Domestic and Overseas Economic Fluctuations and Sluggish Consumer Spending

「Meanwhile, the outlook remains uncertain against the backdrop of persistently high raw material and energy prices and heightened tensions in the Middle East.」

「Meanwhile, the outlook remained uncertain due to factors including rising interest rates in Japan, downside risks to the economy resulting from the impact of US trade policy, and continuing price increases.」

「The outlook remains uncertain due to downside risks to the economy resulting from rising interest rates in Japan and the impact of U.S. trade policy, as well as continued inflation.」

「However, the outlook remained uncertain due to factors including higher interest-rate levels in Japan, downside risks to the economy resulting from the impact of US trade policy, and continuing price increases.」

「During the current interim consolidated accounting period, Japan's economy showed a gradual recovery supported by improving employment and income conditions and strong inbound demand. However, the outlook remained uncertain due to factors including concerns over a slowdown in the Chinese economy, the situation in Ukraine, and the emergence of geopolitical risks in the Middle East.」

「During the current consolidated fiscal year, Japan's economy continued to recover gradually as social and economic activity normalized further due to increased movement of people and the return of inbound demand following the easing of measures against the novel coronavirus infection. However, the economic outlook remained uncertain due to factors including stagnant growth in real wages, surging energy and raw material prices, and the normalization of yen depreciation due to the widening interest-rate differential with the US.」

「During the third quarter of the current consolidated cumulative period, Japan's economy continued to recover gradually as social and economic activity normalized further due to increased movement of people and the return of inbound demand following the easing of measures against the novel coronavirus infection. However, the outlook remained uncertain due to factors including stagnant growth in real wages, surging energy and raw material prices, and the normalization of yen depreciation due to the widening interest-rate differential with the US.」

「During the second quarter of the current consolidated cumulative period, Japan's economy continued to recover gradually due to increased movement of people and the return of inbound demand following the easing of measures against the novel coronavirus infection. However, the outlook remained uncertain due to factors including stagnant growth in real wages, surging energy and raw material prices, and the normalization of yen depreciation due to the widening interest-rate differential with the US.」

「During the first quarter of the current consolidated cumulative period, Japan's economy showed signs of a recovery in personal consumption as restrictions related to the novel coronavirus infection were eased and economic activity normalized. However, the outlook remained uncertain due to factors including surging resource prices and rising raw material prices associated with the prolonged situation in Ukraine, as well as concerns over rising interest rates and an economic slowdown in major overseas countries.」

「The outlook for the economy remains highly uncertain due to geopolitical risks including the situation in Ukraine and rising prices resulting from higher energy costs, and a full-scale recovery is expected to take more time.」

「During the third quarter of the current consolidated cumulative period, Japan's economy showed signs of a gradual recovery, centered on personal consumption, due to the effects of measures to prevent the spread of the novel coronavirus infection and various policies supporting social and economic activity. However, the outlook remained uncertain due to factors including rising inflationary pressure against the backdrop of surging energy prices resulting from the situation in Ukraine, sharp rises in interest rates, and sharp foreign exchange fluctuations.」

「During the second quarter of the current consolidated cumulative period, Japan's economy showed signs of recovery in social and economic activity as restrictions were eased with the progress of vaccinations, despite the impact of the novel coronavirus infection. However, the outlook for the economy remained uncertain due to factors including surging energy and raw material prices caused by the prolonged situation in Ukraine and the rapid depreciation of the yen resulting from rising US interest rates.」

「During the first quarter of the current consolidated cumulative period, Japan's economy showed signs of recovery as the challenging conditions caused by the novel coronavirus infection eased. However, the outlook remained uncertain due to factors including surging crude oil and raw material prices associated with the situation in Ukraine and rising import prices resulting from the rapid depreciation of the yen.」

「Japan's economic outlook remains highly uncertain due to factors including the spread of the novel coronavirus infection, geopolitical risks including the situation in Ukraine, and surging crude oil and other resource prices, and a full-scale recovery is expected to take some time.」

「During the third quarter of the current consolidated cumulative period, Japan's economy showed signs of a recovery as the number of infections remained low with the progress of COVID-19 vaccinations, but the outlook remained uncertain due to factors including the renewed spread of variants.」

「During the first quarter of the current consolidated cumulative period, Japan's economy remained in a challenging situation, despite signs of a partial recovery from the deterioration caused by the novel coronavirus infection, as economic activity stagnated again due to the spread of variants.」

「During the current consolidated fiscal year, Japan's economy entered a rapid recession as economic activity was restricted due to the spread of the novel coronavirus infection and exports fell sharply following the suspension of economic activity in major trading-partner countries. Although there were signs of a temporary recovery, the end of the novel coronavirus pandemic remained nowhere in sight as infections with variants spread, and the outlook continued to be uncertain.」

「During the third quarter of the current consolidated cumulative period, Japan's economy was severely affected in terms of corporate earnings and personal consumption by the spread of the novel coronavirus infection. Although there were signs of a partial recovery due to the government's economic measures and the resumption of economic activity in various countries, infections spread again in Japan and overseas, raising concerns that economic activity could stagnate again, and the challenging situation continued.」

「In the food and beverage industry, the Group's core market, personal consumption patterns have also changed due to the impact of the novel coronavirus infection, and the extremely challenging business environment continues.」

「In 2020, the spread of the novel coronavirus infection became pronounced, personal consumption and corporate activities stagnated, and domestic and overseas economic conditions suddenly deteriorated.」

「Meanwhile, the outlook for the economy remained uncertain due to factors including the impact of trade issues on the global economy, concerns over a slowdown in the Chinese economy, and domestic consumption trends following the consumption tax rate increase, and the challenging situation continued to defy optimism.」

「Meanwhile, the outlook for the economy remained uncertain due to factors including the impact on the global economy of prolonged US-China trade friction, concerns over a slowdown in the Chinese economy, and domestic consumption trends following the consumption tax rate increase, and the challenging situation continued to defy optimism.」

「Meanwhile, the outlook for the global economy remained uncertain due to factors including US protectionist policies and concerns over a slowdown in the Chinese economy, and the challenging situation continued to defy optimism.」

「During the third quarter of the current consolidated cumulative period, Japan's economy remained on a recovery path, with corporate earnings remaining solid and capital investment increasing against the backdrop of improvements in employment and income conditions. Personal consumption also remained firm. In the global economy, although the outlook remained uncertain due to factors including US trade policy developments and downside risks in emerging-market economies, particularly China, the economy overall was on a gradual recovery path.」

「In the global economy, although the outlook remained uncertain due to factors including US trade policy developments and downside risks in emerging-market economies, particularly China, the economy overall was on a gradual recovery path.」

「In the global economy, although the outlook remained uncertain due to factors including US policy developments and downside risks in emerging-market economies, particularly China, the economy overall was on a gradual recovery path.」

「Although the outlook for the economy remained uncertain due to factors including US policy developments and downside risks in emerging-market economies, particularly China, the economy overall was on a gradual recovery path.」

「During the third quarter of the current consolidated cumulative period, Japan's economy continued to face an uncertain outlook due to uncertainty in overseas economies and personal consumption trends, but showed signs of a gradual recovery against the backdrop of improving corporate earnings and employment conditions.」

「During the second quarter of the current consolidated cumulative period, Japan's economy remained on a gradual recovery path, supported by improving corporate earnings and employment conditions and the effects of various policies. However, the outlook remained uncertain due to factors including uncertainty in overseas economies and personal consumption trends.」

「Although Japan's economy was on a gradual recovery path against the backdrop of economic and monetary policies implemented by the government and the Bank of Japan, the outlook remained uncertain due to uncertainty in the global economy, including US policy developments and economic conditions in emerging Asian countries, particularly China.」

「Fluctuations in the economic environment in Japan, the Group's main market, and in countries and regions in Asia, North and South America, Europe and elsewhere with which it conducts import and export transactions, as well as fluctuations in personal consumption trends affected by these factors, may affect the Group's financial position and operating results.」

「However, the outlook for the economy remained uncertain amid sharp foreign exchange fluctuations resulting from factors including an economic slowdown in emerging markets, the UK's EU exit issue, and the US presidential election in November.」

「During the second quarter of the current consolidated cumulative period, Japan's economy showed signs of a gradual recovery against the backdrop of improving corporate earnings and employment conditions. However, the outlook remained uncertain due to factors including the UK's EU exit issue and the impact on the global economy of slowing economies in emerging markets, particularly China.」

「During the first quarter of the current consolidated cumulative period, Japan's economy was on a gradual recovery path against the backdrop of fiscal and monetary policies implemented by the government and the Bank of Japan. However, the outlook remained uncertain due to factors including the impact on the global economy of slowing economic growth in emerging markets, particularly China, and the UK's decision to leave the European Union (EU).」

「Fluctuations in the economic environment in Japan, the Group's main market, and in countries and regions in Asia, North and South America, Europe and elsewhere with which it conducts import and export transactions, as well as fluctuations in personal consumption trends affected by these factors, may affect the Group's financial position and operating results.」