Subdued consumer activity and economic downturn caused by COVID-19

「The business environment is showing normalization of social and economic activity as the economy recovers from the COVID-19 pandemic, although」

「Although the effects of the spread of COVID-19 continued due to the prevalence of variants, economic activity remained relatively firm as the COVID-19 lifestyle became more established.」

「During the cumulative third quarter under review, Japan's economy was gradually recovering, although some weakness remained. Meanwhile, as global monetary tightening and other factors continued, a downturn in overseas economies posed a downside risk to Japan's economy, while higher prices, supply-side constraints and fluctuations in financial and capital markets remained concerns requiring close attention.」

「During the cumulative second quarter under review, Japan's economy had been gradually recovering, supported by various policies under the COVID-19 environment, although some weakness remained. However, the outlook remained uncertain due to risks of a downturn in overseas economies caused by global monetary tightening and other factors, higher prices, supply-side constraints, and fluctuations in financial and capital markets, all of which could weigh on Japan's economy.」

「During the cumulative first quarter under review, Japan's economy was gradually recovering, supported by the effects of various policies, despite continuing uncertainty, including the seventh wave of COVID-19 and the prolonged situation between Russia and Ukraine. However, as global monetary tightening continued, there remained a risk that Japan's economy could be pushed downward by a downturn in overseas economies, higher prices, supply-side constraints and fluctuations in financial and capital markets, requiring continued close monitoring.」

「During the cumulative third quarter under review, economic activity remained stagnant as new variants of COVID-19 spread again. In addition, the outlook in Japan and overseas remained uncertain amid concerns over geopolitical risks, including soaring resource prices and the situation between Russia and Ukraine.」

「During the cumulative second quarter under review, Japan's economy had shown signs of recovery as the severe conditions caused by COVID-19 gradually eased. However, the outlook remains uncertain due to the spread of new variants and the reimplementation of priority preventive measures to prevent the spread of the disease.」

「During the cumulative first quarter under review, Japan's economy remained in a severe situation due to the effects of COVID-19. Although a recovery is expected to continue as the number of infections declines as a result of policies to prevent the spread of the disease, including the promotion of vaccinations, and the state of emergency was lifted at the end of September, the outlook is expected to remain uncertain due to weak personal consumption and concerns about a sixth wave of COVID-19 infections during the winter.」

「The impact of COVID-19 on corporate and consumer activity remains uncertain.」

「During the cumulative third quarter under review, Japan's economy remained in a severe situation due to the spread of COVID-19, despite support from various government measures, including declining personal consumption caused by calls to refrain from going out and stagnant corporate activity. Economic and social activity was restricted, including through the reissuance of a state of emergency as a measure to prevent the spread of the disease, and the outlook remained uncertain.」

「During the cumulative second quarter under review, Japan's economy remained in a severe and uncertain situation as economic and social activity was restricted by COVID-19 and personal consumption declined rapidly. Although economic measures such as the Go To campaign provided a boost, a state of emergency was declared again in the Tokyo metropolitan area from January as the disease resurged.」

「During the cumulative first quarter under review, Japan's economy remained in a severe and uncertain situation as economic and social activity was restricted by the effects of COVID-19, resulting in weak personal consumption and stagnant economic activity.」

「We are concerned about restrictions on business activity due to the effects of the infectious disease, a slowdown in the domestic economy and corporate earnings, and weakening individual consumption appetite. Although the near-term outlook is extremely uncertain,」

「Although the remodeling industry in which we operate has become even more fiercely competitive due to an increase in new entrants, including companies entering from the new-home construction sector, demand is trending upward for the industry as a whole, albeit only marginally, because the aging of buildings cannot be avoided. Meanwhile, the spread of COVID-19 has affected the industry by disrupting supply chains as economic activity was restricted in China, and supply chains for housing equipment and construction materials have also been disrupted in Japan, potentially hindering construction progress. In addition, domestic relocation rates are expected to decline, leaving the outlook for the economy uncertain.」