Market instability caused by China's economic slowdown and Brexit
First written in FY2017-Q1. 10 of 35 entries say "Restated". Latest entry: 2026-08-10.
Makiya moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 140 of 172 companies on the "Worse" side.
54 other companies' latest entry also says "Restated".
- 2026-08-10RestatedEarnings
「Uncertainty is expected to continue, including trends in U.S. tariff policy and the risk of higher crude oil prices and energy costs associated with escalating tensions in the Middle East.」
U.S. tariff policy, the situation in the Middle East, and crude oil prices and energy costs continued to be cited as sources of uncertainty in the external environment. - FY2026US trade policy and continued inflationAnnual report
「During the fiscal year, the Japanese economy remained on a gradual recovery trend, supported by improvements in the employment and income environment and increased inbound demand. However, the outlook remained uncertain due to downside risks to the economy, including surging resource prices caused by unstable geopolitical conditions, the impact of higher interest rates accompanying the normalization of monetary policy, and uncertainty over the trade policies of the US Trump administration.」
External environmental risks are explicitly identified as geopolitical conditions, surging resource prices, higher interest rates and uncertainty over US trade policy. - 2026-05-12ReframedEarnings
「We expect the four major economic conditions surrounding our Group to become increasingly apparent: the continued emergence of global geopolitical risks and protectionism; Japan’s declining birthrate, aging population and population decline; declining disposable income; intensifying competition across the same and different business formats, including e-commerce; and inflation and higher prices caused by rising costs and insufficient harvests associated with changes in the global environment.」
The company has organized the business environment into 4 economic conditions, including geopolitical risks and protectionism, rather than focusing on individual factors such as U.S. trade policy. - FY2026-H1Continued US tariff policy and domestic inflationAnnual report
「During the interim consolidated accounting period, the Japanese economy was on a gradual recovery trend, supported by improvements in the employment and income environment and increased inbound demand. However, the outlook remained uncertain as US tariff policy could affect the economy and domestic prices continued to rise.」
The previous uncertainty over developments in US policy has been made more specific as the possibility that US tariff policy could weigh on the economy, while continued domestic inflation is also cited. - FY2025ReframedAnnual report
「Risks remain that continued inflation could affect personal consumption through a deterioration in consumer sentiment and that developments in US policy, including trade policy, could exert downward pressure on the economy, leaving the outlook uncertain.」
In addition to the previous geopolitical risks in Ukraine, the Middle East and elsewhere and concerns over the Chinese economy, inflation and US trade policy are identified as factors that could weigh on the economy. - FY2025-H1Addition of concerns over the outlook for the Chinese economyAnnual report
「Risks remain that geopolitical risks in Ukraine and the Middle East, concerns over the outlook for the Chinese economy and downside risks to overseas economies could exert downward pressure on economic activity, leaving the outlook uncertain.」
In addition to geopolitical risks in Ukraine and the Middle East, concerns over the outlook for the Chinese economy and downside risks to overseas economies are explicitly identified. - FY2024Addition of geopolitical risks in the Middle EastAnnual report
「During the fiscal year, the Japanese economy recovered gradually as service consumption and inbound consumption normalized and the employment and income environment improved. However, amid concerns over geopolitical risks in Ukraine and the Middle East and a slowdown in overseas economies, the outlook remained uncertain.」
While continuing to recognize geopolitical risks and a slowdown in overseas economies, the Middle East has been identified, alongside Ukraine, as a specific region of concern. - FY2024-Q3ReframedAnnual report
「During the cumulative third quarter of the fiscal year, the Japanese economy recovered gradually as service consumption and inbound consumption normalized following the reclassification of COVID-19 as a Class 5 disease. However, amid continued concerns over geopolitical risks and a slowdown in overseas economies, the outlook remained uncertain.」
The external concerns have been reorganized from the previous quarter's reference to inflation to geopolitical risks and a slowdown in overseas economies. - FY2024-Q2RestatedAnnual report
「Although consumption of services and inbound tourism has normalized and is gradually recovering following the reclassification of COVID-19 to Class 5 and other developments, concerns remain about rising prices and a slowdown in overseas economies, and the outlook remains uncertain.」
The recognition of an uncertain external environment, including inflation and a slowdown in overseas economies resulting from the spread of infections and geopolitical factors, has been reaffirmed. - FY2024-Q1ReframedAnnual report
「Although consumption of services and inbound tourism has normalized and is gradually recovering following the reclassification of COVID-19 to Class 5 and other developments, concerns remain about rising prices and a slowdown in overseas economies, and conditions remain uncertain.」
The external sources of uncertainty have been reorganized from references to the spread of infections, the situation in Ukraine and the weaker yen to inflation, a slowdown in overseas economies, geopolitical risks and unstable financial markets. - FY2023RestatedAnnual report
「During the fiscal year, the Japanese economy was expected to recover as restrictions on activity were eased and society adapted to living with COVID-19. However, the recovery was gradual due to the impact of higher energy and raw material prices resulting from the situation in Ukraine and the depreciation of the yen caused by global monetary tightening.」
While expectations for an economic recovery under living-with-COVID conditions are described, uncertainty about the outlook due to the situation in Ukraine, higher energy and raw material prices, monetary tightening and the weaker yen continues. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, the Japanese economy entered a period of living with COVID-19 as restrictions on activity were eased, and the economy began to recover gradually. However, the outlook remained difficult to assess due to higher energy and raw material prices resulting from the situation in Ukraine and the rapid depreciation of the yen caused by global monetary tightening.」
The situation in Ukraine, higher energy and raw material prices, global monetary tightening and the rapid depreciation of the yen continue to be identified as external sources of concern. - FY2023-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, the Japanese economy entered a period of living with COVID-19 as restrictions on activity were eased, and the economy began to recover gradually. However, the outlook remained difficult to assess due to higher energy and raw material prices resulting from the situation in Ukraine and the rapid depreciation of the yen caused by global monetary tightening.」
The external concerns have been made more specific, shifting from uncertainty centered on the spread of infections and variants to higher energy and raw material prices resulting from the situation in Ukraine, global monetary tightening and the rapid depreciation of the yen. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, the Japanese economy showed signs of recovery as economic activity picked up following the easing of restrictions, despite facing higher raw material costs due to the weaker yen and rising resource prices. However, amid concerns over the impact of the seventh wave of COVID-19, the outlook remained difficult to assess.」
In addition to the previous uncertainty caused by the spread of infections and variants, the higher raw material costs resulting from the weaker yen and rising resource prices, and concerns over the impact of the seventh wave, are identified as external sources of uncertainty. - FY2022-Q3MaterialisedAnnual report
「During the cumulative third quarter of the fiscal year, the Japanese economy continued to experience weak personal consumption and constrained corporate activity due to the spread of COVID-19. Although the economy showed signs of a temporary recovery as measures such as vaccinations progressed, the rapid spread of highly transmissible variants has left the end of the pandemic out of sight and the outlook uncertain.」
Although the economy showed signs of a temporary recovery as vaccinations and other measures progressed, the rapid spread of highly transmissible variants led to continued weakness in personal consumption, constrained corporate activity and uncertainty about the outlook. - FY2022-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, the Japanese economy continued to experience weak personal consumption and constrained corporate activity due to the spread of COVID-19. Although measures have progressed, with more than 70% of the population having completed 2 vaccine doses, concerns have emerged over a sixth wave of infections following the state of emergency, and with no end to the pandemic in sight, the outlook remains uncertain.」
Although vaccination has progressed, concerns over the spread of a sixth wave of infections have emerged, while weak personal consumption, constrained corporate activity and uncertainty about the outlook have continued. Concerns over a new wave of infections have been explicitly added as a risk. - FY2022-Q1MaterialisedAnnual report
「The prolonged spread of COVID-19 has continued to weigh on personal consumption and constrain corporate activity. Although measures such as the rollout of vaccinations have progressed, the government declared a fourth state of emergency in some regions in July, and with no end to the pandemic in sight, the outlook remains uncertain.」
The prolonged weakness in personal consumption and contraction in corporate activity caused by COVID-19, together with the continued spread of infections and the reissuance of the state of emergency, are described. - FY2021MaterialisedAnnual report
「During the fiscal year, the Japanese economy began to recover gradually after the sharp contraction in economic activity caused by the global spread of COVID-19. However, the recovery in personal consumption continued to stall as waves of infections recurred, and with no sign that the spread of infections was coming to an end, the outlook remained uncertain.」
The spread of COVID-19 contracted economic activity, while recurring waves of infections continued to stall the recovery in personal consumption throughout the fiscal year. - FY2021-Q3MaterialisedAnnual report
「During the cumulative third quarter of the fiscal year, the Japanese economy began to recover gradually after the sharp contraction in economic activity caused by the global spread of COVID-19 and the lifting of the state of emergency in May. However, the recovery in personal consumption continued to stall due to the second and third waves of infections. At the beginning of the year, a state of emergency was declared again in designated areas, and with no sign that the spread of COVID-19 was coming to an end, the outlook remained uncertain.」
The stalled recovery in personal consumption caused by the second and third waves of COVID-19 and the reissuance of the state of emergency are described, making the impact of external environmental risks more specific. - FY2021-Q2MaterialisedAnnual report
「During the cumulative second quarter of the fiscal year, the Japanese economy began to recover gradually after the sharp contraction in economic activity caused by the global spread of COVID-19 and the lifting of the state of emergency in May. However, the recovery in personal consumption has stalled since August due to the second wave of infections, and the outlook remains uncertain.」
The contraction in economic activity caused by the spread of COVID-19 and the stalled recovery in personal consumption since August due to the second wave of infections are described, making the impact of external environmental risks more specific. - FY2021-Q1ReframedAnnual report
「A state of emergency was declared following the global spread of COVID-19, and economic activity contracted sharply as a result of requests for people to refrain from going out and for businesses to suspend operations. Although the lifting of the state of emergency was expected to lead to an economic recovery through the gradual resumption of economic activity, concerns over a renewed spread of infections subsequently grew, leaving economic activity in Japan and overseas extremely uncertain.」
The sources of uncertainty have shifted from external environmental risks centered on trade friction and the slowdown in the Chinese economy to the sharp contraction in economic activity caused by the spread of COVID-19 and concerns over a renewed spread of infections. - FY2020-Q3Addition of concerns over the outlook for the Chinese economyAnnual report
「During the cumulative third quarter of the fiscal year, corporate earnings in Japan remained at high levels and the employment and income environment continued to improve steadily. However, amid a succession of natural disasters, developments surrounding US-China trade issues and concerns over a slowdown in the Chinese economy, the outlook remained uncertain.」
In addition to US-China trade issues and natural disasters, concerns over a slowdown in the Chinese economy are explicitly identified as a source of uncertainty about the outlook. - FY2020-Q2Addition of natural-disaster factorsAnnual report
「During the cumulative second quarter of the fiscal year, corporate earnings in Japan remained solid at high levels and the employment and income environment steadily improved. However, amid concerns including a succession of natural disasters such as Typhoon No. 19 and US-China trade friction, the outlook remained uncertain.」
In addition to US-China trade friction, a succession of natural disasters such as Typhoon No. 19 is explicitly identified as a source of uncertainty about the outlook. - FY2020-Q1ReframedAnnual report
「During the cumulative first quarter of the fiscal year, corporate earnings in Japan remained at high levels and the employment and income environment steadily improved. However, concerns including US-China trade friction continued to make the outlook uncertain.」
The external sources of uncertainty have been described as concerns including US-China trade friction, rather than the previous references to US protectionist trade and foreign policies and volatility in the financial and capital markets. - FY2019RestatedAnnual report
「Meanwhile, overseas, concerns over developments in US protectionist trade and foreign policies and the impact of volatility in the financial and capital markets have left the environment surrounding the Japanese economy unpredictable.」
US protectionist trade and foreign policies and volatility in the financial and capital markets continue to be identified as external sources of concern. - FY2019-Q3ReframedAnnual report
「Overseas, concerns have arisen over developments in US protectionist trade and foreign policies and the impact of volatility in the financial and capital markets, leaving the situation unpredictable.」
In addition to the previous concerns over a contraction in trade resulting from US protectionist trade and foreign policies, the impact of volatility in the financial and capital markets is identified as an external source of uncertainty. - FY2019-Q2ReframedAnnual report
「Overseas, concerns over a global contraction in trade resulting from US protectionist trade and foreign policies have emerged, leaving the situation unpredictable.」
The external sources of uncertainty have been made more specific, moving from the previous references to developments under the US administration and geopolitical risks to concerns over a global contraction in trade resulting from US protectionist trade and foreign policies. - FY2018RestatedAnnual report
「Overseas, developments under the US administration and global geopolitical risks could exert downward pressure on the economy, and the outlook remains uncertain.」
Developments under the US administration and global geopolitical risks continue to be cited as sources of uncertainty about the outlook for overseas economies. - FY2018-Q3RestatedAnnual report
「Overseas, although sentiment regarding the US economy has improved, developments under the Trump administration and global geopolitical risks could exert downward pressure on overseas economies, and the outlook remains uncertain.」
Developments under the Trump administration and global geopolitical risks continue to be cited as sources of uncertainty about the outlook for overseas economies. - FY2018-Q2RestatedAnnual report
「Overseas, although sentiment regarding the US economy has improved, developments under the Trump administration and global geopolitical risks could exert downward pressure on overseas economies, and the outlook remains uncertain.」
Developments under the Trump administration and global geopolitical risks continue to be identified as sources of uncertainty about the outlook for overseas economies. - FY2018-Q1WorsenedAnnual report
「Overseas, although sentiment regarding the US economy has improved, developments under the Trump administration and global geopolitical risks could exert downward pressure on overseas economies, and the outlook remains uncertain.」
In addition to the existing concerns over the new US administration and the UK's EU withdrawal issue, developments under the Trump administration and global geopolitical risks are cited as sources of uncertainty about the outlook. - FY2017Update to sources of uncertaintyAnnual report
「During the fiscal year, the Japanese economy was on a gradual recovery trend as corporate earnings and the employment environment improved. However, amid continued uncertainty, including uncertainty over the policies of the new US administration and the UK's EU withdrawal issue, the outlook remained uncertain.」
In addition to the existing issue of the UK's EU withdrawal, uncertainty over the policies of the new US administration is cited as an external source of uncertainty. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, the Japanese economy was on a gradual recovery trend, supported by the government's economic measures and other factors. However, uncertainty continued, including downside risks to the economies of emerging Asian and resource-producing countries and the UK's EU withdrawal issue, and the outlook remained uncertain.」
Downside risks to the economies of emerging Asian and resource-producing countries and the UK's EU withdrawal issue continue to be identified as external factors contributing to uncertainty about the outlook. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, the Japanese economy was on a gradual recovery trend, supported by the government's economic measures and other factors. However, amid uncertainty, including concerns that the stronger yen would weaken the performance of domestic companies, downside risks to the economies of emerging Asian and resource-producing countries, and the UK's EU withdrawal issue, the outlook remained uncertain.」
In addition to the UK's EU withdrawal issue, the stronger yen and downside risks to the economies of emerging Asian and resource-producing countries are cited as sources of uncertainty, reaffirming the uncertain outlook. - FY2017-Q1First statedAnnual report
「Meanwhile, concerns over a slowdown in the Chinese economy and the impact of the UK's decision to leave the European Union (EU) have contributed to unstable movements in foreign exchange and equity markets, and uncertainty about the outlook continues.」
The slowdown in the Chinese economy and the UK's decision to leave the EU are identified as external environmental risks that have contributed to instability in the foreign exchange and equity markets and created continued uncertainty about the outlook.