Uncertainty over the Economic Outlook Due to a Slowdown in Emerging Markets and a Stronger Yen

「Meanwhile, attention is required regarding the impact on energy prices and financial and capital markets of rising geopolitical risks, including growing tensions in the Middle East, as well as future price trends and developments concerning US trade policy. The outlook is uncertain.」

「In addition to future price trends and developments concerning U.S. trade policy, attention is required regarding the impact on energy prices and the financial and capital markets from heightened geopolitical risks, including escalating tensions in the Middle East. The outlook therefore remains uncertain.」

「Meanwhile, downside risks remain from developments in trade policy, prolonged price increases, and volatility in financial and capital markets, leaving the outlook still uncertain.」

「Meanwhile, the outlook remains uncertain due to monetary policies in major countries, developments in international financial and capital markets, and rising geopolitical risks.」

「Although signs of a recovery in demand have emerged in the food service industry, uncertainty continues due to the weaker yen, persistently high raw-material prices resulting from the prolonged situation in Ukraine, and changes in consumer sentiment caused by the resulting rise in prices.」

「Although signs of a recovery in demand have emerged in the food service industry, uncertainty continues due to the weaker yen, persistently high raw-material prices resulting from the prolonged situation in Ukraine, and changes in consumer sentiment caused by the resulting rise in prices.」

「Although signs of a recovery in demand have emerged in the food service industry, uncertainty continues due to the weaker yen, persistently high energy and raw-material prices resulting from the prolonged situation in Ukraine, and changes in consumer sentiment caused by the resulting rise in prices.」

「During the third quarter of the current consolidated cumulative period (1 April 2022 to 31 December 2022), Japan's economy had been gradually recovering since April following the lifting of restrictions on activities related to COVID-19. However, the outlook remained uncertain due to the resurgence of infections caused by the seventh and eighth waves of COVID-19 from July 2022, the global surge in resource and raw-material prices resulting from the situation in Ukraine, and the additional rise in import prices caused by the sharp depreciation of the yen.」

「However, uncertainty over the outlook continues due to latent concerns over COVID-19, the sharp depreciation of the yen resulting in part from the Bank of Japan's continued monetary easing while monetary tightening progresses globally, and accelerating global inflation accompanying higher raw-material and energy prices resulting from Russia's invasion of Ukraine and other factors.」

「During the first quarter of the current consolidated cumulative period (1 April 2022 to 30 June 2022), Japan's economy continued to recover as efforts to prevent the spread of COVID-19 progressed, third vaccine doses were administered, and restrictions on economic activity were gradually eased. However, uncertainty over the outlook continued as supply-chain disruptions, the weaker yen, and soaring energy prices associated with Russia's invasion of Ukraine combined to push up prices.」

「Furthermore, with Japan's first domestic case of the Omicron variant confirmed on 30 November, uncertainty surrounding the recovery of business performance remains difficult to dispel.」

「During the second quarter of the current consolidated cumulative period, Japan's economy deteriorated rapidly as economic activity and personal consumption stagnated amid the global spread of COVID-19. Although economic activity began to resume from June, challenging conditions continued because the timing of the end of the pandemic could not be predicted.」

「During the first quarter of the current consolidated cumulative period (1 April 2020 to 30 June 2020), Japan's economy experienced a sharp decline in economic activity, including a rapid drop in personal consumption due to calls for people to refrain from going out and requests from local authorities to suspend business operations to prevent the spread of COVID-19. Extremely challenging conditions continued.」

「During the current consolidated fiscal year, Japan's economy remained uncertain, although employment and income conditions continued to improve, due to instability in the global economy resulting from US-China trade friction and other factors, a series of natural disasters, the increase in the consumption tax rate, and the spread of COVID-19.」

「During the third quarter of the current consolidated cumulative period, Japan's economy remained uncertain, although employment and income conditions continued to improve, amid instability in the global economy resulting from US-China trade friction and other factors.」

「During the second quarter of the current consolidated cumulative period, Japan's economy remained uncertain, although employment and income conditions continued to improve, amid concerns over a slowdown in the global economy resulting from the intensification of US-China trade friction.」

「During the first quarter of the current consolidated cumulative period, Japan's economy remained uncertain, although employment and income conditions continued to improve, due in part to concerns over the impact of US-China trade tensions on the global economy.」

「During the current consolidated fiscal year, Japan's economy continued on a gradual recovery path, supported by improvements in corporate earnings and employment conditions. However, personal consumption lacked strength due to instability in overseas economic and political conditions and consumers' increased propensity to save, and the outlook remained uncertain.」

「During the second quarter of the current consolidated cumulative period, Japan's economy was on a gradual recovery path, supported by improvements in corporate earnings and employment conditions. However, personal consumption lacked strength due to consumers' increased propensity to save, and the outlook remained uncertain.」

「During the first quarter of the current consolidated cumulative period, Japan's economy was on a gradual recovery path, supported by improvements in corporate earnings and employment conditions. However, personal consumption lacked strength due to sluggish wage growth, and the economy continued in a state where the recovery was not being felt.」

「During the current consolidated fiscal year, Japan's economy was on a gradual recovery path, supported by improvements in corporate earnings and employment conditions. However, personal consumption lacked strength due to sluggish wage growth, and the economic outlook remained uncertain amid unstable stock prices and exchange rates.」

「During the third quarter of the current consolidated cumulative period, Japan's economy was on a gradual recovery path, supported by improvements in corporate earnings and employment conditions. However, personal consumption lacked strength due to sluggish wage growth, and the outlook remained uncertain.」

「During the second quarter of the current consolidated cumulative period, Japan's economy was on a gradual recovery path, supported by improvements in corporate earnings and employment conditions. However, personal consumption lacked strength due to sluggish income growth, and the outlook remained uncertain.」

「During the first quarter of the current consolidated cumulative period, Japan's economy was on a gradual recovery path, supported by improvements in corporate earnings and employment conditions, but personal consumption remained stalled and the outlook was uncertain.」

「During the current consolidated fiscal year, Japan's economy was on a gradual recovery path against the backdrop of government economic policies and other factors, although personal consumption remained weak. In addition, the outlook remained uncertain, including with respect to the impact on the domestic economy of policy developments under the new US administration and the UK's departure from the EU.」

「During the third quarter of the current consolidated cumulative period, Japan's economy continued on a gradual recovery path, supported by improvements in employment and income conditions. However, the outlook remained uncertain as personal consumption failed to gain momentum and exchange rates and stock prices became increasingly unstable due to uncertain overseas factors.」

「During the second quarter of the current consolidated cumulative period, Japan's economy remained lacking in strength in personal consumption as the appreciation of the yen heightened the sense of a slowdown in corporate performance. The economic outlook was uncertain amid concerns over overseas developments, including the slowdown in emerging-market economies, particularly China, and the UK's departure from the EU.」

「During the first quarter of the current consolidated cumulative period, Japan's economy remained uncertain, with the sluggish stock market and ongoing appreciation of the yen slowing the pace of improvement in corporate earnings and maintaining a sense of stagnation in personal consumption.」

「However, concerns over deteriorating corporate performance have intensified due to the slowdown in emerging-market economies, particularly China, and the rapid appreciation of the yen since the beginning of the year. The economic outlook is therefore uncertain.」