Weak private consumption, yen appreciation, and uncertainty over the economic environment due to the UK's withdrawal from the EU

「During the fiscal year, Japan's economy faced continued difficulty in forecasting the outlook as geopolitical risks arising from the situation in the Middle East and elsewhere increased further amid continued price increases caused by surging resource prices and the weaker yen, raising concerns about downside risks to the economy.」

「資源価格の高騰や円安に伴う物価上昇が続く中、中東情勢等に起因する地政学的リスクが一段と高まり、経済の下振れリスクが懸念されるなど、先行きの予測が困難な状況が続きました。」

「During the fiscal year, Japan's economy showed signs of a moderate recovery in economic activity, although prices continued to rise due to surging resource prices and the weaker yen. However, optimism about the outlook remained unwarranted amid rising costs across the board and concerns about intensifying trade competition.」

「During the cumulative third quarter of the fiscal year, Japan's economy recovered moderately, supported in part by a recovery in inbound demand against a backdrop of the employment and income environment and the weaker yen. However, the outlook remained uncertain due to downside risks to the economy, including high prices driven by surging resource prices, volatility in financial and capital markets, and a downturn in overseas economies.」

「During the cumulative second quarter of the fiscal year, Japan's economy continued to recover moderately against a backdrop of the normalization of economic activity following the reclassification of COVID-19 to Category 5 and a recovery in inbound consumption, although uncertainty persisted due to high prices, surging resource prices and heightened international tensions.」

「During the cumulative first quarter of the fiscal year, Japan's economy was expected to recover moderately, led by domestic demand, against a backdrop of easing supply constraints and a recovery in inbound consumption. However, uncertainty persisted due to prolonged household cost-cutting in response to rising prices and heightened international tensions.」

「However, uncertainty about the outlook persists due to the prolonged situation in Russia and Ukraine, surging energy and raw-material prices, and unstable foreign exchange markets.」

「During the cumulative third quarter of the fiscal year, Japan's economy showed signs of recovery, supported by the easing of restrictions on activities as vaccinations progressed and the effects of various government policies. However, the outlook remained uncertain due to rising inflationary pressure against a backdrop of surging energy prices and sharp currency fluctuations.」

「During the cumulative second quarter of the fiscal year, Japan's economy remained in a difficult operating environment, with uncertainty about the outlook increasing due to the prolonged COVID-19 pandemic, the rapid depreciation of the yen, and surging resource prices and inflation resulting from the situation in Russia and Ukraine.」

「During the cumulative consolidated period for the first quarter under review, the Japanese economy remained uncertain, as the stagnation of economic activity associated with COVID-19 raised concerns about corporate earnings, employment, consumer sentiment, and instability in overseas economic conditions.」

「During the fiscal year under review, the Japanese economy faced various constraints in society, the economy, healthcare, education, and other areas due to the global spread and prolonged duration of COVID-19 variants. In addition, the shortage of semiconductors, soaring resource prices, and heightened geopolitical risks overseas left conditions extremely uncertain.」

「During the cumulative consolidated period for the third quarter under review, the Japanese economy showed signs of recovery as vaccination progressed and economic activity resumed. However, the resurgence of COVID-19, rising costs of various kinds, and shortages of semiconductor components became apparent, and severe conditions continued to affect the outlook.」

「During the cumulative consolidated period for the second quarter under review, the Japanese economy remained in uncertain conditions, with economic activity continuing to be restricted due to the spread of COVID-19.」

「During the cumulative consolidated period for the first quarter under review, the Japanese economy remained uncertain, as the stagnation of economic activity associated with COVID-19 raised concerns about corporate earnings, employment, consumer sentiment, and instability in overseas economic conditions.」

「During the fiscal year under review, the global spread and prolonged duration of COVID-19 had a significant impact on all aspects of the real economy, healthcare, education, and other areas, and conditions remained extremely uncertain.」

「During the cumulative consolidated period for the third quarter under review, overall economic activity in Japan was significantly affected by the resurgence of COVID-19, and the outlook remained uncertain.」

「During the cumulative consolidated period for the second quarter under review, overall economic activity in Japan was significantly affected by the spread of COVID-19. Concerns remained about corporate earnings, employment, consumer sentiment, trade issues in various countries, and instability in overseas economic conditions, and the outlook continued to be uncertain.」

「During the cumulative consolidated period for the first quarter under review, the Japanese economy remained uncertain as the spread of COVID-19 had a significant impact on overall socioeconomic activity, raising concerns about corporate earnings, employment, consumer sentiment, trade issues in various countries, and instability in overseas economic conditions.」

「In addition, concerns about the spread and prolonged duration of COVID-19 are increasingly affecting the real economy, and conditions remain uncertain.」

「During the cumulative consolidated period for the second quarter under review, the Japanese economy remained on a moderate recovery trend due to capital investment supported by corporate earnings and improvements in employment conditions. However, concerns remained about the impact of the consumption tax increase and uncertainty in overseas economies, and the outlook continued to be uncertain.」

「During the cumulative consolidated period for the first quarter under review, the Japanese economy remained on a moderate recovery trend, centered on improvements in corporate earnings and employment conditions. The outlook remained uncertain, as concerns persisted about trade issues in various countries and instability in overseas economic conditions.」

「The domestic economy remained on a moderate recovery trend, with improvements in corporate performance and the employment environment, but the outlook remained uncertain amid concerns about the impact of political and economic instability overseas.」

「During the cumulative consolidated period for the third quarter under review, the Japanese economy remained on a moderate recovery trend due to solid corporate earnings and improvements in the employment environment. However, the outlook for the economy remained uncertain due to the impact of trade issues in various countries on the global economy and uncertainty in overseas economies.」

「Meanwhile, concerns remain about the impact of US trade policies and uncertainty in overseas economies, and the outlook continues to be uncertain.」

「During the cumulative consolidated period for the first quarter under review, the Japanese economy remained on a moderate recovery trend, centered on improvements in corporate earnings and employment conditions. However, the outlook remained uncertain due to concerns about the direction of the US administration's trade policies.」

「During the fiscal year under review, the Japanese economy remained on a moderate recovery trend, with improvements in corporate performance and the employment environment, but the outlook remained uncertain amid concerns about the impact of political and economic instability overseas.」

「The US economy continues to recover, but political and policy uncertainty persists in countries around the world.」

「During the cumulative consolidated period for the first quarter under review, the domestic economy remained on a moderate recovery trend, supported by improvements in corporate earnings and employment. However, the outlook remained uncertain due to concerns about policy uncertainty in Europe and the United States and a slowdown in the Chinese economy.」

「Meanwhile, the outlook remains uncertain due to risks including the slowdown in the Chinese economy, the policies of the new US administration, and the UK's exit from the EU.」

「During the cumulative consolidated period for the third quarter under review, business sentiment improved and the domestic economy remained on a moderate recovery trend. However, the global economy continued to face an uncertain outlook, including concerns about downside risks from the change in the US administration and political instability in Europe caused by the UK's exit from the EU.」

「During the cumulative consolidated period for the second quarter under review, the Japanese economy remained uncertain, although the employment and income environment showed signs of improvement, as overseas economic instability increased due to the economic slowdown in emerging markets and issues including the UK's exit from the EU.」

「During the cumulative consolidated period for the quarter under review, the Japanese economy remained uncertain, with concerns over the impact on the European economy of the UK's exit from the EU, in addition to sluggish personal consumption and the lack of growth in corporate earnings due to the stronger yen.」