Economic Trends in the United States, China and Emerging Resource-Rich Countries and Uncertainty Over the UK's Exit from the EU

「At the same time, amid growing uncertainty about the outlook, including downside risks to the economy arising from persistently high prices, the unstable international situation resulting from the conflict in the Middle East, and volatility in financial and capital markets, it was necessary to continue monitoring price trends and the economy.」

「Meanwhile, amid growing uncertainty about the outlook, including downside risks to economic activity resulting from continued high prices and the effects of an unstable international situation caused by US trade policy and the conflict in the Middle East, it remained necessary to continue monitoring price trends and the economy.」

「In the global economy, the protectionist tariff policies of the United States and soaring energy prices associated with heightened tensions in the Middle East are downside risks.」

「During the interim consolidated accounting period under review, Japan's economy continued to recover moderately, supported by improvements in employment and income conditions and the effects of various policies. Meanwhile, the continuation of high prices and growing uncertainty about the outlook resulting from US trade policy meant that it remained necessary to closely monitor economic and price trends.」

「During the interim consolidated accounting period under review, Japan's economy recovered moderately due to improvements in employment and income conditions. However, as concerns grew about a downturn in overseas economies due to persistently high interest rates in Europe and the United States, the real estate downturn in China, and rising tensions in the Middle East, it was necessary to closely monitor the impact on Japan's economy and prices.」

「Meanwhile, in the global economy, uncertainty about the outlook continued amid concerns about the effects of global monetary tightening and the outlook for the Chinese economy. It was necessary to closely monitor the impact on Japan's economy and prices.」

「Meanwhile, in the global economy, uncertainty about the outlook continued amid concerns about the effects of global monetary tightening and the outlook for the Chinese economy, while geopolitical risks surrounding Russia and Ukraine, the Middle East and other regions increased. It was necessary to closely monitor the impact on Japan's economy and prices.」

「However, amid concerns about downside risks to overseas economies, including the effects of global monetary tightening, it remained necessary to closely monitor developments in Japan's economy and prices.」

「However, uncertainty about the outlook for the global economy continued, amid concerns about a downturn in economic activity due to growing global inflationary pressures and monetary tightening in Europe and the United States. It was necessary to closely monitor the impact on Japan's economy and prices.」

「Meanwhile, in the global economy, uncertainty about the outlook continued due to the effects of soaring raw material and energy prices and sharp fluctuations in foreign exchange rates, among other factors.」

「Meanwhile, in the global economy, downside risks to economic activity increased due to the prolonged situation in Ukraine and global monetary tightening, among other factors. The situation continued to require close attention to the effects of yen depreciation and soaring energy prices, among other factors.」

「Against this backdrop, in the construction business, which is a core business of the Group, public investment remained firm. Although private-sector capital investment was affected by uncertainty about the economic outlook due to COVID-19, it showed signs of a partial recovery.」

「During the cumulative consolidated period under review, Japan's economy remained difficult, with economic activity constrained by the spread of COVID-19. However, corporate earnings showed signs of recovery as measures to prevent infection were implemented and vaccinations were promoted.」

「During the cumulative consolidated period under review, economic activity in Japan remained constrained by the spread of COVID-19. However, corporate earnings showed signs of recovery due to the effects of various policies and improvements in overseas economies. As the full-scale resumption of economic activity was anticipated, it was necessary to closely monitor the impact of developments in the pandemic on domestic and overseas economies.」

「During the consolidated fiscal year under review, Japan's economy showed signs of a partial recovery in economic activity, supported by the effects of various government economic measures. However, the resurgence of COVID-19 meant that difficult and uncertain conditions continued.」

「Meanwhile, private-sector capital investment was also affected by restrictions on economic activity to prevent the spread of COVID-19. Uncertainty about the domestic economy intensified, and difficult conditions are expected to continue.」

「Concerns about a slowdown in the global economy grew as the COVID-19 pandemic spread, heightening uncertainty. Japan's economic outlook is expected to remain difficult for the time being due to the impact of COVID-19.」

「During the cumulative third quarter of the current consolidated fiscal period, it was necessary to monitor the impact of trends in trade issues between the United States and China and volatility in the financial and capital markets, as well as the impact of the consumption tax increase on consumption. However, Japan’s economy continued on a gradual recovery path against a backdrop of improving corporate earnings and employment and income conditions.」

「During the cumulative second quarter of the current consolidated fiscal period, Japan’s economy continued on a gradual recovery path, with corporate earnings and employment conditions continuing to improve as a result of various government policies. However, it was necessary to monitor the impact of uncertainty regarding trends and policies in overseas economies and volatility in the financial and capital markets.」

「Although uncertainty about the outlook for private-sector construction investment has increased due to the impact of overseas economies, a gradual recovery is expected to continue, centered on investment in the Tokyo metropolitan area.」

「During the current consolidated fiscal period, it was necessary to monitor trends in trade issues between the United States and China, uncertainty in overseas economies as seen in the United Kingdom’s withdrawal from the EU, and trends in Japan’s financial and capital markets. However, Japan’s economy continued on a gradual recovery path, supported by improvements in corporate earnings and employment and income conditions and the effects of various policies.」

「During the cumulative third quarter of the current consolidated fiscal period, it was necessary to monitor trends in trade issues, uncertainty in overseas economies and trends in the financial and capital markets, but Japan’s economy continued on a gradual recovery path against a backdrop of improving corporate earnings and employment and income conditions.」

「During the cumulative second quarter of the current consolidated fiscal period, Japan’s economy entered a gradual recovery phase, with corporate earnings and employment and income conditions continuing to improve, although it was necessary to monitor trends in trade issues and uncertainty in overseas economies.」

「During the first quarter of the current consolidated fiscal period, Japan’s economy remained on a gradual recovery path, with corporate earnings and employment and income conditions continuing to improve, although it was necessary to monitor uncertainty in overseas conditions, including trends in U.S. economic policy, and geopolitical risks.」

「During the cumulative third quarter of the current consolidated fiscal period, Japan’s economy continued on a gradual recovery path. Corporate earnings and employment and income conditions continued to improve as a result of accommodative financial conditions and various government policies, and personal consumption showed signs of recovery, although overseas economic uncertainty and geopolitical risks remained.」

「During the cumulative second quarter of the current consolidated fiscal period, Japan’s economy continued on a gradual recovery path, with corporate earnings and employment conditions continuing to improve as a result of accommodative financial conditions and various government policies, although risks included uncertainty in overseas economies and the impact of trends in the financial and capital markets.」

「During the first quarter of the current consolidated fiscal period, Japan’s economy continued to recover gradually, with corporate earnings and employment conditions continuing to improve as a result of various government policies. However, it was necessary to monitor the impact of uncertainty in overseas economies and trends in the financial and capital markets.」

「However, as forward-looking risks, the company believes it is necessary to monitor economic trends in the United States, the economic impact of the United Kingdom’s withdrawal from the EU, and economic trends in China and emerging resource-rich countries.」