Sluggish Personal Consumption and Uncertainty over the Outlook Due to Overseas Economic and Geopolitical Factors

「During the interim consolidated accounting period, Japan’s economy showed improvements in employment and income conditions. However, consumer spending remained cautious due to the increased burden on households from prolonged price increases and uncertainty in overseas economies, and the outlook remained uncertain.」

「During the fiscal year, Japan's economy was on a gradual recovery trend, with signs of a pickup in personal consumption against a backdrop of improving employment and income conditions. However, the outlook remained uncertain due to surging energy and raw material prices, prolonged yen depreciation, and unstable international conditions.」

「The outlook remains uncertain due to soaring energy and raw material prices, the prolonged depreciation of the yen in the foreign exchange market and unstable international conditions.」

「During the six-month interim accounting period, Japan's economy remained uncertain, although employment and income conditions were improving. Real wages stagnated due to rising prices, personal consumption remained sluggish as yen depreciation continued, and downside risks to the economy from the impact of U.S. trade policies increased.」

「During the six-month interim accounting period, Japan's economy remained uncertain. Employment and income conditions improved, but risks of a downturn in overseas economies due to rising prices resulting from yen depreciation, unstable global conditions, and global monetary tightening persisted.」

「During the first three months of the fiscal year, Japan's economy remained uncertain, despite a gradual recovery in personal consumption and expanding inbound demand, due to inflation accompanying surging resource prices and rapid exchange-rate fluctuations, as well as the impact of geopolitical risks.」

「During the first nine months of the fiscal year, Japan's economy showed a gradual recovery, with corporate activity and personal consumption recovering and employment and income conditions improving, but uncertainty about the outlook persisted as rising prices heightened consumers' preference for saving.」

「During the first six months of the fiscal year, Japan's economy remained uncertain, as various restrictions on activities were eased following the reclassification of COVID-19, and personal consumption and inbound demand began to recover, while global raw material prices surged and exchange rates fluctuated sharply.」

「During the first three months of the fiscal year, Japan's economy remained uncertain, as restrictions on activities were eased and socioeconomic activity moved toward normalization, while inflation caused by surging raw material and resource prices amid turmoil in global affairs persisted.」

「During the first nine months of the fiscal year, Japan's economy showed signs of a gradual recovery, but uncertainty about the outlook persisted due to the impact of COVID-19, the prolonged Russia-Ukraine conflict, and monetary tightening policies centered on the United States.」

「During the first six months of the fiscal year, Japan's economy remained in an uncertain environment, as the rapid spread of new COVID-19 variants from the beginning of the year was compounded by surging crude oil and raw material prices resulting from the Russia-Ukraine situation, and rapid yen depreciation driven by monetary tightening in the United States.」

「However, uncertainty continued owing to factors including the geopolitical risk of Russia's invasion of Ukraine, the rapid depreciation of the yen, and soaring raw material and resource prices.」

「During the nine-month period ended [the current third quarter], Japan's economy remained uncertain over the outlook. Although the state of emergency was lifted as COVID-19 vaccinations progressed and expectations for an economic recovery increased, concerns remained over a renewed spread of infections.」

「During the six-month period ended [the current second quarter], Japan's economy remained uncertain over the outlook as the spread of variants led to states of emergency being re-declared in some regions, despite progress in COVID-19 vaccinations.」

「During the three-month period ended [the current first quarter], Japan's economy was on a recovery trend in some industries owing to strong overseas economies. However, the outlook remained uncertain, with states of emergency declared in some prefectures.」

「During the fiscal year under review, Japan's economy saw overall economic activity stagnate owing to the spread of COVID-19. Although some recovery was seen following the implementation of various government policies, the outlook remained uncertain.」

「Although economic activity gradually resumed after the state of emergency was lifted and signs of recovery were seen in some areas, some regions experienced a renewed spread of infections, and uncertainty continued.」

「During the six-month period ended [the current second quarter], Japan's economy remained uncertain over the outlook because the spread of COVID-19 affected many corporate activities and consumption trends, with no end to the pandemic yet in sight.」

「During the three-month period ended [the current first quarter], Japan's economy became difficult to forecast owing to the impact of the spread of COVID-19 on many corporate activities and consumption trends, with no end to the pandemic yet in sight.」

「During the nine-month period ended [the current third quarter], Japan's economy remained on a recovery trend against a backdrop of improvements in corporate earnings and the employment environment. Meanwhile, overseas conditions remained uncertain owing to continued tensions surrounding US-China trade friction and geopolitical risks.」

「During the six-month period ended [the current second quarter], Japan's economy remained on a gradual recovery trend, supported by continued improvements in corporate earnings and the employment environment. However, the outlook for the economy remained uncertain owing to factors including uncertainty in overseas economies and US-China trade friction.」

「During the three-month period ended [the current first quarter], Japan's economy remained uncertain over the outlook owing to uncertainty in overseas economic conditions, despite continued improvements in corporate earnings and the employment and income environment.」

「Japan's economy is expected to remain uncertain, although personal consumption is expected to recover gradually against a backdrop of improving corporate earnings and the employment environment, owing to factors including the slowdown in emerging-market economies and the impact of the UK's withdrawal from the EC.」

「During the nine-month period ended [the current third quarter], Japan's economy remained on a gradual recovery trend owing to improvements in corporate performance and employment conditions. However, uncertainty over the economic outlook continued owing to trade friction stemming from US trade policy and geopolitical risks.」

「During the six-month period ended [the current second quarter], Japan's economy remained on a gradual recovery trend against a backdrop of improvements in corporate earnings and the employment environment. However, overseas economies remained uncertain owing to concerns over US trade policy and geopolitical risks.」

「During the three-month period ended [the current first quarter], Japan's economy saw continued gradual recovery in personal consumption owing to improvements in corporate earnings and the employment environment. However, the outlook for overseas economies remained uncertain owing to factors including US administration policies, political risks in Europe and economic trends in Asian countries.」

「Japan's economy is expected to remain on a gradual recovery trend, but uncertainty is expected to continue owing to factors including slower economic growth in emerging countries such as China, the UK's withdrawal from the EU and the impact of the new US administration's policies.」

「During the 12-month period ended [the current fourth quarter], Japan's economy remained on a gradual recovery trend, with improvements in corporate earnings and the employment environment. However, personal consumption remained weak, and uncertainty over the outlook continued.」

「During the nine-month period ended [the current third quarter], Japan's economy remained on a gradual recovery trend, with improvements in corporate earnings and the employment and income environment against the backdrop of government economic measures. However, uncertainty over the outlook continued owing to uncertainty in overseas economies and rising geopolitical risks.」

「During the six-month period ended [the current second quarter], Japan's economy remained on a gradual recovery trend, partly owing to the effects of government economic measures. However, personal consumption remained uncertain, partly because of the rising geopolitical risks resulting from economic stagnation in emerging markets.」

「However, weakness was evident in overseas economies, particularly China, and the outlook remained uncertain owing to concerns that this could weigh on the domestic economy.」

「During the fiscal year under review, Japan's economy remained on a gradual recovery trend, supported by the government's and the Bank of Japan's economic and monetary policies. However, the outlook for the economy remained uncertain owing to concerns over a slowdown in the global economy and issues including the UK's withdrawal from the EU.」

「Amid rising uncertainty in overseas economies, including the UK's withdrawal from the EU, and a slowdown in emerging-market economies, including China, the economic outlook remained uncertain.」

「In addition, uncertainty continued over the outlook, owing to issues including the UK's withdrawal from the EU and the slowdown in the Chinese economy.」