Downside Risks to Economic Conditions from Policy Effectiveness, Overseas Economic Conditions, and Financial-Market Volatility

「During the interim accounting period under review, Japan's economy experienced a prolonged period of extremely hot weather, but private consumption remained firm. Meanwhile, prices of essential goods, particularly food products, continued to rise.」

「Although difficult conditions, including rising prices and supply-side constraints, continue, business sentiment began to recover, supported in part by strong inbound demand.」

「As the impact of the COVID-19 pandemic on the cosmetics industry faded, the industry gradually began to show signs of recovery. Annual cosmetics sales in 2023 increased by 3% year on year, according to the Ministry of Economy, Trade and Industry's Current Survey of Production.」

「During the cumulative third quarter under review, the outlook for the economy improved as the classification of COVID-19 was lowered from Category 2 to Category 5 in May 2023 and the sharp rise in raw material prices eased.」

「During the cumulative first quarter under review, the outlook for the economy improved as the classification of COVID-19 was lowered from Category 2 to Category 5 and the sharp rise in raw material prices eased.」

「During the cumulative third quarter under review, the recovery in services and consumer activity progressed as restrictions on movement were eased under the with-COVID approach, while the continued rise in prices caused by supply constraints and changes in international conditions and financial markets affected the domestic economy.」

「During the cumulative second quarter under review, the recovery in services and consumer activity progressed as restrictions on movement were eased under the with-COVID approach, while supply constraints drove up energy and food prices and international conditions and financial market volatility also affected the domestic economy.」

「On the other hand, the international situation surrounding Ukraine has caused increases in raw material and energy prices and supply constraints, while continued inflation has made the economic outlook uncertain, leading to expectations for further measures.」

「Since the beginning of the year, uncertainty has increased due to volatility in financial and capital markets caused by overseas conditions, rising crude oil and raw material prices, and supply-side constraints, among other factors.」

「During the cumulative third quarter under review, expectations for a significant economic recovery grew as restrictions were gradually eased and economic and social activity moved toward normalization, supported by the effects of various policies and improvements in related measures, although the spread of COVID-19 and supply-side constraints and trends in raw material prices required monitoring.」

「Under these circumstances, based on the corporate philosophy of "Practicing and pursuing love, beauty and prosperity," we have pursued our business activities toward our long-term vision, "Ivy creates Japan's skin," by working with sales organizations nationwide to ensure that everyone involved in our core door-to-door sales business treats the company's aspirations and way of life as their own, with pride and joy, and acts to expand the circle of happiness, while seeking to improve satisfaction among all stakeholders.」

「During the cumulative third quarter under review, Japan's economy was expected to recover as various policies took effect and overseas economies improved while social and economic activity was gradually raised alongside measures to prevent the spread of COVID-19, although the impact of the domestic and overseas spread of COVID-19 on social and economic activity and financial market volatility required close monitoring.」

「During the cumulative second quarter under review, Japan's economy was expected to recover as various policies took effect and overseas economies improved while social and economic activity was gradually raised alongside measures to prevent the spread of COVID-19, although the impact of the domestic and overseas spread of COVID-19 and financial market volatility required close monitoring.」

「During the cumulative first quarter under review, Japan's economy turned extremely severe in just a few months as the spread of COVID-19 and the declaration of a state of emergency for COVID-19 issued in early April cast a shadow over the economy, including through restrictions on going out, a decline in private consumption, deteriorating business performance caused by restrictions on corporate activities, a slowdown in employment conditions, and volatility in domestic and overseas financial and capital markets.」

「During the cumulative second quarter under review, Japan's economy continued its gradual recovery, supported in part by the effects of various policies as the employment and income environment continued to improve, although developments in the overseas economy and trade issues and rising crude oil prices required monitoring.」

「During the cumulative first quarter under review, Japan's economy continued its gradual recovery against a backdrop of policies, with the employment environment continuing to improve, although developments in overseas economic policies and trade issues and financial market volatility required monitoring.」

「During the cumulative second quarter under review, Japan's economy continued on a gradual recovery trajectory against a backdrop of ongoing policies, with private consumption, investment and employment remaining firm, although concerns remained over the impact of natural disasters and developments in trade issues.」

「During the cumulative first quarter under review, Japan's economy continued on a gradual recovery trajectory, supported by the ongoing implementation of various policies, increases in private consumption and investment, and sustained high employment levels.」

「During the consolidated fiscal year under review, Japan's economy was expected to enter a virtuous cycle of growth as private consumption, Olympic-related demand and investment increased and the effective job-offers-to-applicants ratio remained high, against a backdrop of various policies aimed at achieving economic revitalization and fiscal consolidation, although the impact of overseas conditions and financial market volatility required monitoring.」

「During the cumulative third quarter of the consolidated fiscal period under review, Japan's economy was expected to enter a virtuous cycle of growth as investment and further improvement in the employment environment continued against a backdrop of ongoing policies, although the impact on the economy of diplomatic and economic changes involving various regions required monitoring.」

「During the cumulative second quarter of the consolidated fiscal period under review, Japan's economy was expected to enter a virtuous cycle of growth as investment and further improvement in the employment environment continued against a backdrop of ongoing policies, although the impact on the economy of diplomatic and economic changes involving various regions required monitoring.」

「During the cumulative first quarter of the consolidated fiscal period under review, Japan's economy was expected to enter a virtuous cycle of growth as investment and further improvement in the employment environment continued against a backdrop of ongoing policies, although the impact on the economy of diplomatic and economic changes involving various regions required monitoring.」

「Against a backdrop of various policies aimed at achieving economic revitalization and fiscal consolidation, a virtuous cycle of economic growth is expected as increases in investment and further improvement in the employment environment continue.」

「During the cumulative third quarter of the consolidated fiscal period under review, Japan's economy was on a gradual recovery trajectory, as the employment environment improved through the effectiveness of various policies, although concerns remained over delays in some areas of improvement and downside risks from overseas economic conditions and financial market volatility.」

「Concerns over the effectiveness of various policies and downside risks from overseas economic conditions and financial market volatility have emerged, while the economic recovery has also shown signs of stagnation.」