Country Risks, Including War and Terrorism

「However, uncertainty about the outlook continues due to geopolitical risks, including the situation in the Middle East.」

「Meanwhile, the pace of economic expansion in the global economy continued to slow, including weakness in US personal consumption, and the outlook remains uncertain amid risks including stagnation in the Chinese economy.」

「At the same time, concerns including the situation in the Middle East, the impact of volatility in the financial and capital markets, and U.S. trade policy remain, and the outlook continues to be unclear. The global economy also remains uncertain, as the pace of economic expansion in the United States has been slowing, with personal consumption showing weakness, while risks such as the stagnation of the Chinese economy also remain.」

「Meanwhile, the global economy remained sluggish, with personal consumption in the US showing signs of slowing. The outlook remains uncertain due to risks of an economic downturn associated with the slowing Chinese economy and risks related to trade policy and other factors.」

「In the fiscal year ended March 2025, the global economy, both domestically and internationally, generally followed a moderate recovery trend. However, the outlook remains uncertain due to factors including continued price increases associated with inflation and concerns about an economic slowdown resulting from US-China trade friction.」

「The global economy also followed a recovery trend, including resilient personal consumption in the US, but the pace of recovery is slowing, and the outlook remains uncertain due to risks of an economic downturn associated with a slowdown in the Chinese economy and other factors.」

「The global economy also showed signs of a moderate recovery, including resilient personal consumption in the US, but the outlook remains uncertain due to downside risks, including the effects of global monetary tightening policies and concerns about economic slowdowns in China and Europe associated with stagnation in the property market.」

「The global economy also followed a moderate recovery trend, supported by resilient personal consumption, but the outlook remains uncertain due to risks of an economic downturn associated with prolonged global monetary tightening policies and stagnation in China's property market.」

「The global economy also followed a moderate recovery trend, supported by resilient personal consumption, but the outlook remains uncertain due to risks of an economic downturn resulting from global monetary tightening policies and other factors.」

「Expanding its business in overseas markets is one of the Group's growth strategies. However, overseas operations may involve various political, economic, and legal constraints, including political instability, trade and foreign-exchange regulations, changes in laws and tax systems, deteriorating public security, conflicts, terrorism, war, and differences in religion and culture.」

「During the cumulative third quarter under review, the global economy remained on a moderate recovery trajectory as restrictions on activity were eased in various countries and socioeconomic activity moved toward normalization. However, the outlook remains uncertain due to risks of an economic downturn stemming from soaring resource and energy prices, continuing global inflation, and monetary tightening policies in Europe and the US.」

「Currently, the outlook both domestically and internationally remains uncertain due to concerns including sharp foreign-exchange fluctuations and rising energy prices associated with the deterioration of the situation in Ukraine.」

「Looking ahead, economic normalization is expected as vaccination coverage expands, but the outlook remains uncertain due to concerns including renewed spread of COVID-19, semiconductor shortages resulting from a sharp increase in global demand, and soaring raw material prices.」

「During the cumulative first quarter under review, the global economy showed clear signs of recovery as economic measures and vaccination programs progressed in various countries. However, the outlook remains uncertain, as highly infectious variants have caused repeated resurgences of infections in Southeast and South Asia, prompting some countries to impose lockdowns.」

「The global economy also remained at a low level as economic growth in China slowed.」

「The outlook also became increasingly uncertain as the Chinese economy slowed and weakness emerged in Asia and Europe.」

「Meanwhile, uncertainty about the outlook for the global economy increased further amid concerns about a prolonged period of US-China trade friction.」

「The outlook for the global economy remained uncertain amid heightened uncertainty in overseas economies, including the US-China trade friction issue.」

「Meanwhile, the global economy remained on an uncertain footing due to factors including the escalation of the US-China trade friction issue and the effects of volatility in the financial and capital markets.」

「The global economy also continued to recover moderately, led mainly by a steady recovery in the US economy, but the outlook remained uncertain, including with respect to developments in trade friction stemming from US-China trade policy.」

「During the cumulative first quarter under review, the global economy remained generally resilient, but uncertainty about the outlook persisted, as concerns remained that policy developments surrounding US-China trade policy and geopolitical risks could lead to a slowdown in global economic activity.」

「During the third quarter of the current consolidated fiscal year-to-date period, the outlook for the global economy remained uncertain due to developments in US policy and rising geopolitical risks in East Asia. However, the US economy continued its steady recovery, while the European and Asian economies remained solid.」

「During the second quarter of the current consolidated fiscal year-to-date period, the US economy continued to expand moderately, but uncertainty about the outlook for emerging Asian economies, developments in the US administration and geopolitical risks remained unresolved.」

「During the first quarter of the current consolidated fiscal year-to-date period, the global economy expanded moderately, led by the US economy. However, uncertainty about the outlook for the economies of emerging Asian countries, including China, developments in the US administration, and rising geopolitical risks continued to obscure the outlook.」

「Country risks, including unstable social conditions such as war and terrorism, in countries where the Group has business sites or where its business is otherwise involved may adversely affect the Group's operating results and financial condition.」

「During the third quarter of the current consolidated fiscal year-to-date period, the Asian economy continued to show an economic slowdown in China, although the US economy sustained solid growth, supported by resilient personal consumption. Japan's domestic economy remained on a gradual recovery path, with corporate earnings recovering as conditions shifted from a strong yen to a weaker yen. However, the economic environment remained unstable amid heightened uncertainty over the outlook for foreign exchange rates and equity markets.」

「During the second quarter of the current consolidated fiscal year-to-date period, the US economy remained relatively strong, while the European economy was on a gradual recovery path after the UK's withdrawal from the EU, although momentum was weak, and the Asian economy continued to slow.」

「During the first quarter of the current consolidated fiscal year-to-date period, the global economy saw significant disruption in equity and foreign exchange markets due to the UK's unexpected withdrawal from the EU and increased terrorist activity. While the US economy remained relatively stable, the European and Asian economies generally remained sluggish.」

「Country risks, including unstable social conditions such as war and terrorism, in countries where the Group has business sites or where its business is otherwise involved may adversely affect the Group's operating results and financial condition.」