Sluggishness in China and emerging markets, concerns about a slowdown in the United States, and uncertainty in the global economy caused by the UK's withdrawal from the EU

「During the consolidated fiscal year under review, the strength of the US economy was maintained, while disparities in economic conditions across regions became increasingly pronounced, including China’s property downturn and stagnation in European manufacturing.」

「米国経済の堅調さが維持された一方、中国の不動産不況や欧州の製造業停滞など、地域間での景況感の格差が鮮明となりました。」

「During the interim consolidated accounting period under review, the US economy remained firm against a backdrop of strong AI demand and resilient personal consumption, while weak domestic demand in China continued for an extended period due to the property downturn. Globally, conditions remained uncertain.」

「During the interim consolidated accounting period under review, the global economy remained resilient, supported by the European economy’s gradual recovery and the firm US economy, despite slower growth in China due to a prolonged slump in the property market and weak personal consumption.」

「During the consolidated fiscal year under review, the global economy remained generally weak. Although the US economy was firm, supported by favorable employment conditions, the Chinese economy was affected by a stagnant property market and the European economy by weak manufacturing. Geopolitical risks increased as international conditions deteriorated, with Russia’s invasion of Ukraine becoming prolonged and conflict breaking out between Israel and Hamas in the Middle East.」

「During the cumulative consolidated third quarter under review, the global economy was unstable amid rising new geopolitical risks, including the expansion of conflict in the Middle East. The European economy, where both domestic demand and exports remained sluggish, showed signs of stagnation, while the US economy remained firm, driven mainly by increases in personal consumption expenditure and capital investment in manufacturing. The Chinese economy remained weak as exports cooled amid US-China trade friction and domestic economic concerns suppressed domestic demand. In Japan, inbound demand continued to increase and the economy showed a gradual recovery. However, as overseas economies continued to stagnate, uncertainty about the outlook increased amid worsening international conditions.」

「During the cumulative consolidated second quarter under review, the global economy was generally slowing, with significant variation across countries and regions. The US economy remained firm, supported by personal consumption, while the Chinese economy weakened amid a sluggish property market and declining exports.」

「During the cumulative consolidated first quarter under review, the global economy was generally on a slowing trend, although recession was avoided, as the US economy showed signs of stagnation against a backdrop of inflation and interest rate hikes, while the pace of recovery in the Chinese economy slowed after the end of its zero-COVID policy.」

「During the cumulative consolidated third quarter under review, the global economy showed signs of stagnating recovery as concerns about energy supply in European countries persisted due to the prolonged Ukraine crisis, while restrictions on the movement of people under China’s zero-COVID policy and interest rate hikes by countries against a backdrop of concerns about rapidly rising inflation also weighed on the economy.」

「During the cumulative consolidated second quarter under review, the global economy remained uncertain, as concerns about an economic slowdown intensified due to the continued implementation of China’s zero-COVID policy and soaring energy prices stemming from Russia’s invasion of Ukraine.」

「During the three-month consolidated period under review, the global economy remained in a difficult situation, affected by soaring resource and energy prices and supply-chain disruptions against a backdrop including lockdowns in major Chinese cities in response to the spread of COVID-19 and worsening conditions in Ukraine.」

「During the nine-month consolidated period under review, the global economy was on a recovery trend in the first half as the spread of COVID-19 began to ease and countries gradually relaxed entry restrictions. However, in the second half, the spread of the Omicron variant again brought economic activity into a difficult situation.」

「During the six-month consolidated period under review, economic activity resumed in China, the United States and European countries as COVID-19 vaccines became more widely available, while Southeast Asian countries remained under strict restrictions, including continued lockdowns.」

「During the three-month consolidated period under review, economic activity in the global economy gradually resumed as COVID-19 vaccinations progressed, and pronounced signs of economic recovery were seen in some regions, including China.」

「During the nine-month consolidated period under review, the Japanese economy was subject to substantial restrictions on private consumption and corporate activity due to the resurgence of COVID-19. The timing of the end of the outbreak remains unforeseeable, and the outlook continues to be uncertain.」

「During the six-month consolidated period under review, the Japanese economy showed signs of recovery as economic activity gradually resumed, although the spread of COVID-19 continued to have a serious impact on the global economy and the outlook remained uncertain.」

「During the three-month consolidated period under review, the Japanese economy deteriorated sharply as the spread of COVID-19 restricted economic and social activity.」

「In addition to US-China trade friction, the spread of COVID-19 has left both the domestic and global economies facing an uncertain outlook, and difficult conditions are expected to continue amid concerns about restrictions on and contraction of corporate activity and private consumption.」

「Although signs of a gradual recovery were seen, the global economy remained in an uncertain environment as risks, including prolonged US-China trade friction and developments regarding the UK's EU withdrawal, increased.」

「During the six-month consolidated period under review, the Japanese economy remained flat as uncertainty increased due to the impact of US-China trade friction and signs of a slowdown emerged in areas including capital investment.」

「In addition, while the United States and Europe showed signs of moderate economic expansion, growth in China slowed partly due to the impact of trade friction with the United States.」

「In addition, while corporate earnings and private consumption remained firm in the United States, signs of an economic slowdown emerged in Europe and China. Concerns about the impact of US-China trade friction have also increased uncertainty about the outlook.」

「The global economy remained broadly on a recovery trend, with corporate earnings continuing to be firm, particularly in the United States and Europe. However, the outlook remains uncertain amid concerns about trade friction between the United States and other countries and developments regarding the situation in North Korea.」

「Although the global economy faced risks of a slowdown, including trade friction between the United States and other countries and the situation in the Middle East, it remained on a recovery trend, led by the United States, where employment conditions were improving, and China, where exports and production continued to expand.」

「Although the global economy faced risk factors including the US administration's governance, trade policy and the outlook for the situation in North Korea, it remained generally on a recovery trend, with gradual economic expansion in the United States and Europe and steady economic growth continuing in China.」

「In addition, although the global economy faced risks including policy developments under the US administration and heightened tensions on the Korean Peninsula, economic expansion continued gradually in the United States and Europe, while the Chinese economy also remained firm.」

「In addition, the global economy saw continued gradual recovery in the United States and Europe, while the Chinese and emerging-market economies were generally firm.」

「In addition, the global economy showed continued gradual recovery in the United States and Europe, while the Chinese economy remained firm despite slower growth.」

「With many uncertain factors overseas, including US policy and Europe's political situation, the domestic economy is expected to be significantly affected depending on those developments.」

「Overseas, uncertainty about the outlook for the Chinese economy continued, while the US and European economies remained firm. However, uncertainty remains over the potential impact on the global economy of the UK's EU withdrawal issue and developments under the new US administration.」

「Looking at the global economy, although the Chinese and emerging-market economies remained sluggish, the US economy remained firm and the turmoil in financial markets surrounding the UK's EU withdrawal issue gradually subsided, with signs of recovery also emerging.」

「The outlook for the global economy became more uncertain as the downturn in the Chinese and emerging-market economies continued, concerns about an economic slowdown increased in the United States, and the UK's EU withdrawal issue added to the uncertainty.」