Deterioration in the Sales Environment Due to the Domestic and Overseas Economic Slowdown and Sluggish Private Consumption

「The outlook for the economy remains uncertain, owing to higher prices and energy costs affected by the situation in the Middle East, as well as fluctuations in foreign-exchange rates and interest rates resulting from an unstable international situation.」

「The economy remained on a gradual recovery track, supported by improvements in employment and income conditions. However, concerns remain over the impact of continued price increases on personal consumption, and the outlook is uncertain due to developments in US trade policy and prolonged geopolitical risks.」

「The business environment surrounding the Group is on a moderate recovery path due to improving employment and income conditions and inbound demand. However, uncertainty is expected to continue due to concerns over a global recession resulting from US tariff policies, the prolonged conflict in the Middle East, and the effects of the weaker yen and higher prices.」

「During the interim consolidated accounting period, Japan's economy showed a moderate recovery, supported by improving employment and income conditions and stronger inbound demand. However, the outlook remained uncertain due to soaring energy and raw material prices caused by the prolonged Russia-Ukraine conflict, instability in the Middle East and China's economic slowdown.」

「During the current consolidated fiscal year, Japan's economy was on a moderate recovery path as restrictions on activity related to COVID-19 were gradually eased and economic activity gradually normalized, increasing inbound demand. However, the outlook remained uncertain due to persistently high energy and raw material prices caused by heightened international tensions, the adverse impact of the sharp depreciation of the yen on the domestic economy, and rising prices resulting from interest-rate increases.」

「As COVID-19 was reclassified as a Class 5 infectious disease, socioeconomic activity moved toward normalization, and Japan's economy entered a moderate recovery phase, with signs of recovery in personal consumption and capital investment. However, the economic outlook remained uncertain due to the prolonged situation in Ukraine and rising prices caused by the sharp depreciation of the yen.」

「As COVID-19 was reclassified as a Class 5 disease and restrictions on activity aimed at preventing the spread of infection were eased, economic activity resumed and personal consumption and capital investment showed signs of recovery. However, the outlook remained uncertain due to the prolonged situation in Ukraine, soaring resource and raw material prices, and the impact of inflation caused by the weaker yen.」

「During the current consolidated fiscal year, Japan's economy gradually moved toward normalization as restrictions on activity related to COVID-19 were eased, but the outlook remained uncertain due to soaring energy and raw material prices resulting from Russia's military invasion of Ukraine and rising prices caused by the weaker yen.」

「Amid this economic environment, the Group has prioritized the safety of consumers and employees and conducted its business while taking measures to prevent the spread of COVID-19, aiming to deliver flavor and health to more people through research and development, production and sales of mushrooms as a healthy food ingredient, centered on its mushroom business.」

「During the second quarter of the current fiscal year, Japan's economic outlook remained uncertain due to the rapid spread of the seventh wave of COVID-19 from July onward, supply chain disruptions caused by China's lockdowns, Russia's military invasion of Ukraine, higher resource and energy prices, and the sharp depreciation of the yen.」

「While volatility in financial markets caused by the sharp depreciation of the yen and the impact of higher resource and energy prices on consumption are concerns, the outlook for the economy remains uncertain due to factors including the situation in Ukraine, which is expected to be prolonged.」

「Corporate earnings deteriorated due to higher raw material and crude oil prices, while uncertainty over the outlook increased further following the tightening of US monetary policy and Russia's invasion of Ukraine.」

「The outlook for the global economy remains unpredictable amid concerns over the global spread of the highly transmissible Omicron variant of COVID-19, in addition to the impact of semiconductor shortages on various industries and soaring resource prices, including crude oil.」

「During the second quarter of the current fiscal year, the spread of COVID-19 significantly affected economic activity, with states of emergency and priority preventive measures being implemented in many prefectures. Although vaccinations gradually progressed, the outlook for containment remained unclear due to the spread of variants, and the outlook continued to be uncertain.」

「During the first quarter of the current fiscal year, Japan's economy remained difficult as restrictions on economic activity continued due to COVID-19. Although signs of recovery were seen in capital investment and other areas, a third state of emergency was declared in April 2021, while the emergence of highly transmissible variants and repeated infection-control measures prolonged the difficult conditions.」

「A second state of emergency was declared in January 2021, and an extremely difficult situation with no clear outlook continued.」

「During the third quarter of the current fiscal year, Japan's economy deteriorated rapidly as the state of emergency declared in April severely restricted economic activity due to the global spread of COVID-19. After the state of emergency was lifted in May, economic activity gradually recovered, but the emergence of second and third waves of infections resulted in an extremely difficult situation with no clear outlook. In agriculture, the Group's main business area, vegetable prices remained firm in the first half due to stay-at-home demand and other factors related to COVID-19, but from September onward, lower demand caused by severe lingering heat and weak vegetable prices also affected mushroom prices, resulting in a difficult business environment.」

「During the second quarter of the current fiscal year, Japan's economy remained under severe pressure as economic activity continued to stagnate due to the global spread of COVID-19. Although some signs of recovery in economic activity were seen, difficult conditions continued. In agriculture, the Group's main business area, weather conditions affecting agricultural product supplies continued, including low temperatures in early spring, prolonged rains in July and severe lingering heat in September, while sharp fluctuations in vegetable prices resulted in a difficult business environment.」

「During the first quarter of the current fiscal year, Japan's economy remained extremely uncertain due to the spread of COVID-19. Economic activity gradually resumed after the state of emergency was lifted, but the difficult situation is expected to continue as the effects of a renewed spread of infections, volatility in financial and capital markets, and US-China trade friction require continued monitoring.」

「The economic outlook became increasingly uncertain as concerns grew over a slowdown in the global economy caused by the spread of COVID-19 infections in Japan and overseas.」

「In agriculture, the Group's main business area, the difficult business environment has continued, due to factors including the consumption tax increase and the arrival of large typhoons.」

「In agriculture, the Group's main business area, successive natural disasters, including large typhoons and record-breaking heat since last summer, affected the supply of agricultural products. Sharp market fluctuations have also resulted in a difficult business environment.」

「Concerns over the adverse impact on Japan's economy of US-China friction and uncertainty in overseas economies, as well as psychological factors related to the consumption tax rate increase, have kept the outlook uncertain.」

「During the third quarter of the current fiscal year, Japan's economy was on a moderate recovery path as corporate performance and employment and income conditions continued to improve. However, concerns over the adverse impact on Japan's economy of US-China trade friction and uncertainty in overseas economies, as well as psychological factors related to the consumption tax rate increase, kept the outlook uncertain. Market conditions also became increasingly difficult due to intensifying competition, rising labor and logistics costs caused by labor shortages, and the effects of various natural disasters.」

「The outlook remains uncertain due to unstable conditions overseas and soaring crude oil prices. In addition, intensifying competition among companies, rising labor and logistics costs caused by labor shortages, and the effects of the northern Osaka earthquake in June, the torrential rains in western Japan in July and the Hokkaido Eastern Iburi earthquake in September have made market conditions increasingly difficult.」

「The business environment surrounding the Group remained challenging, as consumers continued to favor saving, personal consumption remained sluggish, and labor shortages drove up labor costs.」

「The business environment surrounding the Group remained challenging, as consumers continued to favor saving, personal consumption remained sluggish, and labor shortages drove up labor costs.」

「Against a backdrop of anxiety about the future, consumers continued to show a deep-rooted preference for frugality. Personal consumption remained resilient but lacked strength, and the business environment surrounding the company remained difficult.」

「The business environment surrounding the company remained difficult as disposable income stagnated, consumers maintained a deep-rooted preference for frugality, and personal consumption remained sluggish.」

「During the first quarter of the current fiscal year, Japan's economy remained on a moderate recovery path as corporate performance and employment conditions improved. However, concerns over downside risks to the economies of emerging Asian countries, including China, and changes in political conditions in various countries kept the outlook uncertain. The business environment surrounding the company also remained difficult as consumer sentiment continued to be weak.」

「The business environment surrounding the Group remained difficult as personal consumption failed to achieve a full-fledged recovery amid stagnant real wages, consumers' heightened focus on protecting household finances and a stronger preference for frugality.」

「The business environment surrounding the Group remained difficult as personal consumption failed to achieve a full-fledged recovery amid heightened consumer concerns about safety and security and a stronger focus on protecting household finances.」

「The outlook remains uncertain due to concerns over stagnating corporate performance, slowing economic growth in emerging economies, particularly China, and downside risks to overseas economies arising from the UK's withdrawal from the EU. Personal consumption has remained sluggish as consumers have become more focused on protecting their household finances, resulting in a difficult business environment for the company.」