Overseas Economic Risks from a Slowdown in Emerging-Market Economies and Falling Resource Prices

「Meanwhile, the outlook remains uncertain due to heightened uncertainty over the trade and monetary policies of major countries, including the US, geopolitical risks such as escalating tensions in the Middle East and the prolonged situation in Ukraine, and factors including exchange-rate fluctuations and increases in resource prices, fuel costs, raw-material prices and logistics costs.」

「However, the economic outlook in Japan and overseas remains uncertain due to factors including the prolonged situations in the Middle East and Ukraine, exchange-rate trends affected by US tariff policies and monetary policies in Japan and the US, and developments in the Chinese economy, which is experiencing a property downturn.」

「However, the economic outlook in Japan and overseas remains uncertain due to surging crude oil and raw-material prices resulting from the situation in Ukraine and the weaker yen, concerns that wage growth will fail to keep pace with rising prices, uncertainty over the outlook for the Chinese economy and the situation regarding a possible Taiwan contingency.」

「The impact on consumption of surging crude oil and raw-material prices due to the situation in Ukraine and the weaker yen, as well as rising prices, is also a concern. With uncertainty over the outlook for the Chinese economy and the situation in the Middle East also requiring close monitoring, the economic outlook in Japan and overseas remains uncertain.」

「Meanwhile, the global economy remains uncertain due to factors including surging energy resource and raw-material prices, particularly crude oil, and the rapid depreciation of the yen associated with rising interest rates in the US and elsewhere.」

「Meanwhile, the global economy remains uncertain due to factors including the prolonged situation in Ukraine, surging energy resource prices, particularly crude oil, inflation concerns and economic trends associated with rising interest rates in the US and elsewhere.」

「Meanwhile, the global economy remains uncertain due to factors including inflation concerns, the prolonged invasion of Ukraine, the impact of China's withdrawal of its zero-COVID policy and economic trends associated with rising US interest rates.」

「Meanwhile, the global economy remains uncertain due to factors including the weaker yen, surging energy and raw-material prices, the prolonged impact of Russia's invasion of Ukraine, the effects of China's continued zero-COVID policy and economic trends associated with rising US interest rates.」

「During the six-month period ended the second quarter, the Japanese economy began to gradually resume economic activity as COVID-19 continued for an extended period, supported by the promotion of vaccinations, a decline in infections due to thorough preventive measures and the lifting of priority measures to prevent the spread of disease, and the economy showed signs of recovery. Meanwhile, although the global economy was generally on a recovery trend, it became more uncertain than before due to geopolitical risks arising from Russia's invasion of Ukraine and its impact on the global economy, US policy rate hikes and China's zero-COVID policy.」

「The outlook remains uncertain due to the renewed spread of infections caused by new COVID-19 variants.」

「During the three-month period ended the first quarter, the global spread of COVID-19 continued, and after the beginning of 2021, infections began spreading again in Japan, prompting the reissuance of a state of emergency and leaving the economic outlook uncertain.」

「In 2020, COVID-19 spread rapidly, and the April-June 2020 quarter recorded the steepest negative growth in the postwar period.」

「During the nine-month period ended the third quarter, the Japanese economy came to a severe standstill as COVID-19 spread, the Japanese government issued a state of emergency and people were asked to refrain from going out. In other countries as well, economic activity was restricted by the expansion of lockdowns and other measures, causing the economy to deteriorate sharply, and the outlook remains uncertain.」

「During the six-month period ended the second quarter, the Japanese economy faced a decline in the global economy due to prolonged US-China trade friction, while the global spread of COVID-19 had a serious impact on the global economy, raising concerns that reduced domestic economic activity and corporate earnings would persist for an extended period.」

「In addition to a decline in consumption due to the consumption tax increase and natural disasters, international conditions remained unstable due to prolonged US-China trade friction and a slowdown in the Chinese economy, and concerns were beginning to emerge about a downside from the phase of gradual recovery.」

「Meanwhile, the outlook remained uncertain due to concerns about the impact on the global economy of overseas factors, including prolonged US-China trade friction and slowing economies in China and Europe.」

「Meanwhile, the outlook remained uncertain due to concerns about the impact on the global economy of overseas factors, including escalating US-China trade friction and a slowdown in the Chinese economy.」

「Meanwhile, overseas economies remained uncertain due to concerns about the impact on the global economy of uncertainty in overseas economies, including an expected slowdown and prolonged weakness in the Chinese economy resulting from US-China trade friction.」

「During the nine-month period ended the third quarter, the Japanese economy showed signs of a gradual recovery, with corporate earnings remaining firm and improvements in employment conditions continuing, while the outlook remained uncertain due to political and economic uncertainty overseas.」

「During the six-month period ended the second quarter, the Japanese economy remained on a gradual recovery trend over the long term amid improvements in employment and income conditions, but the outlook remained uncertain due to the impact of exchange-rate fluctuations and uncertainty in overseas economies.」

「Meanwhile, the outlook remains uncertain due to heightened caution over political tensions, including uncertainty in overseas economies and the situation surrounding North Korea.」

「Meanwhile, although there has been an expansion in capital investment and an improvement in employment conditions, the domestic economy remains uncertain due to uncertainty in overseas economies arising from US policy and political conditions in Europe.」

「Meanwhile, uncertainty surrounding corporate earnings remains pronounced due to destabilizing factors in the US and Europe, including the foreign policy of the new US administration and the UK's departure from the EU, and the domestic economy remains uncertain amid the risk of an impact on the Japanese economy.」

「Meanwhile, depending on how the new US administration conducts its policies, uncertainty could arise in corporate earnings due to substantial exchange-rate fluctuations, which could affect the Japanese economy, leaving the outlook for the domestic economy uncertain.」

「During the consolidated fiscal year under review, the Japanese economy remained uncertain. Although concerns emerged over slowing economies in Asian emerging markets, particularly China, and resource-producing countries, as well as a sharp appreciation of the yen, falling share prices and increased uncertainty in overseas economies following the UK's decision in June 2016 to leave the EU, the domestic economy continued to be affected by the need to monitor the impact of the Kumamoto earthquake.」

「However, the global economy includes destabilizing factors, such as the stronger yen and falling share prices, the impact of the Bank of Japan's negative interest rate policy, concerns about a slowdown in emerging-market economies, particularly China, and the UK's decision in June 2016 to leave the EU, and the outlook remains uncertain.」