Risk of an uncertain outlook due to economic downside, falling share prices, a stronger yen and stagnant personal consumption

「During the current consolidated fiscal year, the Japanese economy showed a gradual recovery, supported by improvements in employment and income conditions, and signs of a recovery in personal consumption. However, the rise in crude oil prices against the backdrop of the situation in the Middle East has raised concerns about its impact on energy costs and prices, and uncertainty about the outlook continues.」

「During the current consolidated fiscal year, the Japanese economy showed a gradual recovery, supported by improvements in employment and income conditions, and signs of a recovery in personal consumption. However, the rise in crude oil prices against the backdrop of the situation in the Middle East has raised concerns about its impact on energy costs and prices, and uncertainty about the outlook continues.」

「During the interim consolidated period, the Japanese economy was on a moderate recovery trend due to improvements in employment and income conditions. However, in addition to downside risks to the economy resulting from the impact of U.S. trade policy, the continued rise in prices has dampened consumer sentiment and affected personal consumption, creating risks that could weigh on the economy. Uncertainty about the outlook therefore persisted.」

「During the interim consolidated accounting period, the Japanese economy showed signs of a moderate recovery due to improvements in employment and income conditions, but uncertainty about the outlook persisted amid unstable global conditions, rising prices, and volatility risks in financial and capital markets.」

「During the cumulative third quarter of the fiscal year, the Japanese economy showed signs of gradual normalization of economic activity and a moderate recovery, supported by increased mobility following the reclassification of the novel coronavirus disease to Category 5. However, uncertainty about the outlook persisted amid heightened geopolitical tensions, rising prices and volatility risks in financial and capital markets, as well as the risk that an overseas economic downturn could weigh on the domestic economy.」

「During the cumulative second quarter of the fiscal year, the Japanese economy showed signs of gradual normalization of economic activity and a moderate recovery, supported by increased mobility following the reclassification of the novel coronavirus disease to Category 5. However, uncertainty about the outlook persisted amid heightened geopolitical tensions, rising prices and volatility risks in financial and capital markets, as well as the risk that an overseas economic downturn could weigh on the domestic economy.」

「During the cumulative first quarter of the fiscal year, the Japanese economy showed signs of gradual normalization of economic activity and a moderate recovery, supported by increased mobility following the reclassification of the novel coronavirus disease to Category 5. However, uncertainty about the outlook persisted due to the prolonged situation in Ukraine, the continuing depreciation of the yen, higher resource and raw-material prices and the resulting increase in prices, and the risk that an overseas economic downturn could weigh on the domestic economy.」

「During the cumulative third quarter of the fiscal year, the Japanese economy showed signs of recovery from the deterioration caused by the novel coronavirus disease, but uncertainty about the outlook persisted due to higher resource prices resulting from the situation in Ukraine and the risk that an overseas economic downturn could weigh on the domestic economy.」

「During the cumulative second quarter of the fiscal year, the Japanese economy showed signs of recovery from the deterioration caused by the novel coronavirus disease, but uncertainty about the outlook persisted due to the impact of higher resource prices resulting from the prolonged situation in Ukraine and the rapid depreciation of the yen.」

「During the cumulative first quarter of the fiscal year, the Japanese economy showed signs of recovery from the deterioration caused by the novel coronavirus disease, but uncertainty about the outlook persisted due to the prolonged situation in Ukraine and the continuing depreciation of the yen.」

「The environment surrounding our Group, which operates in the prepared-foods industry, remained challenging due to social changes including the declining birth rate and aging population, intensifying competition across business formats, and increasingly diverse consumer needs. In addition, domestic and overseas economic conditions are expected to remain increasingly severe amid the renewed spread of infections involving new variants of the novel coronavirus disease and surging global resource and fuel prices resulting from developments in Russia and Ukraine.」

「During the cumulative third quarter of the fiscal year, the Japanese economy showed signs of recovery amid the prolonged impact of the novel coronavirus disease, supported in part by expanded vaccination coverage and the effects of various policy measures. However, conditions remained challenging as infections involving variants spread rapidly and no end to the spread of infection was in sight.」

「During the cumulative second quarter of the fiscal year, the Japanese economy showed signs of recovery amid the prolonged impact of the novel coronavirus disease, supported in part by progress in vaccinations and the effects of various policy measures. However, conditions remained challenging due to rising downside risks resulting from domestic and overseas infection trends and continued uncertainty over when the spread of infection would be contained.」

「The environment surrounding our Group remained uncertain, due to increased working from home, fewer opportunities to go out, and declining demand for leisure activities and events.」

「During the cumulative third quarter of the fiscal year, the Japanese economy remained in a challenging condition due to the impact of the novel coronavirus disease. After the state of emergency was lifted in May of the previous year, economic activity resumed alongside measures to prevent the spread of infection, and personal consumption showed signs of recovery as a result of various policy measures. However, the outlook remained uncertain, as the number of infections in Japan was again trending upward and there was still no clear prospect of containing the disease.」

「The environment surrounding our Group remained challenging, as increased working from home and fewer opportunities to go out led to a shift from prepared foods to home cooking, while university closures also resulted in the closure of campus stores and demand for leisure activities declined.」

「During the cumulative first quarter of the fiscal year, the Japanese economy deteriorated rapidly due to the impact of the novel coronavirus disease and entered an extremely challenging period. The prepared-foods industry also remained challenging as the spread of the disease led to a shift from prepared foods to home cooking due to calls to refrain from going out, increased working from home, and school closures, as well as the impact of heightened so-called stay-at-home demand.」

「During the fiscal year, the Japanese economy continued to recover moderately, but uncertainty about the outlook persisted amid heightened tensions over trade issues, the impact of the consumption tax increase, and concerns about further downside risks to domestic and overseas economies resulting from the global spread of the novel coronavirus disease that began toward the end of the fiscal year.」

「During the cumulative third quarter of the fiscal year, the Japanese economy continued to recover moderately, but uncertainty about the outlook persisted amid heightened tensions over trade issues and volatility in financial and capital markets. The operating environment for our Group, which operates in the prepared-foods industry, also remained challenging due to persistently high raw-material prices resulting from unseasonable weather and other factors, rising labor costs, and the impact of the consumption tax increase.」

「During the cumulative second quarter of the fiscal year, the Japanese economy continued to recover moderately, but uncertainty about the outlook persisted amid heightened tensions over trade issues and volatility in financial and capital markets. The operating environment for our Group, which operates in the prepared-foods industry, also remained challenging, due to persistently high raw-material prices resulting from unseasonable weather and other factors, rising labor costs, and concerns that the consumption tax increase implemented in October 2019 could affect consumer spending.」

「The Japanese economy continued on a gradual recovery trend during the three months ended 30 June, but the outlook remained uncertain due to uncertainty in overseas economies and volatility in financial and capital markets. Although consumption showed signs of recovery, persistently high raw-material prices and rising labor costs, among other factors, meant that the operating environment for our Group, which operates in the prepared-foods industry, remained challenging.」

「The Japanese economy continued on a gradual recovery trend during the nine months ended 31 December, but the outlook remained uncertain due to uncertainty in overseas economies, volatility in financial and capital markets and concerns about the economic impact of natural disasters. Although consumption showed signs of recovery, rising energy prices and labor costs, among other factors, meant that the operating environment for our Group, which operates in the prepared-foods industry, remained challenging.」

「The Japanese economy continued on a gradual recovery trend during the six months ended 30 September, but the outlook remained uncertain due to uncertainty in overseas economies, volatility in financial and capital markets and concerns about the economic impact of natural disasters. Although consumption showed signs of recovery, rising energy prices and labor costs, among other factors, meant that the operating environment for our Group, which operates in the prepared-foods industry, remained challenging.」

「The Japanese economy continued on a gradual recovery trend during the three months ended 30 June, but the outlook remained uncertain due to uncertainty in overseas economies and volatility in financial and capital markets. Although consumption showed signs of recovery, rising energy prices and labor costs, among other factors, kept the operating environment for our Group, which operates in the prepared-foods industry, challenging.」

「The Japanese economy continued on a gradual recovery trend, supported by economic policies and other factors, during the fiscal year, but remained in an uncertain environment due to the risk of economic slowdowns in emerging economies and elsewhere and geopolitical risks overseas. Although consumer sentiment showed signs of recovery, the improvement was limited, and the operating environment for our Group, which operates in the prepared-foods industry, remained challenging.」

「The Japanese economy continued on a gradual recovery trend, supported by economic policies and other factors, during the nine months ended 31 December, but remained in an uncertain environment due to the risk of economic slowdowns in emerging economies and elsewhere and geopolitical risks overseas. Although consumer sentiment showed signs of recovery, the improvement was limited, and the operating environment for our Group, which operates in the prepared-foods industry, remained challenging.」

「The Japanese economy continued on a gradual recovery trend, supported by economic policies and other factors, during the six months ended 30 September, but remained in an uncertain environment due to the risk of economic slowdowns in emerging economies and elsewhere and geopolitical risks overseas. Consumer sentiment remained focused on saving, and the operating environment for our Group, which operates in the prepared-foods industry, remained challenging.」

「The Japanese economy continued on a gradual recovery trend, supported by economic policies and other factors, during the three months ended 30 June, but remained in an uncertain environment due to the risk of economic slowdowns in emerging economies and elsewhere and developments in overseas economies. Consumer sentiment remained focused on saving, and the operating environment for our Group, which operates in the prepared-foods industry, remained challenging.」

「The economy remained in an uncertain environment due to overseas policy developments and the risk of economic slowdowns in emerging economies and elsewhere. Although consumer spending continued to show signs of recovery, it remained sluggish, and the operating environment for our Group, which operates in the prepared-foods industry, became challenging.」

「The Japanese economy continued on a gradual recovery trend, supported by economic policies and other factors, during the nine months ended 31 December. However, the outlook remained uncertain due to the risk of an economic slowdown in emerging economies, growing uncertainty in overseas economies caused by policy concerns and other factors, and the impact of volatility in financial and capital markets. Although consumer spending showed signs of recovery, the recovery remained weak, and the operating environment for our Group, which operates in the prepared-foods industry, became challenging.」

「Consumer spending has also remained stagnant, and the operating environment for our Group, which operates in the prepared-foods industry, has become challenging.」

「The outlook remains uncertain due to the risk of economic slowdowns in emerging and resource-rich economies, falling share prices and yen appreciation since the beginning of the year. Consumer spending has also remained stagnant, resulting in a challenging operating environment for our Group, which operates in the prepared-foods industry.」