Economic uncertainty from economic slowdown and consumption tax increases

「During the interim accounting period (1 July 2025 to 31 December 2025), Japan's economy remained uncertain due to the unstable international situation and political conditions, as well as tariff issues.」

「During the fiscal year, Japan's economy remained uncertain due to the unstable international situation and political conditions, as well as tariff issues.」

「During the interim accounting period (1 July 2024 to 31 December 2024), Japan's economy remained uncertain due to the unstable international situation and political conditions, foreign exchange markets and resource prices.」

「During the cumulative third-quarter period (1 July 2023 to 31 March 2024), Japan's economy remained uncertain amid the unstable international situation and growing distrust of domestic political conditions, due to changes in the Bank of Japan's monetary easing policy, concerns about the outlook for yen depreciation and resource prices.」

「During the cumulative second-quarter period (1 July 2023 to 31 December 2023), Japan's economy remained uncertain due to the unstable international situation, growing distrust of domestic political conditions, and soaring resource prices and utility costs. Meanwhile, the impact of COVID-19 on economic activity had been almost eliminated.」

「During the cumulative first-quarter period (1 July 2023 to 30 September 2023), Japan's economy remained uncertain, with concerns over a downturn caused by the unstable international situation and soaring prices, including resource prices and utility costs.」

「During the cumulative third-quarter period (1 July 2022 to 31 March 2023), Japan's economy showed signs of a gradual recovery from the downturn caused by COVID-19 amid continuing geopolitical risks surrounding the situation in Ukraine and soaring prices, including resource prices and utility costs. COVID-19 was scheduled to be downgraded to Category 5, equivalent to seasonal influenza, from 8 May 2023, and signs of a brighter outlook for the recovery of economic activity had begun to emerge.」

「During the cumulative second-quarter period (1 July 2022 to 31 December 2022), Japan's economy showed signs of a gradual recovery from the downturn caused by COVID-19 amid continuing geopolitical risks surrounding the situation in Ukraine and soaring prices, including resource prices and utility costs. The government also announced a policy to downgrade COVID-19 to Category 5, equivalent to seasonal influenza, in May 2023, and signs of a brighter outlook for the recovery of economic activity have begun to emerge.」

「During the cumulative first-quarter period, Japan's economy showed signs of a gradual recovery from the downturn caused by COVID-19 amid continuing geopolitical risks surrounding the situation in Ukraine, US monetary tightening, rising resource prices and an accelerating appreciation of the yen.」

「During the fiscal year, Japan's economy had not fully recovered from the downturn caused by COVID-19, and its impact had persisted. In addition, rising geopolitical risks surrounding the situation in Ukraine and monetary tightening in the United States led to higher resource prices and instability in financial markets, leaving the situation still unpredictable.」

「During the cumulative second-quarter period (1 July 2021 to 31 December 2021), Japan's economy remained unpredictable as the impact of COVID-19 continued for an extended period.」

「During the cumulative first-quarter period (1 July 2021 to 30 September 2021), Japan's economy remained subject to significant restrictions on social and economic activity as the prolonged impact of COVID-19 led to the continued declaration of a state of emergency. The timing of the end of the pandemic's impact on the economy remained unforeseeable.」

「During the cumulative third-quarter period (1 July 2020 to 31 March 2021), Japan's economy was subject to significant restrictions on social and economic activity, including the reissuance of a state of emergency in January 2021 due to concerns over a resurgence of COVID-19. Although expectations are rising for the government to step up vaccinations, there is still no clear indication of when the pandemic will subside. With difficult conditions continuing, including deteriorating corporate earnings and declining personal consumption, the recovery in economic activity has been extremely slow, and the outlook for the economy remains highly uncertain.」

「During the cumulative second-quarter period (1 July 2020 to 31 December 2020), Japan's economy remained in a severe and unpredictable situation, with social and economic activity significantly restricted nationwide due to the third wave of COVID-19 infections, including the employment situation.」

「During the cumulative first quarter period (from 1 July 2020 to 30 September 2020), Japan's social and economic activity remained severely restricted amid concerns over the resurgence of COVID-19 even after the state of emergency was lifted, and employment conditions weakened further. With corporate earnings deteriorating and personal consumption declining, among other factors, the recovery in economic activity remained slow, and the outlook for the economy continued to be extremely uncertain.」

「In particular, from the latter half of the third quarter through the fourth quarter of the fiscal year, unprecedented social disruption occurred, including a rapid stagnation of the global economy caused by the spread of COVID-19.」

「The outlook for the Japanese economy has become extremely uncertain amid a rapid stagnation of the global economy caused by the spread of COVID-19.」

「The outlook for the Japanese economy remains uncertain, due to the slowdown in the Chinese economy accompanying the prolonged U.S.-China trade friction and the impact on economic conditions of the domestic consumption tax increase, among other factors.」