Downside risks and uncertainty in overseas economies

「一方で、物価上昇の継続や金融資本市場の変動、国際情勢の不確実性などにより、依然として先行き不透明な状況が続いております。」

「The outlook for personal consumption remains uncertain due to the impact of prolonged inflation on consumer sentiment, as well as fluctuations in the financial and capital markets and uncertainty in international affairs.」

「Meanwhile, economic activity both in Japan and overseas continues to face an uncertain outlook due to factors including soaring raw material and energy prices and the depreciation of the yen.」

「During the first three months of the current fiscal year, economic activity moved toward normalization following the change in COVID-19's classification under the Infectious Diseases Act and other factors, but the outlook remained uncertain due to unstable international conditions and prolonged high prices.」

「During the first nine months of the current fiscal year, Japan's economy continued to face an uncertain outlook due to unstable international conditions and prolonged high prices, although socioeconomic activity was moving toward normalization following the lifting of restrictions on activities related to COVID-19 and its reclassification to Category 5.」

「While socioeconomic activity has been moving toward normalization following the lifting of restrictions on activities related to COVID-19 and its reclassification to Category 5, economic activity both in Japan and overseas continues to face an uncertain outlook due to the impact of soaring raw material and energy prices and the depreciation of the yen, as well as prolonged global monetary tightening and inflation.」

「During the first three months of the current fiscal year, Japan's economy continued to face severe conditions due to latent concerns over COVID-19, soaring costs associated with rising raw material and energy prices resulting from the depreciation of the yen and the prolonged situation in Ukraine, and other factors.」

「However, severe conditions continued amid latent concerns over COVID-19, a sharp depreciation of the yen resulting from the Bank of Japan's continued monetary easing while monetary tightening progressed globally, and accelerating global inflation caused by rising raw material and energy prices following Russia's invasion of Ukraine.」

「During the first six months of the current fiscal year, Japan's economy began to show signs of a recovery in economic activity as COVID-19 vaccinations progressed, but society as a whole continued to face an uncertain outlook due to concerns over a renewed spread of infections, the escalating and prolonged situation in Ukraine, rising resource prices and logistics costs, and the continuing depreciation of the yen.」

「Although progress in COVID-19 vaccinations has brought signs of a recovery in economic activity, concerns over a renewed spread of infections, the escalating and prolonged situation in Ukraine, rising resource prices and logistics costs, and the continuing depreciation of the yen have left society as a whole facing an uncertain outlook.」

「Although progress in COVID-19 vaccinations has brought signs of a recovery in economic activity, the outlook remains uncertain amid concerns over a renewed spread of infections.」

「During the first three months of the current fiscal year, Japan's economy continued to face an uncertain outlook, as corporate earnings, employment conditions and personal consumption deteriorated due to the spread of COVID-19, with no end in sight to the economic deterioration.」

「During the current fiscal year, Japan's economy was affected by the global spread of COVID-19, with stagnation in economic activity and a sharp decline in personal consumption continuing. Concerns remain that the stagnation of economic activity may be prolonged, making the outlook extremely uncertain.」

「During the first six months of the current fiscal year, Japan's economy showed signs of a recovery in personal consumption, including improvements in employment and income conditions, against the backdrop of the government's economic policies and the Bank of Japan's monetary policy. However, the economy continued to deteriorate rapidly due to the global spread of COVID-19, and concerns remain that the stagnation of economic activity may be prolonged, making the outlook extremely uncertain.」

「During the first three months of the current fiscal year, Japan's economy showed signs of a gradual recovery, including improving corporate earnings and employment conditions against the backdrop of measures taken by the government and the Bank of Japan. However, the outlook remained uncertain due to a slowdown in personal consumption following the consumption tax rate increase, the US-China trade friction issue, and a global economic slowdown caused by the spread of COVID-19.」

「The outlook remained uncertain amid uncertainty in the global economy, including concerns over an intensification of US-China trade friction and a slowdown in the Chinese economy.」

「During the first nine months of the current fiscal year, Japan's economy was on a gradual recovery path, with employment and income conditions continuing to improve, but the outlook remained uncertain amid concerns over an expansion of US-China trade friction and a decline in consumer sentiment following the consumption tax increase.」

「During the first six months of the current fiscal year, Japan's economy was on a gradual recovery path, with employment and income conditions continuing to improve, but the outlook remained uncertain due to factors including uncertainty surrounding policies in the United States and elsewhere.」

「Meanwhile, the outlook remained uncertain due to overseas economic policy developments in the United States, China and elsewhere, as well as geopolitical risks in Asia, the Middle East and elsewhere.」

「Meanwhile, the outlook remained uncertain due to factors including economic conditions in emerging Asian economies, particularly China, and uncertainty surrounding policies in the United States and elsewhere.」

「However, the outlook remained uncertain due to factors including economic conditions in emerging Asian economies, particularly China, and uncertainty surrounding policies in the United States and elsewhere.」

「During the first six months of the current fiscal year, Japan's economy was on a gradual recovery path domestically, but the outlook remained uncertain due to factors including economic conditions in emerging Asian economies, particularly China, and uncertainty surrounding policies in the United States and elsewhere.」

「The outlook remains uncertain due to factors including economic conditions in emerging Asian economies, particularly China, and uncertainty surrounding policies in the United States and elsewhere.」

「The outlook remains uncertain due to factors including economic conditions in emerging Asian economies, particularly China, and uncertainty surrounding policies in the United States and elsewhere.」

「The outlook remains uncertain due to policy developments in the United States, China and major European countries, as well as geopolitical risks.」

「The outlook remains uncertain due to instability in global affairs arising from the change in the US administration and policy developments in major European countries.」

「The outlook remains uncertain due to factors including slower growth in emerging-market economies and instability in global affairs, such as the change in the US administration.」

「Meanwhile, the outlook for the global economy remains uncertain, owing to the impact of exchange-rate fluctuations, particularly in Europe, the United States and resource-rich countries.」

「Overseas economies remain in an uncertain situation, including the possibility of downside.」