Slowing global economic growth and uncertainty arising from the international situation
First written in FY2017-Q1. 21 of 36 entries say "Reframed", first in FY2018-Q3. Latest entry: 2026-08-13.
Kamigumi moved to the "Worse" side of this theme in 2016, 2 years before the typical company in this theme (2018).
The whole theme swung hardest in 2022: 19 of 22 companies on the "Worse" side.
2 other companies' latest entry also says "Reframed".
- 2026-08-13ReframedEarnings
「Although Japan’s economy continued to recover moderately during the first quarter of the consolidated fiscal year, uncertainty due to the situation in the Middle East and concerns about downside risks to economic activity from unstable foreign exchange movements persisted.」
In addition to the previously cited uncertainty surrounding the situation in the Middle East and price trends, explicitly identifies downside risks to economic activity from unstable foreign exchange movements. - FY2026U.S. trade policy, the situation in the Middle East, and price trends specified as downside risks to the economyAnnual report
「Although Japan’s economy continued to recover moderately during the consolidated fiscal year, uncertainty caused by US trade policy and the situation in the Middle East persisted, creating risks of downward pressure on economic activity together with future price trends.」
While indicating a moderate recovery in the domestic economy, the disclosure identifies the uncertainty arising from U.S. trade policy and other factors as downside risks to the economy, including the situation in the Middle East and future price trends. - 2026-05-14ReframedEarnings
「Although Japan’s economy continued to recover moderately during the consolidated fiscal year, uncertainty caused by US trade policy and the situation in the Middle East persisted, creating risks of downward pressure on economic activity together with future price trends.」
Describes uncertainty factors as risks of downward pressure on economic activity from US trade policy, the situation in the Middle East and future price trends. - FY2026-H1U.S. trade policy and rising prices explicitly identified as downside risks to the economyAnnual report
「During the interim consolidated accounting period, Japan's economy continued to recover moderately, but the effects of U.S. trade policy were evident to some extent, and, together with continued price increases, posed downside risks to the economy.」
While indicating a moderate recovery in the domestic economy, the disclosure identifies the uncertainty arising from U.S. trade policy and other factors, together with continued price increases, as downside risks to the economy. - FY2025The sources of downside risk were specified as volatility in financial and capital markets, U.S. trade policy, and geopolitical risk.Annual report
「During the consolidated fiscal year, Japan's economy continued to recover moderately, but volatility in the financial and capital markets and uncertainty stemming from U.S. trade policy and other factors were evident, increasing downside risks to the economy.」
While the domestic economy is recovering moderately, the factors contributing to uncertainty have become more specific, expanding from the previous concerns over rising prices and monetary tightening to volatility in the financial and capital markets, U.S. trade policy, and global geopolitical risks. - FY2025-H1While indicating an economic recovery, the sources of uncertainty were organized as rising prices and an unstable international situation.Annual report
「During the interim consolidated accounting period, Japan's economy was recovering gradually despite some signs of stagnation. However, the economic outlook remained uncertain due to rising prices and an unstable international situation.」
While the domestic economy is described as recovering gradually, the disclosure identifies rising prices and an unstable international situation as sources of uncertainty about the economic outlook. - FY2024The sources of uncertainty were expanded beyond China, monetary tightening and other factors to include the invasion of Ukraine, conflicts in the Middle East, tensions between Europe and the United States and China, and the yen's historic depreciation.Annual report
「The global economy is expected to see more active economic activity as the end of monetary tightening policies by central banks in Europe and the United States comes into sight. However, the outlook remains uncertain, and continued caution is required regarding geopolitical risks including the prolonged Russian invasion of Ukraine, conflicts in the Middle East, and continuing tensions between Western countries and China.」
While the disclosure indicates expectations for an end to monetary tightening and more active economic activity, it specifies the relevant geopolitical risks as Ukraine, the Middle East, and tensions between Western countries and China. It also refers to higher costs in Japan due to the yen's historic depreciation. - FY2024-Q3Concerns about the outlook for the Chinese economy were added as a source of uncertainty for the global economy.Annual report
「During the cumulative third-quarter period, Japan's economy was recovering gradually, but the economic outlook became uncertain due to concerns about the outlook for the Chinese economy, global monetary tightening, and other factors.」
While the gradual recovery continued, the disclosure cites concerns about the outlook for the Chinese economy, in addition to the previous quarter's rising prices and global monetary tightening, as a source of uncertainty. - FY2024-Q2RestatedAnnual report
「During the cumulative second-quarter period, Japan's economy was recovering gradually, but the economic outlook became uncertain due to rising prices, global monetary tightening, and other factors.」
While indicating a gradual recovery, the disclosure continues to cite rising prices and global monetary tightening as sources of uncertainty about the economic outlook. - FY2024-Q1While indicating a recovery in the economy, the sources of uncertainty were specified further as rising prices and global monetary tightening.Annual report
「During the cumulative first-quarter period, Japan's economy was recovering gradually, but the economic outlook became uncertain due to rising prices, global monetary tightening, and other factors.」
While the economy is described as recovering gradually, the disclosure cites rising prices and global monetary tightening, in addition to the previously stated surging energy and raw material prices and foreign-exchange fluctuations, as sources of uncertainty about the outlook. - FY2023-Q3The impact of surging energy and raw material prices is presented as rising consumer prices, and the wording changed from yen depreciation to sharp foreign-exchange fluctuations.Annual report
「During the cumulative third-quarter period, Japan's economy showed signs of recovery as economic activity normalized, but the economic outlook remained uncertain due to rising consumer prices accompanying surging energy and raw material prices resulting from the situation in Ukraine and other factors, as well as sharp foreign-exchange fluctuations.」
While the disclosure indicates a recovery driven by the normalization of economic activity, it describes the previously cited rising resource prices and rapid depreciation of the yen as rising consumer prices resulting from surging energy and raw material prices and sharp foreign-exchange fluctuations. - FY2023-Q2Rising resource prices and a rapid depreciation of the yen have been specified further as increases in energy and raw material prices and consumer prices.Annual report
「During the cumulative second-quarter period, Japan's economy showed signs of recovery as economic activity normalized, but the economic outlook remained uncertain due to rising energy and raw material prices resulting from the situation in Ukraine and other factors, as well as rising consumer prices accompanying the yen's rapid depreciation.」
The disclosure has specified further how the impact of the previous quarter's rising resource prices and rapid depreciation of the yen was manifested, as increases in energy and raw material prices and consumer prices. - FY2023-Q1The sources of uncertainty were specified further as rising resource prices and a rapid depreciation of the yen resulting from the prolonged situation in Ukraine.Annual report
「During the cumulative first-quarter period, Japan's economy showed signs of recovery as economic activity normalized, but the economic outlook became uncertain due to rising resource prices resulting from the prolonged situation in Ukraine and the impact of the yen's rapid depreciation.」
While the disclosure indicates a recovery driven by the normalization of economic activity, it specifies rising resource prices and a rapid depreciation of the yen due to the prolonged situation in Ukraine as sources of uncertainty, rather than the previously cited geopolitical risk arising from the situation in Ukraine. - FY2022Geopolitical risk arising from escalating tensions over the situation in Ukraine was added as a new source of uncertainty.Annual report
「Although the global economy was recovering from the impact of COVID-19, uncertainty about the outlook continued due to the impact of geopolitical risk arising from escalating tensions over the situation in Ukraine, in addition to ongoing concerns about a renewed spread of infections caused by variants.」
In addition to concerns about a renewed spread of infections, escalating tensions over the situation in Ukraine and geopolitical risk are explicitly identified, expanding the sources of uncertainty for the global economy. - FY2022-Q3While a recovery driven by the easing of restrictions on economic activity was indicated, the sources of uncertainty were specified further as supply chains, crude oil prices, and a renewed spread of infections caused by variants.Annual report
「During the cumulative third-quarter period, Japan's economy showed signs of a partial recovery in personal consumption, capital investment and production due to the easing of restrictions, including the lifting of the state of emergency. However, the economic outlook remained uncertain due to risks including supply chain disruptions, surging crude oil prices, and a renewed spread of infections caused by COVID-19 variants.」
While the disclosure describes a partial recovery in personal consumption, capital investment and production due to the easing of restrictions, it cites supply chain disruptions, surging crude oil prices, and a renewed spread of infections caused by variants as sources of uncertainty. - FY2022-Q2The sources of uncertainty for the domestic economy have been specified as supply chain disruptions, surging crude oil prices, and the risk of a renewed spread of COVID-19.Annual report
「During the cumulative second-quarter period, Japan's economy showed signs of a partial recovery in areas including capital investment and production, but the economic outlook remained uncertain due to supply chain disruptions, surging crude oil prices, the risk of a renewed spread of COVID-19, and other factors.」
While the disclosure indicates a partial recovery in capital investment and production, it identifies supply chain disruptions, surging crude oil prices, and the risk of a renewed spread of infections as specific sources of uncertainty, in addition to the previously cited uncertainty due to COVID-19 and other factors. - FY2022-Q1SoftenedAnnual report
「During the cumulative first-quarter period, Japan's economy showed signs of recovery due to improvement in overseas economies, but some areas, including personal consumption, remained severe due to the impact of COVID-19, leaving the economic outlook uncertain.」
While signs of recovery driven by improvement in overseas economies were seen, severe conditions in areas including personal consumption and uncertainty about the outlook continued. - FY2021The focus changed to sources of uncertainty including expectations for a recovery driven by vaccine adoption, the renewed spread of infections, and the semiconductor shortage.Annual report
「Although the global economy is expected to recover gradually as the spread of vaccines against COVID-19 in individual countries gradually reduces the impact of the disease, uncertainty about the outlook is expected to continue amid ongoing concerns about a renewed spread of infections.」
While the disclosure indicates expectations for a recovery driven by vaccine adoption, concerns about a renewed spread of infections and uncertainty about the outlook continue. The global semiconductor shortage has also been added as a challenge in the business environment. - FY2021-Q3SoftenedAnnual report
「During the cumulative third-quarter period, signs of a partial recovery were seen in personal consumption and production, but capital investment and corporate earnings declined due to the global spread of COVID-19, leaving the economic outlook uncertain.」
While uncertainty due to COVID-19 and the decline in capital investment and corporate earnings continued, the disclosure describes signs of a partial recovery in personal consumption and production, adding an element of improvement to the extremely severe conditions described in the previous quarter. - FY2021-Q2SoftenedAnnual report
「During the cumulative second-quarter period, Japan's economy was in an extremely severe condition due to the global spread of COVID-19. Although the gradual resumption of economic activity led to signs of a partial recovery in personal consumption and production, the economic outlook became uncertain as capital investment and corporate earnings contracted substantially.」
While the extremely severe conditions caused by COVID-19 continued, the disclosure describes a partial recovery in personal consumption and production as economic activity resumed, adding an element of improvement to the previous quarter's description of an across-the-board rapid contraction. However, the substantial contraction in capital investment and corporate earnings and uncertainty about the outlook continued. - FY2021-Q1WorsenedAnnual report
「During the cumulative first-quarter period, Japan's economy was in an extremely severe condition due to the global spread of COVID-19. Restrictions on socioeconomic activity rapidly reduced personal consumption, production and inbound demand, among other areas, making the economic outlook extremely severe.」
The impact of COVID-19 on economic activity has worsened from the severe conditions in the previous fiscal year to an extremely severe situation involving the rapid contraction of personal consumption, production and inbound demand due to restrictions on socioeconomic activity. - FY2020MaterialisedAnnual report
「During the fiscal year, Japan's economy had been recovering gradually, but the prolonged U.S.-China trade friction and the global spread of COVID-19 at the end of the fiscal year had a substantial impact on economic activity in Japan and overseas, making the economic outlook severe.」
The disclosure states that, in addition to the uncertainty arising from the previously cited trade issues and other factors, the substantial impact of the global spread of COVID-19 on economic activity in Japan and overseas had actually materialized. - FY2020-Q3The sources of uncertainty have been specified further by adding the impact of the consumption tax rate increase, with the description focusing on the domestic economy.Annual report
「During the cumulative third-quarter period, Japan's economy continued to recover gradually, but the outlook became uncertain due to the impact of the consumption tax rate increase, U.S.-China trade friction, the slowdown in the Chinese economy, and other factors.」
While the gradual recovery trend has continued, the disclosure cites the impact of the consumption tax rate increase, in addition to the previously stated U.S.-China trade friction and slowdown in the Chinese economy, as a source of uncertainty about the outlook. - FY2020-Q2The sources of uncertainty have been specified further by adding the slowdown in the Chinese economy to the U.S.-China trade dispute.Annual report
「During the cumulative second-quarter period, Japan's economy was recovering gradually, but the outlook became uncertain due to the U.S.-China trade friction issue, the slowdown in the Chinese economy, and other factors.」
While the gradual recovery trend has been maintained, the disclosure cites the slowdown in the Chinese economy, in addition to the previously stated U.S.-China trade issues, as a source of uncertainty. - FY2020-Q1The focus changed from general sources of uncertainty for the global economy to uncertainty centered on the prolonged U.S.-China trade dispute.Annual report
「During the cumulative first-quarter period, Japan's economy was recovering gradually, but the outlook became uncertain due to the prolonged U.S.-China trade dispute and other factors.」
While the domestic economy is described as recovering gradually, the disclosure cites the prolonged U.S.-China trade dispute and other factors as sources of uncertainty about the economic outlook. - FY2019RestatedAnnual report
「While continued expansion of the global economy is expected, uncertainty remains due to factors including developments in trade issues between the United States and China, the UK's withdrawal from the EU, and the situation in North Korea.」
While continued expansion of the global economy is expected, the disclosure continues to cite U.S.-China trade issues, the UK's withdrawal from the EU, and the situation in North Korea as destabilizing factors. - FY2019-Q3RestatedAnnual report
「During the cumulative third-quarter period, the global economy recovered gradually in the United States, Asia and Europe, although uncertainty remained due to the impact of U.S.-China trade issues and the UK's withdrawal from the EU.」
While uncertainty due to U.S.-China trade issues and the UK's withdrawal from the EU remained, the gradual recovery in the United States, Asia and Europe continued. - FY2019-Q2RestatedAnnual report
「During the cumulative second-quarter period, the global economy was recovering gradually in the United States, Asia and the EU, although uncertainty remained due to the impact of U.S.-China trade issues and other factors.」
Although uncertainty due to U.S.-China trade issues and other factors remained, the gradual recovery in the United States, Asia and the EU continued. - FY2019-Q1SoftenedAnnual report
「During the cumulative first-quarter period, the global economy showed a gradual recovery in the United States, Asia and the EU, although uncertainty remained due to developments in trade issues and other factors.」
The disclosure changed to state that the United States, Asia and the EU were all recovering gradually, although uncertainty due to trade issues remained. - FY2018The sources of uncertainty for the global economy have been specified as trade policy, the UK's withdrawal from the EU, the situation in North Korea, and U.S.-China trade friction, among others.Annual report
「While the global economy is expected to remain on an expansionary trend, uncertainty is expected to continue due to destabilizing factors including trade policy trends, particularly in the United States, the UK's withdrawal from the EU, and the situation in North Korea.」
While continued expansion of the global economy is expected, the disclosure lists specific destabilizing factors, including trade policy, the UK's withdrawal from the EU, the situation in North Korea, and U.S.-China trade friction, rather than the previously stated need to monitor policy trends in individual countries. - FY2018-Q3The focus changed from the outlook for the economies of emerging Asian countries and others to policy trends in individual countries.Annual report
「During the cumulative third-quarter period, the global economy was generally recovering gradually, although attention should be paid to policy trends in individual countries.」
While the gradual recovery across the global economy has continued, the factor requiring attention changed from the outlook for emerging Asian economies and others to policy trends in individual countries. - FY2018-Q2SoftenedAnnual report
「During the cumulative second-quarter period, the global economy was generally recovering gradually, although attention should be paid to the outlook for the economies of emerging Asian countries and others.」
With uncertainty across the global economy as a whole, the focus has shifted to the outlook for emerging Asian economies and others, while the gradual recovery overall has continued. - FY2018-Q1SoftenedAnnual report
「During the cumulative first-quarter period, the global economy was generally recovering gradually, although the outlook remained uncertain.」
The disclosure states that although uncertainty about the outlook for the global economy continues, the economy as a whole has shifted to a gradual recovery. - FY2017-Q3RestatedAnnual report
「During the cumulative third-quarter period, the global economy showed broad-based improvement in the United States, including the Federal Reserve's implementation of policy rate increases. In Asia, however, growth in emerging economies, led by China, slowed, while in Europe the outlook became uncertain due to the impact of issues including the UK's withdrawal from the EU.」
While the disclosure describes improvement in the U.S. economy, slower growth in emerging economies, led by China, and continued uncertainty in Europe due to issues including the UK's withdrawal from the EU remain. - FY2017-Q2WorsenedAnnual report
「During the cumulative second-quarter period, the global economy was generally stagnant. In the United States, domestic demand continued to support the economy, but capital investment remained sluggish. In Asia, growth in emerging economies, led by China, slowed, while in Europe the outlook became uncertain due to the impact of issues including the UK's withdrawal from the EU.」
In addition to the slowdown in Asia and uncertainty in Europe during the first quarter, the disclosure cites stagnation across the global economy, sluggish capital investment in the United States, and slower growth in emerging economies, including China. - FY2017-Q1First statedAnnual report
「During the cumulative first-quarter period, the global economy was on a recovery track in the United States, while the slowdown in Asia continued. In Europe, uncertainty increased due to the impact of issues including the UK's withdrawal from the EU.」
The continued slowdown in Asia and issues including the UK's withdrawal from the EU are cited as sources of uncertainty for the global economy.