Global Economic Uncertainty, Including Brexit, U.S. Monetary Policy and the Chinese Economy
First written in FY2017-Q1. 14 of 38 entries say "Reframed", first in FY2017-Q2. Latest entry: 2026-10-28.
Meiji Shipping Group moved to the "Worse" side of this theme in 2022, 4 years after the typical company in this theme (2018).
The whole theme swung hardest in 2022: 25 of 31 companies on the "Worse" side.
4 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「The global economy is expected to achieve moderate growth in 2026, underpinned by trends in monetary policy and inflation in major economies, although the outlook remains uncertain. In addition to developments in trade and economic policy, particularly in the United States, slower growth in China and political and fiscal instability in Europe, the prolongation of geopolitical risks and volatility in international financial markets may affect the global economy as a whole.」
The outlook points to moderate growth, while developments in U.S. trade and economic policy, the Chinese economy, European politics and fiscal conditions, geopolitical risks, and financial market volatility were identified as sources of uncertainty. - FY2026-H1ReframedAnnual report
「During the interim period, the global economy maintained a gradual recovery trend as inflation slowed and monetary policy shifted. However, geopolitical risks and supply chain instability continued to increase uncertainty.」
Compared with the previous fiscal year's descriptions of protectionism, the Chinese economy and political instability, the latest description presented a gradual recovery driven by slowing inflation and a shift in monetary policy, while identifying geopolitical risks and supply chain instability as sources of uncertainty. - FY2025WorsenedAnnual report
「Global economic growth in 2025 is forecast at 3.3%. While falling inflation and monetary easing will support growth, the outlook remains uncertain due to the effects of U.S. protectionist policies, the slowdown in the Chinese economy and increasing political instability in Europe.」
While presenting the outlook for global economic growth, the report explicitly identified U.S. protectionism, the slowdown in the Chinese economy and increasing political instability in Europe as sources of uncertainty. - FY2025-H1ReframedAnnual report
「During the interim period, the global economy remained uncertain due to continuing geopolitical risks and fluctuations in interest rates and foreign exchange rates.」
In addition to geopolitical risks, fluctuations in interest rates and foreign exchange rates were identified as sources of uncertainty in the global economy. The U.S. remained solid and Europe recovered gradually, while China was described as slowing due to weak domestic demand and a sluggish property market. - FY2024WorsenedAnnual report
「Amid continued monetary tightening, inflation in 2024 is declining faster than expected, and global economic growth is forecast at 3.2%. Downside risks include geopolitical shocks such as armed conflict between Israel and Hamas, and prolonged monetary tightening due to underlying inflation.」
Alongside the 3.2% outlook for global economic growth, armed conflict between Israel and Hamas and prolonged monetary tightening were explicitly identified as new downside risks. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that management recognizes could materially affect the financial position, operating results and cash flows of the consolidated companies, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
The report stated that there had been no significant changes in the major risks relating to the global economy, inflation, the Chinese economy and other matters. - FY2024-Q2WorsenedAnnual report
「During the six months ended the second quarter of the current fiscal year, the global economy had almost recovered from the crisis caused by COVID-19, but entered a slowing trend as inflation remained elevated and constrained household purchasing power.」
While noting the recovery from the COVID-19 crisis, the report stated that the global economy had entered a slowing trend because persistently high inflation was constraining household purchasing power. - FY2024-Q1RestatedAnnual report
「During the three months ended the first quarter of the current fiscal year, there were no occurrences of major risks that management recognized as potentially having a material impact on the financial position, operating results or cash flows of the consolidated companies among those relating to the business and accounting conditions described in the quarterly report, and no significant changes to the "Business and Other Risks" described in the annual securities report for the previous fiscal year. There were also no significant events or other matters.」
The report stated that there had been no significant changes in the major risks relating to the global economy, inflation, the Chinese economy and other matters. - FY2023WorsenedAnnual report
「Global economic growth in 2023 is forecast at 2.8%. Although inflation is slowing, it remains high, while Russia's invasion of Ukraine continues to heighten geopolitical tensions. More recently, disruption in the financial sector, including the failure of regional banks in the U.S., has also become a concern.」
In addition to existing concerns over inflation, the situation in Ukraine and the slowdown in the Chinese economy, disruption in the financial sector, including the failure of regional banks in the U.S., was explicitly identified as a new concern. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that management recognizes could materially affect the financial position, operating results and cash flows of the consolidated companies, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
The report stated that there had been no significant changes in the major risks relating to the global economy, inflation, the Chinese economy and other matters. - FY2023-Q2WorsenedAnnual report
「During the six months ended the second quarter of the current fiscal year, the global economy was recovering from the COVID-19 crisis, but gradually showed signs of weakening due to Russia's invasion of Ukraine, pressure on households from prolonged and broad-based inflation, and the slowdown in the Chinese economy.」
The description shifted from the premise that the global economy was recovering from the COVID-19 crisis to one that it was showing signs of weakening due to Russia's invasion of Ukraine, prolonged and broad-based inflation, and the slowdown in the Chinese economy. - FY2023-Q1RestatedAnnual report
「During the three-month period ended 30 June, there were no new risks that management recognizes as having the potential to materially affect the financial position, operating results or cash flows of the consolidated companies, and no material changes to the business risks described in the annual securities report for the previous fiscal year.」
The report stated that there had been no significant changes in the major risks relating to the global economy and other matters. - FY2022WorsenedAnnual report
「Global economic growth in 2022 is forecast at 4.4%, but a slowdown in growth is becoming a reality due to the intermittent emergence of COVID-19 variants, surging food and energy prices following Russia's invasion of Ukraine, and sanctions against Russia imposed by Western countries.」
In addition to the recovery premised on the end of the COVID-19 pandemic, the report identified Russia's invasion of Ukraine, surging food and energy prices, and sanctions against Russia as new downside factors slowing growth. - FY2022-Q3RestatedAnnual report
「During the nine months ended the third quarter of the current fiscal year, there were no occurrences of matters that could have a material impact on investors' decisions among those relating to the business and accounting conditions described in the quarterly report, and no significant changes to the "Business and Other Risks" described in the annual securities report for the previous fiscal year. There were also no significant events or other matters.」
The report stated that there had been no significant changes in existing risks relating to the global economy and other matters. - FY2022-Q2ReframedAnnual report
「During the six months ended the second quarter of the current fiscal year, the global economy shifted from the recession caused by the COVID-19 pandemic toward recovery, although conditions varied by country and region depending on vaccination rates and the scale of fiscal support.」
The description shifted from a focus on deterioration and uncertainty in the global economy due to COVID-19 and other factors to a recovery from recession, albeit with variations by country and region. - FY2022-Q1RestatedAnnual report
「During the three months ended the first quarter of the current fiscal year, there were no occurrences of matters that could have a material impact on investors' decisions among those relating to the business and accounting conditions described in the quarterly report, and no significant changes to the "Business and Other Risks" described in the annual securities report for the previous fiscal year. There were also no significant events or other matters.」
The report stated that there had been no significant changes in existing risks relating to the global economy and other matters. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
The report stated that there had been no significant changes in existing risks relating to the global economy and other matters. - FY2021-Q2WorsenedAnnual report
「During the six months ended the second quarter of the current fiscal year, the global economy was affected more negatively than expected by the spread of the novel coronavirus.」
The global economy was affected more negatively than expected by the spread of the novel coronavirus, and real GDP growth in the April-June quarter in the U.S., Europe and Japan recorded its largest decline since statistics began. The report also noted that the decline had bottomed out as economic activity gradually resumed and that the Chinese economy was recovering. - FY2021-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
The report stated that there had been no significant changes in existing risks relating to the global economy and other matters. - FY2020WorsenedAnnual report
「During the fiscal year, the global economy remained sluggish amid U.S.-China trade friction and disruption surrounding the UK's withdrawal from the EU, and global economic growth was 2.9%. From the beginning of 2020, however, the global spread of the novel coronavirus caused a sharp slowdown.」
In addition to the stagnation caused by U.S.-China trade friction and other factors, the report explicitly identified a sharp slowdown in the global economy due to the worldwide spread of the novel coronavirus. - FY2020-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
The report stated that there had been no significant changes in existing risks relating to the global economy and other matters. - FY2020-Q2ReframedAnnual report
「During the six months ended the second quarter of the current fiscal year, the global economy remained sluggish amid U.S.-China trade friction and disruption surrounding the UK's withdrawal from the EU. The U.S. economy performed well against a backdrop of solid exports, although domestic demand was slightly below expectations. In Europe, personal consumption supported the economy, but prolonged weakness in manufacturing slowed growth in the major economies. In China, external demand remained weak due to higher U.S. tariffs, while domestic demand continued to slow. Other emerging Asian economies also generally remained on a slowing trend.」
The description of the global economy shifted from the outlook for a gradual recovery presented in the previous fiscal year to a focus on stagnation and slowdown, including U.S.-China trade friction, disruption surrounding the UK's withdrawal from the EU, weakness in European manufacturing, and slowdowns in China and emerging Asia. - FY2020-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
The report stated that there had been no significant changes in existing risks relating to the global economy and other matters. - FY2019ReframedAnnual report
「The global economy is expected to continue its gradual recovery, but both developed and emerging economies face several downside risks, and caution is expected to remain necessary. The U.S. economy is expected to continue expanding on favorable employment and income conditions and consumption-led growth, but uncertainty may persist, including the possibility of prolonged U.S.-China trade friction and a slowdown following the end of fiscal stimulus measures.」
While presenting the outlook for a recovery in the global economy, the report identified specific uncertainties, including U.S.-China trade friction, the end of U.S. fiscal stimulus, negotiations over the UK's withdrawal from the EU, and downside risks to Chinese exports. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
The report stated that there had been no significant changes in existing risks relating to the global economy and other matters. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
The report stated that there had been no significant changes in existing risks relating to the global economy and other matters. - FY2019-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
The report stated that there had been no significant changes in existing risks relating to the global economy and other matters. - FY2018ReframedAnnual report
「The global economy is expected to continue its gradual recovery, but caution remains necessary in view of downside risks, including a shift toward protectionist policies and heightened geopolitical tensions.」
While presenting the outlook for a recovery in the global economy, the report identified protectionism, geopolitical tensions, uncertainty over U.S. policies, and problems involving Chinese property prices and excessive debt as downside factors. - FY2018-Q2ReframedAnnual report
「During the six months ended the second quarter of the current fiscal year, the global economy continued to recover at a generally steady pace. Although the U.S. economy was affected by hurricanes, solid economic expansion continued, led by improvements in employment and income conditions and personal consumption. The European economy also continued to recover favorably overall, despite ongoing uncertainty surrounding the U.K. economy. Growth in China regained momentum, while other emerging Asian economies recovered moderately.」
The description of the global economy shifted to focus on recovery in the U.S., Europe, China and emerging Asia. It also noted uncertainty surrounding the U.K. economy and the effects of hurricanes in the U.S. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
The report stated that there had been no significant changes in existing risks relating to the global economy and other matters. - FY2017ReframedAnnual report
「Financial conditions in emerging and developing economies remained unstable, and the global economy became increasingly uncertain.」
The description shifted from the recovery in developed and emerging economies presented in the quarterly report to an emphasis on the uncertain outlook, including protectionism, political turmoil in Europe, China's excess production capacity and unstable financial conditions in emerging markets. - FY2017-Q3ReframedAnnual report
「During the nine months ended the third quarter of the current fiscal year, both developed and emerging economies showed signs of recovery. The U.S. economy remained resilient, with solid job growth, and continued to expand at a moderate pace. Expectations for positive policies under the Trump administration strengthened, and the foreign exchange market saw broad-based dollar appreciation. The European economy was on a recovery track, as personal consumption continued to recover and exports began to pick up.」
The view of the external environment shifted from a focus on the slowdown in China and Asia in the previous quarter to a recovery across developed and emerging economies and a recovery trend in the U.S. and Europe. - FY2017-Q2ReframedAnnual report
「During the six months ended the second quarter of the current fiscal year, the global economy remained broadly stable. The U.S. economy continued to expand moderately, led by domestic demand as the labor market and personal consumption improved. The European economy continued its gradual recovery, with no major changes in corporate performance. The Asian economy slowed due to a decline in China's manufacturing investment, and economies including emerging markets generally showed a slowing trend.」
The description of the external environment shifted from Brexit and U.S. monetary policy in the previous quarter to a gradual recovery in the U.S. and Europe and a slowdown in Asia and emerging markets against the backdrop of declining manufacturing investment in China. - FY2017-Q1First statedAnnual report
「During the first quarter of the current fiscal year, the global economy was temporarily disrupted following the decision on the UK's withdrawal from the EU, or Brexit, but regained stability in July. In the U.S. economy, the Federal Open Market Committee (FOMC) decided in June to maintain its monetary policy as the pace of improvement in the labor market slowed. Although the Chinese economy remained sluggish, infrastructure investment supported by policy measures provided a floor.」
The external environment was described as temporary disruption following the Brexit decision, a slowdown in the pace of improvement in the U.S., and weakness in the Chinese economy.