Economic Uncertainty Resulting from Policy Measures by the New U.S. Administration
First written in FY2017. 10 of 28 entries say "Restated". Latest entry: 2026-07-31.
Sato Sho-Ji moved to the "Worse" side of this theme in 2022, 3 years after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 14 of 18 companies on the "Worse" side.
10 other companies' latest entry also says "Worsened".
- 2026-07-31WorsenedEarnings
「The outlook remained uncertain as various costs rose due to heightened tensions in the Middle East and procurement cycles for production materials slowed, with serious effects on the entire supply chain emerging as a risk.」
The disclosure specifically identifies cost increases stemming from the situation in the Middle East and slower procurement cycles as risks to the entire supply chain. - FY2026WorsenedAnnual report
「The business environment remained highly uncertain, due to factors including a decline in personal consumption resulting from continued inflation and heightened geopolitical risks associated with instability in the Middle East.」
In addition to price increases and a decline in personal consumption, geopolitical risks associated with the destabilization of the situation in the Middle East were cited as factors creating uncertainty during the fiscal year. - FY2026-H1RestatedAnnual report
「Conditions became highly uncertain due to concerns over a decline in personal consumption caused by continued price increases and the impact arising from changes in U.S. trade policy, among other factors.」
Concerns over the impact of changes in U.S. trade policy continue to be cited as a factor creating uncertainty about the outlook. - FY2025WorsenedAnnual report
「In fiscal 2025, the economy is expected to continue recovering gradually on the back of continued improvements in employment and income conditions. However, the outlook is expected to remain uncertain due to numerous concerns, including soaring energy prices, fluctuations in interest rates and foreign exchange rates, tariff policies under the Trump administration and geopolitical risks.」
In addition to the previously cited raw material and energy prices and fluctuations in interest rates and foreign exchange rates, tariff policies under the Trump administration and geopolitical risks have been added as factors of concern. - FY2025-H1WorsenedAnnual report
「During the current interim cumulative consolidated period, Japan’s economy remained uncertain despite expectations of a gradual recovery in personal consumption due to improvements in employment and income conditions, owing to the prolonged nature of international conflicts, soaring global raw material and energy prices, fluctuations in interest rates and foreign exchange rates, and increases in logistics costs and labor costs, among other factors.」
In addition to the previously cited international conflicts, raw material and energy prices, and fluctuations in interest rates and foreign exchange rates, increases in logistics costs and labor costs have been added as factors creating uncertainty. - FY2024-Q2RestatedAnnual report
「During the second quarter of the current cumulative consolidated period, Japan’s economy remained uncertain due to soaring raw material prices and volatility in the financial and capital markets, among other factors, despite signs of an economic recovery in the post-COVID period. However, the economy remained firm as production activity in the manufacturing sector recovered and personal consumption increased due to improvements in domestic employment and income conditions.」
The disclosure describes the post-COVID economic recovery and the recovery in manufacturing production activity, while continuing to cite uncertainty arising from soaring raw material prices and volatility in the financial and capital markets. - FY2024-Q1ReframedAnnual report
「During the first quarter of the current cumulative consolidated period, Japan’s economy remained uncertain due to soaring raw material prices and volatility in the financial and capital markets, among other factors, despite signs of an economic recovery in the post-COVID period, but」
While indicating the normalization of economic activity and the post-COVID recovery, the disclosure continues to identify soaring raw material prices and volatility in the financial and capital markets as factors creating uncertainty. - FY2023WorsenedAnnual report
「In fiscal 2023, concerns remained over the impact on the economy of the prolonged conflict in Ukraine and other factors, soaring global raw material and energy prices, disruptions caused by supply constraints and fluctuations in interest rates and foreign exchange rates, and the outlook remained uncertain.」
In addition to the previous uncertainty centered on infectious diseases and trade issues between the United States and China, the prolonged conflict in Ukraine, energy prices, supply constraints, and fluctuations in interest rates and foreign exchange rates have been added as specific factors of concern. - FY2023-Q3ReframedAnnual report
「During the third quarter of the current cumulative consolidated period, Japan’s economy moved toward normalization as COVID-19 infection conditions eased. However, conditions remained uncertain due to soaring raw material prices and volatility in the financial and capital markets, among other factors.」
While describing the easing of COVID-19 infection conditions and the normalization of economic activity instead of restrictions on economic activity caused by COVID-19, the disclosure identifies volatility in the financial and capital markets, in addition to soaring raw material prices, as factors creating uncertainty. - FY2023-Q1ReframedAnnual report
「During the cumulative first quarter of the consolidated fiscal year, the Japanese economy was moving toward normalization of economic activity as the spread of COVID-19 eased, but conditions remained uncertain, with raw material prices continuing to rise and the yen depreciating sharply.」
Compared with the previous uncertainty centered on restrictions on economic activity caused by the spread of COVID-19, the disclosure describes easing infection conditions and the normalization of economic activity, while identifying soaring raw material prices and the rapid depreciation of the yen as new major factors. - FY2022-Q2RestatedAnnual report
「During the second quarter of the current cumulative consolidated period, Japan’s economy remained uncertain as restrictions on economic activity continued due to COVID-19 and concerns also arose over supply chain disruptions caused by difficulties in procuring components, among other factors. Meanwhile, the resumption of economic activity progressed as vaccination became more widespread, among other factors, and the economy recovered, particularly in the manufacturing sector.」
While continuing to cite the restrictions on economic activity and uncertainty about the outlook caused by COVID-19, the disclosure also mentions the resumption of economic activity and economic recovery as vaccination became more widespread. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current cumulative consolidated period, Japan’s economy remained uncertain due to the impact of COVID-19. However, the resumption of economic activity progressed as vaccination became more widespread, among other factors, and the economy recovered, particularly in the manufacturing sector.」
While continuing to cite uncertainty about the outlook due to COVID-19, the disclosure also mentions the resumption of economic activity and economic recovery as vaccination became more widespread. - FY2021RestatedAnnual report
「Although the impact of COVID-19 remains uncertain, the economy is expected to recover gradually in fiscal 2021, supported by the recovery of the global economy, led by the United States and China.」
While uncertainty surrounding COVID-19 remains, the disclosure cites the recovery of the global economy, led by the United States and China, and the outlook for a gradual recovery. - FY2021-Q3RestatedAnnual report
「During the third quarter of the current cumulative consolidated period, Japan’s economy deteriorated rapidly as economic activity was constrained by the global spread of COVID-19. However, economic activity gradually resumed in countries around the world, and signs of a gradual recovery also emerged.」
While continuing to cite the constraint on economic activity and economic deterioration caused by COVID-19, the disclosure also mentions the resumption of economic activity and signs of recovery in countries around the world. - FY2021-Q2WorsenedAnnual report
「During the second quarter of the current cumulative consolidated period, Japan’s economy deteriorated rapidly as economic activity was constrained by the global spread of COVID-19.」
The constraint on economic activity and economic deterioration caused by the global spread of COVID-19 continued as conditions in the business environment during the second quarter. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current cumulative consolidated period, Japan’s economy deteriorated rapidly as economic activity was constrained by the global spread of COVID-19.」
In addition to the previous uncertainty arising from trade issues between the United States and China, the business environment for the quarter explicitly includes the constraint on economic activity caused by the global spread of COVID-19 and the rapid economic deterioration. - FY2020WorsenedAnnual report
「The business environment surrounding the Group deteriorated rapidly as economic activity was constrained by the global spread of COVID-19, in addition to the uncertain outlook arising from prolonged trade friction between the United States and China.」
In addition to the previous uncertainty arising from trade issues between the United States and China, the disclosure cites their prolongation, the constraint on economic activity caused by COVID-19 and the resulting economic deterioration. - FY2020-Q2WorsenedAnnual report
「Concerns remain over the impact on the global economy of prolonged trade friction between the United States and China and issues surrounding the United Kingdom’s withdrawal from the EU, among other factors, and the outlook is expected to remain uncertain.」
Concerns over the prolonged nature of trade friction between the United States and China were expressed, and the United Kingdom’s withdrawal from the EU was also explicitly identified as a factor creating uncertainty. - FY2020-Q1RestatedAnnual report
「Concerns remain over the impact of the consumption tax increase and developments in trade issues between the United States and China on the global economy, among other factors, and the outlook is expected to remain uncertain.」
Uncertainty arising from trade issues between the United States and China continues to be cited. In addition, the impact of the consumption tax increase is mentioned. - FY2019RestatedAnnual report
「The outlook remains uncertain due to concerns over trade friction arising from trade issues between the United States and China, among other factors.」
Concerns over trade issues between the United States and China and trade friction continue to be cited as factors creating uncertainty about the outlook. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, the Japanese economy remained on a moderate recovery track, supported by improvements in corporate earnings and the employment environment. However, the outlook remained uncertain amid concerns over trade friction arising from US-China trade issues.」
Concerns over trade friction arising from trade issues between the United States and China continue to be cited as a factor creating uncertainty about the outlook, as in the previous quarter. - FY2019-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, the Japanese economy remained on a moderate recovery track, supported by improvements in corporate earnings and the employment environment. However, the outlook remained uncertain amid concerns over trade friction arising from US-China trade issues.」
The wording for factors creating uncertainty about the outlook has become more specific and expanded, from concerns over trade friction arising from protectionist policies in the United States in the previous quarter to concerns over trade friction arising from trade issues between the United States and China. - FY2019-Q1ReframedAnnual report
「The outlook remains uncertain due to concerns over trade friction arising from protectionist policies in the United States, among other factors.」
The wording has shifted from the previous broad expression, “policy trends in various countries, among others,” to specific factors, namely protectionist policies in the United States and concerns over trade friction. - FY2018RestatedAnnual report
「During the current consolidated fiscal year, the Japanese economy remained on a gradual recovery path against a backdrop of improving corporate earnings and employment conditions, but the outlook became uncertain due to policy trends in various countries, among other factors.」
Uncertainty about the outlook arising from policy trends in various countries has been restated using broader wording that includes the previously cited factors relating to Europe, the United States and geopolitics. - FY2018-Q3ReframedAnnual report
「During the cumulative third-quarter consolidated period, Japan's economy continued to recover moderately against a backdrop of improved corporate earnings and employment conditions, but the outlook remained uncertain due to heightened geopolitical risks, policy developments in various countries, and other factors.」
The wording for factors creating uncertainty has broadened from “rising geopolitical risks and policy trends in Europe and the United States, among others” in the previous quarter to “rising geopolitical risks and policy trends in various countries, among others.” - FY2018-Q2ReframedAnnual report
「During the cumulative second-quarter consolidated period, Japan's economy remained on a recovery trend against a backdrop of improved corporate earnings and employment conditions, but the outlook remained uncertain due to heightened geopolitical risks, policy developments in Europe and the United States, and other factors.」
The description of the sources of uncertainty expanded from political developments in Europe and the United States in the previous quarter to heightened geopolitical risks and policy developments in Europe and the United States. - FY2018-Q1ReframedAnnual report
「During the cumulative first-quarter consolidated period, Japan's economy remained on a moderate recovery trend, with improvements in corporate earnings and employment conditions, but the outlook became uncertain due to political developments in Europe and the United States and other factors.」
The description of the sources of uncertainty shifted from the specific factor of the policies of the new U.S. administration to the broader political factor of political developments in Europe and the United States. - FY2017First statedAnnual report
「The outlook remains uncertain due to the economic slowdown in China and emerging Asian economies, as well as the policies of the new U.S. administration.」
The policies of the new U.S. administration were identified as a new source of uncertainty in the economic environment during the fiscal year.