Downward Pressure on the Economic and Consumption Environment from COVID-19

「As COVID-19 was reclassified as a Class 5 infectious disease, inbound demand recovered and personal consumption began to recover, and the economy showed signs of a moderate recovery.」

「Restrictions on activity related to COVID-19 have been eased further, and economic and social activity is moving toward normalization, as reflected in the recovery in private consumption and the increase in visitors from overseas,」

「As restrictions on activities related to COVID-19 were eased and economic and social activity moved toward normalization, personal consumption began to recover and the economy remained on a moderate recovery track.」

「During the cumulative first quarter (1 March 2023 to 31 May 2023), the Japanese economy showed signs of moving toward normal economic activity as restrictions on activity related to COVID-19 were eased, while」

「The spread of COVID-19 is finally beginning to subside. Social and economic activity, which had been restricted for an extended period, is gradually returning to normal, making it possible to balance such activity with measures to prevent infection.」

「Although COVID-19 has had a major impact on our operations, fortunately, no significant restrictions on activity have been imposed recently and the flow of people is beginning to recover.」

「During the cumulative second quarter (1 March 2022 to 31 August 2022), the Japanese economy recovered slowly as the seventh wave of COVID-19 dampened the economic recovery,」

「Against a backdrop of the COVID-19 situation stabilizing, the economy has shown a gradual recovery, led by consumption of services.」

「During the cumulative third quarter (1 March 2021 to 30 November 2021), economic activity in Japan remained sluggish because of the impact of COVID-19, but corporate capital investment and production activity recovered as restrictions were eased against a backdrop of the global economic recovery and progress in vaccinations, heightening expectations for the normalization of economic and social activity, including a recovery in private consumption. However, in addition to mounting inflationary pressure from soaring resource prices, particularly oil, concerns remain about downside risks from the spread of highly transmissible variant strains, and the outlook therefore remains uncertain.」

「During the cumulative second quarter (1 March 2021 to 31 August 2021), the Japanese economy remained difficult owing to the prolonged COVID-19 pandemic, but showed signs of a gradual recovery, supported by progress in vaccinations, the effects of various policies and improvement in overseas economies. However, as restrictions on social and economic activity were imposed repeatedly, including through declarations of a state of emergency prompted by the spread of variant strains, the outlook for containment remains uncertain and the economic outlook, including a recovery in private consumption, has become unclear.」

「During the cumulative first quarter (1 March 2021 to 31 May 2021), the Japanese economy remained in a difficult situation as the spread of COVID-19 continued for an extended period. Although a recovery is expected ahead, supported by the wider availability of vaccines, the effects of various policies and improvement in overseas economies, the timing of containment remains uncertain, with states of emergency being reintroduced because of the spread of variant strains and pressure on the medical system, and concerns about continued downside risks to the economy from the spread of infections in Japan and overseas.」

「With concerns including the spread of variant strains, the impact of COVID-19 is expected to continue for the time being, while the continued restraint on economic activity and delayed recovery in employment and income conditions are expected to weigh on the economy,」

「During the cumulative third quarter, the Japanese economy contracted significantly due to stagnant economic activity and the disappearance of inbound demand resulting from the spread of COVID-19. After the lifting of the state of emergency, domestic economic activity gradually resumed and showed signs of a moderate recovery, partly due to the effects of various government measures. However, infections are currently accelerating in Japan and abroad, and challenging conditions with no room for complacency continue.」

「During the cumulative second quarter, the Japanese economy contracted significantly due to stagnant economic activity in Japan and abroad and a decline in inbound demand resulting from the spread of COVID-19.」

「During the cumulative first quarter, the Japanese economy was in an extremely challenging situation, with economic activity stagnating and the economy continuing to deteriorate rapidly due to the global spread of COVID-19 and various requests for voluntary restraint and business closures to prevent its spread.」

「The domestic economy has recently come under significant downward pressure from the rapid global spread of COVID-19, creating a challenging environment amid concerns about the impact of a worldwide stock market decline and stagnant economic activity resulting from restrictions on going outside. Looking ahead, the timing of the containment of the disease remains uncertain, and difficult conditions are expected to continue. The situation requires close attention to the risk that the pandemic could cause a further downturn in economies in Japan and abroad.」