Uncertainty in the Domestic Economy and Delayed Recovery in Personal Consumption

「Meanwhile, continued price increases, particularly for food and daily necessities, left consumer frugality and selective spending firmly entrenched.」

「In the consumer environment, although wage increases are progressing, prices of food, daily necessities and other products continue to rise, further strengthening the tendency toward frugality and selective consumption.」

「While wage increases progressed, high prices, particularly for food and daily necessities, also continued, and consumer appetite remained suppressed.」

「During the interim consolidated fiscal period (1 July 2024–31 December 2024), the domestic economy remained on a gradual recovery path, supported by improvements in employment and income conditions and expanding inbound demand. However, the outlook remained uncertain because resource prices remained elevated, prices continued to rise due to the weaker yen, and risks of a downturn in overseas economies persisted. In the consumer environment, personal consumption showed signs of a gradual recovery, although consumer frugality remained entrenched amid higher prices.」

「In the consumer environment, demand for services such as dining out and travel continued to recover, but spending on goods remained sluggish as higher prices strengthened consumer frugality, resulting in a situation lacking strength.」

「In the consumer environment, service consumption, particularly dining out and travel, remained firm despite stronger consumer frugality caused by higher prices. Spending on goods remained sluggish, and consumption behavior became increasingly polarized.」

「During the second quarter of the current consolidated fiscal year (1 July 2023–31 December 2023), normalization progressed as the COVID-19 pandemic subsided, and the domestic economy remained on a recovery path, supported in part by expanding inbound demand. However, the outlook remained uncertain amid rising geopolitical risks and concern that a slowdown in overseas economies could weaken the recovery. In the consumer environment, personal consumption continued to improve as socioeconomic activity recovered, but the situation lacked strength as higher prices strengthened consumer frugality.」

「In the consumer environment, personal consumption was recovering as socioeconomic activity resumed, but higher prices further strengthened consumer frugality.」

「During the consolidated fiscal year under review, the domestic economy showed signs of recovery as restrictions related to COVID-19 and border-control measures were eased and socioeconomic activity moved toward normalization. However, broad-based price increases continued due to soaring resource and energy prices and sharp currency fluctuations, while concern about a slowdown in overseas economies also persisted, resulting in continued difficult business conditions.」

「In the consumer environment, personal consumption continued to show signs of recovery as opportunities to go out increased, although there were also signs that rising prices were strengthening consumer frugality.」

「During the second quarter of the current consolidated fiscal year (1 July 2022–31 December 2022), easing of restrictions on activities and border-control measures progressed, and the domestic economy showed signs of a gradual recovery. However, prices broadly increased due to soaring resource and energy prices and the impact of the weaker yen, leaving the outlook uncertain.」

「In the consumer environment, personal consumption showed signs of recovery as foot traffic increased, while concern was expressed that rising prices were strengthening consumer frugality.」

「During the consolidated fiscal year under review, conditions continued to be affected by the spread of COVID-19, although the number of infections had been trending down since spring and social activity had begun to normalize. However, the outlook remained uncertain amid unstable conditions overseas, sharp currency fluctuations and soaring resource prices.」

「While expectations were expressed for a recovery in demand as the number of infections stabilized, concern was also expressed that rising prices for necessities and public utilities could affect consumption.」

「During the second quarter of the current consolidated fiscal year (1 July 2021–31 December 2021), infection levels showed some signs of stabilization partly because vaccinations against COVID-19 progressed, raising expectations for a move toward economic normalization. However, new variants had also emerged, and the situation remained unpredictable. In the consumer environment, restrictions on everyday activities were gradually eased from October, after the emergency declarations were lifted, and personal consumption showed signs of recovery.」

「During the first quarter of the current consolidated fiscal year (1 July 2021–30 September 2021), vaccinations against COVID-19 gradually progressed, but the spread of variants drove the number of new infections to a record high. The impact of emergency declarations issued in various regions was extremely significant, and difficult conditions continued. In the consumer environment, personal consumption was weak as restrictions on various everyday activities continued.」

「In the consumer environment, restrictions on various everyday activities remained in place, difficult conditions continued and the outlook remained uncertain.」

「During the second quarter of the current consolidated fiscal year (1 July 2020–31 December 2020), the domestic economy, which had deteriorated rapidly due to the spread of the novel coronavirus, showed temporary signs of recovery. However, infections were again trending upward, conditions remained difficult and the outlook remained uncertain. In the consumer environment, restrictions on various activities remained in place and difficult conditions continued.」

「During the first quarter of the current consolidated fiscal year (1 July 2020–30 September 2020), the domestic economy, which had deteriorated rapidly due to the spread of the novel coronavirus, showed signs of recovery, but conditions remained difficult and the outlook remained uncertain. In the consumer environment, personal consumption also showed some signs of recovery, but difficult conditions continued, including due to the resurgence of infections.」

「During the third quarter of the current consolidated fiscal year (1 July 2019–31 March 2020), uncertainty over the outlook for the global economy due to trade issues, rising geopolitical risks and other factors continued. In the consumer environment, personal consumption was in an extremely difficult situation due to the consumption tax increase in October, an exceptionally warm winter and, more recently, the spread of the novel coronavirus.」

「During the first quarter of the current consolidated fiscal year (1 July 2019–30 September 2019), concern about the impact on the global economy of prolonged trade frictions and rising geopolitical risks increased, making the outlook more uncertain. In the consumer environment, the outlook for personal consumption after the consumption tax increase became uncertain amid sluggish growth in real income.」

「During the third quarter of the current consolidated fiscal year (1 July 2018–31 March 2019), concern was expressed about the impact on the global economy of intensifying trade frictions and geopolitical risks. In the consumer environment, differences have emerged in individual consumption trends as spending patterns have diversified and consumers have become more selective about what they need and do not need. The outlook remains uncertain.」

「In the consumer environment, differences have emerged in individual consumption trends as consumer spending patterns have diversified and consumers have become more selective about what they need and do not need. The outlook remains uncertain.」

「During the first quarter of the current consolidated fiscal year, the Japanese economy was on a gradual recovery path due to the government's economic policies and other measures. However, persistent consumer frugality resulting from sluggish growth in real wages meant that the outlook remained uncertain for a recovery in economic conditions that consumers could actually feel.」

「During the second quarter of the current consolidated fiscal year, corporate earnings and employment conditions in Japan improved as a result of the government's economic policies, and the economy remained on a gradual recovery path. However, the outlook remained uncertain because of uncertainty in overseas economies and other factors. In personal consumption, wage and disposable income growth remained sluggish, while customers continued to show deep-rooted frugality and cautious purchasing behavior.」

「During the first quarter of the current consolidated fiscal year, the Japanese economy was on a gradual recovery path due to improvements in corporate earnings and employment conditions resulting from the government's economic policies and other measures. However, the outlook for personal consumption remained uncertain because of a heightened geopolitical risk in Asia and persistent consumer frugality caused by sluggish growth in real income.」

「During the consolidated fiscal year under review, the Japanese economy was on a gradual recovery path, supported by improvements in employment and income conditions as the government's economic policies continued to underpin a recovery in personal consumption. However, uncertainty over policy developments under the new U.S. administration and economic conditions in emerging Asian economies meant that the outlook remained uncertain.」

「The outlook for the domestic economy has become more uncertain due to economic uncertainty, particularly regarding the U.S. economy, and instability on the Korean Peninsula. Personal consumption has been slow to recover, with consumer sentiment showing signs of stagnation.」