Sluggish Personal Consumption and Volatility in Foreign Exchange and Equity Markets

「During the consolidated fiscal year under review, Japan’s economy maintained a gradual recovery trend against the backdrop of improving employment and income conditions. However, it remained in an uncertain position due to the impact of US trade policy, rising prices and other factors.」

「It remains necessary to pay close attention to the impact of continued price increases on personal consumption through factors such as weaker consumer sentiment, as well as the impact of US policy developments, including trade policy, and the outlook remains uncertain.」

「During the consolidated fiscal year under review, Japan’s economy remained on a path of gradual recovery amid improving corporate earnings, although some weakness persisted in personal consumption and the economy showed signs of recovery recently.」

「During the second quarter of the current consolidated cumulative period, personal consumption showed signs of pausing in its recovery. However, Japan’s economy continued on a path of gradual recovery, supported by improving employment and income conditions and the effects of various policies. Meanwhile, factors that could lead to a downturn in overseas economies were also evident, including the impact of global monetary tightening and concerns over the outlook for the Chinese economy. It remains necessary to pay close attention to the impact of rising prices, developments in the Middle East and fluctuations in financial and capital markets, and the outlook remains uncertain.」

「During the first quarter of the current consolidated cumulative period, Japan’s economy showed improvements in corporate earnings and personal consumption. However, factors that could lead to a downturn in overseas economies were also evident, including global monetary tightening and concerns over the outlook arising from stagnation in China’s property market. It remains necessary to pay close attention to the impact of rising prices, developments in the Middle East and fluctuations in financial and capital markets, and the outlook remains uncertain.」

「During the third quarter of the current consolidated cumulative period, restrictions on socioeconomic activity imposed to prevent the spread of COVID-19 were largely lifted, and the economy continued to recover gradually, supported in part by the effects of various policies. However, downside risks to overseas economies amid continuing global monetary tightening and other factors pose a risk of placing downward pressure on Japan’s economy. It remains necessary to pay close attention to rising prices and fluctuations in financial markets, and the outlook remains uncertain.」

「During the second quarter of the current consolidated cumulative period, Japan’s economy showed signs of recovery, particularly in services-related consumption and inbound demand, due in part to the lifting of priority preventive measures related to COVID-19 and the effects of various policies. However, with global monetary tightening and other factors continuing, it remains necessary to pay close attention to the impact of downside risks to overseas economies, rising prices, supply-side constraints and fluctuations in financial and capital markets, and the outlook remains uncertain.」

「However, with global monetary tightening and other factors continuing, it remains necessary to pay close attention to the impact of downside risks to overseas economies, rising prices, supply-side constraints, fluctuations in financial and capital markets, and developments in COVID-19 infections in China, and the outlook remains uncertain.」

「During the consolidated fiscal year under review, Japan’s economy showed signs of recovery as the impact of COVID-19 eased. However, the outlook for the economy remained uncertain due to the prolonged situation in Ukraine, rising resource prices and inflation accompanying the rapid depreciation of the yen.」

「During the third quarter of the current consolidated cumulative period, the impact of the spread of COVID-19 eased and economic and social activity normalised. Japan’s domestic economy also showed signs of recovery, supported by the effects of various government policies. However, it remains necessary to closely monitor the impact of the prolonged situation in Ukraine, rising raw-material prices, economic and monetary policies in countries around the world, including the US, exchange-rate trends, and a renewed spread of COVID-19, and the outlook remains uncertain.」

「Japan’s domestic economy is expected to recover, supported by the effects of various government policies and improvements in overseas economies. However, it remains necessary to closely monitor the impact of the situation in Ukraine, rising raw-material prices, economic and monetary policies in countries around the world, including the US, exchange-rate trends, and a renewed spread of COVID-19, and the outlook remains uncertain.」

「During the first quarter of the current consolidated cumulative period, the spread of COVID-19 had begun to subside and a recovery in economic activity was expected. However, the emergence of new variants left the outlook for economic activity and the economy uncertain.」

「During the third quarter of the current consolidated cumulative period, weak activity continued, particularly in services consumption, due to the impact of restrictions, including priority preventive measures to prevent the spread of COVID-19. Meanwhile, efforts to promote vaccination continued, and consumption was expected to recover.」

「During the second quarter of the current consolidated cumulative period, Japan’s economy was recovering as measures were taken to prevent the spread of COVID-19. However, economic activity continued to proceed with consideration for infection levels, including restraints on face-to-face services such as dining out, and the uncertain situation is expected to continue.」

「During the third quarter of the current consolidated cumulative period, Japan’s economy was in a difficult situation, with economic activity restricted due to the impact of COVID-19. Following the lifting of the state of emergency, economic activity gradually resumed, and personal consumption showed signs of recovery in areas including dining out and consumer electronics. Although concerns remained over a possible second wave of COVID-19, personal consumption was expected to recover as economic activity normalised.」

「During the second quarter of the current consolidated cumulative period, personal consumption showed signs of recovery following the consumption tax rate increase. However, more recently, restraints on travel, dining out and other activities due to the impact of COVID-19 have continued, and concerns over an economic downturn, particularly in the services sector, remain.」

「During the first quarter of the current consolidated cumulative period, Japan’s economy continued to recover gradually, supported by improvements in employment and income conditions and the effects of various policies, despite concerns over the impact of the consumption tax increase and natural disasters.」

「In the 21st consolidated fiscal year, concerns remained over a slowdown in the global economy due to prolonged trade issues and a slowdown in personal consumption due to the consumption tax increase. However, personal consumption and inbound demand were expected to gain momentum as a result of the Olympic and Paralympic Games, with moderate economic growth expected to continue.」

「During the third quarter of the current consolidated cumulative period, corporate earnings remained at a high level, but production and exports to China weakened, leaving the outlook uncertain, particularly for the manufacturing sector. Going forward, it is considered necessary to pay closer attention to the impact of developments in US-China trade relations on the global economy and to fluctuations in financial and capital markets.」

「During the second quarter of the current consolidated cumulative period, Japan’s economy continued on a path of gradual recovery due to improvements in employment and income conditions, despite a pause in corporate earnings. Overseas economies also showed signs of slowing in some regions, including Europe and China, but overall continued on a path of gradual recovery.」

「During the first quarter of the current consolidated cumulative period, Japan’s economy showed a gradual improvement as employment and income conditions continued to improve. However, personal consumption remained uncertain, raising concerns that this could hinder an upturn in the domestic economy.」

「In the 20th consolidated fiscal year, concerns remained over the impact of trade issues centred on the US, but domestic demand was expected to remain firm, supported by personal consumption and capital investment.」

「During the second quarter of the current consolidated cumulative period, some concern remained over the impact of fluctuations in financial and capital markets on the economy. However, Japan’s economy continued on a path of gradual recovery, supported by increased capital investment accompanying strong corporate earnings, improving employment conditions and a recovery in consumption. Meanwhile, the outlook for overseas economies remained uncertain due to the future direction of US policy and instability in the Chinese and European economies, raising concerns over downward pressure on Japan’s economy.」

「During the first quarter of the current consolidated cumulative period, Japan’s economy showed a gradual improvement, with employment and income conditions continuing to improve and the effective job-openings-to-applicants ratio remaining high. However, the outlook for overseas economies remained uncertain due to policy developments under the new US administration and instability in the Chinese and European economies, raising concerns that this could hinder an upturn in the domestic economy.」

「During the consolidated fiscal year under review, Japan’s economy continued on a path of gradual recovery, supported by the effects of the government’s economic measures and a recovery in personal consumption, while employment conditions continued to improve.」

「The outlook for overseas economies is nevertheless expected to remain uncertain, amid uncertainty in global affairs, including concerns over the US administration and the UK's withdrawal from the EU.」

「The outlook for overseas economies is nevertheless expected to remain uncertain.」

「Overseas economies remained partly uncertain due to slower growth in emerging markets and instability in the European economy.」

「Personal consumption remained firm as employment and income conditions improved. However, despite corporate earnings remaining at high levels, they showed signs of stagnating due to concerns over the outlook for the global economy, including an economic slowdown in China and the UK's withdrawal from the EU, as well as the impact of the stronger yen.」

「Although corporate earnings and employment conditions have been improving, movements in the foreign exchange and equity markets have become increasingly volatile against the backdrop of sluggish personal consumption and concerns over an economic slowdown in emerging markets, leaving the outlook uncertain.」