Exposure to domestic economic conditions, overseas economies and foreign exchange fluctuations

「中東情勢の影響や金融資本市場の変動の影響等に注意が必要である等、先行き不透明な状況で推移いたしました。」

「During the current interim consolidated accounting period, Japan's economy remained uncertain amid uncertainty resulting from US trade policy and other factors. The company specifically describes the impact of weaker economies in Europe, the US and China, future US policy developments, conditions in the Middle East and factors causing fluctuations in financial and capital markets.」

「During the current interim consolidated accounting period, Japan's economy continued to recover gradually as employment and income conditions improved, but remained uncertain due to risks including weaker overseas economies resulting from persistently high interest rates in Europe and the US and stagnation in China's real estate market, as well as rising prices and fluctuations in financial and capital markets.」

「During the second quarter of the current consolidated cumulative period, Japan's economy remained uncertain. Although a gradual recovery was expected to continue as employment and income conditions improved, risks included weaker overseas economies, including concerns about the outlook for China's economy, weighing on Japan's economy amid the effects of global monetary tightening, as well as rising prices and fluctuations in financial and capital markets.」

「As the classification of the novel coronavirus disease under the Infectious Diseases Control Law was lowered to the equivalent of Category 5 in May, daily life began to return to normal and economic activity moved toward normalization. While a gradual economic recovery was expected to continue as employment and income conditions improved, conditions remained uncertain due to risks including weaker overseas economies weighing on Japan's economy amid continued global monetary tightening, rising prices and fluctuations in financial and capital markets.」

「During the current consolidated fiscal year, Japan's economy remained uncertain. Although the difficult conditions caused by the novel coronavirus disease eased and the transition to a new phase of living with COVID-19 progressed, risks included weaker overseas economies weighing on Japan's economy amid continued global monetary tightening, as well as rising prices and supply constraints.」

「During the third quarter of the current consolidated cumulative period, Japan's economy remained uncertain. Although a recovery was expected under the conditions of living with COVID-19, risks included the possibility that weaker overseas economies would weigh on Japan's economy amid continued global monetary tightening, as well as rising prices, supply constraints, fluctuations in financial and capital markets and infection trends in China.」

「During the second quarter of the current consolidated cumulative period, Japan's economy remained uncertain. Although the difficult conditions caused by the novel coronavirus disease eased and the transition to a new phase of living with COVID-19 progressed, the economy was affected by downside risks including the impact of weaker overseas economies amid global monetary tightening, rising prices and fluctuations in financial and capital markets.」

「During the first quarter of the current consolidated cumulative period, Japan's economy showed signs of recovery as the difficult conditions caused by the novel coronavirus disease eased, but conditions remained uncertain due to downside risks including rising raw material prices and fluctuations in financial and capital markets.」

「During the third quarter of the current consolidated cumulative period, Japan's economy showed signs of recovery as the difficult conditions caused by the novel coronavirus disease gradually eased. However, the outlook remained unstable due to factors including the impact on the economy of the spread of new variant strains.」

「During the current consolidated fiscal year, Japan's economy continued to face an unstable outlook, as many industries were affected by the declaration of a state of emergency in response to the spread of the novel coronavirus, as well as by the emergence of variant strains.」

「During the first quarter of the current consolidated cumulative period, Japan's economy was in an extremely difficult situation due to the impact of the novel coronavirus disease. Although a recovery from these difficult conditions was expected as social and economic activity was gradually increased while measures were taken to prevent the spread of the infection, the outlook remained unstable.」

「During the current consolidated fiscal year, Japan's economy continued to face an unstable outlook. Although capital investment increased and employment and income conditions improved, the economy was affected by the decline in consumption following the consumption tax rate increase, as well as the impact of US-China trade friction, political risks in Europe and the spread of the novel coronavirus.」

「During the third quarter of the current consolidated cumulative period, uncertainty about the outlook for the global economy continued due to the UK's EU withdrawal issue and US-China trade issues. Meanwhile, although Japan's economy showed increases in capital investment and improvements in employment and income conditions, it was also affected by a decline in consumption following the consumption tax rate increase.」

「During the first quarter of the current consolidated cumulative period, the global economy entered an overall slowdown, despite firm conditions in the US, due in part to sluggish economic conditions in Europe and China. The US economy continued on a recovery trend, but uncertainty about the outlook increased because of difficulties in the UK's negotiations to leave the EU and escalating US-China trade friction.」

「Our group engages in domestic real estate leasing, the purchase and sale of automobiles, the import and sale of musical instruments, and the purchase and sale of building materials. Accordingly, economic fluctuations in the markets of our domestic customers and suppliers may affect the business performance and financial position of our group. Fluctuations in foreign exchange rates may also affect the business performance and financial position of our group.」

「However, concerns remain about the impact on the global economy of prolonged trade friction based on protectionist trade policies in the US and China, caution regarding the US president's policy management, and unstable conditions in Europe, and the outlook for the economy remains uncertain.」

「However, the outlook for the economy became uncertain due to increased downside risks to the global economy arising from large typhoons and torrential rains that caused disasters across Japan, the effects of record heat, and trade friction based on protectionist trade policies by the United States and China.」

「Meanwhile, uncertainty about the outlook continues due to factors including uncertainty in overseas economies and the impact of volatility in financial and capital markets.」

「Meanwhile, the outlook remains uncertain due to the impact of unstable US policy management and uncertainty surrounding policies in China and other emerging Asian economies.」

「Meanwhile, geopolitical risks, particularly in Asia, and concerns about the outlook for the global economy were also present, and conditions remained uncertain.」

「Meanwhile, the outlook for the economy has become uncertain due in part to geopolitical risks arising from unstable US policy management and instability in East Asia.」

「During the cumulative first quarter under review, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「Our group engages in domestic real estate leasing, the purchase and sale of automobiles, the import and sale of musical instruments, and the purchase and sale of building materials. Accordingly, economic fluctuations in the markets of our domestic customers and suppliers may affect the business performance and financial position of our group. Fluctuations in foreign exchange rates may also affect the business performance and financial position of our group.」

「During the cumulative third quarter of the current consolidated fiscal year, there were no new business or other risks, nor any material changes to the business and other risks described in the annual securities report for the previous fiscal year.」

「During the cumulative second quarter of the current consolidated fiscal year, there were no new business or other risks, nor any material changes to the business and other risks described in the annual securities report for the previous fiscal year.」

「The period continued under uncertain conditions, with signs of stagnation in corporate earnings and consumer sentiment.」

「Economic fluctuations in the markets of our domestic customers and suppliers may affect the business performance and financial position of our group. Fluctuations in foreign exchange rates may also affect the business performance and financial position of our group.」