Uncertainty in Overseas Economies Due to Brexit and Other Factors

「In financial markets, the economic outlook remains uncertain due to factors including rising interest rates resulting from monetary tightening in major countries, domestic price increases caused by exchange-rate movements amid a trend toward yen depreciation, and surging fuel prices resulting from the prolonged Russia-Ukraine situation.」

「During the third quarter of the consolidated cumulative period, there were no new business or other risks and no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「During the consolidated fiscal year, although momentum toward the resumption of economic activity increased as Japan moved into a new phase of living with COVID-19, concerns about the situation in Ukraine cast a shadow over global equity markets and increased instability. As a result, the outlook for the economy remained uncertain.」

「During the third quarter of the consolidated cumulative period, there were no new business or other risks and no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「During the third quarter of the consolidated cumulative period, there were no new business or other risks and no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「During the second quarter of the consolidated cumulative period, there were no new business or other risks and no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「Although countries have been pursuing measures to support their economies, including monetary easing and fiscal policies, the outlook remains uncertain due to the spread of COVID-19. In Japan, a state of emergency was declared, forcing a significant contraction in economic activity, while companies also adopted changes in working practices, including the introduction of telework.」

「During the third quarter of the consolidated cumulative period, there were no significant changes in the financial position, operating results or cash flows. There were also no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「During the first quarter of the consolidated cumulative period, there were no new business or other risks and no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「Although overseas economies have remained relatively stable, the outlook for the global economy remains uncertain due to developments in trade issues among countries and regions, including the escalation of US-China trade friction, and related fluctuations in financial markets.」

「During the third quarter of the consolidated cumulative period, there were no significant changes in the financial position, operating results or cash flows. There were also no material changes to the “Business and Other Risks” described in the annual 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 quarter of the consolidated cumulative period, there were no new business or other risks, and no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「There have been no material changes in the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「There are no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」

「During the consolidated fiscal year, the outlook for the global economy was uncertain due to concerns about a slowdown in emerging-market economies in the first half of the year, instability stemming from the UK's announcement of its withdrawal from the EU, and uncertainty surrounding the new US administration, which raised concerns about impacts on equities and foreign exchange markets. However, the global economy gradually moved toward recovery due to swift responses by the major central banks of various countries and a recovery in the US economy.」

「The outlook for overseas economies remains uncertain due to factors including the policy direction of the new US administration, geopolitical risks and the economic slowdown in emerging markets.」

「During the second quarter, the equity market was temporarily buoyant and the Nikkei Stock Average rose to ¥19,000. Although there was also a positive response to the policies of the new US administration, unstable conditions have continued due to geopolitical risks and other factors.」

「Overseas economies remain uncertain, with concerns about the impact on equities and foreign exchange markets from factors including the slowdown in emerging-market economies, instability in EU countries and uncertainty surrounding the new US administration.」

「During the consolidated fiscal year, Japan's economic outlook became uncertain due to uncertainty in overseas economies, including slowing economic growth in emerging markets such as China and a temporary sharp decline in the Nikkei Stock Average caused by the UK's EU withdrawal issue. There were no changes that had a positive impact on the business environment of the Group.」

「During the third quarter, Japan's economic outlook became uncertain due to uncertainty in overseas economies, including a temporary sharp decline in the Nikkei Stock Average caused by the UK's EU withdrawal issue. There were no changes that had a positive impact on the business environment of the Group.」