Demand contraction due to recessions in major markets

「The outlook for the global economy is extremely uncertain due to an economic slowdown against the backdrop of US trade policy, stagnation in the Chinese economy, the prolonged Russia-Ukraine situation and increasing instability in the Middle East.」

「Although uncertainty surrounding US tariff policy has eased, the situation remains unpredictable as the impact on the performance of some manufacturing companies, particularly in the automotive industry, has become apparent. The outlook for the global economy remains uncertain due to an economic slowdown resulting from US tariff policy, stagnation in the Chinese economy, the prolonged Russia-Ukraine situation and geopolitical risks in the Middle East.」

「Accordingly, a contraction in demand due to an economic downturn or other factors in the Group’s major markets, including Japan, North America, Europe and Asia, could adversely affect the Group’s operating results and financial condition.」

「In the global economy, the US economy remained resilient and the European economy was trending toward recovery, while China’s recovery was delayed by deteriorating real estate market conditions and other factors. In addition, the outlook remained uncertain due to persistently high resource and energy prices and inflation against a backdrop of the prolonged Russia-Ukraine situation and the emergence of geopolitical risks in the Middle East.」

「The US economy remained resilient, while Europe was trending toward an economic slowdown and China’s recovery was delayed by weak exports, deteriorating real estate market conditions and other factors. In addition, the outlook remained uncertain due to persistently high resource and energy prices and inflation caused by the prolonged Russia-Ukraine situation and worsening conditions in the Middle East.」

「In the global economy, the US economy remained resilient, while Europe was trending toward an economic slowdown and China’s recovery was delayed by weak exports, deteriorating real estate market conditions and other factors. In addition, the outlook remained uncertain due to persistently high resource and energy prices and inflation caused by the prolonged Russia-Ukraine situation and worsening conditions in the Middle East.」

「During the first half of the current consolidated fiscal year, economic activity in Japan moved toward normalization after COVID-19 was reclassified under the Infectious Diseases Control Law, and signs of recovery were seen in personal consumption and exports. However, conditions remained difficult due to a cyclical decline in semiconductor demand and declining global appetite for capital investment. In the global economy, while monetary tightening and other factors continued, the US economy remained resilient, Europe was trending toward an economic slowdown, and China’s recovery was delayed by weak exports, deteriorating real estate market conditions and other factors. In addition, the outlook remained uncertain due to persistently high resource and energy prices and inflation caused by the prolonged Russia-Ukraine situation.」

「During the first quarter of the current consolidated fiscal year, economic activity in Japan moved toward normalization after COVID-19 was reclassified under the Infectious Diseases Control Law, and signs of recovery were seen in personal consumption and exports. However, conditions remained difficult due to a cyclical decline in semiconductor demand and declining global appetite for capital investment. In the global economy, the US and European economies were slowing due to monetary tightening, while China’s recovery lacked strength. The outlook remained uncertain due to persistently high resource and energy prices and inflation caused by the prolonged Russia-Ukraine situation.」

「The global economy remained uncertain, with concerns over an economic slowdown in Europe and the United States due to monetary tightening, a lack of strength in China’s recovery from the downturn caused by activity restrictions, and persistently high resource and energy prices and inflation resulting from the prolonged Russia-Ukraine situation.」

「During the first half of the current consolidated fiscal year, restrictions on economic activity due to COVID-19 were eased, and signs of recovery were seen in personal consumption and exports. However, conditions remained difficult due to continuing supply chain disruptions and constraints on the supply of raw materials and components. In the global economy, Europe and the United States were on a recovery track, and China was beginning to recover from the downturn caused by activity restrictions. However, the outlook remained uncertain due to persistently high resource and energy prices caused by the prolonged Russia-Ukraine situation and concerns over a global economic slowdown resulting from monetary tightening.」

「During the first quarter of the current consolidated fiscal year, restrictions on economic activity due to COVID-19 were gradually eased, and signs of recovery were seen in personal consumption and exports. However, conditions remained difficult due to continuing supply chain disruptions and constraints on the supply of raw materials and components. In the global economy, the US and European economies were on a recovery track against a backdrop of normalized economic activity, and China was also beginning to recover after lockdowns in major cities were finally lifted in June. However, the outlook remained uncertain due to soaring resource and energy prices caused by the prolonged Russia-Ukraine situation and concerns over a global economic slowdown resulting from monetary tightening.」

「During the first nine months of the current consolidated fiscal year, moves toward normalizing economic activity were seen as COVID-19 vaccinations became widespread. Personal consumption remained volatile, while exports continued on an upward trend, but difficult conditions persisted as inbound demand remained depressed for an extended period. In the global economy, although China showed signs that its economic expansion was reaching a plateau, the US and European economies were on a recovery track as restrictions on economic activity were eased with the progress of vaccinations.」

「During the first half of the current consolidated fiscal year, restrictions on economic activity due to COVID-19 continued, personal consumption remained volatile, and inbound demand remained difficult as its prolonged stagnation continued, despite exports remaining on an upward trend. In the global economy, although China showed signs that its economic expansion was reaching a plateau, the US and European economies were on a recovery track as restrictions on economic activity were eased with the progress of vaccinations.」

「In the global economy, China continued to expand, and the US economy was on a recovery track as restrictions on economic activity were eased with the progress of vaccinations. In Europe, however, recovery was expected to take time because the pace of easing activity restrictions varied widely by country.」

「Accordingly, a contraction in demand due to an economic downturn or other factors in the Group’s major markets, including Japan, North America, Europe and Asia, could adversely affect the Group’s operating results and financial condition.」

「During the first nine months of the current consolidated fiscal year, the Japanese economy deteriorated rapidly as personal consumption and exports fell sharply due to the global spread of COVID-19. Although signs of recovery emerged after economic activity resumed, including a recovery in exports of transportation equipment, difficult conditions continued due to the resurgence of COVID-19. In the global economy, China was recovering steadily after economic activity resumed, while restrictions on activity were being tightened again in Europe and the United States due to the resurgence of COVID-19, and they were expected to require time to return to the previous year’s level.」

「During the first half of the current consolidated fiscal year, the Japanese economy deteriorated rapidly as personal consumption and exports fell sharply due to the global spread of COVID-19. Although exports, particularly of transportation equipment, were beginning to recover as economic activity resumed, conditions remained difficult, with inbound demand continuing at almost zero. In the global economy, China was recovering steadily after the resumption of economic activity, while the pace of recovery in Europe and the United States was slowing despite the resumption of economic activity, and they were expected to require time to return to the previous year’s level.」

「During the first quarter of the current consolidated fiscal year, the Japanese economy is believed to have remained difficult, as personal consumption fell sharply and inbound demand continued to decline substantially due to the effects of entry restrictions and other factors. Although exports to China showed signs of bottoming out, exports to Europe and the United States, particularly of automobiles and capital goods, are expected to have remained substantially lower. In the global economy, China was recovering toward the previous year’s level as economic activity resumed, while Europe and the United States were also gradually reopening their economies but were expected to require time to return to the previous year’s level.」

「During the first nine months of the current consolidated fiscal year, the Japanese economy remained sluggish. Although personal consumption was on a gradual recovery track, exports were weak due to the slowdown in the Chinese economy. Although concerns over an escalation in US-China trade tensions were easing, uncertainty remained because of concerns that their impact on the real economy would continue.」

「During the first half of the current consolidated fiscal year, the Japanese economy remained sluggish. Although personal consumption was on a gradual recovery track, exports were weak due to the slowdown in the Chinese economy. Although the US economy remained robust, concerns grew that the impact of US-China trade tensions could spread to the global economy, increasing uncertainty.」

「During the first quarter of the current consolidated fiscal year, the Japanese economy remained sluggish. Although personal consumption was on a gradual recovery track, capital investment was being postponed against a backdrop of weak exports caused by the slowdown in the Chinese economy. Although the US economy remained robust, concerns grew that intensifying US-China trade tensions could spread to the global economy, increasing uncertainty.」

「Although the US economy remains robust, concerns have increased over the impact of intensifying US-China trade tensions on the real economy, and the global economic outlook has become more uncertain.」

「During the first half of the current consolidated fiscal year, the Japanese economy remained on a recovery track, with capital investment and exports increasing gradually and personal consumption continuing to recover. Although the Chinese economy slowed, the robust US economy and a solid recovery in Europe continued, and the environment surrounding Japan progressed generally favorably.」

「During the first quarter of the current consolidated fiscal year, the Japanese economy remained on a recovery track, with capital investment and exports increasing gradually and personal consumption continuing to recover. Although the pace of growth in the European economy slowed, the US and Chinese economies remained robust, and the environment surrounding Japan progressed generally favorably.」

「A contraction in demand due to an economic downturn or other factors in the Group’s major markets, including Japan, North America, Europe and Asia, could adversely affect the Group’s operating results and financial condition.」

「During the first nine months of the current consolidated fiscal year, the Japanese economy continued on a gradual recovery track, supported by robust capital investment, a recovery in personal consumption and increased exports. In addition to the robust US economy, the pace of expansion in the European economy accelerated gradually, while the slowdown in the Chinese economy showed signs of easing. Overall, the environment surrounding Japan progressed favorably.」

「During the first half of the current consolidated fiscal year, the Japanese economy continued on a gradual recovery track, supported by robust capital investment, a recovery in personal consumption and increased exports. In addition to the robust US economy, signs of recovery were also seen in Europe, while the slowdown in the Chinese economy showed signs of easing. Overall, the environment surrounding Japan progressed generally favorably.」

「During the first quarter of the current consolidated fiscal year, the Japanese economy continued on a gradual recovery track, supported by robust capital investment, a recovery in personal consumption and increased exports. In addition to the robust US economy, signs of recovery were also seen in Europe, while the slowdown in the Chinese economy showed signs of easing. Overall, the environment surrounding Japan progressed generally favorably.」

「Although concerns remain over a prolonged period of low growth in Europe and renewed economic deceleration in China, the environment surrounding Japan is beginning to shift toward a gradual recovery, supported by the continued recovery of the US economy and signs of bottoming out in emerging-market and resource-rich economies.」

「Although a gradual economic recovery is continuing in the United States, the environment surrounding Japan remains uncertain due to the slowing recovery of the European economy and the continued slowdown of the Chinese economy.」

「The environment surrounding Japan has become increasingly uncertain, due to financial market turmoil following the UK’s withdrawal from the EU and the slowdown in emerging-market economies, including China.」