Slowing overseas economies and weak supply and demand

「The outlook remained uncertain due to factors including the impact of the situation in the Middle East, volatility in financial and capital markets and developments surrounding U.S. trade policy.」

「Japan’s economy during the fiscal year concerned continued to recover moderately, with personal consumption and capital investment showing signs of recovery due to improving employment and income conditions and the effects of various government policies. Meanwhile, the outlook remained uncertain due to factors including the situation in the Middle East, volatility in the financial and capital markets, and developments concerning US trade policy.」

「Meanwhile, the outlook remained uncertain against a backdrop including developments in US trade policy and deteriorating consumer sentiment due to continued price increases.」

「Meanwhile, the outlook remained uncertain due to downside risks to overseas economies resulting from the continued high interest-rate levels in Europe and the United States and concerns over the outlook for China’s economy, as well as the effects of rising prices, US policy developments and the situation in the Middle East.」

「Meanwhile, the outlook remained uncertain due to downside risks to overseas economies resulting from the continued high interest-rate levels in Europe and the United States and concerns over the outlook for China’s economy, as well as the effects of rising prices and instability in the Middle East.」

「In particular, geopolitical risks related to the situations in Ukraine and the Middle East, further foreign-exchange volatility arising from factors including the Japan-US interest-rate differential, and the US presidential election scheduled for November 2024 are expected to have a significant impact on Japan’s economic environment.」

「Meanwhile, the outlook remained uncertain amid geopolitical risks related to Ukraine and the Middle East, downside risks to overseas economies resulting from global monetary tightening, soaring resource prices and price increases caused by the depreciation of the yen.」

「Meanwhile, in addition to downside risks to overseas economies stemming from geopolitical risks, including the situation in Ukraine, and global monetary tightening, resource prices rose sharply and prices increased due to the depreciation of the yen, and the outlook remained uncertain.」

「Meanwhile, overseas economies remained subject to downside risks stemming from geopolitical risks, including the situation in Ukraine, and global monetary tightening, while resource prices rose sharply and prices increased due to the depreciation of the yen, leaving the outlook uncertain.」

「Meanwhile, in addition to downside risks to overseas economies stemming from geopolitical risks, including the situation in Ukraine, and global monetary tightening, resource prices rose sharply and prices increased due to the depreciation of the yen, and the outlook remained uncertain.」

「Meanwhile, in addition to downside risks to overseas economies stemming from geopolitical risks, including the situation in Ukraine, and global monetary tightening, resource prices rose sharply and prices increased due to the depreciation of the yen, and the outlook remained uncertain.」

「Meanwhile, the outlook remained uncertain amid rising resource prices and supply chain disruptions resulting from the prolonged situation in Ukraine and the impact of restrictions on economic activity in China, as well as rising prices caused by the rapid depreciation of the yen.」

「During the current consolidated fiscal year, difficult conditions continued as the impact of COVID-19 persisted. Although moves toward the gradual normalization of economic activity emerged from the summer of the previous year as vaccination rates rose, the outlook remained uncertain amid the global shortage of semiconductors and other components, worsening logistics disruptions, and soaring resource prices following Russia’s invasion of Ukraine, among other factors.」

「Difficult conditions continued as the impact of COVID-19 persisted. Although signs of a recovery emerged after the state of emergency and priority preventive measures were fully lifted at the end of September of the previous year, the outlook remained uncertain due to the global shortage of semiconductors and other components, worsening logistics disruptions, and concerns over a resurgence of infections caused by new variants.」

「Although signs of a recovery emerged, supported by progress in COVID-19 vaccinations and improvement in overseas economies, the outlook remained uncertain due to downside risks, including the impact transmitted through supply chains.」

「During the current consolidated fiscal year, Japan’s economy remained in difficult conditions as economic stagnation and sluggish personal consumption continued in efforts to prevent the spread of COVID-19. Although signs of a recovery emerged after the state of emergency was lifted in late May of the previous year, partly due to the effects of various government policies, the outlook remained uncertain, with a second state of emergency declared in January of the current year following the resurgence of infections.」

「During the first 3 quarters of the current consolidated fiscal year, Japan’s economy was in extremely difficult conditions as social and economic activity was restricted to prevent the spread of COVID-19. Although signs of a recovery emerged after the state of emergency was lifted in late May, partly due to the effects of various government policies, the outlook remained extremely uncertain as infections began to spread again during the winter.」

「Although signs of a recovery emerged after the state of emergency was lifted, partly due to the effects of various government policies, concerns remained over the impact on the global economy of the resurgence of COVID-19 and the prolonged US-China trade friction, and the outlook remained extremely uncertain.」

「Economic activity was rapidly curtailed by the effects of voluntary restraints on economic activity and other measures to prevent the spread of COVID-19, resulting in extremely difficult conditions. With no clear visibility on the scale of the COVID-19 outbreak or when it will subside, the outlook is also expected to remain extremely uncertain.」

「During the current consolidated fiscal year, Japan’s economy remained on a moderate recovery track as employment and income conditions continued to improve, but the outlook remained uncertain amid concerns over the impact on the domestic and global economies of US-China trade frictions, the UK’s withdrawal from the EU, geopolitical risks in East Asia and the Middle East, and, from the fourth quarter onward, the global spread of COVID-19.」

「During the first 3 quarters of the current consolidated fiscal year, Japan’s economy remained on a moderate recovery track, although weakness intensified, particularly in manufacturing, amid soft exports, while employment and income conditions continued to improve. Meanwhile, concerns arose over downside risks to the economy stemming from international developments, including US-China trade frictions, the UK’s withdrawal from the EU and geopolitical risks in East Asia and the Middle East, and the outlook remained uncertain.」

「Although Japan's economy during the cumulative second quarter of the current consolidated fiscal year was on a moderate recovery trend, with continued improvements in the employment and income environment, uncertainty about the outlook continued as downside risk to the global economy increased because of US-China trade friction, the issue of the United Kingdom's withdrawal from the EU, and geopolitical risks in East Asia and the Middle East.」

「Although Japan's economy during the cumulative first quarter of the current consolidated fiscal year was on a moderate recovery trend, with continued improvements in the employment and income environment, uncertainty about the outlook continued as the slowdown in the Chinese economy accompanying escalating US-China trade friction weakened exports and production.」

「Although the economy was on a moderate recovery trend, with continued improvements in corporate performance and the employment and income environment, uncertainty about the outlook continued as downside risk to the global economy increased because of escalating US-China trade friction and the slowdown in the Chinese economy.」

「Although Japan's economy during the cumulative third quarter of the current consolidated fiscal year was on a moderate recovery trend, with continued improvements in corporate performance and the employment and income environment, uncertainty about the outlook continued as downside risk to the global economy increased because of escalating US-China trade friction and the slowdown in the Chinese economy.」

「Although Japan's economy during the cumulative second quarter of the current consolidated fiscal year was on a moderate recovery trend, with continued improvements in corporate performance and the employment and income environment, uncertainty about the outlook continued as the downside risk to the global economy increased because of escalating US-China trade friction.」

「Although Japan's economy during the cumulative first quarter of the current consolidated fiscal year was on a moderate recovery trend, with continued improvements in corporate performance and the employment and income environment, uncertainty about the outlook continued because of concerns about US protectionist policies and an escalation of US-China trade friction arising from them.」

「Although uncertainty about the outlook continued during the consolidated fiscal year because of uncertainty in overseas economies and rising geopolitical risks, Japan's economy remained on a moderate recovery trend, with continued improvements in corporate performance and the employment and income environment.」

「Although Japan's economy during the cumulative third quarter of the current consolidated fiscal year was on a moderate recovery trend, with continued improvements in corporate performance and the employment and income environment, uncertainty about the outlook continued because of uncertainty in overseas economies and rising geopolitical risks.」

「Although Japan's economy during the cumulative second quarter of the current consolidated fiscal year was on a moderate recovery trend, with continued improvements in corporate performance and the employment and income environment, uncertainty about the outlook continued because of uncertainty in overseas economies and rising geopolitical risks.」

「Uncertainty about the outlook continued because of uncertainty in overseas economies and rising geopolitical risks.」

「Although Japan's economy during the consolidated fiscal year was on a moderate recovery trend, with improvements in corporate performance and the employment and income environment, uncertainty about the outlook continued because of concerns about policy developments in the United Kingdom, the United States and elsewhere, as well as the slowdown in the Chinese economy.」

「Corporate earnings have remained at a high level, supported by a recovery in personal consumption, a recovery in exports resulting from the global economic recovery, and the weaker yen.」

「Corporate earnings remained at a high level, but improvement stalled under the impact of the stronger yen and weakening overseas economies.」

「Weak supply and demand resulting from the slowdown in overseas economies」