Uncertainty over the Outlook Due to the Downturn in Emerging-Market Economies and the UK's Withdrawal from the EU

「The market environment surrounding the company is expected to remain generally favorable due to positive factors including sustained high levels of public investment, continued private-sector equipment and construction investment, and the emergence of specific large-scale redevelopment and renovation projects. At the same time, domestic and overseas social and economic conditions are changing rapidly, with increasing uncertainty over the outlook due to downside risks such as inflation and US trade policy developments and surging crude oil prices resulting from worsening conditions in the Middle East. The markets related to the company also contain risks such as declining willingness to invest in equipment due to inflation.」

「The market environment surrounding the company is expected to remain generally favorable due to positive factors including the continued recovery in public investment and private-sector construction and capital investment, as well as the emergence of specific large-scale redevelopment and renovation projects. However, the company recognizes that negative factors, including persistently high prices for equipment and materials due to the yen's depreciation and a deterioration in the energy environment stemming from geopolitical factors, are likely to persist.」

「During the first 3 quarters of the current fiscal year, the market environment surrounding our group remained uncertain. There were positive signs, including a solid recovery in private-sector construction investment and the crystallization of large-scale redevelopment and renovation projects, but energy prices rose due to geopolitical risks, material and component prices increased as the yen weakened, and delivery problems caused by disruptions in parts of the supply chain continued for longer.」

「The market environment surrounding the company was expected to recover fully from the COVID-19 pandemic due to the recovery of overseas economies, the effects of the government's national resilience measures and large-scale development projects in the Tokyo metropolitan area. However, conditions varied widely by industry as prolonged COVID-19 caused constraints on the supply of materials and components and surging raw material prices, while the situation in Ukraine and other factors created uncertainty over the outlook.」

「During the first 3 quarters of the current fiscal year, Japan's economy showed a mixed picture, with recovery expected from the effects of various policies and improvements in overseas economies, while downside risks from constraints on the supply of materials and components and trends in raw material prices, as well as the impact of COVID-19 variants, also emerged.」

「During the first six months of the current consolidated fiscal year, the impact of COVID-19 continued, while signs of recovery became more apparent due to the acceleration of domestic vaccinations, the effects of various policies and improvements in overseas economies. Conditions varied widely by industry, with both strong and weak areas.」

「During the first three months of the current consolidated fiscal year, signs of recovery emerged in Japan due to the acceleration of domestic vaccinations, the effects of various policies and improvements in overseas economies. However, the impact of COVID-19 continued, including the spread of variants, and the economic outlook remained uncertain.」

「During the consolidated fiscal year, Japan's economy entered a difficult phase as economic activity declined substantially due to the spread of COVID-19. Although measures were taken to contain the spread, including the issuance of two states of emergency, COVID-19 had not yet been brought under control and the economic outlook remained uncertain.」

「During the first nine months of the current consolidated fiscal year, signs of recovery emerged as economic activity was gradually increased after the state of emergency was lifted in May 2020, with the benefit of various policies and other factors. However, following the renewed spread of COVID-19 in December 2020, the economic outlook remained unpredictable and the difficult situation was expected to continue.」

「During the first six months of the current consolidated fiscal year, Japan's economy remained in a difficult state as COVID-19 caused economic activity and personal consumption to stagnate. Although signs of recovery emerged as economic activity was gradually increased while measures were taken to prevent the spread of infection, capital investment and employment conditions had not yet recovered. The future impact of changes in social practices in the with-COVID environment could not be predicted, and the difficult situation was expected to continue.」

「During the first three months of the current consolidated fiscal year, Japan's economy was in an extremely severe state as the spread of COVID-19 severely restricted personal consumption and corporate activity, causing the economy to deteriorate rapidly. After the state of emergency was lifted, economic activity gradually resumed and various measures raised hopes for a recovery. However, infections began to rise again, and the economic outlook remained uncertain as the timing of containment could not be predicted.」

「During the consolidated fiscal year, Japan's economy benefited from a recovery in personal consumption, moderate growth in capital investment and firm public investment. However, it remained uncertain from the second half of the fiscal year onward due to the impact of developments in overseas economies, including US-China trade relations and the EU departure issue, and the increase in the consumption tax rate. In addition, the global spread of COVID-19 from the beginning of the new year caused sentiment to deteriorate sharply, and the difficult economic environment is expected to continue until the outbreak subsides.」

「During the first nine months of the current consolidated fiscal year, Japan's economy benefited from a recovery in personal consumption, moderate growth in capital investment and firm public investment. However, the economic outlook remained uncertain due to developments in overseas economies, including US-China trade relations and the UK's departure from the EU, as well as rising crude oil prices resulting from heightened tensions in the Middle East and the increase in the consumption tax rate.」

「During the first six months of the current consolidated fiscal year, Japan's economy remained on a recovery track due to a recovery in personal consumption, moderate growth in capital investment and firm public investment. However, the economic outlook remained uncertain due to US-China trade relations, developments in overseas economies and rising crude oil prices.」

「During the first three months of the current consolidated fiscal year, Japan's economy recovered moderately due to a recovery in personal consumption, increased capital investment and firm public investment. However, the economic outlook remained uncertain due to developments in US-China trade relations, the outlook for the Chinese economy and developments in overseas economies.」

「During the consolidated fiscal year, Japan's economy recovered moderately as employment and income conditions continued to improve. However, the economic outlook remained uncertain due to intensifying trade friction between the US and China, a slowdown in the Chinese economy and uncertainty in overseas economies.」

「During the first nine months of the current consolidated fiscal year, Japan's economy recovered moderately as employment and income conditions continued to improve and personal consumption continued to recover. However, the economic outlook remained uncertain due to uncertainty in overseas economies, including trade friction between the US and China and the UK's departure from the EU.」

「During the first six months of the current consolidated fiscal year, Japan's economy recovered moderately as employment and income conditions continued to improve. However, the economic outlook remained uncertain due to trade friction resulting from US trade policy and rising crude oil and raw material prices.」

「During the first three months of the current consolidated fiscal year, Japan's economy recovered moderately as employment and income conditions continued to improve. However, the economic outlook remained uncertain due to trade friction resulting from US trade policy and rising raw material prices.」

「During the consolidated fiscal year, Japan's economy recovered moderately as employment and income conditions continued to improve. However, the economic outlook remained uncertain due to numerous concerns overseas, including US policy developments and conditions in East Asia.」

「During the first nine months of the current consolidated fiscal year, Japan's economy recovered moderately as employment and income conditions continued to improve. However, the economic outlook remained uncertain due to numerous concerns overseas, including US policy developments, the UK's departure from the EU and conditions in East Asia.」

「During the first six months of the current consolidated fiscal year, Japan's economy remained on a moderate recovery track as employment and income conditions continued to improve. However, the economic outlook remained uncertain due to numerous concerns overseas, including US policy developments, the UK's departure from the EU and conditions in East Asia.」

「During the first three months of the current consolidated fiscal year, Japan's economy remained on a moderate recovery track as employment and income conditions continued to improve, resulting in the third-longest postwar economic expansion. However, the economic outlook remained uncertain due to numerous concerns overseas, including US policy developments, the UK's departure from the EU and conditions in East Asia.」

「During the first nine months of the current consolidated fiscal year, Japan's economy remained on a moderate recovery track as employment and income conditions continued to improve. However, the economic outlook remained uncertain due to uncertainty in overseas economies, including a slowdown in emerging-market economies.」

「During the first six months of the current consolidated fiscal year, Japan's economy remained on a moderate recovery track as employment and income conditions continued to improve. However, the economic outlook remained uncertain due to unstable factors including downturns in emerging-market economies and the UK's departure from the EU.」