Downward Pressure on the Economy from a Slowdown in Overseas Economies and Volatility in Financial and Capital Markets

「これに加え、ウクライナ情勢の長期化、金利動向や為替相場の変動なども懸念されており、依然として予断を許さない状況が続くものと認識しております。」

「However, the prolonged conflict and tensions in the Middle East could have a broad impact on the global economy through persistently high energy prices and disruptions to international logistics, further increasing uncertainty about the outlook. In addition, concerns include the protracted situation in Ukraine and the impact of rising interest rates and sharp exchange-rate fluctuations, and we recognize that conditions are likely to remain unpredictable.」

「一方で、イラン情勢の緊迫化をはじめとする中東地域の地政学的リスクの高まりや円安基調の影響により、資源・原材料価格の高騰が続き、依然として先行き不透明な状況となっております。」

「Meanwhile, resource and raw material prices remain elevated, partly due to geopolitical tensions, including the protracted situations in Ukraine and the Middle East, and the weaker-yen trend in the foreign exchange market. In addition, concerns over US President Trump's tariff policies, among other factors, mean that the outlook remains uncertain. Looking ahead, the economy is expected to remain on a gradual recovery path. However, in addition to the fragile government base under a minority ruling party, concerns about geopolitical tensions, including the protracted situations in Ukraine and the Middle East, as well as the impact of rising interest rates and sharp exchange-rate fluctuations, and concerns over US President Trump's tariff policies, among other factors, are expected to keep the outlook uncertain.」

「Meanwhile, geopolitical tensions, including the protracted situations in Ukraine and the Middle East, as well as concerns about the impact of rising interest rates and sharp exchange-rate fluctuations, and concerns over US President Trump's tariff policies, among other factors, continue to increase uncertainty about the outlook.」

「Meanwhile, unstable conditions continue, including the protracted Russia-Ukraine situation and heightened tensions in the Middle East. In addition, against a backdrop of a weaker yen in the foreign exchange market, resource and raw material prices remain elevated, leaving the outlook extremely uncertain.」

「Looking ahead, social and economic activity is expected to gradually recover as COVID-19 is reclassified as a Category 5 infectious disease. However, uncertainty about the outlook is increasing due to heightened tensions in the Middle East, the protracted situation in Ukraine, rising resource prices and the rapid depreciation of the yen.」

「Looking ahead, social and economic activity is expected to recover gradually as COVID-19 is reclassified as a Category 5 infectious disease. However, uncertainty about the outlook is increasing due to the prolonged situation in Ukraine, higher resource prices and rapid yen depreciation.」

「Restrictions related to COVID-19 were gradually eased and social and economic activity showed signs of a gradual recovery. However, the outlook remained uncertain due to geopolitical risks including the situation in Ukraine, higher resource prices and rapid yen depreciation.」

「Looking ahead, the path toward the end of the COVID-19 pandemic remains unclear. Together with geopolitical risks including a prolonged situation in Ukraine, higher resource prices, rapid yen depreciation and rising long-term interest rates are increasing uncertainty about the outlook.」

「Looking ahead, although the seventh wave of COVID-19 infections appears to have begun subsiding after peaking in August, concerns remain about the risk of an eighth wave from autumn onward and the possibility of a simultaneous influenza outbreak. Together with worsening conditions in Ukraine and other geopolitical risks, higher resource prices and rapid yen depreciation are increasing uncertainty about the outlook.」

「During the first three months of the consolidated fiscal year, the adverse impact of COVID-19 eased, but the outlook remained uncertain due to geopolitical risks including the situation in Ukraine, higher resource prices and rapid yen depreciation.」

「During the consolidated fiscal year, restrictions on economic activity and weak personal consumption continued due to the impact of COVID-19. Although some signs of recovery were seen, including progress in vaccinations, the economic environment remained uncertain due to the persistently high level of Omicron infections, worsening conditions in Ukraine and geopolitical risks, as well as higher resource prices.」

「During the first nine months of the consolidated fiscal year, restrictions on economic activity and weak personal consumption continued due to the impact of COVID-19. Although some signs of recovery were seen, including progress in vaccinations, the rapid spread of the Omicron variant and the semiconductor supply shortage were becoming more serious, and conditions remained uncertain.」

「During the consolidated fiscal year, economic activity was significantly affected by the global spread of COVID-19 and repeated declarations of a state of emergency in Japan in response to its resurgence. The economy remained in an uncertain state.」

「During the first nine months of the consolidated fiscal year, the Japanese economy showed some signs of a gradual recovery as social and economic activity resumed after the sharp deterioration caused by the spread of COVID-19. However, uncertainty about the outlook intensified again due to the resurgence of COVID-19 in Japan and overseas.」

「During the first half of the consolidated fiscal year, the Japanese economy deteriorated rapidly in both domestic and external demand due to the spread of COVID-19. Following the full lifting of the state of emergency, a gradual return to life before the spread of COVID-19 was expected, but concerns about a resurgence of infections and economic uncertainty remained significant, and the outlook continued to be uncertain.」

「During the first three months of the consolidated fiscal year, the Japanese economy deteriorated rapidly in both domestic and external demand due to the spread of COVID-19. Following the full lifting of the state of emergency on 25 May, a gradual return to life before the spread of COVID-19 was expected, but concerns about a resurgence of infections and economic uncertainty remained significant, and the outlook continued to be uncertain.」

「During the consolidated fiscal year, the Japanese economy was on a gradual recovery track, supported by improving employment and income conditions. However, recession risks were increasing and the outlook remained uncertain due to the reaction to front-loaded demand ahead of the consumption tax increase, a succession of natural disasters and the impact of economic fluctuations in Japan and overseas caused by the spread of COVID-19.」

「During the first nine months of the consolidated fiscal year, the Japanese economy remained on a gradual recovery track, supported by improving employment and income conditions. However, the economic outlook remained uncertain, with recessionary pressures increasing due to uncertainty over the United Kingdom's EU withdrawal negotiations, concerns about the impact of U.S. trade policy, the reaction to front-loaded demand ahead of the consumption tax increase and the economic impact of a succession of natural disasters.」

「During the first half of the consolidated fiscal year, the Japanese economy remained on a gradual recovery track, supported by improving employment and income conditions. However, the economic outlook remained uncertain due to uncertainty over the United Kingdom's EU withdrawal negotiations, concerns about the impact of U.S. trade policy and the economic impact of a succession of natural disasters.」

「During the first three months of the consolidated fiscal year, the Japanese economy remained on a gradual recovery track, supported by improving employment and income conditions. However, the economic outlook remained uncertain due to uncertainty over the United Kingdom's EU withdrawal negotiations, concerns about the impact of U.S. trade policy and the scheduled consumption tax rate increase in October this year.」

「Looking ahead, although a gradual economic recovery is expected as employment and income conditions continue to improve and various policies take effect, concerns remain about the impact of a consumption tax rate increase, trade issues, uncertainty in overseas economies and volatility in financial and capital markets.」

「On the other hand, the economic outlook remains uncertain due to uncertainty over the United Kingdom's EU withdrawal negotiations and concerns about the impact of U.S. trade policy.」

「On the other hand, the economic outlook remains uncertain due to concerns about the impact of U.S. trade policy and the economic impact of a succession of natural disasters.」

「On the other hand, the outlook is expected to remain uncertain, with concerns about uncertainty in overseas economies and instability in foreign-exchange and stock markets.」

「During the consolidated fiscal year, the Japanese economy remained on a gradual recovery track, supported by strong corporate earnings and improving employment and income conditions. However, the outlook remained uncertain due in part to the impact on the domestic economy of policy developments under the U.S. administration and geopolitical risks in neighboring countries.」

「During the first half of the consolidated fiscal year, the Japanese economy remained on a gradual recovery track, supported by capital investment driven by strong corporate earnings and improving employment conditions, despite uncertainty about the outlook arising from uncertainty in overseas economies and heightened political uncertainty.」

「On the other hand, the outlook is expected to remain uncertain, with developments in monetary policy in Europe and the United States and the United Kingdom's EU withdrawal negotiations expected to face difficulties.」

「Looking ahead, although uncertainty in overseas economies and volatility in financial and capital markets pose risks of weighing on the economy, a gradual economic recovery is expected as employment and income conditions continue to improve and various policies take effect.」

「During the first nine months of the consolidated fiscal year, the Japanese economy was on a gradual recovery track, supported by government economic policies and other factors. However, the outlook remained uncertain due to uncertainty in overseas economies arising from slowdowns in China and emerging markets, the United Kingdom's EU withdrawal issue and the change of administration in the United States.」

「During the first half of the consolidated fiscal year, the Japanese economy showed signs of a pause in its recovery, as personal consumption stagnated and foreign-exchange and stock markets became unstable following the United Kingdom's departure from the EU. In addition, the outlook remains uncertain, as a slowdown in emerging-market economies and yen appreciation have weighed on corporate earnings.」

「On the other hand, the outlook remained uncertain, with economic slowdowns in the United States, emerging markets and elsewhere, and the yen strengthening in response to the United Kingdom's issue of leaving the European Union (EU).」

「Although there are risks that concerns over a slowdown in overseas economies and volatility in financial and capital markets could weigh on the economy,」