China's Economic Slowdown and Increasing Instability in Europe
First written in FY2016-Q2. 15 of 37 entries say "Worsened", first in FY2016-Q3. Latest entry: 2026-10-14.
Morito moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2020: 141 of 159 companies on the "Worse" side.
55 other companies' latest entry also says "Restated".
- 2026-10-14RestatedEarnings
「Meanwhile, amid volatility in financial and capital markets, rising resource and raw-material prices and labor costs, developments in the U.S. and Chinese economies, and heightened geopolitical risks including the situation in the Middle East, uncertainty about the outlook remains.」
金融資本市場、資源・原材料価格、人件費、米国・中国経済、中東情勢などによる先行き不透明感を継続して記載している。 - FY2026-H1WorsenedAnnual report
「Meanwhile, amid volatility in financial and capital markets, rising resource and raw-material prices and labor costs, developments in the U.S. and Chinese economies, and heightened geopolitical risks including the situation in the Middle East, uncertainty about the outlook remains.」
In addition to the previously cited geopolitical risks, it explicitly mentions the financial and capital markets, the U.S. and Chinese economies, and the situation in the Middle East, continuing to cite uncertainty in terms of heightened geopolitical risks. - FY2025WorsenedAnnual report
「Meanwhile, the outlook for the global economy remained uncertain due to geopolitical risks associated with the prolonged situation in Ukraine and the Middle East, sluggish growth in China, high raw material and energy prices, volatile exchange rates, and the effects of global warming.」
In addition to the previously cited geopolitical, raw material and exchange rate risks, it explicitly mentions sluggish growth in China, high energy prices and the effects of global warming, broadening the scope of risks in the external environment. - FY2025-H1RestatedAnnual report
「In Japan, the economy followed a gradual recovery trend, supported by improvements in employment and income conditions and expanding inbound demand. Meanwhile, the outlook remained uncertain due to rising resource and raw material prices, U.S. policy developments, geopolitical risks including the situations in Ukraine and the Middle East, and the effects of fluctuations in the financial and capital markets.」
The note continues to cite uncertainty in the global and domestic economies arising from U.S. policy developments, the situations in Ukraine and the Middle East, and fluctuations in the financial and capital markets. - FY2024-Q2RestatedAnnual report
「The Company will continue to closely monitor the impact of the worsening situation in Ukraine on its business.」
The impact on the business of the prolonged and worsening situation in Ukraine continues to be closely monitored as a risk. - FY2024-Q1WorsenedAnnual report
「In addition, the outlook remains uncertain due to geopolitical risks such as the prolonged situation in Ukraine, rising tensions in the Middle East and deterioration in China's real estate market, as well as high raw material and energy prices, global monetary tightening and exchange rate fluctuations.」
In addition to the previously cited situation in Ukraine and other factors, it explicitly mentions rising tensions in the Middle East, deterioration in China's real estate market, high energy prices and global monetary tightening, broadening the uncertainty in the external environment. - FY2023-Q3RestatedAnnual report
「During the nine-month period ended 31 August 2023 (1 December 2022 to 31 August 2023), the business environment improved as the impact of COVID-19 eased and economic activity steadily returned to normal. Meanwhile, the outlook remained uncertain due to high raw material prices resulting from the situation in Ukraine and other factors, accelerating global inflation, the possibility of an economic downturn overseas, particularly in Europe and the United States, and exchange rate fluctuations.」
While referring to the easing impact of the infection and the normalization of economic activity, the note continues to cite uncertainty regarding the situation in Ukraine, raw material prices, inflation, overseas economic conditions and exchange rates. - FY2023-Q2WorsenedAnnual report
「Meanwhile, the outlook remains uncertain due to high raw material prices resulting from the situation in Ukraine and other factors, accelerating global inflation, the possibility of an economic downturn overseas, particularly in Europe and the United States, and exchange rate fluctuations.」
In addition to the previously cited situation in Ukraine, high raw material prices, inflation and exchange rate fluctuations, it explicitly mentions the possibility of an economic downturn overseas, particularly in Europe and the United States. - FY2023-Q1WorsenedAnnual report
「Meanwhile, raw material prices have remained high due to the situation in Ukraine and other factors, global inflation has accelerated, and exchange rates have fluctuated, leaving the outlook uncertain.」
The note cites the situation in Ukraine, high raw material prices, global inflation, exchange rate fluctuations, and stagnant demand due to slowing consumption in Europe, the United States and China, indicating continued uncertainty in the external environment. - FY2022WorsenedAnnual report
「While the world has been moving toward a new phase of living with COVID-19, multiple risks to economic activity have combined, including worsening conditions in Ukraine, the prolonged depreciation of the yen, high crude oil prices, disruptions to the Group’s domestic and overseas business activities and supply chains, and stagnant demand due to rising prices in countries around the world. The outlook therefore remains uncertain.」
In addition to the former risks related to the pandemic and conditions in Ukraine, the description explicitly cites the prolonged depreciation of the yen, high crude oil prices and stagnant demand caused by rising prices, identifying multiple external risks. - FY2022-Q3Economic activity recovering while multiple risks persistAnnual report
「Although economic activity showed signs of recovering from the severe conditions caused by the novel coronavirus disease, various risks combined, including higher raw-material costs accompanying rising crude oil prices due to conditions in Ukraine and exchange-rate fluctuations caused by global monetary tightening, so the outlook remained uncertain.」
While referring to the recovery in economic activity, the description states that multiple risks continue, including conditions in Ukraine, higher raw-material costs and exchange-rate fluctuations caused by global monetary tightening. - FY2022-Q2WorsenedAnnual report
「Various risks combined, including the lockdown in Shanghai caused by the spread of the novel coronavirus disease, higher raw-material costs accompanying rising crude oil prices due to conditions in Ukraine, and exchange-rate fluctuations, making the outlook more uncertain than ever.」
The lockdown in Shanghai caused by the spread of the novel coronavirus disease, conditions in Ukraine, higher raw-material costs accompanying rising crude oil prices and exchange-rate fluctuations combined to further increase uncertainty about the outlook. - FY2022-Q1WorsenedAnnual report
「Various downside risks, including higher raw-material costs accompanying rising crude oil prices, accelerating inflation in the United States and worsening conditions in Ukraine, combined to make the outlook more uncertain than ever.」
In addition to the novel coronavirus disease, rising crude oil prices, accelerating U.S. inflation and worsening conditions in Ukraine have emerged as downside risks, increasing uncertainty about the outlook. - FY2021Recovery expectations from vaccinations coexist with the renewed spread of variantsAnnual report
「Although vaccinations against the novel coronavirus disease progressed and expectations grew for an economic recovery, new variants emerged and infections began spreading again in various locations, so uncertainty continued.」
The description indicates expectations for an economic recovery from vaccinations, while continuing to cite renewed spread of infections from new variants and uncertainty. - FY2021-Q3Recovery in the United States and China and renewed spread of variants in other regionsAnnual report
「Although economic conditions gradually recovered in the United States, China and other countries, uncertainty continued in other regions, where infections began spreading again due to variants of the novel coronavirus disease.」
While economic conditions gradually recovered in the United States and China, supported by vaccinations and policy measures, infections caused by variants began spreading again in other regions, and uncertainty continued. - FY2021-Q2Vaccinations and economic reopening advanced in some regions, while the spread of the disease continuedAnnual report
「The global spread of the novel coronavirus disease had not subsided, and unpredictable conditions continued. Meanwhile, vaccinations progressed and economic activity began to reopen in some regions, including the United States and China.」
While the global spread of the novel coronavirus disease and uncertainty continued, vaccinations and the reopening of economic activity progressed in some regions, including the United States and China. - FY2021-Q1Recovery in some regions and the continued spread of the novel coronavirus diseaseAnnual report
「Although economic measures were effective and some regions, including the United States and China, showed signs of a gradual recovery, the global spread of the novel coronavirus disease continued, and conditions remained unpredictable.」
While some regions showed signs of a gradual recovery, the global spread of the novel coronavirus disease and caution regarding the outlook continued. - FY2020-Q3WorsenedAnnual report
「The global spread of the novel coronavirus disease led to lockdowns and declarations of states of emergency in countries around the world, causing the global economy to stagnate to an unprecedented degree. During the third quarter of the current consolidated accounting period, concerns over downside risks to the economy increased as a second wave of infections emerged.」
The stagnation of the global economy caused by the novel coronavirus disease continued, and the increased downside risk to the economy from a second wave was explicitly cited. The impact of the spread of the disease is also reflected in business performance. - FY2020-Q2MaterialisedAnnual report
「The apparel materials business was in an extremely difficult situation, affected by the warm winter last year and by department stores and mass retailers voluntarily suspending operations as part of measures to prevent the spread of the novel coronavirus disease. The lifestyle-industry materials business was also affected by automotive-related factories in Japan and overseas closing for a certain period.」
The spread of the novel coronavirus disease actually affected the performance of the apparel materials and lifestyle-industry materials businesses through the voluntary suspension of operations by department stores and mass retailers and the closure of automotive-related factories. A loss of ¥26.144 million attributable to the novel coronavirus disease was also recorded as an extraordinary loss. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period (1 December 2019 to 29 February 2020), Japan’s economy remained on a gradual recovery path as employment and income conditions improved and personal consumption remained firm. However, the outlook for the global economy remained extremely uncertain due to the prolonged U.S.-China trade issues, the United Kingdom’s withdrawal from the EU and other issues, compounded by concerns over the global spread of the novel coronavirus disease.」
In addition to the prolonged U.S.-China trade issues and the United Kingdom’s withdrawal from the EU, concerns over the global spread of the novel coronavirus disease are cited, and the outlook for the global economy is described as “extremely uncertain.” - FY2019RestatedAnnual report
「The outlook for the global economy remained uncertain due to the prolonged U.S.-China trade issues and the United Kingdom’s withdrawal from the EU, and uncertainty increased, particularly in exports.」
Uncertainty in the global economy arising from the prolonged U.S.-China trade issues and the United Kingdom’s withdrawal from the EU continues to be described. - FY2019-Q3WorsenedAnnual report
「The outlook for the global economy remained uncertain due to the prolonged U.S.-China trade issues and the United Kingdom’s withdrawal from the EU, and uncertainty increased.」
In addition to the former U.S.-China trade issues and the United Kingdom’s withdrawal from the EU, the prolonged U.S.-China trade issues are explicitly cited, with uncertainty in the global economy continuing to increase. - FY2019-Q2WorsenedAnnual report
「The outlook for the global economy remained uncertain due to the impact of U.S.-China trade issues and the United Kingdom’s withdrawal from the EU, and uncertainty increased.」
The description states that uncertainty in the global economy has increased against the backdrop of U.S.-China trade issues and the United Kingdom’s withdrawal from the EU. - FY2019-Q1RestatedAnnual report
「Although the impact of U.S.-China trade friction and financial-market trends on the global economy required attention, the global economy continued on a gradual recovery path.」
The need to monitor U.S.-China trade friction and financial-market trends, which had become the focus in place of China’s economic conditions and the situation in Europe, continues to be described as a risk to the global economy. - FY2018-Q3Shift in focus from China’s economy and Europe to financial markets and U.S.-China trade frictionAnnual report
「In the global economy, the outlook remains uncertain because of uncertainty in overseas economies resulting from unclear financial-market trends and the impact on Japan of rising trade friction between the United States and China, although the economy continues to recover, led by the United States.」
The disclosure shifts from China’s economic slowdown and instability in Europe to uncertainty arising from financial-market opacity and the impact of U.S.-China trade friction on Japan, while also noting the recovery led by the United States. - FY2018-Q2RestatedAnnual report
「Although uncertainty in overseas economies, unstable raw-material prices and rising tensions in the United States and parts of Asia continued to create instability in the international situation, economic conditions remained on a recovery trend, led by the United States.」
While uncertainty in overseas economies and tensions in the United States and parts of Asia continue to be cited as risks, the description also refers to the recovery in economic conditions led by the United States. - FY2018-Q1WorsenedAnnual report
「Although economic conditions in the United States were improving, instability in the international situation continued amid uncertainty in overseas economies, unstable raw-material prices and rising tensions in parts of Asia.」
The description states that tensions have been rising in parts of Asia while instability in the international situation continues. - FY2017RestatedAnnual report
「In the United States, anxiety increased as the new administration’s economic policy expectations gave way to concerns over the precariousness of its governance. In addition, uncertainty continued amid the United Kingdom’s withdrawal from the EU in Europe and increasing instability in the international situation in parts of Asia.」
Uncertainty arising from the operation of the U.S. administration, the United Kingdom’s withdrawal from the EU and instability in the international situation in Asia continues to be described. - FY2017-Q3China and emerging markets remain solid, while uncertainty in Europe and Asia persistsAnnual report
「Although uncertainty continued to increase, including over the United Kingdom’s withdrawal from the EU in Europe and instability in the international situation in Asia, economic conditions remained solid, particularly in China and emerging markets.」
Economic conditions in China and emerging markets changed from concerns over a slowdown to a solid performance, while uncertainty resulting from the United Kingdom’s withdrawal from the EU and instability in the international situation in Asia persisted. - FY2017-Q2RestatedAnnual report
「The economy remained in an unstable condition, including downside risks in emerging-market economies. The outlook also remained uncertain due to the United Kingdom’s withdrawal from the EU and debt problems at banks in major EU countries.」
Downside risks in emerging-market economies and uncertainty in Europe arising from the United Kingdom’s withdrawal from the EU and debt problems at banks in major EU countries continue to be cited. - FY2017-Q1RestatedAnnual report
「The economy remained in an unstable condition, including downside risks in emerging-market economies. The outlook also remained uncertain due to the United Kingdom’s withdrawal from the EU and debt problems at banks in major EU countries.」
Downside risks in emerging-market economies and uncertainty in Europe arising from the United Kingdom’s withdrawal from the EU and debt problems at banks in major EU countries continue to be described as external-environment risks. - FY2016RestatedAnnual report
「Growth slowed in China and other emerging markets, while uncertainty about Europe’s outlook intensified following the United Kingdom’s withdrawal from the EU. The outlook for the economy therefore remained uncertain.」
The continued slowdown in growth in China and emerging markets and uncertainty in Europe following the United Kingdom’s withdrawal from the EU are described as external-environment risks. - FY2016-Q3WorsenedAnnual report
「Growth slowed in China and other emerging markets, while uncertainty about Europe’s outlook intensified following the United Kingdom’s withdrawal from the EU. The outlook for the economy therefore remained uncertain.」
The description states that growth in China and emerging markets continued to slow, while the United Kingdom’s withdrawal from the EU heightened uncertainty about Europe’s outlook. - FY2016-Q2First statedAnnual report
「The outlook remains uncertain, with concerns over Europe's debt problems and unstable conditions, as well as a slowdown in the pace of economic expansion in China.」
A slowdown in China's economic expansion is cited together with Europe's debt problems and political instability.