Uncertainty over the outlook due to yen appreciation, falling stock prices and a slowdown in emerging-market economies

「However, it is necessary to pay close attention to the effects that the situation in the Middle East and fluctuations in the financial and capital markets may have on Japan's economy going forward.」

「Internationally, the situation in the Middle East and the impact of US trade policies have caused deterioration in the supply of resources and sharp price increases, increasing global uncertainty through global inflation, economic deterioration and various other factors.」

「However, it is necessary to pay close attention to the effects that the situation in the Middle East, continued inflation and U.S. trade policy may have on Japan's economy going forward.」

「Regarding the outlook, a continued gradual recovery is expected alongside improvements in employment and income conditions, but sufficient attention should be paid to the impact on Japan's economy of continued price increases and the future impact of US trade policies.」

「Internationally, worsening geopolitical conditions have caused deterioration in the supply of resources and sharp price increases, increasing global uncertainty through global inflation, economic deterioration and various other factors. Domestically, the economy has remained on a gradual recovery track due to improvements in capital investment and employment conditions, but the outlook has become uncertain due to the impact of surging construction-material prices and labor shortages.」

「Regarding the outlook, a continued recovery is expected alongside improvements in corporate earnings, but sufficient attention should be paid to the impact on Japan's economy of persistently high interest rates in Europe and the US, stagnation in China's property market, and developments in the Middle East.」

「Regarding the outlook, a continued gradual recovery is expected as employment and income conditions improve, supported by the effects of various policies. However, amid global instability, a downturn in overseas economies, including the impact of global monetary tightening and concerns about the outlook for the Chinese economy, poses a risk of putting downward pressure on Japan's economy. Sufficient attention should be paid to the impact of rising prices due to the weaker yen and surging raw material prices, as well as the impact of volatility in financial and capital markets.」

「Regarding the outlook, a continued gradual recovery is expected, supported by the effects of various policies. However, a downturn in overseas economies poses a risk, and sufficient attention should be paid to the impact of rising prices, volatility in financial and capital markets and other factors.」

「However, attention should be paid to the impact of global monetary tightening and downside risks arising from rising prices and other factors.」

「Japan's economy during the fiscal year under review was gradually recovering, led by personal consumption and capital investment. However, the possibility that rising prices and other factors could cause a downturn, and the risk that the effects of global monetary tightening to curb inflation could put downward pressure on Japan's economy, remain concerns. Sufficient attention should also be paid to the impact of supply-side constraints and volatility in financial and capital markets.」

「Meanwhile, as global monetary tightening and other factors continue, a downturn in overseas economies poses a risk of putting downward pressure on Japan's economy, and sufficient attention should be paid to the impact of rising prices, supply-side constraints and volatility in financial and capital markets.」

「Meanwhile, sufficient attention should be paid to the risk of a slowdown in the global economy as global monetary tightening continues, as well as to the impact of financial and capital markets, including rising domestic corporate and consumer prices, supply-side constraints and sharp foreign exchange fluctuations.」

「Regarding the outlook, the economy is expected to recover as economic and social activity normalizes, supported by the effects of various policies, but sufficient attention should be paid to downside risks from rising raw material prices and supply-side constraints, as well as foreign exchange fluctuations and other factors, amid uncertainty due to the situation in Ukraine and concerns about the impact of restrictions on economic activity in China.」

「However, concerns increased regarding uncertainty due to the situation in Ukraine and other factors, rising raw material prices, and downside risks arising from supply-side constraints.」

「Japan's economy during the cumulative third quarter under review saw personal consumption begin to recover as the difficult conditions caused by COVID-19 gradually eased. Regarding the outlook, a continued recovery is expected as economic and social activity moves toward normalization, supported by the effects of various policies and improvements in overseas economies, but sufficient attention should be paid to downside risks from supply-side constraints and trends in raw material prices, as well as the impact of COVID-19, including variants.」

「Regarding the outlook, a continued recovery is expected as measures are implemented to prevent the spread of COVID-19 and vaccinations are promoted, with support from the effects of various policies, but sufficient attention should be paid to the impact on domestic and overseas economies of developments related to the disease and the increasing downside risk through supply chains.」

「Japan's economy during the cumulative first quarter under review showed signs of recovery, but remained in a difficult situation as some areas of personal consumption remained weak due to the impact of COVID-19. Regarding the outlook, a continued recovery is expected as measures are implemented to prevent the spread of COVID-19 and vaccinations are promoted, with support from the effects of various policies, but sufficient attention should be paid to the impact of developments related to the disease on domestic and overseas economies.」

「Japan's economy during the fiscal year under review was stagnant in terms of economic and social activity due to the spread of COVID-19, including a decline in inbound demand and broad-based restraint on domestic consumption. However, as the level of socioeconomic activity was raised while measures were implemented to prevent the spread of infection, and with the effects of various policies, capital investment showed signs of recovery and the economy remained on a gradual recovery track. Nevertheless, difficult conditions continued, including weakness in personal consumption due to the renewed spread of COVID-19.」

「Regarding the outlook, a recovery is expected as the effects of various policies take hold while measures are implemented to prevent the spread of COVID-19, but sufficient attention should be paid to the risk of further downside in domestic and overseas economies, particularly as a new state of emergency was declared following the renewed spread of COVID-19.」

「The situation requires monitoring of the impact of domestic and overseas developments related to COVID-19 and volatility in financial and capital markets.」

「Japan's economy during the cumulative first quarter under review was in an extremely difficult situation due to the impact of COVID-19, but personal consumption showed signs of recovery following the lifting of the state of emergency, and the economy began to show signs of bottoming out. In addition, the economy is expected to move toward recovery as the effects of various policies take hold. Meanwhile, continued attention is required regarding the impact of domestic and overseas developments related to COVID-19, developments in overseas economies such as US-China trade friction, and volatility in financial and capital markets.」

「With regard to the outlook for Japan's economy, sufficient attention should be paid to the risk that the spread of COVID-19 could cause further downside in domestic and overseas economies.」

「Meanwhile, greater attention should be paid to the deterioration in business sentiment among domestic companies and the impact of developments in trade issues on the global economy, while continued attention is also required regarding the outlook for the Chinese economy, uncertainty over developments and policies in overseas economies, including the UK's withdrawal from the EU, and the impact of rising crude oil prices due to changes in the situation in the Middle East and volatility in financial and capital markets.」

「Meanwhile, greater attention should be paid to the deterioration in business sentiment among domestic companies and the impact of developments in trade issues on the global economy, while continued attention is also required regarding the outlook for the Chinese economy, uncertainty over developments and policies in overseas economies, and the impact of rising crude oil prices and volatility in financial and capital markets.」

「Meanwhile, greater attention should be paid to the impact of developments in trade issues on the global economy, while continued attention is also required regarding the outlook for the Chinese economy, uncertainty over developments and policies in overseas economies, and the impact of volatility in financial and capital markets.」

「With regard to the outlook for Japan's economy, a gradual recovery is expected to continue against the backdrop of stronger domestic demand resulting from various policies, although attention should be paid to the impact on the global economy of developments in US trade issues and to the impact of volatility in financial and capital markets.」

「Careful attention should be paid to the impact on Japan's economy of uncertainty in overseas economies arising from volatility in financial and capital markets and developments in trade issues.」

「Meanwhile, careful attention should be paid to the impact on the economy of uncertainty over economic policies overseas, developments in trade issues and volatility in financial and capital markets, as well as the impact on the economy of a succession of natural disasters in Japan.」

「Meanwhile, continued attention is required regarding uncertainty in overseas economies, developments in trade issues and volatility in financial and capital markets.」

「With regard to the outlook for Japan's economy, a gradual recovery is expected to continue against the backdrop of stronger domestic and overseas demand, although attention should be paid to the slowdown in emerging-market economies, future policies in Europe and the US, and conditions in financial and capital markets.」

「Meanwhile, the economy remained subject to uncertainty due to concerns about the outlook for emerging Asian economies and the impact of uncertainty over economic policies overseas, as well as volatility in financial and capital markets.」

「Meanwhile, the economy remained subject to uncertainty about overseas economies and volatility in financial and capital markets, due to factors including the impact of frequent terrorist attacks in Europe, geopolitical risks in East Asia, and political and economic developments, including US policy rate increases.」

「Meanwhile, the outlook for the economy remained uncertain due to declining approval ratings for the current administration amid domestic political distrust, geopolitical risks in East Asia, increasing volatility in Europe's political situation and concerns about the US administration's policy management.」

「Meanwhile, the outlook remained uncertain due to fluctuations in foreign exchange and equity markets against the backdrop of the UK's withdrawal from the EU and the outcome of the US presidential election.」

「Although the outlook remained uncertain due to the slowdown in emerging-market economies and the UK's withdrawal from the EU, the economy continued on a gradual recovery track.」

「Although the economy was on a gradual recovery track against the backdrop of the government's economic policies, corporate earnings and personal consumption showed signs of stagnation due to the strengthening yen, declining share prices and the impact of the slowdown in emerging-market economies, resulting in an uncertain outlook.」