Uncertainty over the outlook due to US rate hikes, China’s slowdown and a stronger yen

「During the interim consolidated accounting period, the economy continued to recover moderately, supported by improvements in employment and income conditions. However, many factors remained a concern for their potential impact on the global economy, including continued inflation and rising interest rates, changes in U.S.-centered trade policy, foreign exchange volatility and heightened tensions in regional situations, including the Middle East, and the outlook remained uncertain.」

「The economy has remained on a moderate recovery track, supported by a recovery in personal consumption and improvements in corporate earnings. However, uncertainty over the outlook remains due to fluctuations in energy prices, the impact of rising prices, concerns over a slowdown in overseas economies and heightened geopolitical risks, including the situation in the Middle East.」

「During the interim consolidated accounting period, a moderate economic recovery was expected amid improvements in employment and income conditions and strong inbound demand. However, the outlook remained uncertain due to risks of an economic downturn, including the impact of U.S. trade policy and declining consumer sentiment resulting from rising prices.」

「During the fiscal year, the Japanese economy recovered moderately, supported by improvements in employment and income conditions and inbound demand. However, the outlook remained uncertain, as the impact of global inflation and geopolitical risks could cause a downturn in overseas economies and pose a downside risk to the domestic economy.」

「During the interim consolidated accounting period, a moderate economic recovery was expected amid improvements in employment and income conditions and strong inbound demand, although the outlook remained uncertain due to rapid inflation and volatility in foreign exchange markets.」

「During the first three months of the current fiscal year, inbound demand increased as COVID-19 restrictions were eased, and signs of a moderate economic recovery emerged as employment and income conditions improved. However, global monetary tightening and concerns over the outlook for the Chinese economy pose downside risks to the Japanese economy. In addition, the outlook remains uncertain due to rapid inflation, conditions in the Middle East and volatility in financial and capital markets.」

「During the fiscal year, domestic economic activity continued to normalize, including inbound demand and employment and income conditions, following the reclassification of COVID-19 as a Class 5 infectious disease. However, the outlook remained uncertain due to global monetary tightening, soaring energy prices, prolonged conflicts in various countries and the impact of inflation on personal consumption.」

「During the first nine months of the current fiscal year, the impact of COVID-19 was subsiding, while inbound demand and employment and income conditions improved and economic and social activity moved toward normalization, raising expectations for an economic recovery. However, various risks have emerged, including rising prices, global monetary tightening and soaring raw material and energy prices due to the prolonged situation in Ukraine, and the outlook remains uncertain.」

「During the first six months of the current fiscal year, the classification of COVID-19 under the Infectious Diseases Act was lowered and various activity restrictions were lifted, raising expectations for a moderate economic recovery. However, the outlook remained uncertain due to factors including rapid inflation, yen depreciation and global monetary tightening.」

「During the first three months of the current fiscal year, the impact of COVID-19 declined and signs of a moderate economic recovery emerged. However, downside risks to the economy remained due to rising prices and global monetary tightening, leaving the outlook uncertain.」

「During the fiscal year, the impact of the spread of COVID-19 was subsiding, but Russia's invasion of Ukraine continued to cause various effects, including soaring energy prices and inflation. The yen also continued to depreciate due to the Japan-U.S. interest rate differential, and the outlook remained uncertain.」

「During the first six months of the current fiscal year, COVID-19 vaccinations progressed and various restrictions on activities were eased, but rising infections affected social life, including stores and public transportation operators that were unable to secure sufficient staff. In addition, the impact of COVID-19 and Russia's invasion of Ukraine has driven up raw material and energy prices and caused inflation, including through a sharp depreciation of the yen, leaving the outlook uncertain.」

「During the first three months of the current fiscal year, no new business or other risks arose. In addition, there were no significant changes to the business and other risks described in the annual securities report for the previous fiscal year. However, concerns remain over the potential impact on the business of a prolonged or worsening spread of COVID-19 and deterioration or prolongation of the situation in Ukraine.」

「During the fiscal year, expectations grew for an economic recovery as COVID-19 vaccinations progressed, but infections caused by new variants were spreading again and the impact on global supply chains continued. In addition, the global economy faced geopolitical risks, including a surge in crude oil prices driven by increased demand as economic activity resumed and Russia's invasion of Ukraine, leaving the outlook uncertain.」

「However, concerns remain over downside risks transmitted through supply chains, particularly for energy resources and semiconductors, and the outlook is uncertain.」

「During the first six months of the current fiscal year, COVID-19 vaccinations progressed, but the economy faced extremely difficult conditions for recovery amid rising numbers of infected people and pressure on the healthcare system, including the reissuance of states of emergency in some regions.」

「During the first three months of the current fiscal year, the impact of COVID-19 on the Japanese economy remained significant. Although vaccinations began in Japan and overseas, infections were spreading in some areas, and a state of emergency was declared in certain regions, leaving the outlook uncertain.」

「During the fiscal year, COVID-19 vaccinations began in Japan, raising expectations for an economic recovery, but the impact of the spread of infections remained significant, with corporate activity and consumer behavior still being constrained, and the outlook remained uncertain.」

「The Group refrained from conducting face-to-face negotiations and restricted travel outside prefectures during the period when the state of emergency was in effect due to the spread of COVID-19. Sales activities have proceeded smoothly since the state of emergency was lifted, and the impact on the business remains limited at present. However, if infections spread again and the impact on domestic and overseas economies becomes prolonged or more severe, the Group's results may be affected.」

「The Group refrained from conducting face-to-face negotiations and restricted travel outside prefectures during the period when the state of emergency was in effect due to the spread of COVID-19. Sales activities have proceeded smoothly since the state of emergency was lifted, and the impact on the business remains limited at present. However, if infections spread again and the impact on domestic and overseas economies becomes prolonged or more severe, the Group's results may be affected.」

「The impact of COVID-19 has been spreading worldwide, requiring attention to the risk of further downside in domestic and overseas economies. As there is no clear prospect of containing the spread of the infection, the outlook has become uncertain.」

「During the fiscal year, the Japanese economy was on a moderate recovery trend supported by improvements in employment and income conditions, but many concerns remained, including the impact on the global economy of developments in the U.S.-China trade dispute and supply chain disruptions caused by the spread of COVID-19, and the outlook continued to be uncertain.」

「During the first nine months of the current fiscal year, employment and income conditions in Japan continued to improve, but the outlook remained uncertain due to the impact on the economy of domestic natural disasters such as typhoons, as well as developments in the U.S.-China trade dispute and overseas economies, including the United Kingdom's withdrawal from the EU.」

「Although employment and income conditions continued to improve, uncertainty in overseas economies, including U.S.-China trade friction, increased, requiring attention to its impact on the domestic economy, and the outlook remains uncertain.」

「In the condominium industry in which the Group operates, market conditions have remained firm due to low interest rates resulting from monetary easing and other factors. However, land prices and construction costs are rising, and, together with the impact of the consumption tax increase, this raises concerns about future increases in selling prices and a slowdown in demand.」

「During the fiscal year, the Japanese economy continued to recover moderately as employment and income conditions improved, but the outlook remains uncertain due to numerous factors, including the impact of trade issues on the global economy, the outlook for the Chinese economy, uncertainties surrounding overseas economies and policy, and the consumption tax increase scheduled for October.」

「During the first nine months of the current fiscal year, the Japanese economy remained firm, supported by government economic measures and other factors, but the impact on the global economy of developments in the United States, China, the EU and elsewhere remains unknown, and the outlook continues to be uncertain.」

「Although corporate earnings and employment conditions continued to improve and the economy remained on a recovery track, attention must be paid to the impact of uncertainty in overseas conditions, intensifying trade friction and volatility in financial and capital markets, and the outlook remains uncertain.」

「During the first three months of the current fiscal year, the Japanese economy remained on a moderate recovery track, supported by improvements in employment and income conditions, although concerns over geopolitical risks remained high and the outlook continued to be uncertain.」

「During the fiscal year, the Japanese economy remained on a moderate recovery trend, supported by improvements in employment conditions and corporate performance, although the outlook remains uncertain due to the impact of economic trends in the United States and heightened tensions in East Asia.」

「During the first nine months of the current fiscal year, the Japanese economy maintained a moderate recovery trend, supported by government economic measures and other factors, but the outlook remains uncertain due to the impact of heightened global tensions.」

「During the first six months of the current fiscal year, the Japanese economy remained on a moderate recovery track, with corporate earnings and employment conditions continuing to improve, although the outlook remains uncertain due to political conditions in Europe, the United States and Asia.」

「During the three months ended Q1, the Japanese economy continued to recover moderately against the backdrop of improving employment and income conditions resulting from economic and monetary policies. However, the impact of the global economy, including the new U.S. administration and developments in the EU, remained uncertain.」

「Although economic and monetary policies aimed at promoting an economic recovery have continued, the Japanese economy is inevitably affected by the increasingly uncertain global economy, driven by U.S. economic policy, the UK’s exit from the EU and developments in the Chinese economy, among other factors, and the outlook is expected to remain uncertain.」

「During the nine months ended Q3, the Japanese economy maintained a trend toward recovery, but with the global economy remaining uncertain, expectations for the government’s economic policies and the Bank of Japan’s monetary policy were waning, and uncertainty over the outlook continued.」

「During the six months ended Q2, the Japanese economy remained subject to uncertainty over the outlook, as global economic developments, including the slowdown in the Chinese economy and the UK’s exit from the EU, continued to have a significant impact on the effectiveness of the government’s economic measures and the Bank of Japan’s monetary policy.」