Economic downside risks from geopolitical risks and other factors

「一方で、中東情勢をはじめとする地政学的リスクに起因するエネルギー価格の動向や物価上昇の影響、為替相場の変動等、依然として流動的な状況が続きました。」

「During the interim consolidated accounting period, Japan's economy maintained a moderate recovery trend, supported by improvements in employment and income conditions and steady inbound demand. However, the outlook remained uncertain owing to the impact of US tariff policy and other factors on corporate earnings, continued price increases, and the prolonged geopolitical risks related to Ukraine and the Middle East.」

「In addition to the prolonged geopolitical risks related to Ukraine and the Middle East, natural disasters in various regions, and inflation resulting from soaring resource prices, the company cited the impact of policy developments in various countries concerning US tariff policy, stating that the outlook had become even more uncertain.」

「During the interim consolidated accounting period, Japan's economy remained uncertain. Corporate earnings were generally improving amid continued price increases, but the outlook was clouded by the prolonged instability overseas, including conflicts in the Middle East and Russia's invasion of Ukraine, rising prices of raw materials and other goods, and sharp exchange-rate fluctuations resulting from developments in domestic and overseas monetary policy.」

「Japan's economy remained on a moderate recovery trend as economic activity normalised through the recovery of inbound demand and personal consumption and progress in corporate production. However, the outlook remained uncertain as concerns grew over prolonged inflation resulting from significant exchange-rate fluctuations and soaring resource prices, stagnation in China's economy, and geopolitical risks related to the situations in Ukraine and the Middle East.」

「During the first 9 months of the fiscal year, Japan's economy remained on a moderate recovery trend as social and economic activity normalised, particularly through personal consumption and corporate production, and inbound demand recovered. However, concerns arose about a slowdown in the underlying pace of economic activity owing to the effects of sustained yen depreciation, prolonged inflation and persistently high raw material and energy prices. In addition, continued monetary tightening in Europe and the United States to contain inflation and stagnation in China's economy affected global economic activity, and uncertainty over the outlook increased amid growing instability in international affairs.」

「During the first half of the fiscal year, the global economy remained uncertain. Although the United States and other countries showed resilience, inflation and monetary tightening continued, China's economic recovery slowed, and global geopolitical risks increased.」

「During the first 3 months of the fiscal year, the global economy showed signs of a moderate recovery following China's reopening, but uncertainty over the outlook continued owing to the prolonged situation in Ukraine, soaring raw material and energy prices, and interest rate hikes to contain inflation.」

「During the fiscal year, concerns about an economic slowdown intensified as financial instability emerged toward the end of the fiscal year amid the prolonged geopolitical risks brought to the fore by Russia's invasion of Ukraine, soaring raw material and energy prices, and the impact of interest rate hikes to contain prolonged inflation.」

「During the first 9 months of the fiscal year, concerns about an economic slowdown intensified as global interest rate hikes to contain prolonged inflation affected the economy. In Japan, economic activity was normalising as restrictions were eased from the beginning of the fiscal year, but uncertainty continued as the weaker yen increased import costs and higher raw material and energy prices affected consumption and corporate activity through higher prices.」

「During the first half of the fiscal year, global interest rate hikes continued in response to mounting inflationary pressure, including rising energy prices, and concerns about the economic outlook intensified. In Japan, economic activity was normalising as restrictions were eased, but the outlook remained uncertain amid concerns about the impact of the continued depreciation of the yen and higher raw material and energy prices, and the resulting higher prices, on consumption and corporate activity.」

「During the first 3 months of the fiscal year, the global economy remained on a recovery trend, but concerns about a future economic slowdown emerged owing to the prolonged situation in Ukraine and global monetary tightening in response to accelerating inflation. In Japan, economic activity was normalising as COVID-19 infections subsided and restrictions on activity were eased, but the outlook remained uncertain amid concerns about the impact on consumption of rising raw material and energy prices and the rapid depreciation of the yen.」

「The global and Japanese economies are expected to continue expanding as economic normalisation from the COVID-19 pandemic progresses. However, the outlook is extremely difficult to predict owing to concerns about the infection situation, supply chain disruptions, the situation in Ukraine and inflation, including energy prices.」

「During the first 9 months of the fiscal year, the global economy paused during the summer owing to the renewed spread of COVID-19 and the resulting supply chain disruptions, but recovery progressed, particularly in developed economies. In Japan, improvement in manufacturing continued against the backdrop of economic recovery in the United States and Europe, but the outlook remained uncertain owing to intermittent outbreaks of COVID-19.」

「The Japanese economy continued to improve in the manufacturing sector, supported by increased exports accompanying economic recoveries in the United States and China. However, the outlook remained uncertain owing to the effects of a renewed spread of COVID-19, supply chain disruptions and rising raw material prices.」

「During the first 3 months of the fiscal year, the pace of recovery varied by country and region. The United States made strong progress toward recovery owing to the effects of COVID-19 vaccination and large-scale economic measures, while economic activity was restricted by renewed infections in Europe and parts of Asia.」

「During the fiscal year, the global and Japanese economies deteriorated sharply owing to the spread of COVID-19, but signs of recovery emerged from the middle of the fiscal year in the United States and Japan, in addition to China, where economic activity normalised early. Meanwhile, the outlook remained uncertain owing to concerns about a renewed spread of infections in Europe and Japan and the impact of semiconductor shortages for automotive applications on the automotive market.」

「During the first 9 months of the fiscal year, social and economic activity that had stagnated owing to the spread of COVID-19 gradually resumed in the first half, and recovery continued owing to proactive economic measures in various countries. However, the end of the pandemic remained out of sight as infections spread again in Europe, the United States and Japan, and the outlook remained uncertain.」

「During the first half of the fiscal year, social and economic activity that had stagnated owing to the spread of COVID-19 was beginning to resume, but concerns about a renewed spread of infections remained, and the situation continued to be difficult to predict.」

「During the first 3 months of the fiscal year, the global and Japanese economies deteriorated rapidly owing to the spread of COVID-19.」

「During the fiscal year, the global and Japanese economies became difficult to predict as the impact of the spread of COVID-19 on global economic activity emerged toward the end of the fiscal year while the effects of trade friction between the United States and China persisted.」

「During the first 9 months of the fiscal year, the global economy remained uncertain, as production and exports and imports stagnated owing to the impact of trade friction between the United States and China and economic slowdowns in China and Europe, while capital investment also showed signs of weakness.」

「During the first half of the fiscal year, uncertainty over the outlook for the global economy increased owing to the impact of trade friction between the United States and China and economic slowdowns in China and Europe.」

「During the first 3 months of the fiscal year, the outlook remained uncertain owing to the prolonged trade friction between the United States and China.」

「During the first 9 months of the fiscal year, concerns about the impact of trade friction between the United States and China persisted, and the outlook remained uncertain.」

「During the first half of the fiscal year, global economic growth continued at a moderate pace, centred on the resilient US economy, despite concerns about the impact of trade friction between the United States and China.」

「During the first quarter, global economic growth continued at a moderate pace, centred on the resilient US economy, despite concerns about the impact of US trade policy.」

「During the first half of the fiscal year, the global economy remained generally solid, led by the United States and China, despite downside factors such as geopolitical risks.」