Financial Market Turmoil Caused by the Slowdown in Emerging Asian Economies and the UK's Withdrawal from the EU

「Overseas, concerns continued about soaring prices, including energy and raw material prices and logistics costs, against a backdrop of higher US tariffs, the prolonged situation between Russia and Ukraine, and rising tensions in the Middle East, as well as shrinking orders due to difficulties procuring electrical components.」

「During the interim consolidated accounting period under review, employment and income conditions continued to improve, while persistently high energy prices, the continued depreciation of the yen, and rising prices continued to have a significant impact on households and corporate activity, leaving the economic outlook uncertain.」

「During the interim consolidated accounting period under review, the economy showed signs of a gradual recovery due to improvements in employment and income conditions and the effects of various policies. However, the impact of continued inflation and rising consumer prices resulting from the weaker yen remained significant, and the outlook continued to be uncertain.」

「While restrictions on activity related to COVID-19 were eased and economic activity moved toward normalization, uncertainty about the outlook persisted due to unstable conditions overseas, soaring energy and raw material prices associated with the weaker yen, global monetary tightening, and concerns about the outlook for the Chinese economy.」

「Meanwhile, the outlook remains uncertain due to persistently high energy prices and soaring food prices stemming from Russia's invasion of Ukraine, expectations of an economic slowdown resulting from monetary tightening in various countries, and volatile foreign exchange markets.」

「During the first quarter of the fiscal year under review, Japan's economy showed signs of moving toward normalization of socioeconomic activity as restrictions on activity related to COVID-19 were eased. Meanwhile, the outlook remained uncertain due to soaring food, energy and raw material prices resulting from the situation between Russia and Ukraine and the prolonged depreciation of the yen, as well as concerns about further inflation.」

「During the first half of the fiscal year under review, Japan's economy showed signs of recovery as the number of infections declined, even as the impact of COVID-19 continued. However, the outlook remained uncertain due to soaring resource prices resulting from the prolonged situation between Russia and Ukraine, concerns about further inflation, and the rapid depreciation of the yen.」

「During the first quarter of the fiscal year under review, Japan's economy was gradually moving toward normalization as the impact of COVID-19 eased and economic activity recovered. However, the outlook remained uncertain due to the rapid depreciation of the yen, soaring food, energy and raw material prices resulting from unstable international conditions, including the situation between Russia and Ukraine, and concerns about further inflation.」

「During the fiscal year under review, Japan's economy showed signs of recovery in economic activity as vaccination became more widespread, despite the prolonged impact of COVID-19. However, infections began spreading again in January 2022 due to the Omicron variant, and the outlook remained uncertain due to geopolitical risks surrounding the increasingly tense situation in Ukraine, rising raw material and fuel prices and interest rates, shortages of electrical components, and trends in financial policy and foreign exchange markets.」

「Meanwhile, the outlook for the economy remains uncertain due to the emergence of new highly transmissible variants, shortages of semiconductors and other raw materials, including crude oil, stemming from the semiconductor shortage, and continued disruption and interruption of global supply chains.」

「In the healthcare industry in which the Group operates, the healthcare delivery system was temporarily placed under unprecedented strain by the fifth wave of COVID-19. However, industry conditions recovered compared with the same period of the previous year due to factors including a rapid decline in new infections as vaccination progressed.」

「During the current consolidated fiscal year, economic and social activity in Japan remained significantly restricted as the number of infected people stayed elevated amid the spread of COVID-19 and its variants. Personal consumption and corporate earnings declined, and the outlook for an improvement in economic sentiment remained uncertain.」

「During the first quarter of the current consolidated cumulative period, the rapid spread of COVID-19 significantly restricted economic and social activity in Japan, and sentiment deteriorated rapidly as personal consumption and corporate earnings declined. The global economy also remained uncertain due to factors including the rapid spread of COVID-19 and intensifying confrontation between the US and China.」

「Meanwhile, in the second half of the year, personal consumption stagnated due to the consumption tax increase, and US-China trade friction was prolonged. From November 2019, the rapid global spread of the novel coronavirus, whose first case was confirmed in Wuhan, China, caused various social and economic impacts, resulting in a sudden downturn in the global economy.」

「Meanwhile, the outlook for the economy remained uncertain due to uncertainty in the global economy, including US-China trade friction and escalating tensions in the Middle East.」

「During the second quarter of the current consolidated cumulative period, employment conditions and personal income in Japan remained firm, but the outlook for the economy remained uncertain due to factors including the impact of US-China trade issues and the consumption tax increase on personal consumption.」

「However, instability continued due to increasing uncertainty in the global economy, including trade issues between the US and China, and the psychological impact of the planned increase in the consumption tax rate.」

「However, the outlook remained uncertain due to uncertainty in the global economy, including FRB interest-rate hikes, currency imbalances and rising trade friction between the US and China.」

「During the first quarter of the current consolidated cumulative period, Japan's economy continued on a moderate recovery trend. Although concerns about trade friction stemming from additional US tariffs intensified, employment and income conditions continued to improve against a backdrop of strong corporate earnings.」

「Although concerns arose over the adverse effects of international instability and political developments under the new US administration, Japan's economy entered a moderate recovery trend against a backdrop of strong corporate earnings during the current consolidated fiscal year.」

「Meanwhile, the outlook remained uncertain amid overseas political developments and rising geopolitical risks in the Middle East and Asia.」

「Meanwhile, uncertainty in overseas economies increased due to factors including the slowdown in emerging Asian economies, the change in the US presidency and the UK's EU withdrawal issue, and the outlook remained uncertain.」

「Meanwhile, the outlook for the economy remained uncertain due to factors including the slowdown in emerging Asian economies, the UK's EU withdrawal issue, financial problems in Germany, uncertainty surrounding the US presidential election and expectations of an interest-rate hike by the FRB.」

「Meanwhile, financial markets remained turbulent due to factors including the slowdown in the economies of emerging Asian countries, particularly China, and the decision by the UK to leave the European Union (EU), leaving the outlook uncertain.」