Declining real estate and private-sector capital investment amid changing economic conditions

「We recognize that the outlook is likely to remain uncertain due to the impact of rising prices on personal consumption, heightened geopolitical risks, and fluctuations in energy prices, foreign exchange rates, and interest rates.」

「During the interim consolidated accounting period, the Japanese economy entered a gradual recovery trend, with personal consumption recovering as employment and income conditions improved and capital investment showing signs of recovery as corporate earnings improved. However, the economic outlook remained uncertain due to unstable international conditions and the impact of US trade policy, particularly on the manufacturing sector.」

「During the interim consolidated accounting period, Japan's economy recovered moderately, with corporate earnings improving and signs of a recovery in capital investment. However, the economic outlook remained uncertain due to rising geopolitical risks, including heightened tensions in the Middle East, and concerns about an economic downturn associated with monetary tightening in various countries.」

「However, the economic outlook remained uncertain due to factors including persistently high resource and energy prices resulting from prolonged geopolitical risks.」

「However, the economic outlook remained uncertain due to factors including soaring resource and raw-material prices resulting from prolonged geopolitical risks and a slowdown in the global economy caused by global monetary tightening and other factors.」

「Meanwhile, the economic outlook remained uncertain due to factors including trends in persistently high resource and energy prices, as a result of the impact of global monetary tightening and prolonged geopolitical risks stemming from the situation in Ukraine.」

「Meanwhile, domestic economic conditions remained uncertain due to the impact of the sharp depreciation of the yen, in addition to rising energy and raw-material prices resulting from prolonged geopolitical risks.」

「During the first six months of the fiscal year, the Japanese economy continued to show signs of recovery as measures against COVID-19 progressed and economic activity normalized. However, soaring raw-material prices caused by geopolitical risks and the depreciation of the yen, together with the resulting impact on supply chains, intensified, and the economic outlook remained uncertain.」

「However, the outlook for the economy remained uncertain due to factors including the sharp rise in resource and raw-material prices, concerns over geopolitical risks that had emerged, and the rapid depreciation of the yen.」

「During the fiscal year, the Japanese economy showed signs of recovery, including improving corporate earnings, particularly in the manufacturing sector, and a recovery in personal consumption, as efforts progressed to balance measures against COVID-19 with economic activity amid the prolonged impact of the pandemic. However, the outlook remained uncertain due to factors including soaring resource prices and rising geopolitical risks.」

「During the first nine months of the fiscal year, the Japanese economy remained uncertain about the outlook. Although signs of recovery in business performance, particularly in the manufacturing sector, and personal consumption emerged as vaccination progressed and restrictions on activities were eased, concerns remained over the spread of infections due to the emergence of new variants, while the end of the COVID-19 pandemic was still not in sight.」

「Although signs of recovery in business performance emerged, particularly in the manufacturing sector, as the impact of the prolonged COVID-19 pandemic continued, personal consumption remained weak and the challenging environment persisted.」

「In the construction industry, public investment remained firm and housing investment showed signs of recovery, while private-sector capital investment remained sluggish. Consequently, construction investment overall remained weak.」

「Economic activity stagnated due to the impact of COVID-19, causing personal consumption and corporate earnings to deteriorate, and the challenging environment continued.」

「During the first nine months of the fiscal year, the Japanese economy remained challenging overall, although some signs of recovery emerged following the lifting of the state of emergency declared in response to the spread of COVID-19, partly due to the effects of various government policies.」

「In the construction industry, public investment remained firm, but companies' appetite for private-sector capital investment declined as corporate earnings deteriorated, while residential investment remained weak due to worsening employment and income conditions. As a result, overall construction investment lacked momentum.」

「In the construction industry, public investment remained firm, but private-sector capital investment became more cautious against the backdrop of declining corporate earnings, while housing investment lacked strength due to the deterioration in employment and income conditions. As a result, the outlook for construction investment overall became uncertain.」

「During the first nine months of the fiscal year, the Japanese economy remained on a gradual recovery trend against the backdrop of improving employment and income conditions, but remained uncertain about the outlook due to factors including US-China trade friction and the UK's EU withdrawal issue.」

「During the first six months of the fiscal year, the Japanese economy remained on a gradual recovery trend, supported by high levels of corporate earnings and strong personal consumption against the backdrop of improving employment and income conditions, although uncertainty about the economic outlook increased due to factors including US-China trade friction.」

「During the first quarter of the fiscal year, the Japanese economy remained on a gradual recovery trend, supported by high levels of corporate earnings and continued improvements in employment and income conditions, although concerns about downward pressure on the economy, including intensifying US-China trade friction, remained.」

「If changes in economic conditions in Japan and overseas lead to reduced appetite for real estate investment, including housing, or the scaling back or postponement of private-sector capital investment, or if the implementation of policies and budgetary measures by the national or local governments for public works affects the performance of our group, this may affect our group's performance.」

「During the first nine months of the fiscal year, the Japanese economy remained on a gradual recovery trend, supported by strong corporate performance and a recovery in personal consumption against the backdrop of improving employment and income conditions.」

「During the first six months of the fiscal year, the Japanese economy remained on a gradual recovery trend, supported by strong corporate performance and a recovery in personal consumption against the backdrop of improving employment and income conditions.」

「During the first quarter of the fiscal year, the Japanese economy remained on a gradual recovery trend as corporate performance and employment and income conditions improved.」

「During the first nine months of the fiscal year, the Japanese economy remained on a gradual recovery trend, with personal consumption showing signs of recovery as corporate earnings and employment and income conditions improved against the backdrop of the government's fiscal policy and the Bank of Japan's monetary policy.」

「During the first six months of the fiscal year, the Japanese economy remained uncertain due to the impact of policy developments in Europe and the United States and heightened geopolitical risks in East Asia, but overall remained on a gradual recovery trend, as corporate earnings improved and employment conditions and personal consumption showed signs of recovery.」

「During the first quarter of the fiscal year, the Japanese economy remained uncertain due to policy developments in Europe and the United States and unstable international conditions, particularly in East Asia, but overall remained on a gradual recovery trend, supported by improving corporate earnings and employment and income conditions.」

「Meanwhile, the outlook remained uncertain due to factors including uncertainty in overseas economies, such as an economic slowdown in China and emerging Asian economies, and sharp volatility in financial and capital markets following the US presidential election.」

「Meanwhile, the outlook remained uncertain due to factors including an economic slowdown in China and emerging Asian economies and the impact of the UK's decision to leave the European Union (EU).」

「Meanwhile, concerns over a slowdown in the global economy resulting from the UK's decision to leave the EU led to falling share prices and a stronger yen, increasing uncertainty about the outlook.」

「If changes in economic conditions in Japan and overseas lead to reduced appetite for real estate investment, including housing, or the scaling back or postponement of private-sector capital investment」