Risk of responding to changes in the global economy and industrial structure
First written in FY2018. 16 of 27 entries say "Worsened", first in FY2019-Q1. Latest entry: FY2026.
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- FY2026Update on annual trends in the global economic environmentAnnual report
「However, heightened tensions in the Middle East at the end of the fiscal year increased the global risks of inflation and economic deterioration.」
In addition to downward pressure from U.S. tariffs and other measures, heightened tensions in the Middle East at the end of the fiscal year were described as global risks of inflation and economic deterioration. - 2026-05-01WorsenedEarnings
「Against this backdrop, the global economy is expected to remain at a lower growth rate than in the previous fiscal year.」
The outlook for the fiscal year ending March 2027 indicates a slowdown in global economic growth. - FY2025-H1Update on developments in the global economic environment at the interim periodAnnual report
「The global economy remained firm, led by the United States, as inflation began to slow and major countries and regions started cutting interest rates.」
It stated that inflation began to slow and interest-rate cuts started, with economic conditions remaining firm led by the United States, while Japan's recovery was gradual and China stagnated due to the impact of the housing market. - FY2024WorsenedAnnual report
「We face rapid changes in the business environment due to the disruption of established concepts. For the Group, opportunities and threats are emerging simultaneously, including the fading of behavior patterns transformed by the COVID-19 pandemic; accelerated industrial transformation and shorter business-model life cycles due to the rapid development of generative AI and other technologies; growing concerns about economic recession and increasing difficulty in predicting shifts in monetary policy; successive geopolitical risks; closer links between the economy and national security; and demands for sustainability management addressing environmental issues, governance and human capital.」
In addition to changes in the global economy and industrial structure, it expressly identified generative AI, shorter business-model life cycles, economic security and human capital as factors driving change, and indicated its recognition that solutions cannot be created based on products alone. - FY2024-Q3Update on developments in the global economic environmentAnnual report
「The global economy slowed as inflation in many countries remained above central banks' inflation targets and the monetary tightening stance led by the United States and Europe continued from the previous fiscal year. In the developed economies, the United States remained firm, while Europe's economic slowdown intensified. In Japan, domestic demand and inbound demand recovered and capital investment remained solid against a backdrop of eased COVID-19 measures. In the emerging economies, China's economic recovery progressed but lacked strength, and economic conditions slowed, particularly in Asian countries.」
Continued high inflation and the monetary tightening stance in the United States and Europe intensified the slowdown in the global economy. The United States remained firm, Europe's slowdown intensified, and recovery in emerging Asian economies, including China, lacked strength, while domestic demand, inbound demand and capital investment in Japan recovered or remained solid. - FY2024-Q2WorsenedAnnual report
「The global economy slowed as inflation remained high in many countries and monetary tightening led by the United States and Europe continued from the previous fiscal year. In the developed economies, the United States remained firm, while Europe's economic slowdown intensified. In Japan, domestic demand and inbound demand recovered as COVID-19 was reclassified to Category 5 and border control measures were lifted. In the emerging economies, China's economic recovery progressed but lacked strength, and economic conditions slowed, particularly in countries highly dependent on external demand.」
Continued monetary tightening led by the United States and Europe intensified the slowdown in the global economy. It stated that the slowdown was particularly pronounced in Europe and that China's recovery also lacked strength. - FY2024-Q1Update on developments in the global economic environmentAnnual report
「The global economy slowed moderately as inflation remained high in many countries and monetary tightening led by the United States and Europe continued from last year. In the developed economies, corporate investment declined in the United States and Europe due to higher interest rates and concerns about bank management.」
It stated that the global economy had slowed moderately due to high inflation and continued monetary tightening in the United States and Europe, while corporate investment in the United States and Europe had declined against a backdrop of higher interest rates and concerns about bank management. - FY2023-Q3WorsenedAnnual report
「Amid continued uncertainty over the outlook for the situation in Russia and Ukraine, the global economy experienced a more pronounced slowdown as global inflation increased and strict infection-control measures were implemented in China. Among developed economies, Japan continued to recover, led by domestic demand, while U.S. domestic demand, which had expanded relatively steadily through the previous year, slowed, and economic deterioration in Europe became increasingly apparent. Among emerging economies, economic growth slowed sharply, particularly in Russia, where sanctions by Western countries were strengthened, as well as in China.」
Regarding risks arising from changes in and responses to the global economy, it described slowing domestic demand in the United States, deteriorating economic conditions in Europe, and a substantial slowdown in emerging economies such as China and Russia. - FY2023-Q2WorsenedAnnual report
「Amid continued uncertainty over the outlook for the situation in Russia and Ukraine, the global economy experienced a more pronounced slowdown as global inflation increased and strict infection-control measures were implemented in China. Among developed economies, Japan continued to recover, led by domestic demand, while U.S. domestic demand, which had expanded relatively steadily through the previous year, slowed, and economic deterioration in Europe became increasingly apparent. Among emerging economies, economic growth slowed sharply, particularly in Russia, where sanctions by Western countries were strengthened, as well as in China.」
It stated that the economic slowdown had intensified against a backdrop of the Russia-Ukraine situation, global inflation and China's strict COVID-19 control measures, and described the deterioration of economic conditions in the United States, Europe, China, Russia and elsewhere. - FY2023-Q1WorsenedAnnual report
「Amid continued uncertainty over the outlook for the situation in Russia and Ukraine, the global economy experienced a more pronounced slowdown as global inflation increased and strict infection-control measures were implemented in major Chinese cities.」
The company stated that the global economy slowed further against a backdrop of the situation in Russia and Ukraine, global inflation and strict infection-control measures in China. - FY2022WorsenedAnnual report
「The world has entered an unprecedented period of major, discontinuous change and extreme uncertainty about the future. This is an era in which disruptions to established concepts are becoming apparent and accelerating, driven by changes in behavior triggered by the spread of COVID-19, the accelerating and expanding penetration of digitalization, the normalization of exceptionally accommodative financial conditions, weakening international cooperation and rising geopolitical risks, responses to social issues aimed at achieving the SDGs, and demands for ESG management. Opportunities and threats are arriving simultaneously for the Group.」
The company broadened the range of environmental changes and threats described to include infectious diseases, digitalization, normalization of financial conditions, weakening international cooperation, geopolitical risks and demands related to ESG. - FY2022-Q3Update on regional disparities in economic recoveryAnnual report
「Thus, although economic conditions varied from country to country due to trends in activity restrictions and other factors, the global economy as a whole continued to expand gradually.」
While differences in economic conditions between countries due to trends in activity restrictions continued, the company stated that the global economy as a whole continued to expand gradually. - FY2022-Q2Update on regional disparities in economic recoveryAnnual report
「Thus, although economic conditions varied from country to country due to trends in activity restrictions and other factors, the global economy as a whole continued to recover gradually.」
While economic recovery continued to vary from country to country due to trends in activity restrictions, the company stated that the global economy as a whole continued to recover gradually. - FY2022-Q1Update on regional disparities in economic recoveryAnnual report
「Thus, although economic conditions varied from country to country, the global economy as a whole continued to recover gradually.」
While economic recovery continued to vary from country to country depending on vaccination rates and the status of activity restrictions, the company stated that the global economy as a whole continued to recover gradually. - FY2021Regional differences in economic recovery and concerns about another downturnAnnual report
「In the second half of the year, the United States and China, the world's two largest economies, showed relatively strong economic recoveries, while Japan and Europe saw their economies deteriorate as restrictions were reimposed, resulting in differing trends by region.」
The company described an economic environment in which countries diverged between recovery and deterioration following the sharp contraction caused by the COVID-19 pandemic. - FY2021-Q3WorsenedAnnual report
「In the second half, infections spread rapidly, particularly in Europe and the United States, at a faster pace than in the first half. As measures to prevent the spread were strengthened, concerns about another economic downturn increased.」
Following the sharp contraction and temporary recovery in the first half, concerns about another economic downturn increased in the second half as infections resurged, particularly in Europe and the United States, and restrictions were tightened. - FY2021-Q2Economic recovery and divergenceAnnual report
「Subsequently, countries began gradually easing restrictions and resuming economic activity, and economies recovered in many countries. However, conditions varied, with some countries containing the spread of infection, others reimposing partial restrictions after infections resurged following the easing of restrictions, and still others unable to bring the spread of infection under control. As a result, economic conditions varied from country to country.」
The company stated that while economic conditions recovered in many countries as economic activity resumed, economic divergence emerged between countries depending on whether infections resurged and restrictions were tightened. - FY2021-Q1WorsenedAnnual report
「As a result, economic activity in each country was severely restricted and the global economy contracted sharply. In response to an economic downturn described as the worst since the end of World War II, governments and central banks mobilized every available policy tool, including fiscal stimulus on an unprecedented scale, to support households, companies and financial markets.」
Regarding risks from changes in the global economy and industrial structure, the company stated that the spread of COVID-19 restricted economic activity and caused the global economy to contract sharply. - FY2020WorsenedAnnual report
「This is an era in which disruptions to established concepts are occurring everywhere, including changes in social and individual values, accelerated technological innovation known as the digital revolution, the flattening and layering of industrial structures, and the emergence of new ecosystems. Opportunities and threats are arriving simultaneously for the Group.」
Regarding risks from changes in the global economy and industrial structure, the company described the digital revolution, ecosystems and changing values, as well as a sharp deterioration in the environment due to the COVID-19 pandemic. - FY2020-Q3RestatedAnnual report
「Emerging-market economies generally continued to expand, but US-China trade friction and other factors weighed on economic activity. The slowdown in China and India became more pronounced, while growth rates also declined in other emerging markets, partly because of slower exports.」
Regarding the global economic outlook, the company described economic slowdowns in developed countries and China, trade frictions between the United States and China, a slowdown in the Chinese and Indian economies, and slower exports from other emerging countries, reaffirming its previous recognition of uncertainty. - FY2020-Q2WorsenedAnnual report
「Looking at the economic environment during the second quarter of the current consolidated cumulative period, economic growth slowed in many emerging countries outside China, in addition to the economic slowdown in developed countries and China and continued trade frictions between the United States and China.」
In addition to the economic slowdown in developed countries and China and trade frictions between the United States and China, which had been described since the previous quarter, the company described an economic slowdown in many emerging countries outside China. - FY2020-Q1WorsenedAnnual report
「Looking at the economic environment during the first quarter of the current consolidated cumulative period, concerns about the outlook for the global economy increased due to an economic slowdown in developed countries and China, continued trade frictions between the United States and China, and protracted negotiations over the United Kingdom’s withdrawal from the EU.」
The company identified economic slowdowns in developed countries and China, trade frictions between the United States and China, and protracted negotiations over the United Kingdom’s withdrawal from the EU as specific factors behind concerns about the global economic outlook. - FY2019WorsenedAnnual report
「However, concerns about trade frictions between the United States and China and tighter international financial conditions grew. Toward the end of the year, turbulence in financial markets, a slowdown in the Chinese economy and stagnation in the European economy became apparent, increasing uncertainty across the global economy.」
In addition to the existing risk of failing to respond to changes in the industrial structure, trade frictions between the United States and China, tighter international financial conditions, a slowdown in the Chinese economy and stagnation in the European economy emerged as actual environmental factors. - FY2019-Q3WorsenedAnnual report
「In the second half of the year, tighter international financial conditions in response to US policy, trade friction and changes in the situation in the Middle East became apparent, increasing uncertainty across the global economy, including financial market turbulence and a slowdown in the Chinese economy.」
While stable growth continued, the company stated that uncertainty across the global economy increased due to tighter international financial conditions, trade frictions, changes in the situation in the Middle East and a slowdown in the Chinese economy. - FY2019-Q2WorsenedAnnual report
「Meanwhile, U.S. policies led to trade frictions and changes in the situation in the Middle East, and uncertainty across the global economy became more pronounced. During this period, commodity prices, including crude oil, moved differently by commodity under the influence of supply-side factors and trade frictions centered on the United States and China.」
While the global economy continued to grow steadily, differing movements in commodity prices, in addition to trade frictions and changes in the situation in the Middle East, were described as factors contributing to uncertainty and downward pressure. - FY2019-Q1WorsenedAnnual report
「U.S. policies led to trade frictions and changes in the situation in the Middle East, increasing uncertainty across the global economy.」
Although the global economy was described as being on a path of stable growth, the company recognized that uncertainty had increased due to trade frictions and changes in the situation in the Middle East. - FY2018First statedAnnual report
「A deterioration or stagnation in the global economy, or an inadequate response to changes in the industrial structure and other factors, may adversely affect the business activities, results of operations and financial position of the Company and its consolidated subsidiaries.」
The company separately described inadequate responses to deterioration or stagnation in the global economy and changes in the industrial structure as risks related to reviewing existing business models and building new ones.