Trade Issues and Uncertainty in Overseas Economies

「当社グループが属する不動産業界におきましては、2026年上半期の首都圏マンションの供給戸数は、前年上期から0.8％減の7,989戸と５年連続の減少となりました。平均価格は13.1％上昇し初の１億円超えとなる１億135万円、平米単価は12.1％上昇し151.4万円と平均価格、平米単価のいずれも過去最高を更新する状況となりました（(株)不動産経済研究所調べ）。」

「During the consolidated fiscal year, Japan's economy remained on a gradual recovery trend due to improvements in employment and income conditions, despite the continuing impact of U.S. trade policy. However, uncertainty is expected to continue, and attention must be paid to the impact of soaring energy prices resulting from the situation in the Middle East, the risk of delays in procuring materials, and fluctuations in financial and capital markets.」

「During the interim consolidated accounting period, Japan's economy remained on a gradual recovery trend, although the impact of U.S. trade policy was evident in some industries. However, uncertainty is expected to continue due to the adverse impact of continued price increases on personal consumption through deteriorating consumer sentiment and downside risks to the economy resulting from the impact of U.S. trade policy.」

「During the consolidated fiscal year, Japan's economy remained on a gradual recovery trend due to improving employment and income conditions and the effects of various policies. However, the outlook is expected to remain uncertain, as the continued rise in prices may weigh on the economy through its impact on personal consumption, including a deterioration in consumer sentiment, while developments in U.S. policy, including trade policy, and fluctuations in financial and capital markets pose downside risks to the economy.」

「During the interim consolidated accounting period, Japan's economy remained on a gradual recovery trend, supported by the effects of various policies implemented amid improving employment and income conditions. However, uncertainty is expected to continue due to downside risks to overseas economies resulting from persistently high interest rates in Europe and the United States and stagnation in China's real estate market, as well as the situation in the Middle East and fluctuations in financial and capital markets.」

「Meanwhile, the outlook is expected to remain uncertain due to the impact of global monetary tightening, downside risks to overseas economies including concerns about the outlook for the Chinese economy, the situation in the Middle East, and fluctuations in financial and capital markets.」

「During the cumulative first quarter, Japan's economy moved toward normalization as restrictions on activity associated with COVID-19 were eased, but uncertainty is expected to continue due to soaring raw material and fuel prices resulting from the prolonged situation in Ukraine, the weakening yen and other factors.」

「The Company needs to monitor high land prices, soaring construction material costs, and rising labor costs resulting from a shortage of personnel involved in construction, as well as monetary policy, including U.S. Federal Funds rate hikes and quantitative tightening.」

「During the cumulative first nine months, Japan's economy showed signs of a gradual recovery as the transition to living with COVID-19 progressed, but remained in an extremely uncertain condition due to soaring energy and raw material prices associated with the prolonged situation in Ukraine, broad-based price increases and sharp exchange-rate fluctuations.」

「As the transition to a new phase of living with COVID-19 progressed, social and economic activity showed signs of returning to normal and the economy remained on a gradual recovery trend. However, the outlook is expected to remain uncertain, amid concerns about an economic downturn resulting from soaring energy, materials and raw material prices following Russia's invasion of Ukraine and widening interest-rate differentials between countries.」

「During the cumulative first quarter, Japan's economy showed signs of gradually returning to normal as restrictions on activity associated with COVID-19 were eased, but uncertainty is expected to continue due to a renewed spread of infections, the prolonged situation in Ukraine, soaring raw material and fuel prices amid concerns over the impact of restrictions on economic activity in China, and supply-side constraints.」

「Although a gradual recovery is expected to continue due to various economic measures under consideration, the outlook is expected to remain uncertain, as the impact of monetary policy, including U.S. Federal Funds rate hikes, and the impact of COVID-19 continue to create an unpredictable environment.」

「During the cumulative first nine months, Japan's economy remained on a gradual recovery trend against a backdrop of wider vaccinations and the easing of restrictions on social activity through various government policies, but infections with new variants have been spreading rapidly, making the outlook highly uncertain.」

「During the cumulative second quarter, Japan's economy gradually began to show signs of recovery as measures to prevent the spread of COVID-19, including vaccinations, were implemented. Although infection rates have improved and recovery is expected to continue, concerns about a resurgence of infections cannot be dispelled, and the outlook remains uncertain.」

「During the cumulative first quarter, Japan's economy remained in an extremely severe condition due to the impact of a renewed spread of COVID-19 infections, despite some signs of recovery. Although economic recovery is expected, supported by the effects of various policies and improvements in overseas economies as vaccinations are promoted, signs of a renewed spread of infections have emerged in Japan and overseas, and the outlook is expected to remain uncertain.」

「Although economic recovery is expected due to the effects of various economic measures and the expected progress of vaccinations, the outlook is expected to remain uncertain, as a renewed spread of infections at present raises concerns about adverse effects on the economy.」

「During the cumulative first nine months, Japan's economy showed signs of recovery in some areas as the level of stalled social and economic activity was raised despite the impact of COVID-19, but signs of a renewed spread of infections became apparent, leaving the outlook highly uncertain.」

「Although economic recovery is expected to continue, supported by the effects of various policy measures and improvements in overseas economies, concerns about a resurgence of infections from autumn onward mean that the outlook remains uncertain.」

「During the cumulative first quarter, Japan's economy continued to deteriorate rapidly following the issuance of a state of emergency declaration in response to the spread of COVID-19 and was in an extremely severe condition. Overseas economies were also in an extremely severe condition due to the impact of COVID-19, although economic activity was gradually restarting. However, uncertainty over the outlook, including concerns about a second wave of infections, continued.」

「Economic activity has been constrained in the United States, Europe and Asia by the impact of the global COVID-19 pandemic, and is slowing rapidly at present.」

「Meanwhile, the outlook remains uncertain, against a backdrop that includes developments surrounding trade issues, the United Kingdom's exit from the EU, and uncertainty in overseas economies, including the situation in the Middle East.」

「Meanwhile, the outlook remains uncertain, against a backdrop that includes tensions surrounding trade issues and uncertainty in overseas economies, including uncertainty over the United Kingdom's exit from the EU.」

「Meanwhile, the outlook remains uncertain, against a backdrop that includes the impact of developments in trade issues on the global economy, the outlook for the Chinese economy and uncertainty in overseas economies.」

「Meanwhile, attention must be paid to the impact on exchange rates, interest rates and corporate earnings of trade friction resulting from developments in U.S. trade policy, trends in China's real estate and financial markets, and uncertainty surrounding European politics.」

「Meanwhile, the outlook remains uncertain, against a backdrop that includes trade friction resulting from developments in U.S. trade policy and uncertainty in overseas economies.」

「Meanwhile, concerns persist over trade friction resulting from developments in U.S. trade policy and rising geopolitical risks, and the outlook remains uncertain.」

「Meanwhile, the outlook remains uncertain, against a backdrop that includes the impact of developments in trade issues on the global economy and uncertainty in overseas economies.」