Yen Appreciation, Declining Share Prices and Uncertainty over the Outlook Following the UK's Withdrawal from the EU

「During the consolidated fiscal year, Japan’s economy followed a gradual recovery trend amid improvements in employment and income conditions. However, heightened geopolitical risks, including escalating tensions in the Middle East, and concerns over continued inflation further increased caution about the outlook.」

「Crude oil prices surged from toward the end of the fiscal year amid escalating tensions in the Middle East. The challenging business environment is expected to continue.」

「During the interim consolidated accounting period, Japan’s economy followed a gradual recovery trend amid improvements in employment and income conditions. However, concerns over continued inflation and US policy developments heightened uncertainty about the outlook.」

「During the six-month period, Japan’s economy followed a moderate recovery trend as employment and income conditions improved. However, uncertainty about the future remained due to concerns over rising prices, the situation in the Middle East, and volatility in financial and capital markets.」

「During the nine-month period ended the third quarter, Japan’s economy followed a moderate recovery trend as economic and social activity normalised following the reclassification of COVID-19 as a Class 5 disease under the Infectious Diseases Control Law. However, uncertainty about the future remained due to concerns about volatility in financial and capital markets and the increasingly tense international situation.」

「During the six-month period ended the second quarter, Japan’s economy entered a moderate recovery trend as economic and social activity normalised further following the reclassification of COVID-19 as a Class 5 disease under the Infectious Diseases Control Law. However, uncertainty about the future continued due to the effects of global monetary tightening and concerns about a slowdown in the Chinese economy.」

「During the three-month period ended the first quarter, Japan’s economy followed a recovery trend as social and economic activity normalised following the COVID-19 pandemic. In the road-construction industry, orders for construction work remained firm due in part to the government’s promotion of disaster prevention, disaster mitigation, and national resilience measures. However, the business environment remained uncertain, with raw-material and fuel prices continuing to stay at high levels.」

「During the nine-month period ended the third quarter, Japan’s economy showed signs of recovery from the downturn caused by COVID-19. However, uncertainty about the future continued due to rising resource and energy prices stemming from Russia’s invasion of Ukraine and sharp foreign-exchange fluctuations.」

「During the six-month period ended the second quarter, Japan’s economy showed signs of recovery as the effects of COVID-19 eased. However, uncertainty about the future continued due to rising resource prices associated with the worsening situation in Ukraine and rapid yen depreciation.」

「During the three-month period ended the first quarter, Japan’s economy showed some signs of recovery as the effects of COVID-19 eased. However, global resource prices remained high and supply chains continued to be disrupted against a backdrop of the prolonged situation in Ukraine and restrictions on economic activity in China, leaving the economy in an uncertain environment.」

「During the fiscal year, Japan’s economy generally remained in a difficult situation as the prolonged effects of COVID-19, the spread of infection, semiconductor shortages, and disruptions to parts supply chains caused production activity to stagnate. In addition, resource prices rose further amid escalating tensions surrounding Ukraine, and vigilance regarding the outlook intensified toward the end of the fiscal year.」

「During the nine-month period ended the third quarter, Japan’s economy was generally in a difficult situation as the effects of COVID-19 continued for an extended period and there was still no clear prospect of its containment.」

「During the six-month period ended the second quarter, Japan’s economy remained in a difficult situation as the effects of COVID-19 continued for an extended period.」

「During the nine-month period ended the third quarter, the effects of COVID-19 continued for an extended period, and Japan’s economy remained in a difficult situation.」

「During the six-month period ended the second quarter, the effects of COVID-19 continued for an extended period, and Japan’s economy remained in a difficult situation.」

「During the three-month period ended the first quarter, Japan’s economy was in an extremely difficult situation as the spread of COVID-19 caused economic activity to stagnate.」

「During the fiscal year, Japan’s economy followed a moderate recovery trend, supported by improving employment and income conditions. However, economic sentiment deteriorated due to the prolonged US-China trade friction, typhoon damage, and the consumption-tax increase, and toward the end of the fiscal year, the spread of COVID-19 forced economic activity to contract or cease in many parts of the world, rapidly deepening the sense of stagnation.」

「During the nine-month period ended the third quarter, Japan’s economy was affected by the slowdown in overseas economies accompanying prolonged US-China trade friction, as well as typhoon damage and the consumption-tax increase. Although sentiment deteriorated, the economy generally followed a moderate recovery trend, partly due to the effects of various government policies.」

「During the six-month period ended the second quarter, Japan’s economy was affected by the prolonged US-China trade friction and slowing overseas economies, resulting in stagnation in exports and production. However, supported by resilient domestic demand, particularly personal consumption and capital investment, the economy followed a moderate recovery trend.」

「During the three-month period ended the first quarter, Japan’s economy generally followed a moderate recovery trend, supported by domestic demand such as capital investment and personal consumption, despite some effects of slowing overseas economies, particularly China, on exports and production.」

「During the fiscal year, Japan’s economy generally followed a moderate recovery trend centred on domestic demand, despite some effects of slowing overseas economies, particularly China, on exports and production.」

「During the nine-month period ended the third quarter, Japan’s economy faced growing concern about overseas risks, including US-originated trade friction and a slowdown in the Chinese economy. However, supported by strong corporate earnings and continued improvement in employment and income conditions, the economy generally followed a moderate recovery trend.」

「During the six-month period ended the second quarter, Japan’s economy faced growing concerns about an economic slowdown amid heightened vigilance over developments in trade issues. However, supported by strong corporate earnings, capital investment and employment conditions continued to improve, and the economy generally followed a moderate recovery trend.」

「During the fiscal year, Japan’s economy generally followed a moderate recovery trend due to the effects of government and Bank of Japan policies. However, amid numerous concerns, including the UK’s EU withdrawal issue and policy developments under the new US administration, uncertainty about the future increased.」

「During the nine-month period ended the third quarter, Japan’s economy generally followed a moderate recovery trend, supported in part by the effects of various government and Bank of Japan policies. However, financial markets showed unstable movements due to the UK’s EU withdrawal issue and the US presidential election, resulting in an environment of heightened uncertainty about the future.」

「The outcome of the referendum approving the UK’s withdrawal from the EU led to further yen appreciation and falling share prices, resulting in an environment of even greater uncertainty about the future.」