Uncertainty over the outlook due to exchange rates, stock markets, and a slowdown in emerging-market economies

「During the interim accounting period under review, Japan’s economy showed signs of recovery as employment and income conditions improved. However, soaring energy prices and rising prices in general resulting from the unpredictable situation between Russia and Ukraine and escalating tensions in the Middle East have created an increasingly uncertain environment.」

「During the interim accounting period under review, Japan’s economy showed a gradual recovery as employment and income conditions improved and inbound demand increased. However, the outlook remains uncertain because of higher prices resulting from rising energy prices and the unstable global situation.」

「During the fiscal year under review, Japan’s economy was on a gradual recovery trend as employment and income conditions improved. However, it remained uncertain because of soaring resource and raw-material prices and unstable exchange-rate movements.」

「During the cumulative second quarter under review, Japan’s economy moved toward normalization, with inbound demand expanding as restrictions on movement were eased. However, the outlook remains uncertain because of concerns about an economic downturn associated with prolonged conflict in Ukraine, continued tensions in the Middle East, persistently high resource and raw-material prices, and monetary tightening in various countries.」

「The outlook remains uncertain amid the prolonged situation between Russia and Ukraine, escalating tensions in the Middle East, the continued weakening trend of the yen and rising prices.」

「During the fiscal year under review, Japan’s economy showed signs of a gradual recovery in economic activity as restrictions related to COVID-19 were eased. However, the outlook remains uncertain because of soaring raw-material and energy prices resulting from the prolonged situation between Russia and Ukraine, as well as the impact of global monetary tightening.」

「During the cumulative third quarter under review, Japan’s economy showed signs of a gradual recovery in economic activity as restrictions on movement related to COVID-19 were eased. However, the outlook remains uncertain amid soaring raw-material and energy prices resulting from the prolonged situation between Russia and Ukraine.」

「During the cumulative second quarter under review, Japan’s economy gradually recovered as the impact of COVID-19 on society as a whole became limited and domestic economic activity picked up. However, the outlook remains uncertain, including because of exchange-rate fluctuations resulting from financial conditions in various countries and rising prices in general.」

「Meanwhile, the outlook remains uncertain both in Japan and overseas amid escalating tensions between Russia and Ukraine, rising resource prices and sharp exchange-rate fluctuations.」

「Uncertainty continued both in Japan and overseas, including tight energy supply and demand stemming from Russia’s invasion of Ukraine and the rapid depreciation of the yen.」

「During the cumulative third quarter, economic activity showed signs of recovery as COVID-19 vaccinations progressed and restrictions on activity were eased. However, the outlook remained uncertain due to factors including the emergence of new variants, higher resource prices against the backdrop of the situation in Ukraine, and the impact of a sharp depreciation of the yen.」

「During the cumulative second quarter, economic activity showed signs of recovery due to the spread of COVID-19 vaccinations and thorough infection-control measures. However, the outlook for personal consumption and corporate earnings remained uncertain amid concerns about a resurgence in infections.」

「During the cumulative first quarter, restrictions on economic activity were gradually eased and signs of recovery emerged as the number of new cases declined with the spread of COVID-19 vaccinations. However, the outlook for personal consumption and corporate earnings remained uncertain amid concerns about the spread of the Omicron variant.」

「During the cumulative third quarter, economic activity was significantly affected and difficult conditions continued as repeated states of emergency were declared due to COVID-19, whose end remained unforeseeable.」

「During the cumulative second quarter, the impact of the prolonged COVID-19 pandemic continued, and a second state of emergency was declared in some regions. The end of the pandemic remained unforeseeable, leaving the economic outlook uncertain.」

「During the cumulative first quarter, Japan's economy showed signs of recovery as government economic measures supported activity amid restrictions caused by COVID-19. However, as infections began increasing again, personal consumption, corporate earnings and employment conditions remained difficult.」

「Demand for secondhand goods overall remained firm, but customer visits were significantly affected by the declaration of a state of emergency in response to COVID-19 and related requests to refrain from going out. In addition, as the slowdown in consumption resulting from the consumption tax increase continued, the business environment became one of increasingly intense competition among industry participants.」

「During the cumulative third quarter, Japan's economy entered a difficult phase as economic activity declined due to the prolonged US-China trade friction and the impact of COVID-19.」

「During the cumulative second quarter, Japan's economy showed signs of a gradual recovery against a backdrop of improving corporate earnings and employment and income conditions. However, uncertainty over the outlook increased further due to the impact on the economy of slowing growth in China caused by US-China trade friction and the spread of COVID-19.」

「During the cumulative first quarter, Japan's economy remained on a gradual recovery path against a backdrop of improving corporate earnings and employment and income conditions. However, the outlook remained uncertain due to uncertainty in overseas economies, including slowing growth in China and concerns that US-China trade friction could be prolonged.」

「However, concerns that uncertainty was increasing across the global economy due to US-China trade friction and slowing growth in China persisted, leaving the outlook uncertain.」

「During the cumulative second quarter, Japan's economy remained on a gradual recovery path against a backdrop of improving corporate earnings and employment and income conditions. However, the outlook for the economy and personal consumption remained uncertain due to uncertainty in overseas economies and concerns about volatility in financial markets.」

「During the cumulative first quarter, Japan's economy remained on a gradual recovery path against a backdrop of improving corporate earnings and employment and income conditions. However, the outlook remained uncertain due to uncertainty in overseas economies, including concerns about US-China trade friction.」

「Meanwhile, the outlook for the global economy remained uncertain amid concerns about US-China trade friction, and the outlook for personal consumption also remained uncertain.」

「However, the outlook remained uncertain amid concerns about uncertainty in the global economy resulting from the US government's trade policies.」

「During the cumulative second quarter of the current fiscal year, there were no occurrences of matters concerning the business situation, accounting situation or other matters described in the quarterly report that could have a material impact on investors’ decisions, and no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「Consumer preferences for saving remained entrenched amid concerns about Japan's future economic conditions.」

「Meanwhile, the outlook remained uncertain amid an unstable global economic environment, including concerns about economic stagnation in China and emerging Asian economies.」

「However, the outlook remained uncertain amid increasing uncertainty in overseas economies, including trends in the US government's economic policies and slowing emerging-market economies, particularly China.」

「During the cumulative second quarter, Japan's economy remained on a gradual recovery path as employment and income conditions improved against a backdrop of the government's economic policies and the Bank of Japan's monetary easing. However, concerns about the outlook persisted due to the UK's increasingly substantive negotiations on its withdrawal from the EU and uncertainty over the future policies of the new US administration.」

「Overseas economies faced concerns about slowing growth in China and other emerging countries and uncertainty resulting from the UK's withdrawal from the EU, leaving the outlook uncertain.」

「The outlook remained uncertain amid factors including the UK's withdrawal from the EU and economic downturns in emerging markets, including China.」

「Consumer spending showed signs of stagnation amid concerns about an economic downturn caused by unstable foreign exchange and equity markets and slowing emerging-market economies, including China, leaving the outlook uncertain.」