Uncertainty Surrounding Overseas Economies and the Outlook for Economic Conditions

「The outlook remains uncertain, as concerns persist regarding the impact on price trends and corporate earnings due to factors including soaring energy prices against the backdrop of the situation in the Middle East, higher import prices resulting from the weaker yen, and uncertainty surrounding the normalization of monetary policy.」

「The outlook remains uncertain, as concerns persist regarding the impact on price trends and corporate earnings due to factors including soaring energy prices against the backdrop of the situation in the Middle East, higher import prices resulting from the weaker yen, and uncertainty surrounding the normalization of monetary policy.」

「Meanwhile, in addition to persistently high resource prices and rising import prices resulting from yen depreciation, concerns over uncertainty surrounding the normalization of monetary policy have raised concerns about the impact on price trends and corporate earnings, and the outlook remains uncertain.」

「During the consolidated fiscal year, Japan's economy remained on a moderate recovery trend as the employment and income environment improved with the normalization of economic activity. However, the outlook for economic conditions remains uncertain due to surging energy and raw material prices resulting from the prolonged Russian invasion of Ukraine and geopolitical risks surrounding the situation in the Middle East, as well as rising prices resulting from yen depreciation.」

「During the second quarter of the current consolidated cumulative period, from 1 July 2023 to 31 December 2023, economic activity in Japan normalized as COVID-19 was reclassified to Category 5, and economic conditions showed a moderate recovery. However, the global economy remained unstable due to the impact of globally high prices, monetary tightening and surging energy and raw material prices resulting from the worsening situations in Ukraine and the Middle East, and the outlook remained uncertain.」

「During the consolidated fiscal year, economic activity in Japan gradually normalized as restrictions on activities in response to COVID-19 were eased, and personal consumption was recovering. However, the outlook remained uncertain due to higher global raw material costs associated with the prolonged situation in Ukraine, surging energy prices and concerns over exchange-rate trends, including yen depreciation.」

「However, the outlook for economic conditions remains uncertain due to the prolonged situation in Ukraine, surging energy and raw material prices, and rising prices resulting from yen depreciation.」

「Restrictions on activities in response to COVID-19 were eased and economic activity moved toward normalization, producing signs of recovery. However, the outlook remains uncertain as a rapid increase in new infections caused by Omicron subvariants, surging energy prices resulting from the situation in Ukraine and rapid yen depreciation combined to drive prices higher.」

「During the first quarter of the current consolidated cumulative period, Japan's economy showed signs of recovery as restrictions on activities in response to COVID-19 were eased and economic activity moved toward normalization. However, the outlook remains uncertain due to the weakening yen, surging energy prices, declining consumer sentiment amid rising prices and the prolonged Russia-Ukraine situation.」

「Raw material prices have surged and prices have risen due to the impact of Russia's invasion of Ukraine, and the outlook remains uncertain.」

「In the near term, geopolitical risks, including the worsening situation in Ukraine, have compounded existing pressures, accelerating global inflation caused by surging prices for raw materials such as crude oil, minerals and grain, and increasing uncertainty about the outlook.」

「During the second quarter of the current consolidated cumulative period, from 1 July 2021 to 31 December 2021, Japan's economy remained affected by the spread of COVID-19. Although the number of new domestic infections temporarily declined as the domestic vaccination rate rose, the outlook remained uncertain amid concerns that infections could increase substantially in the near term due to the emergence of virus variants and other factors.」

「Meanwhile, although a recovery in the economy is expected in the near term following a significant decline in infections as the domestic vaccination rate rises, uncertainty about the outlook continues.」

「Although economic activity has been gradually resuming in Japan and overseas, concerns remain over the spread of variants and delays in the rollout of vaccines, and the outlook remains uncertain.」

「After the state of emergency was lifted, economic activity resumed gradually and signs of a recovery in economic conditions emerged. However, the number of infections has begun to increase again, and the outlook for economic conditions remains uncertain.」

「In addition to increasing uncertainty in overseas political and economic conditions, including global trade friction, the economy has been sharply depressed in the near term by the spread of COVID-19 and is in a severe condition.」

「Meanwhile, the outlook remains uncertain due to the impact of the prolonged U.S.-China trade dispute, worsening Japan-South Korea relations and concerns over a decline in domestic consumption following the consumption tax increase.」

「Meanwhile, the slowdown in the Chinese economy became more pronounced against the backdrop of U.S.-China trade friction, concerns over an economic slowdown in emerging Asian economies persisted, and financial markets in countries around the world showed unstable movements, leaving the outlook for economic conditions uncertain.」

「Although corporate earnings continued to improve and the employment and income environment remained on a moderate recovery trend, chronic labor shortages associated with the declining birthrate, aging population and population decline persisted. In addition, trade issues such as U.S.-China trade friction and uncertainty in the overseas economy left the outlook uncertain.」

「During the second quarter of the current consolidated cumulative period, Japan's economy remained on a moderate recovery trend as corporate earnings and the employment and income environment continued to improve and capital investment increased. However, the outlook remained uncertain due to concerns over expanding trade friction resulting from U.S. trade policy, political developments in EU countries and a slowdown in emerging-market economies.」

「However, unstable factors such as U.S. economic policy and rising geopolitical risks in neighboring countries have become increasingly prominent, and the outlook remains uncertain.」

「During the consolidated fiscal year, Japan's economy continued on a moderate recovery trend as corporate earnings and the employment and income environment improved. However, concerns over the impact of U.S. economic policy trends and other factors left the outlook for economic conditions uncertain.」

「During the first quarter of the current consolidated cumulative period, from 1 July 2017 to 30 September 2017, Japan's economy continued to recover moderately as corporate earnings and employment conditions improved. However, overseas, unstable political developments and rising geopolitical risks left the outlook for economic conditions uncertain.」

「The outlook for economic conditions has become increasingly uncertain due to concerns surrounding overseas developments, including the UK's withdrawal from the EU and U.S. policy trends, as well as the slowdown in economic conditions in emerging markets, particularly China. This includes the impact of rising uncertainty in the global economy and volatility in financial markets.」

「Meanwhile, overseas economic uncertainty has increased due to such factors as a shift in U.S. economic policy following the inauguration of the new U.S. president, the issue of the UK's withdrawal from the EU and slower growth in emerging-market economies, and economic conditions remain uncertain going forward.」