Instability in overseas economies, yen appreciation, decline in foreign visitors to Japan, and weakness in private consumption

「During the current interim accounting period, Japan's economy remained on a gradual recovery path as employment and income conditions improved, but the outlook remained uncertain due to US trade policies, an unstable international situation, and prolonged inflation.」

「Japan's economy remained on a gradual recovery path as employment and income conditions improved, but the outlook remained uncertain due to US trade policies, an unstable international situation, and prolonged inflation caused by persistently high raw material prices, particularly rice prices, and energy costs.」

「外食産業におきましては、人流の増加に伴い回復基調が続いているものの、原材料価格（特に米価）やエネルギーコストの高止まり、人手不足等による人件費の上昇、店舗においては夜間需要の回復が鈍く、厳しい経営環境が続いております。」

「During the current interim accounting period, Japan's economy remained on a gradual recovery path as employment and income conditions improved, but the outlook remained uncertain due to US trade policies, an unstable international situation, and prolonged inflation.」

「Although social and economic activity, including personal consumption and inbound demand, was gradually normalizing as people flows recovered, the outlook remained uncertain due to inflation caused by persistently high raw material prices, particularly rice prices, and utility costs, rising labor costs, and a slow recovery in nighttime demand at restaurants.」

「During the cumulative first three months, social and economic activity, including personal consumption and inbound demand, was normalizing, but the outlook remained uncertain due to prolonged instability in the international situation and inflation. In the food-service industry, recovery continued as people flows increased, but a difficult operating environment persisted due to persistently high raw material prices and energy costs, rising labor costs caused by labor shortages, and a slow recovery in nighttime demand at restaurants.」

「Social and economic activity, including personal consumption and inbound demand, was gradually normalizing as the classification of COVID-19 was changed to a Class 5 infectious disease and people flows began to recover. However, the outlook remained uncertain due to inflation caused by persistently high raw material prices and utility costs, rising labor costs, and the protracted situation in Ukraine.」

「During the cumulative first nine months, social and economic activity, including personal consumption and inbound demand, was gradually normalizing as the classification of COVID-19 was changed to a Class 5 infectious disease and people flows began to recover. However, the outlook remained uncertain due to inflation caused by persistently high raw material prices and utility costs, rising labor costs, and the protracted situation in Ukraine.」

「During the cumulative first three months, Japan's economy was gradually normalizing, including a return to normal business hours, as people flows began to recover following the easing of restrictions on activities related to COVID-19. However, the outlook remained uncertain due to rising raw material prices and utility costs and the protracted situation in Ukraine.」

「Although economic activity was gradually normalizing, including a return to normal business hours as restrictions on activities related to COVID-19 were eased, the sharp increase in infections caused by variants from July onward led to declines in people flows and personal consumption. In addition, raw material prices and utility costs rose, and the situation in Ukraine became protracted, leaving a difficult operating environment with an uncertain outlook.」

「During the cumulative first nine months, Japan's economy was gradually normalizing, including a return to normal business hours, as restrictions on activities related to COVID-19 were eased. However, from July onward, the sharp increase in infections caused by variants led to declines in people flows and personal consumption. In addition, raw material prices and utility costs rose, and the situation in Ukraine became protracted, leaving a difficult operating environment with an uncertain outlook.」

「During the cumulative first six months, Japan's economy was gradually normalizing following the lifting in March of priority preventive measures to prevent the spread of COVID-19, including a return to normal business hours. However, from July onward, the sharp increase in infections caused by variants led to declines in people flows and personal consumption. In addition to the lack of visibility on when the effects of COVID-19 would subside, raw material and energy prices rose and the situation in Ukraine became more tense, leaving a difficult operating environment with an uncertain outlook.」

「People flows and personal consumption declined, and not only was there no clear prospect for when the effects of COVID-19 would subside, but raw material and energy prices also rose and the situation in Ukraine became more tense. A difficult operating environment with an uncertain outlook therefore continued.」

「Demand for eating out remained sluggish as working from home became widespread and inbound demand disappeared. Restaurants continued to face a difficult operating environment, being forced to reduce seating capacity due to social distancing, shorten their operating hours, and suspend operations.」

「During the cumulative first nine months, Japan's economy was affected by the spread of COVID-19, which restricted economic activity, and personal consumption continued to decline. Although bright signs began to emerge, including a return to normal business hours following the lifting of the state of emergency, the risk of infection from variants continued, and the outlook remained uncertain.」

「During the cumulative first six months, Japan's economy was affected by the spread of COVID-19, which restricted economic activity and caused personal consumption to fall sharply. Concerns over the spread of infections in Japan strengthened again, and the outlook remained uncertain as people refrained from nonessential, nonurgent outings following the declaration of a state of emergency.」

「In the food-service industry, demand for eating out remained sluggish as working from home became widespread and inbound demand disappeared. Restaurants continued to face a difficult operating environment, being forced to reduce seating capacity due to social distancing and shorten their operating hours.」

「During the cumulative first nine months, Japan's economy was affected by the spread of COVID-19, which restricted economic activity and caused personal consumption to fall sharply. Although the economy showed signs of a gradual recovery due to support measures by the Japanese government, including special fixed-sum cash benefits and the Go To campaign, concerns over the spread of infections in Japan strengthened again, and uncertainty about the outlook continued.」

「During the cumulative first six months, Japan's economy was affected by the spread of COVID-19. The government issued a state of emergency in April, and economic activity was restricted as people refrained from nonessential, nonurgent outings and businesses suspended operations, causing personal consumption to fall sharply. Although the state of emergency was lifted in May, the economy deteriorated rapidly as people continued to refrain from going out.」

「During the cumulative first three months, Japan's economic sentiment deteriorated due to the spread of COVID-19, and the outlook for corporate performance remained uncertain.」

「Japan's economy remained on a gradual recovery path as employment conditions improved, but concerns over downside risks to the economy continued after the consumption tax was raised in October 2019. In addition, the outlook for corporate performance remained uncertain due to the effects of COVID-19 and other factors.」

「Japan's economy showed signs of a gradual recovery, supported by firm capital investment and corporate earnings, with employment conditions continuing to improve. However, the global economy slowed and exports remained sluggish due to deteriorating Japan-South Korea relations and US-China trade friction.」

「Japan's economy showed signs of a gradual recovery, supported by firm capital investment and corporate earnings, with employment conditions continuing to improve. However, downside risks to the economy, including concerns over deteriorating Japan-South Korea relations and developments in US-China trade friction, remained, and the outlook continued to be uncertain.」

「Japan's economy showed signs of a gradual recovery, supported by firm capital investment and corporate earnings, with employment conditions continuing to improve against the backdrop of labor shortages. However, downside risks to the economy, including concerns over the UK's withdrawal from the EU and developments in US-China trade friction, remained, leaving the outlook uncertain.」

「Japan's economy was in a gradual recovery phase as personal consumption and employment conditions improved, but cautious views of the outlook emerged due to the slowdown in China's economy and political developments in EU countries. In addition, the outlook for corporate performance remains uncertain due to unstable movements in financial markets, exemplified by US-China trade friction.」

「Japan's economy remained on a gradual recovery path as personal consumption and employment conditions improved against the backdrop of firm corporate earnings. However, cautious views of the outlook emerged due to unstable movements in financial markets and certain currencies, exemplified by natural disasters and US-China trade friction.」

「Japan's economy showed signs of a gradual recovery, supported by firm corporate earnings, increased capital investment, and improvements in employment and income conditions. However, it remained uncertain due to concerns over US-China trade friction and unstable movements in East Asian financial markets and certain currencies.」

「Japan's economy showed signs of a gradual recovery, supported by firm corporate earnings, increased capital investment, and improvements in employment and income conditions against the backdrop of labor shortages. However, it remained uncertain due to concerns over domestic political turmoil, developments in US-China trade friction, and rising geopolitical risks in East Asia.」

「Japan's economy remained on a gradual recovery path, supported by firm corporate performance and employment conditions, but the outlook for the economy became more uncertain due to the slowdown in overseas economies and rising geopolitical risks in East Asia.」

「Japan's economy remained on a gradual recovery path as government economic policies supported capital investment by companies and improvements in employment conditions. However, despite continued economic expansion in the United States, it remained uncertain due to concerns about rising geopolitical risks in East Asia and the impact of policy developments under the new US administration on the Japanese economy.」

「Japan's economy showed signs of a gradual recovery as corporate earnings and employment conditions improved, but remained uncertain due to concerns about the rising geopolitical risks in East Asia and the impact of policy developments under the new US administration on the Japanese economy.」

「Japan's economy showed signs of a gradual recovery as corporate earnings and employment conditions improved, but remained uncertain due to concerns about the impact of policy developments under the new US administration on the Japanese economy.」

「Although Japan's economy showed some bright signs, such as the stock market remaining firm against the backdrop of the government's economic policies, it remained uncertain as overseas downside risks and a long-term sense of stagnation in personal consumption emerged.」

「During the cumulative first nine months, Japan's economy showed signs of a gradual recovery against the backdrop of the government's economic policies, but remained uncertain, with foreign-exchange volatility risks expanding amid concerns over overseas economic instability associated with the UK's withdrawal from the EU and the economic slowdown in emerging Asian economies, including China, as well as adverse effects on personal consumption.」

「During the cumulative first six months, Japan's economy showed signs of a gradual recovery against the backdrop of the government's economic policies, but remained uncertain, with the yen appreciating amid concerns over overseas economic instability associated with the UK's withdrawal from the EU and the economic slowdown in emerging Asian economies, as well as adverse effects on personal consumption.」

「Although Japan's economy showed signs of a gradual recovery against the backdrop of the government's economic policies, it remained uncertain, with the yen appreciating amid concerns over overseas economic instability, a decline in visitors to Japan, and adverse effects on personal consumption.」