Uncertainty About the Economic Outlook (U.S. Policy and Northeast Asian Geopolitics)
First written in FY2018-Q1. 14 of 31 entries say "Worsened", first in FY2018-Q2. Latest entry: 2026-10-09.
Sigma Koki 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: 14 of 18 companies on the "Worse" side.
8 other companies' latest entry also says "Restated".
- FY2026-H1Uncertainty from reciprocal tariffs, monetary policy and geopoliticsAnnual report
「During the interim consolidated fiscal period, uncertainty over the outlook continued due to developments concerning the US reciprocal tariffs, changes in monetary policy in various countries, and rising geopolitical risks, among other factors.」
In addition to the existing factors of uncertainty, including geopolitical risks and foreign exchange movements, developments concerning US reciprocal tariffs and changes in monetary policy in various countries were explicitly identified. - FY2025-H1Persistent uncertainty, including foreign exchange factorsAnnual report
「During the interim consolidated fiscal period, the European and US economies remained firm, mainly due to personal consumption, but uncertainty over the outlook continued amid concerns over the impact on economic conditions of stagnation in the Chinese economy, the prolonged Russia-Ukraine and Middle East situations, and volatile foreign exchange markets, among other factors.」
While the strength of the European and US economies was indicated, uncertainty over the outlook continued due to stagnation in the Chinese economy, prolonged geopolitical tensions and volatile foreign exchange markets. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter of the consolidated fiscal year, supply constraints including semiconductor shortages continued to ease, but the economic outlook remained highly uncertain due to the slowdown in the Chinese economy, the prolonged Russia-Ukraine situation, heightened tensions in the Middle East, persistently high prices for raw materials, components and energy, accelerating global inflation and monetary tightening, among other factors.」
While supply constraints including semiconductor shortages continued to ease, uncertainty over the outlook due to the slowdown in the Chinese economy, geopolitical risks, persistently high prices, inflation and monetary tightening continued. - FY2024-Q2WorsenedAnnual report
「During the cumulative second quarter of the consolidated fiscal year, supply constraints including semiconductor shortages continued to ease, but uncertainty over the economic outlook increased further due to the slowdown in the Chinese economy, the prolonged Russia-Ukraine situation, heightened tensions in the Middle East, persistently high prices for raw materials, components and energy, accelerating global inflation and monetary tightening, among other factors.」
While supply constraints including semiconductor shortages continued to ease, the slowdown in the Chinese economy, heightened tensions in the Middle East, and persistently high prices for raw materials, components and energy added to uncertainty over the outlook. - FY2024-Q1Supply constraints easing alongside a slowdown in China and elevated pricesAnnual report
「During the cumulative first quarter of the consolidated fiscal year, supply constraints including semiconductor shortages showed signs of easing, but uncertainty over the outlook remained high due to the slowdown in the Chinese economy caused by the weak Chinese real estate market, the prolonged Russia-Ukraine situation, elevated prices for raw materials, components and energy, accelerating global inflation and monetary tightening, among other factors.」
While supply constraints including semiconductor shortages continued to ease, uncertainty due to the slowdown in the Chinese economy, the Russia-Ukraine situation, surging raw material and energy prices, inflation and monetary tightening persisted. - FY2023RestatedAnnual report
「Meanwhile, the global economy remained highly uncertain, due to the prolonged Russia-Ukraine situation, supply-side constraints including shortages of some semiconductors, surging prices for raw materials, components and energy, accelerating global inflation and monetary tightening, among other factors.」
While the normalization of economic activity and the recovery trend were indicated, uncertainty due to geopolitical risks, supply constraints, resource prices, inflation and monetary tightening continued to be described. - FY2023-Q3SoftenedAnnual report
「During the cumulative third quarter of the consolidated fiscal year, the global economy generally remained on a recovery trend as restrictions on activity and overseas travel related to COVID-19 were eased and progress was made toward normalizing economic activity. Meanwhile, uncertainty over the outlook for the global economy continued due to the prolonged Russia-Ukraine situation, supply-side constraints including shortages of some semiconductors, surging prices for raw materials and components, accelerating global inflation and monetary tightening, among other factors.」
While easing restrictions on activity and overseas travel and the normalization of economic activity supported a recovery trend, uncertainty due to geopolitical risks, supply constraints, surging prices, inflation and monetary tightening continued. - FY2023-Q2WorsenedAnnual report
「Meanwhile, uncertainty over the outlook for the global economy increased further due to the prolonged situation in Ukraine, the impact of China's lockdowns, supply chain disruptions caused by semiconductor shortages and surging resource prices, accelerating global inflation and monetary tightening, among other factors.」
In addition to the existing geopolitical risks, semiconductor shortages, surging resource prices and supply chain disruptions, accelerating global inflation and monetary tightening were explicitly identified, further increasing uncertainty over the outlook. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter of the consolidated fiscal year, the global economy generally remained on a recovery trend, despite the continuing impact of COVID-19, as countries made progress in balancing infection-control measures with economic activity and capital investment in industrial sectors remained solid due to increased semiconductor demand across a broad range of fields. Meanwhile, uncertainty over the outlook for the global economy increased due to the prolonged situation in Ukraine, the impact of China's lockdowns, supply chain disruptions caused by semiconductor shortages and surging resource prices, and accelerating global inflation.」
While the global economy remained on a recovery trend, the prolonged situation in Ukraine, China's lockdowns, semiconductor shortages, surging resource prices, supply chain disruptions and accelerating inflation were listed as new factors of uncertainty, increasing uncertainty over the outlook. - FY2022WorsenedAnnual report
「Meanwhile, uncertainty over the outlook increased due to concerns over the renewed spread of COVID-19, longer lead times for semiconductors and certain raw materials, rising energy and raw material prices, and growing geopolitical risks, including the situation in Ukraine.」
The renewed spread of infections, longer lead times for semiconductors and raw materials, surging energy and raw material prices, and geopolitical risks including the situation in Ukraine were added and specified as concerns. - FY2022-Q3WorsenedAnnual report
「Meanwhile, the outlook remained uncertain, with highly infectious COVID-19 variants emerging, lead times for semiconductors and certain raw materials lengthening, and prices for crude oil and other raw materials rising.」
While the global economy maintained its recovery trend, concerns became more specific, with lead times for semiconductors and certain raw materials lengthening and prices for crude oil and other raw materials rising, in addition to the existing concerns over variant strains and supply shortages. - FY2022-Q2Concerns emerged under the recovery trendAnnual report
「During the cumulative second quarter of the consolidated fiscal year, the global economy generally remained on a recovery trend. Although the impact of COVID-19 continued, the resumption of economic activity progressed due to the wider rollout of vaccinations and economic measures in various countries, while capital investment in industrial sectors, particularly semiconductors, remained solid. Meanwhile, highly infectious COVID-19 variants emerged, and supply shortages and price increases for semiconductors and certain raw materials became evident, bringing concerns over the economic outlook to the fore.」
The global economy continued on a recovery trend, while variant strains and shortages and price increases for semiconductors and raw materials emerged as economic concerns. - FY2022-Q1Recovery trend alongside variant strains and supply constraintsAnnual report
「During the cumulative first quarter of the consolidated fiscal year, the global economy generally remained on a recovery trend. This was supported by the resumption of economic activity through the easing of infection-control measures and economic stimulus, mainly in vaccinated China, the US and developed European countries, as well as solid capital investment in industrial sectors driven by increased semiconductor demand. Meanwhile, highly infectious variant strains emerged, while semiconductor and certain raw material prices rose and supply shortages became evident, and uncertainty over the outlook continued.」
While the global economy moved onto a recovery trend, uncertainty over the outlook continued due to highly infectious variant strains, surging semiconductor and raw material prices, and supply shortages. - FY2021Regional recovery after the economic slowdownAnnual report
「During the consolidated fiscal year, the global economy remained on a slowing trend at the beginning of the period due to the impact of COVID-19 and other factors, but signs of recovery emerged from the latter half of the period, mainly in China and Asia.」
After the initial economic slowdown caused by COVID-19, recovery emerged from the latter half of the period, mainly in China and Asia. - FY2021-Q3Divergent regional recovery and weaknessAnnual report
「During the cumulative third quarter of the consolidated fiscal year, the global economy showed signs of a gradual recovery, although uncertainty over the outlook continued. The US economy remained on a recovery trend as the number of new COVID-19 cases declined and additional economic measures took effect, while the European economy remained weak due to the renewed spread of COVID-19. The Chinese economy continued to recover, while emerging economies in Southeast Asia and elsewhere generally remained on a slow recovery trend.」
The global economy showed a gradual recovery, but regional differences were explicitly identified, including recovery in the US and China, weakness in Europe due to the renewed spread of infections, and a slow recovery in Southeast Asia. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter of the consolidated fiscal year, the global economy showed signs of a gradual recovery, supported by infection-control measures and economic measures in various countries. Personal consumption and residential investment in the US economy recovered, while the European and Chinese economies remained on a recovery trend. Meanwhile, the renewed spread of COVID-19 in various countries created downside risks for the global economy due to extended or strengthened restrictions on activity.」
While signs of recovery emerged in the economies of various countries, downside risks to the global economy from the renewed spread of COVID-19 and the extension or strengthening of restrictions on activity were explicitly identified. - FY2021-Q1MaterialisedAnnual report
「During the cumulative first quarter of the consolidated fiscal year, the global economy deteriorated significantly as the COVID-19 pandemic continued. The US economy slowed significantly as personal consumption, capital investment and other areas declined due to restrictions on economic activity aimed at containing the pandemic.」
It was stated that the risks previously identified as uncertainty over the outlook and concerns over a slowdown had materialized, with economic deterioration and a decline in capital investment accompanying the COVID-19 pandemic. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter of the consolidated fiscal year, the global economy showed increasingly pronounced signs of a slowdown against the backdrop of US-China trade friction and concerns over the UK's withdrawal from the EU. Concerns also arose over the impact of the spread of COVID-19, increasing uncertainty.」
The global economic slowdown became more pronounced, and in addition to the existing US-China trade friction and the UK's withdrawal from the EU, the impact of the spread of COVID-19 was mentioned explicitly for the first time as a factor of concern. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter of the consolidated fiscal year, the US economy remained firm, but the Chinese economy showed signs of stagnation due to the impact of US-China trade friction, while capital investment and production in the European economy weakened against the backdrop of the UK's withdrawal from the EU and other factors. As uncertainty over economic conditions increased, the slowdown became more pronounced. In Japan, exports and production weakened against the backdrop of the global economic slowdown, among other factors, and the recovery of economic conditions showed signs of stagnation.」
Against the backdrop of US-China trade friction, signs of stagnation in the Chinese economy and the UK's withdrawal from the EU, the global economic slowdown and stagnation in domestic economic recovery became more pronounced. - FY2020-Q1WorsenedAnnual report
「During the cumulative first quarter of the consolidated fiscal year, the global economy remained on a slowing trend as the effects of US-China trade friction and the UK's withdrawal from the EU, among other factors, continued.」
It states that the global economy remained on a slowing trend as the effects of US-China trade friction and the UK's withdrawal from the EU continued, indicating that the uncertainty and slowing trend from the previous fiscal year persisted. - FY2019WorsenedAnnual report
「During the consolidated fiscal year, the global economy slowed as the pace of growth decelerated due to the impact of US-China trade friction and the UK's withdrawal from the EU, among other factors, increasing uncertainty over the outlook.」
It states that US-China trade friction and the UK's withdrawal from the EU slowed global economic growth and increased uncertainty over the outlook. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter of the consolidated fiscal year, the global economy generally continued on a path of gradual recovery, although uncertainty over the outlook increased due to US-China trade issues and the UK's withdrawal from the EU, among other factors.」
It continues to state that uncertainty over the outlook for the global economy increased due to US-China trade issues and the UK's withdrawal from the EU. - FY2019-Q2WorsenedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, the global economy generally remained on a moderate recovery track, although uncertainty over the outlook increased due to trade issues between the United States and China and the UK's EU withdrawal issues, among other factors.」
It states that uncertainty over the outlook for the global economy increased due to US-China trade issues and the UK's withdrawal from the EU, among other factors. - FY2019-Q1RestatedAnnual report
「Meanwhile, uncertainty over the economic outlook continues due to protectionist trade policies in the United States and geopolitical risks in the Middle East and Northeast Asia, among other factors.」
The company states that uncertainty over the economic outlook continues due to protectionist trade policies in the United States and geopolitical risks in the Middle East and Northeast Asia. - FY2018WorsenedAnnual report
「Meanwhile, downside risks to the global economy include protectionist policy developments in the United States, economic policy developments in China, and geopolitical risks in Northeast Asia and the Middle East.」
In addition to the previous factors contributing to economic uncertainty, the company lists U.S. protectionism, China's economic policy, and geopolitical risks in Northeast Asia and the Middle East, explicitly identifying them as downside risks to the global economy. - FY2018-Q3Specific changes and substitutions in economic risk factorsAnnual report
「Meanwhile, the economic outlook includes risk factors such as developments in economic policy in the United States and China and the course of the UK's negotiations to leave the EU.」
The company identifies developments in economic policy in the United States and China, as well as the UK's EU withdrawal negotiations, as risk factors for the economic outlook. The description of the factors has changed from the previous reference to political and monetary policy developments in Europe and the United States and rising geopolitical risks in East Asia. - FY2018-Q2WorsenedAnnual report
「Meanwhile, although concerns remain over political and monetary policy developments in Europe and the United States and rising geopolitical risks in East Asia, personal consumption and capital investment continued to show signs of recovery, and the Japanese economy remained on a moderate recovery track.」
The description of factors contributing to uncertainty over the economic outlook has changed from U.S. economic policy and geopolitical risks in Northeast Asia to political and monetary policy developments in Europe and the United States and rising geopolitical risks in East Asia. - FY2018-Q1First statedAnnual report
「Meanwhile, uncertainty over the economic outlook continues due to developments in U.S. economic policy and geopolitical risks in Northeast Asia, among other factors.」
The business analysis identifies, for the first time, developments in U.S. economic policy and geopolitical risks in Northeast Asia as factors contributing to uncertainty over the economic outlook.