Uncertainty in Core Markets Stemming from the European Automotive Industry, UK-EU Relations and Other Factors

「Amid various developments triggered by attacks by the United States and Israel on Iran, the business environment surrounding the company has undergone sharp short-term changes, and uncertainty over demand trends among the company's customers has increased.」

「Amid continuing uncertainty over U.S. trade policy, attacks on Iran by the United States and Israel at the end of the fiscal year left the outlook impossible to predict.」

「During the six-month accounting period under review, the global economy became even more uncertain as the United States imposed reciprocal tariffs and some countries indicated the possibility of retaliatory measures. The US economy remained resilient, but low growth continued in Europe and China, and no significant recovery was seen in Japan. In addition, the prolonged geopolitical risks and further escalation of tensions in the Middle East left the global economy extremely unstable overall.」

「The global economy is expected to remain unstable and uncertain because of persistently high prices caused by higher costs such as crude oil prices, exchange-rate fluctuations arising from interest-rate differentials, prolonged geopolitical risks and concerns over trade friction.」

「During the six-month accounting period under review, economic conditions remained unstable overall, as stagnation in the European and Chinese economies continued, the US economy began to show signs of a gradual slowdown, and geopolitical risks intensified further.」

「During the nine-month period under review, economic conditions remained unstable overall, as the US economy remained resilient while business sentiment in Europe and China failed to improve and geopolitical risks intensified further.」

「During the six-month period under review, economic conditions remained unstable overall, as the US economy remained resilient while business sentiment in Europe and China continued to improve only slowly and there were no signs of improvement in geopolitical risks.」

「During the three-month period under review, economic conditions remained unstable overall, as the US economy remained resilient while the European and Chinese economies continued to slow, compounded by the lack of signs of improvement in geopolitical risks.」

「Although the global economy has emerged from the disruption caused by the prolonged COVID-19 pandemic, raw material and energy prices remain high with no end to geopolitical risks in sight. In addition, growing concerns over financial systems in Europe and the United States have contributed to unstable and uncertain conditions.」

「During the nine-month period under review, progress was made in balancing COVID-19 measures with social and economic activity. However, the economy remained in difficult conditions amid inflation caused by higher energy prices resulting from geopolitical risks, an economic slowdown caused by tighter monetary policies in various countries, and continued concern over COVID-19.」

「Against a backdrop in which global inflation and tighter monetary policies in various countries continued, the impact of geopolitical risks on energy prices and other factors became more serious. With concern over COVID-19 also not dispelled, economic conditions remained uncertain and fluid.」

「During the three-month period under review, the global economy remained generally resilient while the number of COVID-19 cases remained subdued. However, concern over the spread of COVID-19 could not be dispelled, and no end to the serious geopolitical risk posed by Russia's invasion of Ukraine was in sight, leaving economic conditions uncertain and fluid.」

「During the fiscal year under review, the global economy entered a gradual recovery trend after rebounding from the significant slowdown in the previous fiscal year caused by COVID-19. However, concern over the spread of infections remained strong because of the emergence of highly transmissible variants and uncertainty over the progress of vaccinations. In addition, the outbreak of the extremely serious geopolitical risk of Russia's invasion of Ukraine left economic conditions uncertain and fluid.」

「During the nine-month period under review, the global economy experienced a period of disruption because of the spread of COVID-19 variants, but remained on a recovery trend in the latter half as case numbers and the risk of severe illness declined with the progress of vaccinations. However, infections began to spread rapidly again toward year-end because of a new variant, and economic conditions continued to be fluid.」

「During the six-month period under review, the global economy continued to recover, although there was a phase in which infections rose rapidly because of the spread of COVID-19 variants. This was against the backdrop of lower case numbers and a reduced risk of severe illness as vaccinations progressed. However, concern over another wave of infections remained strong, and economic conditions continued to be fluid.」

「During the three-month period under review, the global economy remained on a recovery trend against the backdrop of a decline in COVID-19 cases as vaccinations progressed. However, concern over the continued spread of infections remained strong because of the prevalence of variants, and economic conditions remained fluid.」

「During the nine-month period under review, the global economy showed signs of a gradual recovery after slowing significantly because of the impact of COVID-19, but concern intensified as infections began to spread again toward year-end.」

「In addition to these conditions, there are numerous fluid factors, including strong concern over the course of COVID-19 infections approaching the winter season, and there has been no change in the uncertain and unstable condition of the global economy.」

「During the three-month period under review, the global economy was forced to slow significantly as economic activity was constrained by the spread of COVID-19. Although signs of recovery appeared in the US economy, the unemployment rate remained high, while the trend toward low growth in Europe accelerated. The Chinese economy was recovering, but lacked strength, and emerging-market economies followed a similar course. In addition, strong concern over a second wave of COVID-19 infections and numerous other fluid factors, including Brexit, have left the outlook for the global economy uncertain and extremely unstable.」

「While the global economy as a whole remained unstable, the rapid spread of COVID-19 in 2020 made the outlook completely unforeseeable. In addition, numerous future fluid factors, including Brexit and rising geopolitical risks, have left the global economy extremely unstable.」

「Although expectations have emerged for an end to US-China trade friction, the global economy remains extremely unstable when the increase in Brexit-related and geopolitical risks, the impact of the novel coronavirus and other future fluid factors are taken into account.」

「During the six-month period under review, conditions in the US economy began to deteriorate, particularly in manufacturing, against the backdrop of trade policy, while the European economy showed no sign of moving away from its slowing trend. In addition, concerns over a downturn in Chinese manufacturing performance became pronounced because of sluggish exports, and emerging-market economies remained weak amid concerns over a slowdown in the global economy. Thus, concerns over an overall deterioration in the global economy have intensified because of the impact of US-China trade friction and other factors, and the economy remains extremely unstable when future fluid factors such as Brexit are taken into account.」

「During the three-month period under review, the US economy remained firm, although corporate conditions began to deteriorate, while the European economy continued to slow. The Chinese economy also remained stagnant, partly because of slower infrastructure investment. In addition, uncertainty increased in emerging-market economies amid concerns over a slowdown in the global economy.」

「During the nine-month period under review, the US economy remained firm, led mainly by corporate performance, while the European economy began to show signs of slowing. The Chinese economy also remained stagnant, partly because of sluggish infrastructure investment and the impact of trade friction with the United States. In addition, emerging-market economies began to slow amid concerns over a slowdown in the global economy. Accordingly, although the US economy remained firm, the global economy as a whole continued to be unstable when trade friction and Brexit developments are taken into account.」

「Meanwhile, the Chinese economy is slowing, and the impact of the increasingly apparent US-China trade friction suggests that the outlook is unstable. Growth in emerging-market economies is also slowing because of higher US interest rates and conditions in the Chinese economy. Accordingly, although the global economy as a whole remains firm, it cannot yet be regarded as being free of uncertainty, including in light of geopolitical risks.」

「However, the growing concern over US-China trade friction originating in the United States could adversely affect the global economy, raising concerns about the outlook. Accordingly, although the global economy as a whole remains on a stable trend, it cannot yet be regarded as being free of uncertainty given the continuing presence of several simmering geopolitical risks.」

「Although the global economy as a whole remained firm, concerns over trade friction, centered on the United States, were spreading globally. The geopolitical risks also warrant close attention, and the outlook for the global economy remains fluid.」

「Meanwhile, geopolitical risks have intensified, and concerns facing Europe and the United States have not been resolved. Thus, while the global economy as a whole has remained firm, several destabilizing factors still remain.」

「However, the European automotive industry, our core market, faces multiple issues of concern, including the UK’s withdrawal from the EU, and the company’s business environment remains one that cannot be viewed with complacency.」

「However, the European automotive industry, our core market, faces multiple issues of concern, including the UK’s withdrawal from the EU, and the company’s business environment remains one that cannot be viewed with complacency.」

「However, the European automotive industry, our core market, faces multiple issues of concern, including the future relationship between the UK and the EU and policy developments under the new U.S. administration, and the company’s business environment remains one that cannot be viewed with complacency.」

「Meanwhile, the European automotive industry, our core market, faces multiple issues of concern, including the future relationship between the UK and the EU and policy developments under the new U.S. administration, and the company’s business environment remains uncertain.」