Yen Appreciation and Economic Downturn Driven by China's Economic Slowdown, Brexit and Other Factors

「不安定な為替相場の推移や海外経済の不確実性、さらには原材料・エネルギー価格の動向など、依然として先行き不透明な状況が続いております」

「Meanwhile, the outlook remained uncertain due to rising prices, persistently high raw-material prices, exchange-rate fluctuations, concerns about a slowdown in overseas economies and geopolitical risks.」

「Although a gradual recovery is expected going forward, the environment calls for close attention to the impact of downside risks in the Chinese and European economies, developments surrounding the Middle East, and US policy trends following President Trump's inauguration.」

「Meanwhile, resource prices remained elevated as the situation in Ukraine dragged on and tensions in the Middle East intensified further. Consumer sentiment showed signs of stalling in its improvement due to rising prices, and the economic outlook remained uncertain.」

「During the cumulative second quarter of the fiscal year under review, the Japanese economy was on a recovery trend as social and economic activity normalised following the reclassification of COVID-19. However, domestic prices rose amid the yen's depreciation due to the Japan-US interest-rate differential and soaring energy prices against the backdrop of the prolonged situation in Ukraine, and the outlook remained uncertain.」

「Although signs of a moderate recovery have emerged owing to increased movement of people following the reclassification of COVID-19 as a Class 5 disease, the economic outlook remains uncertain because of higher prices resulting from soaring energy and raw material prices and the impact of global monetary tightening.」

「Meanwhile, the prolonged Russian invasion of Ukraine has kept energy and raw material prices high, while large foreign exchange fluctuations resulting partly from US policy rate hikes have further increased uncertainty over the outlook.」

「Meanwhile, uncertainty over the outlook for the domestic and overseas economies has increased further owing to persistently high energy and raw material prices amid an unstable international situation, as well as historically weak yen levels.」

「During the cumulative second quarter of the current consolidated fiscal year, uncertainty over Japan's economic outlook increased further owing to the rapid resurgence of COVID-19 infections caused by the Omicron variant, soaring energy and raw material prices accompanying the prolonged Russian invasion of Ukraine, and rapid yen depreciation resulting partly from the widening Japan-US interest rate differential.」

「However, the prolonged Russian invasion of Ukraine has driven up global resource and energy prices, while yen depreciation has raised import prices, intensifying their impact on economic activity. The economy therefore remained in a situation where the outlook could not yet be taken for granted.」

「The environment is expected to remain increasingly difficult owing to the spread of COVID-19 and geopolitical risks arising from the situation in Ukraine and other factors.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy was forced to curb economic activity owing to the effects of intermittent declarations of a state of emergency related to COVID-19. Although signs of an economic recovery had gradually begun to emerge as vaccinations progressed, the number of new infections is rapidly rising again owing to the emergence of the new Omicron variant, and the outlook is expected to remain uncertain.」

「Although a recovery is expected as vaccinations progress, supported by the effects of various policies and improvement in overseas economies, uncertainty is expected to continue, including concern over downside risk from a resurgence of infections.」

「Although the rollout of COVID-19 vaccinations began in Japan, raising hopes for an end to the pandemic, the resurgence of infections and the government's reissuance of a state of emergency and implementation of priority preventive measures have continued to significantly affect economic activity, leaving the outlook uncertain.」

「The domestic and overseas spread of COVID-19 resulted in a difficult situation, including continued restrictions on corporate activity and sluggish private consumption. Although progress in vaccinations is expected, closer attention must be paid to the risk of further downside in domestic and overseas economies from a resurgence of infections, and the outlook remains uncertain.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy remained in an extremely difficult situation as COVID-19 continued to depress corporate earnings and worsen the employment environment. Economic activity gradually resumed from late May and a recovery in private consumption was expected, but the third wave of infections emerged, slowing the recovery and leaving the outlook uncertain.」

「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy remained in an extremely difficult situation as the spread of COVID-19 restricted private consumption and corporate activity and forced the postponement of the Tokyo Olympics and the cancellation of various events. Although economic activity gradually resumed after the government lifted the state of emergency, private consumption remained sluggish and restrictions on the international movement of people and goods continued, slowing the recovery, with the outlook remaining uncertain.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy was in an extremely difficult situation owing to the impact of COVID-19 both domestically and overseas, including lower consumer sentiment caused by calls to refrain from going out and a sharp decline in inbound demand. As economic activity declined and corporate earnings also fell rapidly, continued attention must be paid to the risk that measures to prevent the spread of the infection could ultimately cause further downside in domestic and overseas economies, as well as to the impact of fluctuations in financial and capital markets.」

「During the current consolidated fiscal year, Japan's economy remained on a moderate recovery path owing to improvements in the employment and income environment and the effects of various policies. However, in addition to US-China trade friction, the global spread of COVID-19 toward the end of the fiscal year intensified the stagnation of economic activity, and the economy is rapidly deteriorating.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery path as the employment and income environment continued to improve, partly owing to the effects of various economic policies. However, continued attention must be paid to consumer sentiment following the consumption tax rate increase and developments in US-China trade issues.」

「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery path as strong corporate earnings and the effects of various government economic policies supported continued improvement in the employment and income environment. However, continued attention must be paid to the impact on the global economy of rising tensions over trade issues and to the outlook for China's economy.」

「Although continued improvement is expected partly owing to the effects of various government economic policies, continued attention must be paid to the impact of trade issues on the global economy and the outlook for China's economy.」

「Although continued improvement is expected partly owing to the effects of various government economic policies, the outlook for overseas economies, including trade issues, remains uncertain in addition to the unstable international situation.」

「Although the economy is expected to remain firm owing to the effects of various government economic policies, uncertainty over the economic outlook remains owing to the impact of overseas political developments and trade issues on the global economy.」

「Although further recovery in capital investment and private consumption is expected from the effects of various government economic policies, uncertainty over the economic outlook remains owing to the impact of trade issues on the global economy and the economic impact of successive natural disasters.」

「Exports and capital investment are expected to remain firm, but uncertainty over the economic outlook remains owing to concerns over trade friction with China and other regions resulting from US protectionist policies, as well as rising crude oil prices.」

「The outlook is expected to remain firm owing to the effects of various government policies, but continued attention must be paid to developments in financial and capital markets against a backdrop of an unstable international situation and rising protectionism.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy continued on a moderate recovery path as the employment and income environment improved. Although the economy is expected to remain firm, attention must be paid to the impact of developments in domestic and overseas economic policies and fluctuations in financial and capital markets.」

「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery path as corporate earnings and the employment and income environment improved. Although the recovery is expected to continue, attention must be paid to the impact on Japan's economy of developments in the uncertain international situation.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy was on a moderate recovery path as corporate earnings and the employment environment improved, but household thrift remained entrenched and a full recovery in private consumption had yet to materialize, leaving the economic outlook uncertain.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery path, with the employment and income environment improving, but foreign exchange and stock markets were significantly affected by the UK's Brexit issue and the results of the US presidential election, leaving the outlook uncertain.」

「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery path, with the employment and income environment improving, but continued to face an uncertain outlook as concerns over a slowdown in China's economy and the UK's Brexit issue had a significant impact on foreign exchange and stock markets.」

「The yen appreciated rapidly owing to concerns over a slowdown in China's economy and the UK's Brexit issue, among other factors, causing corporate earnings and business sentiment to deteriorate and increasing uncertainty over the outlook.」