Global Economic Uncertainty Stemming from Brexit, China's Slowdown and Other Factors
First written in FY2017-Q1. 16 of 34 entries say "Worsened", first in FY2019-Q1. Latest entry: 2026-07-31.
Tsubakimoto Kogyo moved to the "Worse" side of this theme in 2018, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 18 of 21 companies on the "Worse" side.
8 other companies' latest entry also says "Worsened".
- 2026-07-31WorsenedEarnings
「During the cumulative first-quarter period, the global economy remained uncertain, owing to persistent inflation, the prolonged economic downturn in China and growing instability in the Middle East.」
In addition to China's economic downturn and inflation, the company explicitly identified instability in the Middle East, indicating that uncertainty in the global economy was continuing and increasing. - FY2026WorsenedAnnual report
「During the fiscal year, the global economy remained in an uncertain state due to continuing global inflation and China's prolonged economic slump. In addition, the outbreak of conflict in the Middle East toward the end of the fiscal year caused crude oil prices to surge and developed into concerns over supply, further increasing downside risks to the economies of Japan and the rest of the world.」
In addition to global inflation and China's prolonged economic slump, it identifies the conflict in the Middle East, the surge in crude oil prices and supply concerns, explaining that downside risks to the global economy have increased further. - 2026-05-08WorsenedEarnings
「At the end of the fiscal year, conflict broke out in the Middle East, causing crude oil prices to surge and developing into a situation involving concerns over supply disruptions. Downside risks to the Japanese and global economies are therefore increasing further.」
In addition to the existing uncertainty surrounding the global economy, the company explicitly identified conflict in the Middle East, a sharp rise in crude oil prices, supply concerns and increased downside risks to economic activity. - FY2026-H1WorsenedAnnual report
「During the six-month period ended ... , the outlook for the global economy continued to be uncertain due to the impact on industries in various countries of U.S. import tariff measures, in addition to continuing global inflation and China's prolonged economic slump. In Japan, economic activity remained subdued due to high prices, the continuing depreciation of the yen and the chronic labor shortage.」
The impact on industries in various countries of U.S. import tariff measures was newly identified, in addition to global inflation and China's prolonged economic slump, indicating that existing uncertainties have continued and deepened. In Japan, high prices, the weak yen and the chronic labor shortage have also continued. - FY2025WorsenedAnnual report
「During the fiscal year, the global economy became increasingly chaotic due to continuing global inflation and China's prolonged economic slump, as well as the announcement toward the end of the fiscal year of new U.S. import tariff measures by President Trump.」
It identifies new U.S. import tariff measures in addition to China's economic slowdown, inflation and other existing factors, stating that uncertainty in the global economy deepened further. - FY2025-H1WorsenedAnnual report
「During the six-month period ended ... , the outlook for the global economy continued to be uncertain due to the impact of wars in various regions, continuing global inflation and China's prolonged property downturn. In Japan, economic activity other than inbound tourism remained subdued due to continuing inflation, the chronic labor shortage and flooding caused by heavy rain.」
In addition to the existing situation in Ukraine, resource prices, China's economic slowdown, high prices and the weak yen, it explicitly identifies wars in various regions, global inflation, China's prolonged property downturn, Japan's chronic labor shortage and flooding, stating that uncertainty in the global and domestic economies has continued. - FY2024RestatedAnnual report
「During the fiscal year, the global economy remained unstable in various regions due to the protracted conflict in Ukraine, the outbreak of conflict in the Middle East following the emergence of geopolitical risks, and the continuing slowdown in China's economy.」
It continues to describe instability and uncertainty in the global economy resulting from the conflict in Ukraine, conflict in the Middle East and China's economic slowdown. - FY2024-Q3WorsenedAnnual report
「During the nine-month period ended ... , instability continued in various regions of the global economy, due to the protracted conflict in Ukraine, the outbreak of conflict in the Middle East following the emergence of geopolitical risks, and the continuing slowdown in China's economy. In Japan, economic activity remained subdued due to persistently high prices and the weak yen, and the outlook continued to be uncertain.」
In addition to the existing situation in Ukraine, China's economic slowdown, high prices and the weak yen, it explicitly identifies the outbreak of conflict in the Middle East as a new geopolitical risk and states that the unstable external environment has continued. - FY2024-Q2WorsenedAnnual report
「During the six-month period ended ... , the global economy remained unstable, with no major change from the situation at the end of the previous fiscal year, due to persistently high resource prices against the backdrop of the protracted situation in Ukraine and the continuing slowdown in China's economy. In Japan, economic activity remained subdued and the outlook continued to be uncertain, as prices rose and the yen depreciated further.」
In addition to the situation in Ukraine, persistently high resource prices and China's economic slowdown, it explicitly identifies further yen depreciation and high prices in Japan, stating that the unstable external environment and uncertainty over the outlook have continued. - FY2024-Q1RestatedAnnual report
「During the three-month period ended ... , the global economy remained unstable, as in the situation at the end of the previous fiscal year, due to the continuing Russian military invasion of Ukraine, persistently high resource prices and China's economic slowdown. In Japan, COVID-19 showed signs of spreading again, inflation continued and the yen remained weak, leaving economic activity subdued.」
The unstable economic environment, including the situation in Ukraine, resource prices, China's economy, COVID-19, inflation and the weak yen, has continued from the end of the previous fiscal year. - FY2023-Q3WorsenedAnnual report
「During the nine-month period ended ... , the global economy remained unstable due to the continuing Russian military invasion of Ukraine, surging prices for resources including crude oil, and confusion surrounding China's response to COVID-19. In Japan, the impact on social and economic activity continued as the eighth wave of COVID-19 infections spread, while rising long-term interest rates and the sharp depreciation of the yen caused prices to rise, particularly for resources and energy, and these factors had a significant impact on corporate economic activity.」
It explicitly identifies the situation in Ukraine, surging resource prices, confusion surrounding China's response to COVID-19, Japan's eighth wave of infections, rising long-term interest rates and higher prices resulting from the sharp depreciation of the yen, and states that the unstable external environment has continued. - FY2023-Q2RestatedAnnual report
「During the six-month period ended ... , the global economy remained unstable, as in the situation at the end of the previous fiscal year, due to the continuing Russian military invasion of Ukraine, surging prices for resources including crude oil, and lockdowns in some Chinese cities resulting from COVID-19.」
Instability in the global and domestic economies due to the situation in Ukraine, surging resource prices, lockdowns in Chinese cities, the sharp depreciation of the yen and higher prices has continued. - FY2023-Q1WorsenedAnnual report
「During the three-month period ended ... , the global economy remained unstable, as in the situation at the end of the previous fiscal year, due to the continuing Russian military invasion of Ukraine, surging prices for resources including crude oil, and lockdowns in Chinese cities resulting from the spread of COVID-19 in China. In Japan, COVID-19 continued to have a significant impact, while the sharp depreciation of the yen against foreign currencies led to higher prices, and these factors had a significant impact on economic activity.」
It identifies the situation in Ukraine, surging resource prices, lockdowns in Chinese cities due to COVID-19, and higher prices resulting from the sharp depreciation of the yen as external uncertainties. - FY2022WorsenedAnnual report
「Toward the end of the fiscal year, Russia's invasion of Ukraine also began, resulting in a significant impact on society and the economy in various countries through semiconductor and energy shortages, logistics disruptions and surging raw material prices.」
In addition to the existing uncertainty from infectious diseases and trade frictions, it identifies Russia's invasion of Ukraine, semiconductor and energy shortages, logistics disruptions and surging raw material prices as external uncertainties. - FY2022-Q3WorsenedAnnual report
「During the nine-month period ended ... , COVID-19 remained unresolved and continued to have a significant impact on society and the economy worldwide. The domestic outlook also became uncertain as infections caused by variants such as Omicron rose sharply.」
It states that the domestic outlook became more uncertain as infections caused by Omicron and other variants rose sharply in Japan, in addition to the failure to contain COVID-19. - FY2022-Q2Normalization of domestic activity and continuing restrictions in AsiaAnnual report
「During the six-month period ended ... , Japan's economy gradually returned to normal as social activity recovered, partly because the number of infections began to decline as COVID-19 vaccinations expanded under programs administered by the national and local governments. Meanwhile, industries centered on travel and food services remained in difficulty, and the economy remained far from a full-scale recovery. In addition, curbs on economic activity associated with travel restrictions continued in countries across Asia, where the impact remained significant and the outlook for the economy continued to be uncertain.」
In Japan, social activity gradually normalized as vaccinations expanded, but the economy did not achieve a full-scale recovery, while restrictions on travel and curbs on economic activity continued in countries across Asia. - FY2022-Q1RestatedAnnual report
「The impact has also remained significant in countries across Asia, where curbs on economic activity associated with travel restrictions have continued, and the situation in which the economic outlook is completely unforeseeable has persisted.」
Restrictions on travel and curbs on economic activity in Asian countries caused by COVID-19, together with uncertainty over the economic outlook, have continued. - FY2021-Q3RestatedAnnual report
「During the nine-month period ended ... , COVID-19 remained unresolved and continued to have a significant impact on society and the economy worldwide. The situation in which the economic outlook became completely unforeseeable as a result of curbs on economic activity associated with travel restrictions has continued.」
Uncertainty over the outlook for the global economy resulting from COVID-19, travel restrictions and curbs on economic activity has continued. - FY2021-Q2WorsenedAnnual report
「During the six-month period ended ... , COVID-19 remained unresolved and continued to have a significant impact on society and the economy worldwide. Following a period in which the economic outlook became completely unforeseeable as a result of curbs on economic activity associated with travel restrictions imposed by governments worldwide, efforts to achieve an economic recovery have continued through measures such as economic stimulus policies, but the outlook remains uncertain.」
It states that, although efforts are being made to recover from a situation in which the economic outlook was completely unforeseeable due to the continuing spread of COVID-19 and restrictions on travel and economic activity in various countries, the outlook remains uncertain. - FY2021-Q1WorsenedAnnual report
「Across the global economy, the spread of COVID-19 worldwide led governments to declare states of emergency and impose restrictions on going out and traveling, curbing economic activity. As a result, the outlook for the economy was completely unpredictable.」
It states that, in addition to uncertainty arising from conventional trade frictions and other factors, the global spread of COVID-19, travel restrictions and curbs on economic activity have made the economic outlook completely unforeseeable. - FY2020-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy continued to perform relatively steadily amid ongoing US-China trade friction and concerns that it could have a significant impact on Japanese companies.」
The Company continues to describe US-China trade friction and concerns about its impact on Japanese companies as external-environment risks. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy continued to perform relatively steadily amid ongoing US-China trade friction and concerns that it could have a significant impact on Japanese companies.」
The Company continues to describe US-China trade friction and concerns about its impact on Japanese companies as external-environment risks. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy continued to see relatively stable corporate earnings and employment conditions amid ongoing US-China trade friction and concerns about obstacles to global trade.」
The Company continues to describe US-China trade friction and concerns about obstacles to global trade as external-environment risks. - FY2019WorsenedAnnual report
「In 2019, the global economy was facing an uncertain outlook as trade friction centered on the United States and China intensified, with impacts on trade and geopolitical risks among the factors involved. The Japanese economy was also expected to be affected to a considerable extent.」
In addition to the existing uncertainty surrounding the Chinese and Asian economies, the Company specifies intensifying US-China trade friction, its impact on trade and geopolitical risks. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy remained on a gradual overall recovery trend. Natural disasters occurred frequently domestically, while trade friction intensified and concerns about obstacles to global trade grew, although corporate earnings continued to perform steadily.」
The Company continues to recognize the external environment as involving frequent natural disasters, intensifying trade friction and concerns about obstacles to global trade. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy remained on a gradual overall recovery trend. Natural disasters occurred frequently domestically, while trade friction intensified and concerns about obstacles to global trade grew, although corporate earnings continued to perform steadily.」
The Company continues to describe uncertainty in the global economy, including the frequent occurrence of natural disasters and intensifying trade friction. - FY2019-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy remained on a gradual recovery trend, supported by steadily performing corporate earnings and employment conditions, amid intensifying trade friction and concerns about obstacles to global trade.」
In addition to the existing uncertainty surrounding the Chinese and Asian economies, the Company newly specifies intensifying trade friction and concerns about obstacles to global trade. - FY2018SoftenedAnnual report
「Overseas, too, emerging Asian economies centered on China remained firm.」
The Company's assessment of the environment surrounding emerging Asian economies centered on China improved from stagnation through the previous fiscal year to a firm trend. Meanwhile, it separately describes risks including protectionist policies. - FY2018-Q3SoftenedAnnual report
「Overseas, too, emerging Asian economies centered on China remained firm.」
The Company's assessment of the environment surrounding emerging Asian economies centered on China changed from “stagnation” through the previous quarter to “remaining firm.” Meanwhile, it states that there were no significant changes in business and other risks. - FY2018-Q2RestatedAnnual report
「Overseas, meanwhile, the economies of emerging Asian countries, led by China, continue to stagnate.」
The Company reiterates its recognition of the external environment that emerging Asian economies centered on China remain stagnant. - FY2017RestatedAnnual report
「Japan's economy is on a gradual recovery trend, with the employment environment improving, but uncertainty over the outlook for economic trends, including the slowdown in China and other Asian economies, the UK's withdrawal from the EU and the policies of the new US administration, remains unresolved.」
The Company continues to recognize uncertainty in the global economy, including the slowdown in China and Asia, the UK's withdrawal from the EU and the policies of the new US administration. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy remained on an uncertain recovery path amid fluctuations in the foreign exchange and equity markets due in part to the US presidential election. Overseas, the economies of emerging Asian countries, including China, and the European economy also remained sluggish, and uncertainty over the global economic outlook continued.」
Market volatility associated with the US presidential election, stagnation in emerging Asian economies including China, sluggishness in the European economy and uncertainty over the global economic outlook continue. - FY2017-Q2RestatedAnnual report
「In addition, economic growth in emerging Asian countries, including China, has stalled overseas as well, and the outlook for the global economy remains uncertain.」
The stagnation of emerging Asian economies, including China, and uncertainty over the outlook for the global economy continue. - FY2017-Q1First statedAnnual report
「Overseas, too, the impact of the UK's decision to leave the EU and the economies of emerging Asian countries, including China, have remained sluggish, and concerns about the outlook for the global economy have spread.」
The Company specifically identifies the UK's decision to leave the EU, sluggish economies in emerging Asia including China, and global concerns about the economic outlook as risks in the business environment for the current quarter.