Uncertainty over the outlook due to slowing growth in emerging markets and the UK's withdrawal from the EU

「However, downside risks to the economy resulting from U.S. trade policy, continued domestic price increases and volatility in financial and capital markets remained persistent, and the economy continued to operate in an uncertain and unforeseeable environment.」

「ウクライナ情勢や中東情勢の悪化及び中国の輸出規制に伴う、原材料価格の高騰が引き続き予想される」

「During the interim consolidated accounting period under review, improvements in employment and income conditions and the effects of various policies were expected to support a gradual recovery in Japan's economy. However, the economy remained in an uncertain environment because of risks weighing on activity, including an economic downturn resulting from the impact of U.S. trade policy, the effect of continued price increases on personal consumption, and volatility in financial and capital markets.」

「During the interim consolidated accounting period under review, Japan's economy was expected to continue recovering gradually, supported by improving employment and income conditions and the effects of various policies. However, weakness in overseas economies remained a risk weighing on Japan's economy amid persistently high interest rates in Europe and the United States, concerns about China's economic outlook, uncertainty surrounding developments in the Middle East and volatility in financial and capital markets, leaving the outlook uncertain.」

「However, higher prices, uncertainty surrounding global developments in the Middle East, weakness in overseas economies and the impact of the Noto Peninsula Earthquake remained risks weighing on the economy, which continued to operate in an uncertain and unforeseeable environment.」

「During the cumulative third quarter under review, Japan's economy was expected to continue recovering gradually as employment and income conditions improved. However, it remained in an uncertain and unforeseeable environment, with the need to monitor the effects of global monetary tightening, concerns about China's economic outlook, higher prices and developments in the Middle East.」

「During the cumulative second quarter under review, Japan's economy was expected to continue recovering gradually as employment and income conditions improved. However, global monetary tightening and weakness in overseas economies remained risks weighing on Japan's economy, while higher prices and volatility in financial and capital markets affected activity, leaving the outlook uncertain.」

「However, downside risks in overseas economies, higher prices and volatility in financial and capital markets remained persistent downside risks to the economy, which continued to operate in an uncertain environment.」

「However, supply-side constraints and higher raw material prices resulting from concerns about a renewed spread of infections in China and the prolonged situation in Ukraine, as well as global monetary tightening, posed downside risks to the economy, which remained in an uncertain and unforeseeable environment.」

「During the cumulative third quarter under review, Japan's economy was expected to continue recovering as the effects of various policies and improvements in overseas economies supported activity while measures were taken to prevent the spread of COVID-19. However, it remained in an uncertain and unforeseeable environment amid risks including volatility in financial and capital markets.」

「During the cumulative second quarter under review, some recovery in economic activity was expected. However, downside risks in overseas economies weighed on the outlook, while the economy was significantly affected by higher prices, supply-side constraints and volatility in financial and capital markets, and remained uncertain.」

「During the cumulative first quarter under review, Japan's economy was expected to recover as economic and social activity normalized. However, the outlook remained uncertain, with concerns about higher raw material prices and supply-side downside risks resulting from the prolonged situation in Ukraine and restrictions on economic activity in China.」

「During the fiscal year under review, Japan's economy showed signs of recovery from the downturn caused by the COVID-19 pandemic. However, the outlook remained uncertain, as it was necessary to closely monitor downside risks arising from the semiconductor supply shortage and raw material price trends, the impact of infectious diseases, including variant strains, on domestic and overseas economies, and the escalating situation in Ukraine.」

「During the first 3 quarters of the current consolidated fiscal year, corporate and economic activity showed signs of recovery as economic activity gradually resumed while measures were taken to prevent the spread of the novel coronavirus disease. However, the outlook remained uncertain and difficult to foresee amid the spread of new virus variants and other factors.」

「During the second quarter of the current consolidated fiscal year, economic activity showed signs of improvement from its stagnant phase as COVID-19 vaccines became more widely available. However, the outlook remained uncertain amid the spread of virus variants and surging raw-material prices.」

「During the three-month period ended June 30, there were no new business risks or material changes to the business risks described in the securities report for the previous fiscal year.」

「During the current consolidated fiscal year, the outlook remained extremely uncertain due to the global spread of the novel coronavirus, in addition to uncertainty in overseas economies arising from prolonged US-China trade friction, geopolitical risks, and other factors.」

「During the first 3 quarters of the current consolidated fiscal year, corporate and economic activity showed signs of recovery as economic activity gradually resumed while measures were taken to prevent the spread of the novel coronavirus disease. However, the outlook remained uncertain and difficult to foresee as new infections began to rise again.」

「As the global spread of the novel coronavirus worsened employment conditions and economic activity stagnated, intensifying concerns about an economic downturn, the outlook remained uncertain due partly to the impact of US-China trade friction and other factors.」

「During the first quarter of the current consolidated fiscal year, the economic downturn intensified due to the consumption tax increase and trade friction. Economic activity stagnated as the novel coronavirus spread globally, leaving the outlook uncertain and difficult to foresee.」

「During the current consolidated fiscal year, the outlook remained uncertain due to uncertainty in overseas economies resulting from the prolonged US-China trade friction and the slowdown in China's economy, as well as the global spread of the novel coronavirus.」

「Corporate earnings and employment conditions continued to improve, and the economy continued to recover moderately. However, the outlook remained uncertain as the intensification of US-China trade friction and the effects of the consumption tax rate increase on consumer activity began to emerge.」

「During the second quarter of the current consolidated fiscal year, Japan's economy continued to recover moderately, with continued improvements in corporate earnings and employment conditions, but remained uncertain going forward due to the impact of US-China trade friction and other factors.」

「During the first quarter of the current consolidated fiscal year, Japan's economy continued to recover moderately due to improving employment and income conditions, but the outlook remained uncertain as US-China trade friction intensified.」

「During the current consolidated fiscal year, Japan's economy continued to recover moderately, supported by the effects of various policies amid continued improvements in corporate earnings and employment and income conditions, although the economic outlook remained uncertain due to uncertainty in overseas economies resulting from US-China trade friction and the slowdown in China's economy, as well as volatility in the financial and capital markets.」

「However, the economy remained uncertain going forward due to concerns including the risk of trade friction arising from US trade policy.」

「However, the outlook remained uncertain amid concerns about growing uncertainty surrounding US trade policy and volatility in foreign exchange and financial markets.」

「Meanwhile, overseas economic conditions remained uncertain due to concerns about slower growth, particularly in emerging economies, and political developments in Europe and the US.」

「Although the overseas economy remained uncertain due to uncertainty surrounding economic policies in Europe and the US and heightened downside risks in the Chinese economy, it continued to recover moderately.」

「However, the outlook remained uncertain, with uncertainty in the global economy increasing due to US policy developments and geopolitical risks in East Asia.」

「However, the outlook remained uncertain due to growing uncertainty in the global economy, including the impact of US policy developments and instability in East Asia.」

「However, the outlook remained uncertain due to concerns about slower growth in emerging-market economies and political developments in Europe and the US.」

「During the first 3 quarters of the current consolidated fiscal year, Japan's economy continued to recover moderately overall, supported by improving employment and income conditions. However, concerns about downside risks in Asian emerging economies and growing uncertainty in overseas economies, including that associated with the transition of the US administration, left the economic outlook uncertain.」

「However, the economy remained uncertain going forward, partly due to the impact of the UK's withdrawal from the EU and slower economic growth in China and emerging economies.」

「However, the economy remained uncertain going forward, partly due to the impact of slower growth in emerging economies and the UK's withdrawal from the EU.」