Uncertainties in overseas markets, regulations and foreign exchange

「During the consolidated fiscal year, some economic activity moved toward normalization as restrictions on activity were eased. However, fluctuations in foreign exchange rates and rising raw material and energy prices have affected corporate activity and personal consumption, while volatility in the financial and capital markets has also contributed to continued uncertainty.」

「During the third quarter of the current consolidated cumulative period, the outlook for the Japanese economy was uncertain due to US-China trade friction, the impact of the UK's EU withdrawal on the European economy and the spread of COVID-19. In particular, the rapid global spread of COVID-19 has forced countries around the world to take emergency measures, raising concerns over its long-term impact not only on the Japanese economy but also on the global economy.」

「During the second quarter of the current consolidated cumulative period, the outlook for the Japanese economy was uncertain due to US-China trade friction, the impact of the UK's EU withdrawal on the European economy and the spread of COVID-19. In particular, the rapid global spread of COVID-19 has forced countries around the world to take emergency measures, raising concerns over its long-term impact not only on the Japanese economy but also on the global economy.」

「During the first quarter of the current consolidated cumulative period, the outlook for the Japanese economy was uncertain due to US-China trade friction, the impact of the UK's EU withdrawal on the European economy and the spread of COVID-19. In particular, the rapid global spread of COVID-19 has forced countries around the world to take emergency measures, raising concerns over its long-term impact not only on the Japanese economy but also on the global economy.」

「During the consolidated fiscal year, the Japanese economy remained on a moderate recovery path, supported in part by the effects of various policies while employment and income conditions continued to improve. However, the outlook remains uncertain due to concerns over developments in US-China trade friction and the impact of the spread of COVID-19 on the global economy.」

「At the same time, concerns remain over the impact on the Japanese economy of the UK's EU withdrawal issue, the intensification of US-China trade friction and the consumption tax rate increase implemented in October.」

「At the same time, the outlook remains uncertain due to factors including uncertainty surrounding the U.K.'s negotiations to leave the EU, escalating U.S.-China trade friction and slowing growth in the Chinese economy, increasing concerns about a negative impact on the Japanese economy.」

「At the same time, uncertainty continues over US policy trends and the outlook for the Chinese and emerging-market economies.」

「At the same time, uncertainty continues over US policy trends and the outlook for the Chinese and emerging-market economies.」

「These include uncertainties such as changes in market needs and preferences in each country, as well as potential risks such as economic fluctuations, political and social disruption, changes in laws and regulations, and significant foreign exchange fluctuations. If these risks cannot be addressed, they may affect the business and operating results of the Group.」

「At the same time, uncertainty continues over US policy trends and the outlook for the Chinese and emerging-market economies.」

「At the same time, uncertainty continues over US policy trends and the outlook for the Chinese and emerging-market economies.」

「At the same time, uncertainty continues over US policy trends and the outlook for the Chinese and emerging-market economies.」

「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」

「During the cumulative second quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」

「During the first three months of the consolidated fiscal year, there were no material changes concerning matters described in the quarterly securities report that could materially affect investors' decisions, or to the business and other risks described in the securities report for the previous fiscal year.」

「These include uncertainties such as changes in market needs and preferences in each country, as well as potential risks such as economic fluctuations, political and social disruption, changes in laws and regulations, and significant foreign exchange fluctuations. If these risks cannot be addressed, they may affect our business and operating results.」