Global Economic Uncertainty and Tensions in East Asia

「The U.S. economy remained firm, while Europe and China continued to slow. Regarding the future economic outlook, downside pressures are strengthening worldwide, including soaring crude-oil prices resulting from the escalating and prolonged situation in Iran, shortages of raw materials, logistics disruptions and deteriorating consumer sentiment.」

「The U.S. economy remained firm, while Europe and China continued to slow. In addition to the prolonged situation in Ukraine and escalating tensions in the Middle East, concerns over the policies of the Trump administration in the United States and their impact have left the outlook for the economy uncertain.」

「Inflationary pressures in the global economy have eased and the U.S. economy remains firm, but China's economy continues to slow owing to weak domestic demand. In addition to the prolonged situation in Ukraine and escalating tensions in the Middle East, concerns over the policies of the Trump administration in the United States and their impact have left the outlook for the economy uncertain.」

「Regarding the situation in the Middle East, tensions have continued to rise since the filing of the annual securities report for the previous fiscal year, including Israel's expansion of military operations. Although there are concerns regarding the impact of the escalating situation in the Middle East on business performance as set out in ① to ③ below, it is difficult to make a reasonable forecast at this time. If it becomes necessary to revise the earnings forecasts in the future, the Company will promptly disclose the revision. The situation in the Middle East may affect the following: ① exports of materials in the construction materials manufacturing and sales business; ② local economic activity and travel restrictions in the construction consulting business; and ③ raw-material prices.」

「The outlook remains uncertain owing to concerns over rising geopolitical risks, higher resource and raw-material prices, supply constraints, surging global prices and downside risks to overseas economies resulting from monetary tightening by countries in response. In addition, although the global economy is expected to recover through the policies of individual countries and other measures, uncertainty persists regarding the ability of the United States and Europe to balance inflation control with growth and the recovery of China's economy toward sustainable growth.」

「The outlook remains uncertain owing to concerns over rising geopolitical risks, higher resource and raw-material prices, supply constraints, surging global prices and downside risks to overseas economies resulting from monetary tightening by countries in response.」

「During the cumulative third quarter of the fiscal year, the Japanese and global economies continued to be affected by COVID-19, although social and economic activity moved toward normalization as restrictions on activity were eased and the economy showed signs of recovery. However, in addition to prolonged global supply-chain disruptions, the protracted situation in Ukraine caused higher energy and raw-material prices and supply constraints to affect prices of food, daily necessities and other products. Furthermore, successive interest-rate hikes by U.S. monetary authorities led to a sharp appreciation of the dollar and depreciation of other currencies, including the Japanese yen, creating concerns over the risk of an economic downturn.」

「During the cumulative second quarter of the fiscal year, the Japanese and global economies continued to be affected by COVID-19, although social and economic activity moved toward normalization as restrictions on activity were eased and the economy showed signs of recovery. However, in addition to prolonged global supply-chain disruptions, the protracted situation in Ukraine caused higher energy and raw-material prices and supply constraints to affect prices of food, daily necessities and other products. Furthermore, successive interest-rate hikes by U.S. monetary authorities led to a sharp appreciation of the dollar and depreciation of other currencies, including the Japanese yen, creating concerns over the risk of an economic downturn.」

「Meanwhile, in addition to prolonged global supply-chain disruptions, the protracted situation in Ukraine has caused not only higher crude-oil and raw-material prices and disruption resulting from supply constraints, but also higher prices for food and daily necessities. Central banks in the United States, Europe and other countries have successively announced interest-rate hikes, while the dollar has appreciated sharply in foreign-exchange markets, creating concerns over the risk of an economic downturn.」

「Meanwhile, global supply-chain disruptions, including the prolonged semiconductor shortage, rising crude-oil and raw-material prices, and moves by the United States and other countries toward tighter monetary policy are having a significant impact on economic activity in various ways. In addition, geopolitical risks arising from the situation in Ukraine raise concerns that severe inflation will persist, and the outlook remains uncertain.」

「Although the number of cases began declining in the latter half of the period even in regions where infections had surged, cases in some parts of the United States and Europe began rising sharply from around the latter half of December owing to the spread of the Omicron variant. Countries continue to seek ways to restore economic activity while living with COVID-19.」

「In overseas economies, regional disparities have widened. While the United States and Europe have been gradually moving toward economic recovery as vaccination progresses, infections with the Delta variant have spread in Southeast Asia, where vaccination has lagged, causing a sharp increase in cases and leaving conditions extremely severe.」

「During the fiscal year, the Japanese and global economies remained extremely severe owing to the impact of COVID-19. In Japan, corporate activity and personal consumption were significantly restricted by the declaration of a state of emergency, requests to refrain from going out and suspend operations, and restrictions on overseas travel. Real GDP growth for fiscal 2020 was negative 4.6%, a larger decline than in fiscal 2008 during the global financial crisis.」

「During the cumulative third quarter of the fiscal year, the Japanese and global economies remained extremely severe owing to the impact of COVID-19. In Japan, corporate activity and personal consumption were significantly restricted by the declaration of a state of emergency in April, requests to refrain from going out and suspend operations, and restrictions on overseas travel, resulting in a 8.3% quarter-on-quarter decline in real GDP for April-June 2020, or a 29.2% decline on an annualized basis. Following the lifting of the state of emergency, economic activity gradually resumed and, supported by government measures, real GDP for July-September, based on the second preliminary estimate, recovered by 5.3% quarter on quarter, or 22.9% on an annualized basis, although the economy had not yet recovered sufficiently from the downturn. In addition, the number of new positive cases began increasing nationwide from around November at a rate far exceeding previous levels, and uncertainty about the outlook continued.」

「During the cumulative second quarter of the fiscal year, the Japanese and global economies remained extremely severe owing to the impact of COVID-19. In Japan, real GDP for April-June 2020 fell 7.9% quarter on quarter, or 28.1% on an annualized basis. Economic activity gradually resumed and began to recover after the state of emergency was lifted, but the outlook remained uncertain owing in part to uncertainty surrounding a resurgence of infections.」

「During the cumulative first quarter of the fiscal year, Japan's economy became extremely severe owing to a global economic downturn caused by lower domestic and overseas demand resulting from the spread of COVID-19 and the impact on international supply chains from production suspensions. Regarding the outlook, although social and economic activity is expected to be gradually increased while measures are taken to prevent the spread of COVID-19, uncertainty is expected to persist.」

「The situation became extremely severe from March 2020 owing to the global spread of the novel coronavirus.」

「During the cumulative third quarter of the fiscal year, Japan's economy showed signs of a gradual recovery, supported by resilient corporate earnings and improvements in employment and income conditions, although uncertainty about the outlook persisted amid concerns over the impact of prolonged U.S.-China trade frictions, successive natural disasters in Japan and the consumption tax increase on the economy.」

「During the cumulative second quarter of the fiscal year, Japan's economy remained on a gradual recovery path owing to improvements in corporate earnings and employment and income conditions, although uncertainty about the outlook persisted amid concerns over the impact of China's economic slowdown resulting from U.S.-China trade frictions and the impact of the consumption tax increase on the economy.」

「During the cumulative first quarter of the fiscal year, Japan's economy remained on a gradual recovery path, supported by improvements in corporate earnings and employment and income conditions, although the outlook for the economy remained uncertain owing to a slowdown in China's economy resulting from prolonged trade frictions between the United States and China.」

「During the fiscal year, Japan's economy remained on a gradual recovery path, supported by improvements in corporate earnings and employment and income conditions, although the outlook for the economy remained uncertain amid concerns over U.S.-China trade frictions and a slowdown in the global economy.」

「During the cumulative third quarter of the fiscal year, Japan's economy remained on a gradual recovery path, supported by solid corporate earnings and improvements in income and employment conditions, although the outlook for the economy remained uncertain as protectionist policies overseas expanded trade frictions.」

「During the cumulative second quarter of the fiscal year, Japan's economy remained on a gradual recovery path, supported by improvements in corporate earnings and employment and income conditions, although the outlook remained uncertain, amid concerns over the impact of natural disasters, including record-breaking heavy rain, typhoons and earthquakes in various regions, on consumption and corporate activity, as well as the expansion of trade frictions resulting from protectionist policies overseas.」

「During the cumulative first quarter of the fiscal year, Japan's economy remained on a gradual recovery path, supported by improvements in corporate earnings and employment and income conditions, although the outlook remained uncertain, as protectionist policies overseas expanded trade frictions.」

「During the consolidated fiscal year, the Japanese economy remained on a gradual recovery track, supported by improving corporate earnings and employment and income conditions. However, the outlook remained uncertain amid concerns over higher production and logistics costs resulting from soaring raw material prices and the impact of labor shortages.」

「Although the economy remained on a gradual recovery path owing to the recovery in corporate earnings and improvements in employment and income conditions, the outlook remains uncertain, amid concerns over higher production and logistics costs resulting from surging raw-material prices and labor shortages.」

「During the cumulative second quarter of the fiscal year, Japan's economy remained on a gradual recovery path, supported by a recovery in corporate earnings and improvements in employment and income conditions, although the outlook remained uncertain owing to uncertainty in overseas economies and other factors.」

「The outlook remains uncertain, owing to concerns about the policies of the new U.S. administration and uncertainty surrounding emerging-market economies, among other factors.」

「The outlook for the global economy remains uncertain, given developments in the policies of the new U.S. administration and rising tensions in East Asia, among other factors.」