Risk of Economic Downturns in China, Emerging Markets, Resource-Rich Countries and Elsewhere

「During the interim consolidated accounting period (1 March 2026 to 31 August 2026), Japan's economy was recovering moderately as employment and income conditions improved. However, the situation in the Middle East, the impact of natural disasters, and persistently high prices posed downside risks to the economy, leaving the outlook uncertain.」

「During the fiscal year, Japan's economy was gradually recovering, supported by improvements in employment and income conditions and the effects of various policies, but the impact of US trade policy and continued high prices posed downside risks to the economy, leaving the outlook uncertain.」

「米国の通商政策の影響に加え、物価高の継続などが景気の下振れリスクとなっており、今後の動向は先行き不透明な状況となっております。」

「During the interim consolidated accounting period, Japan's economy was generally recovering gradually as employment and income conditions improved, but the impact of US trade policy and the impact of higher prices on personal consumption posed downside risks to the economy, leaving the outlook uncertain.」

「During the fiscal year, Japan's economy was generally recovering gradually as employment and income conditions improved, but the stagnation of China's real estate market, the situation in the Middle East and developments in US trade policy posed downside risks to domestic and overseas economies, leaving conditions uncertain.」

「During the interim consolidated accounting period, Japan's economy was gradually recovering, although some weakness remained as employment and income conditions continued to improve. However, the outlook remained uncertain as the depreciation of the yen drove up resource prices, while stagnation in China's real estate market and the situations in the Middle East and Ukraine posed downside risks to overseas economies.」

「During the fiscal year, Japan's economy was gradually recovering as restrictions on activity related to the COVID-19 pandemic were lifted, but a downturn in overseas economies, including the impact of global monetary tightening and concerns about the outlook for China's economy, posed risks, leaving conditions uncertain.」

「During the first nine months of the fiscal year, Japan's economy was gradually recovering as restrictions on activity related to the COVID-19 pandemic were lifted, but a downturn in overseas economies, including the impact of global monetary tightening and concerns about the outlook for China's economy, posed risks, leaving conditions uncertain.」

「During the first six months of the fiscal year, Japan's economy was gradually recovering as restrictions on activity related to the COVID-19 pandemic were lifted, but a downturn in overseas economies, including the impact of global monetary tightening and concerns about the outlook for China's economy, posed risks, leaving conditions uncertain.」

「During the first three months of the fiscal year, Japan's economy continued to face an uncertain outlook. While it was gradually recovering as restrictions on activity related to the COVID-19 pandemic were lifted, the downturn in overseas economies against a backdrop of global monetary tightening, prolonged price increases and supply-side constraints remained concerns.」

「During the fiscal year, Japan's economy showed signs of a gradual recovery as restrictions on activity related to COVID-19 were eased, but the outlook remained uncertain owing to soaring energy and raw material prices resulting from the prolonged situation in Ukraine and a downturn in overseas economies against a backdrop of global monetary tightening.」

「During the first nine months of the fiscal year, Japan's economy continued to face an uncertain outlook. While economic and social activity moved toward normalisation as restrictions on activity were eased, energy and raw material prices rose owing to the prolonged situation in Ukraine, and the yen weakened and overseas economies slowed against a backdrop of global monetary tightening.」

「During the first six months of the fiscal year, Japan's economy continued to face an uncertain outlook. While economic and social activity moved toward normalisation as restrictions on activity were eased, energy and raw material prices rose owing to the prolonged Russia-Ukraine war, and the yen weakened against a backdrop of global monetary tightening, creating concerns about a downturn in overseas economies.」

「During the first three months of the fiscal year, Japan's economy continued to face an uncertain outlook. While the severe conditions caused by COVID-19 eased with the progress of vaccinations and economic and social activity moved toward normalisation, energy and raw material prices rose owing to the rapid depreciation of the yen and the prolonged Russia-Ukraine war, raising concerns about higher prices.」

「During the first nine months of the fiscal year, Japan's economy remained on a gradual recovery track as employment and income conditions continued to improve, but uncertainty in overseas economies, particularly regarding US-China trade issues and the UK's withdrawal from the EU, has increased, leaving the outlook unclear.」

「During the first six months of the fiscal year, Japan's economy remained on a gradual recovery track as corporate earnings and employment conditions continued to improve, but uncertainty in overseas economies, particularly regarding US-China trade issues, has increased, leaving the outlook unclear.」

「Although the Japanese economy during the cumulative period through the first quarter remained on a gradual recovery trend, with continued improvements in corporate earnings and employment conditions, uncertainty in overseas economies was increasing, including over developments in trade issues centered on the United States and China, and the outlook remained unclear.」

「Although the Japanese economy during the fiscal year remained on a gradual recovery trend, with continued improvements in corporate earnings and employment conditions, uncertainty in overseas economies was increasing, including over developments in trade issues centered on the United States and China, and the outlook remained unclear.」

「Although the Japanese economy during the cumulative period through the third quarter remained on a gradual recovery trend, with continued improvements in corporate earnings and employment conditions, uncertainty in overseas economies was increasing, including over developments in trade issues centered on the United States and China, and the outlook remained unclear.」

「Although the Japanese economy during the cumulative period through the second quarter remained on a gradual recovery trend, supported in part by various government and Bank of Japan policies and continued improvements in corporate earnings and employment conditions, uncertainty in overseas economies was increasing, including over developments in trade issues centered on the United States and China, and the outlook remained unclear.」

「Although the Japanese economy during the cumulative period through the first quarter faced growing uncertainty in overseas economies, including political conditions in Europe and the United States and rising geopolitical risks in East Asia, it remained on a gradual recovery trend, supported in part by various government and Bank of Japan policies, with continued improvements in corporate earnings and employment conditions.」

「Although the economy remained on a gradual recovery trend, supported in part by various government and Bank of Japan policies amid continued improvements in corporate earnings and employment and income conditions, uncertainty surrounding the global economy remained high and the outlook remained unclear, including due to the emergence of pronounced geopolitical risks in Asia.」

「Although the Japanese economy during the cumulative period through the third quarter faced growing uncertainty in overseas economies, including political conditions in Europe and the United States and rising geopolitical risks in East Asia, it remained on a gradual recovery trend, supported in part by various government and Bank of Japan policies, with continued improvements in corporate earnings and employment conditions.」

「Although the Japanese economy during the cumulative period through the second quarter faced growing uncertainty in overseas economies, including US policy management, political conditions in Europe, and rising geopolitical risks in East Asia, it remained on a gradual recovery trend, supported in part by various government and Bank of Japan policies, with continued improvements in corporate earnings and employment conditions.」

「Although the Japanese economy during the cumulative period through the first quarter faced growing uncertainty in overseas economies, including US policy management, downside risks to the economies of China and other emerging Asian countries, political conditions in Europe, and rising geopolitical risks,」

「Although the Japanese economy during the fiscal year faced concerns including the UK's withdrawal from the EU and uncertainty over the outlook for the US economy, it remained on a gradual recovery trend, with improvements in employment and income conditions.」

「Although the Japanese economy during the cumulative period through the third quarter faced downside risks to the economies of China and other emerging Asian countries, as well as growing uncertainty in overseas economies, including the UK's withdrawal from the EU, it remained on a gradual recovery trend, supported in part by various government and Bank of Japan policies, including continued improvements in employment and income conditions.」

「Although the Japanese economy during the cumulative period through the second quarter faced downside risks to the economies of China, emerging markets, and resource-rich countries, as well as growing uncertainty in overseas economies, including the UK's withdrawal from the EU, it remained on a gradual recovery trend, supported in part by various government and Bank of Japan policies, including improvements in employment and income conditions.」

「Although the Group faces downside risks to the economies of China, emerging markets, and resource-rich countries, the economy has remained on a gradual recovery trend, supported in part by the effects of government and Bank of Japan policies, including improvements in employment and income conditions.」