Downside in Economic Conditions Due to Brexit, Yen Appreciation and Stagnant Private Consumption

「物価や金利の上昇により消費者マインドに足踏みがみられたことや、中東情勢や日中関係の悪化等の地政学リスクも重なり、先行き不透明な状況で推移しました。」

「Meanwhile, the economy remained in uncertain conditions as concerns over an economic downturn resulting from US trade policy were compounded by continuing geopolitical risks in the Middle East and elsewhere around the world.」

「The outlook remained uncertain as rising prices caused personal consumption sentiment to stagnate and geopolitical risks overseas, including conditions in the Middle East, continued.」

「Meanwhile, the economy remained in uncertain conditions due to unstable movements in foreign exchange markets and rising geopolitical risks in Ukraine and the Middle East.」

「Meanwhile, international conditions became increasingly unstable due to the prolonged Russian invasion of Ukraine and deteriorating conditions in the Middle East. In Japan, raw material and energy prices remained high, partly due to the yen's depreciation, and the outlook remained uncertain.」

「Meanwhile, the economic outlook remained uncertain as the Russian invasion of Ukraine continued and prices continued to rise amid unstable international conditions.」

「Meanwhile, the outlook for the economy remained uncertain, reflecting factors including the impact on personal consumption of the prolonged Russian invasion of Ukraine and the continued upward trend in prices.」

「Meanwhile, the outlook remained uncertain due to international conflicts, the resulting sharp increases in raw material and energy prices, and the yen's rapid depreciation.」

「Meanwhile, the outlook remained uncertain as prices continued to rise due to the prolonged Russian invasion of Ukraine and the effects of the yen's depreciation.」

「Meanwhile, the economic outlook remained uncertain due to the prolonged Russian invasion of Ukraine and unstable movements in foreign exchange markets.」

「Meanwhile, the economic outlook remained uncertain as prices continued to rise due to heightened tensions surrounding Ukraine and other factors.」

「The outlook remained uncertain as resource and raw material prices rose due to heightened tensions surrounding Ukraine and increased demand accompanying the recovery of the global economy.」

「During the second quarter of the current consolidated cumulative period (hereinafter, the “second quarter”), the Japanese economy remained uncertain. Although COVID-19 vaccinations progressed, infections increased sharply due to highly transmissible variants, states of emergency and priority preventive measures remained in effect, and restrictions on economic activity continued.」

「During the three-month period ended the first quarter (hereinafter, the “first quarter”), Japan's economy showed signs of recovery as COVID-19 vaccinations began and economic activity gradually resumed. However, the outlook for the economy remained uncertain, as a third state of emergency was declared in some regions due to the spread of variants.」

「Japan's economy remained in difficult conditions during the period, as the spread of COVID-19 led to 2 states of emergency and caused inbound demand to disappear and personal consumption to decline as people refrained from going out.」

「During the third quarter of the current consolidated cumulative period (hereinafter, the “third quarter”), the Japanese economy remained uncertain. Although economic activity partially picked up as the number of infected people temporarily declined amid a continuing economic downturn caused by the spread of COVID-19, the sharp increase in infections from December 2020 raised concerns about the issuance of another state of emergency.」

「During the second quarter of the current consolidated cumulative period (hereinafter, the “second quarter”), the Japanese economy remained uncertain. Although economic activity gradually resumed after the lifting of the state of emergency associated with COVID-19, concerns arose about requests to refrain from nonessential and nonurgent outings and the resulting economic stagnation following a renewed spread of the disease.」

「During the first quarter of the current consolidated cumulative period, the Japanese economy remained in an extremely difficult situation, with corporate earnings and personal consumption declining due to the stagnation of economic activity, restrictions on movement and requests to refrain from going out resulting from the impact of COVID-19.」

「The economy remained uncertain as consumer demand rapidly declined due to the spread of COVID-19 toward the end of the period, in addition to the effects of the consumption tax rate increase implemented in October 2019 and natural disasters such as typhoons.」

「During the nine-month period ended the third quarter (hereinafter, the “third quarter”), Japan's economy remained on a gradual recovery track as employment and income conditions continued to improve. However, the outlook remained uncertain amid unstable overseas conditions, including developments in trade issues, the outlook for the Chinese economy and deteriorating Japan-South Korea relations, compounded by declining consumer sentiment following the consumption tax rate increase and the effects of natural disasters such as typhoons.」

「During the six-month period ended the second quarter (hereinafter, the “second quarter”), Japan's economy remained on a gradual recovery track as corporate earnings and employment and income conditions continued to improve. However, the outlook remained uncertain amid uncertainty in overseas economies due to tensions surrounding trade issues, the outlook for the Chinese economy and the UK's exit from the EU, as well as the impending consumption tax increase.」

「During the three-month period ended the first quarter (hereinafter, the “first quarter”), Japan's economy remained on a gradual recovery track as corporate earnings and employment and income conditions improved, although concerns over uncertainty in overseas economies due to developments in trade issues and other factors left the outlook uncertain.」

「During the nine-month period ended the third quarter (hereinafter, the “third quarter”), Japan's economy was on a gradual recovery track due to solid corporate earnings and improving employment and income conditions. However, the outlook remained uncertain as uncertainty in overseas economies, including the US-China trade conflict, and the effects of rising crude oil prices, labour shortages and natural disasters put pressure on corporate earnings.」

「During the six-month period ended the second quarter (hereinafter, the “second quarter”), Japan's economy was on a gradual recovery track due to improving corporate earnings and employment and income conditions. However, the outlook remained uncertain as concerns over uncertainty in overseas economies, including the US-China trade conflict, were compounded by successive natural disasters, rising crude oil prices and labour shortages in Japan, which put pressure on corporate earnings.」

「During the three-month period ended the first quarter, Japan's economy remained on a gradual recovery track, as corporate earnings and employment and income conditions continued to improve, although concerns remained over uncertainty in overseas economies, including the US-China trade conflict.」

「During the nine-month period ended the third quarter (hereinafter, the “third quarter”), Japan's economy remained on a gradual recovery track, as corporate earnings and employment and income conditions continued to improve, although concerns remained over uncertainty in overseas political and economic conditions, including the political situation in Europe and the United States and rising geopolitical risks in East Asia.」

「During the six-month period ended the second quarter (hereinafter, the “second quarter”), Japan's economy remained on a gradual recovery track, supported by improving corporate earnings and employment and income conditions, although concerns remained over uncertainty in overseas political and economic conditions, including the political situation in Europe and the United States and rising geopolitical risks in East Asia.」

「During the three-month period ended the first quarter, Japan's economy remained on a gradual recovery track, supported by improving corporate earnings and employment conditions, although uncertainty remained over overseas political and economic conditions.」

「During the nine-month period ended the third quarter (hereinafter, the “third quarter”), Japan's economy showed gradual improvement in economic conditions and employment and income conditions as a result of various government and Bank of Japan policies, and personal consumption also recovered. Overseas, however, the outlook remained uncertain amid an upward trend in crude oil prices following the OPEC production-cut agreement and unstable international conditions.」

「The economy remained uncertain, with downside risks arising from the UK's exit from the EU and the yen's appreciation, while personal consumption also showed signs of stagnation.」