are indicated, changes in market needs due to China's rapid shift to EVs and concerns over the situation surrounding Russia and Ukraine remain, with recovery and uncertainty coexisting. - FY2024-Q1SoftenedAnnual report
「During the three months ended 30 June, the global semiconductor shortage was gradually easing and China's economic activity began to recover following the end of its zero-COVID policy. However, concerns over high and elevated prices for some raw materials and the situation surrounding Russia and Ukraine remain, and the outlook continues to be uncertain.」
The easing of the semiconductor shortage and the start of China's economic recovery are described, weakening the previous supply constraints. However, concerns over high and elevated raw material prices and the situation surrounding Russia and Ukraine, as well as uncertainty, remain. - FY2023-Q3WorsenedAnnual report
「During the nine months ended 31 December, domestic and overseas economies remained in a difficult situation due to the global semiconductor shortage, a sharp increase in COVID-19 cases in China, soaring raw material prices, the situation surrounding Russia and Ukraine, and sharp foreign exchange fluctuations.」
In addition to the semiconductor shortage, high raw material prices, and the situation surrounding Russia and Ukraine, the sharp increase in infections in China and sharp foreign exchange fluctuations were identified, indicating that the difficult external environment continues. - FY2023-Q2WorsenedAnnual report
「During the six months ended 30 September, domestic and overseas economies continued to face severe external-environment volatility, including the global semiconductor shortage, soaring raw material prices, the situation surrounding Russia and Ukraine, and the accelerating depreciation of the yen.」
Severe external-environment volatility, including the semiconductor shortage, high raw material prices, the situation surrounding Russia and Ukraine, and the accelerating depreciation of the yen, continues. Excluding foreign exchange effects and other factors, revenue declined in all segments and operating loss widened. - FY2023-Q1WorsenedAnnual report
「During the three months ended 30 June, domestic and overseas economies were in an extremely difficult situation due to the prolonged global semiconductor shortage, soaring raw material prices, the situation surrounding Russia and Ukraine, the impact of the Shanghai lockdown, and other factors.」
In addition to the prolonged semiconductor shortage, soaring raw material prices, and the situation surrounding Russia and Ukraine, the impact of the Shanghai lockdown has been explicitly identified, indicating that the economic environment has become more difficult. In terms of wording, the impact of the risks has materialized in the actual business environment. has_metric等はRISKのためnull。 quantifiedはfalse、materializedはtrue。 - FY2022WorsenedAnnual report
「The environment surrounding the Group remains uncertain due to the prolonged stagnation in the supply of components, particularly semiconductors, accompanying the spread of COVID-19, as well as the situation surrounding Russia and Ukraine, which has rapidly escalated since late February.」
In addition to the prolonged stagnation in semiconductor supplies, the situation surrounding Russia and Ukraine has emerged as a new source of uncertainty. - FY2022-Q3WorsenedAnnual report
「During the nine months ended 31 December, the stagnation in the supply of components, particularly semiconductors, accompanying the spread of COVID-19 continued for an extended period, resulting in continued vehicle production cuts. As the timing of the resolution remains unforeseeable, the outlook for the automotive industry is expected to remain uncertain.」
The prolonged stagnation in the supply of components, particularly semiconductors, continued vehicle production cuts, and the lack of visibility on when the situation will be resolved are identified, indicating that supply constraints and uncertainty over the outlook have intensified from the previous quarter. - FY2022-Q2WorsenedAnnual report
「During the six months ended 30 September, domestic and overseas economies saw widening vehicle production cuts due to stagnation in the supply of components, particularly semiconductors, accompanying the spread of COVID-19 in Southeast Asia. As the timing of the resolution remains unforeseeable, the outlook for the automotive industry is expected to remain uncertain.」
The stagnation in component supplies resulting from the spread of infections in Southeast Asia is reflected in wider vehicle production cuts, and the timing of the easing of supply constraints remains unforeseeable. - FY2022-Q1WorsenedAnnual report
「The impact of the spread of COVID-19 is moving into a recovery phase, but vehicle production cuts due to the global semiconductor shortage are deepening. In addition, some regions, particularly in Southeast Asia, have experienced renewed COVID-19 infections since July, and the timing of the resolution of the semiconductor shortage remains unforeseeable, so the outlook for the automotive industry is expected to remain uncertain.」
Although the economy is described as being in a recovery phase, the document specifies substantial vehicle production cuts due to the global semiconductor shortage, renewed infections in Southeast Asia, and the lack of visibility on when the supply shortage will be resolved. - FY2021WorsenedAnnual report
「The environment surrounding the Group is moving from stagnation caused by the global spread of COVID-19 into a recovery phase. However, the possibility of renewed infections continues to simmer in various regions, and the impact of the global semiconductor shortage is beginning to emerge, leaving the outlook for the automotive industry uncertain.」
Although economic activity is described as having entered a recovery phase, the possibility of renewed infections and the newly apparent impact of the global semiconductor shortage continue to leave the outlook for the automotive industry uncertain. - FY2021-Q3WorsenedAnnual report
「Regarding the impact of the spread of COVID-19 on the operations and performance of the Group, economic activity in countries including China and the United States, which are the Group's main segments, is currently recovering, and customer production is also continuing to recover steadily. However, some regions are experiencing renewed infections, and the impact of customer production cuts due to the global semiconductor shortage is beginning to emerge. Sales trends in the automotive market therefore remain uncertain, and the Group will continue to monitor them closely.」
While recovery in economic activity and customer production, particularly in China and the United States, is described, the impact of customer production cuts due to the global semiconductor shortage has newly emerged in addition to renewed infections, and uncertainty over automotive sales continues. - FY2021-Q2SoftenedAnnual report
「Regarding the impact of the spread of COVID-19 on the operations and performance of the Group, economic activity in countries including China and the United States, which are the Group's main segments, is currently recovering, and customer production is also continuing to recover steadily. However, sales trends in the automotive market remain uncertain, and the Group will continue to monitor them closely.」
Recovery in economic activity and customer production, particularly in China and the United States, is described, weakening the previous quarter's characterization of a significant deterioration. However, the risk of renewed infections and uncertainty over automotive sales remain. - FY2021-Q1WorsenedAnnual report
「During the three months ended 30 June, domestic and overseas economies deteriorated significantly due to restrictions on consumer spending and corporate activity resulting from the global spread of COVID-19. Although economic activity has resumed in some countries and regions as lockdowns have been eased, the outlook remains uncertain as infections accelerate in emerging markets and the risk of a second wave rises in developed countries.」
While economic activity has resumed, accelerating infections in emerging markets and the risk of a second wave in developed countries have been added, and uncertainty over the outlook continues. - FY2020WorsenedAnnual report
「Although the global economy had continued to expand gradually, it has suffered a severe shock, greater than the Lehman shock, as the spread of COVID-19 has claimed many lives and paralyzed economic activity in major cities, in addition to US-China trade friction and the UK's withdrawal from the EU.」
In addition to the previous uncertainty caused by US-China trade friction and the UK's withdrawal from the EU, the rapid global economic slowdown and significant downward pressure caused by COVID-19 have been explicitly identified. - FY2020-Q3WorsenedAnnual report
「During the nine months ended 31 December, the Japanese economy lacked momentum due to the global economic slowdown and the pullback following front-loaded demand ahead of the consumption tax increase. Meanwhile, US employment and consumer spending remained resilient, and China's economy avoided a sharp downturn through government support measures, but uncertainty over US-China trade friction remained and the outlook was uncertain.」
The domestic economy is described as lacking momentum due to the global economic slowdown and the pullback following the consumption tax increase, while uncertainty over US-China trade friction remains overseas and the outlook continues to be uncertain. - FY2020-Q2WorsenedAnnual report
「Although the employment environment remained resilient and domestic demand, including consumer spending and capital investment, remained firm, the economy lacks momentum due to the worsening US-China trade friction, the global economic slowdown, and other factors. Meanwhile, the US employment and income environment remained resilient, and China's economy avoided a sharp downturn through government support measures, but concerns remain over the impact of prolonged US-China trade friction on the global economy, leaving the outlook uncertain.」
Although domestic demand remains firm, the domestic economy is described as lacking momentum. Overseas, concerns over intensifying US-China trade friction and its impact on the global economy have strengthened, and uncertainty over the outlook has continued and intensified. - FY2020-Q1WorsenedAnnual report
「Although the employment environment continued to improve and consumer spending and capital investment remained resilient, the economy lacks momentum due to the global economic slowdown and other factors. Meanwhile, the US economy has maintained its recovery, supported by increased consumer spending against a favorable employment and income environment, but the outlook remains uncertain amid growing uncertainty surrounding economic trends and policy, including US-China trade friction, China's economic slowdown, and the UK's withdrawal from the EU.」
The domestic economy is described as lacking momentum due to the global economic slowdown, while overseas uncertainty is explicitly linked to US-China trade friction, China's economic slowdown, and the UK's withdrawal from the EU. - FY2019WorsenedAnnual report
「China's growth rate declined gradually as financial risk measures, including tighter regulation of shadow banking, and the end of tax breaks for small cars led to a pullback in demand, while exports remained weak against the backdrop of US-China trade friction and a global economic slowdown. The European economy also deteriorated amid concerns over the US-China trade dispute, China's economic slowdown, and economic disruption associated with the UK's withdrawal from the EU.」
The decline in China's growth rate, weak exports, deterioration in the European economy, and concerns over the UK's withdrawal from the EU were clarified as the annual operating environment, continuing and giving concrete form to concerns over downside risks in overseas economies through the previous quarter. - FY2019-Q3WorsenedAnnual report
「By contrast, while the US economy continued to perform well, China's growth rate declined gradually due to financial risk measures such as tighter regulation of shadow banking, a slowdown in consumer spending following the end of tax breaks for small cars, and lower exports amid US-China trade friction. The European economy also shifted into a slowdown due to concerns over an escalation of the US-China dispute, turmoil in emerging markets, and the UK's withdrawal from the EU.」
The decline in China's growth rate, lower exports due to US-China trade friction, the slowdown in the European economy, and the UK's withdrawal from the EU have been newly specified, strengthening concerns over downside risks and uncertainty in overseas economies. - FY2019-Q2WorsenedAnnual report
「During the six months ended 30 September, exports and production weakened due to the effects of disasters including the earthquake and heavy rains, but consumer spending and capital investment continued on a gradual recovery path. The global economy also continued to recover, supported by growth in exports and capital investment, although trade policies led by the United States are increasingly introducing trade restrictions and significant risks requiring attention remain.」
In Japan, exports and production weakened due to the earthquake, heavy rains, and other disasters. Overseas, the expansion of trade restrictions is emphasized as a new risk requiring attention. - FY2019-Q1SoftenedAnnual report
「During the three months ended 30 June, the Japanese economy remained on a gradual recovery path, supported by increased capital investment, improvement in the employment and income environment, and signs of a recovery in consumer spending. Overseas economies in the United States, Europe, China, and Asia generally remained firm, despite concerns over the United States' protectionist trade policy.」
The domestic and overseas economies are primarily assessed as recovering or remaining firm. Although concerns over the United States' protectionist trade policy remain, the emphasis on an uncertain outlook has weakened from the previous period. - FY2018ReframedAnnual report
「During the fiscal year, the Japanese economy remained on a gradual recovery path, with continued improvement in corporate earnings and the employment and income environment, as well as signs of a recovery in consumer spending. Overseas economies were expected to recover gradually, with the United States and China remaining firm and Europe continuing to expand, although concerns remained over the impact of US trade policy and the outlook was uncertain.」
The previous description of weak domestic consumption has changed to indicate a recovery, while the focus of overseas risks has shifted from emerging-market economies and the UK's withdrawal from the EU to US trade policy and other factors. - FY2018-Q3RestatedAnnual report
「During the nine months ended 31 December, the Japanese economy continued on a gradual recovery path, with signs of improvement in corporate earnings and the employment and income environment, as well as a recovery in consumer spending. Overseas economies also showed a generally gradual recovery, with the US economy remaining firm and China and other Asian regions showing signs of recovery.」
The domestic and overseas economies are described as being on a generally gradual recovery path, as in the previous quarter. - FY2018-Q2RestatedAnnual report
「During the six months ended 30 September, the Japanese economy continued on a gradual recovery path, with signs of improvement in corporate earnings and the employment and income environment, as well as a recovery in consumer spending. Overseas economies also showed a generally gradual recovery, with the US economy remaining firm and China and other Asian regions showing signs of recovery.」
The domestic and overseas economies are described as being on a generally gradual recovery path, as in the previous quarter. - FY2018-Q1SoftenedAnnual report
「During the three months ended 30 June, the Japanese economy continued on a gradual recovery path, with signs of improvement in corporate earnings and the employment and income environment, as well as a recovery in consumer spending. Overseas economies also showed a generally gradual recovery, with the US economy remaining firm and China and other Asian regions showing signs of recovery.」
The description of the domestic consumer spending and overseas economic environment, including China and Asia, has changed from uncertainty and downside risks to a generally gradual recovery. - FY2017-Q3SoftenedAnnual report
「During the nine months ended 31 December, the Japanese economy continued on a gradual recovery path, with signs of improvement in corporate earnings and the employment and income environment, as well as a recovery in consumer spending. Overseas economies showed signs of recovery, particularly in the United States and other developed countries, but the outlook remains uncertain due to downside risks in emerging-market economies and the impact of the UK's withdrawal from the EU.」
While the description of weak domestic consumer spending has been revised to indicate a recovery, downside risks in emerging-market economies and uncertainty due to the UK's withdrawal from the EU remain. - FY2017-Q2RestatedAnnual report
「During the six months ended 30 September, the Japanese economy showed signs of improvement in corporate earnings and the employment and income environment, but the outlook remains uncertain due in part to sluggish consumer spending and the rapid appreciation of the yen. Overseas economies also face an uncertain outlook due to downside risks in emerging-market economies and the impact of the UK's withdrawal from the EU.」
Uncertainty over the outlook due to sluggish consumer spending, yen appreciation, downside risks in emerging-market economies, and the UK's withdrawal from the EU is cited, as in the previous quarter. - FY2017-Q1First statedAnnual report
「The outlook remains uncertain due in part to sluggish consumer spending and the rapid appreciation of the yen. Overseas economies also face an uncertain outlook due to downside risks in emerging-market economies and the impact of the UK's withdrawal from the EU.」
Weak domestic consumption, downside risks in emerging-market economies, and the UK's withdrawal from the EU are cited as external risks.