Risk of an economic downturn due to weak crude oil prices and slower growth in emerging markets

「During the interim consolidated accounting period, Japan's economy showed a gradual recovery, supported by improvements in employment and income conditions. However, uncertainty about the outlook continued amid heightened tensions in the Middle East, including the situation in Iran, the impact of U.S. trade policies, and surging energy and raw material prices.」

「During the interim consolidated accounting period, the economy was gradually recovering due to improvements in employment and income conditions. However, the outlook remained uncertain due to tariff increases by the US administration, unstable international conditions, the sluggish Chinese economy, and persistently high energy and raw-material prices.」

「During the interim consolidated accounting period, the economy was gradually recovering due to the normalization of economic activity and increased inbound demand. However, the outlook remained uncertain due to unstable international conditions, the sluggish Chinese economy, persistently high energy and raw-material prices, and fluctuations in foreign exchange rates.」

「During the cumulative first quarter of the fiscal year, the economy was gradually recovering due to the normalization of economic activity and increased inbound demand. However, the outlook remained uncertain due to the prolonged situation in Ukraine, worsening conditions in the Middle East, the sluggish Chinese economy, persistently high energy and raw-material prices, and fluctuations in foreign exchange rates.」

「During the cumulative third quarter of the fiscal year, economic activity was normalizing following the lifting of COVID-19-related restrictions. However, the outlook remained uncertain due to the prolonged situation in Ukraine, worsening conditions in the Middle East, persistently high energy and raw-material prices, and fluctuations in foreign exchange rates.」

「During the cumulative second quarter of the fiscal year, economic activity was normalizing following the lifting of COVID-19-related restrictions. However, the outlook remained uncertain due to surging energy and raw-material prices associated with the prolonged situation in Ukraine, as well as fluctuations in foreign exchange rates.」

「During the cumulative third quarter of the fiscal year, restrictions on economic activity due to COVID-19 were eased, while uncertainty over the outlook continued to increase due to concerns over rising infections caused by the Omicron variant and new variants, surging energy and raw-material prices, and the depreciation of the yen.」

「During the cumulative second quarter of the fiscal year, uncertainty over Japan's economic outlook increased due to the rapid resurgence of infections caused by the Omicron variant of COVID-19, surging energy and raw-material prices associated with Russia's invasion of Ukraine, and the rapid depreciation of the yen arising partly from the widening interest-rate differential between Japan and the US.」

「During the cumulative first quarter of the current consolidated fiscal year, the Japanese economy has shown increasing uncertainty about the outlook due to inflationary pressures from the surge in energy and raw material prices following Russia's invasion of Ukraine, the rapid depreciation of the yen resulting from the widening interest rate differential between Japan and the United States, and supply chain disruptions, despite the easing of the COVID-19 pandemic.」

「In addition, uncertainty over the outlook is increasing due to the prolonged US-China trade tensions, the UK's withdrawal from the EU and growing tensions in the Middle East.」

「In addition, uncertainty over the outlook is increasing due to the prolonged US-China trade tensions, the UK's withdrawal from the EU and growing tensions in the Middle East and on the Korean Peninsula.」

「During the cumulative first quarter of the fiscal year, Japan's employment environment was recovering, but corporate earnings showed signs of slowing. In addition, uncertainty over the outlook is increasing due to the imposition of sanctions arising from US-China trade tensions, economic slowdowns in the US, Europe and China, and rising geopolitical risks in the Middle East and on the Korean Peninsula.」

「During the cumulative second quarter of the fiscal year, Japan's economy showed signs of a gradual recovery in corporate earnings and the employment environment under the government's economic measures and monetary policy. However, the outlook remains uncertain due to factors including US-China protectionist trade tensions, concerns over an economic slowdown in Europe and growing concerns over emerging-market currencies.」

「During the cumulative first quarter of the fiscal year, Japan's economy showed signs of a gradual recovery in corporate earnings and the employment environment under the government's economic measures and monetary policy. However, the outlook remains uncertain due to factors including overseas policy trends and geopolitical risks.」

「During the fiscal year, Japan's economy showed signs of a gradual recovery against the backdrop of the government's economic measures and monetary policy. However, the outlook remains uncertain due to factors including US policy management, instability in Europe's political situation and rising geopolitical risks.」

「During the cumulative third quarter of the fiscal year, Japan's economy showed signs of a gradual recovery against the backdrop of the government's economic measures and monetary policy. However, the outlook remains uncertain due to factors including US policy management, instability in Europe's political situation and rising geopolitical risks.」

「During the cumulative second quarter of the fiscal year, Japan's economy showed signs of a gradual recovery against the backdrop of the government's economic measures and monetary policy. However, the outlook remains uncertain due to factors including US policy management, instability in Europe's political situation and rising geopolitical risks.」

「During the cumulative first quarter of the fiscal year, Japan's economy showed signs of a gradual recovery against the backdrop of the government's economic measures and monetary policy. However, the outlook remains uncertain due to factors including US policy management, instability in Europe's political situation and rising geopolitical risks.」

「The outlook remains uncertain due to downside risks, including the UK's withdrawal from the EU and slower growth in emerging economies, including China.」

「During the cumulative third quarter of the fiscal year, Japan's economy showed signs of a gradual recovery against the backdrop of the government's economic measures and monetary policy. However, the outlook remains uncertain due to downside risks, including the UK's withdrawal from the EU and slower growth in emerging economies, particularly China.」

「During the cumulative second quarter of the fiscal year, Japan's economy showed signs of a gradual recovery against the backdrop of the government's economic measures and monetary policy. However, the outlook remains uncertain due to downside risks, including the UK's withdrawal from the EU and slower growth in emerging economies, particularly China.」

「The outlook remains uncertain, with stock prices and foreign exchange rates becoming unstable, due to downside economic risks such as weak crude oil prices and slower growth in emerging markets, including China.」