Uncertainty over the outlook due to China's slowdown, weak domestic consumption and yen appreciation beyond assumptions
First written in FY2017-Q1. 20 of 38 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-11-10.
The whole theme swung hardest in 2020: 152 of 178 companies on the "Worse" side.
- 2026-11-10WorsenedResults
「Inflation has progressed and concerns about inflation have increased against a backdrop of higher energy prices following developments in the Middle East and Iran, the weaker yen and other factors. In addition, uncertainty about the outlook remains high due to global interest rate increases against a backdrop of rate hikes in major countries and fiscal concerns, continuing geopolitical tensions in various countries and regions, economic stagnation in China and Europe, labour shortages and other factors.」
従来の物価高、金利、地政学、中国・欧州停滞等に加え、エネルギー価格上昇や世界的な金利上昇などが具体的に示され、不確実性が高い状況の継続が記載されている。 - FY2027-H1WorsenedAnnual report
「Inflation has progressed and concerns about inflation have increased against a backdrop of higher energy prices following developments in the Middle East and Iran, the weaker yen and other factors. In addition, uncertainty about the outlook remains high due to global interest rate increases against a backdrop of rate hikes in major countries and fiscal concerns, continuing geopolitical tensions in various countries and regions, economic stagnation in China and Europe, labour shortages and other factors.」
In addition to the previously identified factors of high prices, geopolitical risks, stagnation in China and Europe, and labour shortages, global interest rate increases driven by fiscal concerns were explicitly identified, broadening the sources of uncertainty in the external environment. - 2026-08-07RestatedResults
「また、各国中央銀行の利上げ等に伴う金利上昇や、人手不足、中国・欧州の経済停滞、地政学リスクの高まり等、先行きの不確実性は高い状況が続いております。」
金利上昇、人手不足、中国・欧州の経済停滞、地政学リスクによる不確実性が引き続き高いと説明されている。 - FY2026WorsenedAnnual report
「Regarding the operating environment, concerns about an economic slowdown caused by US tariff policy eased, but uncertainty over the outlook remained high due to rising crude oil prices and inflation, higher interest rates, labor shortages, rising geopolitical risks accompanying worsening global conditions, and economic stagnation in China and Europe, against a backdrop of conditions in the Middle East and Iran.」
While excessive concerns over US tariff policy eased, new sources of uncertainty coexisted, including conditions in the Middle East and Iran, higher crude oil prices and inflation, rising interest rates, labor shortages, and stagnation in China and Europe, and uncertainty over the outlook persisted. - 2026-05-13WorsenedResults
「In addition to higher crude oil prices and rising prices, higher interest rates and labor shortages resulting from the situation in the Middle East and Iran, geopolitical risks have increased amid a deterioration in global conditions, and uncertainty about the outlook remains high due to economic stagnation in China and Europe, among other factors.」
従来の物価高、人手不足、中国・欧州の経済停滞等に加え、中東・イラン情勢を受けた原油高・物価高、金利上昇、地政学リスクの高まりが示されている。 - FY2026-H1Easing concerns over US tariffs while uncertainty persistsAnnual report
「Regarding the operating environment during the interim consolidated fiscal period, excessive concerns about an economic slowdown caused by US tariff policy eased, but uncertainty over the outlook remained high due to rising prices, labor shortages, economic stagnation in China and Europe, and geopolitical risks including the situations in Ukraine and the Middle East.」
While excessive concerns about an economic slowdown caused by US tariff policy were said to have eased, it was explained that uncertainty remained high due to inflation, labor shortages, economic stagnation in China and Europe, and geopolitical risks related to the situations in Ukraine and the Middle East. - FY2025WorsenedAnnual report
「Uncertainty over the outlook increased due to concerns about a slowdown in the global economy resulting from US tariff policy, in addition to inflation, labor shortages, economic stagnation in China and Europe, and rising geopolitical risks against a backdrop of the situations in Ukraine and the Middle East.」
In addition to the previous concerns over inflation, labor shortages, stagnation in China and Europe and geopolitical risks, concerns about a global economic slowdown caused by US tariff policy emerged as a new source of uncertainty. - FY2025-H1RestatedAnnual report
「The economic outlook remained uncertain due to inflation, labor shortages, changes in monetary policy in Japan, Europe and the United States, economic stagnation in China and Europe, and rising geopolitical risks against a backdrop of intensifying US-China tensions and the situations in Ukraine and the Middle East.」
Although a trend toward economic recovery was indicated, inflation, labor shortages, changes in monetary policy, economic stagnation in China and Europe, and uncertainty related to US-China tensions and the situations in Ukraine and the Middle East continued to be cited. - FY2024-Q3Additional and changing sources of uncertaintyAnnual report
「The economic outlook remained extremely uncertain due to inflation, labor shortages, monetary policy in Japan, Europe and the United States entering a period of transition, economic stagnation in China and Europe, and rising geopolitical risks against a backdrop of intensifying US-China tensions and the situations in Ukraine and the Middle East.」
While economic activity continued to normalize and the economy recovered gradually, labor shortages, changes in monetary policy, economic stagnation in China and Europe and the situation in the Middle East were identified as sources of uncertainty, in addition to the previous concerns over inflation, monetary policy, US-China tensions and Ukraine, indicating a change in the composition of risks. - FY2024-Q2WorsenedAnnual report
「The economic environment surrounding the Group continued to recover gradually as economic activity normalized following the COVID-19 pandemic. However, the outlook remained extremely uncertain due to renewed inflation concerns caused by higher crude oil prices and yen depreciation, elevated interest rates accompanying continued monetary tightening in Europe and the United States, economic slowdowns in China and Europe, and rising geopolitical risks against a backdrop of intensifying US-China tensions and worsening conditions in the Middle East.」
While economic activity continued to normalize, inflation concerns caused by higher crude oil prices and yen depreciation, elevated interest rates in Europe and the United States, economic slowdowns in China and Europe and worsening conditions in the Middle East were identified as new sources of uncertainty, broadening the composition of external risks. - FY2024-Q1Economic normalization alongside inflation and geopolitical risksAnnual report
「During the first quarter of the fiscal year, economic activity normalized and the economy recovered gradually, partly because COVID-19 was reclassified under Category 5 of Japan's Infectious Diseases Control Law. However, the outlook remained extremely uncertain due to declining real wages accompanying rising prices, recession concerns associated with policy rate hikes by Europe and the United States to curb inflation, rising geopolitical risks against a backdrop of Russia's invasion of Ukraine and intensifying US-China tensions, and the impact of concerns over financial systems in Europe and the United States.」
While normalization of economic activity and an economic recovery supported by the reclassification of COVID-19 under Category 5 were indicated, declining real wages, rate hikes in Europe and the United States, recession concerns, the invasion of Ukraine, US-China tensions and uncertainty stemming from concerns over financial systems coexisted. - FY2023WorsenedAnnual report
「Extremely uncertain conditions continued due to inflation, recession concerns accompanying policy rate hikes by Europe and the United States to curb inflation, rising geopolitical risks against a backdrop of Russia's invasion of Ukraine and intensifying US-China tensions, and concerns over financial systems in Europe and the United States.」
While economic activity was normalizing, inflation, rate hikes in Europe and the United States, recession concerns, the invasion of Ukraine, US-China tensions and concerns over financial systems in Europe and the United States were cited, broadening the sources of uncertainty in the macroeconomic environment. - FY2023-Q3Continued recovery alongside inflation and geopolitical risksAnnual report
「During the first nine months of the fiscal year, the Japanese economy continued to recover gradually as COVID-19 activity restrictions were not reinstated and progress was made in balancing the response to the pandemic with economic activity, despite a renewed spread of infections. However, the outlook remained extremely uncertain due to inflation reflecting soaring raw material prices and yen depreciation, recession concerns accompanying policy rate hikes by Europe and the United States to curb inflation, Russia's invasion of Ukraine and rising geopolitical risks against a backdrop of intensifying US-China tensions.」
While a gradual economic recovery continued without restrictions on activity, soaring raw material prices, inflation reflecting yen depreciation, rate hikes in Europe and the United States, the invasion of Ukraine and uncertainty arising from US-China tensions coexisted. - FY2023-Q2Economic recovery alongside external risksAnnual report
「During the first six months of the fiscal year, the Japanese economy continued to recover gradually as restrictions on activity were lifted and the impact of supply constraints, including component shortages, eased, despite a renewed spread of COVID-19. However, the outlook remained extremely uncertain due to higher costs from rising resource prices and rapid yen depreciation, concerns about a global recession accompanying policy rate hikes by Europe and the United States to curb inflation, Russia's invasion of Ukraine and rising geopolitical risks against a backdrop of intensifying US-China tensions.」
While an economic recovery was indicated due to the lifting of restrictions on activity and easing supply constraints, rising resource prices, rapid yen depreciation, interest rate hikes, recession concerns, the invasion of Ukraine and geopolitical risks stemming from US-China tensions coexisted. - FY2023-Q1WorsenedAnnual report
「However, Japan's economy faced numerous challenges, including rising crude oil and natural gas prices due to Russia's invasion of Ukraine, shortages of semiconductors and other components, supply chain disruptions caused by lockdowns in China, and increasing cost pressures resulting from the yen's historic depreciation, leaving the outlook extremely uncertain.」
In addition to the previous invasion of Ukraine, semiconductor shortages and soaring resource prices, supply chain disruptions caused by lockdowns in China and cost pressures from the yen's historic depreciation were explicitly cited, making the uncertainty over the outlook more concrete. - FY2022WorsenedAnnual report
「The outlook for the global economy became uncertain due to US-China trade friction and Russia's invasion of Ukraine, which caused further semiconductor shortages and soaring energy and resource prices.」
In addition to the previous concerns over US-China trade friction and the Chinese economy, Russia's invasion of Ukraine, further worsening semiconductor shortages and soaring energy and resource prices were identified as new sources of uncertainty. - FY2022-Q3SoftenedAnnual report
「Overseas, economic activity resumed, led mainly by Europe, the United States and China, and the economic recovery progressed.」
Compared with the previous conditions indicating a slowdown in the Chinese economy and economic stagnation, the resumption of economic activity and economic recovery centered on Europe, the United States and China were reported, and the relevant risk temporarily weakened. - FY2022-Q2WorsenedAnnual report
「In Southeast Asia, the impact of coronavirus lockdowns led to factory shutdowns and logistics disruptions. This resulted in shortages of semiconductors and electronic components and disruption to supply chains. Shortages of semiconductors and electronic components are expected to continue for the time being.」
While a recovery in overseas demand was indicated, factory shutdowns and logistics disruptions caused by lockdowns in Southeast Asia, together with shortages of semiconductors and electronic components, were explicitly identified as new factors worsening the external environment. - FY2022-Q1Economic recovery alongside the risk of variant strainsAnnual report
「Although COVID-19 infections were again spreading worldwide, economic activity resumed with the rollout of vaccines, and demand for electronic components and automobiles began to recover. Overseas, the economies of China, which succeeded in containing COVID-19 at an early stage, and the United States, where vaccinations were progressing, were also on a recovery track. However, the global economy remained unpredictable, with infections from COVID-19 variants spreading in India and some parts of the ASEAN region.」
While recovery in the Japanese, Chinese and US economies and demand, supported by vaccine rollouts and other factors, was noted in contrast to the previous slowdown in the Chinese economy and weak demand, the spread of variants in parts of India and ASEAN was identified as a new concern, with recovery and uncertainty coexisting. - FY2021WorsenedAnnual report
「As the spread of COVID-19 led the Japanese government to issue a third declaration of a state of emergency and strongly request that people refrain from going out, stagnating consumption, supply chain disruptions and factory shutdowns continued, with no end in sight.」
In addition to the impact of COVID-19, the third declaration of a state of emergency, stagnant consumption, supply chain disruptions and factory shutdowns continued to be cited, and uncertainty in the external environment persisted. - FY2021-Q3WorsenedAnnual report
「In Japan, although there were signs of an economic recovery, the outlook remained uncertain as second and third waves of COVID-19 arrived. Overseas, China resumed economic activity relatively early, but normal economic activity remained impossible in countries including those in Europe and the United States as lockdowns and movement restrictions were reintroduced, making an economic recovery difficult to foresee.」
The second and third waves of COVID-19 and the reintroduction of lockdowns and movement restrictions in Europe and the United States were noted, and conditions remained in place where an economic recovery could not be foreseen in Japan or overseas. - FY2021-Q2WorsenedAnnual report
「In Japan, although there were signs of an economic recovery, the outlook remained uncertain as the number of new COVID-19 cases fluctuated even after the state of emergency was lifted. Overseas, China resumed economic activity relatively early, but normal economic activity remained impossible in Europe and the United States as lockdowns and movement restrictions were reintroduced, making an economic recovery difficult to foresee.」
The domestic infection situation fluctuated, while lockdowns and movement restrictions were reintroduced in Europe and the United States, and conditions preventing normal economic activity continued. An economic recovery was also difficult to foresee, and uncertainty in the external environment intensified. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, the Japanese economy experienced major disruption due to the global spread of COVID-19. In Japan, the economy deteriorated rapidly, partly because the declaration of a state of emergency in April prompted people to refrain from going out. Overseas as well, economic activity was severely constrained by COVID-19, including lockdowns in major cities worldwide, and some of the Group's overseas locations were significantly affected, with sales falling by half year on year in some cases.」
In addition to the previous slowdown in the Chinese economy and US-China trade friction, the rapid deterioration in domestic economic conditions caused by COVID-19, overseas lockdowns and a halving of sales at overseas locations emerged, making the deterioration in the external environment and its impact on earnings increasingly concrete. - FY2020WorsenedAnnual report
「In February, the worldwide spread of COVID-19 caused unprecedented disruption to economic activity as major cities in various countries were placed under lockdown, supply chains were disrupted and factories suspended operations.」
In addition to the previous US-China trade friction and slowdown in the Chinese economy, the global spread of COVID-19, urban lockdowns, supply chain disruptions and factory shutdowns became additional factors worsening the external environment. - FY2020-Q3WorsenedAnnual report
「During the first nine months of the fiscal year, conditions remained uncertain due to the impact of overseas economies, including tensions surrounding US-China trade friction, the slowdown in the Chinese economy and the UK's withdrawal from the EU, as well as cooling consumer sentiment in Japan following the consumption tax rate increase.」
In addition to the slowdown in the Chinese economy, US-China trade friction and the UK's withdrawal from the EU, cooling consumer sentiment following the consumption tax rate increase became an additional source of uncertainty. This also led customers to take a cautious approach to capital investment, defer order timing and reduce earnings. - FY2020-Q2WorsenedAnnual report
「During the first six months of the fiscal year, corporate earnings, which had been strong, began to show signs of weakening due to the slowdown in the Chinese economy and the effects of US-China trade friction.」
The slowdown in the Chinese economy and the effects of US-China trade friction continued, and their adverse impact on corporate earnings was explicitly stated. In the China segment, sales declined 12.9% year on year, and segment profit was ¥115 million, compared with ¥271 million in the same quarter of the previous year, quantifying the impact. - FY2020-Q1MaterialisedAnnual report
「During the first quarter of the fiscal year, the effects of the slowdown in the Chinese economy and US-China trade friction began to emerge in Japan, and signs of weakening also appeared in previously strong corporate earnings.」
The slowdown in the Chinese economy and US-China trade friction were reported to have begun affecting corporate earnings. In the China segment, companies also restrained capital investment, and sales and profit declined. - FY2019WorsenedAnnual report
「From the second half onward, the effects of US-China trade friction and the slowdown in the Chinese economy began to emerge, and signs of weakening also appeared in previously strong corporate earnings.」
The effects of US-China trade friction and the slowdown in the Chinese economy were reported to have begun affecting corporate earnings rather than remaining mere concerns, and the deterioration in the external environment continued. - FY2019-Q3MaterialisedAnnual report
「In Japan, concerns over US-China trade friction materialized, and impacts began to emerge in industries including electronic components.」
The impact of US-China trade friction was reported to have begun spreading to industries including electronic components. It was also explained that uncertainty over the global economy had increased further and concerns about an economic downturn were becoming a reality. The materialization of risks was explicitly stated. - FY2019-Q2WorsenedAnnual report
「During the first six months of the fiscal year, conditions were somewhat uncertain regarding the impact of the escalating US-China trade war on the economy. However, the gradual improvement in corporate earnings continued, and the economy remained broadly firm, supported by stable exchange rates and employment and by signs of a positive stance toward research and development and capital investment.」
Concerns intensified from the previous US-China trade friction to an escalating US-China trade war. Meanwhile, corporate earnings, exchange rates, employment, and research and development and capital investment were described as firm or stable. - FY2019-Q1Changes in risk factorsAnnual report
「The economy remained on a gradual recovery track, with improvements in consumer spending supported by better employment conditions and improving corporate earnings, and exports remaining firm against a backdrop of stable exchange rates, although concerns remained over rising trade friction between the United States and China.」
While rising US-China trade friction emerged as the primary external concern, improvements or stability were noted in employment, corporate earnings, exports and exchange rates. The composition of risk factors has changed from the previous impact of yen appreciation and the slowdown in the Chinese economy. - FY2018-Q3RestatedAnnual report
「During the first nine months of the fiscal year, the Japanese economy brightened as the exchange rate remained stable, business sentiment among export-related companies recovered, capital investment resumed and share prices rose, despite concerns over North Korea.」
Although concerns over North Korea remained, the improvement in economic conditions that had continued from the previous quarter was noted, including stable exchange rates, a recovery in business sentiment among export-related companies and the resumption of capital investment. Economic growth and domestic conditions in China were also considered stable. - FY2018-Q2RestatedAnnual report
「During the first six months of the fiscal year, the Japanese economy brightened as the exchange rate remained stable, business sentiment among export-related companies recovered, companies began to show a positive stance toward capital investment and share prices rose, despite concerns over North Korea. In China, economic growth and domestic conditions were stable.」
Although concerns over North Korea remained, stable exchange rates, a recovery in domestic business sentiment and stable conditions in China were noted, and the less severe risk environment from the previous quarter continued. - FY2018-Q1MitigatedAnnual report
「During the first quarter of the fiscal year, the Japanese economy remained on a gradual recovery track, supported by improving employment and corporate earnings and increased exports of automobiles and semiconductor manufacturing equipment. In China, economic growth and domestic conditions were stable, and the foreign exchange rate was relatively stable, resulting in foreign exchange gains and losses being positive at approximately ¥18 million.」
The domestic economy remained on a gradual recovery track, and conditions in China were considered stable. The foreign exchange loss caused by the stronger yen in the previous fiscal year became a foreign exchange gain during the quarter, indicating a less severe risk environment than in the previous fiscal year. - FY2017RestatedAnnual report
「During the consolidated fiscal year, the Japanese economy saw business sentiment among export-related companies deteriorate and share prices languish through October as the yen appreciated. However, the yen weakened substantially following the US presidential election in November, and conditions brightened as business sentiment among exporters improved and share prices rose.」
While the shift from yen appreciation during the period to yen depreciation from November onward and the resulting improvement in business sentiment were also confirmed for the full year, the slowdown in emerging economies, including China, and uncertainty in the political and international environment continued to be noted. - FY2017-Q3Reversal in foreign exchange effectsAnnual report
「As the yen rapidly weakened, ordinary income amounted to ¥1,317 million, as the foreign exchange loss of ¥213 million incurred through the second quarter was eliminated. Overseas, the overall economic slowdown intensified due to the slowdown in emerging economies, particularly China, falling share prices, the UK's withdrawal from the European Union and frequent terrorist attacks, and overseas sales subsidiaries experienced declining sales.」
The impact of the stronger yen and foreign exchange losses through the second quarter was eliminated as the yen weakened. Meanwhile, concerns about overseas economies, including the slowdown in emerging economies, particularly China, and declining sales at overseas sales subsidiaries continued, while some risk factors reversed. - FY2017-Q2WorsenedAnnual report
「The overall economic slowdown intensified due to the slowdown in emerging economies, particularly China, falling share prices, the UK's withdrawal from the European Union and frequent terrorist attacks. Overseas sales subsidiaries also experienced declining sales, as well as a reduction in reported figures due to the stronger yen.」
In addition to the slowdown in emerging economies, particularly China, and declining overseas sales, the stronger yen actually reduced reported figures. A foreign exchange loss of ¥213 million was recorded on an individual basis, while a foreign exchange loss of ¥252,901 thousand was recorded in the consolidated income statement. - FY2017-Q1First statedAnnual report
「The economy showed signs of stagnation due to the slowdown in the Chinese economy and weak domestic consumption. In June, the decision for the UK to leave the EU caused major turmoil in global financial markets, and the yen appreciated and share prices fell beyond expectations. As a result, concerns about consumer sentiment and corporate earnings increased, and conditions remained uncertain.」
The yen appreciated and share prices fell beyond expectations, and an unexpected foreign exchange loss of ¥196 million was incurred during the quarter.