Uncertainty Surrounding the Economic Recovery Due to Emerging-Market Conditions, Exchange Rates, and Stock Prices

「During the interim accounting period, the Japanese economy continued to recover gradually, supported by improvements in employment and income conditions and the recovery in inbound demand. However, the outlook remains uncertain due to rising prices, the impact of foreign-exchange volatility and concerns over a slowdown in overseas economies.」

「During the interim accounting period, the Japanese economy continued to recover gradually, supported by improvements in employment and income conditions. However, the outlook remains uncertain due to rising prices resulting from surging raw material and energy prices against the backdrop of the prolonged situations in Ukraine and the Middle East, as well as the outlook for future US policy developments.」

「Meanwhile, surging raw material and energy prices against the backdrop of the prolonged situations in Ukraine and the Middle East, as well as rising prices resulting from foreign-exchange volatility, have continued, and the economic outlook remains uncertain.」

「However, amid the effects of global monetary tightening and concerns over the outlook for the Chinese economy, a downturn in overseas economies poses a risk of weighing on the Japanese economy.」

「However, amid the effects of global monetary tightening and concerns over the outlook for the Chinese economy, a downturn in overseas economies poses a risk of weighing on the Japanese economy. Close attention must also be paid to the impact of rising prices, developments in the Middle East and volatility in financial and capital markets.」

「However, downside risks in overseas economies, including the impact of global monetary tightening and concerns over the outlook for the Chinese economy, could weigh on Japan's economy. Close attention must also be paid to the impact of higher prices and volatility in financial and capital markets.」

「However, amid continued global monetary tightening and other factors, a downturn in overseas economies poses a risk of weighing on the Japanese economy. Close attention must also be paid to the impact of rising prices and volatility in financial and capital markets.」

「However, amid continued global monetary tightening and other factors, a downturn in overseas economies poses a risk of weighing on the Japanese economy.」

「Although the economy is expected to recover, supported in part by the effects of various policies, there is a risk that a downturn in overseas economies against the backdrop of global monetary tightening and other factors could weigh on the Japanese economy. Close attention must also be paid to the impact of rising prices on households and companies and to supply constraints.」

「Although the economy is expected to recover, supported in part by the effects of various policies, there are concerns about the impact of a renewed spread of COVID-19 in China and the prolonged situation in Ukraine. Close attention must be paid to downside risks arising from supply constraints, rising raw material prices and volatility in financial and capital markets.」

「During the fiscal year ended 30 November 2021 (1 December 2020 to 30 November 2021), the Japanese economy remained in a difficult situation due to the effects of the global COVID-19 pandemic, although conditions were gradually easing. The economy is expected to recover, supported by the effects of various policies and improvements in overseas economies.」

「During the first two quarters of the fiscal year, the Japanese economy remained in a difficult situation due to the effects of the spread of COVID-19. Although signs of recovery continued, weakness increased in some areas. The outlook remains uncertain.」

「During the first quarter of the fiscal year, the Japanese economy remained in a difficult situation due to the effects of the spread of COVID-19, and the outlook continued to be uncertain.」

「Economic activity has continued to deteriorate rapidly due to the effects of the global spread of COVID-19, including the suspension of economic activity, and conditions remain extremely severe.」

「During the first quarter of the fiscal year, the Japanese economy continued to recover gradually, supported by improved corporate earnings and employment conditions. However, the outlook remains uncertain due to the spread of COVID-19 and other factors.」

「During the fiscal year ended 30 November 2019 (1 December 2018 to 30 November 2019), the Japanese economy remained on a moderate recovery path, supported by improvements in corporate earnings and the employment and income environment. However, overseas conditions remained uncertain due to the slowdown in the Chinese economy resulting from prolonged US-China trade friction and the consumption tax rate increase.」

「However, although overseas economies were generally recovering moderately, the outlook remained uncertain due to concerns over the impact on the global economy of developments in US-China trade issues and the UK's EU withdrawal issue.」

「Meanwhile, uncertainty over the outlook has increased further due to global trade friction, the resulting instability in equity markets and the psychological impact of the consumption tax rate increase.」

「During the cumulative first quarter, the Japanese economy showed signs of a moderate recovery, supported by improved corporate earnings and employment conditions. However, overseas economies remained in an uncertain environment due to US-China trade issues, slowing growth in the Chinese economy and volatility in financial and capital markets.」

「In overseas economies, the uncertain environment continued due to US protectionist trade policies and volatility in financial and capital markets.」

「In the global economy, a worldwide decline in share prices and a shift toward yen appreciation, driven in part by higher US long-term interest rates, began to accelerate, and the economic outlook remained uncertain.」

「Meanwhile, the outlook remained uncertain, including due to uncertainty over economic conditions and policies in Asian countries.」

「Although uncertainty over the outlook remained due to instability in overseas political conditions, the Japanese economy remained on a moderate recovery path, supported by continued unconventional monetary easing by the Bank of Japan, rising share prices and improving employment conditions.」

「However, medium-term downside risks remain, including US monetary tightening and rising geopolitical risks, and the uncertain environment continues.」

「Although corporate earnings continued to improve in the United States as domestic and external demand recovered, uncertainty increased globally in various respects, including concerns over a retreat from globalism following the inauguration of the new Trump administration, and the outlook remained uncertain.」

「In addition to the downside risk to Japan's economy from deteriorating conditions in emerging Asian economies, particularly China, and resource-rich countries, the outlook for overseas economies remained uncertain due to the UK's EU withdrawal issue and the inauguration of the Trump administration in the United States.」

「The economy remained in an uncertain state, with concerns over the impact on corporate earnings from the slowdown in emerging-market economies, particularly China, and yen appreciation resulting from the UK's withdrawal from the EU.」

「In addition to deteriorating conditions in the Middle East and slowing growth in production and exports due to the economic slowdown in emerging markets, particularly China, declining share prices and unstable movements in the yen exchange rate in the foreign exchange market also contributed to an environment in which the economic recovery remained uncertain.」