Uncertainty over the outlook due to slowing growth in emerging markets and the transition to a new US administration

「Meanwhile, in addition to the need to monitor the effects of uncertainty surrounding U.S. trade policy and disruption in energy markets resulting from the situation in the Middle East, growth in wages and income has still not consistently exceeded inflation and lacks strength.」

「In addition to the continued rise in prices and concerns about higher interest rates associated with monetary-policy developments, growing geopolitical risks, including heightened tensions in the Middle East, are expected to affect energy prices and foreign-exchange trends, and the uncertain outlook is expected to continue.」

「During the interim accounting period, Japan's economy was on a gradual recovery trend, but uncertainty over the outlook continued due to soaring raw-material prices, higher personnel costs, and the effects of yen depreciation, among other factors.」

「Concerns include soaring energy and raw-material prices, rising interest rates, volatility in financial and foreign exchange markets, and, in the short term, higher personnel and logistics costs and weaker consumer sentiment due to rising prices. Over the medium to long term, market contraction due to population decline and declining birth rates and an aging population is also a concern.」

「During the interim accounting period, Japan's economy remained on a gradual recovery track, but the outlook for the economy remained uncertain due to the effects of rising prices against a backdrop of soaring material and raw-material prices and yen depreciation, among other factors.」

「The economic outlook remains uncertain, with attention required not only to downside risks from the effects of global monetary tightening and concerns about the outlook for the Chinese economy, but also to the effects of rising prices, conditions in the Middle East, and volatility in financial and capital markets.」

「Meanwhile, the outlook remains uncertain as global monetary tightening poses a downside risk to the economy and rising prices continue under the impact of higher energy and other raw-material prices.」

「Meanwhile, continued global monetary tightening poses a risk of a downturn in overseas economies weighing on Japan's economy, while the effects of rising prices, supply-side constraints, and volatility in financial and capital markets are also a concern.」

「During the six-month period ended in the second quarter, normalization progressed through the easing of restrictions on economic and social activity while measures to address COVID-19 continued. However, the outlook remained uncertain due to soaring resource prices, rising inflation, the prolonged situation in Ukraine, rising interest rates in Europe and the United States, and rapid yen depreciation, among other factors.」

「The outlook remains uncertain due to soaring resource prices, rising inflation, heightened tensions surrounding Ukraine, rising interest rates in Europe and the United States, and the depreciation of the yen, among other factors.」

「Uncertainty in the operating environment has increased due to the effects of COVID-19, geopolitical risks in Europe, and resulting supply-chain disruptions, among other factors.」

「During the nine-month period ended in the third quarter, Japan's economy remained uncertain despite expectations that the easing of restrictions on movement and normalization of economic activity would follow the temporary subsiding of COVID-19, as concerns grew over the spread of new variants in Japan.」

「During the six-month period ended in the second quarter, while stagnation caused by the resurgence of COVID-19 continued, expectations for an economic recovery strengthened against a backdrop of progress in vaccinations, the effects of various policies, and improvement in overseas economies. At the same time, it remained necessary to closely monitor the increasing risks to production activity from developments in COVID-19 in Japan and overseas and disruptions to supply chains, among other factors, and the outlook remained uncertain.」

「With regard to overseas economies, conditions remain such that attention must be paid to risks that could further weigh on Japan's economy, including the effects of COVID-19, the inauguration of a new U.S. administration, U.S.-China trade friction, and the UK's withdrawal from the EU.」

「It remains necessary to closely monitor developments in COVID-19 and the effects of volatility in financial and capital markets, among other factors.」

「Although concerns remain over continued uncertainty caused by the spread of COVID-19,」

「After the lifting of the state of emergency, some signs of recovery emerged as economic activity resumed, but the spread of COVID-19 remained a situation requiring close monitoring, and the outlook remained uncertain.」

「Economic activity in Japan and overseas has remained uncertain due to the consumption-tax increase and the global spread of COVID-19 that began toward the end of the fiscal year ended March 2020.」

「During the fiscal year, Japan's economy remained on a gradual recovery track as corporate earnings remained solid and employment and income conditions improved. However, personal consumption weakened from around autumn 2019 due to repeated natural disasters such as typhoons and the implementation of the consumption-tax increase. Meanwhile, the global outlook became increasingly uncertain due to the U.S.-China trade war, the UK's withdrawal from the EU, and instability in the Middle East, followed by the spread of COVID-19, and conditions remained such that attention needed to be paid to economic trends.」

「During the nine-month period ended in the third quarter, Japan's economy saw further weakness in personal consumption due to the U.S.-China trade war, instability in the Middle East, natural disasters such as typhoons, and the implementation of the consumption-tax increase.」

「During the six-month period ended in the second quarter, Japan's economy was in an uncertain state due to a rapid downturn in the Chinese economy triggered by the U.S.-China trade war. Many Japanese manufacturers, particularly in the electrical equipment, machinery, and automotive sectors, recorded lower profits.」

「Conditions remain such that attention must be paid to uncertainty in overseas economies, including the downturn in the Chinese economy caused by U.S.-China trade friction, the UK's withdrawal from the EU, and concerns about international conflicts involving Iran and North Korea.」

「The U.S.-China trade war and the UK's withdrawal from the EU have become potential sources of disruption for the global economy, while Japan's economic environment has deteriorated sharply under the impact of the downturn in the Chinese economy.」

「A gradual recovery is expected to continue in the outlook, but conditions remain such that attention must be paid to the effects of developments in trade issues on the global economy, uncertainty in overseas economies, and volatility in financial and capital markets.」

「A gradual recovery is expected to continue in the outlook, but conditions remain such that attention must be paid to uncertainty in overseas economies and the effects of volatility in financial and capital markets.」

「It is necessary to remain mindful of the impact of uncertainty in overseas economies and volatility in financial and capital markets.」

「Conditions remain such that attention must be paid to uncertainty in overseas economies and volatility in financial and capital markets, among other factors.」

「The outlook remains uncertain due to uncertainty in overseas economies and the effects of volatility in financial and capital markets, among other factors.」

「The outlook remains uncertain due to the upward trend in prices, concerns about developments in the U.S. administration, and the slowdown in the Chinese economy.」

「The outlook remained uncertain due in part to the effects of the U.S. presidential election, the UK's withdrawal from the EU, and the slowdown in emerging-market economies, including China.」

「The outlook remains uncertain due to the slowdown in emerging-market economies, particularly China, and the effects of the change of administration in the United States, among other factors.」