Downside Risks from Slower Overseas Economies, Yen Appreciation and Falling Stock Prices

「During the interim accounting period, Japan’s economy remained on a moderate recovery track against a backdrop of improving employment and income conditions. However, persistently high energy and resource prices resulting from prolonged geopolitical risks, unstable currency movements, successive natural disasters, and the increased burden on households from continued price increases led consumers to become increasingly focused on protecting their livelihoods.」

「In addition to concerns about a slowdown in the global economy resulting from the effects of U.S. tariff policies, the economic impact of deteriorating Japan-China relations, and prolonged geopolitical risks, particularly in the Middle East, risks of downside pressure on consumer sentiment from rising prices increased, and the economic outlook remained uncertain.」

「During the fiscal year, Japan's economy was on a gradual recovery trend due to improvements in employment and income conditions and the recovery in inbound demand. However, the outlook remained uncertain due to factors including US policy developments, the situation in the Middle East, surging resource prices and higher prices caused by the weak yen.」

「During the interim accounting period, Japan's economy was on a gradual recovery trend against a backdrop of improving employment and income conditions. However, high interest rates in Europe and the United States, downside risks to overseas economies and volatility in domestic financial markets weighed on the economy, and the outlook remained uncertain.」

「During the cumulative first-quarter period, Japan's economy remained in an uncertain environment, amid rising prices resulting from heightened tensions in the global situation, including the Middle East, and abnormal weather, as well as risks from volatility in the financial and capital markets and the ongoing depreciation of the yen.」

「Regarding the outlook, the COVID-19 pandemic is expected to cease to be a major economic risk and the domestic economy is expected to improve. However, there are also concerns that further instability in the international situation, high global prices and a slowdown in overseas economies could weigh on the economy, and the outlook is expected to remain uncertain.」

「Meanwhile, the outlook remained uncertain, with rising prices resulting from higher energy prices due to geopolitical risks and the weak yen, among other factors.」

「During the cumulative first-quarter period, Japan's economy showed signs of recovery as the impact of COVID-19 gradually eased, normalisation of social and economic activity progressed and economic conditions began to recover. However, the outlook remained uncertain due to the weak yen, the prolonged Russian invasion of Ukraine and surging raw-material prices.」

「During the fiscal year, Japan's economy showed signs of recovery as restrictions on activities and border-control measures were eased, although the impact of COVID-19 remained. However, the outlook remained uncertain due to factors including surging resource prices resulting from the worsening situation in Ukraine, the weak yen and volatility in the financial and capital markets.」

「During the cumulative nine-month period, Japan's economy moved toward a gradual recovery. Although the impact of COVID-19 remained, the transition to a new phase of living with COVID-19 progressed as restrictions on activities were eased, and various policies also had an effect. However, the prolonged situation in Ukraine and accelerating global inflation kept the outlook for the economy uncertain.」

「During the cumulative second quarter, Japan's economy showed signs of recovery as restrictions on activity and border-control measures were eased while the end of the COVID-19 pandemic remained out of sight, but the outlook remained uncertain due to rising resource prices caused by Russia's invasion of Ukraine and other factors, as well as the rapid depreciation of the yen.」

「During the cumulative first quarter, Japan's economy began to recover moderately as restrictions on activity related to COVID-19 were gradually eased, but the outlook remained uncertain due to rising resource prices and supply constraints resulting from the situation in Ukraine, as well as turmoil in financial conditions, in addition to the future course of infections.」

「Regarding the outlook, Japan's economy is expected to remain uncertain against the backdrop of the prolonged impact of COVID-19 and unstable global conditions.」

「During the cumulative second quarter, as the impact of COVID-19 continued for an extended period, expectations for its containment increased as vaccinations progressed to a certain extent, but the resurgence of infections could not be contained amid the spread of variant viruses, and restrictions on corporate activity and consumer behavior continued, including the reissuance of a state of emergency in some regions due to the impact of the fifth wave.」

「After the lifting of the state of emergency in May, Japan's economy showed some signs of recovery due in part to the effects of various policies and a bottoming-out in overseas economies, but the outlook remained uncertain.」

「During the cumulative first quarter, Japan's economy slowed sharply as the global spread of COVID-19 forced restrictions on corporate activity and consumer behavior, and the economy became highly unstable, reversing its previous moderate recovery trend as uncertainty about the outlook increased.」

「During the fiscal year, Japan's economy entered a moderate recovery trend as corporate earnings and the employment and income environment improved, but the outlook became uncertain as the risk increased that the global economic slowdown caused by the spread of COVID-19 would be prolonged.」

「During the cumulative third quarter, Japan's economy remained on a moderate recovery trend, supported by solid corporate earnings and improvements in the employment and income environment, but the outlook remained uncertain amid concerns that unstable overseas economies would weigh on the global economy.」

「During the cumulative second quarter, Japan's economy remained on a moderate recovery trend, supported by improvements in the employment and income environment and the effects of various policies, but the outlook remained uncertain as the global economy continued to be heavily influenced by international politics, including rising tensions over trade issues.」

「During the cumulative first quarter, Japan's economy remained on a moderate recovery trend against the backdrop of improvements in corporate earnings and the employment and income environment, but the outlook remained uncertain amid concerns that escalating tensions between the United States and China would weaken the global economy.」

「During the fiscal year, Japan's economy remained on a moderate recovery trend against the backdrop of sustained solid corporate earnings and improvements in the employment and income environment, but the outlook remained uncertain amid concerns that developments surrounding trade issues could slow the global economy.」

「During the cumulative third quarter, Japan's economy remained on a moderate recovery trend supported by solid corporate earnings and improvements in the employment and income environment, but the outlook remained uncertain amid concerns that unstable political conditions overseas would weigh on the economy.」

「During the cumulative second quarter, Japan's economy remained on a moderate recovery trend against the backdrop of improvements in the employment and income environment, but growing concerns over trade issues posed downside risks to the global economy, and the outlook remained uncertain.」

「During the fiscal year, Japan's economy remained on a moderate recovery trend against the backdrop of improvements in the employment and income environment and strong corporate earnings, but U.S. policy developments and geopolitical risks in Asian countries weighed on the economy, and the outlook remained uncertain.」

「During the cumulative third quarter, Japan's economy remained on a moderate recovery trend as the employment and income environment and corporate earnings improved, but the outlook remained uncertain due to risks of an economic slowdown arising from unstable political conditions overseas.」

「During the cumulative second quarter, Japan's economy remained on a moderate recovery trend supported by solid corporate earnings, but unstable political conditions overseas became a factor slowing the overall economy, and the outlook remained uncertain.」

「During the cumulative first quarter, Japan's economy remained on a moderate recovery trend supported by solid corporate earnings, but the outlook was expected to remain uncertain due to factors including slower growth in emerging economies, instability in the Middle East and on the Korean Peninsula, monetary policy trends in Europe and the United States, and the UK's withdrawal from the EU.」

「During the fiscal year, Japan's economy remained on a recovery trend as the employment and income environment improved against the backdrop of higher corporate earnings, but uncertainty surrounding political conditions in Europe and U.S. policy developments posed downside risks to the global economy, and the outlook remained uncertain.」

「During the cumulative third quarter, Japan's economy remained on a moderate recovery trend against the backdrop of government economic policies, but the outlook remained uncertain due to unstable factors including overseas economic conditions and political developments.」

「During the cumulative second quarter, Japan's economy remained on a moderate recovery trend as the employment and income environment improved against the backdrop of government economic policies, but the outlook remained uncertain due to concerns about unstable overseas economies and a slowdown in corporate earnings caused by the advancing appreciation of the yen.」

「During the cumulative first quarter, Japan's economy entered a moderate recovery trend under the government's economic policies and other measures, but concerns about a slowdown in overseas economies, yen appreciation and falling share prices posed downside risks to the economy, leaving the outlook uncertain.」