Economic Environment Uncertainty Driven by Geopolitical Developments, Tariff Policies, Rising Interest Rates and Yen Depreciation

「During the current interim consolidated accounting period, the global economy faced downside risks from unstable energy prices amid the prolonged Russian invasion of Ukraine, which has continued since February 2022, and persistently high tensions between Israel and Iran in the Middle East. The impact of the US Trump administration's significant import tariff policies, including reciprocal tariffs, spread in earnest across international trade during the current interim consolidated accounting period. Supply chain restructuring and upward pressure on import prices have become evident in countries and regions around the world, further intensifying uncertainty over the outlook for the global economy as a whole.」