Weakening Performance at Mid-Sized and Small and Medium-Sized Companies and Personal Consumption Due to COVID-19

「In Japan, the impact of COVID-19 has also subsided, and social and economic activity has been trending toward normalization, including increased inbound demand, with a gradual recovery continuing.」

「Although the impact of COVID-19 has also diminished, the economy showed signs of a gradual recovery, supported by the normalization of social and economic activity and the recovery in inbound demand.」

「During the consolidated fiscal year under review, the impact of the novel coronavirus disease diminished and the economy showed signs of a moderate recovery as social and economic activity moved toward normalization. At the same time, uncertainty about the outlook continued due to globally soaring raw material and energy prices and sharp foreign-exchange fluctuations.」

「During the cumulative second quarter of the fiscal year (1 April 2022 to 30 September 2022), Japan's economy showed signs of a gradual recovery despite a sharp renewed spread of infections caused by the seventh wave of COVID-19, supported by vaccinations and measures to maintain social and economic activity, but」

「During the consolidated fiscal year under review, Japan's economy became increasingly uncertain due to a sharp renewed spread of infections caused by new variants of the novel coronavirus, the issuance of priority preventive measures, soaring raw material prices, delays in the supply of various electronic components due to semiconductor shortages and other unstable factors, as well as the additional factor of Russia's invasion of Ukraine.」

「During the cumulative third quarter of the fiscal year (1 March 2021 to 30 November 2021), Japan's economy has been recovering amid the impact of the renewed spread of COVID-19, following a decline in infections due to the wider adoption of vaccinations and the full lifting of the state of emergency. However, the outlook remains uncertain as infections caused by new variants have begun to spread in some overseas regions.」

「During the second quarter of the consolidated cumulative period under review (1 March 2021 to 31 August 2021), Japan's economy remained uncertain, as the renewed spread of infections caused by new variants led to the issuance of the fourth state of emergency declaration and the reapplication of priority preventive measures in some regions.」

「During the cumulative first quarter of the fiscal year, Japan's economy showed signs of recovery, supported by the effects of various government policies and improvements in overseas economies. However, uncertainty about the outlook has continued, as the spread of infections, including outbreaks of variant viruses, led to the state of emergency being reintroduced in January and April 2021.」

「During the third quarter of the consolidated cumulative period under review, Japan's economy showed signs of a moderate recovery, together with private consumption, partly due to the effects of government measures, although difficult conditions resulting from the second wave of the novel coronavirus remained. However, uncertainty about the economic outlook has resurfaced with the arrival of the third wave of infections.」

「During the cumulative second quarter of the fiscal year, the Japanese economy saw a gradual resumption of economic activity following the lifting of the state of emergency as COVID-19 infections spread, but the outlook for the economy has remained uncertain due to the arrival of a second wave.」

「There were signs of stagnation in corporate activity due to infection-control measures, as well as a recent trend toward postponing capital investment.」

「Economic conditions in Japan and overseas have become increasingly uncertain due to the impact of COVID-19, and the impact on our group of weakness in the performance of mid-sized and small businesses and personal consumption in particular requires attention.」