Uncertainty over the outlook stemming from concerns about a downturn in emerging-market economies, yen appreciation, and falling stock prices

「原材料やエネルギー価格の高止まりに加え、中東情勢の緊迫化による原油・ナフサ価格の上昇や原材料の調達リスクなど、依然として先行き不透明な状況が続いております。」

「During the interim consolidated accounting period, the Japanese economy showed a gradual recovery due to improvements in employment and income conditions resulting from wage increases and robust capital investment. However, persistently high raw material and energy prices, rising crude oil and naphtha prices due to heightened tensions in the Middle East, and restrictions on the supply of raw materials posed downside risks to the economy, and the outlook remained uncertain.」

「The business environment surrounding our Group is expected to remain uncertain in Japan and overseas. The economy is expected to gradually recover due to robust capital investment and the new administration's measures to address high prices. However, overseas, concerns about a slowdown in the U.S. and global economies and soaring raw material prices and persistently high energy prices caused by geopolitical risks worldwide are expected to remain. In Japan, insufficient demand caused by declining real wages is also a concern.」

「During the interim consolidated accounting period, the Japanese economy showed a gradual recovery due to improvements in employment and income conditions and an increase in inbound tourism. However, the outlook remained uncertain amid sluggish personal consumption caused by higher prices and declining real wages, as well as the impact of U.S. tariff policies.」

「The business environment surrounding our Group is expected to remain uncertain in Japan and overseas. Personal consumption and capital investment are recovering, and the economy is expected to gradually recover, but geopolitical instability continues worldwide. Resource prices are expected to rise further, raw material prices are expected to accelerate further, and energy prices are expected to remain high. In Japan, concerns include insufficient demand caused by price increases outpacing wage growth.」

「During the six months ended September 30, the Japanese economy remained uncertain, amid rising raw material and energy prices caused by the prolonged situation in Ukraine, heightened tensions in the Middle East and a sharp depreciation of the yen, as well as sluggish personal consumption resulting from higher prices and declining real wages.」

「During the three months ended June 30, the Japanese economy showed a gradual recovery as economic activity normalized and employment, income and corporate earnings improved. However, the outlook remained uncertain due to sluggish personal consumption and stagnation in the Chinese economy.」

「The business environment surrounding our Group is expected to remain uncertain in Japan and overseas. Economic activity is expected to normalize and the economy to gradually recover following the reclassification of COVID-19 as a Class 5 infectious disease, but concerns remain about an economic slowdown caused by soaring raw material and energy prices, higher logistics costs and accelerating inflation.」

「During the nine months ended December 31, the Japanese economy showed a gradual recovery as economic activity normalized following the reclassification of COVID-19 as a Class 5 infectious disease. However, the outlook remained uncertain due to rising raw material prices, persistently high energy prices, and the impact of monetary tightening aimed at addressing inflation in various countries.」

「During the six months ended September 30, the Japanese economy showed a gradual recovery as economic activity normalized following the easing of restrictions on activity related to COVID-19. However, the outlook remained uncertain amid the prolonged situation in Ukraine, rising raw material and energy prices caused by the weaker yen, and concerns about an economic slowdown resulting from anti-inflation measures in various countries.」

「During the three months ended June 30, the Japanese economy showed a gradual recovery as economic activity normalized following the easing of restrictions on activity related to COVID-19. However, the outlook remained uncertain amid the prolonged situation in Ukraine, soaring raw material and energy prices caused by the weaker yen, and concerns about an economic slowdown resulting from anti-inflation measures in various countries.」

「During the fiscal year, the Japanese economy was on a gradual recovery track as efforts to balance COVID-19 countermeasures with economic activity progressed. However, the outlook remained uncertain amid soaring raw material and energy prices caused by China's zero-COVID policy and the prolonged situation in Ukraine, shortages of parts and semiconductors caused by global supply chain disruptions, and concerns about an economic slowdown resulting from anti-inflation measures in various countries.」

「During the nine months ended December 31, the Japanese economy showed signs of a gradual recovery, but difficult conditions continued due to shortages of parts and semiconductors caused by global supply chain disruptions, as well as soaring raw material and energy prices.」

「During the six months ended September 30, the Japanese economy showed signs of a gradual recovery, but difficult conditions continued due to the impact of another resurgence of COVID-19, shortages of parts and semiconductors, and soaring raw material and energy prices.」

「Although signs of a recovery from the economic downturn caused by the spread of COVID-19 have emerged, the outlook remains uncertain due to the renewed spread of infections involving new variants, soaring resource prices and difficulties procuring various materials.」

「The business environment surrounding our Group remained difficult, as economic activity stagnated and domestic and overseas demand weakened due to the spread of COVID-19 and related measures. Although demand, particularly in China and the United States, has gradually recovered, the end of the pandemic remains unforeseeable amid concerns about another resurgence of infections, and the outlook is expected to remain uncertain.」

「During the nine months ended December 31, the Japanese economy was on a recovery trend, with exports and production expanding as overseas economies, including those of the United States and China, recovered. However, restrictions on economic activity due to the renewed spread of COVID-19, rising raw material prices and semiconductor shortages remained concerns, and the outlook continued to be uncertain.」

「During the first six months of the current consolidated fiscal year, Japan’s economy was recovering as exports and production expanded on the recovery of overseas economies, including those of the United States and China. However, the recovery in domestic demand was sluggish because the renewed spread of the novel coronavirus again restricted economic activity, and uncertainty over the outlook continued.」

「Although signs of a recovery from the economic downturn caused by the spread of the novel coronavirus have emerged, the renewed spread of infections has again partially restricted economic activity, and uncertainty over the outlook continues.」

「Economic activity stagnated owing to the spread of the novel coronavirus and measures to contain it, and domestic and overseas demand remained sluggish. Although demand, particularly in China and the United States, has gradually recovered, the timing of a resolution remains unclear because of concerns over a renewed spread of infections, and uncertain conditions are expected to continue.」

「During the first nine months of the current consolidated fiscal year, economic activity stagnated owing to the trade friction issue between the United States and China and the spread of the novel coronavirus and measures to contain it, and the economy deteriorated rapidly. Although economic activity has gradually resumed, difficult conditions have continued because the timing of a resolution remains unclear.」

「The global economy slowed sharply owing to the spread of the novel coronavirus and measures to contain it, and uncertainty over the outlook continued because the timing of a resolution remained unclear.」

「During the first quarter of the current consolidated fiscal year, Japan’s economy remained generally sluggish. The trade friction issue between the United States and China and stagnation in the Chinese and emerging-market economies weakened overseas demand, and some weakness was also evident in parts of the manufacturing sector.」

「Although the U.S. economy continued to recover, uncertainty over the outlook increased owing to the prolonged U.S.-China trade friction and the slowdown in the Chinese and emerging-market economies.」

「During the first nine months of the current consolidated fiscal year, Japan’s economy continued to recover moderately, with continued improvements in corporate earnings and employment conditions. However, conditions remained unstable going forward owing to the impact of U.S.-China trade friction and the slowdown in China’s economy.」

「During the first six months of the current consolidated fiscal year, Japan’s economy continued to recover moderately, with continued improvements in corporate earnings and the employment and income environment. However, the outlook for the economy remained uncertain owing to the impact of trade friction between the United States and China.」

「During the first quarter of the current consolidated fiscal year, Japan’s economy was on a moderate recovery trend, with continued improvements in corporate earnings and employment conditions. However, concerns over the impact of uncertain economic conditions, including trade friction between the United States and China and a slowdown in emerging-market economies, persisted, and conditions remained uncertain going forward.」

「Although the global economy was affected by trade friction between the United States and China and a slowdown in emerging-market economies, the U.S. economy remained firm, and overall conditions remained relatively stable amid a highly uncertain environment.」

「Meanwhile, concerns remained over the impact of trade friction caused by U.S. protectionist trade policies and the deterioration of emerging-market economies, and conditions remained unstable going forward.」

「During the first six months of the current consolidated fiscal year, Japan’s economy continued to recover moderately, with continued improvements in corporate earnings and the employment and income environment. However, the outlook for the economy became uncertain owing to developments in U.S. protectionist policies.」

「During the first quarter of the current consolidated fiscal year, Japan’s economy was on a moderate recovery trend, with continued improvements in corporate earnings and employment conditions. However, it remained uncertain going forward owing to uncertainties such as political developments in Europe and the United States and geopolitical risks.」

「However, overseas conditions involved many areas of concern, including developments in policy under the new U.S. administration, the United Kingdom’s withdrawal from the EU, the unstable situation in the Middle East and the North Korea issue, leaving the overall economic environment highly uncertain.」

「During the first six months of the current consolidated fiscal year, Japan’s economy was on a moderate recovery trend, with improvements in corporate earnings and the employment and income environment. However, it remained uncertain going forward owing to concerns over a slowdown in emerging-market economies and developments in U.S. policy.」

「During the first quarter of the current consolidated fiscal year, Japan’s economy was on a moderate recovery trend, with continued improvements in corporate earnings and employment conditions. However, it remained uncertain going forward due in part to the policies of the new U.S. administration and concerns over a slowdown in emerging-market economies, including China.」

「Under these circumstances, the Group focused on expanding and strengthening its business foundation by developing new demand, improving business profitability and improving production efficiency, as it had in the previous consolidated fiscal year.」

「Against the backdrop of the government’s economic policies and the Bank of Japan’s monetary policy, Japan’s economy continued to recover moderately, with improvements in corporate earnings and employment conditions. However, the economy remained unstable, owing in part to the slowdown in emerging-market economies, including China, and the stagnation of the European economy resulting from issues such as the United Kingdom’s withdrawal from the EU.」

「The economy remained in an uncertain state, with concerns over a downturn in emerging-market economies and a stronger yen and weaker share prices from the beginning of the year.」