Uncertainty over the outlook due to exchange-rate and share-price volatility, China’s economic slowdown and other factors

「During the consolidated fiscal year under review, Japan's economy continued to show signs of a gradual recovery, centered on private consumption, against a backdrop of steady employment conditions and rising wages. However, the outlook remained uncertain due to soaring raw-material and energy prices and rising prices resulting from heightened geopolitical risks, including escalating tensions in the Middle East.」

「In addition to heightened geopolitical risks, including the escalating situation in the Middle East, concerns over U.S. policy developments, surging raw material and energy prices, and the continued rise in prices are expected to keep the outlook uncertain.」

「During the interim consolidated accounting period under review, Japan's economy continued to show signs of a gradual recovery, centered on private consumption, against a backdrop of steady employment conditions and rising wages. However, the expansion of the US's protectionist trade policies, fluctuations in crude oil prices, and higher resource costs resulting from heightened geopolitical tensions have affected corporate performance and household purchasing power, and the outlook remained uncertain.」

「During the consolidated fiscal year under review, Japan's economy continued on a gradual recovery track, supported by improvements in corporate earnings and the employment and income environment. However, the outlook remained uncertain due to rising prices caused by soaring energy and raw-material costs, conditions in Eastern Europe and the Middle East, and US policy developments.」

「During the interim consolidated accounting period under review, Japan's economy continued on a gradual recovery track as economic activity normalized further, with signs of improvement in corporate earnings and the employment and income environment. However, the outlook remained uncertain due to unstable conditions worldwide, including in Ukraine and the Middle East, the continued trend toward yen depreciation, and rising prices caused by soaring energy and raw-material costs.」

「During the consolidated fiscal year under review, Japan's economy saw further normalization of socioeconomic activity as COVID-19 was reclassified as a Category 5 disease under the Infectious Diseases Control Law, and the economy recovered gradually. However, the outlook remained uncertain due to rising prices, including those of raw materials and energy, against a backdrop of the prolonged situation in Ukraine and heightened tensions in the Middle East, as well as the Bank of Japan's review of its monetary easing policy and volatility in financial markets, including foreign exchange and equities.」

「During the third quarter of the current consolidated cumulative period, Japan’s economy recovered gradually as the classification of COVID-19 under the Infectious Diseases Control Law was changed to Category 5, leading to the normalization of social and economic activity. However, the situation in Ukraine and other factors have driven up raw-material and energy prices, while fluctuations in financial markets, including interest rates, foreign exchange and equities, also mean that uncertainty over the outlook continues.」

「During the second quarter of the current consolidated cumulative period, Japan’s economy recovered gradually as the classification of COVID-19 under the Infectious Diseases Control Law was changed to Category 5, leading to the normalization of social and economic activity. However, the prolonged shortage of semiconductors has disrupted the supply of components, while the situation in Ukraine and other factors have driven up raw-material and energy prices. The impact of fluctuations in financial markets, including interest rates, foreign exchange and equities, also means that uncertainty over the outlook continues.」

「During the first quarter of the current consolidated cumulative period, Japan’s economy recovered gradually as the classification of COVID-19 under the Infectious Diseases Control Law was changed to Category 5, leading to the normalization of social and economic activity. However, the prolonged shortage of semiconductors has disrupted the supply of components, while the situation in Ukraine and other factors have driven up raw-material and energy prices. The impact of fluctuations in financial markets, including interest rates, foreign exchange and equities, also means that uncertainty over the outlook continues.」

「During the third quarter of the current consolidated cumulative period, Japan’s economy showed signs of recovery as the easing of restrictions on activity related to COVID-19 led to the normalization of social and economic activity. However, the prolonged shortage of semiconductors has disrupted the supply of components, while the situation in Ukraine and other factors have driven up raw-material and energy prices. The impact of fluctuations in financial markets, including interest rates, foreign exchange and equities, also means that uncertainty over the outlook continues.」

「However, the prolonged shortage of semiconductors has disrupted the supply of components, while the situation in Ukraine and other factors have driven up raw-material and energy prices. The impact of fluctuations in financial markets, including interest rates, foreign exchange and equities, also means that uncertainty over the outlook continues.」

「During the first quarter of the current consolidated cumulative period, restrictions related to COVID-19 were eased and social and economic activity gradually moved toward normalization. However, there is still no clear end in sight for disruptions to component supplies caused by the prolonged semiconductor shortage or for geopolitical risks arising from the situation in Ukraine and other factors, and uncertainty over the outlook continues.」

「However, the prolonged shortage of semiconductors has disrupted the supply of components, and geopolitical risks arising from the situation in Ukraine and other factors mean that uncertainty over the outlook continues.」

「During the third quarter of the current consolidated cumulative period, Japan’s economy remained in a difficult situation as the spread of COVID-19 led to extensions of the state of emergency and priority preventive measures. After the state of emergency was lifted in October, domestic economic activity resumed, but infections with a new variant have recently been spreading rapidly, and uncertainty over the outlook continues.」

「During the second quarter of the current consolidated cumulative period, Japan’s economy remained in a difficult situation as the spread of COVID-19 variants led to extensions of the state of emergency and priority preventive measures. At the same time, there were positive signs, including a higher vaccination rate and the lifting of the state of emergency. However, concerns remain over the renewed spread of infections caused by variants and a prolonged pandemic, and uncertainty over the outlook continues.」

「During the first quarter of the current consolidated cumulative period, COVID-19 vaccinations accelerated, but no signs of the pandemic coming to an end were seen due to the reissuance of the state of emergency and the spread of variants, and uncertainty over the outlook continues.」

「Economic activity gradually resumed after the state of emergency was lifted, but there were no signs that the pandemic was coming to an end, including the reissuance of the state of emergency in some regions, and uncertainty over the outlook continues.」

「During the third quarter of the current consolidated cumulative period, economic activity gradually resumed while measures were taken to prevent the spread of COVID-19. However, the renewed increase in new infections and the prospect of a prolonged pandemic remain concerns, and uncertainty over the outlook continues.」

「During the second quarter of the current consolidated cumulative period, Japan’s economy experienced a rapid slowdown in social and economic activity due to the declaration of a state of emergency in response to the spread of COVID-19. Economic activity gradually resumed after the state of emergency was lifted, but many sources of concern remain, including the renewed increase in new infections and the trend toward a prolonged impact of the pandemic, and uncertainty over the outlook continues.」

「During the first quarter of the current consolidated cumulative period, Japan’s economy was in an extremely difficult situation as the declaration of a state of emergency in response to the spread of COVID-19 caused social and economic activity to slow rapidly. Economic activity gradually began to resume after the state of emergency was lifted, but many sources of concern remain, including a trend toward an increase in new infections, and uncertainty over the outlook continues.」

「During the current consolidated fiscal year, Japan’s economy continued on a gradual recovery path, with progress in improving corporate earnings and the employment and income environment. However, the impact of natural disasters and the COVID-19 pandemic, among other factors, means that uncertainty over the outlook continues.」

「During the third quarter of the current consolidated cumulative period, Japan’s economy continued on a gradual recovery path, with progress in improving corporate earnings and the employment and income environment. However, concerns over an economic slowdown caused by US-China trade friction and the impact of natural disasters mean that uncertainty over the outlook continues.」

「During the second quarter of the current consolidated cumulative period, Japan’s economy continued on a gradual recovery path, with progress in improving corporate earnings and the employment and income environment. However, concerns over an economic slowdown caused by US-China trade friction and the impact of natural disasters mean that uncertainty over the outlook continues.」

「During the first quarter of the current consolidated cumulative period, Japan’s economy continued on a gradual recovery path, with progress in improving corporate earnings and the employment and income environment. However, concerns over an economic slowdown caused by the United Kingdom’s departure from the EU and US-China trade friction mean that uncertainty over the outlook continues.」

「During the third quarter of the current consolidated cumulative period, Japan’s economy continued on a gradual recovery path, with progress in improving corporate earnings and the employment and income environment. However, the impact of a succession of natural disasters in Japan, concerns over an economic slowdown caused by US-China trade friction and the economic slowdown in emerging markets mean that uncertainty over the outlook continues.」

「During the second quarter of the current consolidated cumulative period, Japan’s economy continued on a gradual recovery path, with progress in improving corporate earnings and the employment and income environment. However, the impact of a succession of natural disasters in Japan and concerns over an economic slowdown caused by US-China trade friction mean that uncertainty over the outlook continues.」

「During the first quarter of the current consolidated cumulative period, Japan’s economy continued on a gradual recovery path, with progress in improving corporate earnings and the employment and income environment. However, concerns including instability in global political conditions mean that uncertainty over the outlook continues.」

「During the current consolidated fiscal year, Japan’s economy continued on a gradual recovery path, with progress in improving corporate earnings and the employment and income environment, despite concerns including instability in global political conditions.」

「During the third quarter of the current consolidated cumulative period, Japan’s economy showed a gradual recovery, with progress in improving corporate earnings and the employment and income environment. However, concerns over overseas political conditions and rising geopolitical risks mean that uncertainty over the outlook continues.」

「During the second quarter of the current consolidated cumulative period, Japan’s economy was on a gradual recovery path, with improvements in corporate earnings and the employment environment. However, concerns over overseas political conditions and rising geopolitical risks mean that uncertainty over the outlook continues.」

「During the first quarter of the current consolidated cumulative period, Japan’s economy was on a gradual recovery path, with improvements in corporate earnings and the employment environment. However, uncertainty over overseas political conditions and rising geopolitical risks mean that uncertainty over the outlook continues.」

「During the current consolidated fiscal year, Japan’s economy continued on a gradual recovery path, with improvements in employment and the income environment. However, uncertainty over overseas economies, including the United Kingdom’s departure from the EU and uncertainty over the future policies of the new US administration, means that uncertainty over the outlook continues.」

「During the third quarter of the current consolidated cumulative period, Japan’s economy continued on a gradual recovery path, with improvements in employment and the income environment. However, foreign exchange rates and share prices experienced significant volatility due to factors including the United Kingdom’s departure from the EU and the inauguration of a new president of the United States, and uncertainty over the outlook continues.」

「During the second quarter of the current consolidated cumulative period, Japan’s economy continued on a gradual recovery path, with improvements in employment and the income environment. However, stagnant share prices and the yen’s appreciation, caused by factors including the United Kingdom’s departure from the EU, led to sluggish corporate performance and a pause in personal consumption. Uncertainty over the outlook therefore continues.」

「During the first quarter of the current consolidated cumulative period, Japan’s economy was on a gradual recovery path, with improvements in employment and the income environment. However, stagnant share prices and the yen’s appreciation, caused by factors including the United Kingdom’s departure from the EU, resulted in sluggish corporate performance and a pause in personal consumption. Uncertainty over the outlook therefore continues.」

「Japan’s economy has been affected by a combination of factors, including China’s economic slowdown and lower crude oil prices, and has been characterized by a stronger yen and weaker share prices. Domestic economic indicators also point to a pause in economic activity, and uncertainty over the outlook continues.」