Slowdown in Overseas Economies, Uncertainty in Financial Markets and Stagnant Consumer Sentiment

「一方で、米国の通商政策や中東情勢をはじめとする不安定な国際情勢による企業収益の下振れリスクや、物価上昇の継続が個人消費に及ぼす影響など、先行きについては依然として不透明な状況が続いております。」

「During the interim accounting period from 1 April 2026 to 30 September 2026, the Japanese economy continued to recover moderately, supported by improvements in employment and income conditions. However, the outlook remained uncertain due to risks of weaker corporate earnings arising from the US trade policy and the unstable international situation, including conditions in the Middle East, as well as the impact of continued price increases on personal consumption.」

「During the fiscal year under review, Japan's economy continued to recover moderately against a backdrop of improving employment and income conditions. However, the outlook remained uncertain due to the risk of a downturn in corporate earnings resulting from unstable international conditions, including U.S. trade policies, and the impact of continued price increases on private consumption.」

「During the interim accounting period under review (1 April 2025 to 30 September 2025), Japan's economy continued to recover moderately as employment and income conditions improved. However, the outlook remained uncertain due to risks of a downturn in corporate earnings resulting from U.S. trade policies and the impact of continued price increases on private consumption.」

「At the same time, the outlook remains uncertain due to risks of downward pressure from U.S. economic and foreign policy and the resulting downturn in the overseas economy, as well as the situation in the Middle East and the impact of volatility in the financial and capital markets.」

「During the fiscal year under review, Japan's economy remained uncertain due to continued increases in global raw material and energy prices and the depreciation of the yen. At the same time, the impact of the novel coronavirus disease in Japan eased, and social and economic activity showed signs of normalization, including an increase in inbound demand, allowing the economy to continue recovering moderately.」

「As the impact of the novel coronavirus disease diminished, the economy showed signs of a moderate recovery due to the normalization of social and economic activity and the recovery in inbound demand. 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 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 second quarter of the consolidated cumulative period under review (1 April 2022 to 30 September 2022), Japan's economy showed signs of a moderate recovery due to vaccination and measures to maintain social and economic activity, despite a sharp resurgence of infections caused by the seventh wave of COVID-19. However, uncertainty about the outlook continued due to globally soaring raw material prices, the situation involving Russia and Ukraine and the rapid depreciation of the yen in Japan.」

「During the first quarter of the consolidated cumulative period under review (1 April 2022 to 30 June 2022), Japan's economy showed signs of recovery as economic activity resumed, although the impact of the novel coronavirus disease persisted. However, unstable conditions continued due to a combination of factors, including the rapid depreciation of the yen and soaring crude oil and raw material prices resulting from Russia's invasion of Ukraine.」

「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 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 first quarter of the consolidated cumulative period under review (1 March 2021 to 31 May 2021), Japan's economy showed signs of recovery, supported by the effects of various government policies and improvement in the overseas economy. However, the renewed spread of infections, including outbreaks of variant strains, led to the state of emergency declaration being reissued in January and April 2021, and uncertainty about the outlook has continued.」

「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 first quarter of the consolidated cumulative period under review (1 March 2020 to 31 May 2020), Japan's economy experienced a significant downturn due to the impact of the novel coronavirus, which continued to spread worldwide. Concerns about infection led to widespread restrictions on nonessential and nonurgent outings, affecting production and consumption activities in various sectors. Although economic activity finally began to resume following the full lifting of the state of emergency declaration, the domestic economy remains unpredictable.」

「During the consolidated fiscal year under review, Japan's economy continued to recover moderately as employment and income conditions continued to improve, although weakness was evident mainly in exports due to increased trade issues and the slowdown in the overseas economy. Corporate earnings generally remained at high levels, and capital investment gradually increased. However, economic conditions in Japan and overseas have become increasingly uncertain due to the impact of the novel coronavirus disease, and the situation requires attention, particularly regarding the impact on the performance of mid-sized and small companies and on private consumption.」

「During the third quarter of the consolidated cumulative period under review (1 March 2019 to 30 November 2019), Japan's economy continued to recover moderately as employment and income conditions continued to improve, although weakness was evident mainly in exports due to increased trade issues and the slowdown in the overseas economy. Corporate earnings generally remained at high levels, capital investment tended to increase gradually, and private consumption also recovered, despite fluctuations caused in part by the consumption tax rate increase.」

「During the second quarter of the consolidated cumulative period under review (1 March 2019 to 31 August 2019), Japan's economy continued to recover moderately as employment and income conditions continued to improve, although exports and production showed weakness due to increased trade issues and the slowdown in the overseas economy. Corporate earnings were generally strong, capital investment gradually increased, and private consumption also recovered, despite fluctuations.」

「During the first quarter of the consolidated cumulative period under review (1 March 2019 to 31 May 2019), Japan's economy continued to recover moderately as employment and income conditions continued to improve, although exports and production showed weakness due to the slowdown in the overseas economy.」

「During the consolidated fiscal year under review, Japan's economy continued to recover moderately, despite uncertainty about overseas economic conditions and policy and uncertainty about the outlook for the financial and capital markets.」

「During the third quarter of the consolidated cumulative period under review (1 March 2018 to 30 November 2018), Japan's economy continued to recover moderately, despite uncertainty in the overseas economy and uncertainty about the outlook for the financial and capital markets due to geopolitical risks.」

「During the second quarter of the consolidated cumulative period under review (1 March 2018 to 31 August 2018), Japan's economy continued to recover moderately, despite uncertainty in the overseas economy and uncertainty about the outlook for the financial and capital markets due to geopolitical risks.」

「During the first quarter of the consolidated cumulative period under review (1 March 2018 to 31 May 2018), Japan's economy continued to recover moderately, despite uncertainty in the overseas economy and uncertainty about the outlook for the financial and capital markets due to geopolitical risks.」

「During the consolidated fiscal year under review, Japan's economy recovered moderately, despite uncertainty in the overseas economy and uncertainty about the outlook for the financial and capital markets due to geopolitical risks.」

「During the third quarter of the consolidated cumulative period under review (1 March 2017 to 30 November 2017), Japan's economy continued on a moderate recovery track, despite uncertainty in the overseas economy and uncertainty about the outlook for the financial and capital markets due to geopolitical risks.」

「During the second quarter of the consolidated cumulative period under review (1 March 2017 to 31 August 2017), Japan's economy remained on a moderate recovery track, although uncertainty about the outlook for the financial and capital markets increased due to uncertainty in the overseas economy and geopolitical risks.」

「During the first quarter of the consolidated cumulative period under review (1 March 2017 to 31 May 2017), Japan's economy remained on a moderate recovery track, but uncertainty persisted due to slowing emerging-market economies and unstable international conditions, with delays in improvement evident in some areas.」

「During the consolidated fiscal year under review, Japan's economy remained on a moderate recovery track, but uncertainty increased due to the effects of slowing emerging-market economies and volatility in the financial and capital markets, with weakness evident in some areas.」

「Although Japan's economy remained on a moderate recovery track, uncertainty increased due to the effects of slowing emerging-market economies and volatility in the financial and capital markets, with weakness evident in some areas. Although employment conditions continued to improve, some companies remained cautious about business conditions, while private consumption remained firm.」

「The overseas economy slowed and uncertainty in the financial and capital markets increased, resulting in weakness in some areas. Although employment conditions continued to improve, the improvement in corporate earnings slowed and companies became more cautious about business conditions. As a result, consumer sentiment stalled, and private consumption remained generally flat.」