Downturn in Overseas Economies and Intensifying Competition within the Industry

「However, the economic outlook remains uncertain due to the effects of inflation resulting from the weaker yen, in addition to difficulties in procuring Middle Eastern crude oil and naphtha and the resulting price increases stemming from the use of force by the United States against Iran and the closure of the Strait of Hormuz.」

「Although resource prices were beginning to stabilize, the outlook for the economy remained uncertain due to the unresolved situation in Ukraine, the unstable situation in the Middle East, and price increases caused by the depreciation of the yen.」

「However, the outlook for the economy remained uncertain due to soaring resource prices resulting from the prolonged situation in Ukraine and the destabilization of the situation in the Middle East, as well as price increases caused by the depreciation of the yen.」

「During the fiscal year, on a consolidated basis, Japan's economy showed signs of a moderate recovery as activity restrictions were eased following the reclassification of COVID-19 as a Class 5 infectious disease and economic activity normalized, supported by increased personal consumption and inbound demand. However, the outlook remained uncertain due to soaring resource prices resulting from the prolonged situation in Ukraine and the increasingly tense situation in the Middle East, as well as the rapid depreciation of the yen.」

「During the cumulative second quarter period, on a consolidated basis, Japan's economy showed signs of a moderate recovery as activity restrictions and restrictions on overseas travel were eased following the reclassification of COVID-19 as a Class 5 infectious disease, and economic activity including dining out, accommodation, and entertainment normalized. However, the outlook remained uncertain due to soaring resource prices resulting from the prolonged situation in Ukraine and other factors, global monetary tightening, and the rapid depreciation of the yen.」

「During the cumulative first quarter period, on a consolidated basis, Japan's economy showed signs of a moderate recovery as activity restrictions were eased and economic activity normalized following the reclassification of COVID-19 as a Class 5 infectious disease. However, the outlook remained uncertain due to soaring resource prices resulting from the prolonged situation in Ukraine and other factors, global monetary tightening, and the rapid depreciation of the yen.」

「The business environment surrounding the Group is expected to remain difficult.」

「During the cumulative third quarter period, on a consolidated basis, Japan's economy showed signs of recovery as COVID-19-related activity restrictions were eased. However, the outlook remained uncertain due to soaring resource and crude oil prices resulting from the prolonged situation in Ukraine and other factors, global monetary tightening, and sharp exchange-rate fluctuations.」

「During the cumulative second quarter period, the outlook for the economy remained uncertain due to the rapid resurgence of COVID-19 infections caused by a new variant from July onward, soaring resource and crude oil prices resulting from the situation in Ukraine and other factors, and the rapid depreciation of the yen.」

「During the cumulative first quarter period, the severe conditions caused by COVID-19 gradually eased and signs of an economic recovery emerged. However, the outlook for the economy remained uncertain due to soaring resource and crude oil prices resulting from the situation in Ukraine and other factors, as well as the rapid depreciation of the yen.」

「During the fiscal year, Japan's economy was on a moderate recovery trend as the COVID-19 vaccination rate increased. However, the outlook for the economy remained uncertain due to the spread of new variants and soaring resource prices resulting from Russia's invasion of Ukraine and other factors.」

「During the cumulative third quarter period, Japan's economy was on a moderate recovery trend as the COVID-19 vaccination rate increased. However, the global semiconductor shortage and persistently high raw material prices continued, and the economic outlook remained uncertain.」

「During the cumulative second quarter period, although COVID-19 vaccinations were progressing, economic activity and personal consumption were restricted by repeated declarations of states of emergency and the implementation of priority preventive measures, and the economic outlook remained uncertain.」

「During the cumulative first quarter period, although positive signs were emerging, including the start of COVID-19 vaccinations, economic activity and personal consumption were restricted by the reissuance of states of emergency in some regions and the implementation of priority preventive measures, and the outlook remained uncertain.」

「During the fiscal year, Japan's economy deteriorated rapidly as a state of emergency was declared in April 2020 in response to the spread of COVID-19, restricting personal consumption and corporate activity. Although some economic activity resumed after the state of emergency was lifted, infections increased sharply again in a third and fourth wave, and the outlook for the economy remained uncertain because the timing of the pandemic's containment remained difficult to predict.」

「During the cumulative third quarter period, Japan's economy deteriorated rapidly as personal consumption and corporate activity were restricted by the impact of COVID-19. Although some economic activity resumed after the government's state of emergency was lifted in May 2020, concerns remained about the economic impact of a third wave, and the outlook for the economy remained uncertain.」

「Although some economic activity resumed after the state of emergency was lifted, concerns remained about the economic impact of a second wave, and the outlook for the economy remained uncertain.」

「During the cumulative first quarter period, Japan's economy deteriorated rapidly as economic and social activity was restricted by requests from the government and local authorities to refrain from going out and to suspend operations in response to the spread of COVID-19. Economic activity was also curtailed in the global economy due to the impact of COVID-19, and the outlook remained uncertain.」

「During the fiscal year, Japan's economy continued to see improvements in corporate earnings and employment and income, and the economy remained on a moderate recovery trend. However, uncertainty persisted due to uncertainty in overseas economies caused by US-China trade tensions and the impact of the COVID-19 pandemic on domestic and overseas economies.」

「During the cumulative third quarter period, Japan's economy continued to see improvements in corporate earnings and employment and income, and the economy remained on a moderate recovery trend. However, it remained in an uncertain situation due to uncertainty in overseas economies caused by US-China trade tensions and rising geopolitical risks in the Middle East.」

「During the cumulative second quarter, the Japanese economy continued to recover moderately as corporate earnings and employment and income conditions improved. However, it remained subject to uncertainty over the outlook due to uncertainty in overseas economies resulting from US-China trade friction and rising geopolitical risks in the Middle East, among other factors.」

「During the cumulative first quarter, the Japanese economy continued to recover moderately against the backdrop of improvements in corporate earnings and employment and income conditions. However, it remained subject to uncertainty over the outlook due to a slowdown in overseas economies resulting from US-China trade friction and rising geopolitical risks in the Middle East, among other factors.」

「Looking ahead, the economy is expected to continue recovering moderately. However, the operating environment surrounding the Company is expected to remain challenging due to higher crude oil prices resulting from geopolitical risks, exchange-rate movements and concerns about a downturn in unstable overseas economies.」

「During the cumulative third quarter, the Japanese economy continued to recover moderately as corporate earnings and employment conditions improved. However, it remained subject to uncertainty over the outlook due to the downside risk to the global economy from US-China trade friction and rising geopolitical risks in the Middle East, among other factors.」

「In the coatings industry, to which the Company is primarily exposed, shipment volumes remained at approximately the same level as the previous year amid these economic conditions.」

「During the cumulative first quarter, the Japanese economy continued to recover moderately as corporate earnings and capital investment increased. However, it remained subject to uncertainty over the outlook due to economic developments related to the US-China trade friction and rising geopolitical risks in the Middle East, among other factors.」

「Looking ahead, the economy is expected to continue recovering moderately. However, the operating environment surrounding the Company is expected to remain challenging due to higher crude oil prices resulting from geopolitical risks, exchange-rate movements and concerns about a downturn in unstable overseas economies.」

「During the cumulative third quarter, the Japanese economy continued to recover moderately as corporate earnings remained strong and employment conditions improved. However, it remained subject to uncertainty over the outlook due to unstable political developments overseas and rising geopolitical risks in East Asia and the Middle East, among other factors.」

「During the cumulative second quarter, the Japanese economy continued to recover moderately as corporate earnings remained strong and employment conditions improved. However, it remained subject to uncertainty over the outlook due to unstable political developments overseas and rising geopolitical risks, among other factors.」

「During the cumulative first quarter, the Japanese economy continued to recover moderately as corporate earnings remained strong and employment conditions improved. However, it remained subject to uncertainty over the outlook due to developments in the US administration, the political situation in Europe and rising geopolitical risks, among other factors.」

「During the fiscal year, the Japanese economy continued to recover moderately as corporate earnings and employment and income conditions improved, but remained subject to uncertainty over the outlook due to the slowdown in emerging-market economies, including China, the UK's withdrawal from the EU and the policy direction of the new US administration.」

「During the cumulative third quarter, the Japanese economy continued to see improvements in corporate earnings and employment and income conditions, supported by the government's economic policies and other measures, and continued on a moderate recovery trend. However, it remained subject to uncertainty over the outlook due to the UK's withdrawal from the European Union (EU) and sharp exchange-rate movements following the US presidential election, among other factors.」

「During the cumulative second quarter, the Japanese economy showed signs of a moderate recovery as corporate earnings and employment conditions continued to improve against the backdrop of the government's economic policies and the Bank of Japan's monetary policy. However, it remained subject to uncertainty over the outlook due to fluctuations in exchange rates and stock prices related to the slowdown in the Chinese economy and the UK's withdrawal from the European Union (EU).」

「During the cumulative first quarter, the Japanese economy continued to recover moderately, with improvements in corporate earnings and employment and income conditions. However, it remained subject to uncertainty over the outlook due to falling stock prices following the UK's decision to leave the European Union (EU), the yen's appreciation and other factors.」

「Although the economy has continued to recover moderately, concerns about a downturn in overseas economies mean that the operating environment surrounding the Company is expected to remain challenging.」