Uncertainty in the Global Economy from the Chinese Slowdown and the United Kingdom's Exit from the EU
First written in FY2017-Q2. 10 of 27 entries say "Worsened", first in FY2018. Latest entry: FY2027-H1.
Nakamoto Packs moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
25 other companies' latest entry also says "Other".
- FY2027-H1Recovery in overseas economies coexists with trade, geopolitical, crude oil price, and foreign exchange risksAnnual report
「At the same time, the outlook remained uncertain due to the US trade policy, geopolitical risks including the situation in the Middle East, and fluctuations in crude oil prices and foreign exchange rates.」
The disclosure cited the US trade policy, geopolitical risks including the situation in the Middle East, and fluctuations in crude oil prices and foreign exchange rates as risks arising from overseas and external conditions. - FY2026Recovery in overseas economies coexists with trade and geopolitical risksAnnual report
「Risks that overseas economic conditions could weigh on the domestic economy remain, including uncertainty over US trade and tariff policies, heightened geopolitical risks, the economic slowdown in Europe, and delayed recovery in domestic demand in China, and the outlook remains unpredictable.」
In addition to the previous external risks centered on monetary policy, foreign exchange and interest rates, US tariff policy, the European economic slowdown, and delayed recovery in domestic demand in China have been added. - FY2026-H1Global economic recovery coexisting with uncertainty over policy, trade, foreign exchange and interest ratesAnnual report
「The outlook remains uncertain owing to uncertainty surrounding global monetary policy, developments in US trade policy, and fluctuations in foreign exchange rates and interest rates.」
The wording has shifted from a focus on resource prices, the financial and capital markets, and high interest rates to a description of external risks centered on global monetary policy, US trade policy, and fluctuations in foreign exchange rates and interest rates. - FY2025ReframedAnnual report
「The Japanese economy during the consolidated fiscal year under review showed signs of recovery in economic activity due to a gradual recovery in personal consumption and increased inbound demand. However, difficult conditions continue due to U.S. policy developments, globally high resource prices, volatility in financial and capital markets, and persistently high interest rates in Europe and the United States.」
The wording has been reorganized from a focus on yen depreciation and the international situation to sources of uncertainty in the global and overseas economies centered on US policy trends, resource prices, the financial and capital markets, and high interest rates. - FY2025-H1ReframedAnnual report
「The difficult situation continues owing to downside risks to the economy from a downturn in overseas economies, soaring resource prices and the impact of unstable financial markets.」
The wording has changed from the previous focus on yen depreciation, rising prices and uncertainty in the international situation to external risks centered on a downturn in overseas economies, soaring resource prices and unstable financial markets. - FY2025-Q1ReframedAnnual report
「However, the economy is being affected by soaring resource prices and rising prices resulting from prolonged yen depreciation, and the outlook for economic conditions is expected to remain uncertain.」
In place of the previously cited developments in Ukraine and volatility in the financial and capital markets, soaring resource prices, prolonged yen depreciation and rising prices are identified as sources of uncertainty about the economic outlook. - FY2024-Q3WorsenedAnnual report
「However, the unstable international situation and yen depreciation have become persistent, and higher retail prices against a backdrop of soaring raw material and resource prices are affecting households. The outlook for the domestic economy is expected to remain uncertain.」
In addition to the previous risks involving developments in Ukraine and volatility in the financial markets, an unstable international situation, persistent yen depreciation, soaring raw material and resource prices, and rising retail prices have emerged as specific external risks. - FY2024-Q1RestatedAnnual report
「However, higher prices caused by soaring resource prices are affecting households, while concerns including the prolonged situation in Ukraine and volatility in the financial and capital markets remain, and the outlook is expected to remain uncertain.」
Uncertainty in the global and overseas economies owing to higher prices, developments in Ukraine, and volatility in the financial and capital markets continues. - FY2023RestatedAnnual report
「Depending on the adverse impact of higher prices, weaker exports owing to sluggish overseas demand, geopolitical risks including developments in Ukraine, and financial instability, stagnation could deepen, and the outlook remains uncertain.」
Uncertainty in the global economy owing to overseas demand, geopolitical risks and financial instability continues to be noted. - FY2023-Q1WorsenedAnnual report
「Households are becoming more cautious about consumption against a backdrop of higher prices caused by soaring resource prices, while downside risks such as developments in Ukraine and volatility in the financial and capital markets remain, and the outlook is expected to remain uncertain.」
In addition to the previous uncertainty caused by the pandemic and trade issues, developments in Ukraine, soaring resource prices, and volatility in the financial and capital markets have emerged as specific external risks. - FY2022WorsenedAnnual report
「In addition, geopolitical risks have risen owing to higher resource prices, exchange-rate fluctuations and developments in Eastern European countries, among other factors, and the extremely difficult situation is expected to continue.」
In addition to the previous uncertainty in overseas economies caused by the pandemic and trade issues, the statement explicitly identifies rising geopolitical risks associated with resource prices, foreign exchange and developments in Eastern European countries. - FY2021WorsenedAnnual report
「In the fiscal year ending February 2022, Japan's economy is expected to remain affected by the COVID-19 pandemic. Although vaccination has begun, the timing of containment remains unforeseeable, and a full-fledged economic recovery is expected to take time.」
The timing of containment of the pandemic remains unforeseeable, and the view is expressed that a full-fledged economic recovery will take time, indicating that uncertainty in external conditions continues. - FY2021-Q1MaterialisedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy continued to deteriorate rapidly owing to the impact of the COVID-19 pandemic and was in an extremely difficult situation.」
The external risks that had accumulated as uncertainty in the global and overseas economies have materialized as a rapid economic deterioration caused by the COVID-19 pandemic. - FY2020WorsenedAnnual report
「The outlook remains uncertain owing to trade issues including US-China trade friction, developments in the Chinese economy, and the impact of the COVID-19 pandemic, among other factors.」
In addition to the previous uncertainty surrounding US-China trade friction and the Chinese economy, the impact of the COVID-19 pandemic has emerged as a source of uncertainty for the global economy. - FY2020-Q3RestatedAnnual report
「The outlook remains uncertain owing to natural disasters such as typhoons, trade issues including US-China trade friction, and developments in the Chinese economy.」
Uncertainty in overseas and external conditions owing to natural disasters, trade issues including US-China trade friction, and developments in the Chinese economy continues. - FY2020-Q2WorsenedAnnual report
「The outlook remains uncertain owing to growing tensions over trade issues, including US-China trade friction.」
The description now explicitly notes growing tensions over trade issues, including US-China trade friction, indicating increased uncertainty about the outlook for overseas economies. - FY2020-Q1RestatedAnnual report
「The outlook remains uncertain owing in part to the impact of overseas economic conditions, including developments in US-China trade friction and the UK's withdrawal from the EU.」
Uncertainty in overseas economies, including US-China trade friction and the UK's withdrawal from the EU, continues. - FY2019WorsenedAnnual report
「Meanwhile, the outlook remains uncertain owing to the impact of developments in US-China trade friction and labor shortages, among other factors. The difficult environment is expected to continue for the time being owing to sluggish exports and slower growth in capital investment caused by US-China trade friction and geopolitical risks.」
External uncertainties have become more specific, including US-China trade friction and labor shortages, as well as the potential spillover into sluggish exports and slower growth in capital investment. - FY2019-Q3RestatedAnnual report
「The outlook remains uncertain owing to the impact of US trade policy trends and labor shortages, among other factors.」
Uncertainty about the outlook for overseas economies, including US trade policy, continues to be noted. - FY2019-Q2WorsenedAnnual report
「The outlook remains uncertain, with growing concerns about trade friction stemming from US protectionist policies.」
The description of external risks to the global economy is more specific than before, noting growing concerns about trade friction resulting from US protectionist policies. - FY2019-Q1WorsenedAnnual report
「Although the global economy is also recovering gradually, uncertainty about the outlook persists, including concerns that US economic policy could develop into international trade friction, geopolitical risks and economic developments involving North Korea and China, and instability in EU countries.」
While indicating that the global economy is on a recovery path, the description lists external risks more specifically, including trade friction arising from US economic policy, geopolitical risks involving North Korea and China, and instability in EU countries. - FY2018WorsenedAnnual report
「Although consumption is improving as employment and income conditions in the United States improve, overseas economies remain uncertain, owing to the slowing growth of the Chinese economy and the uneasy relationship between the United States and North Korea.」
In contrast to the previous quarter's description of a gradual recovery in overseas economies, uncertainty about the outlook, including the slowdown in the Chinese economy and relations between the United States and North Korea, is explicitly noted. - FY2018-Q3SoftenedAnnual report
「Overseas economies, including the euro area, the United States and China, are also recovering gradually, with both manufacturing and non-manufacturing activity rising.」
The description of overseas economies has changed to indicate a gradual recovery, with manufacturing and non-manufacturing activity rising in the euro area, the United States and China. - FY2018-Q2ReframedAnnual report
「Although uncertainty remains over political and economic developments, including the Trump administration's policies and the North Korea issue, increased public investment associated with economic measures is also expected to support the economy.」
The wording has changed from the previous focus on the slowdown in the Chinese economy and the UK's withdrawal from the EU to general uncertainty over political and economic developments, including the Trump administration's policies and the North Korea issue. - FY2017ReframedAnnual report
「Looking ahead, concerns remain over the impact of uncertainty surrounding overseas economies and foreign governments, while」
The wording has broadened from descriptions of the Chinese economy, the UK's withdrawal from the EU and export trends by region to uncertainty across overseas economies and governments in general. - FY2017-Q3ReframedAnnual report
「Meanwhile, although real exports to the EU also declined, exports to the United States and China increased.」
The description has changed from the previous focus on China's economic slowdown and the UK's departure from the EU to a focus on regional trends, namely lower exports to the EU and higher exports to the United States and China. - FY2017-Q2First statedAnnual report
「Meanwhile, amid growing uncertainty over the outlook for the global economy, particularly Europe, due to the economic slowdown in China and the UK's decision to leave the EU,」
Uncertainty over the outlook for the global economy arising from China's slowdown and the UK's decision to leave the EU is described as a new external risk.