Uncertainty Over the Outlook Due to Uncertainty Surrounding Overseas Political Conditions

「エネルギー価格や原材料価格の高止まりに加え、人件費の増加も続いており、依然として先行きは不透明な状況が続いております。」

「However, uncertainty remains in the external environment, including changes in the trade environment, such as U.S. tariff policies, and foreign exchange fluctuations.」

「During the interim accounting period under review, Japan's economy saw positive developments, including wage increases and strong investment appetite, amid an unstable global situation due to international conflicts and other factors, as well as the effects of various government policies and increased inbound demand. Nevertheless, the outlook for the domestic economy remained uncertain.」

「Meanwhile, the outlook remains uncertain as energy prices and other prices continue to rise due to the prolonged conflicts in the Middle East and Ukraine, the sluggish Chinese economy and the persistent depreciation of the yen.」

「During the cumulative third quarter under review (1 April 2023 to 31 December 2023), Japan's economy showed signs of a gradual recovery as economic activity normalized. However, the outlook remained uncertain due to higher resource prices and logistics costs resulting from the depreciation of the yen and the prolonged Russian-Ukrainian conflict.」

「During the cumulative second quarter under review, Japan's economy was recovering as economic activity normalized following the impact of COVID-19. However, concerns remained about the impact on personal consumption of rising prices driven by the situation in Ukraine and the depreciation of the yen, and the outlook for the domestic economy remained uncertain.」

「During the cumulative first quarter under review, Japan's economy showed signs of economic activity normalizing as it recovered from the impact of COVID-19. However, the outlook remained uncertain due to growing concerns about recession in Europe and the United States, soaring prices resulting from supply chain disruptions and the situation in Ukraine, and rising prices caused by unstable foreign exchange movements.」

「During the cumulative third quarter under review (1 April 2022 to 31 December 2022), Japan's economy showed signs of moving toward the normalization of economic activity as restrictions on movement associated with the spread of COVID-19 were eased. However, the outlook remained uncertain, given concerns about a rapid increase in infections caused by new variants, global price increases resulting from the prolonged Russian invasion of Ukraine and other factors, monetary tightening led by the United States in response, and the resulting prospect of a slowdown in the global economy.」

「During the cumulative second quarter under review (1 April 2022 to 30 September 2022), Japan's economy was expected to recover as infection-control measures and economic activity proceeded in parallel amid concerns about the renewed spread of COVID-19. However, concerns also remained about the impact on personal consumption of rising prices driven by the situation in Ukraine and the depreciation of the yen, and the outlook for the domestic economy remained uncertain.」

「During the cumulative first quarter under review, Japan's economy showed signs of a gradual resumption of economic activity, albeit with regional variations, as COVID-19 vaccinations progressed and restrictions on movement were eased, despite concerns about the impact of renewed infections in China and the prolonged situation in Ukraine. Meanwhile, the outlook for the domestic and overseas economies remained uncertain due to soaring global resource prices, supply chain disruptions and the rapid depreciation of the yen.」

「Although the normalization of economic activity is gradually progressing as COVID-19 vaccinations become more widespread, the outlook for the economy remains uncertain due to concerns about the spread of newly emerged variants, including Omicron, as well as the potential long-term impact of the situation in Ukraine.」

「During the cumulative third quarter under review (1 April 2021 to 31 December 2021), Japan's economy remained in a difficult situation due to COVID-19, although conditions were gradually easing as a result of measures to prevent the spread of infection, including vaccinations. However, concerns about the spread of infections caused by the new Omicron variant have intensified, and the situation remains one that requires continued vigilance.」

「Although economic conditions are expected to recover, supported by the effects of increased vaccination and improvements in overseas economies, the outlook remains uncertain.」

「In addition, although the global economy is showing signs of recovery as economic activity gradually resumes, particularly in Europe and the United States, amid progress in COVID-19 vaccinations, concerns remain about renewed infections in some countries and regions, and the outlook for the global economy therefore remains uncertain.」

「During the cumulative third-quarter period from 1 April 2020 to 31 December 2020, corporate activity and consumer behaviour stagnated due to the impact of COVID-19, and the economy contracted significantly. Even after the state of emergency was lifted in May 2020, various economic activities remained constrained as the pandemic dragged on, with no prospect of containing the infection. Although economic activity resumed while measures were taken to prevent the spread of infection and signs of a recovery emerged, uncertainty over the outlook remained stronger than before.」

「During the cumulative second-quarter period from 1 April 2020 to 30 September 2020, Japan's economy saw both domestic and external demand fall sharply due to the impact of COVID-19. Following the lifting of the state of emergency, social and economic activity was gradually increased while measures were taken to prevent the spread of COVID-19, but there was still no prospect of containing the virus, and the economic recovery is expected to remain at a gradual pace.」

「During the cumulative first-quarter period, Japan's economy deteriorated rapidly as economic activity stagnated and contracted following the spread of COVID-19, voluntary restraints on corporate activities in response, and requests to refrain from going out following the declaration of a state of emergency. The outlook remained uncertain even after the state of emergency was lifted.」

「The economic outlook is extremely uncertain due to the slowdown in consumption caused by the consumption tax rate increase implemented in October 2019, the trade friction originating in the US, and concerns over the global spread of COVID-19.」

「During the cumulative third-quarter period from 1 April 2019 to 31 December 2019, Japan's economy continued to see improvements in employment and income conditions against a backdrop of the government's economic policies and the Bank of Japan's monetary easing measures. However, concerns over weak consumer sentiment following the consumption tax increase in Japan, and the impact of US-China trade friction and the UK's withdrawal from the EU on the global economy overseas, meant that the economic outlook remained uncertain.」

「During the cumulative second-quarter period from 1 April 2019 to 30 September 2019, Japan's economy saw improvements in employment and income conditions as a result of the government's economic policies and the Bank of Japan's monetary easing measures. However, the outlook for the economy remained uncertain due to rising uncertainty overseas resulting from US trade policies and other factors.」

「During the cumulative first-quarter period, Japan's economy remained on a recovery trend, supported by a recovery in corporate performance and improvements in employment conditions resulting from the government's economic policies and the Bank of Japan's monetary easing measures. However, uncertainty over the outlook for the global economy intensified amid continuing US-China trade friction and confusion surrounding the UK's withdrawal from the EU.」

「Concerns remained over the impact of US trade policy developments on the global economy, uncertainty in overseas economies, and volatility in the financial and capital markets, and uncertainty continued.」

「During the cumulative third-quarter period from 1 April 2018 to 31 December 2018, Japan's economy continued to see improvements in corporate earnings, employment and income conditions against a backdrop of the government's economic policies and other measures, with signs of a gradual recovery emerging. However, concerns remained over the impact of US trade policy developments on the global economy, uncertainty in overseas economies, and volatility in the financial and capital markets, and uncertainty continued.」

「During the cumulative second-quarter period from 1 April 2018 to 30 September 2018, Japan's economy continued to see improvements in corporate earnings and employment conditions against a backdrop of the government's economic measures and the Bank of Japan's monetary easing policy. However, the outlook remained difficult to predict due to concerns over intensifying trade friction resulting from the US's protectionist trade policies, future political developments in EU countries, trends in the financial and capital markets, and rising geopolitical risks.」

「The outlook for the economy remains uncertain due to instability in overseas political and economic conditions, including the impact of political tensions with neighbouring countries and trade friction between the US and China.」

「However, concerns also remain over the impact of uncertainty in overseas political and economic conditions and volatility in the financial and capital markets, and the outlook remains uncertain.」

「Uncertainty in the overseas political environment, including the UK's withdrawal from the EU, concerns over the future policies of the new US administration, and North Korea's nuclear and missile issues, continues to leave the outlook uncertain.」