Uncertainty in the business environment due to geopolitical risks and weakness in the domestic economy

「A moderate recovery is expected to continue, supported by improvements in the employment and income environment and the effects of various policies. However, the outlook remains uncertain because of downside risks to overseas economies, volatility in foreign exchange rates and the financial markets, trends in resource and raw-material prices, geopolitical risks including the situation in the Middle East, and developments surrounding U.S. trade policy.」

「Looking ahead, a gradual recovery is expected to continue, supported by improvements in employment and income conditions and the effects of various policies. At the same time, it will be necessary to closely monitor the impact of the situation in the Middle East, as well as volatility in the financial and capital markets and developments surrounding U.S. trade policy.」

「Looking at the domestic economy during the interim consolidated accounting period, personal consumption and capital investment showed signs of a moderate recovery despite the impact of U.S. trade policy, and employment conditions showed signs of improvement. Looking ahead, improvements in the employment and income environment and the effects of various policies are expected to support a moderate recovery, but attention must be paid to downside risks to the economy, including uncertainty surrounding future price trends and U.S. trade policy. Attention must also continue to be paid to the impact of volatility in the financial and capital markets.」

「Looking at the domestic economy during the interim consolidated accounting period, a moderate recovery is expected to continue as the employment and income environment improves. However, weaker overseas economies, including the impact of persistently high interest rates in Europe and the United States and the continued stagnation of China's property market, pose a downside risk to Japan's economy. Attention must also be paid to rising prices, U.S. policy trends, the situation in the Middle East, and volatility in the financial and capital markets.」

「However, weaker overseas economies, including the impact of persistently high interest rates in Europe and the United States and concerns about the outlook for the Chinese economy, pose a downside risk to Japan's economy. Close attention must continue to be paid to rising prices, the situation in the Middle East, and volatility in the financial and capital markets.」

「Looking at the domestic economy during the nine months ended 31 December, the economy was recovering moderately, although some stagnation had recently emerged. Looking ahead, personal consumption is expected to recover and the moderate recovery to continue as the employment and income environment improves. However, weaker overseas economies amid global monetary tightening and concerns about the outlook for the Chinese economy pose a downside risk to the economy, and close attention must continue to be paid to rising prices, the situation in the Middle East, and volatility in the financial and capital markets.」

「Looking ahead for the domestic economy during the six months ended 30 September, although some areas remained stagnant, personal consumption showed signs of recovery and employment conditions improved as the employment and income environment improved, and a moderate recovery is expected to continue. However, the impact of global monetary tightening, concerns about the outlook for the Chinese economy, and other factors causing weakness in overseas economies pose a downside risk to the economy, and close attention must continue to be paid to the situation in the Middle East, rising prices, and volatility in the financial and capital markets.」

「Looking ahead for the domestic economy during the three months ended 30 June, personal consumption, corporate capital investment, and inbound tourism demand are expected to remain on a recovery trend and the economy to continue recovering moderately, supported by improvements in the employment and income environment. However, the impact of global monetary tightening, concerns about the outlook for the Chinese economy, and other factors causing weakness in overseas economies pose a downside risk to the economy, and close attention must continue to be paid to the impact of rising prices and volatility in the financial and capital markets.」

「Looking ahead for the domestic economy during the consolidated fiscal year, personal consumption and capital investment are expected to recover and the economy to continue its moderate recovery, supported by improvements in the employment and income environment and the effects of various policies. However, weaker overseas economies amid continuing global monetary tightening and other factors pose a downside risk to the economy, and close attention must continue to be paid to the impact of rising prices and volatility in the financial and capital markets.」

「Looking ahead for the domestic economy during the nine months ended 31 December, a recovery is expected under conditions of living with COVID-19, supported by the effects of various policies. However, weaker overseas economies amid continuing global monetary tightening and other factors pose a downside risk to the economy, and close attention must continue to be paid to the impact of rising prices, supply-side constraints, and volatility in the financial and capital markets.」

「Looking ahead for the domestic economy during the six months ended 30 September, a recovery is expected under conditions of living with COVID-19, supported by the effects of various policies. However, weaker overseas economies amid continuing global monetary tightening and other factors pose a downside risk to the economy, and attention must continue to be paid to the impact of rising prices, supply-side constraints, volatility in the financial and capital markets, and infection trends. Although some regions of the global economy remain stagnant, a moderate recovery is expected to continue. However, as global monetary tightening progresses, attention must be paid to increased downside risks from volatility in the financial and capital markets, rising prices, and supply-side constraints.」

「Looking ahead for the domestic economy during the three months ended 30 June, a recovery is expected as the economy transitions to a new phase of living with COVID-19. However, weaker overseas economies amid continuing global monetary tightening and other factors pose a downside risk to the economy, and close attention must continue to be paid to the impact of rising prices, supply-side constraints, and volatility in the financial and capital markets.」

「Looking at the domestic economy during the consolidated fiscal year, the recovery continued at a moderate pace, but conditions remained precarious as the spread of COVID-19 continued and uncertainty related to the situation in Ukraine persisted, while raw-material and energy prices rose and prices began to increase. The global economy also showed signs of recovery, although some areas remained stagnant. However, attention must be paid to downside risks from volatility in the financial and capital markets, rising prices, and supply-side constraints as global monetary tightening progresses.」

「Looking at the domestic economy during the six months ended 30 September, severe conditions gradually eased and signs of economic recovery emerged as vaccination against COVID-19 spread and the state of emergency was lifted. However, the risk of a renewed spread of infection, including from new variants, had not been eliminated, and the outlook remained uncertain, with capital investment showing signs of stagnation. The global economy likewise remained uncertain because of renewed spread of infection in some regions due to new variants and other factors.」

「During the three months ended 30 June, conditions remained severe because of COVID-19. Although the recovery continued, its pace weakened. Looking ahead, economic recovery is expected as infection-control measures are thoroughly implemented and vaccination is promoted, supported by the effects of various policies and improvements in overseas economies. However, close attention must be paid to downside risks from supply-chain disruptions, and to the impact of developments in the pandemic in Japan and overseas and volatility in the financial and capital markets. The global economy was recovering, although conditions remained severe in some areas because of the global COVID-19 pandemic. A continued recovery is expected, but attention must be paid to downside risks from supply-side constraints and trends in raw-material prices, as well as to the impact of future infection trends and volatility in the financial and capital markets.」

「Looking at the domestic economy during the consolidated fiscal year, conditions remained severe because of COVID-19, although signs of recovery were also evident. Looking ahead, a recovery is expected to continue as social and economic activity is raised while measures are taken to prevent the spread of infection. However, close attention must be paid to the impact of infection trends on the domestic and overseas economies.」

「Looking at the domestic economy during the nine months ended 31 December, conditions remained severe because of COVID-19, although signs of recovery were also evident. Looking ahead, a recovery is expected to continue as social and economic activity is raised while measures are taken to prevent the spread of infection. However, close attention must be paid to the impact of infection trends on the domestic and overseas economies.」

「Looking at the domestic economy during the six months ended 30 September, conditions remained severe because of COVID-19, although signs of recovery were also evident. Looking ahead, a recovery is expected to continue, supported by the effects of various policies and improvements in overseas economies as measures are taken to prevent the spread of infection. However, close attention must be paid to the increased downside risk from the spread of infection in Japan and overseas.」

「Looking at the domestic economy during the three months ended 30 June, conditions remained severe because of COVID-19. Looking ahead, a recovery is expected to continue as social and economic activity is gradually raised while measures are taken to prevent the spread of infection, supported by the effects of various policies and improvements in overseas economies. However, close attention must be paid to developments in the pandemic in Japan and overseas and to volatility in the financial and capital markets. The global economy also remained in a severe condition because of the global COVID-19 pandemic, but a recovery is expected to continue as economic activity gradually resumes.」

「Looking at the domestic economy during the nine months ended 31 December, it had been recovering moderately and remained firm as employment and income conditions improved. However, economic activity was constrained and consumption fell sharply because of the impact of COVID-19, putting significant downward pressure on the economy and intensifying its slowdown. The outlook became entirely unforeseeable, as severe conditions caused by COVID-19 were expected to continue. The global economy also slowed rapidly because of U.S.-China trade issues, concerns about slower growth in China and Europe, and the impact of the global COVID-19 pandemic. As the impact of the pandemic was expected to continue for the time being, the outlook remained unforeseeable.」

「Looking at the domestic economy during the six months ended 30 September, exports and production remained weak, but the economy continued to recover moderately as employment conditions and the income environment improved and various policies took effect. Overseas economies were also recovering moderately overall, but the outlook remained uncertain owing in part to trade issues between the United States and China, the outlook for the Chinese economy, and political instability in Europe.」

「Looking at the domestic economy during the three months ended 30 June, exports and production remained weak, but corporate earnings and employment and income conditions continued to improve against the backdrop of government economic and monetary measures, and the economy continued to recover moderately as personal consumption recovered. Meanwhile, the outlook for overseas economies remained uncertain owing in part to U.S.-China trade friction, the outlook for the Chinese economy, and political instability in Europe.」

「Looking at the domestic economy during the consolidated fiscal year, the employment and income environment continued to improve under the influence of government-led economic measures and monetary easing by the monetary authorities, and the economy remained on a moderate recovery trend. Meanwhile, the outlook for overseas economies remained uncertain owing in part to the impact of U.S.-China trade friction and political instability in Europe.」

「Looking at the domestic economy during the nine months ended 31 December, the economy remained on a moderate recovery trend as the employment and income environment continued to improve, although concerns including the impact of trade issues on the global economy left the economic outlook uncertain.」

「Looking at the domestic economy during the six months ended 30 September, the economy remained on a moderate recovery trend as the employment and income environment continued to improve, although concerns including trade-policy issues and heightened global geopolitical risks left the economic outlook uncertain.」

「Meanwhile, uncertainty about the outlook continues owing to the impact of uncertainty in overseas economies, volatility in financial and capital markets and other factors.」

「Looking at the domestic economy during the nine months ended 31 December, personal consumption was on a moderate recovery trend, accompanied by recovering corporate earnings, improving employment conditions, and rising stock prices amid a continuing global economic recovery. Meanwhile, in the global economy, currencies and stock prices remained unstable, and the economic outlook continued to be uncertain because of concerns about U.S. policy trends and slowing economic growth in China and emerging Asian economies.」

「Looking at the domestic economy during the six months ended 30 September, it was on a moderate recovery trend owing to improvements in corporate earnings and the employment and income environment, but uncertainty about the outlook persisted because of uncertainty in overseas economies and volatility in the financial and capital markets.」

「Looking at the domestic economy during the three months ended 30 June, the Nikkei Stock Average exceeded ¥20,000 and the economy remained on a recovery trend, but uncertainty continued both domestically and internationally, owing to heightened activity surrounding North Korea and the sudden dissolution of the House of Representatives and the resulting realignment of opposition parties.」

「Looking at the domestic economy during the fiscal year, the economy was on a moderate recovery trend, supported by government economic measures and monetary easing policies, which contributed to improvements in corporate earnings and the employment and income environment. However, the outlook remained uncertain because of the outlook for China and other emerging Asian economies, policy uncertainty, and the impact of volatility in the financial and capital markets.」

「Looking at the domestic economy during the nine months ended 31 December, stock prices rose in what was known as the Trump rally following Donald Trump's election as U.S. president, but the outlook remained uncertain because of geopolitical risks, and conditions continued to be weak.」