Growing uncertainty over the outlook due to the slowdown in the Chinese economy and the UK's withdrawal from the EU

「While uncertainty in overseas economies continues due to developments surrounding US trade policy and rising tensions in the Middle East, concerns remain that resource prices, price trends, rising labor costs associated with labor shortages and persistently high equipment and materials prices could weigh on the economy.」

「There are many uncertainties affecting the economy, particularly overseas, including the impact of US policy developments such as trade policy and heightened geopolitical risks.」

「Amid increasing instability in the global situation, including the prolonged war in Ukraine and rising tensions in the Middle East, the global economy continues to face downside risks. In addition, concerns remain that deteriorating consumer sentiment against a backdrop of higher prices, weaker personal consumption due to declining real purchasing power, and deteriorating corporate earnings caused by soaring equipment and materials prices and supply constraints associated with labor shortages could reduce companies' willingness to invest in capital equipment. The outlook therefore remains uncertain.」

「Amid increasing instability in the global situation, including the outbreak of a military conflict between Hamas and Israel in October 2023, the global economy continued to face downside risks.」

「On the other hand, the global economy continues to face downside risks, while in Japan, concerns remain that deteriorating consumer sentiment due to higher prices and weaker corporate earnings resulting from soaring equipment and materials prices could restrain capital investment. The outlook therefore remains uncertain.」

「On the other hand, the global economy continues to face downside risks due to monetary policies in various countries and the prolonged situation in Ukraine. In addition, after services consumption associated with the end of the COVID-19 pandemic runs its course, deteriorating consumer sentiment against a backdrop of higher prices, soaring equipment and materials prices, and rising costs including labor costs could worsen corporate earnings and reduce companies' willingness to invest in capital equipment. The outlook therefore remains uncertain.」

「On the other hand, the global economy continues to face downside risks due to monetary policies in various countries and the prolonged situation in Ukraine. In addition, after services consumption associated with the end of the COVID-19 pandemic runs its course, deteriorating consumer sentiment against a backdrop of higher prices and deteriorating corporate earnings due to soaring equipment and materials prices could reduce companies' willingness to invest in capital equipment. The outlook therefore remains uncertain.」

「Geopolitical risks associated with the deteriorating Russia-Ukraine situation became apparent, prompting a renewed recognition of the importance of a stable energy supply and strong investment in renewable energy and decarbonization.」

「On the other hand, concerns include deterioration in consumer sentiment and restraints on capital investment resulting from weaker corporate performance due to soaring energy and raw material prices caused by the prolonged Russia-Ukraine situation and higher prices due to the weaker yen. In addition, a downside risk to Japan's economy is the potential deterioration in overseas economies caused by global monetary tightening, and the outlook remains uncertain.」

「On the other hand, inbound demand remains absent, while pressure for higher prices has intensified due to soaring resource and raw material prices resulting from the escalating Russia-Ukraine situation and the rapid depreciation of the yen. The economic outlook therefore remains uncertain.」

「Following Russia's military invasion of Ukraine in February, concerns have arisen that if the diversification of supply sources for energy, mineral and fishery resources that are highly dependent on Russia, or the procurement of alternative goods, is disrupted, personal consumption could decline through higher consumer prices and capital investment could be restrained as corporate performance deteriorates.」

「The fourth state of emergency was fully lifted on 30 September, and with vaccinations progressing, efforts to balance preventing the spread of infection with economic activity are advancing. The economy is therefore expected to continue recovering moderately, but concerns remain over the impact on each industry of soaring resource prices, including crude oil, and semiconductor shortages, as well as the emergence of a sixth wave due to the global spread of highly transmissible variants. The outlook therefore remains uncertain.」

「The fourth state of emergency was fully lifted on 30 September, and vaccination is progressing, so personal consumption is expected to recover moderately. However, inbound demand is expected to remain weak, exports are expected to remain broadly flat for the time being due to the impact of automobile production cuts caused by semiconductor shortages, and concerns remain over a slowdown in the pace of the global economic recovery and the emergence of a sixth wave. The outlook therefore remains uncertain.」

「Although a partial agreement was reached in the US-China trade negotiations and an escalation of tensions is expected to be avoided, no comprehensive agreement was reached. It is therefore necessary to monitor the risk of renewed tensions and the impact on the global economy and financial and capital markets of political turmoil in Europe and the United States surrounding the UK's withdrawal from the EU. The outlook therefore remains uncertain.」

「On the other hand, in addition to the slowdown in China's economic growth, it is necessary to monitor the impact on the global economy of developments in US-China trade tensions and political turmoil in Europe and the United States surrounding the UK's withdrawal from the EU, as well as the impact of volatility in financial and capital markets. The outlook remains increasingly uncertain.」

「Meanwhile, attention remained necessary regarding the impact on the global economy of slower growth in China, developments in US-China trade friction, and political turmoil in Europe and the United States surrounding the UK's withdrawal from the EU, as well as the impact of volatility in financial and capital markets, leaving the outlook uncertain.」

「Meanwhile, the outlook remained uncertain owing to the escalation of US-China trade friction, political turmoil in Europe and the United States, and turmoil in financial and capital markets caused by higher US interest rates.」

「Meanwhile, the outlook remained uncertain owing to uncertainty in overseas economies, including downside risks in emerging-market economies such as China, protectionist policies such as US tariff increases that disregard international rules and retaliatory measures, and turmoil in financial and capital markets.」

「Meanwhile, uncertainty in overseas economies increased owing to downside risks in emerging-market economies, concerns over US protectionist policy trends and the UK's withdrawal from the EU, and the tense political situation surrounding North Korea's nuclear development, leaving the outlook uncertain.」

「Meanwhile, the outlook remained uncertain owing to uncertainty in overseas economies, including downside risks in emerging-market economies, concerns over US protectionist policy trends and the UK's withdrawal from the EU, and the potential impact on financial and capital markets.」

「In addition, concerns persisted over the domestic economic impact of rising uncertainty surrounding protectionist moves and policy changes in the United States, the UK's withdrawal from the EU, and the slowdown in emerging-market economies including China, leaving the outlook uncertain.」

「However, the outlook became uncertain as, in addition to the issue of the UK's withdrawal from the EU and slower growth in emerging-market economies including China, sharp volatility in financial markets due to the upcoming US presidential election and changes in the economic and foreign policies of European and US countries were anticipated.」

「The appreciation of the yen, political risks in Europe and the United States including the UK's withdrawal from the EU, and slower growth in China caused production and exports in the manufacturing sector to stagnate, while capital investment remained subdued.」

「Meanwhile, the outlook remained uncertain, as concerns grew over the impact of the slowdown in the Chinese economy and the UK's decision to leave the EU, the yen strengthened, equity markets became unstable, and the pace of improvement in corporate earnings was expected to slow owing to worsening business conditions.」