Downside Risk to the Domestic Economy from Sluggish Emerging-Market Economies and Uncertainty in Europe

「The business environment surrounding our Group remains uncertain, due to energy price increases and logistics disruptions accompanying the increasingly tense situation in the Middle East, the impact of developments concerning U.S. trade policy on the global economy, and the risk of volatility in financial and capital markets.」

「Meanwhile, concerns remain over the impact of U.S. trade policy and ongoing inflation on personal consumption, and the uncertain outlook continues.」

「Meanwhile, concerns remain over downside risks to overseas economies due to an unstable global situation and the impact of global monetary tightening, and the uncertain outlook continues.」

「Meanwhile, the uncertain situation continues, including the prolonged situation in Ukraine and sluggish consumption caused by ongoing inflation.」

「Meanwhile, risks to a slowdown in the global economy are also expected, stemming from weaker consumer sentiment due to soaring raw material and energy costs affected by the prolonged situation in Ukraine, as well as rapid interest-rate increases and financial instability triggered by monetary tightening in major economies worldwide. We believe the uncertain situation will continue.」

「Meanwhile, the business environment surrounding the industries related to the Group remained uncertain, due to persistently high raw-material and energy-resource prices resulting from the prolonged situation in Ukraine, as well as sharp volatility in foreign exchange markets reflecting interest-rate differentials between Japan and the United States and global economic trends.」

「Meanwhile, manufacturing has recovered only gradually amid the increasingly tense situation in Ukraine, soaring raw material and energy prices accompanying the historically weak yen, and global supply chain disruptions caused by the lockdown in Shanghai, China.」

「However, concerns over a renewed spread of infections caused by emerging variants and weaker consumer sentiment due to soaring crude oil and raw material prices continue to pose downside risks to the economy. The impact of the increasingly tense and prolonged situation in Ukraine is also expected, and we believe the uncertain situation will continue.」

「Japan's economy remained difficult during the nine months ended the third quarter, as the COVID-19 pandemic had not yet subsided and the recovery in economic activity was expected to remain gradual. Overseas, COVID-19 infections were again spreading in the United States, while in Europe there was still no clear path toward containment, leaving the outlook for the global economy uncertain.」

「Japan's economy during the nine months ended the third quarter remained unpredictable. Although capital investment increased amid improving employment conditions and labor shortages, corporate performance, while still at a high level, showed signs of weakening. Changes in consumer sentiment due to the consumption tax increase and natural disasters such as major typhoons are also viewed as risk factors.」

「However, the chronic labor shortage and adverse effects from natural disasters such as major typhoons are major risk factors.」

「However, the chronic labor shortage and the prolonged trade friction between the United States and China are major risk factors.」

「Corporate earnings have generally remained firm, but overseas, the serious trade friction between the United States and China continues to worsen, raising concern about adverse effects on the global economy as a whole.」

「During the fiscal year, Japan's economy continued to show improving employment and income conditions, and corporate earnings remained firm. Personal consumption also showed signs of recovery, but labor shortages intensified in industries related to the Group, while procurement competition driven by rising global demand for marine products remained severe, leaving the situation unpredictable.」

「Japan's economy during the nine months ended the third quarter remained unpredictable. Corporate earnings remained firm against a backdrop of improving employment and income conditions, but in industries related to the Group, the risk of higher labor and logistics costs due to labor shortages became apparent, while procurement competition intensified amid rising global demand for marine products.」

「Japan's economy during the six months ended the second quarter remained unpredictable. Corporate earnings remained firm against a backdrop of improving employment and income conditions, but the risk of higher labor and logistics costs due to labor shortages became apparent, while consumers' preference for frugality amid concerns about the future persisted.」

「Personal consumption remains weak, with consumers continuing to favor frugality amid concerns about the future. The situation remains unpredictable, with concern also focused on the uncertainty arising from the UK's withdrawal from the EU and the policies of the new US administration.」

「The situation remains unpredictable, with uncertainty in overseas economies and volatility in financial and capital markets posing downside risks to the domestic economy.」

「The situation remains unpredictable, with uncertainty in overseas economies and volatility in financial and capital markets posing downside risks to the domestic economy.」

「The situation remains unpredictable, with slowing emerging-market economies and uncertainty over the outlook for the European economy posing downside risks to the domestic economy.」

「The situation remains uncertain, with declines in emerging-market economies and uncertainty over the outlook for the European economy posing downside risks to the domestic economy.」