Uncertainty surrounding financial markets, the Chinese economy, crude oil prices, and other factors

「During the interim consolidated accounting period from 1 April 2025 to 30 September 2025, Japan's economy continued on a gradual recovery path as employment and income conditions improved against a backdrop of improving corporate earnings and wage increases. However, the outlook remained uncertain due to the impact of persistent price increases on consumer sentiment, volatility in financial and capital markets, and US tariff policies.」

「Employment and income conditions in Japan were improving and a gradual recovery was expected. However, concerns remained about the impact of a downturn in overseas economies caused by global monetary tightening and stagnation in the Chinese economy, and the outlook remained uncertain.」

「During the interim consolidated accounting period from 1 April 2024 to 30 September 2024, Japan's economy showed signs of a gradual recovery as employment and income conditions improved. However, the outlook remained uncertain due to the impact of geopolitical risks, surging energy and raw material prices caused by yen depreciation, and higher interest rates.」

「Although personal consumption showed signs of weakness amid rising prices, employment and income conditions were improving and a gradual recovery in Japan's economy was expected. However, concerns remained about the impact of a downturn in overseas economies caused by global monetary tightening and stagnation in the Chinese economy, and the outlook remained uncertain.」

「During the cumulative third quarter from 1 April 2023 to 31 December 2023, Japan's economy remained on a gradual recovery path, supported by improvements in personal consumption and the job-offers-to-applicants ratio. However, the outlook remained uncertain due to the impact of higher resource and raw material prices caused by yen depreciation and higher long-term interest rates.」

「During the cumulative second quarter from 1 April 2023 to 30 September 2023, Japan's economy was recovering from the economic impact of COVID-19. However, the outlook remained uncertain due to the prolonged conflict in Europe, higher resource and raw material prices caused by yen depreciation, and concerns about the impact of the conflict in the Middle East on resource prices.」

「During the cumulative first quarter from 1 April 2023 to 30 June 2023, Japan's economy improved as economic activity recovered following the reclassification of COVID-19 to Category V and the recovery in the movement of people, including inbound visitors. However, the outlook remained uncertain due to higher resource and raw material prices associated with the prolonged conflict in Europe and higher prices caused by yen depreciation.」

「The outlook remains uncertain due to the impact on the domestic economy of surging resource prices, higher prices caused by yen depreciation, the associated expansion of the trade deficit and increases in policy interest rates in various countries. In the semiconductor industry, one of our main customer industries, supply has exceeded demand following the end of the special demand, raising concerns that capital investment may be restrained depending on future market trends.」

「During the cumulative second quarter from 1 April 2022 to 30 September 2022, Japan's economy remained uncertain. Although the temporarily sharp increase in COVID-19 cases showed signs of easing, prices continued to rise due to yen depreciation and the trade deficit expanded.」

「During the cumulative first quarter from 1 April 2022 to 30 June 2022, Japan's economy remained uncertain as consumer sentiment weakened amid repeated fluctuations in COVID-19 case numbers, higher-than-expected inflation caused by rising energy and raw material prices and continued yen depreciation.」

「The yen has weakened due to Russia's invasion of Ukraine and US interest-rate hikes, reaching its weakest level in approximately 20 years. Although yen depreciation increases the yen-denominated value of export revenues and net receipts from overseas investments, concerns remain that already elevated raw material and energy costs will rise further. Depending on the impact on the performance of customer companies, delays in projects and restraints on investment activity could affect our business activities and performance.」

「During the cumulative third quarter from 1 April 2021 to 31 December 2021, Japan's economy showed signs of recovery as economic activity gradually resumed with the expansion of COVID-19 vaccinations. However, the outlook remained uncertain due to the spread of a highly transmissible new variant, growing global inflation concerns, the impact of US interest-rate hikes on the global economy, the impact of semiconductor supply-demand imbalances on some industries including the automotive industry, and US-China tensions.」

「During the cumulative second quarter from 1 April 2021 to 30 September 2021, Japan's economy remained unstable due to the continuing impact of COVID-19. However, signs of a recovery in future economic activity emerged as the vaccination rate exceeded 70% and the state of emergency was lifted at the end of September. Nevertheless, concerns remained about the arrival of the sixth wave of COVID-19 and the continuing impact of semiconductor supply-demand imbalances on some industries, including the automotive industry, and the situation was expected to remain uncertain.」

「At the same time, concerns remain about the impact on the automotive and other industries of the spread of variants and semiconductor supply-demand imbalances, as well as the impact on the economy of repeated declarations of a state of emergency. The economic environment is therefore expected to remain uncertain.」

「During the fiscal year from 1 April 2020 to 31 March 2021, Japan's economy was placed in an extremely unstable environment from the beginning of the fiscal year as it was affected by the spread of COVID-19 and the associated global decline in economic activity. In addition to the prolonged suspension of global economic activity premised on the movement of people and goods across borders, the automotive industry in particular continued to be significantly affected by US-China trade friction and supply-demand imbalances in semiconductors.」

「During the cumulative third quarter from 1 April 2020 to 31 December 2020, the global economy was expected to remain in a situation where the prolonged spread of COVID-19 would require continued measures to prevent infections while seeking an early recovery in socioeconomic activity, with some countries having already begun vaccinations and seeking to balance public health with economic recovery.」

「During the cumulative second quarter from 1 April 2020 to 30 September 2020, Japan's economy was in an extremely severe condition due to the deterioration in corporate performance and decline in personal consumption caused by requests for business closures and restrictions on going out amid the spread of COVID-19. Various economic measures, including the Go To campaign, were implemented, but the future recovery of the economy remained extremely difficult to predict.」

「During the cumulative first quarter from 1 April 2020 to 30 June 2020, Japan's economy was in an extremely severe condition due to the deterioration in corporate performance and decline in personal consumption caused by requests for business closures and restrictions on going out amid the spread of COVID-19. Although some economic activity was beginning to resume following the lifting of the state of emergency, the future impact of the infection had become extremely difficult to predict.」

「The outlook for the economy remains difficult to predict due to the stagnation of economic activity caused by the global spread of COVID-19 and trends in personal consumption resulting from requests to refrain from going out. Trade issues involving other countries and geopolitical risks also remain, and the outlook is expected to remain uncertain.」

「During the cumulative third quarter from 1 April 2019 to 31 December 2019, Japan's economy continued on a gradual recovery path as employment conditions improved. However, the outlook remained uncertain due to US-China trade friction, the UK's withdrawal from the EU and other factors.」

「During the cumulative second quarter from 1 April 2019 to 30 September 2019, Japan's economy continued on a gradual recovery path as employment conditions improved. However, the outlook remained uncertain due to US-China trade friction, the UK's withdrawal from the EU and other factors.」

「During the cumulative first quarter from 1 April 2019 to 30 June 2019, Japan's economy continued on a gradual recovery path as employment conditions improved. However, the outlook remained uncertain due to US-China trade friction, the UK's withdrawal from the EU and other factors.」

「During the fiscal year from 1 April 2018 to 31 March 2019, Japan's economy continued on a gradual recovery path, with improving employment conditions and signs of a recovery in capital investment. However, the outlook remained uncertain due to US-China trade friction, the UK's withdrawal from the EU and other factors.」

「From 1 April 2018 to 31 December 2018, Japan's economy continued on a gradual recovery path, with improving employment conditions and signs of a recovery in capital investment. However, the outlook remained uncertain due to US-China trade friction and other factors.」

「During the cumulative second quarter from 1 April 2018 to 30 September 2018, Japan's economy continued on a gradual recovery path, with improving employment conditions and signs of a recovery in capital investment. However, the outlook remained uncertain due to increasing geopolitical risks, including US-China trade friction and the situation on the Korean Peninsula.」

「During the cumulative first quarter from 1 April 2018 to 30 June 2018, Japan's economy continued on a gradual recovery path, with improving employment conditions and signs of a recovery in capital investment. However, the outlook remained uncertain due to increasing geopolitical risks, including US-China trade friction and the situation on the Korean Peninsula.」

「Although Japan's domestic economy is expected to recover gradually as employment and income conditions continue to improve, uncertainty remains due to the impact on the Japanese economy of trade friction, trends in the Chinese economy, US interest-rate developments and the situation on the Korean Peninsula, among other factors.」

「During the cumulative third quarter from 1 April 2017 to 31 December 2017, Japan's economy continued on a gradual recovery path, with improving employment conditions and signs of a recovery in capital investment. However, the outlook remained uncertain due to the impact of US policy developments, economic trends in Asian countries including China, and increasing geopolitical risks such as the situation on the Korean Peninsula.」

「The outlook remained uncertain due to uncertainty in the global economy, including the impact of US policy developments and economic trends in emerging Asian economies, particularly China.」

「Uncertainty about the outlook continued due to uncertainty in the global economy, including policy developments under the new US administration and economic trends in emerging Asian economies, particularly China.」

「The outlook remained uncertain due to instability in foreign exchange and equity markets caused by the issue of the UK's withdrawal from the EU and concerns about policies following the US presidential election.」

「During the cumulative second quarter, Japan's economy remained uncertain. Employment and income conditions continued to be solid, but yen appreciation driven by turmoil in EU countries and the postponement of US interest-rate hikes impeded improvement in corporate earnings.」

「The yen strengthened and stock prices fell amid turmoil in EU countries and concerns about a slowdown in the global economy, and conditions remained uncertain.」

「The economy remained uncertain due to the impact of volatility in financial markets following the lifting of the US zero-interest-rate policy, the slowdown in the Chinese economy and falling crude oil prices.」