Improvement in Employment and Income Conditions and a Gradual Recovery in the Domestic Economy

「During the interim consolidated accounting period, the Japanese economy remained on a moderate recovery track, with signs of a recovery in personal consumption against a backdrop of improving employment and income conditions. Meanwhile, the outlook for the economic environment remained uncertain, amid concerns over the impact of the situation in the Middle East and natural disasters, as well as rising prices and domestic interest rates.」

「一方で、中東情勢の緊迫化等を背景としたエネルギー価格や物価の上昇に加え、国内の金利上昇による影響が懸念されるなど、経済環境の先行きは依然として不透明な状況となっております。」

「During the current fiscal year, expectations for an economic recovery increased amid improvements in employment and income conditions. However, uncertainty about the outlook for the economic environment has increased due to the prolonged situations in Ukraine and the Middle East, concerns about crude oil procurement, and soaring raw material prices.」

「雇用及び所得環境の改善を背景に緩やかな回復基調で推移しました。一方で、国内の金融資本政策の動向に加え、長期化するウクライナ情勢や中東情勢に伴う原油調達不安、原材料価格の高騰には引き続き注視が必要です。」

「During the current interim consolidated accounting period, employment and income conditions continued to improve and the economy showed a moderate recovery. Meanwhile, continued attention is required regarding developments in financial and capital markets resulting from US trade policy. Concerns about the impact of inflation-driven price increases and other factors on the domestic economy have also left the outlook for the economic environment uncertain.」

「While expectations for an economic recovery have increased amid improvements in employment and income conditions, the prolonged situation in Ukraine, rising tensions in the Middle East, and trade friction stemming from US economic policy are creating uncertainty about the outlook for the economic environment.」

「During the current interim consolidated accounting period, Japan's economy remained on a moderate recovery track as employment and income conditions improved. However, in addition to real wages turning negative again, the impact of conflicts in Ukraine and the Middle East and volatility in financial and capital markets has left the outlook for the economic environment far from optimistic.」

「Although rising prices had been a downward pressure on the economy, expectations for an economic recovery have recently increased, with signs of wage increases emerging. However, the prolonged situation in Ukraine and rising tensions in the Middle East are affecting energy and food prices in particular, creating uncertainty about the outlook for the economic environment.」

「During the first nine months of the current fiscal year, the corporate goods price index remained elevated, the consumer price index continued to rise, and real wages remained below the previous year's level for 20 consecutive months. In addition, the prolonged situation in Ukraine and rising tensions in the Middle East mean that uncertainty about the economic outlook continues.」

「In addition, the prolonged situation in Ukraine and rising tensions in the Middle East mean that the economic outlook remains uncertain.」

「Although the pace of increases in the corporate goods price index and consumer price index has slowed, both remain elevated, while real wages are trending lower. As the situation in Ukraine has become prolonged, uncertainty about the economic outlook continues.」

「During the current fiscal year, Japan's economy showed signs of recovery as the spread of COVID-19 was brought under control and social and economic activity moved toward normalization. However, interest-rate increases in other countries to contain inflation widened interest-rate differentials with Japan, causing the yen to weaken. In addition, the prolonged situation in Ukraine, together with soaring energy and raw material prices, resulted in a sharp increase in prices.」

「During the first nine months of the current fiscal year, Japan's economy showed signs of recovery toward the normalization of social and economic activity as restrictions related to COVID-19 were eased.」

「With restrictions related to COVID-19 eased, social and economic activity has gradually shown signs of recovery toward normalization.」

「Although every effort has been made to address the prolonged COVID-19 pandemic, and social and economic activity has moved toward normalization with signs of recovery, energy and various raw material prices have soared due to the prolonged situation in Ukraine, driving global inflation.」

「Economic and social activity repeatedly stagnated and resumed as the effects of the prolonged COVID-19 pandemic continued, but signs of gradual recovery emerged as vaccinations were promoted and the government and administrative authorities introduced various support measures. Meanwhile, the yen has recently weakened as differences in policy interest rates with other countries have widened, and energy and resource procurement prices in Japan, a resource-poor country, have been rising. The outlook for the situation in Ukraine is extremely uncertain, raising concerns about its impact on financial markets and the real economy.」

「Although signs of recovery emerged from the second half of last year as a result of various support measures by the government and administrative authorities and efforts to promote COVID-19 vaccinations, uncertainty about the outlook continues as a "sixth wave" caused by a new variant of the infection has arrived.」

「Economic and social activity has gradually resumed, with signs of recovery, as a result of various support measures by the government and administrative authorities and efforts to promote COVID-19 vaccinations.」

「During the first quarter of the current fiscal year, Japan's economy showed some encouraging signs, including gradual progress in COVID-19 vaccinations. However, following a renewed spread of the infection, social and economic activity was restricted under the reissuance of state of emergency declarations in some regions and the implementation of priority preventive measures. As the risk of a "fifth wave" of renewed infections has recently increased, uncertainty about the economic outlook continues.」

「Corporate earnings continued to decline substantially due to the spread of COVID-19, while employment conditions weakened and capital investment also showed signs of decline, resulting in extremely severe conditions. After the state of emergency declaration was lifted in April, signs of a partial recovery in personal consumption and production emerged, partly as a result of the government's various measures. However, the impact of the infection's third wave has kept conditions unpredictable.」

「Conditions became extremely severe as social and economic activity stagnated due to the spread of COVID-19. After the state of emergency declaration was lifted, economic activity gradually resumed, and signs of a recovery in areas including personal consumption and production have recently emerged, although」

「Following the issuance of the state of emergency declaration in response to the spread of COVID-19, conditions became extremely severe as social and economic activity rapidly stagnated. After the declaration was lifted, economic activity gradually began to resume, but the risk of a "second wave" of infections has suddenly increased.」

「During the consolidated fiscal year, the Japanese economy remained on a gradual recovery trend, with continued improvement in employment conditions, and generally stayed firm, although it progressed amid an uncertain outlook due to prolonged trade issues in the global economy and heightened tensions surrounding political conditions. In addition, as the global spread of COVID-19 affected economic activity, economic activity deteriorated rapidly both in Japan and overseas, resulting in extremely challenging conditions.」

「Employment conditions remained on a gradual recovery trend, with continued improvement, and generally stayed firm, although exports and production showed some weakness against a backdrop of prolonged trade issues and heightened tensions over political conditions in the global economy, and corporate assessments of business conditions continued to become more cautious」

「Employment conditions remained on a gradual recovery trend and generally stayed firm, although exports and production showed some weakness against a backdrop of heightened tensions over trade issues and political conditions in the global economy, and corporate assessments of business conditions continued to become more cautious」

「Employment conditions and consumption generally remained firm, although exports and production showed some weakness, corporate assessments of business conditions became more cautious, and the outlook remained uncertain due to the prolonged trade friction in the global economy, uncertain political conditions and other factors.」

「Employment conditions and consumption generally remained firm, although the economy progressed amid signs that the recovery was beginning to lose momentum, including sluggish corporate earnings against a backdrop of the impact of summer natural disasters and concerns about US-China trade friction.」

「While a moderate recovery trend continued, supported by steady improvements in the employment and income environment and a recovery in personal consumption,」

「During the cumulative six-month consolidated period, the Japanese economy remained on a gradual recovery trend, supported by continued improvements in employment and income conditions, although uncertainty surrounding the environment, including trade issues, increased.」

「Against a backdrop of improved corporate earnings and the employment and income environment, the economy remained on a recovery track, with moderate increases in capital investment and a recovery in domestic demand, centered on personal consumption.」

「During the consolidated fiscal year, the Japanese economy continued to see improvements in employment and income conditions and corporate earnings, and the economy generally remained on a gradual recovery trend.」

「During the cumulative nine-month consolidated period, the Japanese economy continued to see improvements in employment and income conditions and corporate earnings, and the economy generally remained on a gradual recovery trend.」

「During the cumulative second quarter of the fiscal year, Japan's economy remained on a generally moderate recovery track, supported by continued improvements in the employment and income environment and corporate earnings.」

「In addition to steady improvements in employment and income conditions, housing investment remained firm against a backdrop of government homeownership support programs and persistently low mortgage rates.」

「Although the employment and income environment has improved and a gradual recovery trend has continued」