Trade Issues, Policy Uncertainty and Financial Market Volatility
First written in FY2019-Q3. 19 of 28 entries say "Worsened", first in FY2020-Q2. Latest entry: 2026-08-06.
The whole theme swung hardest in 2022: 106 of 135 companies on the "Worse" side.
- 2026-08-06WorsenedEarnings
「Economic conditions in Japan and overseas are expected to remain uncertain because of concerns about the impact of geopolitical risks, including the situation in the Middle East, rising prices and fluctuations in the financial and capital markets.」
The company stated that geopolitical risks, including the situation in the Middle East, rising prices and fluctuations in the financial and capital markets are expected to prolong the uncertain outlook. - FY2026WorsenedAnnual report
「Geopolitical risks continue to increase due to the impact of the US administration's political and economic policies, the situation in the Middle East and other factors, and the VUCA era, characterised by Volatility, Uncertainty, Complexity and Ambiguity, has arrived.」
In addition to US administration policies, the situation in the Middle East and geopolitical risks, the company identifies market contraction due to population decline and intensifying competition, stating that the domestic and overseas business environment is increasingly uncertain. - FY2026-H1WorsenedAnnual report
「During the current interim consolidated accounting period, the Japanese economy showed signs of a gradual recovery due to improvements in employment and income conditions, among other factors, but remained in an uncertain situation because the impact of US trade policy was felt mainly in the automobile industry and geopolitical risks increased. Domestic and overseas economic conditions are also expected to remain uncertain, as concerns continue over the impact of trends in US trade policy, the situation in Ukraine and the Middle East, rising prices and volatility in the financial and capital markets, among other factors.」
The document states that the impact of US trade policy emerged mainly in the automobile industry and that, together with rising geopolitical risks, this indicates that uncertainty about the outlook will continue. - FY2025WorsenedAnnual report
「Domestic and overseas economic conditions surrounding the company are expected to remain increasingly uncertain due to trends in US reciprocal tariff policy, an unstable global situation, rising prices, and the contraction of the Japanese market caused by population decline, along with the resulting responses of Japanese manufacturing companies, including intensifying competition.」
In addition to the existing geopolitical situation and rising prices, US reciprocal tariff policy, the contraction of the Japanese market and intensifying competition among Japanese manufacturing companies are identified as new sources of uncertainty. - FY2025-H1WorsenedAnnual report
「Because of concerns over the impact of economic policies following the US presidential election, conflicts involving Ukraine and the Middle East, and rising prices, domestic and overseas economic conditions are expected to remain uncertain.」
In addition to the existing situation in Ukraine and the Middle East and rising prices, trends in economic policy following the US presidential election are identified as a new source of uncertainty, and the continuation of uncertainty about the outlook is noted. No sufficient quantification or actual losses are described. For the RISK assessment, quantified is false and materialized is false. - FY2024RestatedAnnual report
「Domestic and overseas economic conditions are expected to remain uncertain due to concerns over an economic slowdown caused by the situation in Ukraine and the Middle East, rising prices, and the impact of global monetary tightening, among other factors.」
The company continues to identify the situation in Ukraine and the Middle East, rising prices, global monetary tightening and concerns over an economic slowdown as downside factors for domestic and overseas economies. - FY2024-Q3RestatedAnnual report
「Because of concerns over the situation in Ukraine and the Middle East, rising prices and an economic slowdown caused by global monetary tightening, economic conditions are expected to remain uncertain.」
The company continues to describe the situation in Ukraine and the Middle East, rising prices, concerns over an economic slowdown caused by global monetary tightening, and the continuation of uncertainty about the outlook. - FY2024-Q2WorsenedAnnual report
「However, because downside risks remain, including concerns over the situation in Ukraine and the Middle East, rising prices and an economic slowdown caused by global monetary tightening, economic conditions are expected to remain uncertain.」
In addition to the existing situation in Ukraine, rising prices and financial market factors, the situation in the Middle East and concerns over an economic slowdown caused by global monetary tightening are explicitly noted, broadening the sources of downside risk. - FY2024-Q1ReframedAnnual report
「Automobile production remained on a recovery trend in the group's principal customer industry, the automobile industry, as the semiconductor shortage eased. However, because downside risks remain, including concerns over the situation in Ukraine, rising prices and an economic slowdown caused by global monetary tightening, economic conditions are expected to remain uncertain.」
While noting the easing of the semiconductor shortage and the recovery in automobile production, the company identifies the situation in Ukraine, rising prices and an economic slowdown caused by global monetary tightening as new downside factors, indicating a shift in the focus of risks. - FY2023-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, the Japanese economy remained uncertain due to the situation in Ukraine, soaring raw material prices, difficulties procuring semiconductors and other parts, and the impact of the novel coronavirus disease, among other factors, although economic conditions remained on a gradual recovery trend. The same applied to overseas economies, and although attention must be paid to downside risks from rising prices, supply-side constraints, the resurgence of the novel coronavirus disease in China and volatility in the financial and capital markets, among other factors, domestic and overseas economic conditions are expected to recover gradually.」
In addition to the existing situation in Ukraine, raw material prices, the semiconductor shortage and the pandemic, the resurgence of the pandemic in China, rising prices and supply constraints are explicitly identified as downside risks. A gradual economic recovery is also mentioned. - FY2023-Q2WorsenedAnnual report
「Although domestic and overseas economic conditions are expected to recover gradually, attention must be paid to the increasing downside risk resulting from the continuation of uncertain conditions caused by rising prices, supply-side constraints and volatility in the financial and capital markets.」
Rising prices, supply-side constraints and volatility in the financial and capital markets are newly identified, and the increasing downside risk resulting from continued uncertainty about the outlook is noted. A gradual economic recovery is also mentioned. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the Japanese economy remained uncertain despite signs that the spread of the novel coronavirus disease had stabilised, due to factors including the situation in Ukraine and rising raw material prices. Production activity in manufacturing, particularly the automobile industry, continued to stagnate because of difficulties procuring semiconductors and other parts caused by global supply-chain disruptions. The same applied to overseas economies, and domestic and overseas economic conditions are expected to remain uncertain, as they will continue to be influenced by factors including the novel coronavirus disease, which shows signs of resurging.」
In addition to the existing situation in Ukraine, supply-chain disruptions, the semiconductor shortage and the pandemic, rising raw material prices and signs of a resurgence of the pandemic are explicitly noted, while stagnation in manufacturing activity continues. - FY2022WorsenedAnnual report
「Although domestic and overseas economic conditions are expected to recover gradually, they are expected to remain uncertain, as they will continue to be influenced by trends in global supply chains affected by the novel coronavirus disease, the global shortage of semiconductors and the situation in Ukraine, among other factors.」
In addition to the pandemic, global supply chains and the semiconductor shortage, the situation in Ukraine has emerged as a new external factor, broadening the sources of uncertainty about the outlook. - FY2022-Q3WorsenedAnnual report
「The global shortage of semiconductors and disruptions to global supply chains caused by the resurgence of the novel coronavirus disease led automakers to adjust production, including temporarily suspending operations at some factories. Although the state of emergency was lifted around the latter half of the second quarter and the situation temporarily moved toward containment, conditions have remained unpredictable since January 2022 due to the spread of new variants.」
The semiconductor shortage and resurgence of the pandemic are described as causing global supply-chain disruptions, factory shutdowns and production adjustments by automakers, and the spread of new variants, with uncertainty in the external environment increasing. - FY2022-Q2WorsenedAnnual report
「The global semiconductor shortage and the resurgence of the novel coronavirus disease in Southeast Asia made parts procurement difficult, leading automakers to adjust production, including temporarily suspending operations at some factories. The same applied to overseas economies, and domestic and overseas economic conditions are expected to remain uncertain, as they will continue to be influenced by the semiconductor shortage and the impact of the novel coronavirus disease, among other factors.」
The semiconductor shortage and resurgence of the pandemic materialised as difficulties in procuring parts and factory shutdowns and production adjustments by automakers, with the document stating that uncertain economic conditions will continue. - FY2022-Q1WorsenedAnnual report
「The global semiconductor shortage led automakers to adjust production, including temporarily suspending operations at some factories. The same applied to overseas economies, and domestic and overseas economic conditions are expected to remain uncertain, as they will continue to be influenced by the semiconductor shortage and the impact of the novel coronavirus disease, among other factors.」
In addition to the uncertainty caused by the pandemic and other factors, the global semiconductor shortage and production adjustments by automakers are explicitly identified as new risks in the external environment. - FY2021RestatedAnnual report
「The domestic economy is expected to remain subject to downside risks as it progresses.」
The company continues to describe downside risks to domestic and overseas economies caused by the resurgence of the pandemic and uncertain economic conditions. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, the Japanese economy was severely constrained by the spread of the novel coronavirus disease. Although the state of emergency was lifted temporarily on 25 May 2020, economic activity resumed and corporate production and shipments gradually began to recover. However, as the disease spread again toward the end of the year, domestic economic conditions, which had been recovering gradually, began to deteriorate again. The same applied to overseas economies, and domestic and overseas economic conditions are expected to remain uncertain, as they will continue to be influenced by the impact of the novel coronavirus disease.」
The resurgence of the pandemic caused domestic economic conditions, which had been recovering, to deteriorate again, and uncertainty in domestic and overseas economic conditions has continued. - FY2021-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, the Japanese economy was severely constrained by the spread of the novel coronavirus disease, which led the government to issue a state of emergency in April 2020. The state of emergency was lifted on 25 May 2020, economic activity resumed and gradually began to move forward, but recovery to pre-pandemic levels is expected to take considerable time. Similarly, overseas economies were severely affected, and the global economy declined sharply due to the global pandemic. Domestic and overseas economic conditions are expected to remain uncertain, as they will be influenced by the impact of the novel coronavirus disease.」
The company continues to describe constraints on domestic and overseas economic activity, a downturn in the global economy, and uncertain economic conditions caused by the pandemic. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the Japanese economy was severely constrained by the spread of the novel coronavirus disease, which led the government to issue a state of emergency in April 2020. The state of emergency was lifted on 25 May 2020, and economic activity resumed and gradually began to move forward, but recovery to pre-pandemic levels is expected to take time. Similarly, overseas economies were severely affected, and the global economy declined sharply due to the global pandemic. Domestic and overseas economic conditions are expected to remain uncertain, as they will be influenced by the impact of the novel coronavirus disease.」
The document states that the novel coronavirus disease severely constrained domestic and overseas economic activity, causing a sharp decline in the global economy, that recovery would take time, and that uncertainty would continue. - FY2020WorsenedAnnual report
「Economic activity in Japan and overseas was severely constrained by the spread of the novel coronavirus disease first identified in Wuhan, China, at the end of 2019.」
In addition to the existing trade issues, the Chinese economy and policy uncertainty, constraints on domestic and overseas economic activity caused by the novel coronavirus disease are explicitly noted. - FY2020-Q3WorsenedAnnual report
「Manufacturing remained weak amid declining exports and weakening capital investment appetite against the backdrop of a global economic slowdown caused by escalating trade friction, weak year-end demand compared with normal years, sluggish global automobile sales and worsening Japan-South Korea relations. Overseas economies also remained weak, with manufacturing sluggish due to concerns over US-China trade friction and the UK's departure from the EU. These trends are expected to continue, and domestic and overseas economic conditions are expected to remain uncertain.」
Escalating trade friction, a global economic slowdown, declining exports and weakening capital investment appetite are explicitly noted, with the document stating that weak domestic and overseas economic conditions and uncertainty will continue. - FY2020-Q2WorsenedAnnual report
「Overseas economies remained weak, with manufacturing sluggish due to concerns over US-China trade friction and the UK's departure from the EU. Exports declined and capital investment appetite weakened against the backdrop of a global economic slowdown caused by factors including weak year-end demand compared with normal years, sluggish global automobile sales, worsening Japan-South Korea relations and escalating trade friction, resulting in a continued weakening trend, particularly in manufacturing. It is expected that these trends will continue, and that domestic and overseas economic conditions will remain uncertain. Attention must also be paid to trends in Japan-South Korea relations, trends in and the impact of trade issues, the outlook for the economies of China and other emerging Asian countries, the impact of policy uncertainty, and the impact of volatility in the financial and capital markets.」
In addition to the existing trade issues, the Chinese economy, policy uncertainty and financial market volatility, concerns over Japan-South Korea relations and the UK's departure from the EU are explicitly noted, with the document stating that the uncertain situation will continue. - FY2020-Q1RestatedAnnual report
「Although attention must be paid to trends in and the impact of trade issues, the outlook for the economies of China and other emerging Asian countries, the impact of policy uncertainty, and the impact of volatility in the financial and capital markets, among other factors, overseas economies remained on a gradual recovery track.」
Trade issues, the economies of emerging Asian countries including China, policy uncertainty and financial market volatility continue to be identified as external risks. - FY2019RestatedAnnual report
「Overseas economies remained in an uncertain situation, not only because of the Chinese market but also due to trends in and the impact of trade issues and the impact of volatility in the financial and capital markets.」
The company continues to identify the Chinese market, trade issues and financial and capital market volatility as uncertainties in the overseas business environment. - FY2019-Q3First statedAnnual report
「Although attention must be paid to trends in and the impact of trade issues, the outlook for the economies of China and other emerging Asian countries, the impact of policy uncertainty, and the impact of volatility in the financial and capital markets, among other factors,」
Multiple external uncertainties are identified as risk factors for overseas economies, but no losses or other events that actually occurred during the quarter are described.