Instability in Overseas Political and Economic Conditions and Economic and Price Trends

「During the nine-month period under review, Japan’s economy remained uncertain due to persistently high energy and raw-material prices and continuing inflation, although overall it was on a gradual recovery trend.」

「Meanwhile, the outlook remained uncertain due to rising resource and energy prices and raw material prices resulting from developments in the Middle East, as well as the impact of monetary policy developments and exchange-rate fluctuations. GDP growth was 0.3% year on year in October-December 2025. The consumer price index, excluding fresh food, ranged from 1.6% to 3.2% year on year.」

「At the same time, the outlook remained uncertain due to the effects of rising resource and energy prices and raw-material prices resulting from the situation in the Middle East and other factors, as well as trends in monetary policy and foreign-exchange movements.」

「During the first six months of the fiscal year under review, Japan's economy showed signs of recovery as inbound demand and domestic demand normalized against a backdrop of post-COVID easing measures and yen depreciation. Meanwhile, the outlook remained uncertain due to surging raw material and energy prices and the impact of sharp exchange-rate fluctuations. GDP was flat year on year in October-December 2023. The consumer price index, excluding fresh food, ranged from 2.0% to 2.8% year on year.」

「During the first three months of the fiscal year under review, demand recovered from the COVID-19 pandemic and inbound visitor demand increased, with signs of improvement in private consumption and capital investment, particularly in domestic demand. Meanwhile, concerns remained regarding global inflation, the prolonged trend toward yen depreciation and developments in the Chinese economy.」

「During the fiscal year under review, Japan's economy remained on a moderate recovery track as economic activity normalized following the easing of COVID-19 measures, supported by the recovery in inbound demand following the easing of border measures. Meanwhile, concerns remained about rising resource prices caused by overseas developments and inflation due to exchange-rate fluctuations, leaving the outlook uncertain. GDP growth was down 0.7% year on year in July-September 2023. The consumer price index, excluding fresh food, ranged from 2.8% to 4.2% year on year.」

「Meanwhile, the situation involving Russia and Ukraine continued for an extended period, and the outlook remained uncertain due to rising energy and raw material prices and volatility in the financial and capital markets.」

「Meanwhile, the outlook remained uncertain due to surging raw material and energy prices, rising geopolitical risks, and the impact of exchange-rate fluctuations accompanying global monetary tightening. GDP was flat year on year in October-December 2022. The consumer price index, excluding fresh food, ranged from 3.1% to 4.2% year on year.」

「During the first three months of the fiscal year under review, signs of improvement emerged in private consumption and capital investment despite the impact of the renewed spread of COVID-19. Meanwhile, the outlook remained uncertain due to downside risks from instability in raw material prices associated with geopolitical risks overseas and global monetary tightening. GDP growth was down 0.2% year on year in July-September 2022. The consumer price index, excluding fresh food, ranged from 3.6% to 4.0% year on year.」

「Meanwhile, the outlook remained uncertain due to the impact on financial markets of the reduction in monetary easing by developed countries, including the United States, and the impact of geopolitical risks on raw material prices.」

「During the first nine months of the fiscal year under review, economic activity gradually moved toward normalization as COVID-19 vaccinations progressed and restrictions on activity were eased. However, the outlook remained uncertain due to the renewed spread of infection from COVID-19 variants, rising raw material prices arising from the situation involving Russia and Ukraine, and volatility in the financial and capital markets. GDP growth was down 0.1% year on year in January-March 2022. The consumer price index, excluding fresh food, ranged from 0.1% to 2.2% year on year.」

「Meanwhile, the global economy remained uncertain due to rising raw material prices arising from the situation involving Russia and Ukraine and the impact on the financial and capital markets. GDP growth was 1.1% in October-December 2021. The consumer price index, excluding fresh food, ranged from 0.1% to 0.8% year on year.」

「As COVID-19 vaccinations progressed, severe conditions gradually eased, corporate earnings improved, and signs of a recovery in capital investment emerged. However, concerns remain about downside risks to domestic and overseas social and economic activity from the emergence of new variants and volatility in the financial and capital markets, requiring close attention to future developments. GDP growth was down 0.9% in July-September 2021.」

「During the first nine months of the fiscal year under review, COVID-19 continued to spread, and some regions again saw the declaration of a state of emergency and the implementation of priority preventive measures to prevent the spread of infection, leaving the outlook uncertain. Continued attention is required regarding developments in COVID-19 and its impact on the domestic and overseas economies. GDP growth was down 1.0% year on year in January-March 2021.」

「During the first six months of the fiscal year under review, corporate earnings and employment conditions remained difficult across various industries due to the prolonged impact of COVID-19, but signs of recovery emerged following measures by the government and local authorities. However, as infections spread again, a state of emergency was declared in some regions once more in January 2021, and the outlook remained uncertain. GDP growth was 2.8% in October-December 2020. The consumer price index, excluding fresh food, ranged from down 0.1% to down 1.0% year on year.」

「During the first three months of the fiscal year under review, expectations for the containment of COVID-19 grew as vaccine development progressed, some companies reported strong performance as digital transformation accelerated, and equity prices rose amid global monetary easing. However, the real economy remained in a difficult situation. Infections were again trending upward, and the outlook remained uncertain. GDP growth was 5.3% in July-September 2020. The consumer price index, excluding fresh food, ranged from down 0.7% to down 1.0% year on year.」

「During the fiscal year under review, Japan's economy had been on a recovery track, with improvements in capital investment and employment and income conditions, but deteriorated rapidly as business activities and movement of people were restricted following the outbreak and spread of COVID-19. From May 2020, economic activity gradually resumed while measures were taken to prevent the spread of infection, but the recovery was slow and conditions remained severe. Overseas, the impact of COVID-19 continued, and some recovery was seen following the implementation of monetary and fiscal policies by various countries, but there was still no clear prospect of containment and the outlook remained uncertain. GDP growth was 5.3% in July-September 2020. The consumer price index, excluding fresh food, ranged from down 0.4% to up 0.8% year on year.」

「During the first nine months of the fiscal year under review, Japan's economy remained broadly firm through February 2020, supported by capital investment and improving employment, but deteriorated rapidly due to the impact of COVID-19. A state of emergency was declared to prevent the spread of infection, and economic activity stagnated as movement and business operations were restricted. Overseas, COVID-19 continued to spread, with no clear prospect of containment, and the global economy remained uncertain. GDP growth was down 0.6% in January-March 2020.」

「During the first six months of the fiscal year under review, Japan's economy had been on a recovery track against a backdrop of improving capital investment and employment and income conditions, but deteriorated rapidly due to the global spread of COVID-19 and other factors, further increasing uncertainty about the economic outlook. Conditions also remained unstable in the foreign exchange and equity markets. GDP growth was down 1.8% in October-December 2019. The consumer price index, excluding fresh food, ranged from 0.4% to 0.8% year on year.」

「During the first three months of the fiscal year under review, Japan's economy remained on a moderate recovery track, as employment and capital investment were broadly flat. Overseas, there was progress on U.S.-China trade friction and the United Kingdom's EU withdrawal issue, but conditions remained unstable. GDP growth was 0.4% in July-September 2019. The consumer price index, excluding fresh food, ranged from 0.4% to 0.7% year on year.」

「Meanwhile, concerns about the uncertain outlook for the global economy, including intensifying U.S.-China trade friction, the prolonged United Kingdom EU withdrawal issue and rising geopolitical risks in East Asia, resulted in continued instability in the foreign exchange and equity markets. GDP growth was 0.4% in July-September 2019, and the consumer price index, excluding fresh food, ranged from 0.3% to 1.0% year on year.」

「During the first nine months of the fiscal year under review, Japan's economy remained broadly firm, with capital investment increasing as corporate earnings improved and private consumption remaining solid as employment and income conditions improved. However, exports and imports lacked strength due to global economic trends and the impact of U.S.-China trade friction, and the outlook remained uncertain. GDP growth was 0.6% in January-March 2019. The consumer price index, excluding fresh food, ranged from 0.6% to 1.0% year on year.」

「Meanwhile, overseas conditions remain uncertain, including U.S.-China trade friction and economic developments in Europe, and continued attention is required regarding future developments. GDP growth was 0.5% in October-December 2018. The consumer price index, excluding fresh food, ranged from 0.7% to 1.0% year on year.」

「Meanwhile, concerns about the impact of intensifying U.S.-China trade friction on the global economy emerged, and the outlook remained uncertain as the equity market also entered a downward trend. GDP growth was down 0.6% in July-September 2018. The consumer price index, excluding fresh food, ranged from 0.7% to 1.0% year on year.」

「Meanwhile, the unstable external environment continued, including U.S.-China trade friction and the economic impact of a series of natural disasters. GDP growth was 0.7% in April-June 2018, and the consumer price index, excluding fresh food, ranged from 0.7% to 1.0% year on year.」

「Meanwhile, overseas political and economic conditions remain uncertain due to concerns about trade friction and political developments in Europe. GDP growth was down 0.2% in January-March 2018. The consumer price index, excluding fresh food, ranged from 0.7% to 1.0% year on year.」

「During the first six months of the fiscal year under review, Japan's economy remained on a recovery track, with consumption gradually recovering against a backdrop of solid employment and income conditions. Meanwhile, overseas political and economic conditions remain uncertain. GDP growth was 0.4% in October-December 2017. The consumer price index, excluding fresh food, ranged from 0.8% to 1.0% year on year.」

「Meanwhile, continued attention is required regarding overseas economic developments and geopolitical risks. GDP growth was 0.6% in July-September 2017. The consumer price index, excluding fresh food, ranged from 0.8% to 0.9% year on year.」

「During the fiscal year under review, Japan's economy continued to expand moderately, supported by resilient corporate earnings and the labor market, with private consumption and capital investment recovering. However, continued attention is required regarding overseas economic developments and geopolitical risks.」

「During the first nine months of the fiscal year under review, Japan's economy remained on a moderate recovery track, as corporate earnings and employment conditions improved and private consumption generally continued to recover. However, uncertainty remains regarding U.S. economic policy and economic trends in emerging and resource-producing countries, leaving the outlook still uncertain. GDP growth was 0.3% in January-March 2017. The consumer price index, excluding fresh food, ranged from down 0.4% to up 0.4% year on year.」

「During the first six months of the fiscal year under review, Japan's economy remained on a moderate recovery track, with private consumption gradually recovering on the back of solid employment and income conditions. However, the impact of policy developments accompanying the change in the U.S. presidency and slower growth in emerging economies, including China, remains uncertain, and the need to monitor the economic outlook continues. GDP growth was 0.3% in October-December 2016. The consumer price index, excluding fresh food, ranged from down 0.4% to up 0.2% year on year.」

「Meanwhile, it is necessary to monitor how uncertain factors, including major policy changes following the U.S. presidential election and the United Kingdom's EU withdrawal issue, will affect Japan's economy. GDP growth was 0.3% in July-September 2016. The consumer price index, excluding fresh food, ranged from down 0.4% to down 0.2% year on year, remaining in negative territory.」

「Meanwhile, the impact of overseas developments, including the slowdown in the Chinese economy and the United Kingdom's withdrawal from the EU, on Japan's economy remains uncertain, and the need to monitor the economic outlook continues. GDP growth was 0.5% in July-September 2016, according to preliminary figures. The consumer price index, excluding fresh food, ranged from down 0.5% to up 0.1% year on year, with the pace of increase slowing and the index remaining in negative territory.」

「Meanwhile, overseas political and economic conditions, including developments related to the United Kingdom's withdrawal from the EU, have become increasingly unstable. GDP growth was 0.5% in January-March 2016. The consumer price index, excluding fresh food, ranged from down 0.5% to up 0.1% year on year, with the pace of increase slowing and the index remaining in negative territory.」