Downside risks to the economies of Europe, China and emerging markets

「During the interim consolidated fiscal period, the Group continued to face concerns regarding the economic impact associated with U.S. tariff policy and heightened geopolitical risks, as well as economic trends in China, among other factors affecting its business environment.」

「当連結会計年度における当社グループを取り巻く事業環境は、米国の関税政策や地政学リスクの高まりに関連する経済的な影響、中国の景気動向等が懸念要素となる状況が続いています。」

「The business environment surrounding our Group remains subject to concerns over the economic impact associated with U.S. tariff policies and rising geopolitical risks, as well as trends in the Chinese economy.」

「During the fiscal year, the business environment surrounding our Group remained uncertain due to advancing global inflation, persistently high interest rate levels as a result, and social instability arising from heightened international tensions.」

「During the nine-month period ended this quarter, the business environment surrounding our Group remained subject to concerns over an economic slowdown due to social instability arising from heightened international tensions and the cooling of the Chinese economy.」

「During the six-month period ended this quarter, the business environment surrounding our Group remained subject to concerns over an economic slowdown due to inflation and policy rate fluctuations in Europe and the United States, as well as the rapid deceleration of the Chinese economy.」

「During the nine-month period ended this quarter, concerns over an economic slowdown continued due to inflation trends in Europe and the United States and the rapid deceleration of the Chinese economy.」

「During the nine months ended the third quarter, economic activity in the global economy continued to normalise from the impact of COVID-19, but the outlook remained uncertain as countries successively raised policy interest rates in response to global inflation.」

「During the six months ended the second quarter, economic activity in the global economy continued to normalise from the impact of COVID-19, but the outlook remained uncertain as countries successively raised policy interest rates in response to global inflation.」

「During the nine-month period ended this quarter, the global economy was expected to normalize as policies addressing COVID-19 changed in Europe and the United States and infection rates subsided. However, the outlook remained uncertain due to delayed consumer recovery caused by surging energy prices and advancing inflation, as well as policy rate hikes.」

「As COVID-19 variants continued to spread intermittently around the world and affect conditions, global inflation accelerated amid further increases in fuel, energy and other prices resulting from Russia's invasion of Ukraine.」

「During the nine-month period ended this quarter, economic activity resumed and sentiment recovered, but the global economic outlook remained uncertain due to the spread of COVID-19 variants, supply chain disruptions, and advancing global inflation, including rising raw material prices.」

「In Southeast Asia, the recovery in business sentiment has been gradual due to the renewed spread of COVID-19. In China, demand has remained resilient despite the impact of higher raw material prices and other factors.」

「In Southeast Asia, the economy has begun to be affected by renewed lockdowns following an increase in COVID-19 cases. In China, business sentiment has improved and demand has remained stable. In Europe, efforts toward the normalisation of economic activity have progressed as COVID-19 vaccines became more widespread, and demand has remained solid.」

「Although the economies of developed countries had been on a recovery trend due to large-scale fiscal support measures and other factors, the recovery stalled somewhat as activity restrictions were tightened following a renewed spread of infections during the winter. Our group has also been significantly affected: in the domestic market by declining inbound demand and weakness in the souvenir market, and in overseas markets by strict lockdowns in Europe, the United States and Southeast Asia, excluding the relatively solid Chinese market.」

「In Europe, personal consumption fell particularly sharply due to worsening employment and income conditions and the impact of the renewed spread of COVID-19. China resumed economic activity ahead of the rest of the world and its economic recovery continued, helped by increased exports, but the recovery in personal consumption was relatively gradual due to employment concerns and other factors.」

「In Europe, personal consumption fell sharply due to restrictions on going out and deteriorating consumer sentiment, compounded by declining exports resulting from the deterioration in the global economy, resulting in substantial negative growth. In China, economic activity resumed, but the pace of the recovery remained slow due to stagnant external demand and restrictions on domestic travel.」

「The global economy has undergone major changes in its social structure and other aspects due to the spread of COVID-19, bringing the new normal into view.」

「Although exports to the United States have declined due to US-China trade friction, the Phase One agreement is expected to contribute to an economic recovery, and policy support is also expected to help the Chinese economy bottom out.」

「In China, the delayed recovery in domestic demand and continuing US-China trade friction remained drags on the economy, but policy support is expected to help the economy bottom out.」

「In Europe, personal consumption remained resilient against a backdrop of favourable employment and income conditions, and the slowdown in external demand had been halted, with the economy moving gradually toward recovery. In China, the economy was supported by government stimulus measures, but the slowdown continued due to weak domestic demand.」

「In Europe, personal consumption remained resilient against a backdrop of favourable employment and income conditions, but slow growth continued due to a slowdown in overseas economies and increasing political uncertainty. In China, exports were on a declining trend, including a sharp decline in exports to the United States following higher US import tariffs. Although retail sales showed signs of bottoming out, the Chinese economy was trending downward.」

「In Europe, employment and income conditions improved against a backdrop of expanding domestic demand, and the economy remained solid. In China, the economy showed a tendency to slow against a backdrop of trade friction, despite being supported by solid consumption.」

「In Europe, the recovery in exports remained weak, but the economy remained solid as the recovery in personal consumption, supported by improving employment conditions, provided a floor. In China, the economy showed a tendency to slow against a backdrop of trade friction, despite being supported by solid consumption.」

「In Europe, exports showed some weakness, but the economy remained solid as the recovery in personal consumption, supported by improving employment conditions, provided a floor. In China, growth remained solid although the increase in personal consumption showed a slight tendency to slow.」

「Although deterioration in business sentiment due to geopolitical risks was a concern in overseas economies, the overall recovery trend continued. In China, exports expanded significantly amid solid domestic and external demand, while personal consumption increased on favourable employment and income conditions, allowing high growth to continue. Economic conditions in emerging markets generally showed signs of improvement.」

「In Europe, personal consumption and capital investment in the euro area remained resilient, GDP growth was also at a high level, and the economic recovery continued. The Chinese economy remained stable despite signs of a slight slowdown, while economic conditions in emerging markets generally showed signs of improvement.」

「In Europe, euro-area GDP growth showed a slight tendency to decline, but the economic recovery continued. In China and emerging markets, economic conditions generally showed signs of improvement.」

「In Europe, the economic recovery continued against a backdrop of receding political risks. In China and emerging markets, economic conditions generally showed signs of improvement.」

「Although Europe faced an uncertain environment due to the UK's departure from the EU, the economic recovery continued as personal consumption recovered and exports began to revive. In China and emerging markets, the economy recovered gradually, helped by the recovery in commodity markets, despite slower economic growth.」

「Although the euro area faced the risk of a downturn in the European economy due to the UK's decision to leave the EU and financial instability, the recovery in the economy continued as personal consumption recovered and exports began to revive. The outlook for the global economy remained uncertain due to slower growth centred on China and emerging markets.」

「The euro area remained lacking in strength and the outlook continued to be uncertain, amid an increased risk of a downturn in the European economy due to the impact of the UK's decision to leave the EU, as well as slower economic growth centred on China and emerging markets.」

「The global economy remained lacking in strength and the outlook continued to be uncertain, amid an increased risk of a downturn in the European economy due to the impact of the UK's decision to leave the European Union (EU), as well as slower economic growth centred on China and emerging markets.」