Uncertainty over the Outlook Due to U.S. Monetary Policy, Emerging-Market Economies and the Transition of the U.S. Administration

「However, in addition to higher energy prices accompanying heightened geopolitical risks in Europe and the Middle East, there are many concerns regarding the outlook, including the effects of prolonged inflation resulting from these developments, and uncertainty continues.」

「However, concerns over a prolonged decline in Chinese demand resulting from major changes in U.S. trade policy and deteriorating Japan-China relations pose downside risks to the economy, and uncertainty over the outlook continues.」

「During the fiscal year, Japan's economy showed a gradual recovery, with private consumption continuing to recover, supported by strong inbound demand and a recovery in capital investment. However, the outlook remained uncertain due to prolonged inflation, worsening labor shortages, concerns over a slowdown in overseas economies, and volatility in energy prices caused by continuing geopolitical risks.」

「During the interim accounting period, Japan's economy showed a gradual recovery, supported by a recovery in private consumption and strong inbound demand benefiting from the yen's depreciation. However, the outlook for the surrounding environment remained uncertain due to heightened geopolitical risks, including the prolonged conflicts in Ukraine and the Middle East and increasing political instability in developed countries.」

「Meanwhile, the economic outlook remains uncertain due to the prolonged situations in Ukraine and the Middle East and the associated geopolitical risks, persistently high resource prices and the impact of yen depreciation.」

「Meanwhile, geopolitical risks have increased due to the prolonged situation in Ukraine and the outbreak of conflict in the Middle East, leaving the outlook for the surrounding environment uncertain.」

「Meanwhile, the outlook remains uncertain as crude oil and other raw material prices continue to be volatile due to the prolonged situation in Ukraine, while concerns persist over prolonged monetary tightening in Europe and the United States.」

「During the cumulative third quarter period, as the COVID-19 situation began to ease, economic and social activity showed signs of returning to normal, including increased movement within Japan and the easing of restrictions on international visitors. However, inflationary pressure remained strong, including because food and energy prices remained high, and the economic outlook continued to be uncertain due to geopolitical risks such as the situation in Ukraine, developments in East Asian countries, and financial instability originating in the United States.」

「During the cumulative second quarter period, while the effects of the spread of COVID-19 continued, restrictions on movement were eased in various areas and signs of recovery emerged in economic and consumer activity. However, the yen's depreciation and soaring prices, particularly for energy and food, spread through the economy, and the recovery began to weaken due to the effects of inflation. In addition, the outlook remained uncertain due to the effects of the seasonal influenza outbreak and the spread of the eighth wave of COVID-19.」

「During the fiscal year, as restrictions on economic activity were eased amid changes in the COVID-19 situation, corporate earnings and the employment situation began to improve gradually. However, the economic outlook remained uncertain and severe due to moves toward economic sanctions following Russia's invasion of Ukraine and the yen's depreciation stemming from U.S. monetary tightening.」

「During the cumulative third quarter period, Japan's economy was affected to a considerable extent by intermittent waves of COVID-19. Although economic activity began to resume due to progress with vaccinations and the effects of government-led economic stimulus measures, overall conditions remained severe as rising energy and raw material prices weakened consumer sentiment. In addition, the outlook remained uncertain due to heightened geopolitical risks stemming from the situation in Ukraine.」

「During the cumulative first quarter period, Japan's economy remained in a severe condition as the fifth wave of COVID-19 led to states of emergency and priority preventive measures being implemented in various regions, causing private consumption and corporate activity to stagnate. Although economic activity began to resume gradually as vaccinations progressed steadily, the outlook remained uncertain.」

「During the fiscal year, Japan's economy was significantly affected by the spread of COVID-19 throughout the year. Restrictions on economic activity continued and had a considerable impact on corporate earnings and the employment situation. Although the acceleration of vaccinations finally provided signs of improvement, severe conditions with an uncertain outlook continued.」

「Although government-led economic stimulus measures appeared to take effect and economic activity began to resume gradually in the autumn of the previous year, uncertainty continued as the timing of the containment of infections remained unforeseeable, including because a second state of emergency was declared in the Tokyo metropolitan area in January 2021.」

「Although economic activity began to resume gradually from early autumn and signs of an economic recovery emerged, the subsequent acceleration of a resurgence of infections, described as the third wave, toward the end of the year left the economic outlook uncertain.」

「During the cumulative first quarter period, Japan's economy remained in an extremely severe condition as the spread of COVID-19 caused private consumption and corporate activity to stagnate. Although economic activity has begun to resume gradually, the outlook remains uncertain, including because effects are emerging in the employment situation.」

「During the fiscal year, Japan's economy remained on a gradual recovery track in the first half, supported by improvements in corporate earnings and the employment environment. However, the economy rapidly turned downward due to the slowdown following the October consumption tax increase, growing uncertainty in overseas economies including U.S.-China trade friction from the start of the year, and the spread of COVID-19, resulting in severe and uncertain conditions.」

「During the cumulative third quarter period, Japan's economy remained on a gradual recovery track in the first half, supported by solid corporate earnings and the employment environment. However, private consumption began to weaken due to the impact of the consumption tax increase last autumn, and the economy subsequently entered a severe phase as the COVID-19 pandemic spread worldwide after the start of the year, causing a significant slowdown in economic activity globally, including in China, Europe and the United States.」

「Meanwhile, uncertainty has increased due to U.S.-China trade friction and rising tensions in the Middle East, and the outlook for the economy remains uncertain.」

「During the cumulative first quarter period, Japan's economy remained on a gradual recovery track as employment and income conditions continued to improve. However, uncertainty over the outlook has spread due to the prolonged U.S.-China trade friction, intensifying economic friction between Japan and South Korea, and rising tensions in the Middle East.」

「During the fiscal year, Japan's economy remained on a gradual recovery track, supported by improvements in corporate earnings and the employment environment. However, concerns over U.S.-China trade friction and the slowdown in the Chinese economy increased, and the outlook remained uncertain.」

「However, uncertainty continued, requiring attention to downside risks to the economy from sluggish private consumption, U.S.-China trade friction, the resulting slowdown in the Chinese economy, and difficulties surrounding the UK's withdrawal from the EU.」

「However, uncertainty has increased due to escalating U.S.-China trade friction, volatility in international financial markets, and geopolitical risks in neighboring countries, and the outlook remains uncertain.」

「During the cumulative first quarter period, Japan's economy showed generally firm performance, with corporate earnings and the employment environment improving, particularly among large companies. However, uncertainty continued due to intensifying trade disputes over tariffs between the United States and China and elsewhere, damage and social unrest caused by successive natural disasters in Japan, and other factors.」

「During the fiscal year, Japan's economy remained on a gradual recovery track, with corporate earnings recovering and the employment environment continuing to improve. However, the outlook remained uncertain due to heightened geopolitical risks, including tensions in the Middle East and increasing fluidity in the political situation surrounding North Korea, as well as the emergence of protectionist policies in the United States.」

「During the cumulative third quarter period, Japan's economy remained generally firm, supported by improving corporate earnings, particularly among large companies, and a robust employment environment. However, uncertainty continued, requiring attention to downside risks to the economy from the unstable policies of the U.S. administration, heightened geopolitical risks, and political instability in Japan.」

「During the cumulative second quarter period, Japan's economy remained on a gradual recovery track, supported by strong corporate earnings, particularly among large companies, and improvements in the employment environment, although the outlook was uncertain due to rising geopolitical risks, including the situation surrounding North Korea.」

「Meanwhile, the outlook for the economy remains uncertain due to geopolitical risks, including U.S. policy management and the North Korean issue.」

「Meanwhile, private consumption remains stagnant, and uncertainty continues due to the UK's withdrawal from the EU and the effects of policy developments under the new U.S. administration.」

「In addition, the outlook remains uncertain due to downside risks to the economies of emerging Asian countries and resource-rich countries, as well as developments in and the effects of monetary policy under the new U.S. administration.」

「However, the outlook remains uncertain due to the effects of the normalization of U.S. monetary policy, the slowdown in emerging-market economies, including China, and uncertainty associated with the transition of the U.S. administration.」