Uncertainty over the economic outlook due to the slowdown in the Chinese economy and yen appreciation

「However, there are still no signs that the yen's depreciation or rising costs will improve, amid the international situation, including the second Trump administration's "reciprocal tariffs" policy inaugurated in January last year, the use of military force against Iran launched jointly with Israel at the end of February this year, Iran's closure of the Strait of Hormuz in response, and the situation in Ukraine, where there are no signs of improvement.」

「しかしながら国際情勢は昨年1月に発足した第２次トランプ政権による関税政策や今年２月末からイスラエルと合同で開始したイランへの武力行使とそれに対抗するイランによるホルムズ海峡閉鎖、改善の兆しがないウクライナ情勢等、ますます混迷を深めています。」

「During the interim accounting period, uncertainty remained over the economic outlook because of unstable political and economic conditions in Japan and abroad. Despite companies raising base salaries and the government raising the minimum wage, real wages supporting personal consumption remained negative for 9 consecutive months through September because of food price increases and other factors. The number of corporate bankruptcies also remained high.」

「The global economy has fallen into turmoil as a result of the America First-style trade policy of the second Trump administration, which was inaugurated in January this year. There are still no signs of improvement in the situation in Ukraine or the Middle East, and political and economic conditions in Japan and abroad are becoming rapidly more uncertain.」

「During the interim accounting period, the Japanese economy was emerging from the prolonged deflationary phase, but uncertainty remained over the economic outlook. Real wages, which support personal consumption, turned positive in June for the first time in 2 years and 3 months, helped by the impact of wage increases for the second consecutive year, but turned negative again in August. The number of bankruptcies among small and medium-sized enterprises caused by higher prices also reached a 10-year high, while share prices and foreign exchange rates lacked clear direction as they reflected political conditions in Japan and abroad.」

「Real wages, which are directly linked to personal prosperity, remained below the year-earlier level for 24 consecutive months through March this year. At last, however, there are signs of strong momentum toward growth, including the recovery in inbound demand and rising share prices against the backdrop of resilient corporate performance. Meanwhile, the international situation has become increasingly unstable, with no end in sight to Russia's invasion of Ukraine and the conflict between Israel and the Palestinian people that began in the Gaza Strip.」

「During the cumulative third quarter, positive factors became more prominent in Japan's economy, with the Nikkei Stock Average renewing its post-bubble high on the back of the recovery in inbound demand and solid corporate earnings, continuing the trends seen in the second quarter. Meanwhile, international conditions became increasingly unstable as Russia's military invasion of Ukraine continued with no end in sight and the conflict between Israel and Palestinians in the Gaza Strip intensified in October last year.」

「Turning to international conditions, Russia's military invasion of Ukraine, which shows no clear end in sight, the economic slowdown triggered by the property downturn in China, and yen depreciation caused by high US interest rates are casting a shadow over Japan's economy. Russia's military invasion of Ukraine and the conflict between Israel and the Gaza Strip, which intensified in October this year, appear likely to be prolonged, and the resulting global inflationary trend in agricultural products, crude oil, and other commodities, as well as yen depreciation, remains unchecked.」

「During the first quarter, inbound demand recovered rapidly after COVID-19 was classified as a Category 5 disease under the Infectious Diseases Control Law and entry restrictions on foreign visitors ended on 29 April. The Nikkei Stock Average also began an upward trend from ¥25,716 at the start of the year, reaching the ¥33,000 range at the end of June, and bright signs began to emerge across Japan's economy. At the same time, however, Russia's military invasion of Ukraine, which began in February last year, shows no sign of ending, keeping global food and energy prices elevated. Concerns over future economic trends also remain, as rising consumer prices caused real wages to remain negative for 14 months through May this year.」

「During the cumulative third quarter, corporate and consumer price indexes remained high because of elevated global energy and resource prices associated with the war in Ukraine, whose end remains uncertain, and yen depreciation resulting from US interest-rate hikes. Real wages continued to decline for 8 consecutive months through November.」

「During the second quarter, Japan's economy was weighed down by surging global food, raw material, and energy prices resulting from Russia's military invasion of Ukraine, which shows no clear end in sight, the renewed spread of the Omicron variant toward summer after briefly subsiding in early spring, and the sharp depreciation of the yen caused by US interest-rate hikes.」

「Russia's military invasion of Ukraine shows no sign of ending, and the global inflationary trend and yen depreciation resulting from it remain unchecked. These factors, together with the spread of the seventh wave of COVID-19 confirmed in July, could affect the company's operating results and financial position depending on developments.」

「On 24 February, Russia began its military invasion of Ukraine, triggering a surge in global crude oil and grain prices and causing a sharp increase in domestic prices, which has further clouded the outlook for Japan's economy.」

「During the cumulative third quarter, Japan's economy initially entered a recovery phase toward year-end, particularly in transportation, tourism, and food services, after the repeated states of emergency and other measures introduced since the previous year to combat COVID-19 were lifted in October. However, infections with the Omicron variant spread rapidly in Japan in December, creating a new concern after the start of the new year.」

「During the cumulative first quarter of the consolidated fiscal year, Japan's economic stagnation continued, with no sign that COVID-19, which became apparent in Japan in February of the previous year, was coming to an end. Although the government repeatedly declared quasi-emergency measures to prevent the spread of disease and states of emergency in major metropolitan areas nationwide from 5 April onward, vaccine supplies fell short, delaying the rollout far beyond the original schedule, and the spread of infections could not be contained.」

「During the consolidated fiscal year, COVID-19, whose first case in Japan was confirmed in January of the previous year, spread worldwide. Inbound demand, one of the key pillars supporting Japan's economy, effectively disappeared, and the domestic economy remained in a downturn as 3 states of emergency were declared, mainly in the major metropolitan areas.」

「During the cumulative third quarter of the consolidated fiscal year, the economic downturn continued as the third wave of COVID-19 infections hit Japan. Conditions became increasingly serious, with metropolitan areas including the Tokyo metropolitan area facing the risk of a collapse in healthcare systems as patient numbers surged. The difficult economic environment, particularly in transportation, tourism, and food services, therefore continued, and the OECD forecast Japan's economic growth rate for fiscal 2020 at minus 5.3%.」

「During the cumulative second quarter of the consolidated fiscal year, Japan's economy entered a sharp downturn as COVID-19 spread globally from February. Although the 2 states of emergency declared by the government in April were subsequently lifted, infections continued to spread, and a difficult economic environment persisted, particularly in transportation, tourism, and food services. In response, the OECD forecast Japan's real economic growth rate for 2020 at minus 5.8%.」

「The novel coronavirus spread worldwide, becoming a pandemic, and the global economy entered a downturn that surpassed even the global financial crisis.」

「During the cumulative third quarter of the consolidated fiscal year, Japan's economy continued to recover moderately, although the improvement in employment and income conditions lacked strength. The economic outlook nevertheless remains uncertain due to trends in protectionist trade policies in the United States and elsewhere and geopolitical risks.」

「During the cumulative second quarter of the consolidated fiscal year, Japan's economy continued to recover moderately, although the improvement in employment and income conditions lacked strength. The economic outlook nevertheless remains uncertain due to trends in protectionist trade policies in the United States and elsewhere and geopolitical risks.」

「The economic outlook remains uncertain due to trends in protectionist trade policies in the United States and elsewhere and geopolitical risks.」

「During the consolidated fiscal year, Japan's economy continued to recover moderately as corporate earnings expanded and employment and income conditions continued to improve. At the same time, however, the economic outlook remains uncertain due to trends in protectionist trade policies in the United States and elsewhere and geopolitical risks.」

「At the same time, the economic outlook remains uncertain due to trends in protectionist trade policies in the United States and elsewhere and geopolitical risks.」

「At the same time, the economic outlook remains uncertain due to trends in protectionist trade policies in the United States and elsewhere and geopolitical risks. In addition, the Hokkaido Eastern Iburi earthquake that occurred in the early hours of 6 September caused power outages across Hokkaido, reducing production activity and leading to a series of cancellations of tourism bookings, so developments in Hokkaido's economy need to be closely monitored.」

「At the same time, the economic outlook remains uncertain due to trends in protectionist trade policies in the United States and elsewhere and geopolitical risks.」

「At the same time, the economic outlook remains uncertain due to uncertainty over policy management by the new US administration and rising geopolitical risks in Asia.」

「At the same time, the economic outlook remains uncertain due to uncertainty over policy management by the new US administration and rising geopolitical risks in Asia.」

「Although a moderate recovery in domestic economic conditions is expected, the economic outlook remains uncertain due to the United Kingdom's exit from the EU, the North Korea issue, and potential changes in US policy.」

「At the same time, the economic outlook has become even more uncertain due to concerns over the United Kingdom's exit from the EU, slower growth in emerging economies including China, and US policy trends.」

「At the same time, the economic outlook has become even more uncertain due to concerns over the United Kingdom's exit from the EU, slower growth in emerging economies including China, and US policy trends following the presidential election.」

「At the same time, the economic outlook has become even more uncertain due to concerns over the United Kingdom's exit from the EU, slower growth in emerging economies including China, and US policy trends following the presidential election.」

「Concern remains over the impact of the slowdown in China's economy and the continued appreciation of the yen, and the economic outlook remains uncertain.」

「Concern remains over the impact of the slowdown in China's economy and the continued appreciation of the yen, and the economic outlook remains uncertain.」