Gradual recovery trend in the economy

「企業収益、雇用情勢に改善の動きがみられるなど景気は緩やかな回復基調にある一方、先行きは、雇用・所得環境の改善や各種政策の効果による景気の下支えが期待されるものの、中東情勢や金融資本市場の変動の影響に注意を要する状況が依然として続いております。」

「Japan's economy is on a gradual recovery trend, supported by improvements in employment and the income environment and the effects of various policy measures. However, close attention must be paid to the potential impact on Japan of a downturn in overseas economies, including continued high interest rates in Europe and the United States and stagnation in China's property market, as well as rising prices, the situation in the Middle East and volatility in financial and capital markets.」

「During the current consolidated fiscal year, Japan's economy is expected to continue recovering gradually, as long-stagnant social and economic activity normalizes, employment and the income environment improve, and various policy measures take effect. However, close attention must be paid to the effects of downside risks to overseas economies, including global monetary tightening and concerns over the outlook for the Chinese economy, as well as volatility in financial and capital markets.」

「During the first 2 quarters of the current consolidated cumulative period, Japan's economy was on a gradual recovery trend as social and economic activity normalized in the post-COVID period, private consumption, capital investment and production recovered, and corporate earnings began to improve. Meanwhile, downside risks to the economy have intensified due to the effects of increasing geopolitical risks, including the prolonged situation in Ukraine, and global monetary tightening, concerns over the outlook for the Chinese economy, domestic price increases caused by higher energy and food prices, and volatility in financial and capital markets.」

「As social and economic activity normalized in the post-COVID period, private consumption, capital investment and production recovered, and corporate earnings began to improve, indicating a gradual economic recovery. Meanwhile, as geopolitical risks, including the prolonged situation in Ukraine, increased and global monetary tightening continued, downside risks to the economy have intensified due to the potential impact of an overseas slowdown on Japan, domestic price increases, supply-side constraints and volatility in financial and capital markets.」

「Private consumption, capital investment and employment showed signs of improvement, and the economy showed signs of a gradual recovery. However, going forward, downside risks to the economy have intensified due to the potential impact of an overseas slowdown on Japan, domestic price increases, supply-side constraints and volatility in financial and capital markets.」

「Private consumption, capital investment, production and employment showed signs of improvement, and the economy showed signs of a gradual recovery. Meanwhile, as geopolitical risks, including the situation in Ukraine, increased and global monetary tightening continued, downside risks to the economy have intensified due to the potential impact of an overseas slowdown on Japan, price increases associated with the weaker yen and other factors, supply-side constraints, and volatility in financial and capital markets.」

「Personal consumption and capital investment showed signs of improvement, and the economy appeared to be recovering. However, downside risks to the economy were intensifying amid rising raw material prices, supply-side constraints and volatility in financial and capital markets, as well as concerns over the prolonged situation in Ukraine and the impact of restrictions on economic activity in China, following a renewed increase in new cases from late June and the start of the seventh wave.」

「With the uncertainty caused by Russia's invasion of Ukraine in February added to the situation, downside risks to the economy were intensifying due to logistics supply constraints, rising raw material prices and volatility in financial and capital markets.」

「However, following the emergence of the Omicron variant, a new variant of the virus, the number of new daily cases reached a record high in January, and the situation led to the reapplication of priority preventive measures in some regions. Uncertainty over the outlook was spreading due to the impact of the pandemic, supply-side constraints and soaring raw material prices, among other factors.」

「Conditions remained severe due to the COVID-19 pandemic. Although the state of emergency and all priority preventive measures were lifted on 30 September, improvement in conditions going forward was expected.」

「Although production, exports and capital investment showed signs of recovery, conditions remained severe, with weakness seen in personal consumption and other areas due to the prolonged impact of the COVID-19 pandemic.」

「During the 3rd quarter cumulative consolidated period, the Japanese economy showed signs of improvement in business sentiment and production at some companies, but remained in a severe and unpredictable situation amid the impact of the COVID-19 pandemic.」

「Conditions remained severe due to the COVID-19 pandemic. Although some companies began to show signs of improvement in business sentiment and production, the situation remained unpredictable.」

「Although conditions remained extremely severe due to the COVID-19 pandemic, signs of recovery in personal consumption and improvements in corporate business sentiment emerged, indicating a tendency for the economy to bottom out.」

「The situation has become severe, with activity recently experiencing a substantial downturn due to the effects of COVID-19.」

「During the 3rd quarter cumulative consolidated period, the Japanese economy became increasingly weak, particularly in manufacturing, against a backdrop of a slowdown in overseas economies due to trade issues and other factors, although employment conditions continued to improve and the economy was recovering moderately.」

「Employment conditions continued to improve and the economy was recovering moderately. However, uncertainty over the outlook for the domestic economy was increasing due to signs of a slowdown in overseas economies stemming from trade issues and other factors.」

「Employment conditions were steadily improving and the economy was recovering moderately. However, uncertainty remained regarding the impact of developments in trade issues on the global economy, as well as developments in overseas economies and related policies.」

「In the real estate industry in which the Group operates, as of 1 January 2019, official land prices increased by 1.2% year on year on a nationwide average across all categories of use, including commercial, industrial and residential land, marking the fourth consecutive year of increase.」

「Corporate capital investment increased, while corporate earnings and employment conditions continued to improve. Personal consumption also showed signs of recovery, and the economy continued on a moderate recovery track.」

「Corporate capital investment increased, and although uncertainties persisted overseas, including trade friction, corporate earnings and employment conditions continued to improve. Personal consumption also showed signs of recovery, and the economy continued to recover moderately.」

「Employment conditions were steadily improving, and although uncertainty remained over the international situation, corporate earnings and business sentiment also continued to improve. Capital investment was gradually increasing, and the economy continued on a moderate recovery track.」

「Personal consumption also recovered, and the economy continued on a moderate recovery track.」

「Corporate earnings and business sentiment continued to improve, while the active job openings-to-applicants ratio also showed a steady increase. Personal consumption was also showing signs of recovery, and the economy continued on a moderate recovery track.」