Economic Uncertainty Due to U.S. Policy and European Political Conditions
First written in FY2018-Q1. 10 of 29 entries say "Worsened", first in FY2019-Q1. Latest entry: 2026-08-13.
The whole theme swung hardest in 2022: 106 of 135 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「Crude oil prices have risen sharply due to the closure of the Strait of Hormuz following a US attack on Iran. The situation remains unresolved, with no prospect of an end in sight, and crude oil prices are expected to remain high for some time.」
In addition to the previous uncertainty arising from the international situation, tariff policy and the situation in the Middle East, the closure of the Strait of Hormuz and the sharp rise in crude oil prices are cited as specific risks. - FY2026-H1WorsenedAnnual report
「Meanwhile, the outlook for economic conditions in Japan and overseas remains uncertain due to the impact of US tariff policy and the increasingly confused situation in the Middle East.」
In addition to the previous economic uncertainty, the company identifies US tariff policy and the increasingly confused situation in the Middle East as new factors. - FY2025RestatedAnnual report
「The economy became chaotic, with deflationary conditions persisting as yen depreciation, labor shortages and a slowdown and stagnation in overseas economies created headwinds.」
Yen depreciation, labor shortages and a slowdown and stagnation in overseas economies are cited as sources of uncertainty in the economic environment. - FY2025-H1RestatedAnnual report
「During the interim accounting period, Japan's economy continued to face an uncertain outlook due to rising resource prices, high prices, yen depreciation and ongoing global instability. Personal consumption in daily life remained sluggish, while monetary policy, stock price fluctuations and other factors continued to cloud the outlook for the domestic economy.」
The company continues to describe economic uncertainty arising from resource prices, general prices and foreign exchange, the global situation, monetary policy and stock price fluctuations. - FY2024RestatedAnnual report
「Economic activity became chaotic due to the unstable global situation and the monetary policies of individual countries, which led to yen depreciation, the lifting of negative interest rate policies, higher resource prices and other costs, rising prices and sluggish personal consumption.」
The company continues to describe uncertainty in the economy arising from the international situation, monetary policies in individual countries, yen depreciation, higher resource prices, rising prices and sluggish personal consumption. - FY2024-Q3RestatedAnnual report
「Economic activity became chaotic due to the unstable global situation and the monetary policies of individual countries, which led to yen depreciation, higher resource prices and other costs, rising prices and sluggish personal consumption.」
The company continues to describe uncertainty in the economy arising from the global situation, monetary policies in individual countries, yen depreciation, higher resource prices and general prices, and sluggish personal consumption. - FY2023RestatedAnnual report
「The situation remained chaotic, with crude oil prices rising sharply due to Russia's invasion of Ukraine and other factors. The outlook is expected to remain uncertain, as the situation could be affected by the containment of COVID-19 and the end of Russia's invasion of Ukraine, while further deterioration in the economic environment is also possible.」
The company continues to describe a chaotic global economy and an uncertain outlook due to the infectious disease, Russia's invasion of Ukraine and the sharp rise in crude oil prices. - FY2023-Q3WorsenedAnnual report
「During the cumulative third quarter ended 31 December 2022 (1 April 2022 to 31 December 2022), economic activity in Japan remained chaotic due to constraints on the supply of raw materials and fuel resulting from the prolonged situation in Ukraine, global inflation and foreign-exchange fluctuations.」
The prolonged situation in Ukraine, constraints on the supply of raw materials and fuel, global inflation and foreign-exchange fluctuations are explicitly identified as new sources of uncertainty, and economic activity is described as chaotic. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter ended 30 September 2022 (1 April 2022 to 30 September 2022), Japan's economy became chaotic due to the unstable global situation and the monetary policies of individual countries, which led to yen depreciation, higher resource prices and other costs, rising prices and sluggish personal consumption.」
In addition to the previous uncertainty arising from the international situation and the infectious disease, the company explicitly cites yen depreciation driven by monetary policy, rising resource prices and general prices, and sluggish personal consumption. - FY2023-Q1WorsenedAnnual report
「Concerns about an economic downturn continue due to soaring raw material prices amid the situation in Ukraine, sharp foreign-exchange movements including yen depreciation, and rising prices for everyday goods.」
In addition to the previously cited infectious disease and geopolitical risks, soaring raw material prices related to the situation in Ukraine, yen depreciation and sharp foreign-exchange movements, and higher prices for everyday goods are explicitly identified as sources of uncertainty. - FY2022WorsenedAnnual report
「The situation remained chaotic, with crude oil prices rising sharply due to Russia's invasion of Ukraine and other factors. The outlook is expected to remain uncertain, as the situation could be affected by the containment of COVID-19 and the end of Russia's invasion of Ukraine, while further deterioration in the economic environment is also possible.」
In addition to the previously cited infectious disease, trade issues and geopolitical risks, Russia's invasion of Ukraine, the outlook for its end and the sharp rise in crude oil prices are explicitly identified as sources of uncertainty in the global economy. - FY2022-Q2WorsenedAnnual report
「In the global economy, a chaotic international situation has continued due to lockdowns at manufacturing plants and disruptions to logistics caused by the spread of COVID-19.」
In addition to the previous trade friction and geopolitical risks, lockdowns at manufacturing plants and disruptions to logistics caused by the infectious disease are cited as sources of uncertainty in the global economy. - FY2021RestatedAnnual report
「While production of automobiles, semiconductors and other products was beginning to recover in the global economy, an unpredictable situation concerning COVID-19 continued in many countries. In addition, the economy remained chaotic due to trade issues between the US and China and geopolitical risks in the Middle East.」
The company continues to describe uncertainty in the global economy and a chaotic international situation arising from the infectious disease, US-China trade issues and geopolitical risks in the Middle East. - FY2021-Q3RestatedAnnual report
「While production of automobiles, semiconductors and other products was beginning to recover in the global economy, an unpredictable situation concerning COVID-19 continued in many countries. In addition, the economy remained chaotic due to trade issues between the US and China and geopolitical risks in the Middle East.」
The company continues to describe uncertainty in the global economy and a chaotic international situation arising from the spread of the infectious disease, US-China trade issues and geopolitical risks in the Middle East. - FY2021-Q2RestatedAnnual report
「In the global economy, the chaotic international situation has continued due to the spread of COVID-19, escalating US-China trade friction and geopolitical risks in the Middle East.」
The company continues to cite uncertainty in the international situation arising from the spread of the infectious disease, US-China trade friction and geopolitical risks in the Middle East. - FY2020WorsenedAnnual report
「Furthermore, the global spread of COVID-19 has halted economic activity, and the economy is moving toward a severe recession.」
In addition to the previously cited trade friction, the UK's withdrawal from the EU and the slowdown in the Chinese economy, the company cites the global spread of the infectious disease and expresses heightened concerns about a recession. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter ended 31 December 2019 (1 April 2019 to 31 December 2019), concerns over an economic slowdown intensified due to the prolonged US-China trade friction resulting from US protectionist trade policy developments, the unstable economic conditions in the euro area following the UK's withdrawal from the EU, the slowdown in the Chinese economy, concerns over the spread of the novel coronavirus and geopolitical risks in the Middle East.」
In addition to the previously cited US-China trade friction, the UK's withdrawal from the EU, a slowdown in emerging markets such as China and geopolitical risks in the Middle East, the company cites concerns over the spread of the novel coronavirus and states that concerns over an economic slowdown have intensified. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter … volatility in financial and capital markets required attention due to US-China trade friction, the unstable economic conditions in the euro area following the UK's withdrawal from the EU, concerns over a slowdown in emerging-market economies such as China, and geopolitical risks in the Middle East. However, … the global economy as a whole has remained stable.」
While citing uncertainty arising from US-China trade friction, the UK's withdrawal from the EU, a slowdown in emerging markets and geopolitical risks in the Middle East, the company states that the global economy as a whole remains stable. - FY2020-Q1Uncertainty factors persist, but the global economy remains stable for nowAnnual report
「During the cumulative first quarter ended 30 June 2019 (1 April 2019 to 30 June 2019), volatility in financial and capital markets required attention due to US protectionist trade policy developments and US-China trade friction, the unstable economic conditions in the euro area following the UK's withdrawal from the EU, concerns over a slowdown in emerging-market economies such as China, and geopolitical risks in the Middle East. However, the global economy as a whole has remained stable for now, supported by the strong US economy, led mainly by tax cuts and improved employment.」
While continuing to cite uncertainty arising from US-China trade friction, the UK's withdrawal from the EU, a slowdown in emerging markets and geopolitical risks in the Middle East, the company states that the global economy remains stable for now. - FY2019ReframedAnnual report
「The international situation remains such that volatility in financial capital markets requires close attention, due to US protectionist trade policy developments and US-China trade friction, the unstable economic conditions in the euro area following the UK's withdrawal from the EU, concerns over a slowdown in emerging-market economies such as China, and geopolitical risks in the Middle East.」
US protectionism, US-China trade friction, the UK's withdrawal from the EU, a slowdown in emerging markets such as China and geopolitical risks in the Middle East are listed as sources of uncertainty affecting overseas economies. - FY2019-Q3ReframedAnnual report
「However, uncertainty about the outlook remains unresolved due to the slowdown in emerging-market economies such as China, the impact of US-China trade friction and the effects of negotiations over the UK's withdrawal from the EU.」
The slowdown in emerging-market economies such as China, US-China trade friction and negotiations over the UK's withdrawal from the EU are specifically cited as sources of uncertainty in the global economy. - FY2019-Q2ReframedAnnual report
「However, concerns over the global economy, including the US's shift toward conservatism and the resulting escalation of trade friction, mean that the outlook for economic conditions remains uncertain.」
The sources of uncertainty affecting overseas economies have been made more specific, changing from the previous references to protectionism and a trade war to the US's shift toward conservatism and escalating trade friction. - FY2019-Q1WorsenedAnnual report
「However, overseas economies have taken on the appearance of a trade war as protectionist sentiment has spread, and uncertainty about the outlook remains unresolved.」
In addition to the general political and economic factors previously cited regarding uncertainty in overseas economies, the spread of protectionism and the trade war are identified as specific sources of uncertainty. - FY2018ReframedAnnual report
「Concerns about uncertainty in overseas economies and instability in the international situation have caused conditions to remain uncertain.」
The wording has changed from the specific factors cited in the previous quarter, such as China, the US administration and North Korea, to the more general expressions of uncertainty in overseas economies and instability in the international situation. - FY2018-Q3ReframedAnnual report
「However, the outlook for economic conditions remains uncertain due to the growing uncertainty in the global economy, including a slowdown in emerging-market economies such as China, the policies of the US administration and instability surrounding North Korea, as well as concerns about the impact of volatility in the financial and capital markets.」
In addition to the previous references to global economic uncertainty and volatility in the financial and capital markets, the slowdown in emerging-market economies such as China, the policies of the US administration and the situation surrounding North Korea are cited as specific factors. - FY2018-Q2ReframedAnnual report
「However, the outlook for economic conditions remains uncertain due to growing uncertainty in the global economy and concerns about the impact of volatility in the financial and capital markets.」
The wording has broadened from the specific factors cited previously, namely US policy and the political situation in Europe, to uncertainty over economic conditions resulting from global economic uncertainty and volatility in the financial and capital markets. - FY2018-Q1First statedAnnual report
「Although overseas economies are recovering, economic conditions remain uncertain due to the impact of US policy developments and the political situation in Europe.」
US policy developments and the political situation in Europe were identified for the first time as external risks creating uncertainty over overseas economic conditions.