Uncertainty over the outlook due to the Chinese economy, Brexit and yen appreciation

「Investment appetite was strong, particularly among large companies, and inbound demand recovered. However, the outlook remained uncertain due to rising prices, including raw material and energy costs, concerns over a review of the Bank of Japan's monetary easing policy, concerns over the outlook for the Chinese economy, and the prolonged situation in Ukraine and instability in the Middle East.」

「During the consolidated fiscal year, the Japanese economy remained on a gradual recovery track, supported by improving employment and income conditions and inbound demand. However, persistently high energy and raw material prices continued to push up prices, increasing cost burdens and exacerbating labor shortages, which became constraints on corporate management. Changes in the financial environment, including higher interest rates accompanying the normalization of monetary policy and foreign exchange volatility, also required attention. In the global economy, the outlook remained uncertain due to concerns over a slowdown in the US economy, a slower recovery in the Chinese economy and uncertainty surrounding trade policy, as well as concerns over further rises in energy-related product prices and supply constraints resulting from the escalating and prolonged conflict in the Middle East.」

「Investment appetite was strong, particularly among large companies, and inbound demand recovered. However, the outlook remained uncertain due to rising prices, including raw material and energy costs, concerns over a review of the Bank of Japan's monetary easing policy, concerns over the outlook for the Chinese economy, and the prolonged situation in Ukraine and instability in the Middle East.」

「During the consolidated fiscal year, the Japanese economy remained on a gradual recovery track, supported by strong inbound demand and improving employment and income conditions. However, real wages continued to decline as prices rose, driven in part by the prolonged depreciation of the yen, raising concerns over a future deterioration in economic conditions. The global economy also remained on a gradual recovery track overall, but the outlook remained uncertain due to the US Trump administration's tariff policy, the prolonged Russia-Ukraine situation, heightened tensions in the Middle East and concerns over a slowdown in the Chinese economy.」

「Investment appetite was strong, particularly among large companies, and inbound demand recovered. However, the outlook remained uncertain due to rising prices, including raw material and energy costs, concerns over a review of the Bank of Japan's monetary easing policy, concerns over the outlook for the Chinese economy, and the prolonged situation in Ukraine and instability in the Middle East.」

「During the consolidated fiscal year, the Japanese economy continued to recover gradually as social and economic activity normalized, with employment and income conditions remaining firm alongside improved corporate earnings and personal consumption showing signs of recovery. Investment appetite was also strong, particularly among large companies, and inbound demand recovered. However, the outlook remained uncertain due to rising prices, including raw material and energy costs, concerns over a review of the Bank of Japan's monetary easing policy, concerns over the outlook for the Chinese economy, and the prolonged situation in Ukraine and instability in the Middle East.」

「During the nine-month period ended the third quarter of the current fiscal year, personal consumption and corporate capital investment showed signs of recovery as social and economic activity normalized. However, the outlook remained uncertain due to growing concerns over an economic slowdown resulting from historically high inflation and policy rate increases in Europe and the United States aimed at containing it, as well as rising prices caused by higher energy and raw material costs amid the prolonged Russia-Ukraine situation.」

「During the six-month period ended the second quarter of the current fiscal year, personal consumption and corporate capital investment showed signs of recovery as social and economic activity normalized. However, the outlook remained uncertain due to growing concerns over an economic slowdown resulting from historically high inflation and policy rate increases in Europe and the United States aimed at containing it, as well as rising prices caused by higher energy and raw material costs amid the prolonged Russia-Ukraine situation.」

「During the three-month period ended the first quarter of the current fiscal year, personal consumption and corporate capital investment showed signs of recovery as social and economic activity normalized under the COVID-19 environment. However, the outlook remained uncertain due to growing concerns over an economic slowdown resulting from historically high inflation and policy rate increases in Europe and the United States aimed at containing it, as well as rising prices caused by higher energy and raw material costs amid the prolonged Russia-Ukraine situation.」

「During the nine-month period ended the third quarter of the current fiscal year, the outlook remained highly uncertain due to the renewed spread of infections caused by new variants of COVID-19, global shortages of semiconductors and other components, heightened geopolitical risks and surging raw material prices.」

「During the six-month period ended the second quarter of the current fiscal year, the outlook remained highly uncertain due to the renewed spread of infections caused by new variants of COVID-19, global shortages of semiconductors and other components, heightened geopolitical risks and surging raw material prices.」

「During the three-month period ended the first quarter of the current fiscal year, the outlook remained highly uncertain due to the renewed spread of infections caused by new variants of COVID-19, global shortages of semiconductors and other components, heightened geopolitical risks and surging raw material prices.」

「During the consolidated fiscal year, economic activity normalized as vaccination against COVID-19 progressed, and signs of a recovery were seen in corporate capital investment and earnings. However, the outlook remained highly uncertain due to the renewed spread of infections caused by new variants, global shortages of semiconductors and other components, heightened geopolitical risks and surging raw material prices.」

「During the nine-month period ended the third quarter of the current fiscal year, high crude oil prices and the global spread of the novel coronavirus raised concerns over the impact on economic activity both in Japan and overseas, further increasing uncertainty over the outlook.」

「During the six-month period ended the second quarter of the current fiscal year, high crude oil prices and the global spread of the novel coronavirus raised concerns over the impact on economic activity both in Japan and overseas, further increasing uncertainty over the outlook.」

「During the three-month period ended the first quarter of the current fiscal year, the global spread of the novel coronavirus raised concerns over the impact on economic activity both in Japan and overseas, further increasing uncertainty over the outlook.」

「During the consolidated fiscal year, the global spread of the novel coronavirus raised concerns over the impact on economic activity both in Japan and overseas, further increasing uncertainty over the outlook.」

「During the nine-month period ended the third quarter of the current fiscal year, the global spread of the novel coronavirus raised concerns over the impact on economic activity both in Japan and overseas, further increasing uncertainty over the outlook.」

「During the six-month period ended the second quarter of the current fiscal year, the global spread of the novel coronavirus and trade friction between the United States and China raised concerns over the impact on economic activity both in Japan and overseas, further increasing uncertainty over the outlook.」

「During the three-month period ended the first quarter of the current fiscal year, the global spread of the novel coronavirus and trade friction between the United States and China raised concerns over the impact on economic activity both in Japan and overseas, further increasing uncertainty over the outlook.」

「During the consolidated fiscal year, the global spread of the novel coronavirus and a sharp fall in crude oil prices raised concerns over the impact on economic activity both in Japan and overseas, further increasing uncertainty over the outlook.」

「During the nine-month period ended the third quarter of the current fiscal year, the outlook for the global economy remained uncertain due to heightened geopolitical risks arising from trade friction between the United States and China and instability in the Middle East. In Japan, however, employment conditions and the personal income environment improved against a backdrop of stronger corporate earnings, and the economy remained on a gradual recovery track.」

「During the three-month period ended the first quarter of the current fiscal year, the outlook for the economy remained uncertain due to high crude oil prices and concerns over the export environment arising from intensifying trade friction led by the United States. Against a backdrop of stronger corporate earnings, however, employment conditions and the personal income environment improved, and the economy remained on a gradual recovery track.」

「Although the outlook remained uncertain due to the impact of trade friction between the United States and China, uncertainty in overseas economies arising from the slowdown in the Chinese economy, and volatility in financial and capital markets, the economy continued on a gradual recovery track, supported by the effects of various policies and ongoing improvements in corporate earnings and the employment and income environment.」

「During the nine-month period ended the third quarter of the current fiscal year, the outlook for the economy remained uncertain due to high crude oil prices and concerns over the export environment arising from intensifying trade friction led by the United States. Against a backdrop of stronger corporate earnings, however, employment conditions and the personal income environment improved, and the economy remained on a gradual recovery track.」

「During the three-month period ended the first quarter of the current fiscal year, uncertainty continued across the global economy due to heightened geopolitical risks arising from instability in Europe, the Middle East and East Asia, among other regions. In Japan, however, employment conditions and the personal income environment improved against a backdrop of stronger corporate earnings, and the economy remained on a gradual recovery track.」

「During the consolidated fiscal year, uncertainty continued across the global economy due to uncertainty in overseas economies arising from policy developments in Europe and the United States, as well as heightened geopolitical risks arising from instability in Europe, the Middle East and East Asia, among other regions. In Japan, however, employment conditions and the personal income environment improved against a backdrop of stronger corporate earnings, and the economy remained on a gradual recovery track.」

「During the nine-month period ended the third quarter of the current fiscal year, uncertainty continued across the global economy due to heightened geopolitical risks arising from instability in Europe, the Middle East and East Asia, among other regions. In Japan, however, employment conditions and the personal environment improved against a backdrop of stronger corporate earnings, and the economy remained on a gradual recovery track.」

「During the six-month period ended the second quarter of the current fiscal year, uncertainty continued across the global economy due to heightened geopolitical risks arising from instability in Europe, the Middle East and East Asia, among other regions. In Japan, however, employment conditions and the personal income environment improved against a backdrop of stronger corporate earnings, and the economy remained on a gradual recovery track.」

「During the three-month period ended the first quarter of the current fiscal year, uncertainty continued across the global economy due to heightened geopolitical risks arising from instability in Europe, the Middle East and East Asia, among other regions. In Japan, however, employment conditions and the personal income environment improved against a backdrop of stronger corporate earnings, and the economy remained on a gradual recovery track.」

「During the consolidated fiscal year, the Japanese economy remained on a gradual recovery track, supported by improvements in corporate earnings and employment conditions, although the outlook remained uncertain due to concerns over the Chinese economy and the future policies of the new US administration.」

「During the nine-month period ended the third quarter of the current fiscal year, the Japanese economy remained on a gradual recovery track, supported by improvements in corporate earnings and employment conditions, although the outlook remained uncertain due to concerns over the Chinese economy and the future policies of the new US administration.」

「During the six-month period ended the second quarter of the current fiscal year, there were no new business or other risks, and no material changes to the business and other risks described in the securities report for the previous fiscal year.」

「During the six-month period ended the second quarter of the current fiscal year, the Japanese economy remained on a gradual recovery track, supported by the government's proactive economic measures, although the outlook remained uncertain as the yen appreciated rapidly under the impact of the slowdown in the Chinese economy and the UK's decision to leave the EU.」

「The IT industry to which our group belongs has seen growing demand for the development of online shopping sites and for internet advertising, driven by the expansion of the e-commerce and internet advertising markets. Corporate IT investment also remained solid, with demand for cloud services expanding alongside the growth of the cloud services market.」