Reduced investment and consumption due to heightened geopolitical risks

「Although monetary tightening policies, particularly in Europe and the United States, geopolitical risks arising from heightened tensions in Ukraine and the Middle East, and the stagnation of China's economy continued to weigh on the economy, the global economy remained on a gradual recovery trend.」

「During the first quarter of the current consolidated fiscal year, the effects of globally tighter monetary policy on national economies, the uncertain situations in Ukraine and the Middle East, and the slowdown in China's economic recovery acted as constraints, resulting in a slow global economic recovery.」

「The turmoil in Ukraine and the Middle East and the slowdown in China's economic recovery weighed on the economy, leaving the global economic recovery stalled.」

「The increasingly complex situation in Ukraine, interest-rate increases by central banks in various countries to curb inflation, and the slowdown in China's economic recovery weighed on the global economy, weakening its recovery trend.」

「The prolonged turmoil in Ukraine, interest-rate increases by central banks in various countries to contain inflation, and financial instability in the United States exerted downward pressure on the global economy.」

「Outside Japan, the resumption of China's economic activity raised expectations for a rebound in the economy. However, as Russia's military invasion of Ukraine continued, measures to contain inflation through interest-rate increases led by the United States continued, and uncertainty surrounding monetary policy increased, including as a result of the failure of some financial institutions.」

「The outlook remains uncertain due to soaring raw material and energy prices triggered by the emergence of geopolitical risks, including the confusion following China's substantial relaxation of its zero-COVID policy and the prolonged situation in Ukraine, shortages of components and semiconductors caused by global supply-chain disruptions, and concerns about an economic slowdown resulting from countries' measures to combat high inflation.」

「In Europe, consumer sentiment deteriorated amid high inflation and concerns about energy supplies, while concerns about a recession intensified as monetary tightening aimed at containing inflation continued.」

「During the second quarter of the current consolidated fiscal year, expectations for the normalization of economic activity increased. However, the prolonged Russia-Ukraine situation, surging crude oil, raw material and utility costs, rapid yen depreciation, stagnation in the Chinese economy and distribution caused by lockdowns in Shanghai and elsewhere in China during the COVID-19 pandemic, as well as shortages of various products and delivery delays in the domestic market, affected a broad range of industries, and the outlook remained uncertain.」

「During the first quarter of the current consolidated fiscal year, Japan's economy was expected to recover as the effects of various policies and improvements in overseas economies took hold, with comprehensive measures taken against the novel coronavirus. However, amid uncertainty arising from the situation in Ukraine and other factors, close attention must be paid to downside risks from rising raw material prices, volatility in financial and capital markets and supply-side constraints, while the effects of infectious diseases also require continued monitoring.」

「The outlook remains uncertain due to factors including higher resource prices, exchange-rate volatility and increased geopolitical risk arising from developments in the United States and Eastern European countries.」

「During the six-month period ended [the relevant period], signs emerged of efforts to mitigate the impact of COVID-19, including the start of vaccinations, as well as a recovery in production and consumer activity. However, the renewed spread of infections continued, including through the further extension of the state of emergency, and economic conditions remained uncertain.」

「At the same time, concerns about a renewed spread of infections remain, including the further extension of the state of emergency, leaving the economic outlook uncertain.」

「Although efforts to balance measures against COVID-19 with economic activity are progressing, the pandemic has not yet been brought under control, and the normalization of economic activity and the outlook remain uncertain.」

「During the cumulative second quarter under review, Japan’s economic conditions deteriorated sharply as economic activity was significantly restricted amid the spread of the novel coronavirus. The global economy likewise deteriorated rapidly, and severe conditions are expected to continue for the time being amid concerns over a second wave of infections. It is therefore considered necessary to closely monitor the impact of volatility in financial and capital markets.」

「Regarding the outlook for the economy, uncertainty in the global economic environment has increased due to the US-China trade friction, the UK's withdrawal from the EU and, since late January, the spread of COVID-19. These factors, particularly their impact on trade, are expected to have a significant effect on the Japanese economy.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan's economic conditions remained uncertain, despite steady employment and income conditions, due to the effects of US-China trade friction and the issue of the UK's withdrawal from the EU.」

「During the cumulative second quarter of the current fiscal year, Japan's economic conditions remained uncertain, despite steady employment and income conditions, due to the effects of US-China trade friction and the issue of the UK's withdrawal from the EU.」

「However, concerns about a slowdown in the real economy due to intensifying US-China trade friction and the uncertain political and economic situation in Europe mean that the outlook remains uncertain.」

「Recently, in addition to the global economic slowdown, political and economic uncertainty has increased worldwide, including economic friction between the United States and China and moves toward the UK's withdrawal from the EU. We are concerned that this is affecting companies and individuals in Japan by curbing investment and consumption.」

「Looking at the global economy and social conditions, the recent rise in geopolitical risks has created an uncertain outlook, and we are concerned that this has had a material impact on domestic companies and individuals by curbing investment and consumption.」

「Looking at the global economy and social conditions, the recent rise in geopolitical risks has created an uncertain outlook, and we are concerned that this has had a material impact on domestic companies and individuals by curbing investment and consumption.」

「The recent rise in geopolitical risks has created an uncertain outlook, and we are concerned that this has had a material impact on domestic companies and individuals by curbing investment and consumption.」

「The recent rise in geopolitical risks has created an uncertain outlook, and we are concerned that this has had a material impact on domestic companies and individuals by curbing investment and consumption.」

「Looking at the global economy and social conditions, the recent rise in geopolitical risks has created an uncertain outlook, and we are concerned that this has had a material impact on domestic companies and individuals by curbing investment and consumption.」