Uncertainty in Overseas Economies Due to the Economic Slowdown in Emerging Markets and Resource-Rich Countries and Brexit

「Meanwhile, in addition to the downside risk that continuing high prices could have on consumer sentiment, concerns included tariff measures resulting from U.S. trade policy, the impact on energy prices of heightened military tensions over Iran in the Middle East, and a slowdown in the Chinese economy. As a result, the outlook remained extremely uncertain.」

「Meanwhile, in addition to the downside risk that continuing high prices could have on consumer sentiment, concerns included tariff measures resulting from U.S. trade policy, the impact on energy prices of heightened military tensions over Iran in the Middle East, and a slowdown in the Chinese economy. As a result, the outlook remained extremely uncertain.」

「However, in addition to the slowdown in the recovery of consumption caused by high prices, the prolonged invasion of Ukraine by Russia, geopolitical risks in the Middle East, and tariff measures implemented by the Trump administration and the resulting disruption compounded one another, leaving the outlook extremely uncertain.」

「During the interim consolidated accounting period under review, Japan's economy showed a moderate recovery. Although consumer sentiment improved under the impact of wage increases and fixed-amount tax cuts, the recovery remained moderate due to concerns about high prices, volatile stock prices, vigilance over the Nankai Trough earthquake, disruptions to the movement of people and goods caused by heavy rain, the prolonged labor shortage and other factors. In addition, the outlook became extremely uncertain due to the situation in Ukraine and the emergence of geopolitical risks in the Middle East.」

「During the cumulative nine-month period under review, Japan's economy remained in a moderate recovery phase. Although inbound demand, leisure demand and service consumption continued to recover, the decline in consumer sentiment caused by high prices, including rising energy prices and price increases for daily necessities, together with the effects of the prolonged labor shortage, limited the recovery. In addition, the outlook became extremely uncertain due to monetary tightening in the United States, Europe and other countries, the continued depreciation of the yen, and geopolitical risks in Ukraine and the Middle East.」

「However, the outlook became extremely uncertain due to monetary tightening in the United States, Europe and other countries, the continued depreciation of the yen and geopolitical risks.」

「During the cumulative first quarter under review, Japan's economy showed a moderate recovery, reflecting the normalization of socioeconomic activity following the containment of COVID-19 and the recovery in inbound consumption. However, the outlook became extremely uncertain as the global economy continued to slow due to geopolitical risks, including soaring prices and the prolonged invasion of Ukraine by Russia, as well as the effects of monetary tightening in the United States, Europe and other countries.」

「The global surge in prices stemming from Russia's invasion of Ukraine has continued for an extended period. In Japan, as new lifestyles are being explored in the post-pandemic environment, the outlook remains uncertain due to soaring fuel and raw material prices, sharp exchange-rate fluctuations and other factors.」

「Japan's economy during the nine months ended 31 December gradually recovered as socioeconomic activity normalized following the lifting of restrictions on movement due to COVID-19. However, the outlook remained uncertain due to sharp foreign exchange fluctuations resulting from differences between US and Japanese monetary policies, and soaring crude oil and raw material prices due to the protracted situation in Ukraine.」

「Meanwhile, the outlook became extremely uncertain due to surging crude oil and raw material prices resulting from the prolonged Russian invasion of Ukraine and rapid yen depreciation against a backdrop of divergent monetary policies in Japan and the United States.」

「Meanwhile, the outlook became extremely uncertain due to surging crude oil and raw material prices resulting from the prolonged Russian invasion of Ukraine and rapid yen depreciation against a backdrop of divergent monetary policies in Japan and the United States.」

「Japan's economy during the fiscal year remained extremely uncertain as socioeconomic activity was intermittently restricted due to the impact of COVID-19, compounded by the impact of Russia's invasion of Ukraine.」

「Japan's economy during the six months ended 30 September remained subject to restrictions on and calls for restraint in social activity as the fifth wave of COVID-19 led to the declaration of a fourth state of emergency in many regions from July through September. Although vaccinations progressed rapidly, economic activity stagnated significantly and the outlook remained extremely uncertain.」

「Japan's economy during the three months ended 30 June stagnated significantly as the prolonged spread of COVID-19 led to the declaration of a third state of emergency from April through June, among other measures. Although vaccinations began, the outlook remained extremely uncertain due to the lack of visibility on when vaccinations would be completed and their effectiveness, as well as concerns over variants.」

「The recovery in socioeconomic activity slowed and the outlook remained extremely uncertain as infections began to spread again from November and the second state of emergency was declared in January 2021, among other factors.」

「Japan's economy during the nine months ended 31 December stagnated as socioeconomic activity slowed and both employment and consumption deteriorated after a sharp increase in infections in Japan following the global spread of COVID-19 led the government to declare a state of emergency. Although the state of emergency was lifted at the end of May and economic activity began to show signs of recovery, infections began to spread again in November, raising concerns about the impact on socioeconomic activity and leaving the outlook extremely uncertain.」

「Japan's economy during the six months ended 30 September stagnated as socioeconomic activity slowed and both employment and consumption deteriorated after a sharp increase in infections in Japan following the global spread of COVID-19 led the government to declare a state of emergency. Although the state of emergency was lifted at the end of May and economic activity began to show signs of recovery, the outlook remained extremely uncertain amid concerns over a further spread of infections.」

「Japan's economy during the three months ended 30 June stagnated as social activity slowed and both employment and consumption deteriorated after a sharp increase in infections in Japan following the global spread of COVID-19 led the government to declare a state of emergency. Although the nationwide state of emergency was lifted at the end of May, the outlook became extremely uncertain amid concerns over a second wave of infections.」

「The global spread of the novel coronavirus has had a significant impact on economic and social activity worldwide, and the domestic and overseas operating environment is expected to become increasingly challenging.」

「Japan's economy remained on a moderate recovery track during the nine months ended 31 December as employment and income conditions continued to improve following the change of era to Reiwa. However, uncertainty over the outlook increased due to widespread damage from typhoons No. 15 and 19, deteriorating sentiment following the consumption tax increase, intensifying US-China trade friction, rising geopolitical risks in the Middle East as tensions between the United States and Iran escalated, and disruption associated with the UK's exit from the EU.」

「Japan's economy remained on a moderate recovery track during the six months ended 30 September as employment and income conditions continued to improve following the change of era to Reiwa. However, concerns over an economic downturn following the consumption tax increase in October, prolonged US-China trade friction, rising geopolitical risks in the Middle East and the UK's exit from the EU increased uncertainty over the outlook for the global economy.」

「Japan's economy remained on a moderate recovery track during the three months ended 30 June as corporate earnings and employment and income conditions improved against a backdrop of solid capital investment and strong overseas economies. However, the outlook remained uncertain due to intensifying US-China trade friction and rising geopolitical risks in the Middle East.」

「Corporate earnings and employment and income conditions improved and the economy remained on a moderate recovery track against a backdrop of solid capital investment and strong overseas economies. However, the outlook remained uncertain, partly because the global economy was expected to slow due to the impact of successive natural disasters, the rise of protectionism in the United States and China, and increasing geopolitical risks.」

「Japan's economy remained on a moderate recovery track during the nine months ended 31 December as corporate earnings and employment and income conditions improved against a backdrop of government economic and monetary policies. However, the outlook remained uncertain due to the impact of successive natural disasters, the rise of protectionism in the United States and China, and increasing geopolitical risks.」

「Japan's economy remained on a moderate recovery track during the six months ended 30 September as corporate earnings and employment and income conditions improved against a backdrop of government economic and monetary policies. However, the outlook remained uncertain due to the rise of protectionism in the United States and China and increasing geopolitical risks.」

「Although Japan's economy remained broadly firm during the three months ended 30 June against a backdrop of government economic and monetary policies, the outlook remained uncertain due to the protectionist trade policies of the US administration and rising geopolitical risks.」

「Although Japan's economy remained broadly firm during the fiscal year against a backdrop of government economic and monetary policies, the outlook for the domestic economy remained uncertain due to uncertainty in the political and economic conditions of other countries and rising geopolitical risks.」

「Although corporate earnings remained firm and Japan's economy was on a moderate recovery track during the nine months ended 31 December, the outlook for the domestic economy remained uncertain due to uncertainty in the political and economic conditions of other countries and rising geopolitical risks, against a backdrop of government economic and monetary policies.」

「Although Japan's economy was on a moderate recovery track during the six months ended 30 September, the outlook for the domestic economy remained uncertain due to uncertainty in the political and economic conditions of other countries and rising geopolitical risks.」

「Although Japan's economy was on a moderate recovery track during the three months ended 30 June, the outlook for the domestic economy remained uncertain due to concerns over uncertainty in the political and economic conditions of the United States, Europe and emerging economies.」

「The outlook for the domestic economy remained uncertain due to increased overseas economic uncertainty, including slowing growth in emerging and resource-rich countries and the UK's exit from the EU, as well as volatile foreign exchange markets.」

「The outlook for the domestic economy remained uncertain as overseas economic uncertainty increased due to slowing growth in emerging and resource-rich countries and the UK's exit from the EU.」