Risk of an economic downturn in emerging Asian and resource-producing countries

「The outlook remains uncertain amid persistently high domestic and international uncertainty, including the impact on personal consumption of inflation caused by prolonged yen depreciation and elevated energy and raw-material prices, developments in U.S. trade policy, prolonged geopolitical risks and volatility in financial and capital markets.」

「Meanwhile, the economic outlook remains uncertain amid heightened geopolitical risks associated with the protracted Russia-Ukraine and Middle East situations, as well as the impact of soaring resource and raw-material prices, rising prices, fluctuations in foreign exchange rates and interest rates, and U.S. tariff increases.」

「During the six months under review (1 September 2024 to 28 February 2025), the Japanese economy remained on a gradual recovery path as employment and income conditions improved. However, international conditions became increasingly unstable amid heightened geopolitical risks surrounding the situation in Ukraine and the Middle East, as well as uncertainty over the direction of U.S. trade policy following the change in the U.S. administration, and the outlook remained uncertain.」

「During the fiscal year under review, the Japanese economy remained on a gradual recovery path, supported by improvements in employment and income conditions and the effects of various government policies. However, many challenges remain for corporate activity as global inflationary pressures and soaring raw-material prices persist, along with higher import costs resulting from the weaker yen.」

「The outlook remains uncertain amid the continued impact of soaring raw-material and energy prices and volatility in financial and capital markets, as well as ongoing global monetary tightening, with concerns over downside risks to the economy from prolonged geopolitical tensions, stagnation in the Chinese economy, and weakness in overseas economies.」

「During the six months under review, the Japanese economy showed signs of a gradual recovery, supported by improvements in employment and income conditions. However, the outlook remained uncertain amid prolonged geopolitical tensions, soaring raw-material and energy prices, stagnation in the Chinese economy, and the impact of global monetary tightening aimed at curbing inflation.」

「During the three months under review, the Japanese economy showed signs of a gradual recovery, reflecting the normalization of social and economic activity following the COVID-19 pandemic. However, the outlook remained uncertain as concerns grew over downside risks to the economy from soaring raw-material and energy prices and global monetary tightening, while international conditions became increasingly unstable.」

「Meanwhile, the outlook is expected to remain uncertain amid rising concerns over a global economic recession, including soaring resource and energy prices resulting from the Russia-Ukraine situation and volatility in financial and capital markets.」

「Although the state of emergency and priority preventive measures to prevent the spread of COVID-19 were lifted nationwide at the end of September 2021, leading to signs of a recovery, concerns over a resurgence in infections due to the spread of new variants and other factors have not been dispelled, and the situation remains unpredictable.」

「During the nine months under review (1 September 2020 to 31 May 2021), the Japanese economy was in difficult conditions as the impact of the prolonged spread of COVID-19 forced restrictions on economic activity through repeated declarations of a state of emergency and the implementation of priority preventive measures to prevent the spread of the disease. Although normalization of economic activity is expected as vaccinations become widespread, the outlook for containing the spread of infections remains uncertain, and concerns remain that the adverse impact on the economy will continue for the time being.」

「During the six months under review, the Japanese economy remained in difficult conditions due to the impact of the spread of COVID-19. Although various government economic policies produced signs of a temporary recovery, the outlook remained uncertain as economic activity was partially restricted following the reissuance of a state of emergency.」

「During the fiscal year under review, the Japanese economy deteriorated rapidly as economic activity in Japan and overseas was severely restricted by the spread of COVID-19, in addition to the decline in personal consumption following the consumption tax rate increase in October 2019.」

「Furthermore, amid persistent concerns over a slowdown in the global economy, including prolonged U.S.-China trade friction and the United Kingdom's withdrawal from the EU, the spread of COVID-19 had a major impact, severely restricting social and economic activity in Japan and overseas and causing the economy to deteriorate rapidly.」

「Meanwhile, as uncertainty in overseas economies increased amid prolonged U.S.-China trade friction, the United Kingdom's withdrawal from the EU, and growing instability in the Middle East, the spread of COVID-19 resulted in an uncertain outlook.」

「As uncertainty in overseas economies increased amid prolonged U.S.-China trade friction, the United Kingdom's withdrawal from the EU, and growing instability in the Middle East, concerns also arose that a higher consumption tax rate would dampen consumer sentiment, and the outlook remained uncertain.」

「Regarding the outlook for the next fiscal year ending August 2020, the economic outlook in Japan is expected to remain uncertain, given concerns over the adverse impact of a consumption tax increase on personal consumption and the worsening labor shortage, as well as risk factors arising from uncertainty in overseas economies and volatility in financial and capital markets.」

「Against this backdrop, during the nine months under review, the Japanese economy remained on a gradual recovery path, supported by improving corporate performance and employment conditions. However, the outlook remained uncertain amid the spread of trade friction originating in the United States, concerns over slower growth in the Chinese and European economies, and instability in financial and capital markets.」

「Meanwhile, uncertainty surrounding overseas economic trends and policies, including U.S.-China trade friction and the issue of the United Kingdom's withdrawal from the EU, means that the economic outlook requires close attention.」

「Meanwhile, overseas economies remained uncertain, with concerns that escalating U.S.-China trade friction could affect financial and capital markets and the real economy.」

「During the fiscal year under review, the Japanese economy remained on a gradual recovery path, supported by improving corporate earnings and employment conditions. However, amid uncertainty in overseas economic conditions, including concerns over escalating U.S.-China trade friction and geopolitical risks, the outlook remained uncertain.」

「During the nine months ended 31 May 2018 (1 September 2017 to 31 May 2018), the Japanese economy remained on a gradual recovery path, partly reflecting the effects of various government policies. However, uncertainty in overseas economies persisted, including concerns over U.S.-China trade friction and political instability in Southern Europe, and the outlook remained uncertain.」

「The outlook remained uncertain, with concerns about uncertainty in overseas economies and fluctuations in financial and capital markets due to factors including the US administration's trade policy and rising geopolitical risks surrounding North Korea.」

「The outlook remained uncertain due to factors including developments in the US administration and rising geopolitical risks.」

「During the consolidated fiscal year, Japan's economy showed improvements in corporate earnings and the employment environment, but the outlook remained uncertain due to uncertainty in overseas economic conditions, including concerns about instability in the US administration and geopolitical risks surrounding North Korea.」

「The outlook remained uncertain due to risk factors related to overseas economic conditions, including uncertainty in overseas economies and the impact of fluctuations in financial and capital markets.」

「The outlook remained uncertain, with concerns about downside risks to the economy caused by heightened uncertainty in overseas economies and instability in financial and capital markets stemming from future policy management by the new US administration, the UK's Brexit issue, and slowing economies in emerging Asian and resource-rich countries.」

「The outlook remained uncertain, with concerns about downside risks to the economy caused by increasing instability in overseas conditions.」

「The outlook is expected to remain uncertain due to risk factors including the deepening labor shortage accompanying a declining working-age population and improving employment conditions, a slowdown in emerging-market economies and instability in financial markets.」

「The outlook remains uncertain, with concerns that a downturn in economies in emerging Asian countries, including China, and resource-rich countries could weigh on Japan's economy.」