Economic and market uncertainty caused by slowing overseas economies and Brexit

「Meanwhile, concerns remain over constraints on the supply of resources and energy due to heightened tensions in the Middle East and bottlenecks in supply chains, and the economic outlook remains uncertain.」

「During the six-month period from 1 January 2026 to 30 June 2026, Japan's economy continued to recover moderately against a backdrop of improvements in employment and income, but real wages lacked strength as import prices continued to rise due to the weak yen. Consumers remained strongly inclined to economize, and spending became increasingly selective. Meanwhile, concerns persisted over supply constraints for resources and energy caused by escalating tensions in the Middle East and bottlenecks in supply chains, and the economic outlook remained uncertain.」

「At the same time, uncertainty in the global economy has increased due to factors including US trade policy, exchange-rate fluctuations and heightened tensions in the Middle East, and the outlook remains uncertain.」

「The outlook for the economy remains uncertain amid concerns over a slowdown in personal consumption caused by continued price increases, the impact of US tariff policy and geopolitical risks arising from international conflicts.」

「Global economic uncertainty has increased due to lower personal consumption caused by rising prices, the impact of US tariff policy, the prolonged and increasingly confused situation in Ukraine and escalating tensions in the Middle East. The outlook remains uncertain.」

「Concerns arose over downside risks to overseas economies from persistently high interest rates in Europe and the US and stagnating economic activity in China. It is also necessary to monitor the impact of future US policy developments and the situation in the Middle East, and the outlook is expected to remain uncertain.」

「Concerns arose over downside risks to overseas economies due to the prolonged situation in Ukraine, tensions in the Middle East, the impact of persistently high interest rates in Europe and the US and the outlook for the Chinese economy. In Japan, the yen's sustained weakness drove up resource and raw-material prices, contributing to higher prices, and the outlook remained uncertain.」

「Concerns arose over downside risks to overseas economies due to the prolonged situation in Ukraine, escalating tensions in the Middle East, the impact of globally tighter monetary policy and the outlook for the Chinese economy. In Japan, the yen's sustained weakness drove up resource and raw-material prices, contributing to higher prices, and the outlook remained uncertain.」

「Concerns about a global recession continued amid the prolonged situation in Ukraine, prolonged monetary tightening in Europe and the US to contain inflation, tensions in the Middle East and weak domestic and external demand in China.」

「Concerns about a global recession continued amid the prolonged situation in Ukraine, persistently high resource and energy prices, prolonged monetary tightening in Europe and the US to contain inflation, and sluggish domestic and external demand in China. In Japan, rapid yen depreciation intensified inflation, raising concerns about downside risks to the economy from higher prices, and the outlook remained uncertain.」

「Resource and energy prices continued to rise against a backdrop of the prolonged situation in Ukraine and supply constraints, while globally tighter monetary policy raised concerns about a global recession. In Japan, rapid exchange-rate movements intensified inflation, raising concerns about downside risks to the economy from higher prices, and the outlook remained uncertain.」

「During the fiscal year from 1 January 2022 to 31 December 2022, Japan's economy experienced major outbreaks in the sixth, seventh and eighth waves caused by Omicron variants, but social and economic activity moved toward normalization as restrictions were gradually eased. Meanwhile, as the global economy recovered from the COVID-19 pandemic, resource and energy prices continued to rise against a backdrop of supply constraints. The prolonged Ukraine situation added to these pressures, and countries pursued tighter monetary policy to contain rapidly rising inflation, raising concerns about a global recession caused by higher interest rates.」

「As the global economy recovered from the COVID-19 pandemic, resource prices continued to rise against a backdrop of supply constraints caused by semiconductor and labor shortages and logistics disruptions. The prolonged Ukraine situation added to these pressures, and countries continued tightening monetary policy to contain rapidly rising inflation, raising concerns about a global recession caused by higher interest rates. In Japan, the yen depreciated rapidly against a backdrop of continued monetary easing, as the widening interest-rate differential between Japan and the US intensified inflation, raising concerns about downside risks to the economy from sharp price increases and further heightening uncertainty about the outlook.」

「As the global economy moved ahead with its recovery from the COVID-19 pandemic, resource prices continued to rise against a backdrop of supply constraints caused by semiconductor and labor shortages and logistics disruptions. The prolonged Ukraine situation further intensified these pressures, and countries shifted toward tighter monetary policy to contain rapidly rising inflation, raising concerns about a global economic recession caused by higher interest rates. In Japan, the yen depreciated rapidly because of differences in the direction of monetary policy among countries, raising concerns about downside risks to the economy as prices rose, and uncertainty about the outlook increased further.」

「As the global economy recovered from the COVID-19 pandemic, resource prices, including crude oil, rose sharply against a backdrop of supply constraints caused by semiconductor and labor shortages and disruptions to logistics. Russia's invasion of Ukraine further accelerated this trend, and inflation has accelerated worldwide. In addition, the yen has depreciated rapidly, partly because of differences in monetary policy among countries, raising concerns about downside risks to Japan's economy. The outlook therefore remains difficult to predict.」

「The Omicron variant, first confirmed at the end of November, is believed to be extremely transmissible. Although border-control measures and other steps were implemented as infections spread rapidly worldwide, Japan also experienced its largest outbreak to date, and the outlook remains uncertain.」

「The fifth wave in summer, driven by a highly transmissible variant, became the largest wave to date. However, as vaccination spread across a broad range of age groups, the wave moved rapidly toward containment and conditions emerged in which the gradual normalization of social and economic activity was expected. Nevertheless, the outlook remained uncertain amid concerns about a sixth wave in winter.」

「Following the third wave in winter and the fourth wave in spring, the fifth wave saw infections increase, particularly in major metropolitan areas, due to variants believed to be highly transmissible. Although vaccinations were gradually being administered, beginning with healthcare workers and older people, the outlook remained uncertain.」

「Following the third wave in winter, the fourth wave from early spring saw infections spread rapidly, particularly in major metropolitan areas, due to variants believed to be highly transmissible. The outlook remained extremely uncertain amid concerns that the spread would extend nationwide.」

「Although social and economic activity gradually resumed and showed signs of recovery after the state of emergency was lifted, the timing of the end of COVID-19 remained unpredictable and the outlook continued to be uncertain.」

「Although the state of emergency was lifted at the end of May, the outlook remained extremely uncertain because the end of the COVID-19 pandemic could not be predicted and concerns persisted that its social and economic effects would be prolonged.」

「Concerns have grown that the global spread of COVID-19 will have an increasingly serious and prolonged impact on the domestic and overseas economies, and the domestic economic outlook remained extremely uncertain.」

「In addition to the impact of developments in overseas economies, including the US-China trade dispute, the outlook for the Chinese economy and the UK's withdrawal from the EU, concerns have arisen over a succession of natural disasters and consumer trends following the consumption tax increase. The economic outlook remains uncertain.」

「It is necessary to monitor developments in overseas economies, including the US-China trade dispute, the outlook for the Chinese economy and the UK's withdrawal from the EU, as well as the impact of volatility in financial and capital markets. The economic outlook therefore remains uncertain.」

「It is necessary to monitor developments in the US-China trade dispute, the outlook for the Chinese economy, policy uncertainty and the impact of volatility in financial and capital markets. The economic outlook therefore remains uncertain.」

「However, concerns remain about the impact on the domestic economy of the prolonged US-China trade dispute, the slowdown in the Chinese economy and growing policy uncertainty, and the outlook for the economy remains uncertain.」

「Meanwhile, the outlook remains uncertain amid concerns over the impact of developments in trade relations between the US and China on the global economy.」

「Although overseas economies continued to recover moderately, the outlook remained uncertain amid concerns over rising uncertainty caused by the protectionist policies of the US administration.」

「Although overseas economies continued to recover moderately, uncertainty persisted amid concerns over policy uncertainty and the impact of volatility in financial and capital markets.」

「Although overseas economies continued to recover moderately, the outlook remained uncertain due to concerns over the outlook for emerging Asian economies, including China, the impact of future US policy developments and growing geopolitical risks.」

「Meanwhile, the outlook remains uncertain due to the impact of uncertainty in the global economy, including the slowdown in emerging economies such as China and developments in US policy, as well as rising geopolitical risks.」

「Meanwhile, the economic outlook remains uncertain, amid concerns about the slowdown in emerging economies such as China, the UK's withdrawal from the EU and increasing uncertainty in the global economy resulting from US policy.」

「Meanwhile, the outlook for the economy remains uncertain, amid concerns about a slowdown in emerging economies such as China, the UK's withdrawal from the EU, and the impact of the new US administration's policies on the global economy.」

「Although Japan's economy continued to recover gradually during the fiscal year, supported by ongoing improvements in corporate earnings and the employment and income environment, the outlook remained uncertain due to the impact of a slowdown in emerging economies such as China, the UK's withdrawal from the EU and uncertainty surrounding the policies of the new US administration.」

「Meanwhile, the outlook remained uncertain, as concerns about slowing growth in emerging economies, including China, and the UK's withdrawal from the EU, together with growing uncertainty in overseas economies, could not be dispelled.」

「Amid concerns about slowing growth in emerging economies, including China, and the UK's withdrawal from the EU, overseas economic conditions contributed to unstable movements in foreign exchange and equity markets, and the outlook for the economy remained increasingly uncertain.」