Uncertainty in the Global and Domestic Economies and Weak Demand for Capital Investment
First written in FY2017-Q1. 20 of 35 entries say "Worsened", first in FY2019-Q1. Latest entry: 2026-08-12.
Nagano Keiki 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 2020: 62 of 77 companies on the "Worse" side.
14 other companies' latest entry also says "Restated".
- 2026-08-12RestatedEarnings
「当第１四半期における世界経済は、中東情勢の緊迫化のもと、原油価格の上昇や、石油由来原料の調達の不安定等により、生産活動の伸び悩みが懸念される状況が続きました。」
中東情勢の緊迫化、原油価格上昇及び石油由来原料の調達不安定が、既存の外部環境リスクとして再確認された。 - FY2026WorsenedAnnual report
「During the fiscal year under review, the global economy remained on a gradual recovery track, but uncertainty about the outlook continued because of concerns over a downturn in industry associated with US tariff policies. At the end of February 2026, the escalating situation in Iran raised concerns over supplies of oil and other commodities.」
In addition to concerns over an industrial downturn caused by US tariff policies, the escalation of the situation in Iran and concerns over supplies of oil and other commodities were newly identified, expanding external-environment risks. - 2026-05-13WorsenedRevision of earnings forecasts
「During the fiscal year under review, the global economy remained on a gradual recovery track, but uncertainty about the outlook continued because of concerns over a downturn in industry associated with US tariff policies. At the end of February 2026, the escalating situation in Iran raised concerns over supplies of oil and other commodities.」
米国の関税政策に加え、イラン情勢の緊迫化と石油等の供給懸念が明示され、外部環境の不透明要因が追加された。 - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period under review, the global economy remained on a gradual recovery track, but uncertainty about the outlook continued because of concerns over a downturn in industry associated with US tariff policies.」
New concerns over a downturn in industry caused by US tariff policies were specifically identified. The company also cited declining domestic capital investment demand for semiconductor manufacturing equipment and machine tools, weak European manufacturing, and slowing domestic demand in China. - FY2025-H1WorsenedAnnual report
「During the interim consolidated accounting period under review, the global economy remained on a gradual recovery track, but uncertainty about the outlook remained high because of the prolonged Ukraine crisis and escalating tensions in the Middle East. In the United States, capital investment demand continued to stagnate under the impact of high interest rates and high prices. In Europe, economic activity as a whole was on a recovery track, but manufacturing remained weak. In China, the economy remained sluggish, particularly in domestic demand. In Japan, capital investment remained firm and the economy was on a gradual recovery track.」
While uncertainty arising from the Ukraine crisis and the situation in the Middle East continued, the company specifically indicated that high interest rates and high prices in the United States were causing capital investment demand to stagnate, European manufacturing was weak, and domestic demand in China was sluggish. Domestic capital investment was described as firm, and regional differences continued. - FY2024RestatedAnnual report
「During the fiscal year under review, although price increases began to ease, uncertainty about the outlook remained high because the situation in the Middle East deteriorated in addition to the Ukraine crisis.」
Although price increases showed signs of easing, external-environment uncertainty continued because of the Ukraine crisis and the situation in the Middle East, weak US capital investment, declining industrial production in Europe, and declining real estate investment in China. - FY2024-Q3WorsenedAnnual report
「During the cumulative nine-month period under review, although price increases began to ease, uncertainty about the outlook remained high because the situation in the Middle East deteriorated in addition to the Ukraine crisis. In the United States, capital investment, particularly in manufacturing, was weak because of monetary tightening, while industrial production continued to decline in Europe. In China, exports and imports, which had continued to decline, showed signs of recovery, but real estate development investment continued to fall.」
Although price increases showed signs of easing, the deterioration in the situation in the Middle East was specifically identified in addition to the existing Ukraine crisis. Weak US capital investment, declining industrial production in Europe, and continued declines in China's real estate development investment also indicated further concretization of external-environment uncertainty. - FY2024-Q2WorsenedAnnual report
「During the cumulative six-month period under review, uncertainty about the outlook remained high because of the prolonged Ukraine crisis and continued price increases. In the United States, tighter financial conditions pushed down economic activity, particularly in manufacturing. In Europe, external demand remained weak because of higher raw material prices and poor performance in manufacturing. In China, real estate development investment and infrastructure investment declined, while weak imports and exports persisted.」
In addition to the Ukraine crisis and price increases, the company specifically cited US monetary tightening, weak European manufacturing and external demand, and weak investment and imports and exports in China, further giving concrete form to external-environment risks. - FY2024-Q1WorsenedAnnual report
「During the first quarter under review, uncertainty about the outlook remained high because of the prolonged Ukraine crisis and continued price increases. In the United States, capital investment demand began to show signs of weakening under the impact of higher prices and interest rates. In Europe, production, particularly in manufacturing, continued to be pushed down by the impact of higher prices and other factors. In China, the economy slowed because of declines in personal consumption and exports.」
The company specifically cited the prolonged Ukraine crisis and price increases, as well as slower US capital investment demand, weakness in European manufacturing and China's economic slowdown, further giving concrete form to external-environment risks. - FY2023-Q3WorsenedAnnual report
「In the United States, although firm capital investment had supported the economy, the recovery began to show signs of weakening because of inflation and higher interest rates. In Europe, concerns about the outlook arose from higher prices and energy supply issues. In China, economic activity was beginning to recover following the easing of the zero-COVID policy, but the pace of economic recovery remained gradual.」
In addition to the Ukraine crisis and global inflation, the company specifically identified the slowdown in the US economic recovery caused by inflation and higher interest rates, concerns over prices and energy supply in Europe, and China's gradual recovery, indicating increased uncertainty about the outlook. - FY2023-Q2WorsenedAnnual report
「During the second quarter under review, uncertainty about the outlook remained high because of the prolonged Ukraine crisis and global inflation.」
In addition to the prolonged Ukraine crisis, global inflation was specifically identified as a new source of uncertainty. Concerns over Europe's energy supply, China's zero-COVID policy, and higher domestic import purchase prices caused by the weaker yen were also cited. - FY2023-Q1WorsenedAnnual report
「During the first quarter under review, the global economy continued to recover overall, but uncertainty about the outlook remained high because of shortages and surging prices for electronic components and raw materials, as well as the Ukraine crisis.」
Although the economic recovery was said to be continuing, the company cited shortages and surging prices for electronic components and raw materials, the Ukraine crisis, concerns over Europe's energy supply, China's lockdowns, and higher domestic import purchase prices, describing uncertainty as high. - FY2022Increasing uncertainty due to the situation in Ukraine and shortages and price increases for components and raw materialsAnnual report
「However, shortages and price increases for electronic components and raw materials continued, and uncertainty about the outlook increased as the situation in Ukraine deteriorated further.」
Although the economic recovery continued, shortages and price increases for electronic components and raw materials persisted, while Russia's invasion of Ukraine further increased uncertainty about the outlook. - FY2022-Q3RestatedAnnual report
「During the third quarter under review, economic conditions varied across countries and regions, reflecting differences in the spread of the novel coronavirus and economic measures, but the global economy continued to recover overall.」
Although the global economy continued to recover, differences in recovery by country and region, as well as shortages and price increases for electronic components and raw materials, continued to be regarded as concerns. - FY2022-Q2WorsenedAnnual report
「In every country and region, shortages and price increases for electronic components and raw materials have become concerns for the recovery of economic activity.」
Although recovery trends were seen in the United States and Europe, the slowdown in China's recovery, stagnation in economic activity in emerging economies, and shortages and price increases for electronic components and raw materials were specifically identified as new concerns. - FY2022-Q1Differences in recovery by country and region, and recovery in domestic capital investment demandAnnual report
「During the first quarter under review, economic conditions varied across countries and regions, reflecting differences in the spread of the novel coronavirus and economic measures. In the United States, the recovery was strong, supported by the widespread rollout of vaccines and large-scale fiscal stimulus by the government. In China, exports remained strong against a backdrop of increased demand related to digital products and services. In Europe, however, restrictions on economic activity continued because of tighter infection-control measures, while in emerging economies, the prolonged weakness of export industries that had driven the economic recovery continued.」
Regarding the global economy during the COVID-19 pandemic, the company specifically identified differences by country and region, with recovery in the United States and China alongside weakness in Europe and emerging economies. It also stated that domestic capital investment demand, which had been weak in the same period of the previous year, recovered, with increases in demand from the semiconductor and construction equipment industries. - FY2021-Q3RestatedAnnual report
「During the third quarter under review, corporate activity declined substantially because of the spread of the novel coronavirus disease, resulting in extremely severe conditions.」
The extremely severe conditions in the global economy caused by the novel coronavirus disease continued. The company also states that signs of a recovery in domestic demand were seen. - FY2021-Q2RestatedAnnual report
「During the second quarter under review, corporate activity declined substantially because of the spread of the novel coronavirus disease, following the first quarter, resulting in extremely severe conditions.」
The decline in corporate activity and extremely severe conditions in the global economy caused by the novel coronavirus disease continued from the first quarter. - FY2021-Q1WorsenedAnnual report
「During the first quarter under review, global economic activity declined substantially because of the spread of the novel coronavirus disease, resulting in extremely severe conditions.」
The impact of the novel coronavirus disease gave concrete form to the existing uncertainty through a substantial decline in corporate activity and extremely severe economic conditions. - FY2020MaterialisedAnnual report
「As the spread of the novel coronavirus disease that began at the end of 2019 slowed activity in the global economy, uncertainty about future economic conditions increased and may affect the company's performance.」
The company states that, in addition to the existing US-China trade tensions and slowdown in capital investment, the spread of the novel coronavirus disease sharply slowed the global economy and increased uncertainty. - FY2020-Q3WorsenedAnnual report
「During the third quarter under review, uncertainty about the outlook continued in the global economy because of prolonged US-China trade tensions and rising geopolitical risks. In the United States, favorable employment conditions continued to support personal consumption, but capital investment stagnated and manufacturing business sentiment showed weakness. In Europe, exports remained weak and capital investment continued to be constrained. In China, exports declined under the impact of US-China trade tensions, and the economy was slowing.」
The company specifically identified prolonged US-China trade tensions and rising geopolitical risks, as well as weak US capital investment, weak European exports and constrained capital investment, and declining Chinese exports and economic slowdown. - FY2020-Q2WorsenedAnnual report
「During the second quarter under review, the global economy continued to recover gradually against a backdrop of firm personal consumption and employment and income conditions. However, concerns over uncertainty regarding developments including US-China trade tensions and the UK's EU departure issue increased. In the United States, favorable employment conditions continued to support personal consumption, but capital investment stagnated and manufacturing business sentiment showed weakness. In Europe, manufacturing remained sluggish and the recovery was expected to take time. In China, exports declined under the impact of US-China trade tensions, and the economy was slowing.」
Although the global economy continued its gradual recovery, specific factors were cited, including US-China trade tensions, the UK's EU departure issue, sluggish US capital investment, weak European manufacturing, and declining Chinese exports and economic slowdown, indicating increased uncertainty. - FY2020-Q1WorsenedAnnual report
「During the first quarter under review, the global economy continued to recover gradually against a backdrop of firm personal consumption and employment and income conditions. However, concerns over uncertainty regarding developments including US-China trade tensions and the UK's EU departure issue have been increasing.」
The company states that, although the global economy continued its gradual recovery, concerns over uncertainty regarding US-China trade tensions and the UK's EU departure issue increased. China's economic slowdown and the stagnation of domestic production activity and capital investment were also specifically noted. - FY2019WorsenedAnnual report
「Although Europe continues to expand, its growth rate has declined and the pace of export recovery has also been gradual. In China, consumption remains firm, but the economy is slowing because of factors including slower exports, and uncertainty arising from US-China trade tensions remains a concern.」
The decline in Europe's growth rate, China's economic slowdown and uncertainty arising from US-China trade tensions were specifically identified, giving concrete form to the existing uncertainty. - FY2019-Q3WorsenedAnnual report
「During the third quarter under review, personal consumption and capital investment continued to increase firmly in the United States, while personal consumption remained resilient in Europe against a backdrop of improving employment and income conditions. In China, however, the economy was slowing because of factors including slower exports resulting from US-China trade tensions. The global economy as a whole maintained a gradual recovery track. However, the outlook remained uncertain because developments, including the United States' protectionist trade policies and the UK's EU departure issue, were difficult to assess.」
Although the global economy as a whole maintained a gradual recovery track, China's economic slowdown, US protectionist trade policies and Europe's EU departure issue were specifically identified as sources of uncertainty. In Japan, the slowdown in growth, including declining exports to China, was also noted. - FY2019-Q2China's economic slowdown and intensifying US-China trade tensions specifically identifiedAnnual report
「Although consumption remains firm in China, the economy is slowing because of factors including slower exports, and uncertainty arising from intensifying US-China trade tensions remains a concern.」
In addition to the existing concerns over US-China trade tensions, China's economic slowdown and intensifying trade tensions were specifically identified, strengthening the risks associated with uncertainty. - FY2019-Q1Additional concern over US-Europe trade tensionsAnnual report
「However, concerns have arisen over rising US-China and US-Europe trade tensions.」
Although the global economy and domestic business conditions maintained a recovery track, rising US-Europe trade tensions, in addition to the existing US-China trade tensions, were specifically identified as a concern. - FY2018Continued recovery alongside uncertainty over rising US-China trade tensionsAnnual report
「However, uncertainty about the outlook has persisted because of US political developments and concerns over trade tensions between the United States and China.」
Although the gradual recovery in the global economy and domestic business conditions continued, concerns over US-China trade tensions were newly identified as a source of uncertainty. - FY2018-Q3RestatedAnnual report
「During the third quarter under review, the US economy maintained high levels in both the manufacturing and non-manufacturing sectors, while the European economy maintained gradual expansion. Although China's economy showed signs of slowing, both domestic and external demand remained firm, and the global economy as a whole maintained a gradual recovery track. However, the outlook remained uncertain because developments in US politics and the situation in East Asia were difficult to assess.」
While the global economy and domestic business conditions maintained a gradual recovery track, uncertainty about the outlook arising from US political developments and the situation in East Asia continued. - FY2018-Q2RestatedAnnual report
「During the second quarter under review, the global economy maintained a gradual recovery track. In the United States, business sentiment continued to improve in both the manufacturing and non-manufacturing sectors, while the European economy maintained gradual expansion. China's economy also began to recover as a result of policy measures. However, the outlook remained uncertain because developments in North Korea and US political developments were difficult to assess.」
Although the global economy maintained a gradual recovery track, uncertainty about the outlook arising from the situation in North Korea and US political developments continued. - FY2018-Q1RestatedAnnual report
「During the first quarter under review, the global economy maintained a gradual recovery track. In the United States, business sentiment improved in both the manufacturing and non-manufacturing sectors, while the European economy remained firm. China also showed a modest improvement, and the global economy as a whole maintained a gradual recovery track. However, uncertainty about the outlook continued because of concerns arising from geopolitical risks.」
While the global economy maintained a gradual recovery track, uncertainty about the outlook arising from geopolitical risks continued. - FY2017Continued recovery alongside increasing uncertaintyAnnual report
「During the fiscal year under review, the global economy remained on a gradual recovery track. In the United States, employment continued to expand and personal consumption to increase, while Europe also remained on a gradual recovery track, supported by firm personal consumption. In China, which had been showing signs of slowing, the effects of government-led public-sector capital investment have begun to emerge. However, uncertainty has increased because of issues including the UK's planned departure from the EU, protectionist policy statements by the new US administration and geopolitical risks.」
The company states that the global economy remained on a gradual recovery track, while uncertainty increased because of the UK's departure from the EU, protectionism under the new US administration and geopolitical risks. - FY2017-Q3Partial recovery in capital investment alongside continued uncertaintyAnnual report
「During the cumulative nine-month period under review, the global economy remained on a gradual recovery track. In the United States, employment continued to expand and personal consumption to increase, while Europe also remained on a gradual recovery track, supported by firm personal consumption. In China, where the economy continued to slow, the effects of government-led public-sector capital investment have begun to emerge. However, uncertainty has increased because of issues including the UK's planned departure from the EU.」
Although the global economy was considered to be on a gradual recovery track, uncertainty resulting from the UK's EU departure issue and the outcome of the US presidential election continued. Signs of recovery were seen in domestic capital investment, but the effects of sluggish capital investment demand at domestic operations and US subsidiaries through the second quarter remained. - FY2017-Q2RestatedAnnual report
「The global economy as a whole remains uncertain. Japan's economy is on a gradual recovery track due to economic and monetary policies implemented by the government and the Bank of Japan, but uncertainty about the outlook continues because of the slowdown in the recovery of corporate earnings caused by the stronger yen and delayed recovery in personal consumption.」
Although the impact of the UK's decision to leave the EU is considered limited, uncertainty in the global economy and domestic business conditions has continued because of the delayed recovery in China's capital investment and the delayed recovery in emerging economies. - FY2017-Q1First statedAnnual report
「In Europe, uncertainty about the outlook has increased following the decision for the United Kingdom to leave the EU. In China, the recovery in infrastructure and capital investment has been delayed, while in emerging economies, declining exports and weak resource prices have not translated into growth.」
The company states that, in addition to uncertainty in the external environment, capital investment demand stagnated at its domestic operations and US subsidiaries.