Economic uncertainty caused by a slowdown in emerging-market economies, the UK's withdrawal from the EU and other factors

「During the interim consolidated accounting period, Japan's economy was gradually recovering against the backdrop of improvements in employment and income, but uncertainty remained due in part to concerns over the impact of US tariff policies.」

「During the interim consolidated accounting period, Japan's economy remained firm, supported by a recovery in personal consumption and inbound demand resulting from improvements in employment and income, despite the impact of surging raw material and logistics costs caused by yen depreciation.\n\nMeanwhile, the business environment remained difficult as high resource prices against the backdrop of unstable international conditions and developments in financial and foreign exchange markets affected the domestic economy and prices.」

「During the 3rd quarter cumulative consolidated period, the recovery trend in Japan's economy from the impact of COVID-19 became more pronounced, and, with the employment and income environment improving, a moderate recovery is expected to continue, supported by the effects of various policies. However, the impact of rising prices and volatility in financial and capital markets must be closely monitored.」

「During the 2nd quarter cumulative consolidated period, Japan's economy remained firm despite the impact of raw material and logistics costs stemming from yen depreciation and soaring prices, supported by a recovery in personal consumption and inbound demand.」

「Meanwhile, although economic activity was normalized as measures to combat COVID-19 progressed and restrictions on movement were eased, the business environment surrounding companies remained difficult and uncertain due to the prolonged situation in Ukraine and resulting increases in energy and raw material prices.」

「Meanwhile, although economic activity was normalized as measures to combat COVID-19 progressed and restrictions on movement were eased, the business environment surrounding companies remained difficult due to the prolonged situation in Ukraine and resulting increases in energy and raw material prices. In addition, policy interest-rate increases in the United States and Europe and exchange-rate movements have contributed to an uncertain economic outlook.」

「Meanwhile, although economic activity was normalized as measures to combat COVID-19 progressed and restrictions on movement were eased, the business environment surrounding companies remained difficult due to the prolonged situation in Ukraine and resulting increases in energy and raw material prices. In addition, policy interest-rate increases in the United States and Europe and exchange-rate movements have contributed to an uncertain economic outlook.」

「During the 1st quarter consolidated accounting period, restrictions on economic activity due to COVID-19 were gradually eased as measures to prevent the spread of infection, including vaccination, became more widespread, and social and economic activity showed some signs of recovery. However, there were also factors raising concerns about a recovery to pre-pandemic levels, including higher resource prices due to the worsening situation in Ukraine and higher prices resulting from yen depreciation following the widening interest-rate differential between Japan and the United States.」

「However, the outlook remains uncertain due to supply chain disruptions, rising energy costs, and growing tensions in international affairs resulting from the situation in Ukraine.」

「Meanwhile, although the global economy experienced a further spread of COVID-19, economic activity has resumed and the economy has maintained a recovery trend, particularly in developed countries where vaccination programs have progressed. However, concerns remain about the impact on the economy of prolonged US-China trade tensions, rising resource prices, and shortages of components, including semiconductors, leaving the outlook uncertain.」

「Meanwhile, the global economy is showing signs of recovery, particularly in developed countries, as measures to prevent the spread of COVID-19 have taken effect. However, the outlook remains uncertain due to concerns about a renewed spread of COVID-19 caused by highly transmissible variants, semiconductor shortages, surging raw material prices, and other factors.」

「During the 1st quarter consolidated accounting period, Japan's economy saw gradual signs of a recovery in social and economic activity as measures to prevent the spread of COVID-19, including vaccination, were implemented while economic activity remained restricted by the pandemic. However, infections resurged due to the emergence of variants, and the impact of COVID-19 continued amid successive declarations of a state of emergency and the implementation of priority preventive measures, leaving the outlook persistently uncertain.」

「During the consolidated fiscal year, Japan's economy experienced a sharp acceleration in its slowdown as the spread of COVID-19, corporate restrictions on activities in response, and the issuance of a state of emergency severely restricted social and economic activity.」

「During the 3rd quarter cumulative consolidated period, Japan's economy remained significantly affected by the spread of COVID-19. Although signs of recovery began to emerge as social and economic activity was gradually resumed, the resurgence of infections from November onward has once again created a severe situation that allows no room for complacency.」

「Meanwhile, the global economy has slowed sharply due to the spread of COVID-19, and remains in an uncertain situation due to unstable political developments overseas, including the escalation of trade tensions between the United States and China.」

「Meanwhile, the global economy remained in a persistently uncertain situation regarding the outlook due to the continuing US-China trade issues and the UK's withdrawal from the EU, as well as the impact of Japan-South Korea relations.」

「Meanwhile, the global economy remained in a situation of increasing uncertainty regarding the outlook, due to the continuing US-China trade tensions and the UK's withdrawal from the EU, as well as heightened tensions in the Middle East.」

「Meanwhile, the global economy remained in a situation of increasing uncertainty regarding the outlook, with concerns over downside risks to economic activity due to prolonged trade tensions and uncertain political conditions.」

「Meanwhile, the global economy remained in a situation of increasing uncertainty regarding the outlook, with concerns over downside risks to economic activity arising from the rise of protectionist trade policies under the US administration.」

「Meanwhile, the global economy remained in a situation of increasing uncertainty regarding the outlook, with concerns over downside risks to economic activity arising from the rise of protectionist trade policies under the US administration.」

「Meanwhile, the global economy remained in a situation where uncertainty persisted regarding the outlook, due to political and economic developments in the United States and China and rising geopolitical risks.」

「Meanwhile, although geopolitical risks in some regions and uncertainty over the US administration's policies have increased, the overseas economy, led by the United States and Europe, showed signs of recovery.」

「Meanwhile, concerns regarding the situation in North Korea and uncertainty over the US administration's policies have increased, and the outlook remains uncertain.」

「Meanwhile, although personal consumption in the United States remains firm, the global economic outlook remains uncertain due to stagnation in emerging economies, the formation of new administrations in the United States and Europe, and heightened geopolitical risks in the Middle East and East Asia.」

「Although Japan's employment and income environment is showing improvement, the declining birth rate, aging population and population decline continue to progress, and personal consumption is expected to remain sluggish. Globally, the business environment is expected to remain uncertain due to the impact of protectionist policies under the new US administration, the UK's withdrawal from the EU, the economic slowdown in emerging countries including China, and exchange-rate fluctuations.」

「Meanwhile, in the global economy, uncertainty remains regarding the outlook for the US economy following the presidential election and economic conditions in emerging and resource-producing countries, including China.」

「Meanwhile, uncertainty about the outlook for the economy remains high amid the worsening economic conditions in emerging markets, including China, the UK's withdrawal from the EU and other factors, as well as the yen's appreciation.」