Uncertainty in the domestic and international external environment

「A gradual recovery trend was maintained against a backdrop of improved employment conditions and increased income resulting from the government's economic measures. However, the outlook for the economy remained uncertain worldwide due to US trade policy and heightened tensions in the Middle East.」

「地政学リスク等による石油化学製品の供給不安や異常気象の影響による生鮮商品等の値上がりが再加速するリスクが一層高まっており、当社の経営環境は引き続き厳しい状況が続いております。」

「A gradual recovery trend was maintained against a backdrop of stable employment conditions and rising incomes resulting from wage increases. However, the outlook remained uncertain as prices continued to rise and downside risks to the economy remained, including US trade policy and conditions in the Middle East.」

「During the interim consolidated period, Japan's economy showed signs of a moderate recovery against a backdrop of improving employment and income conditions and stronger inbound demand. However, sharp exchange-rate fluctuations and rising prices resulting from soaring energy and food prices heightened the focus on protecting household finances, while geopolitical risks and uncertainty in the global economy left the outlook uncertain.」

「During the fiscal year, normalization of social and economic activity advanced significantly following the reclassification of COVID-19 as a Category 5 infectious disease. However, the outlook remained uncertain amid soaring raw-material and energy prices against a backdrop of unstable international conditions, labor shortages and the continued depreciation of the yen.」

「During the cumulative third quarter of the fiscal year, Japan's economy moved toward a moderate recovery as normalization of social and economic activity accelerated following the reclassification of COVID-19 as a Category 5 infectious disease. However, soaring raw-material and energy prices, the weaker-yen trend and rising prices continued, leaving the outlook uncertain.」

「During the cumulative second quarter of the fiscal year, economic and social activity moved toward normalization after COVID-19 was reclassified under the Infectious Diseases Control Act as a Category 5 infectious disease. However, the outlook for the economy remained uncertain as real wages continued to decline amid prolonged geopolitical risks, soaring raw-material and energy prices, and stronger upward pressure on prices resulting from exchange-rate fluctuations.」

「COVID-19 was moving toward containment, and economic and social activity moved toward normalization as the flow of people recovered. However, prices rose amid soaring energy-resource and raw-material prices against a backdrop of unstable international conditions, while the outlook remained uncertain due to growing frugality resulting from declining real wages.」

「During the fiscal year, economic activity moved toward normalization despite measures to address COVID-19, and the economy showed a moderate recovery. However, the outlook remained uncertain amid soaring raw-material and energy prices against a backdrop of unstable international conditions and signs of a slowdown in overseas economies, particularly in the United States and Europe.」

「During the cumulative third quarter of the fiscal year, restrictions on activity related to COVID-19 were eased, consumption gradually moved toward normalization and an economic recovery was expected. However, the outlook remained uncertain amid soaring raw-material and energy prices and exchange-rate fluctuations resulting from unstable international conditions.」

「During the cumulative second quarter of the fiscal year, restrictions on activities were eased as the spread of vaccinations reduced the risk of severe COVID-19, and economic activity showed signs of recovery. However, the outlook remained uncertain amid the sharp depreciation of the yen resulting from the widening US-Japan interest-rate differential and higher energy and raw-material prices due in part to conditions surrounding Ukraine.」

「During the cumulative first quarter of the fiscal year, vaccinations became widespread as a measure against COVID-19, and moves to ease restrictions on activities were seen to support the recovery of social and economic activity. However, the outlook remained uncertain amid exchange-rate fluctuations resulting from the weaker yen, global supply-chain disruptions, and rising food and energy prices due in part to conditions surrounding Ukraine.」

「During the fiscal year, the number of new COVID-19 cases showed some containment as vaccinations became widespread. However, the outlook remained uncertain amid the rapid spread of infection resulting from new variants, delays in the delivery of electronic equipment due to semiconductor shortages, and concerns over higher costs resulting from soaring crude oil prices following the deterioration in conditions surrounding Ukraine.」

「During the cumulative third quarter of the fiscal year, the number of new COVID-19 cases in Japan showed some containment as vaccinations became widespread, and the state of emergency was lifted in October. However, the outlook remained uncertain amid concerns over the emergence of new variants, delays in the delivery of electronic equipment due to semiconductor shortages, and higher costs resulting from rising crude oil and other prices.」

「Although vaccinations against COVID-19 progressed and the number of new cases was trending downward, the outlook remained uncertain as states of emergency were declared intermittently and restrictions on economic activity were repeatedly tightened and eased.」

「During the cumulative first quarter of the fiscal year, Japan's economy remained in a difficult situation due to the ongoing impact of COVID-19, including deteriorating corporate earnings and business sentiment, declining private consumption and a prolonged loss of inbound demand. Although vaccinations were gradually progressing in Japan, a full-fledged recovery had not been achieved, as the outlook remained unclear amid the spread of variants.」

「However, as concerns over the impact of the renewed spread of infection on economic activity grew from around November, the outlook for the economy remained uncertain.」

「After the state of emergency declared in response to the spread of COVID-19 was lifted, economic activity gradually began to reopen as the government and local authorities introduced policies and various campaigns to support private consumption. However, concerns remain about the impact on the economy of a lingering mood of self-restraint and second and third waves of infection, and the outlook remains uncertain.」

「COVID-19 spread worldwide, and in Japan the government declared a state of emergency to prevent the spread of infection. This placed significant constraints on market functions through the spread of business closures resulting from requests to refrain from going out and restrictions on the use of facilities, leaving the domestic economy in a severe situation. Even after the state of emergency was lifted, there was no clear prospect of an economic recovery, and the outlook remained uncertain.」

「During the fiscal year, Japan's economy maintained high corporate earnings and a gradual recovery in private consumption supported by improving income conditions. However, the outlook remains increasingly uncertain due to prolonged US-China trade friction, heightened geopolitical risks including unstable conditions in the Middle East, and the global spread of COVID-19.」

「However, overseas conditions remain uncertain, including prolonged US-China trade friction, the UK's EU withdrawal issue and unstable conditions in the Middle East, leaving the outlook for the economy uncertain.」

「However, overseas conditions remain uncertain, including the prolonged US-China trade friction, leaving the outlook for the economy uncertain.」

「However, overseas conditions remain uncertain, including the prolonged US-China trade friction, leaving the outlook for the economy uncertain.」

「During the cumulative first quarter of the fiscal year, Japan's economy remained on a gradual recovery path, with corporate earnings staying at a high level and private consumption supported by favorable income conditions. However, the outlook remains uncertain due to prolonged US-China trade friction and heightened geopolitical risks in the Middle East.」

「During the cumulative third quarter of the fiscal year, employment and income conditions in Japan continued to improve, and business sentiment showed signs of improvement supported by solid corporate earnings. However, the economic outlook remains unstable amid the slowdown in China's economy and the United States' increasingly protectionist stance.」

「During the cumulative second quarter of the fiscal year, Japan's economy maintained solid corporate earnings on the recovery in domestic demand. However, natural disasters such as record rainfall, typhoons and earthquakes had some impact on regional economies, while overseas, the US shift toward trade protectionism intensified the US-China trade war, leaving the outlook for the economy unstable.」

「During the cumulative first quarter of the fiscal year, Japan's economy remained on a recovery trend, with corporate earnings continuing to be strong overall. However, the outlook remains uncertain as the Trump administration in the United States has taken a more protectionist stance on trade.」

「Uncertainty in overseas developments, including intensifying trade friction resulting from the US government's protectionism and unstable political conditions in Europe, continues.」

「During the cumulative third quarter of the fiscal year, Japan's economy saw improved corporate earnings, while private consumption also showed signs of a recovery in consumer sentiment accompanying improvements in employment and income conditions and rising share prices. However, the outlook remains uncertain amid heightened geopolitical risks, including conditions surrounding North Korea, and political conditions in the United States.」

「During the cumulative second quarter of the fiscal year, Japan's economy continued to show a gradual improvement in employment conditions and signs of a recovery in private consumption as corporate earnings improved. However, the outlook for overseas political and economic developments, including conditions surrounding North Korea, remains uncertain.」

「During the cumulative first quarter of the fiscal year, Japan's economy showed signs of improving business sentiment, supported by resilient corporate earnings and capital investment, a recovery in inbound demand and higher share prices. However, the outlook remains uncertain due to the still-slow recovery in income and the policies of the Trump administration in the United States.」

「During the fiscal year, Japan's economy showed a moderate recovery as the improved earnings environment for domestic companies persisted. However, uncertainty over overseas developments, including the Trump administration's protectionist policies in the United States and political conditions in Europe, continues.」

「The outlook remains uncertain due to rising uncertainty in the global economy, including the slowdown in growth in emerging markets such as China, the UK's EU withdrawal and the impact of the US presidential election.」

「During the cumulative second quarter of the fiscal year, Japan's economy remained on a gradual recovery path as government demand, including public investment, increased as a result of the government's economic measures and corporate earnings and employment conditions improved. However, business sentiment remained stagnant, weighed down by the stronger yen and persistent uncertainty over the outlook for the global economy.」

「As concerns grew that the Kumamoto earthquake in April could weigh on consumer sentiment, business sentiment remained on a deteriorating trend amid a stronger yen and weaker share prices resulting from the uncertain outlook for overseas conditions, including the UK's EU withdrawal issue and the US presidential election.」