Downside risks to economic conditions from domestic and international political and economic developments
First written in FY2018. 9 of 27 entries say "Worsened", first in FY2019. Latest entry: FY2026.
Tomita moved to the "Worse" side of this theme in 2022, the same year as the typical company in this theme.
The whole theme swung hardest in 2020: 24 of 35 companies on the "Worse" side.
18 other companies' latest entry also says "Other".
- FY2026U.S. trade policy and China’s economic stagnation continue to be citedAnnual report
「The business environment surrounding the Group is expected to remain uncertain, although the economy is on a moderate recovery trend, due to the situation in the Middle East, the impact of U.S. trade policies, persistent inflation and sharp exchange-rate fluctuations.」
While describing a moderate economic recovery trend, it identifies the situation in the Middle East, U.S. trade policies, persistent inflation and sharp exchange-rate fluctuations as factors contributing to uncertainty. - FY2026-H1Specified the factors contributing to uncertainty.Annual report
「Meanwhile, uncertainty about the outlook continued due to the impact of developments in U.S. trade policy and other factors, stagnation in China’s economy, the prolonged situations in Ukraine and the Middle East, and persistent price increases.」
While describing the economy as being on a moderate recovery trend, it specifically identifies U.S. trade policy, stagnation in China’s economy, the situations in Ukraine and the Middle East, and rising prices as factors contributing to uncertainty. - FY2025WorsenedAnnual report
「The business environment surrounding the Group is expected to remain uncertain, although the economy is on a moderate recovery trend, due to the impact of U.S. tariff policies, persistent inflation and sharp exchange-rate fluctuations.」
It explicitly identifies the impact of U.S. tariff policies and persistent inflation, in addition to the existing factors contributing to uncertainty, and also mentions sharp exchange-rate fluctuations. - FY2025-H1RestatedAnnual report
「Meanwhile, uncertainty about the outlook continued due to increasing geopolitical risks, including the situation in the Middle East, exchange-rate fluctuations resulting from continued high interest-rate levels in the United States and Europe, soaring raw material and crude oil prices, and a slowdown in China’s economy.」
While describing the economy as being on a moderate recovery trend, it continues to identify geopolitical risks, exchange-rate fluctuations resulting from high interest rates, soaring raw material and crude oil prices, and a slowdown in China’s economy as factors contributing to uncertainty. - FY2024WorsenedAnnual report
「The business environment surrounding the Group is expected to remain uncertain, although the economy is on a moderate recovery trend, due to increasing geopolitical risks, including the situation in the Middle East, the destabilization of the global situation, global inflation, soaring energy prices and the recent slowdown in the momentum of the EV (electric vehicle) market.」
While describing a moderate economic recovery trend, it identifies geopolitical risks, including the situation in the Middle East, the destabilization of the global situation, global inflation, soaring energy prices and the slowdown in the momentum of the EV market as factors contributing to uncertainty. - FY2024-Q3RestatedAnnual report
「Japan’s economy was on a moderate recovery trend due to the normalization of economic activity resulting from the easing of restrictions related to COVID-19 and improvements in employment conditions, although uncertainty about the outlook continued due to the prolonged situation in Ukraine, exchange-rate fluctuations against a backdrop of global monetary tightening and other factors, soaring raw material and crude oil prices, and a slowdown in China’s economy.」
While describing a recovery trend resulting from the normalization of economic activity and improvements in employment conditions, it continues to identify the situation in Ukraine, exchange-rate fluctuations against a backdrop of monetary tightening, soaring raw material and crude oil prices, and uncertainty caused by a slowdown in China’s economy. - FY2024-Q2Added concerns about a slowdown in China’s economy.Annual report
「During the cumulative second quarter under review, Japan’s economy was on a moderate recovery trend due to the normalization of economic activity resulting from the easing of restrictions related to COVID-19 and improvements in employment conditions, although uncertainty about the outlook continued due to the prolonged situation in Ukraine, exchange-rate fluctuations against a backdrop of global monetary tightening and other factors, soaring raw material and crude oil prices, and concerns about a slowdown in China’s economy.」
While describing a recovery trend resulting from the normalization of economic activity and improvements in employment conditions, it identifies concerns about a slowdown in China’s economy as a new factor contributing to uncertainty. - FY2024-Q1Explicitly stated exchange-rate fluctuations against a backdrop of monetary tightening and other factors.Annual report
「Economic activity moved toward normalization as restrictions on activity related to COVID-19 were eased, putting the economy on a moderate recovery trend, although uncertainty about the outlook continued due to the prolonged situation in Ukraine, exchange-rate fluctuations against a backdrop of global monetary tightening and other factors, and soaring raw material and crude oil prices.」
While describing the normalization of economic activity resulting from the easing of restrictions, it identifies the situation in Ukraine, exchange-rate fluctuations against a backdrop of global monetary tightening, and soaring raw material and crude oil prices as factors contributing to uncertainty. - FY2023WorsenedAnnual report
「The business environment surrounding the Group is expected to remain uncertain, although the economy is on a moderate recovery trend, due to the destabilization and decoupling of the global situation, global inflation, energy and environmental issues, and longer lead times resulting from the semiconductor and labor shortages, among other factors.」
It adds decoupling, global inflation, energy and environmental issues, and longer lead times resulting from the labor shortage to the existing factors contributing to uncertainty. - FY2023-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan’s economy was on a moderate recovery trend as economic activity moved toward normalization, although uncertainty about the outlook continued due to the semiconductor shortage, the prolonged situation in Ukraine, supply chain disruptions caused by the impact of lockdowns in China, rising global inflation, monetary tightening and sharp exchange-rate fluctuations.」
While describing an economic recovery trend, it adds global inflation, monetary tightening and sharp exchange-rate fluctuations as new factors contributing to uncertainty. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter under review, Japan’s economy was on a moderate recovery trend as economic activity moved toward normalization, although uncertainty about the outlook continued due to the global semiconductor shortage, the prolonged situation in Ukraine, supply chain disruptions caused by the impact of lockdowns in China, the rapid depreciation of the yen and soaring raw material and crude oil prices.」
While describing an economic recovery trend, it continues to identify the semiconductor shortage, the situation in Ukraine, lockdowns in China, supply chain disruptions, the rapid depreciation of the yen and soaring raw material and crude oil prices as factors contributing to uncertainty. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan’s economy was on a moderate recovery trend as economic activity moved toward normalization, although uncertainty about the outlook continued due to the global semiconductor shortage, the prolonged situation in Ukraine, supply chain disruptions caused by the impact of lockdowns in China, the rapid depreciation of the yen and soaring raw material and crude oil prices.」
While describing an economic recovery trend, it adds and specifies the situation in Ukraine, lockdowns in China, supply chain disruptions, the rapid depreciation of the yen and soaring raw material and crude oil prices as factors contributing to uncertainty. - FY2022WorsenedAnnual report
「Looking ahead, although the economy is on a recovery trend, repeated waves of COVID-19 infections and the lack of visibility regarding when they will subside, together with soaring raw material and crude oil prices, the prolonged global semiconductor shortage and, further, Russia’s invasion of Ukraine, are increasing the complexity of the international situation and raising concerns about a slowdown in the global economy. Accordingly, the business environment surrounding the Group is expected to remain uncertain.」
While describing an economic recovery trend, it lists another spread of infections, soaring raw material and crude oil prices, the prolonged semiconductor shortage, Russia’s invasion of Ukraine and concerns about a global economic slowdown as new factors contributing to uncertainty. - FY2022-Q3Recovery trend and concerns about variant viruses presented together.Annual report
「During the cumulative third quarter under review, Japan’s economy was on a recovery trend as economic activity moved toward normalization with the progress of COVID-19 vaccinations, although uncertainty about the outlook continued due to concerns about another spread of infections caused by new variants and the global semiconductor shortage.」
While describing an economic recovery trend driven by vaccinations and the normalization of economic activity, it identifies concerns about another spread of infections caused by new variants as a new factor contributing to uncertainty. - FY2022-Q2Added the state of emergency declaration and the semiconductor shortage as factors contributing to uncertainty.Annual report
「During the cumulative second quarter under review, Japan’s economy showed signs of recovery as vaccinations progressed as a measure against the spread of COVID-19, although uncertainty about the outlook continued due to restrictions on social and economic activity resulting from the state of emergency declaration and the global semiconductor shortage.」
While mentioning signs of recovery resulting from vaccinations, it identifies restrictions on social and economic activity due to the state of emergency declaration and the global semiconductor shortage as factors contributing to uncertainty about the outlook. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter under review, Japan’s economy continued to show signs of recovery in production and exports, as the global economy, particularly in the United States and China, moved toward recovery, despite another spread of COVID-19 infections.」
While describing the recovery of the global economy and the recovery in production and exports, it also mentions another spread of COVID-19 infections. - FY2021MitigatedAnnual report
「Looking ahead, although the economy is on a recovery trend due to the rollout of COVID-19 vaccines and economic measures in various countries, concerns remain about another spread of COVID-19 infections both in Japan and overseas, and the business environment surrounding the Group is expected to remain uncertain.」
While describing an economic recovery trend driven by vaccine rollouts and economic measures, it states that uncertainty caused by another spread of infections remains. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan’s economy remained challenging amid the global spread of COVID-19, although signs of a recovery emerged, due to another increase in infections.」
While mentioning signs of a recovery, it states that challenging conditions would continue due to another increase in infections. - FY2021-Q2MitigatedAnnual report
「During the cumulative second quarter under review, Japan’s economy remained challenging, although signs of a recovery emerged amid the global spread of COVID-19.」
The description has changed to state that, while challenging economic conditions caused by the global spread of COVID-19 continued, signs of an economic recovery emerged. - FY2021-Q1RestatedAnnual report
「During the cumulative first quarter under review, Japan’s economy became increasingly challenging amid the global spread of COVID-19, in addition to issues including trade friction between the United States and China.」
It states that Japan’s economy became increasingly challenging due to the global spread of COVID-19, in addition to issues including trade friction between the United States and China. - FY2020WorsenedAnnual report
「Regarding the outlook, the rapid deterioration in economic conditions has continued as economic activity stagnated in Japan and overseas due to the global spread of the novel coronavirus infection, in addition to the prolonged trade friction between the United States and China. Although economic activity is gradually resuming, Japan’s economy is expected to remain in an extremely difficult situation for the time being.」
In addition to the previous concerns over an economic downturn, the company describes the stagnation of economic activity and rapid deterioration in economic conditions caused by the spread of the infectious disease, and expects the extremely difficult situation to continue for the time being. - FY2020-Q3Added tensions in the Middle East as a source of uncertaintyAnnual report
「During the first 3 quarters of the current consolidated fiscal year, Japan’s economy continued to benefit from robust employment conditions, while uncertainty over the outlook persisted due to issues including trade friction between the United States and China, the United Kingdom’s withdrawal from the EU and rising tensions in the Middle East.」
In addition to the previously cited issues of U.S.-China trade friction and the United Kingdom’s withdrawal from the EU, the company cites rising tensions in the Middle East as a source of uncertainty over the outlook. - FY2020-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan’s economy continued to recover moderately, supported by continued robust employment conditions, while uncertainty over the outlook persisted due to issues including trade friction between the United States and China and the United Kingdom’s withdrawal from the EU.」
While describing a moderate recovery supported by robust employment conditions, the company states that uncertainty over the outlook due to issues including U.S.-China trade friction and the United Kingdom’s withdrawal from the EU continues. - FY2019WorsenedAnnual report
「Japan’s economy is increasingly at risk of shifting into a downturn due to the impact of political and economic conditions overseas.」
Compared with the previous fiscal year’s reference to downside risks, the wording has been strengthened for the current fiscal year to state that concern over a shift into a downturn has increased. - FY2018First statedAnnual report
「Although Japan’s economy continues to recover moderately, it may be affected by political and economic conditions in Japan and overseas, and the risk of downside deviation remains significant.」
While describing an economic recovery, the company states that the downside risk arising from domestic and overseas political and economic conditions remains significant.