Uncertainty over the Economic Outlook Due to Overseas Conditions and Policies

「金融政策による金利水準の上昇や物価上昇、また中東地域を始めとした不安定な国際情勢が続くなか、引き続き今後の状況に注視していく必要があります。」

「It will be necessary to continue monitoring developments related to higher interest-rate levels caused by monetary policy, inflation, and geopolitical risks associated with unstable international conditions, including in the Middle East.」

「雇用・所得環境の改善により緩やかな景気回復が期待されるものの、金融政策による金利水準の上昇や物価上昇、また中東地域を始めとした不安定な国際情勢に伴う地政学リスク等、引き続き今後の状況に注視していく必要があります。」

「During the interim consolidated accounting period under review, consumer spending remained firm and the economy continued to recover gradually, supported by improvements in employment and income conditions and the effects of various government policies. However, it will be necessary to continue monitoring developments in the monetary policies of various countries and geopolitical risks centered on the situation in the Middle East.」

「During the consolidated fiscal year under review, Japan's economy continued to recover gradually as employment and income conditions improved and various government policies took effect. However, it will be necessary to continue monitoring developments related to the new US administration's tariff increases, geopolitical risks centered on the situation in the Middle East, and volatility in the financial and capital markets.」

「During the cumulative third quarter under review, Japan's economy was recovering gradually against a backdrop of the normalization of social and economic activity. However, amid continuing global monetary tightening and other factors, the outlook remained uncertain due to downside risks to the economy from downturns in overseas economies, as well as the impact of inflation and volatility in the financial and capital markets.」

「During the cumulative second quarter under review, Japan's economy was recovering gradually against a backdrop of the normalization of social and economic activity. However, amid continuing global monetary tightening and other factors, the outlook remained uncertain due to downside risks to the economy from downturns in overseas economies, as well as the impact of inflation and volatility in the financial and capital markets.」

「During the cumulative first quarter under review, Japan's economy was recovering gradually as the effects of various government policies took hold. However, amid continuing global monetary tightening and other factors, the outlook remained uncertain due to downside risks to the economy from downturns in overseas economies, as well as the impact of inflation and volatility in the financial and capital markets.」

「The outlook remains uncertain, due to downside risks to the economy from downturns in overseas economies, as well as the impact of inflation and volatility in the financial and capital markets.」

「During the cumulative third quarter under review, Japan's economy was expected to recover as the effects of various government policies took hold under the 'with COVID-19' environment. However, the outlook remained uncertain due to downside risks to the economy from a downturn in overseas economies caused by global monetary tightening and other factors, as well as the impact of inflation and volatility in the financial and capital markets.」

「During the cumulative second quarter under review, Japan's economy remained in an uncertain outlook, amid the continuing impact of COVID-19, including higher raw-material prices and inflation resulting from the prolonged situation in Ukraine, as well as volatility in the financial and capital markets.」

「During the cumulative first quarter under review, Japan's economy remained in an uncertain outlook, with severe conditions continuing due to the impact of COVID-19, along with geopolitical risks arising from the situation in Ukraine and financial-market volatility caused by the sharp depreciation of the yen.」

「During the fiscal year under review, Japan's economy showed signs of recovery, supported by the effects of various government policies, despite the impact of COVID-19. However, amid concerns over geopolitical risks arising from the situation in Ukraine, the outlook remains uncertain.」

「During the first nine months of the current fiscal year, the number of new infections declined sharply as COVID-19 vaccinations progressed, and the state of emergency and related measures were lifted on 30 September 2021. Although signs of a gradual recovery emerged, the renewed spread of infections caused by the new Omicron variant has left the outlook uncertain.」

「During the first half of the current fiscal year, Japan's economy remained difficult due to the impact of COVID-19. Although an economic recovery was expected from progress in vaccinations and the effects of various government policies, difficult conditions continued.」

「Although conditions remain difficult due to the impact of COVID-19, expectations that the pandemic will subside as vaccinations progress and signs of an economic recovery continue. However, the outlook remains uncertain due to concerns over further spread of infections caused by variants and the reissuance of a state of emergency in some regions of Japan.」

「In the global economy, tensions between the US and China have intensified further following the change in the US administration. The worldwide spread of COVID-19 shows no sign of ending, and although vaccination has begun, the outlook for the recovery of economic activity remains uncertain.」

「During the first nine months of the current fiscal year, Japan's economy saw corporate earnings decline sharply and personal consumption fall significantly due to the impact of COVID-19. Although there were signs of improvement in some areas as economic activity gradually resumed, infections began to spread again and the state of emergency was reissued, leaving the outlook uncertain. The global economy also deteriorated rapidly and substantially due to the impact of COVID-19, and with no clear prospect of when the spread of infections would end, extremely difficult conditions are expected to continue.」

「Although there have recently been moves toward a gradual resumption of economic activity, the outlook remains uncertain due to concerns over the prolonged impact of the spread of COVID-19 and its broad effects across various industries. The global economy has also deteriorated rapidly and substantially due to the impact of the spread of COVID-19, in addition to escalating trade friction.」

「During the first quarter of the current fiscal year, Japan's economy deteriorated sharply as personal consumption fell rapidly due to stay-at-home requests and requests from local governments to suspend business operations following the declaration of a state of emergency in response to the spread of COVID-19. Although the state of emergency was lifted, certain restrictions on economic activity and calls for voluntary restraint continued amid lingering infection risks, leaving the outlook uncertain. The global economy also deteriorated rapidly and substantially due to the impact of the spread of COVID-19, in addition to escalating trade friction.」

「The economy continued on a gradual recovery path in the first half, against a backdrop of improving corporate earnings and employment conditions. However, in the second half, uncertainty about the outlook intensified due to successive consumption tax increases and natural disasters such as typhoons, continuing uncertainty in the global economy stemming from the prolonged US-China trade dispute and the UK's departure from the EU, and concerns over the impact of the global spread of COVID-19 on economic activity in Japan and overseas.」

「However, the outlook remains uncertain due to global economic and policy uncertainty resulting from the prolonged US-China trade dispute, confusion surrounding the UK's departure from the EU and heightened tensions in the Middle East, as well as concerns over the impact of natural disasters such as typhoons and a consumption tax increase.」

「However, uncertainty about the economic outlook has increased due to global economic and policy uncertainty resulting from escalating US-China trade friction, the UK's departure from the EU and heightened tensions in the Middle East, as well as the impact of volatility in the financial and capital markets and concerns over a consumption tax increase.」

「However, uncertainty about the economic outlook has increased due to global economic and policy uncertainty resulting from escalating US-China trade friction, the UK's departure from the EU and heightened tensions in the Middle East, as well as the impact of volatility in the financial and capital markets and concerns over a consumption tax increase.」

「However, the outlook for the economy has become uncertain due to downside risks to the global economy arising from the impact of major typhoons, torrential rain and earthquakes that caused disasters across Japan, trade friction resulting from protectionist trade policies by the US and China, political developments in EU countries, and geopolitical risks in Asia and the Middle East.」

「During the cumulative period of the third quarter, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「However, the outlook for the economy remains uncertain due to the effects of large typhoons, torrential rains, earthquakes and other disasters that have affected regions throughout Japan, downside risks to the global economy from trade friction based on protectionist trade policies by the United States and China, and geopolitical risks related to conditions in Asia and the Middle East.」

「During the first quarter of the current fiscal year, Japan's economy continued on a gradual recovery path, supported by government economic policies and the continued monetary easing measures of the Bank of Japan, despite lingering uncertainty over the outlook due to the impact of US economic policies, heightened geopolitical risks in Asia and uncertainty surrounding policies in European countries.」

「During the current fiscal year, Japan's economy continued on a gradual recovery path, supported by government economic policies and the continued monetary easing measures of the Bank of Japan, despite lingering uncertainty over the outlook due to the impact of US economic policies, heightened geopolitical risks in Asia and uncertainty surrounding policies in European countries.」

「During the first nine months of the current fiscal year, Japan's economy continued on a gradual recovery path, supported by government economic policies and the continued monetary easing measures of the Bank of Japan, despite lingering uncertainty over the outlook due to the impact of US economic policies, heightened geopolitical risks in Asia and uncertainty surrounding policies in European countries.」

「During the first half of the current fiscal year, Japan's economy continued on a gradual recovery path, supported by government economic policies and the continued monetary easing measures of the Bank of Japan, despite lingering uncertainty over the outlook due to the impact of US economic policies, heightened geopolitical risks in Asia and uncertainty surrounding policies in European countries.」

「During the first quarter of the current fiscal year, Japan's economy continued on a gradual recovery path, supported by government economic policies and the Bank of Japan's monetary easing measures, despite lingering uncertainty over the outlook due to the impact of US economic policies, economic conditions in emerging Asia and uncertainty surrounding policies in European countries.」

「Although the outlook remained uncertain due to the impact of US economic policies, economic conditions in emerging Asia and uncertainty surrounding policies in European countries, the economy continued on a gradual recovery path, supported by government economic policies and the Bank of Japan's monetary easing measures.」

「Although the outlook remained uncertain due to concerns over slowing growth in emerging Asian economies, the impact of the UK's departure from the EU and caution regarding post-election US policies, the economy continued on a gradual recovery path, supported by government economic policies and the Bank of Japan's monetary easing measures.」

「Although the outlook remained uncertain due to concerns over slowing growth in emerging Asian economies, the impact of the UK's departure from the EU and caution regarding post-election US policies, the economy continued on a gradual recovery path, supported by government economic policies and the Bank of Japan's monetary easing measures.」