Weakness in Personal Consumption

「高水準の賃上げに伴う実質賃金のプラス転換により、若年層を中心にファッション消費が活発化したほか、インバウンド消費も引き続き堅調に推移いたしました。」

「During the interim consolidated accounting period from 1 March 2026 to 31 August 2026, Japan's economy saw fashion consumption become more active, particularly among younger people, as real wages turned positive amid substantial wage increases, while inbound consumption also remained firm.」

「Although a recovery in personal consumption was expected against a backdrop of substantial wage increases, the outlook remained uncertain because of concerns about inflation stemming from labor shortages, high costs and the weaker yen.」

「Real wages remained negative throughout the fiscal year, and consumers became increasingly focused on protecting their livelihoods.」

「Although nominal wages rose as a result of the annual spring labor-management wage negotiations and other factors, real wages, excluding the effects of price movements, remained negative throughout the year, and consumers became even more focused on protecting their household budgets.」

「Real wages turned negative, and personal consumption lacked momentum. As the ruling coalition's defeat in the House of Councillors election destabilized the political situation, economic stimulus measures through supplementary budgets and tax cuts are unlikely in the near term, and the consumption environment is expected to remain highly uncertain.」

「From early spring through around June, people continued to refrain from making purchases because they did not feel the benefit of higher real wages amid soaring energy costs and raw-material prices. However, following strong government calls for wage increases, salaries and bonuses began to rise around July, improving consumer sentiment and rapidly improving the apparel consumption environment.」

「The economic environment recovered following the classification of COVID-19 as a Class V infectious disease on 8 May 2023, which removed various restrictions on economic activity, including isolation measures for infected individuals, requests to refrain from going out, including for close contacts, and restrictions on employment.」

「Although signs of recovery have emerged in personal consumption, employment and other areas due to the easing of various restrictions related to COVID-19, including the reclassification of the disease under the Infectious Diseases Control Law from Class II to Class V, the economy has gradually begun to recover.」

「Although signs of recovery have emerged in personal consumption, employment and other areas due to the easing of various restrictions related to COVID-19, including the reclassification of the disease under the Infectious Diseases Control Law from Class II to Class V, the economy has gradually begun to recover.」

「Although social activity has recovered and the economy has gradually begun to recover as various restrictions related to COVID-19 were eased, including the reclassification of the disease under the Infectious Diseases Control Law from Class II to Class V, the outlook remains uncertain due to higher energy prices associated with the prolonged Russian invasion of Ukraine, soaring raw-material prices and further inflation caused by yen depreciation.」

「The priority preventive measures related to COVID-19 were fully lifted in late March of the previous year, and signs of a recovery in economic activity emerged as restrictions on activity and overseas travel were eased.」

「The priority preventive measures related to COVID-19 were fully lifted in late March, and signs of a recovery in economic activity emerged as restrictions on activity and overseas travel were eased.」

「Although signs of a recovery in economic activity emerged after the priority preventive measures related to COVID-19 were fully lifted in late March, the spread of the disease during the seventh wave continues to affect society, the economy as a whole and personal consumption.」

「Personal consumption has gradually begun to recover as the number of new COVID-19 cases declined and priority preventive measures were fully lifted in late March. However, the outlook remains uncertain due to soaring raw-material prices and the rapid depreciation of the yen.」

「Following the lifting of the state of emergency and all priority preventive measures on 30 September, customer traffic at stores increased and is recovering. However, the number of cases has begun to rise due to the emergence of new variants, and the outlook remains uncertain.」

「The number of new COVID-19 cases continued to decline from the latter half of August, and the state of emergency and all priority preventive measures were lifted on 30 September. Although a recovery is expected, the easing of measures implemented by each prefecture is to be carried out in stages, and the trend in personal consumption continues to require close monitoring.」

「During the cumulative first quarter, there were no newly arising business or other risks. There were also no material changes in the business and other risks described in the securities report for the previous fiscal year.」

「The apparel retail industry also experienced a difficult year, as the spread of COVID-19 led to various restrictions on activity, causing customer traffic at stores to plunge and revenue to decline significantly.」

「Following the lifting of the state of emergency on 25 May, all stores resumed operations on 3 June. Although customer traffic has gradually increased, it has not recovered to the previous year's level.」

「Following the lifting of the state of emergency on 25 May, all stores resumed operations on 3 June. Although customer traffic has gradually increased, it has not recovered to the previous year's level.」

「Consumption and production declined significantly, and the economy deteriorated rapidly due to the spread of COVID-19.」

「Personal consumption had also been improving, but the global spread of COVID-19 has made the outlook extremely uncertain.」

「During the cumulative third quarter, there were no newly arising business or other risks. There were also no material changes in the business and other risks described in the securities report for the previous fiscal year.」

「No new business or other risks arose during the six-month period of the current consolidated fiscal year. There were also no material changes to the “Business and Other Risks” described in the securities report for the previous fiscal year.」

「Personal consumption is also showing signs of bottoming out, albeit slightly.」

「During the cumulative third quarter, there were no newly arising business or other risks. There were also no material changes in the business and other risks described in the securities report for the previous fiscal year.」

「Personal consumption remains weak.」

「Although Japan's economy followed a moderate recovery trend during the nine months from 1 March 2016 to 30 November 2016, supported by improvements in corporate earnings and the employment environment, the outlook for the economy remains uncertain due to sluggish personal consumption, a slowdown in the global economy and yen appreciation.」

「Although Japan's economy followed a moderate recovery trend during the six months from 1 March 2016 to 31 August 2016, the outlook remains uncertain due to sluggish personal consumption, a slowdown in the global economy and yen appreciation.」

「Although Japan's economy followed a moderate recovery trend during the three months ended 30 June, the outlook remains uncertain due to sluggish personal consumption, a slowdown in the global economy and the rapid appreciation of the yen.」