Economic uncertainty stemming from protectionist policies, trade tensions and crude oil conditions

「Although the Japanese economy during the interim consolidated accounting period showed a gradual recovery trend as employment and income conditions improved, greater attention was required to the effects of uncertainty over the future direction of government policy, downside risks to the economy from U.S. trade policy, the continued rise in prices, and volatility in financial and capital markets. The economic outlook therefore remained uncertain.」

「Meanwhile, the outlook remained uncertain because of the effects of soaring resource prices associated with prolonged global geopolitical risks, rising prices resulting from the depreciation of the yen, and changes in monetary policy, among other factors.」

「Inflation continued because of rising raw material prices resulting from the prolonged situation between Russia and Ukraine and the continued depreciation of the yen, leaving the outlook uncertain.」

「During the cumulative second quarter of the fiscal year, restrictions on activities related to COVID-19 were lifted in Japan, as were travel restrictions with overseas destinations, and the normalization of social and economic activity from the COVID-19 pandemic progressed faster than expected. However, inflation continued because of rising raw material prices resulting from the prolonged situation between Russia and Ukraine and the continued depreciation of the yen, leaving the outlook uncertain.」

「Meanwhile, the outlook remained uncertain, including because of rising raw material prices resulting from the prolonged situation between Russia and Ukraine and other factors.」

「During the cumulative third quarter of the fiscal year, the timing of the end of the COVID-19 pandemic remained unforeseeable. While economic recovery was expected due to the spread of vaccinations and the effects of various policies, the economic outlook remained uncertain because of rising raw material and energy prices resulting from the prolonged situation between Russia and Ukraine and the rapid depreciation of the yen.」

「During the cumulative second quarter of the fiscal year, economic activity in Japan had been gradually recovering due to the spread of vaccinations and the effects of various policies. However, the economic outlook remained uncertain amid the resurgence of infections caused by highly transmissible variants, rising raw material and energy prices due to the prolonged situation between Ukraine and Russia, and the ongoing depreciation of the yen.」

「During the cumulative first quarter of the fiscal year, the Japanese economy showed gradual signs of recovery in economic activity due to the spread of vaccinations and the effects of various policies. However, the spread of highly transmissible variants led to the reimposition of priority preventive measures, while economic concerns arising from the situation between Russia and Ukraine also persisted, leaving the economic outlook uncertain.」

「During the cumulative third quarter of the fiscal year, the Japanese economy remained uncertain in its outlook, despite the accelerating rollout of vaccines against COVID-19, amid the spread of infections caused by variants.」

「During the cumulative second quarter period, Japan's economy remained uncertain as the outlook for containing COVID-19 remained unclear and personal consumption stagnated amid sluggish progress toward an economic recovery, owing to shortened restaurant operating hours and requests to limit event attendance associated with repeated declarations of a state of emergency and the issuance of priority preventive measures by the government. The global economy also remained uncertain. Although economic activity was gradually resuming, mainly in Europe and the United States, as vaccinations progressed and signs of recovery emerged, concerns remained about renewed infections in some countries and regions.」

「Even after the state of emergency declared in April last year was lifted, the number of COVID-19 patients rose again, and a second state of emergency was declared in January this year, leaving the economic outlook uncertain. At the same time, vaccination programs have begun in various countries, and a gradual recovery in the global economy is expected to emerge, supported by the effects of various policy measures.」

「During the fiscal year, some signs of a gradual recovery emerged as social and economic activity resumed following the sharp downturn caused by the spread of COVID-19. However, uncertainty about the outlook strengthened again as infections spread anew in Japan and overseas.」

「During the cumulative third quarter period, Japan's economy remained in an extremely difficult environment as the global spread of COVID-19 substantially restricted social and economic activity, worsening corporate earnings, weakening personal consumption and sharply reducing inbound demand. After the lifting of the state of emergency, there were signs of efforts to balance economic activity with measures to prevent the spread of infection, and the economy showed signs of recovery. However, the outlook remained uncertain as infections spread nationwide and clusters were reported in workplaces and households.」

「Uncertainty surrounding overseas economic conditions, including concerns about trade tensions stemming from US protectionist policies and a slowdown in the Chinese economy, continued. In addition, the global spread of COVID-19 left domestic and overseas economies in an extremely difficult situation.」

「During the cumulative first quarter period, Japan's economy remained on a moderate recovery trend, supported by improvements in corporate performance and employment conditions. At the same time, concerns about the impact of the spread of COVID-19 on the global economy intensified, leaving the economic outlook uncertain.」

「During the fiscal year, Japan's economy continued on a moderate recovery trend, supported by improvements in corporate earnings and employment conditions. However, the economic outlook remained uncertain amid concerns about the impact of a slowdown in overseas economies resulting from prolonged US-China trade tensions.」

「At the same time, the economic outlook remains uncertain amid tensions over trade issues, the outlook for the Chinese economy and the prolonged issue of the UK's withdrawal from the EU.」

「At the same time, the economic outlook remains uncertain, owing to factors including protectionist US trade policies and the prolonged issue of the UK's withdrawal from the EU.」

「However, overseas economic conditions remain uncertain due to the prolonged nature of trade issues and uncertainty in overseas economies.」

「However, amid concerns about the global economy, including intensifying US-China trade tensions, a slowdown in the Chinese economy and the effects of volatility in financial and capital markets, the outlook remains uncertain.」

「During the cumulative third quarter period, Japan's economy continued to recover moderately overall, with signs of improvement in corporate performance and employment conditions. However, the outlook remains uncertain amid concerns about the impact of US-China trade tensions on the global economy and the effects of substantial volatility in financial and capital markets.」

「At the same time, the economy remains subject to an uncertain outlook, with concerns over trade tensions resulting from protectionist policies in the United States and risk factors including crude oil conditions in the Middle East.」