Instability in exchange rates and share prices, stalled economic recovery, and uncertainty over the outlook following the UK's withdrawal from the EU

「The outlook remained uncertain due to downside risks in overseas economies, rising prices, conditions in the Middle East and the impact of volatility in financial and capital markets, among other factors.」

「During the first nine months of the fiscal year, the domestic economy remained in a situation where rising prices showed no sign of abating due to the yen's depreciation and surging raw material and crude oil prices stemming from the situation in Ukraine. The government urged companies to raise wages, among other measures, while continued close monitoring of domestic and overseas conditions was necessary due to volatility in financial and capital markets and the spread of COVID-19 infections in China.」

「During the first six months of the fiscal year, the domestic economy was affected by the yen's depreciation against a backdrop of a widening interest-rate differential between Japan and the United States and by the situation in Ukraine, and was hit by surging energy prices. Continued close monitoring of domestic and overseas conditions was necessary, amid concerns over further yen depreciation against a backdrop of expectations for additional rate hikes in Europe and the United States.」

「The economy moved toward recovery despite concerns over the impact of higher resource prices resulting from surging crude oil prices and the rapid depreciation of the yen. However, continued close monitoring of domestic conditions was necessary due to tight electricity supply and demand, concerns over LNG supplies resulting from the prolonged situation in Ukraine, and the rapid spread of infections during the seventh wave of COVID-19, among other factors.」

「During the first nine months of the fiscal year, the domestic economy continued to be affected by COVID-19, as in the previous consolidated fiscal year. However, social and economic activity showed signs of recovery, including the lifting of the state of emergency at the end of September. Nevertheless, the outlook remained uncertain as infections with the highly transmissible Omicron variant spread in December.」

「During the first six months of the fiscal year, the domestic economy continued to be affected by COVID-19, including the declaration of states of emergency and the implementation of priority preventive measures in various parts of the country. Although the number of new infections in Japan had been declining since September, concerns remained that infections could spread again toward this winter, and the outlook remained uncertain.」

「The outlook remained extremely uncertain following a sharp increase in infections due to the arrival of the third wave, including the reissuance of the state of emergency in January 2021.」

「During the first six months of the fiscal year, economic activity stagnated and the economy deteriorated rapidly due to the impact of COVID-19. However, private consumption began to show signs of recovery, partly due to various government economic measures. Nevertheless, the outlook remained extremely uncertain as the challenge continued to be how to balance economic activity with preventing the spread of infection.」

「During the first three months of the fiscal year, the domestic economy deteriorated rapidly due to the impact of COVID-19, and domestic and overseas demand declined substantially. Although it was necessary to gradually raise the level of socioeconomic activity while implementing measures to prevent the spread of infection, the outlook remained extremely uncertain.」

「In addition to a decline in private consumption following the consumption tax increase in October of the previous year, the impact of COVID-19 intensified toward the end of the fiscal year, and the outlook remained uncertain.」

「During the first nine months of the fiscal year, the domestic economy remained on a moderate recovery track, with private consumption recovering and employment conditions continuing to improve. However, the outlook remained uncertain due to developments in overseas economies, including US-China trade friction and the course of the UK's withdrawal from the EU.」

「During the first six months of the fiscal year, the domestic economy remained on a moderate recovery track, with private consumption recovering and employment conditions steadily improving. However, the outlook remained uncertain due to uncertainty in overseas economies, including US-China trade friction.」

「During the first three months of the fiscal year, the domestic economy remained on a moderate recovery track, with private consumption recovering and employment conditions steadily improving. However, the outlook remained uncertain due to uncertainty in overseas economies, including US-China trade friction.」

「During the first nine months of the fiscal year, the domestic economy remained on a moderate recovery track, with private consumption recovering and employment conditions steadily improving. However, the outlook remained uncertain due to uncertainty in overseas economies, including trade issues.」

「During the first six months of the fiscal year, the domestic economy remained on a moderate recovery track, with private consumption recovering and employment conditions steadily improving. However, conditions required attention to uncertainty in overseas economies, including trade issues, and the impact of a succession of natural disasters on the economy.」

「During the first three months of the fiscal year, the domestic economy remained on a moderate recovery track, with private consumption recovering and employment conditions steadily improving. However, the outlook remained uncertain due to uncertainty in overseas economies, including trade issues originating in the United States.」

「During the first nine months of the fiscal year, the domestic economy remained on a moderate recovery track, with private consumption showing a gradual recovery and employment conditions improving. However, the outlook remained uncertain due to uncertainty in overseas economies arising from policy developments under the US administration and instability in East Asia.」

「During the first three months of the fiscal year, the domestic economy remained on a moderate recovery track, with private consumption showing signs of a gradual recovery and employment conditions improving. However, the outlook remained uncertain due to uncertainty in overseas economies, including US monetary policy and downside risks in emerging Asian economies.」

「During the fiscal year, the domestic economy remained on a moderate recovery track, with private consumption showing signs of recovery and employment conditions improving. However, the outlook continued to be uncertain due to negative factors in overseas conditions, including downside risks in emerging Asian economies, particularly China, and policy developments under the new US administration.」

「During the first nine months of the fiscal year, the domestic economy remained on a moderate recovery track, but the outlook for the economy continued to be uncertain due to risks of volatility arising from international conditions, including concerns over a slowdown in the Chinese and emerging-market economies and the sharp depreciation of the yen and rise in stock prices following the US presidential election.」

「During the first six months of the fiscal year, the domestic economy remained on a moderate recovery track, but the outlook for the economy continued to be uncertain due to the slowdown in the Chinese and emerging-market economies, the yen's appreciation and the sluggish stock market.」

「The Innovation Plan 2016 “Growing,” our group’s medium-term management plan, is positioned as a period for achieving “strengthening business earnings power,” and the current consolidated fiscal year marks its final year.」