Uncertainty over the outlook due to global economic and geopolitical risks

「If disruptions in materials and product supply chains were to worsen due to developments in the Middle East, there would be concern over a significant deterioration in the global economy.」

「During the interim consolidated accounting period, uncertainty in the global economy resulting from the impact of US trade policy continued, and it is necessary to monitor its impact going forward.」

「Looking ahead, concerns remain that the US trade policy could slow global economic growth. There are also concerns that developments in the Russia-Ukraine situation, the situation in the Middle East and other factors could cause the economy to deteriorate.」

「During the interim consolidated accounting period, policy rates in Europe and the United States shifted to rate cuts, while concerns remain over whether an economic slowdown can be avoided, and it is also necessary to monitor fluctuations in economic conditions arising from geopolitical factors. In Japan, corporate earnings were trending upward, although performance varied by industry, while personal consumption remained sluggish due to rising prices. In addition, amid highly uncertain conditions overseas and following the Bank of Japan's rate hike, financial markets remained volatile and the outlook continued to be uncertain.」

「The global economy is expected to be weighed down by geopolitical risks involving Russia, Ukraine, and the Middle East, among other factors. Monetary tightening policies may also continue for an extended period, raising concerns over adverse effects on the real economy.」

「During the nine months ended the third quarter, the US economy remained firm despite the continuing impact of inflation and monetary tightening, while the European economy continued to slow. Geopolitical risks involving Russia, Ukraine, the Middle East, and elsewhere increased uncertainty in the global economy.」

「During the six months ended the second quarter, the global economy was affected by monetary tightening policies in other countries. The US economy remained firm, while the European economy continued to slow, and the outlook was becoming uncertain due to the situation in Russia, Ukraine, and the Middle East. In Japan, corporate earnings remained high, employment and income conditions and private consumption were improving, and the economy was recovering gradually, but downside risks from instability in the global situation, rising prices, and monetary policy developments made the situation unpredictable.」

「During the three months ended the first quarter, concerns over supplies of energy and raw materials eased, but the pace of economic recovery continued to slow due to the prolonged Russia-Ukraine situation and monetary tightening policies in other countries. In Japan, corporate earnings remained at a high level, employment and income conditions improved gradually, and private consumption increased steadily, but the outlook remained uncertain due to downward pressure from the global economy.」

「During the fiscal year, the pace of global economic recovery slowed due to surging energy and raw material prices, monetary tightening policies in other countries, and related credit concerns at some financial institutions amid the prolonged Russia-Ukraine situation.」

「During the nine months ended the third quarter, economic stagnation intensified due to surging energy and raw material prices and monetary tightening policies in other countries amid the prolonged Russia-Ukraine situation. In Japan, economic activity showed signs of normalization as restrictions on movement were eased, despite fluctuations in the prolonged impact of COVID-19, but the impact of the global situation was a downside risk and the outlook remained uncertain.」

「During the six months ended the second quarter, the global economy remained unpredictable despite signs that the spread of COVID-19 was easing, due to surging energy and raw material prices resulting from the Russia-Ukraine situation and successive interest-rate hikes by other countries. In Japan, the prolonged impact of COVID-19 fluctuated, and the outlook remained uncertain due in part to further yen depreciation.」

「During the three months ended the first quarter, the global economy was generally recovering, but was beginning to slow as energy and raw material prices rose further due to the prolonged Russia-Ukraine situation and lockdowns in major Chinese cities. In Japan, the prolonged impact of COVID-19, the widening interest-rate differential between Japan and the US caused by US interest-rate hikes to combat inflation, the resulting depreciation of the yen, and the global situation described above were pushing up domestic prices, leaving the outlook uncertain.」

「The global economy is expected to recover gradually overall, but high uncertainty is expected to continue due to the impact of COVID-19 and the situation in Ukraine. In Japan, monetary easing is expected to continue and the impact of COVID-19 is expected to ease, but rising consumer and resource prices are a concern as a drag on the recovery.」

「During the nine months ended the third quarter, the global economy was generally improving despite differences among countries and regions, but rising geopolitical risks and energy prices were a concern. In Japan, corporate earnings were recovering, but the outlook remained uncertain due to successive waves of COVID-19 infections.」

「During the six months ended the second quarter, the global economy was generally improving, despite differences among countries and regions. In Japan, corporate earnings were recovering and the impact of COVID-19 was easing as vaccines became more widely available, but employment and income conditions and private consumption remained weak, and the situation remained unpredictable due to the high uncertainty surrounding the course of the pandemic.」

「During the three months ended the first quarter, the global economy remained unpredictable due to the impact of COVID-19, despite differences among countries and regions. In Japan, corporate earnings were recovering, but employment and income conditions remained weak, private consumption had declined, and uncertainty over the course of the pandemic was increasing.」

「During the fiscal year, the global economy was significantly affected by COVID-19, but signs of recovery emerged overall as economic activity resumed, despite differences among countries and regions. Japan’s economy began to recover after a sharp decline caused by the pandemic, supported by economic measures and other factors, but the outlook remained uncertain due to successive waves of infections.」

「During the nine months ended the third quarter, the global economy was beginning to recover as economic activity resumed, but the outlook remained uncertain due to the renewed spread of COVID-19. In Japan, the economy showed signs of recovery due to economic measures and other factors, but private consumption remained sluggish following the renewed spread of infections, and difficult conditions continued.」

「During the six months ended the second quarter, the global economy was significantly affected by COVID-19 but was beginning to recover as economic activity resumed. However, infections had recently begun to spread again, leaving the outlook uncertain.」

「During the three months ended the first quarter, the global economy was significantly affected by restrictions on movement, the suspension of production activities, and other measures associated with the spread of COVID-19. Japan’s economy was also in an extremely difficult situation, with the declaration of a state of emergency reducing inbound demand and private consumption, among other factors, and weakness emerging in employment and income conditions.」

「During the fiscal year, the Japanese economy remained uncertain due to prolonged US-China trade friction, geopolitical risks in the Middle East and elsewhere, and the impact of the spread of COVID-19, although corporate earnings generally remained favorable and employment and income conditions were improving.」

「During the nine months ended the third quarter, the global economy showed some signs of slowing due to prolonged US-China trade friction, the UK’s withdrawal from the EU, and geopolitical risks in the Middle East and elsewhere. The Japanese economy remained generally at a favorable level, but weakness was seen in manufacturing and exports, and the outlook remained uncertain due to the impact of the consumption tax increase and natural disasters.」

「During the six months ended the second quarter, the global economy showed signs of slowing due to prolonged US-China trade friction, the UK’s withdrawal from the EU, and geopolitical risks in the Middle East and elsewhere. The Japanese economy remained generally at a favorable level, but weakness was also seen in manufacturing and exports, leaving the outlook uncertain.」

「During the three months ended the first quarter, the global economy showed signs of slowing due to US trade policy developments, the progress of the UK’s negotiations to leave the EU, and geopolitical risks in Asia and elsewhere. The Japanese economy remained generally at a favorable level, but some weakness was seen in corporate earnings, leaving the outlook uncertain.」

「The operating environment is expected to grow gradually, but concerns remain over a further economic slowdown due to US trade policy developments, political instability in Europe, and geopolitical risks in Asia and elsewhere.」

「During the nine months ended the third quarter, concerns over an economic slowdown increased due to trade friction caused by US protectionist trade policies, political instability in Europe, and geopolitical risks in Asia and elsewhere. In Japan, corporate earnings remained firm and employment and income conditions showed signs of improvement, despite the impact of natural disasters, but the outlook became increasingly uncertain due to concerns over a slowdown in the global economy.」

「During the six months ended the second quarter, concerns over downside risks to the global economy increased due to trade friction caused by US protectionist policies and geopolitical risks in Asia and elsewhere. In Japan, corporate earnings remained solid, but the outlook became increasingly uncertain due to successive natural disasters and uncertainty in the global economy.」

「During the three months ended the first quarter, the global economy was at risk of slowing due to trade friction caused by US protectionist policies and geopolitical risks in Asia and elsewhere, despite continued gradual expansion. In Japan, corporate earnings remained solid, but the outlook became increasingly uncertain due to uncertainty in the global economy.」

「During the fiscal year, the global economy remained uncertain despite continued gradual expansion, due to US economic policy developments and geopolitical risks in Asia and elsewhere.」

「During the nine months ended the third quarter, the global economy continued to grow gradually, mainly driven by the US, but remained uncertain due to policy developments in Europe and the US and geopolitical risks in East Asia and elsewhere. In Japan, corporate earnings remained solid, but private consumption fluctuated, and the outlook could not be viewed optimistically amid uncertainty in the global situation.」

「During the six months ended the second quarter, the global economy was recovering gradually, but concerns remained over US policy developments and geopolitical risks in East Asia and elsewhere, making the outlook increasingly uncertain. In Japan, corporate earnings remained solid and private consumption was gradually recovering, but the situation remained unpredictable due to uncertainty in the global situation.」

「During the three months ended the first quarter, the global economy remained difficult to assess, as the US continued to see improvements in employment and income conditions, while economic recoveries in emerging and resource-rich economies remained sluggish and geopolitical risks continued to be a concern. In Japan, corporate earnings remained solid, but the outlook was not optimistic due to uncertainty in the global situation.」

「During the fiscal year, the global economy was not in a position to be viewed optimistically due to concerns over the UK’s withdrawal from the EU, the economic slowdown in emerging economies, and geopolitical risks, including terrorism and conflicts, despite continued improvements in employment and income conditions in the US and elsewhere. In Japan, corporate earnings remained solid, but the outlook became increasingly uncertain due to uncertainty in the global situation.」

「During the nine months ended the third quarter, the global economy became increasingly uncertain due to concerns over anti-globalization, the expansion of protectionism, and geopolitical risks, including terrorism and conflicts, despite improvements in employment and income conditions in the US and Europe.」

「During the six months ended the second quarter, the global economy lacked momentum due to the economic slowdown in emerging economies and geopolitical risks, including terrorism and conflicts, although the US and European economies were on a gradual recovery trend amid improving employment and income conditions.」

「The global economy remained unpredictable due to geopolitical risks, including the UK’s withdrawal from the EU, the economic slowdown in emerging economies, terrorism and conflicts, although the US economy was on a gradual recovery trend.」