Downside risks to the global economy from US-China trade tensions, slowing emerging-market economies and UK-EU Brexit negotiations
First written in FY2019-Q3. 14 of 25 entries say "Worsened", first in FY2020. Latest entry: 2026-10-30.
No other company in this theme has enough history to compare yet.
- FY2026MaterialisedAnnual report
「During the interim consolidated accounting period, Japan's employment and income environment improved amid chronic labor shortages and other factors, but earnings, particularly at export-related companies, were pushed down by the impact of US tariff policy, in addition to persistently high raw material and resource prices and soaring labor costs.」
In addition to the previously identified geopolitical risks, raw material prices and exchange rates, the impact of US tariff policy in pushing down the earnings of export-related companies was described as an actual economic condition. - FY2026-H1MaterialisedAnnual report
「During the interim consolidated accounting period, Japan's employment and income environment improved amid chronic labor shortages and other factors, but earnings, particularly at export-related companies, were pushed down by the impact of US tariff policy, in addition to persistently high raw material and resource prices and soaring labor costs. Earnings at non-manufacturers increased on the back of inbound demand, but the outlook for the economy remains uncertain due to the prolonged instability in the international situation surrounding Ukraine and the Middle East.」
It was stated that, in addition to the existing sources of uncertainty in the global economy, the earnings of export-related companies were actually pushed down by the impact of US tariff policy. - FY2025WorsenedAnnual report
「During the consolidated fiscal year, Japan's economy entered a moderate recovery trend amid the benefits of inbound demand and improvements in the employment and income environment, but the outlook remains uncertain due to the trend toward higher prices resulting from persistently high raw material prices, the risk of further economic deterioration caused by the property-market downturn in China, concerns over the impact of US tariff policy, and an unstable exchange-rate market.」
In addition to the previously cited geopolitical risks, resource and raw material prices, and exchange-rate fluctuations, China's property-market downturn and US tariff policy were described as new sources of uncertainty. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period, Japan's economy entered a moderate recovery trend amid the benefits of inbound demand and improvements in the employment and income environment, but real wages have not yet achieved sustained growth after taking price increases into account. In addition, the outlook remains uncertain due to persistently high raw material prices, prolonged geopolitical risks, and an unstable exchange-rate market resulting from the effects of changes in monetary policy in various countries.」
While indicating factors supporting an economic recovery, the disclosure continues to cite uncertainty about the outlook due to persistently high raw material prices, geopolitical risks, changes in monetary policy and exchange-rate instability. - FY2024-Q3WorsenedAnnual report
「At the same time, the economic outlook remains uncertain due to the prolonged Russian invasion of Ukraine, heightened geopolitical risk resulting from the military conflict between Israel and Palestine in the Middle East, the impact of the slowdown in the Chinese economy, soaring global resource and raw material prices, and sharp exchange-rate fluctuations.」
In addition to the previously cited situation in Ukraine, inflation and monetary tightening, the military conflict in the Middle East and the slowdown in the Chinese economy were described as downside factors for the global economy, while concerns over resource and raw material prices and exchange-rate fluctuations have persisted. - FY2024-Q2Exchange-rate fluctuations and persistently high resource and raw material prices continue to be cited as downside factors.Annual report
「At the same time, uncertainty about the outlook remains due to the prolonged situation in Ukraine, persistently high resource and raw material prices, and sharp exchange-rate fluctuations.」
In addition to the prolonged situation in Ukraine, persistently high resource and raw material prices and sharp exchange-rate fluctuations were described as factors contributing to uncertainty in the global economy. - FY2024-Q1RestatedAnnual report
「At the same time, uncertainty about the outlook remains due to the prolonged situation in Ukraine, persistently high resource and raw material prices, global inflation and concerns over an economic recession resulting from countries' policy rate increases.」
The prolonged situation in Ukraine, inflation, policy rate increases by countries and concerns over an economic recession continue to be cited as sources of uncertainty in the global economy. - FY2023WorsenedAnnual report
「For several years, the world's major economies supported society with large-scale fiscal measures and monetary easing, followed by a surge in resource prices caused by the war in Ukraine. Global inflation has prompted central banks in Europe and the United States to shift toward higher interest rates, and rates have risen rapidly. It is necessary to closely monitor future developments in Japan's monetary policy, which has maintained zero interest rates for an extended period.」
In addition to the surge in resource prices caused by the war in Ukraine, global inflation, monetary tightening in Europe and the United States, and the rapid rise in interest rates were described as new factors contributing to uncertainty in the global economy. - FY2023-Q3WorsenedAnnual report
「During the nine months ended December 2022, while the impact of COVID-19 continued, social and economic activity showed signs of normalizing as restrictions on activity were eased. However, resource and raw material prices rose as the situation in Ukraine continued for an extended period and exchange rates fluctuated sharply, leaving the economic outlook uncertain.」
In addition to the prolonged situation in Ukraine, rapid exchange-rate fluctuations and rising resource and raw material prices were described as factors affecting the global and domestic economies, and uncertainty about the outlook has persisted. - FY2023-Q2WorsenedAnnual report
「During the second quarter of the fiscal year, Japan's economy was seeking to normalize socioeconomic activity while living with COVID-19, but the dramatic changes in the global situation, including the war in Ukraine and the shift toward monetary tightening in Europe and the United States, led to a sharp depreciation of the yen and soaring prices.」
In addition to the existing COVID-19 pandemic and prolonged invasion of Ukraine, the shift toward monetary tightening in Europe and the United States, the sharp depreciation of the yen and soaring prices were described as factors affecting the global and domestic economies. - FY2023-Q1MaterialisedAnnual report
「During the first quarter of the fiscal year, Japan's economy remained subject to restrictions on socioeconomic activity, including damage to supply chains resulting from the renewed spread of COVID-19 variants and the prolonged Russian invasion of Ukraine, and the economic outlook remained uncertain.」
In addition to the previously cited destabilization of the global economy and infectious disease risks, damage to supply chains resulting from the prolonged invasion of Ukraine and restrictions on socioeconomic activity were described as actual conditions. - FY2022WorsenedAnnual report
「Toward the end of the fiscal year, Russia's invasion of Ukraine became a catastrophe that fundamentally overturned the international order established after World War II. Given the potential for the conflict to inflict serious and prolonged damage on the global economy, we have no choice but to recognize that an extremely uncertain and critical situation continues.」
In addition to the previously cited infectious disease risks and US-China friction, the invasion of Ukraine by Russia and the serious damage to the global economy resulting from its prolongation were newly described. - FY2022-Q3WorsenedAnnual report
「During the nine months ended December 2021, Japan's economy briefly showed signs of recovery in economic activity as infections subsided with the rollout of COVID-19 vaccinations and the state of emergency was lifted at the end of September 2021. However, the rapid spread of the Omicron variant emerged as a new threat, leaving the outlook uncertain again.」
After a temporary recovery in economic activity, the rapid spread of the Omicron variant became a new threat, and uncertainty about the economic outlook increased again. - FY2021WorsenedAnnual report
「In Japan, the economy showed a gradual recovery from the summer onward, led by the automobile industry, but the further spread of variants has reignited globally, and the outlook remains in a situation that cannot be viewed with any optimism.」
In addition to the existing destabilization of the global economy, the renewed further spread of variants was described, and uncertainty about the outlook for the global and domestic economies increased. - FY2021-Q3WorsenedAnnual report
「During the first nine months of the fiscal year, Japan's economy showed some signs of a gradual recovery as social and economic activity resumed after the sharp deterioration caused by the spread of COVID-19. However, uncertainty over the outlook intensified again due to the renewed spread of COVID-19 in Japan and overseas.」
It was stated that, although the economy had shown signs of recovery, uncertainty about the outlook for the economy, including overseas economies, increased again due to the renewed spread of infectious disease. - FY2021-Q2WorsenedAnnual report
「During the first six months of the fiscal year, Japan's economy showed signs of a gradual recovery as social and economic activity resumed after the sharp deterioration caused by the spread of COVID-19. However, uncertainty over the outlook remained due to instability in the global economy, including the US-China trade conflict, and concerns over a further spread of COVID-19.」
In addition to the destabilization of the global economy caused by US-China trade friction and other factors, concerns over a renewed spread of COVID-19 were explicitly described, and uncertainty about the outlook has persisted. - FY2021-Q1WorsenedAnnual report
「During the first three months of the fiscal year, Japan's economy faced an uncertain outlook due to instability in the global economy arising from the US-China trade conflict and the UK's EU withdrawal issue, as well as a sharp deterioration in economic conditions caused by the spread of COVID-19.」
In addition to the destabilization of the global economy caused by US-China trade friction, the UK's withdrawal from the EU and other factors, the sharp deterioration in economic conditions resulting from the spread of COVID-19 was described, and uncertainty about the outlook has increased. - FY2020WorsenedAnnual report
「The worldwide outbreak of COVID-19 then compounded these factors, causing the economy to slow rapidly toward the end of the current consolidated fiscal year. Severe conditions in people’s lives and the economy, unprecedented in recent years and with no visibility at all regarding the outlook, continue.」
The addition of the COVID-19 pandemic to the destabilization of the global economy caused by the existing US-China trade friction, the UK's withdrawal from the EU and other factors led to a rapid economic slowdown and heightened uncertainty about the outlook. - FY2020-Q3ReframedAnnual report
「The economy remained on a moderate recovery path during the first half of the fiscal year, with increased capital investment and a recovery in private consumption accompanying improvements in employment and income conditions. In the second half, however, the sense of an economic slowdown intensified due to uncertainty in overseas economies arising from the US-China trade conflict and the UK's EU withdrawal issue, as well as the psychological impact of the consumption tax rate increase.」
The US-China trade frictions and the UK’s EU withdrawal issue, previously cited as factors weighing on the global economy, are described as uncertainty in overseas economies that is intensifying the sense of a slowdown in domestic economic conditions. - FY2020-Q2RestatedAnnual report
「Overseas, concerns about downside risks to the global economy have increased and uncertainty about the outlook has intensified due to the prolonged US-China trade frictions and the slowdown in the Chinese economy.」
The company continues to describe downside risks to the global economy arising from prolonged US-China trade frictions and a slowdown in the Chinese economy. - FY2020-Q1The US economy remains firm, but concerns about downside risks due to US-China trade frictions and a slowdown in the Chinese economyAnnual report
「Overseas economies remained relatively firm against the backdrop of a robust US economy, but concerns about downside risks to the global economy have increased and uncertainty about the outlook has intensified due to the prolonged US-China trade frictions and the slowdown in the Chinese economy.」
Regarding overseas economies, the company describes their resilience against the backdrop of a robust US economy, while also citing downside risks to the global economy due to prolonged US-China trade frictions and a slowdown in the Chinese economy. It does not mention the UK’s EU withdrawal issue. - FY2019ReframedAnnual report
「Overseas, concerns remain about downside risks to the global economy due to the effects of US-China trade friction, a slowdown in the Chinese economy and the UK's issue of leaving the EU, and the outlook remains uncertain.」
The company specifies the factors weighing on overseas economies as US-China trade frictions, a slowdown in the Chinese economy and the UK’s EU withdrawal issue. - FY2019-Q3First statedAnnual report
「Overseas, concerns remain about downside risks to the global economy and uncertainty about the outlook continues, due to the prolonged US-China trade frictions, crises such as slowing emerging-market economies, and difficulties in negotiations over the UK’s withdrawal agreement with the EU.」
The company describes for the first time downside risks to the global economy arising from prolonged US-China trade frictions, slowing emerging-market economies and difficult negotiations over the UK’s withdrawal agreement with the EU.