Stagnant Personal Consumption and Slowing Asian and Emerging-Market Economies

「During the first six months of the current interim accounting period, Japan's economy showed a gradual recovery as economic activity normalized against a backdrop of improved corporate earnings and employment and income conditions. Nevertheless, the outlook remained uncertain due to the impact of the situation in the Middle East, volatility in financial and capital markets, concerns over soaring crude oil prices and continued inflation.」

「During the current fiscal year, Japan's economy showed a gradual recovery as economic activity normalized against a backdrop of improved corporate earnings and employment and income conditions. Nevertheless, the outlook remained uncertain due to increasing instability in international affairs, developments in US trade policy and concerns over rising prices.」

「However, uncertainty about the outlook continues amid growing instability in international affairs, developments in U.S. trade policy and concerns about rising prices.」

「During the first six months of the current interim accounting period, Japan's economy showed a gradual recovery as economic activity normalized against a backdrop of improved corporate earnings and employment and income conditions. Nevertheless, the outlook remained uncertain due to increasing instability in international affairs, developments in US trade policy and concerns over rising prices.」

「Although personal consumption remained sluggish due to soaring prices, employment and income conditions improved, supported in part by various government policies, and the economy showed a gradual recovery trend. Nevertheless, the outlook remained uncertain due to soaring raw-material and energy prices, entrenched yen depreciation associated with global monetary tightening and prolonged instability overseas.」

「During the first six months of the current interim accounting period, Japan's economy showed a gradual recovery as social and economic activity normalized and employment and income conditions improved, supported in part by various government policies. Nevertheless, the outlook remained uncertain due to soaring raw-material and energy prices, the entrenched yen depreciation associated with global monetary tightening and the prolonged instability overseas.」

「During the first quarter of the current fiscal period, Japan's economy showed a gradual recovery as social and economic activity normalized and employment and income conditions improved, supported in part by various government policies. However, the outlook remained uncertain due to soaring resource prices and rising prices caused by the prolonged Russia-Ukraine situation and the situation in the Middle East, as well as continued yen depreciation.」

「During the current fiscal year, Japan's economy saw a recovery in personal consumption and inbound demand following the reclassification of COVID-19 as a Category V infectious disease, and social and economic activity became more active, particularly in services consumption. However, the outlook remained uncertain due to persistently high raw-material and energy prices resulting from the prolonged Russia-Ukraine situation, prolonged yen depreciation and concerns that continued price increases could dampen personal consumption.」

「During the first nine months of the current consolidated fiscal period, Japan's economy saw a recovery in personal consumption and inbound demand following the reclassification of COVID-19 as a Category V infectious disease, and social and economic activity became more active, particularly in services consumption. However, the outlook remained uncertain due to persistently high raw-material and energy prices resulting from the prolonged Russia-Ukraine situation, prolonged yen depreciation and concerns that continued price increases could dampen personal consumption.」

「During the first six months of the current fiscal period, normalization of social and economic activity progressed further as COVID-19 was reclassified as a Category V infectious disease. Personal consumption showed signs of recovery, particularly in services, against a backdrop of increased travel by visitors from Japan and overseas. Meanwhile, the outlook remained uncertain as the effects of the Russia-Ukraine situation, yen depreciation and high crude oil and raw-material prices persisted.」

「During the first quarter of the current fiscal period, Japan's economy showed signs of a gradual recovery in social and economic activity as restrictions related to COVID-19 were eased. Nevertheless, the domestic and international economic environment remained uncertain due to the prolonged situation in Ukraine, soaring crude oil and raw-material prices, and rising prices, including utility costs, that directly affect household budgets.」

「During the current fiscal year, restrictions on social activity caused by COVID-19 eased as measures to prevent the spread of infection were implemented and vaccinations became more widespread, and society began moving toward normalization. However, the repeated cycles of infection and containment meant that conditions remained unpredictable. In addition, the domestic and international economic environment remained uncertain due to the prolonged Russia-Ukraine situation, slowing overseas economies and soaring resource prices.」

「During the first nine months of the current fiscal period, restrictions on activities were gradually eased despite the renewed spread of COVID-19, and progress was made toward normalizing social and economic activity on the assumption of living with COVID-19. Meanwhile, the outlook remained uncertain due to rapid yen depreciation caused by monetary policies in Japan and the United States, the prolonged Russia-Ukraine situation and high crude oil and raw-material prices.」

「During the first six months of the current fiscal period, Japan's economy gradually moved toward reopening as vaccinations spread and various policies took effect. Nevertheless, the outlook remained uncertain due to the continuing impact of the renewed spread of the Omicron variant, rapid yen depreciation caused by monetary policies in Japan and the United States, the prolonged Russia-Ukraine situation and soaring crude oil and raw-material prices.」

「During the first quarter of the current fiscal period, Japan's economy remained under severe conditions, as economic activity was again constrained by the renewed spread of the Omicron variant despite a temporary recovery supported by government measures and the wider availability of COVID-19 vaccinations. In addition, the outlook remained uncertain due to rapid yen depreciation caused by monetary policies in Japan and the United States, heightened tensions surrounding Ukraine and soaring crude oil and raw-material prices.」

「During the current fiscal year, Japan's economy experienced periods of short-term demand weakness and heightened concerns over an economic downturn as intermittent resurgences of COVID-19 led to declarations of a state of emergency and priority preventive measures. However, the economy has gradually begun to recover, except in some industries, as vaccinations progressed. At the same time, the outlook remained uncertain due to the risk of another wave of infections caused by the Omicron variant.」

「Although the economy is expected to recover as various government measures take effect and restrictions on activities are eased, the outlook remains uncertain due to the renewed spread of infections overseas and the risk of renewed infections in Japan.」

「During the first six months of the current fiscal period, Japan's economy remained uncertain despite progress on various government measures and COVID-19 vaccinations. The emergence of variants and renewed infections led to repeated declarations of a state of emergency and requests to refrain from going out, weighing on personal consumption.」

「During the first quarter of the current fiscal period, Japan's economy remained uncertain as the outlook for containing COVID-19 was still unclear. The economy was affected by the renewed declaration of a state of emergency and the resulting decline in personal consumption, as well as the stagnation of economic activity worldwide.」

「Although personal consumption showed signs of recovery as a result of various government measures, including special fixed benefits and the Go To campaign, the prolonged impact of COVID-19 meant that the outlook remained extremely uncertain.」

「Although new infections increased again after the state of emergency was lifted, signs of a recovery in personal consumption emerged as various government measures, including special fixed benefits and the Go To campaign, took effect. Nevertheless, uncertainty about the outlook continued.」

「During the first six months of the current consolidated fiscal period, Japan's economy deteriorated rapidly as the spread of COVID-19 and the suspension of business activities and declaration of a state of emergency in response led to declines in personal consumption, exports and production, as well as weakness in employment conditions and capital investment. The outlook remained uncertain even after the state of emergency was lifted.」

「During the first quarter of the current consolidated fiscal period, Japan's economy continued to recover gradually on the whole, supported by improvements in employment and income conditions. However, sentiment deteriorated due to the spread of COVID-19, and uncertainty about the outlook continued.」

「Japan's economy during the current consolidated fiscal year gradually recovered, supported by continued improvements in employment and income conditions and the effects of various government policies. Meanwhile, overseas economic developments, including US-China trade tensions and the UK's withdrawal from the EU, as well as the economic impact of the outbreak and spread of COVID-19 in the latter part of the year, meant that unstable conditions continued.」

「During the current consolidated fiscal year, uncertainty continued due to higher interest rates in the United States, US-China trade tensions and fiscal concerns in Europe. Meanwhile, Japan saw gradual economic growth, supported by strong corporate earnings and employment conditions.」

「During the current consolidated fiscal year, the United States and China continued to post relatively solid growth, but political issues in European countries and geopolitical risks in East Asia made the economic environment uncertain. In Japan, sustained growth continued on the back of strong share prices and employment, while deflationary conditions remained entrenched and consumers continued to favor saving.」

「During the current consolidated fiscal year, the economic environment was marked by uncertainty and disruption, including slower economic growth in the United States and China, global economic concerns arising from the UK's exit from the EU, and unexpected yen depreciation following the US election. In Japan, employment and income conditions recovered gradually, but consumer spending remained weak due to a preference for saving, in addition to」

「During the first three quarters of the current consolidated fiscal year, Japan's economy showed signs of a gradual recovery in personal income and employment conditions, although consumer spending remained sluggish. Meanwhile, the global economy, including China, continued to face uncertainty.」

「However, consumer spending remained weak and the economic environment uncertain due to the slowdown in overseas economies, particularly China, the impact of the UK's exit from the EU and the rapid appreciation of the yen.」