Risk of Demand Fluctuations Due to Economic Conditions, Market Declines and Personal Consumption Trends

「Looking ahead, continued price increases could weigh on the economy, including through their impact on personal consumption resulting from a deterioration in consumer sentiment, and the situation requires close monitoring.」

「During the interim consolidated accounting period, the Japanese economy showed signs of recovery despite lingering weakness in some areas of personal consumption, and the economy recovered moderately. While employment and income conditions improved, close attention remained necessary because of downside risks to overseas economies, rising prices, the situation in the Middle East and volatility in financial and capital markets.」

「In the cumulative third quarter of the fiscal year, the Japanese economy recovered moderately as socioeconomic activity normalized and personal consumption recovered, although some areas showed signs of stagnation. Meanwhile, uncertainty about the outlook persisted, owing to soaring energy and raw material prices resulting from the prolonged situation in Ukraine, yen depreciation and rising prices amid global monetary tightening, and heightened tensions in the Middle East.」

「Personal consumption and capital investment recovered, and the economy experienced a moderate recovery. Meanwhile, uncertainty about the outlook persisted, owing to soaring energy and raw material prices resulting from the prolonged situation in Ukraine, yen depreciation amid global monetary tightening and rising prices.」

「In the cumulative first quarter of the fiscal year, the Japanese economy showed signs of recovery in personal consumption and capital investment and improvement in employment, while consumer prices rose and the yen weakened against the US dollar.」

「During the fiscal year, the Japanese economy showed signs of moving toward normalization of economic activity as restrictions on activity related to COVID-19 were gradually eased. The economy remained on a moderate recovery path, with signs of recovery in personal consumption, capital investment and employment. Meanwhile, uncertainty about the outlook persisted, owing to soaring energy and raw material prices resulting from the prolonged situation in Ukraine, accelerating yen depreciation amid global monetary tightening and rising prices.」

「In the cumulative third quarter of the fiscal year, consolidated results increased in revenue but decreased in profit year on year, as the economy gradually recovered while the outlook remained uncertain, including because of soaring resource prices resulting from the prolonged situation in Ukraine.」

「However, the outlook remains uncertain, owing to concerns about a renewed spread of infections, soaring energy and raw material prices resulting from the prolonged situation in Ukraine, rapid yen depreciation and rising prices amid tightening monetary policy worldwide.」

「In the cumulative first quarter of the fiscal year, the Japanese economy showed signs of recovery in personal consumption and capital investment, while consumer prices rose, uncertainty persisted due to the prolonged situation in Ukraine, and raw material prices increased. The yen weakened against the US dollar.」

「During the fiscal year, the Japanese economy continued to show signs of recovery despite the ongoing severe conditions caused by COVID-19. Corporate earnings improved overall, although some non-manufacturing industries remained weak.」

「In the cumulative third quarter of the fiscal year, consolidated results increased in both revenue and profit year on year, as the severe conditions caused by COVID-19 gradually eased and signs of a recovery emerged in the Japanese economy.」

「During the six-month period of the current consolidated fiscal year, the Japanese economy remained in a difficult situation due to the effects of COVID-19. Although an economic recovery was expected as a result of measures to prevent the spread of infection, progress on vaccinations, the effects of various policies and improvements in overseas economies, downside risks remained due to developments in infections in Japan and overseas and the impact of higher resource prices.」

「During the current consolidated fiscal year, the Japanese economy experienced a significant downturn as economic activity stagnated due to the spread of COVID-19. Conditions remained extremely difficult, with corporate earnings falling sharply and employment conditions deteriorating.」

「During the six-month period of the current consolidated fiscal year, the Japanese economy experienced a significant downturn as economic activity stagnated due to the spread of COVID-19. Corporate earnings and employment and income conditions deteriorated, personal consumption declined, and capital investment and housing construction also lacked strength, leaving the economy in a difficult situation.」

「During the first quarter of the current consolidated fiscal year, the Japanese economy was in an extremely difficult situation under a state of emergency, including requests to refrain from going out, in response to the spread of COVID-19. As concerns about the outlook grew amid deteriorating corporate earnings, employment and income conditions, and declining personal consumption, an early normalisation of socioeconomic activity was expected while measures were taken to prevent the spread of the infection. However, concerns remained about second and third waves of infection, and the outlook for the economy under the "new lifestyle" was expected to remain uncertain.」

「Furthermore, since the beginning of the year, the global spread of COVID-19 has placed the world economy in such a serious situation that it has been described as the "worst crisis since World War II."」

「Meanwhile, downside risks remain significant, including the effects of the consumption tax increase and natural disasters, developments surrounding trade issues, the outlook for the Chinese economy and geopolitical risks relating to the situation in the Middle East.」

「Meanwhile, concerns about weak consumption following the consumption tax increase and the prolonged tensions surrounding trade issues in overseas economies indicate that downside risks are increasing.」

「The Group operates corrugated-cardboard, housing and warehousing businesses. These products and other offerings are affected by economic conditions, product markets and trends in personal consumption, and a deterioration in economic conditions or a market downturn could affect the Group's operating results and financial position.」

「The Group operates corrugated-cardboard, housing and warehousing businesses. These products and other offerings are affected by economic conditions, product markets and trends in personal consumption, and a deterioration in economic conditions or a market downturn could affect the Group's operating results and financial position.」