Risk of Economic Downturn Due to Yen Appreciation and Falling Share Prices

「In addition, uncertainty about the outlook continues due to trends in the trade policies of various countries, geopolitical risks such as the situation in the Middle East, and fluctuations in foreign exchange rates and energy prices.」

「During the interim consolidated accounting period under review, the cost of living remained high due to rising prices and foreign exchange fluctuations, while the number of employees increased and wages showed signs of rising. Against this economic backdrop, personal consumption showed some signs of recovery but remained modest overall. In addition, uncertainty about the economic outlook persisted due to rising geopolitical risks, concerns over a slowdown in overseas economies, and interest rate trends associated with the normalization of monetary policy, among other factors.」

「During the consolidated fiscal year under review, Japan’s economy showed signs of a gradual recovery, supported by the recovery in personal consumption and inbound demand despite the impact of external conditions such as persistently high raw material and energy prices and foreign exchange fluctuations. At the same time, the outlook remained uncertain due to consumers’ growing preference for saving and intensifying price competition, among other factors.」

「During the interim consolidated accounting period under review, Japan’s economy remained on a gradual recovery track, with personal consumption expected to recover as employment and income conditions improved, and various policy measures and increased inbound demand taking effect. At the same time, the outlook remained uncertain due to rising prices caused by persistently high raw material and material costs and unstable foreign exchange fluctuations, among other factors.」

「During the cumulative first quarter under review, Japan’s economy entered a gradual recovery phase, with personal consumption expected to recover as employment and income conditions improved, and various policy measures and increased inbound demand took effect. At the same time, the outlook remained uncertain as the yen continued to depreciate and prices continued to rise due to soaring raw material and energy costs.」

「During the consolidated fiscal year under review, Japan’s economy showed a gradual recovery, supported by the recovery in personal consumption and inbound demand, despite the impact of external conditions including persistently high raw material and energy prices and foreign exchange fluctuations. At the same time, the outlook remained uncertain as prices continued to rise due to the depreciation of the yen, in addition to persistently high raw material and energy prices resulting from the prolonged situation in Ukraine and the situation in Israel, among other factors.」

「During the cumulative third quarter under review, Japan’s economy showed a gradual recovery as restrictions on behavior related to the novel coronavirus disease were eased, economic and social activity normalized, and people flows increased along with a recovery in inbound demand. However, the outlook remained uncertain due to the continued monetary tightening policies of various countries in response to global inflationary pressure and concerns over an economic downturn arising from the prolonged situation between Russia and Ukraine.」

「During the cumulative second quarter under review, Japan’s economy showed a gradual recovery as economic and social activity normalized, including increased people flows and a recovery in inbound demand following the reclassification of the novel coronavirus disease to Category V. At the same time, the outlook remained uncertain due to concerns over an economic downturn arising from global monetary tightening and the prolonged situation between Russia and Ukraine, among other factors.」

「During the cumulative first quarter under review, Japan’s economy showed positive signs, including the normalization of social and economic activity and recovery in inbound tourism, as restrictions on behavior related to the novel coronavirus disease were eased. However, financial markets and foreign exchange markets remained unstable, and the outlook continued to be uncertain as rising prices driven by soaring raw material and energy costs strengthened consumers’ preference for saving.」

「During the consolidated fiscal year under review, Japan’s economy showed signs of recovery as restrictions on behavior and entry restrictions related to the novel coronavirus disease were eased. However, concerns over rising inflation and an economic downturn spread amid soaring raw material and energy prices resulting from the prolonged situation between Russia and Ukraine and the sharp depreciation of the yen in foreign exchange markets against a backdrop of global monetary tightening, and the outlook remained uncertain.」

「During the cumulative third quarter, movement toward the normalization of economic and social activity was seen as restrictions on behavior were eased following measures to prevent the spread of the novel coronavirus disease and the wider availability of vaccinations. However, the outlook remained uncertain due to soaring raw material and energy prices resulting from the prolonged situation between Russia and Ukraine and the rapid acceleration of the yen’s depreciation.」

「During the cumulative second quarter under review, raw material and energy prices rose sharply due to the prolonged situation between Russia and Ukraine and the rapid depreciation of the yen. In addition, the rapid spread of the seventh wave of the novel coronavirus disease occurred, and Japan’s economic outlook remained uncertain.」

「Economic activity was restrained by the spread of new variants of the novel coronavirus disease, including the application of priority preventive measures in various areas through late March. In addition, soaring raw material and crude oil prices due to the situation in Ukraine and other factors, together with developments in foreign exchange markets, heightened concerns over global inflation, and Japan’s economic outlook remained uncertain.」

「Although movement toward the normalization of economic and social activity was seen as people flows recovered following the full lifting of declarations of a state of emergency and the spread of vaccinations, the impact of the prolonged novel coronavirus disease continued, and concerns over a further resurgence of infections could not be dispelled, leaving the outlook uncertain.」

「During the cumulative second quarter under review, Japan’s economy continued to be significantly affected by the prolonged novel coronavirus disease. Restrictions on economic and social activity continued due to declarations of a state of emergency and the application of priority preventive measures, among other factors, and the outlook remained uncertain.」

「During the cumulative first quarter under review, Japan’s economy continued to be significantly affected by the prolonged novel coronavirus disease, with restrictions on economic and social activity continuing and the outlook remaining uncertain.」

「In Japan’s food industry, demand from retail outlets, including major mass retailers, food supermarkets and drugstores, remained stable due to stay-at-home consumption. However, demand from the food-service and tourism industries declined substantially as restaurants temporarily closed or shortened their operating hours following 2 declarations of a state of emergency and consumers refrained from going out, and difficult conditions continued.」

「Under these circumstances, the impact on the economy and consumption is expected to continue as concerns remain over a further resurgence of the novel coronavirus disease, leaving the outlook uncertain. If the deterioration in economic conditions caused by the spread of the novel coronavirus disease is prolonged, it may have a further impact on the financial position, operating results and cash flows of the Group.」

「During the cumulative second quarter under review, Japan’s economy was forced to stagnate by the spread of the novel coronavirus disease. Although economic activity gradually resumed after the declaration of a state of emergency was lifted, concerns over the continued spread of the novel coronavirus disease remained, and the outlook continued to be uncertain.」

「As the novel coronavirus disease spread, Japan issued its first-ever declaration of a state of emergency, and the economy experienced a significant downturn due to restrictions on economic and social activity. Similar situations also arose in countries around the world, and the outlook remained uncertain.」

「During the consolidated fiscal year under review, Japan’s economy remained firm against the backdrop of favorable corporate performance and employment conditions. However, the outlook for the economy remained uncertain due to trade issues between the United States and China, concerns over a slowdown in the Chinese and European economies, and the spread of the novel coronavirus disease.」

「However, overseas conditions remained uncertain, with trade issues between the United States and China and concerns over a slowdown in the Chinese and European economies, among other factors, raising concerns about their impact on the global economy going forward.」

「However, overseas conditions remained uncertain, with the prolonged issue of the United Kingdom’s withdrawal from the EU in addition to trade friction between the United States and China, and this was viewed as a risk of a slowdown in the global economy going forward.」

「However, overseas conditions remained uncertain, with tensions rising in the Middle East in addition to trade friction between the United States and China, and this was viewed as a risk of a slowdown in the global economy going forward.」

「However, turmoil arising from trade issues between the United States and China significantly affected the stock market, and uncertainty about the outlook persisted.」

「However, turmoil arising from the struggle for hegemony between the United States and China significantly affected the stock market, and uncertainty about the outlook persisted.」

「During the cumulative second quarter under review, Japan’s economy continued on a gradual recovery track, supported by the recovery in corporate earnings and improvement in employment conditions. However, uncertainty about the outlook persisted, as the spread of protectionist sentiment began to take on the character of a trade war.」

「However, uncertainty about the outlook persisted, as the spread of protectionist sentiment began to take on the character of a trade war.」

「However, uncertainty about the outlook persisted, with rising geopolitical risks and uncertainty over conditions in overseas markets, among other factors.」

「However, uncertainty about the outlook persisted, with rising geopolitical risks and uncertainty over conditions in overseas markets, among other factors.」

「During the cumulative second quarter under review, Japan’s economy continued on a gradual recovery track, supported by the recovery in corporate earnings and improvement in employment conditions. However, uncertainty about the outlook persisted, with rising geopolitical risks and the spread of protectionist sentiment, among other factors.」

「However, uncertainty over the outlook remains unresolved amid rising geopolitical risks and the spread of protectionist sentiment.」

「Meanwhile, uncertainty over the outlook for the global economy has increased due to the United Kingdom’s withdrawal from the EU, an economic slowdown in emerging markets and other factors, and concern remains over the resulting downside risk to the economy.」

「Amid heightened uncertainty in the global economy due to an economic slowdown in emerging markets and other factors, downside risk to the economy has increased as exports have stagnated as a result of the stronger yen.」

「Amid heightened uncertainty in the global economy in recent times, downside risk to the economy has increased as a result of the stronger yen, falling share prices and other factors.」