Uncertainty in Overseas Economies and Volatility in Financial and Capital Markets

「中東情勢をはじめとする地政学リスクや金融資本市場の変動等、依然として先行きは不透明な状況が続いております。」

「Japan's economic environment during the fiscal year showed signs of recovery against a backdrop of improving employment and income conditions and the effects of various policies, with the economy following a gradual recovery trend. However, the outlook remained uncertain due to concerns about the impact on corporate earnings and personal consumption of rising raw material and energy prices accompanying yen depreciation, continued price increases, U.S. trade policy, financial market developments and the situation in the Middle East.」

「ロシア・ウクライナ戦争の長期化や中東情勢の緊迫化など、地政学リスクが高まり続けるなど、先行きは引き続き不透明な状況にあります。特にホルムズ海峡封鎖が仕入や経費等に与える影響は現時点において適切に見積もることができない」

「In addition, concerns remain about the impact on personal consumption through such factors as weaker consumer sentiment resulting from continued price increases. Developments in U.S. trade policy and volatility in financial and capital markets also pose risks of putting downward pressure on the economy, and the outlook remains uncertain.」

「During the fiscal year, Japan's economy continued on a moderate recovery trend due to improving employment and income conditions and the effects of various policies. However, the impact of continued price increases on personal consumption and the impact of U.S. policy trends and other factors pose downside risks to the economy, and the outlook remains uncertain.」

「During the third quarter, Japan's economic environment was on a gradual recovery trend as economic activity normalized from the COVID-19 pandemic, but the outlook remained uncertain due to heightened global tensions, soaring resource and raw material prices, and the prolonged trend of yen depreciation.」

「During the cumulative first quarter period, economic activity was normalizing as COVID-19 was reclassified under the Infectious Diseases Control Law as a Class 5 disease, and the economy was showing a gradual recovery. However, the outlook remained uncertain amid concerns over the impact of higher prices resulting from soaring energy and raw material costs against a backdrop of heightened geopolitical risks, as well as exchange-rate fluctuations.」

「During the cumulative third quarter period, normalization of socioeconomic activity was expected under the government's various policies amid the COVID-19 pandemic. However, concerns remained over the impact of soaring prices, raw material and resource costs, volatility in financial and capital markets and other factors, and the outlook remained uncertain.」

「During the cumulative second quarter period, the economy was expected to gradually recover, partly due to the effects of the government's phased easing of restrictions on activities. However, concerns remained over the impact on consumption of soaring resource and energy prices caused by the rapid depreciation of the yen and the prolonged situation in Ukraine, among other factors, and the outlook remained uncertain.」

「During the cumulative first quarter period, economic conditions showed signs of a gradual recovery as efforts to prevent the spread of COVID-19 and third-round vaccinations progressed. However, concerns remain over the impact on consumption of volatility in financial markets caused by the rapid depreciation of the yen and soaring resource and energy prices resulting from the prolonged situation in Ukraine, and the economic outlook remains uncertain.」

「During the cumulative third quarter period, economic and social activity was showing a gradual recovery, partly due to progress in COVID-19 vaccinations. However, the outlook remained uncertain amid concerns over the impact of semiconductor shortages on various industries, soaring resource prices and other factors, as well as the spread of highly infectious variants.」

「During the cumulative second quarter period, Japan's economic environment remained extremely challenging, as domestic and overseas economies were significantly affected by the spread of COVID-19.」

「During the cumulative first quarter period, Japan's economic environment remained extremely challenging, as domestic and overseas economies were significantly affected by the spread of COVID-19.」

「Although the economy recovered moderately after the state of emergency was lifted in April 2020, the further spread of infections from January 2021 onward has left trends in personal consumption and the economic outlook uncertain.」

「During the first quarter, Japan's economic environment became extremely challenging as personal consumption declined amid requests to refrain from going out and conducting business under the state of emergency declared in response to the spread of COVID-19. Although the economy has been recovering gradually since the state of emergency was lifted, personal consumption and the outlook for the economy have remained uncertain due to concerns about subsequent waves of the infection.」

「During the fiscal year, Japan's economic environment was expected to continue its gradual recovery, supported by ongoing improvements in employment and income conditions, but personal consumption and the outlook for the economy have remained uncertain due to the slowdown following the October 2019 consumption tax increase and the global spread of COVID-19 since January 2020.」

「During the cumulative third quarter period, Japan's economic environment is expected to continue recovering moderately as employment and income conditions continue to improve. However, uncertainty surrounding overseas economic trends and policies, as well as the impact of volatility in financial and capital markets, requires attention, and the outlook for the economy remains uncertain.」

「During the cumulative second quarter period, Japan's economic environment is expected to continue recovering moderately as employment and income conditions continue to improve. However, uncertainty surrounding overseas economic trends and policies, as well as the impact of volatility in financial and capital markets, requires attention, and the outlook for the economy remains uncertain.」

「During the first quarter, Japan's economic environment was expected to continue its gradual recovery as employment and income conditions continued to improve. However, attention was required regarding the effects of uncertainty surrounding trends and policies in overseas economies and volatility in financial and capital markets, and the outlook for the economy remained uncertain.」

「Overseas political conditions remain unstable, while domestic personal consumption has moved unevenly due to sluggish real income growth caused by higher prices, and the outlook for the economy remains uncertain.」

「During the cumulative third quarter, Japan's economic environment was expected to continue recovering gradually amid ongoing improvements in employment and income conditions. However, the outlook for the economy remained uncertain due to unstable overseas political conditions and uneven domestic personal consumption, reflecting sluggish growth in real income caused by rising prices, among other factors.」

「During the six months ended June, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the prior fiscal year.」

「During the six months ended [current first quarter], there was no emergence of new business or other risks, nor any material change in the business or other risks described in the annual securities report for the previous fiscal year.」

「Although capital investment was expected to remain solid against a backdrop of high corporate earnings supported by the recovery in overseas economies, the outlook remained uncertain as higher energy prices and an improvement in the supply-demand balance accompanying the economic recovery accelerated the pace of price increases, while the recovery in personal consumption remained gradual.」

「During the second quarter, Japan's economic environment followed a gradual recovery trend as employment and income conditions continued to improve. However, attention was required regarding the effects of uncertainty in overseas economies, including geopolitical risks, and volatility in financial and capital markets, and the outlook remained uncertain.」

「During the first quarter, Japan's economic environment followed a gradual recovery trend as employment and income conditions continued to improve. However, attention was required regarding the effects of uncertainty in overseas economies and volatility in financial and capital markets, and the outlook for the economy remained uncertain.」

「Japan's economic environment during the fiscal year followed a gradual recovery trend as employment and income conditions continued to improve. However, the outlook for the economy remained uncertain, and attention was required regarding the effects of uncertainty in overseas economies and volatility in financial and capital markets.」

「The outlook for the economy remains uncertain due to uncertainty in overseas economies and volatility in financial and capital markets.」