Global Economic Uncertainty, Yen Appreciation, and Equity Market Weakness

「Although the economy recovered moderately, continued attention is required to uncertainty surrounding the situation in the Middle East, the impact of continued inflation on personal consumption and trends in financial and capital markets.」

「During the interim consolidated accounting period from 1 April 2025 to 30 September 2025, Japan's economy recovered moderately despite the impact of US trade policy and other factors. Continued inflation and its impact on personal consumption, as well as trends in financial and capital markets, require continued attention.」

「During the cumulative first-quarter period, Japan's economy showed signs of a gradual recovery due to the reclassification of COVID-19, improving employment conditions and the spread of wage increases. However, the outlook remained uncertain due to persistently high resource prices, inflation affected by yen depreciation and concerns over an economic slowdown in Europe and the US.」

「During the cumulative third-quarter period, Japan's economy showed signs of recovery due to the substantial easing of various COVID-19 restrictions and government economic measures. However, the outlook remained uncertain due to the renewed spread of COVID-19 caused by variants, surging energy and raw material prices, and continued inflation resulting from yen depreciation.」

「During the six-month period from 1 April 2022 to 30 September 2022, Japan's economy showed signs of recovery in social and economic activity as various COVID-19 restrictions were gradually eased. However, the outlook remained uncertain due to the spread of the seventh wave, continued inflation resulting from surging energy and raw material prices, and the rapid depreciation of the yen.」

「However, inflation resulting from higher resource and raw material prices, against a backdrop of the sharp depreciation of the yen and supply chain impacts from prolonged conflict between Russia and Ukraine, has continued. In addition, the number of new COVID-19 cases in the seventh wave has recently increased, and the outlook remains uncertain.」

「However, the outlook remains uncertain due to the sharp increase in infections caused by a new variant from early 2022, which stagnated economic activity, as well as rising prices resulting from higher resource and raw material prices and international instability surrounding Russia's invasion of Ukraine.」

「From October onward, following the lifting of the state of emergency, the economy showed signs of recovery against a backdrop of eased restrictions on movement and a decline in new cases due to increased vaccinations. However, the renewed spread of COVID-19 caused by a highly transmissible new variant has recently occurred, and the outlook remains uncertain.」

「From October onward, expectations rose for an economic recovery due to the easing of restrictions on movement following the lifting of the state of emergency and higher vaccination rates. However, concerns over a renewed expansion of COVID-19 as the sixth wave could not be dispelled, and the outlook remains uncertain.」

「The spread of COVID-19 led to the issuance of a third declaration of a state of emergency in some regions and the implementation of priority preventive measures to prevent the spread of disease, significantly restricting economic activity and resulting in difficult conditions. Although expectations are rising for a recovery driven by accelerated vaccinations and other factors, concerns over the spread of new variants remain, and the economic outlook continues to be uncertain.」

「Although COVID-19 vaccinations are progressing in each local government, the pandemic may be prolonged and re-expand due to the emergence of variants and other factors.」

「The business environment surrounding the Group has become more uncertain than during the global financial crisis, triggered by the spread of COVID-19 around the world. Japan's domestic economy is also in an unprecedented situation, with economic activity throughout society restricted by requests for people to refrain from going out and other activities following the government's declaration of a state of emergency」

「During the nine-month period from 1 April 2019 to 31 December 2019, Japan's economy began to show signs of stagnation. Although corporate earnings and employment and income conditions continued to improve, exports and production remained weak, particularly in manufacturing, while the consumption tax rate increase and a succession of natural disasters also had an impact. In addition, concerns over the prolonged US-China trade friction, the slowdown in the Chinese economy, future political developments in EU countries and deteriorating Japan-South Korea relations persisted, and the outlook remained uncertain.」

「However, concerns over the prolonged US-China trade friction, the slowdown in the Chinese economy, the UK's EU withdrawal issue and deteriorating Japan-South Korea relations persisted, and the economic outlook remained uncertain.」

「However, concerns over uncertainty in overseas economies, including the prolonged trade friction arising from US and Chinese trade policies, the slowdown in the Chinese economy and turmoil surrounding the UK's EU withdrawal issue, persisted, and the economic outlook remained uncertain.」

「However, concerns over the escalation of US-China trade friction, Europe's unstable political situation and the impact of volatility in financial and capital markets persisted, and the economic outlook remained uncertain.」

「However, concerns over the escalation of US-China trade friction, Europe's unstable political situation and the impact of volatility in financial and capital markets and rising crude oil prices persisted, and the economic outlook remained uncertain.」

「However, concerns over the risk of trade friction arising from US trade policy, Europe's unstable political situation and the impact of volatility in financial and capital markets persisted, and the economic outlook remained uncertain.」

「However, concerns over uncertainty in overseas economies, including US policy developments, the political situation in Europe and the outlook for the economies of emerging Asian countries, including China, persisted, and the economic outlook remained uncertain.」

「However, the economic outlook remains uncertain due to US policy developments, the political situation in Europe, concerns about the outlook for the economies of emerging Asian countries, including China, and rising geopolitical risks.」

「However, the economic outlook remains uncertain due to the future policy direction of the new US administration, the political situation in Europe and concerns about the outlook for the economies of emerging Asian countries, including China.」

「The outlook remains uncertain due to the impact of heightened uncertainty in overseas economies, resulting from the slowdown in the economies of emerging Asian countries, including China, concerns over the policies of the new US administration and other factors related to the UK's EU withdrawal issue, as well as volatility in financial and capital markets.」

「However, the outlook for the economy remained uncertain due to the slowdown in the economies of emerging Asian countries, including China, and resource-rich countries; heightened uncertainty in the global economy associated with the UK's withdrawal from the EU; and the sharp depreciation of the yen and rise in stock prices following the US presidential election.」

「However, the outlook for the economy remains uncertain due to the slowdown in the economies of emerging Asian countries, including China, and resource-rich countries; heightened uncertainty in the global economy associated with the UK's withdrawal from the EU; the continuing appreciation of the yen; and sluggish stock markets.」