Downward pressure on the domestic economy from a downturn in overseas economies

「At the same time, the economic outlook remains uncertain due to continued inflation, instability in resource and energy prices, and rising geopolitical risks, particularly in the Middle East.」

「Against the backdrop of developments in US foreign and trade policy and rising tensions in the Middle East, the economic outlook is becoming increasingly uncertain due to fluctuations in energy prices and their impact on supply chains, among other factors, and the situation remains unpredictable.」

「At the same time, in addition to developments in U.S. foreign and trade policy, the heightened tensions in the Middle East have increased uncertainty over the economic outlook due to fluctuations in energy prices and potential effects on supply chains, and the situation remains unpredictable.」

「Meanwhile, in addition to the impact of US trade policy, concerns include higher resource and energy prices resulting from the prolonged war in Ukraine and conflicts in the Middle East, as well as a worsening labor shortage. The economic outlook therefore remains uncertain.」

「During the consolidated fiscal year under review, Japan's economy remained in an uncertain situation. Although corporate sentiment was generally favorable, the economy is expected to slow going forward, and there are also concerns about the impact on the global economy of geopolitical risks, including US tariff policy and the situations in Ukraine and the Middle East.」

「Meanwhile, amid concerns about global monetary tightening and prolonged price increases, real wages are declining and personal consumption is stagnating, leaving the economic outlook uncertain.」

「In the global economy, rising prices resulting from higher raw material and energy prices caused by continuing instability in the international situation are affecting consumer behavior, and the outlook remains uncertain.」

「Meanwhile, there are concerns about an economic slowdown resulting from higher energy and raw material costs and rising prices caused by the prolonged Russian invasion of Ukraine, exchange-rate fluctuations and global monetary tightening. The outlook therefore remains uncertain.」

「Global supply chains for energy, food and resources, among other goods, remain disrupted, and there are no signs that prices will stop rising. In addition, the end of China's zero-COVID policy has led to an explosive increase in new infections, prompting countries to tighten entry restrictions. This is holding back the global economy during its recovery, and developments require close monitoring.」

「While overseas economies have generally recovered from the COVID-19 pandemic, Russia's invasion of Ukraine continues to disrupt global supply chains for energy, food and resources, among other goods. This has caused further price increases and dealt a major blow to the global economy during its recovery, leaving the outlook entirely unforeseeable.」

「Meanwhile, overseas economies had been on a recovery trend as the COVID-19 pandemic subsided, but Russia's invasion of Ukraine disrupted global supply chains for energy, food and resources, among other goods, and caused prices to surge. This dealt a major blow to the global economy during its recovery, leaving the outlook entirely unforeseeable.」

「In overseas economies, some regions that had shown signs of an economic recovery are again facing restrictions on economic activity as infections have rapidly spread due to new COVID-19 variants, and the effects have still not been brought under control.」

「In overseas economies, while some regions are showing signs of an economic recovery as vaccination progresses, other regions are seeing economic activity decline again as infections have resurged due to COVID-19 variants. The COVID-19 pandemic is still not in sight of an end.」

「In overseas economies, while some regions are showing signs of an economic recovery as vaccination progresses, other regions are seeing economic activity decline again as infections have resurged due to COVID-19 variants. An end to the COVID-19 pandemic is still not in sight, and its adverse effects on the global economy continue.」

「During the cumulative consolidated third quarter under review, the global economy remained in a difficult situation as a result of the worldwide COVID-19 pandemic. While some countries have seen economic activity recover as infections subsided, many regions have not seen the outbreak brought under control and have repeatedly imposed restrictions on economic activity, resulting in extremely severe damage from COVID-19. In addition, no opening for resolving the US-China trade friction has emerged because of the disruption surrounding the US presidential election, and concerns remain about the impact on the global economy.」

「During the cumulative consolidated second quarter under review, the global economy deteriorated rapidly and entered a difficult situation as a result of the worldwide COVID-19 pandemic. Although some countries have seen economic activity begin to recover as the first wave of infections subsided, many regions are experiencing a second wave, and the damage caused by COVID-19 has been extremely severe. In addition, amid escalating tensions between the United States and China, the deterioration of corporate earnings, employment and income conditions resulting from the stagnation of economic activity, particularly in export-related sectors, has become apparent in Japan as well.」

「The impact of the COVID-19 pandemic has become apparent in the disappearance of inbound tourism, a decline in personal consumption as people refrained from going out, and deterioration in corporate performance, employment and income conditions resulting from the stagnation of economic activity, particularly in export-related sectors. Although economic activity has been recovering since the lifting of the state of emergency, an end to the pandemic is still not in sight, and we believe it will take time to recover to pre-pandemic levels. The impact of the COVID-19 pandemic has also been substantial on the global economy, raising concerns about a worldwide economic downturn.」

「Since the beginning of the year, the global economy has rapidly stagnated as COVID-19 spread worldwide, and we reached the end of the fiscal year amid a situation in which the outlook was entirely unforeseeable.」

「This is because performance downturns among export-related companies have become apparent, primarily due to a slowdown in the Chinese economy caused by U.S.-China trade friction. Concerns have arisen that the impact on the global economy will expand, requiring continued monitoring of developments.」

「Meanwhile, uncertainty in overseas economies has increased further due to the expansion of U.S.-China trade friction, and attention is required regarding the risk of a downturn in the domestic economy resulting from downward pressure on Japan's economy.」

「The expansion of U.S.-China trade friction is identified as a factor that could cause a downturn in the domestic economy through downward pressure on Japan's economy and weaken companies' appetite for capital investment.」

「During the fiscal year, Japan's domestic economy generally continued to recover moderately. Overseas, however, the effects of U.S.-China trade friction and a slowdown in the Chinese economy have caused performance downturns to become apparent since around autumn, particularly among export-related companies, raising concerns that future developments could have a further adverse effect on the economy as a whole.」

「During the first 3 quarters of the fiscal year, Japan's domestic economy continued to recover moderately. Overseas, however, performance downturns among export-related companies have become apparent since around autumn due to U.S.-China trade friction and a slowdown in the Chinese economy, raising concerns that the impact on the global economy will expand and increasing uncertainty about the outlook.」

「Meanwhile, although some uncertainty about the outlook remained due to trade friction, overseas economies remained firm.」

「Meanwhile, trade friction with other countries stemming from U.S. protectionist policies has become increasingly tangible, and turbulence has been spreading through the global economy.」

「Looking overseas, the year was also marked by spreading turbulence in the global economic environment, including a stronger yen, due in part to the effects of U.S. protectionist policies.」

「During the first 3 quarters of the fiscal year, Japan's economy continued to recover moderately, supported by improvements in corporate earnings and the employment and income environment, as well as a recovery in personal consumption. However, continued attention is required regarding the effects of uncertainty in overseas economies, including geopolitical risks, and volatility in financial and capital markets.」

「Continued attention is required regarding developments in overseas economies, including rising geopolitical risks」

「However, uncertainty in overseas economies has increased due to developments under the new U.S. administration, political conditions in Europe and geopolitical risks in the Middle East and East Asia, and the uncertain environment persists.」

「However, uncertainty about the outlook deepened amid concerns about a slowdown in emerging-market economies, the United Kingdom's withdrawal from the EU and the operation of the new U.S. administration.」

「Meanwhile, continued attention is required regarding the impact on the domestic economy of growing uncertainty in overseas economies, including a slowdown in emerging-market economies, the United Kingdom's withdrawal from the EU and the operation of the new U.S. administration.」

「However, uncertainty about the outlook persists, as concerns about overseas developments, including a slowdown in emerging Asian economies such as China, have deepened and instability in the foreign exchange and equity markets has intensified further.」

「The outlook has become increasingly uncertain due to turbulence in the overseas economic environment caused by a slowdown in emerging-market economies and the United Kingdom's withdrawal from the EU, as well as the effects in Japan of the Kumamoto Earthquake in April and the postponement of the consumption tax increase.」

「Continued attention is required regarding risks of downward pressure on Japan's economy from downturns in overseas economies, including emerging Asian economies such as China and resource-rich countries.」