Uncertainty Caused by Slowing Emerging-Market Economies and Yen Appreciation

「Higher procurement costs have become entrenched due to the prolonged depreciation of the yen and surging raw-material and logistics costs.」

「Concerns about the future impact of geopolitical risks overseas, US tariff policy, and foreign-exchange fluctuations on corporate economic activity and personal consumption continued.」

「Regarding the outlook for the fiscal year ending February 2026 (1 March 2025 to 28 February 2026), we expect uncertainty about the outlook to continue due to rising prices caused by higher raw-material prices and labor costs, rising interest rates resulting from changes in monetary policy, and uncertainty surrounding the policies of the new US administration.」

「Japan's economic outlook remained uncertain due to concerns over continued global inflation caused by surging resource prices, the impact on foreign-exchange rates of fluctuations in interest-rate levels in Europe and the United States, and concerns about the outlook for overseas economies.」

「The economic outlook remained uncertain due to factors including higher raw-material prices resulting from the continued depreciation of the yen, rising prices accompanying the prolonged situation in Russia and Ukraine, and surging resource and energy prices.」

「On the other hand, the outlook remained uncertain due to surging energy and raw-material prices against a backdrop of unstable international conditions and fluctuations in foreign-exchange rates.」

「During the cumulative second-quarter period, Japan's economy entered a gradual recovery trend as economic and social activity moved toward normalization following the reclassification of COVID-19 as a Category V disease. On the other hand, the outlook remained uncertain amid the yen's depreciation, surging energy and raw-material prices against a backdrop of unstable international conditions, and rising domestic prices.」

「During the cumulative first-quarter period, Japan's economy moved toward normalization as COVID-19 was reclassified as a Category V disease. However, the outlook remained uncertain due to factors including the prolonged situation in Russia and Ukraine and rising prices accompanying higher raw-material and energy costs.」

「The outlook remained uncertain due to factors including the prolonged situation in Ukraine and the global acceleration of inflation accompanying higher raw-material and energy prices.」

「During the cumulative third-quarter period, Japan's economy was moving toward normalization as COVID-19-related restrictions were eased sequentially. On the other hand, the outlook remained uncertain amid sharp fluctuations in foreign-exchange rates and surging resource prices resulting from the situation in Russia and Ukraine.」

「During the cumulative second-quarter period, Japan's economy was moving toward normalization as various COVID-19-related restrictions were eased. On the other hand, the outlook remained unpredictable amid surging crude oil and raw-material prices due to the prolonged situation in Ukraine and the yen's rapid depreciation.」

「During the cumulative first-quarter period, Japan's economy moved gradually toward normalization as various restrictions introduced to combat COVID-19 were eased. However, the outlook remained uncertain due to the destabilization of the international situation caused by Russia's invasion of Ukraine, surging resource prices and the yen's rapid depreciation.」

「During the cumulative third-quarter period, Japan's economy remained subject to restrictions on economic activity as states of emergency were declared intermittently due to the spread of COVID-19. Although the number of infections began to decline in autumn, the outlook remained uncertain, in part due to the emergence of the new Omicron variant.」

「During the cumulative second-quarter period, Japan's economy remained affected by the ongoing spread of COVID-19. Measures including the declaration of a state of emergency forced restrictions on economic activity, and the economic outlook remained uncertain.」

「The economy entered a downturn due to the global spread of COVID-19 and remained generally sluggish. In particular, the declaration of a state of emergency in April severely restricted economic activity, causing personal consumption to decline sharply.」

「The outlook remained uncertain and the operating environment was extremely challenging, including amid growing concerns in July over a resurgence of infections.」

「During the cumulative first-quarter period, the Japanese economy entered a sharp downturn as the spread of COVID-19 led to requests to limit outings and to suspend or shorten business hours for retailers and service businesses, causing personal consumption to decline significantly.」

「During the fiscal year, Japan's economy continued to perform steadily on the back of improving employment and income conditions. However, economic conditions became uncertain as the global spread of COVID-19 slowed economic activity worldwide.」

「During the cumulative third-quarter period, Japan's economy continued to see improvements in employment and income conditions and was on a gradual expansionary trend. However, the economic outlook remained uncertain due to factors including US-China trade friction and the UK's withdrawal from the EU.」

「Employment and income conditions continued to improve, and personal consumption, supported by these trends, continued to expand moderately. However, the outlook for the economy remained uncertain due to factors including US-China trade friction and a consumption tax increase.」

「Employment and income conditions continued to improve, and personal consumption also continued to expand gradually against this backdrop. However, uncertainty persisted due to factors including US-China trade friction and US protectionist trade policy.」

「The outlook for the economy remained uncertain due to the impact of concerns over trade friction resulting from protectionist US trade policy and downside risks to the global economy.」

「Corporate earnings continued to improve, and employment and income conditions also improved, maintaining a trend of gradual recovery. On the other hand, the outlook for the economy remained uncertain due to factors including international trade friction and repeated natural disasters in Japan.」

「Concerns that protectionist US trade policy could intensify trade friction, together with downside risks to the global economy and damage caused by natural disasters including record heat, torrential rain and repeated earthquakes, left the outlook for the economy uncertain.」

「On the other hand, the outlook remained unpredictable due to concerns over the impact of unstable US policymaking and rising protectionism in trade.」

「On the other hand, the outlook for the economy became uncertain amid geopolitical risk factors, including unstable US policymaking and rising tensions surrounding North Korea.」

「On the other hand, the outlook remained uncertain due to risk factors including US foreign policy and political developments in Europe.」

「On the other hand, the outlook for the economy became uncertain due to factors including slowing growth in emerging economies, particularly China, the UK's decision to leave the EU, and market turmoil following the outcome of the US presidential election.」

「On the other hand, the outlook for the economy became uncertain due to factors including slowing growth in emerging economies and highly volatile political conditions in Europe and the United States.」

「On the other hand, the outlook for the economy became uncertain due to factors including the UK's withdrawal from the EU, slowing growth in emerging economies, and the ongoing appreciation of the yen and decline in stock prices.」

「On the other hand, stock prices declined and the outlook became uncertain amid the yen's appreciation, driven by factors including slowing growth in emerging economies, particularly China, and reduced expectations for US interest-rate hikes.」