Risk of downward pressure on economic conditions from a stronger yen, weaker share prices and a slowdown in emerging-market economies
First written in FY2017-Q1. 11 of 25 entries say "Worsened", first in FY2019-Q3. Latest entry: FY2026-H1.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- FY2026-H1WorsenedAnnual report
「Meanwhile, concerns over a slowdown in overseas economies due to the impact of US tariff policies persisted, and conditions remained highly uncertain, including downward pressure on the domestic economy and the impact of rising prices.」
In addition to the existing uncertainty caused by slower overseas economies, geopolitical risks, and monetary policy, it explicitly identifies US tariff policies, downward pressure on the domestic economy, and the impact of rising prices. New concerns were indicated, but no actual impact was stated. - FY2025-H1WorsenedAnnual report
「During the interim consolidated accounting period, the business environment surrounding the Group remained affected by ongoing inventory adjustments in the manufacturing sector, against a backdrop of slower growth in the Chinese economy, the impact of monetary policy in Europe and the United States, and higher resource and energy prices due to foreign exchange movements and worsening conditions in the Middle East.」
It identifies slower growth in the Chinese economy, monetary policy in Europe and the United States, foreign exchange movements, and higher resource and energy prices resulting from the situation in the Middle East, as well as ongoing inventory adjustments in the manufacturing sector, as new sources of uncertainty. - FY2024-Q3RestatedAnnual report
「Meanwhile, concerns over a slowdown in overseas economies due to geopolitical risks, developments in the Chinese economy, and the impact of monetary policy in Europe and the United States have left the outlook uncertain.」
It continues to describe concerns over a slowdown in overseas economies and uncertainty about the outlook due to geopolitical risks, the Chinese economy, and monetary policy in Europe and the United States. - FY2024-Q2WorsenedAnnual report
「Meanwhile, Russia's invasion of Ukraine remains unpredictable, while concerns over a slowdown in overseas economies have increased due to the emergence of China's excessive debt problem and monetary tightening in Europe and the United States, leaving the outlook uncertain.」
In addition to the existing geopolitical and overseas economic risks, it explicitly identifies the emergence of China's excessive debt problem and concerns over a slowdown in overseas economies caused by monetary tightening in Europe and the United States. - FY2024-Q1RestatedAnnual report
「Meanwhile, Russia's military invasion of Ukraine remains unpredictable, while concerns persist over downside risks to overseas economies, including financial instability in Europe and the United States and a slowdown in the Chinese economy, leaving the outlook uncertain.」
While indicating a recovery trend in Japan, it continues to describe the situation between Russia and Ukraine, financial instability in Europe and the United States, downside risks to overseas economies from a slowdown in the Chinese economy, and uncertainty about the outlook. - FY2023-Q2WorsenedAnnual report
「However, shortages of semiconductors and various components, as well as soaring material prices, have persisted. In addition to supply chain disruptions caused by the situation between Russia and Ukraine and lockdowns in Chinese cities resulting from China's zero-COVID policy, rising inflation in Europe and the United States and an economic slowdown caused by monetary tightening have left the outlook uncertain.」
In addition to the existing geopolitical and supply chain factors, it adds rising inflation in Europe and the United States and an economic slowdown caused by monetary tightening as new sources of uncertainty. - FY2023-Q1WorsenedAnnual report
「However, shortages of semiconductors and various components, as well as soaring material prices, have persisted, while supply chains remain disrupted by the situation between Russia and Ukraine and lockdowns in Chinese cities resulting from China's zero-COVID policy, leaving the outlook uncertain.」
In addition to the existing uncertainty surrounding the economy and overseas economies, it identifies the situation between Russia and Ukraine and supply chain disruptions caused by lockdowns in Chinese cities as new sources of uncertainty. - FY2022-Q1RestatedAnnual report
「However, repeated waves of COVID-19 infections continue, and the difficult situation persists, with consumer sentiment weakening, capital investment remaining constrained, and employment and income conditions deteriorating, leaving the outlook uncertain.」
It continues to describe uncertainty about the outlook due to the resurgence of the pandemic, weaker consumer sentiment, restrained capital investment, and worsening employment and income conditions. - FY2021-Q3RestatedAnnual report
「As a result, consumer sentiment has weakened, capital investment has been restrained by deteriorating corporate earnings, and employment and income conditions have worsened. Both the domestic and overseas economies remain in a difficult situation, leaving the outlook uncertain.」
It continues to describe the impact of the ongoing COVID-19 pandemic on consumption, corporate earnings, capital investment, and employment and income conditions, as well as the difficult situation facing the domestic and global economies. - FY2021-Q2WorsenedAnnual report
「With no end to the global spread of COVID-19 yet in sight, economic activity remains limited, while consumer sentiment has weakened, capital investment has been restrained by the rapid deterioration in corporate earnings, and employment and income conditions have worsened. Both the domestic and overseas economies remain in a difficult situation.」
It lists the lack of visibility on the end of the pandemic, limited economic activity, weaker consumer sentiment, deteriorating corporate earnings, restrained capital investment, and worsening employment and income conditions. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the consolidated fiscal year under review, the business environment surrounding the Group remained challenging both domestically and overseas, as the global spread of the novel coronavirus disease still showed no sign of ending, and corporate earnings and employment, income and other conditions deteriorated due to stagnation in corporate activity.」
It states that, with no end to the COVID-19 pandemic in sight, corporate earnings and employment and income conditions have deteriorated, leaving both the domestic and global economies in a difficult situation. - FY2020WorsenedAnnual report
「During the consolidated fiscal year under review, the business environment surrounding the Group remained uncertain overseas due to a slowdown in the Chinese economy resulting from prolonged US-China trade friction and the deterioration of the European economy, while the domestic economy continued to follow a gradual recovery trend as corporate earnings and employment, income and other conditions continued to improve. However, toward the end of the fiscal year, the novel coronavirus disease spread globally, dramatically changing the economic outlook, and both the domestic and overseas economies entered a challenging phase that remains uncertain.」
The disclosure states that, in addition to US-China trade friction and uncertainty in the Chinese and European economies, the spread of infectious disease toward the end of the fiscal year caused the domestic and overseas economies to enter a challenging phase. - FY2020-Q3RestatedAnnual report
「While corporate earnings and employment, income and other conditions continued to improve and the economy continued to follow a gradual recovery trend, the economic outlook remains uncertain due to the effects of uncertainty in overseas economies, including a slowdown in the Chinese economy resulting from prolonged US-China trade friction and the deterioration of the European economy.」
The disclosure continues to cite uncertainty in overseas economies and about the economic outlook due to prolonged US-China trade friction, a slowdown in the Chinese economy and the deterioration of the European economy. - FY2020-Q2RestatedAnnual report
「While corporate earnings and employment, income and other conditions continued to improve and the economy continued to follow a gradual recovery trend, the economic outlook remains uncertain due to the effects of uncertainty in overseas economies, including a slowdown in the Chinese economy resulting from prolonged US-China trade friction and the deterioration of the European economy.」
The disclosure continues to cite uncertainty in overseas economies and about the economic outlook due to prolonged US-China trade friction, a slowdown in the Chinese economy and the deterioration of the European economy. - FY2020-Q1WorsenedAnnual report
「While corporate earnings and employment, income and other conditions continued to improve and the economy continued to follow a gradual recovery trend, the economic outlook remains uncertain due to the effects of uncertainty in overseas economies, including a slowdown in the Chinese economy resulting from prolonged US-China trade friction and the deterioration of the European economy.」
The prolonged US-China trade friction, the slowdown in the Chinese economy and the deterioration of the European economy are cited, with continued uncertainty in overseas economies and about the economic outlook noted. - FY2019WorsenedAnnual report
「The business environment surrounding the Group continued to follow a gradual recovery trend as corporate earnings and employment, income and other conditions continued to improve. However, uncertainty about the outlook is expected to increase further due to the intensification of US-China trade friction, the deterioration of the European economy and the effects of the consumption tax increase from October 2019, among other factors.」
In addition to the previous US-China trade friction and slowdown in the Chinese economy, the deterioration of the European economy and the effects of the consumption tax increase from October 2019 are cited, with increasing uncertainty about the outlook noted. - FY2019-Q3WorsenedAnnual report
「Although a gradual economic recovery led by domestic demand is expected to continue, uncertainty in the global economy has increased due to the intensification of US-China trade friction and a slowdown in the Chinese economy, leaving the situation uncertain.」
In addition to the previous risks of protectionist trade policies and a stagnation in global trade, the intensification of US-China trade friction and a slowdown in the Chinese economy are cited, with greater uncertainty in the global economy noted. - FY2019-Q2ReframedAnnual report
「Although a gradual economic recovery led by domestic demand is expected to continue, the risk of a stagnation in global trade activity due to protectionist trade policies originating in the United States means that the situation remains uncertain.」
In addition to the previous risks of yen appreciation, a slowdown in emerging-market economies and sudden changes in the international situation, protectionist trade policies originating in the United States and a stagnation in global trade are cited as downside risks to the economy. - FY2018ReframedAnnual report
「Demand for the products handled by the Group, including factory automation equipment, building equipment, semiconductor devices and information and communications equipment, is strongly affected by market trends in the customers and industries to which the Group supplies products. Accordingly, if demand declines in these major markets, the Group's operating results and financial position may be affected.」
The risk assessment has been reorganized from the previous references to yen appreciation and a slowdown in emerging-market economies into the risk of declining market demand among major customers and industries. - FY2018-Q3RestatedAnnual report
「Meanwhile, a gradual recovery trend centered on external demand is expected to be maintained, but downside risks to the economy from sudden changes in the international situation remain, leaving the outlook uncertain.」
Continued expectations for a recovery in external demand and uncertainty about the outlook and downside risks to the economy resulting from sudden changes in the international situation and other factors. - FY2018-Q2RestatedAnnual report
「Meanwhile, a gradual recovery trend centered on external demand is expected to continue, but downside risks to the economy from sudden changes in the international situation remain, leaving the outlook uncertain.」
The disclosure continues to cite expectations for a recovery in external demand, along with downside risks to the economy and uncertainty about the outlook resulting from sudden changes in the international situation and other factors. - FY2018-Q1RestatedAnnual report
「Meanwhile, a gradual recovery centered on external demand is expected to continue, but downside risks to the economy, including sudden changes in the international situation, remain, leaving the outlook uncertain.」
The disclosure continues to cite downside risks to the economy from sudden changes in the international situation and uncertainty about the outlook. - FY2017-Q3ReframedAnnual report
「However, downside risks to the economy remain, including a slowdown in emerging-market economies, particularly China, and changes in the international situation, leaving the outlook uncertain.」
The reference to yen appreciation has been removed, while changes in the international situation, in addition to a slowdown in emerging-market economies including China, are cited as downward pressure factors. - FY2017-Q2SoftenedAnnual report
「Downside risks to the economy remain, including continued yen appreciation and a slowdown in emerging-market economies, particularly China, leaving the outlook uncertain.」
Downside risks to the economy continue to be cited, but the wording has narrowed in scope and intensity, changing from the previous reference to a “rapid appreciation of the yen and falling share prices” to “continued yen appreciation,” with no mention of falling share prices. - FY2017-Q1First statedAnnual report
「The outlook is uncertain due to downside risks to the economy, including a rapid appreciation of the yen, falling share prices and a slowdown in emerging-market economies, particularly China.」
The rapid appreciation of the yen, falling share prices and a slowdown in emerging-market economies, including China, were described as factors making the outlook uncertain.