Downside Risk to Economic Activity Stemming from a Slowdown in Emerging Economies and the UK's Withdrawal from the EU

「Meanwhile, uncertainty about the outlook continued due to ongoing inflation and foreign exchange volatility, as well as the impact on supply chains of prolonged geopolitical risks.」

「Meanwhile, rising inflation driven by the prolonged depreciation of the yen and persistently high commodity prices affected household sentiment. Overseas, the outlook remained uncertain due to the impact of monetary tightening in major countries, delays in the recovery of some emerging market economies, and mounting geopolitical risks.」

「During the cumulative third quarter of the fiscal year, the Japanese economy showed signs of a gradual recovery as corporate earnings and the employment environment improved. However, the outlook remained uncertain due to the slowdown in overseas economies, the impact on supply chains of conflicts in Ukraine and the Middle East, and rising commodity prices leading to higher inflation.」

「During the cumulative second quarter of the fiscal year, the Japanese economy was expected to see a recovery in domestic consumption following the reclassification of COVID-19 to Category 5 and the recovery in foot traffic driven by inbound tourism. However, the outlook remained uncertain due to the prolonged Russia-Ukraine situation, soaring raw material and energy prices, and the continued depreciation of the yen against the US dollar in the foreign exchange market.」

「Meanwhile, concerns over the impact of surging raw-material and consumer prices, as well as volatility in the financial and capital markets, led economic activity to remain on an uncertain trajectory.」

「Japan’s economy continued to normalize as restrictions on activities related to COVID-19 were eased. However, the outlook remains uncertain amid concerns that a downturn in overseas economies caused by global monetary tightening could affect the domestic economy.」

「During the cumulative third quarter of the fiscal year under review, economic activity showed signs of recovery as restrictions on activity associated with COVID-19 were eased, but the outlook remained uncertain due to rising prices caused by the weaker yen and surging resource prices.」

「During the cumulative second quarter of the fiscal year under review, the Japanese economy remained uncertain as the economic impact of COVID-19 continued, while raw material prices rose due to the prolonged situation in Ukraine and the yen continued to weaken against the US dollar in the foreign exchange market.」

「During the cumulative first quarter of the fiscal year under review, the Japanese economy remained in a difficult situation due to the spread of COVID-19. The number of infected people has recently begun to rise again, and the outlook continues to be uncertain.」

「Japan’s economy faced continued difficult conditions during the consolidated fiscal year due to the impact of COVID-19. In addition to concerns about a seventh wave, the outlook remains uncertain due to geopolitical risks surrounding the situation in Ukraine and other factors.」

「During the cumulative third quarter of the fiscal year under review, the Japanese economy remained in a difficult situation due to the spread of COVID-19. The number of new cases has recently increased, and the outlook continues to be uncertain.」

「During the cumulative second quarter of the fiscal year under review, the Japanese economy remained in a difficult situation due to the spread of COVID-19. Although the number of new cases has recently declined, concerns about a sixth wave remain and the outlook continues to be uncertain.」

「Japan’s economy faced continued difficult conditions during the consolidated fiscal year due to the spread of COVID-19. Although an economic recovery is expected as the state of emergency has been lifted in some areas, which have shifted to priority preventive measures, and vaccinations have begun to progress, the outlook remains uncertain.」

「During the cumulative third quarter of the fiscal year under review, the Japanese economy remained in a difficult situation due to the spread of COVID-19. The outlook continues to be uncertain, including because a state of emergency was reissued at the beginning of the year.」

「During the cumulative second quarter of the fiscal year under review, the Japanese economy remained in an extremely difficult situation as COVID-19 caused social and economic activity to stagnate. Although economic activity has recently begun to resume gradually and signs of an economic recovery have emerged, the employment environment remains severe and the outlook continues to be uncertain.」

「Following the lifting of the state of emergency, economic activity has begun to resume. However, the outlook remains uncertain due to concerns about a second wave of COVID-19 and risk factors including US-China tensions arising from trade friction and the situation in Hong Kong.」

「During the cumulative third quarter of the consolidated fiscal year, Japan’s economy maintained a gradual recovery trend as employment and income conditions improved. However, the outlook remained uncertain due to the impact of uncertainty in the global economy arising from US-China trade friction, the UK’s withdrawal from the EU, instability in the Middle East and other factors.」

「The outlook remains uncertain due to the impact of trade issues on the global economy, the slowdown in the Chinese economy, volatility in the financial and capital markets and other factors.」

「During the cumulative first quarter of the consolidated fiscal year, Japan’s economy continued a gradual recovery as employment and income conditions improved, although the outlook remained uncertain due to concerns over uncertainty surrounding global economic trends and monetary and fiscal policies, including the prolonged US-China trade friction.」

「Business conditions have deteriorated recently as overseas developments, including the slowdown in the Chinese economy and political uncertainty in Europe, have exerted downward pressure. However, corporate appetite for capital investment remains solid, and corporate earnings have remained resilient.」

「During the cumulative third quarter of the consolidated fiscal year, Japan’s economy continued to face an uncertain outlook due to concerns over uncertainty in overseas economies, including the US’s protectionist trade policies, despite improvements in employment and income conditions and solid corporate performance.」

「Meanwhile, uncertainty remains due to the expansion of geopolitical risks, uncertainty surrounding overseas political and economic developments, and the impact of volatility in the financial and capital markets.」

「During the cumulative third quarter of the consolidated fiscal year, Japan’s economy remained uncertain due to concerns over unstable political developments overseas and geopolitical risks, although corporate earnings were recovering against the backdrop of the government’s economic and monetary policies.」

「Meanwhile, uncertainty overseas has increased due to the slowdown in emerging-market economies, the inauguration of a new US administration and other factors, and the outlook remains uncertain.」

「However, uncertainty surrounding overseas economies has increased due to the UK’s withdrawal from the EU, instability in the Middle East and other factors, and the risk of downside pressure on the domestic economy remains.」

「Meanwhile, concerns over a slowdown in emerging-market economies and the UK’s withdrawal from the EU have contributed to continued instability in equity and foreign-exchange markets, increasing the downside risks to the economy originating from foreign economies.」