Uncertainty arising from personal consumption, foreign-exchange and stock-price fluctuations, and the overseas economic slowdown

「The outlook remains uncertain due to an unstable global situation, including the situation in the Middle East, US trade policy, continued price increases, and volatility in the financial and capital markets.」

「The outlook remains uncertain due to an unstable global situation, including the situation in the Middle East, US trade policy, continued price increases, and volatility in the financial and capital markets.」

「The outlook remains uncertain due to an unstable global situation, including persistently high geopolitical risks related to the situation in the Middle East, US trade policy, and stagnation in domestic demand in China.」

「The outlook remains uncertain due to US trade policy, continued price increases, the situation in the Middle East, and volatility in the financial and capital markets, and the company must continue to closely monitor customer business conditions and investment trends.」

「The outlook remains uncertain and carries downside risk due to uncertainty over US economic policy, concerns about the outlook for China's economy, rising prices, the situation in the Middle East, and volatility in the financial and capital markets.」

「The outlook remains uncertain and carries downside risk due to concerns about the economic outlook for Europe, the United States, and China, as well as rising prices, the situation in the Middle East, and volatility in the financial and capital markets.」

「There are also concerns about the impact of overseas economic downturns resulting from the effects of the Bank of Japan's lifting of its negative interest rate policy, continued yen depreciation, global monetary tightening, and concerns about the outlook for China's economy, and the economic outlook remains uncertain.」

「Regarding the economic outlook, a gradual recovery is expected to continue amid improving employment and income conditions and the effects of various government policies. However, overseas economic downturns resulting from prolonged geopolitical risks, rising resource and raw material prices, the effects of global monetary tightening, and concerns about the outlook for China's economy could weigh on Japan's economy, making the outlook difficult to predict.」

「During the third quarter of the consolidated fiscal year, Japan's economy began moving toward normalization as economic activity recovered following the reclassification of COVID-19 to Category 5, and the economy showed signs of a gradual recovery. However, the outlook remains uncertain because overseas economic downturns resulting from prolonged geopolitical risks, rising resource and raw material prices, the effects of global monetary tightening, and concerns about the outlook for China's economy could weigh on Japan's economy.」

「There are concerns that economic slowdown resulting from prolonged geopolitical risks, rising resource and raw material prices, global monetary tightening, and unstable foreign-exchange movements could affect the economy, and the outlook remains uncertain.」

「During the first quarter of the consolidated fiscal year, Japan's economy showed signs of a gradual recovery as restrictions on activity associated with COVID-19 were eased. However, the outlook remained uncertain due to soaring raw material prices resulting from prolonged geopolitical risks and volatility in the financial and capital markets.」

「The outlook remains uncertain, with global monetary tightening driving yen depreciation, soaring resource and energy prices resulting from the Russia-Ukraine situation, shortages of raw materials including semiconductors, and advancing global inflation.」

「However, soaring raw material prices and the sharp depreciation of the yen accompanying accelerating global inflation have affected the consumer price index (all items excluding fresh food), which rose 3.0% year on year in September 2022, also placing a burden on household finances. In addition, concerns over a renewed spread of COVID-19 and geopolitical risks remain, and uncertainty about the outlook continues.」

「However, as the Russia-Ukraine situation has become protracted, soaring resource prices and the yen's depreciation in the foreign-exchange market have continued unabated. As a result, global monetary tightening policies have been implemented, leaving the outlook uncertain.」

「During the first quarter of the consolidated fiscal year, Japan's economy was seeing restrictions on activity eased, including the lifting of priority preventive measures. However, the economic outlook became increasingly uncertain due to foreign-exchange market volatility caused by a sharp depreciation of the yen and soaring resource prices resulting from the Russia-Ukraine situation.」

「Because economic activity was restricted intermittently by the impact of COVID-19, the pace of economic recovery has slowed, with some companies being affected by production cuts and other factors due to semiconductor shortages and supply chain disruptions.」

「There were expectations of economic normalization following the lifting at the end of September of the state of emergency and the priority preventive measures, together with the spread of vaccinations. However, with reports of the spread of infections from new variants, the economic outlook remains uncertain.」

「During the second quarter of the consolidated fiscal year, the global economy could be described as being on a recovery trend due to vaccinations as a measure to prevent COVID-19. However, the emergence of variants also brought signs of renewed infections, and uncertainty continued. In Japan, according to the Bank of Japan's June Tankan survey, business conditions among large manufacturers improved significantly, but although vaccinations progressed, waves of infections spread nationwide and states of emergency were declared over broad areas. As daily life was significantly constrained, the economy remained sluggish and production activity stagnated.」

「During the first quarter of the consolidated fiscal year, the global economy showed signs of recovery, led by the United States and China, where COVID-19 vaccinations were progressing. In Japan, however, vaccinations were lagging. According to the Bank of Japan's April Tankan survey, the outlook for business conditions improved slightly among large manufacturers, but deteriorated from the previous survey among medium-sized and small companies and nonmanufacturers, indicating that conditions remain unpredictable.」

「During the consolidated fiscal year, Japan's economy stagnated under the impact of COVID-19 and subsequently showed some signs of recovery due to the effects of government economic support measures and improvements in overseas economies. However, a state of emergency was declared again in January 2021, and the timing of the pandemic's containment remains unclear, so uncertainty about the outlook continues.」

「During the third quarter of the consolidated fiscal year, Japan's economy showed some signs of recovery due to the effects of government economic support measures and improvements in overseas economies. However, signs of a third wave of infections began to emerge, and the company expects difficult conditions to continue. In the information services industry, demand is expected to increase for the use of cloud services, the development and enhancement of telework environments, and digital transformation (DX). At the same time, uncertain factors are emerging, including restrictions on nonessential investment and delays to development plans caused by declines in customers' revenue.」

「During the second quarter of the consolidated fiscal year, Japan's economy remained in an extremely difficult condition, as personal consumption stagnated and the economy deteriorated rapidly due to the declaration of a state of emergency and requests to refrain from going out following the spread of COVID-19. After the state of emergency was lifted, there were some signs of economic activity resuming as a result of measures such as the Go To campaign, but consumer sentiment did not change significantly and uncertainty continued. / The group will continue to closely monitor the impact of the spread of COVID-19 on its financial condition and operating results.」

「During the first quarter of the consolidated fiscal year, Japan's economy saw domestic consumption decline due to restrictions on going out and the disappearance of inbound demand resulting from the spread of COVID-19, and the economic outlook became increasingly uncertain.」

「During the consolidated fiscal year, Japan's economy benefited from continued favorable employment conditions and gradual growth in personal consumption. However, uncertainty about the economic outlook increased due to overseas economic uncertainty, the consumption tax increase, financial market volatility, and the emergence of COVID-19.」

「Concerns over the impact of natural disasters such as typhoons in Japan, uncertainty surrounding overseas economic conditions, and financial market volatility have increased uncertainty about the economic outlook. Although the environment surrounding the IT industry to which our group belongs remains generally favorable, we recognize that the growth trend is showing some signs of weakening and that the outlook remains uncertain.」

「During the six-month period ended in the second quarter of the current fiscal year, Japan's economy remained on a moderate recovery trend against a backdrop of improving employment and income conditions. However, the outlook remained uncertain due to concerns about trade friction centered on the US and China and anxiety about the European economy.」

「Overseas, uncertainty increased and the outlook became even more uncertain due to the effects of US macroeconomic policy management on the international financial markets and the increasingly pronounced slowdown in external demand resulting from intensifying US-China trade friction.」

「Overseas, although the domestic economy continued to be supported, uncertainty increased from the second half of the year due to slowing external demand resulting from US-China trade friction and other factors, volatility in the international financial and capital markets, and geopolitical risks in neighboring countries, leaving the outlook uncertain.」

「During the nine-month period ended in the third quarter of the current fiscal year, Japan's economy continued on a moderate recovery trend, supported by factors including the fading impact of natural disasters on personal consumption, lower crude oil prices, and firm capital investment. However, uncertainty increased due to slowing external demand, US-China trade friction, volatility in the international financial and capital markets, and geopolitical risks in neighboring countries, leaving the outlook uncertain.」

「Although attention must be paid to increasing uncertainty surrounding US trade policy, volatility in the financial and capital markets, and geopolitical risks in neighboring countries, the global economy continued to remain stable.」

「Against this economic backdrop, our group continued to proactively strengthen its technical capabilities in the latest technologies and conduct sales activities based on them, enabling us to begin doing business with several high-quality companies.」

「Meanwhile, the global economy faces many sources of uncertainty, including developments in China's economy, monetary policy and political conditions in the US and Europe, and rising geopolitical risks in Asia, leaving the outlook persistently uncertain.」

「The outlook for the global economy remains uncertain due to uncertainty over US monetary, foreign exchange, and trade policies, uncertainty associated with the UK's withdrawal from the EU, rising geopolitical risks in the Middle East and East Asia, and the effects of economic slowdowns in China and emerging economies.」

「Meanwhile, the global economy faces many sources of uncertainty, including developments in the new US administration's policies and uncertainty over its monetary, foreign exchange, and trade policies, uncertainty associated with the UK's withdrawal from the EU, downside risks to the economies of China and emerging Asian countries, and rising geopolitical risks in the Middle East and East Asia.」

「However, the global economy faces many sources of uncertainty, including US policy management, the situation in Europe surrounding the UK's withdrawal from the EU, concerns about slower growth in China and emerging-market economies, and geopolitical risks in the Middle East and East Asia, leaving the outlook uncertain.」

「Meanwhile, although the US economy continues to recover, the global economy remains uncertain due to persistent distrust of the new administration, slowing emerging-market economies, geopolitical risks in the Middle East and elsewhere, and the UK's withdrawal from the EU.」

「Meanwhile, the outlook remains uncertain for the global economy due to downside risks in China and emerging Asian economies and uncertainty over future policy resulting from the outcome of the US presidential election.」

「However, uncertainty about the outlook has increased both in Japan and overseas, due domestically to the decision to postpone another consumption tax increase and overseas to the financial market turmoil surrounding the US presidential election scheduled for November this year, the UK's withdrawal from the EU, and the slowdown in China and emerging-market economies. This difficult-to-predict situation continues.」

「There are concerns that sluggish personal consumption and a sharp appreciation of the yen and highly volatile share prices could weigh on corporate earnings and business sentiment. Overseas, the US economy remains firm, but the slowdown in the economies of emerging Asian countries and resource-rich countries has become more pronounced, making the outlook increasingly uncertain.」