Global economic uncertainty stemming from geopolitical risks

「Overseas economies remained generally resilient during the fiscal year under review, despite growing concerns about tariff policies and geopolitical risks.」

「海外経済全体では緩やかな成長が見込まれる一方、不安定な国際情勢、米国の関税措置をはじめとする通商政策の影響、中東情勢の緊迫化に伴う原油・エネルギー価格・物流費の高騰、それに伴う為替相場の動向等により、先行き不透明な状況が続くものと予想されます。」

「Uncertainty about the outlook continues, including global economic uncertainty surrounding U.S. tariff policy and rising geopolitical risks.」

「However, uncertainty about the outlook continues, owing to such factors as the risk of an economic downturn overseas resulting from the prolonged global monetary tightening and rapid exchange rate fluctuations.」

「However, uncertainty about the outlook persisted due to surging resource prices and sharp foreign-exchange fluctuations resulting from the prolonged war in Ukraine and conflicts in the Middle East.」

「However, uncertainty about the outlook continued due to the prolonged war in Ukraine and conflicts in the Middle East. In the United States, personal consumption remained firm against a backdrop of favorable employment and wage growth, while Europe remained in a moderate recession. In China, the economy slowed as personal consumption weakened against a backdrop of sluggish external demand due partly to U.S.-China tensions, a sharp decline in property development investment, and deteriorating employment conditions.」

「In the overseas economy during the second quarter, the recession continued due to persistently high inflation and policy rates in each country. In the United States, personal consumption remained firm against a backdrop of favorable employment conditions despite high inflation, while Europe entered a moderate recession as surging raw material prices and high inflation, driven by the prolonged situation in Ukraine, weighed on personal consumption. In China, external demand remained weak due partly to the impact of U.S.-China tensions centered on semiconductors, while personal consumption was also sluggish amid a weak property market and the fading of rebound demand following the COVID-19 pandemic, resulting in a stagnant economy. Consequently, manufacturing-related indicators in major regions worldwide also remained weak, and conditions with a high downside risk to global economic growth persisted.」

「In the global economy during the first quarter, concerns about an economic slowdown increased due to the prolonged situation in Ukraine, persistent inflation and persistently high policy rates in each country, and the outlook remained uncertain.」

「In the global economy during the fiscal year, economic activity continued to normalize from the COVID-19 pandemic, and expectations for an economic recovery grew as China abolished its zero-COVID policy. However, conditions remained uncertain due to factors weighing on the economy, including the prolonged situation in Ukraine and ongoing global inflation and policy rate hikes in the United States and other countries, as well as a series of failures of some financial institutions.」

「In the global economy during the third quarter, economic activity continued to normalize from the COVID-19 pandemic, but concerns about recession increased due to the prolonged situation in Ukraine, ongoing global inflation, policy rate hikes in the United States and other countries, and slower growth resulting from the Chinese government's zero-COVID policy.」

「In the global economy during the second quarter, there were signs of normalization from the COVID-19 pandemic, but conditions raised concerns about recession due to slower growth resulting from the Chinese government's continued zero-COVID policy, persistently high resource and energy prices caused by the worsening and prolongation of the situation in Ukraine, global inflation, and U.S. interest-rate hikes.」

「In the global economy during the first quarter, prices of goods rose and inflation became evident due to higher raw material, fuel and food prices resulting from Russia's continued invasion of Ukraine and the impact of lockdowns in major Chinese cities.」

「Although economic recovery from the global pandemic is expected, the business environment surrounding the company has become increasingly uncertain due to geopolitical risks such as the situation in Ukraine, economic bloc formation, surging energy prices and global inflation, foreign-exchange fluctuations caused by monetary policy in each country, and supply chain disruptions, making the outlook increasingly difficult to predict.」

「Recently, variants with greater transmissibility than the original strain have been spreading worldwide, raising concerns that social and economic activity could again be restricted. Conditions requiring close monitoring continue, including geopolitical risks such as U.S.-China tensions and the situation in Ukraine, rising raw material and fuel prices, inflationary pressures, and developments in monetary policy and foreign-exchange rates.」

「However, conditions requiring close monitoring continue, including the resurgence of the infectious disease, geopolitical risks such as U.S.-China tensions, rising raw material and fuel prices, inflation, monetary policy, and foreign-exchange rates.」

「The spread of the infectious disease worldwide has varied by region, and economic activity has resumed in earnest in some regions. However, the spread of variants with greater transmissibility than the original strain has become a new source of concern, and there are concerns that economic activity could slow again depending on the spread of the disease. In addition, conditions requiring close monitoring continue, including U.S.-China tensions, geopolitical risks in each country and region, rising raw material and fuel prices, and the outlook for foreign-exchange rates.」

「Conditions requiring close monitoring continue, including concerns that economic activity could slow again, U.S.-China tensions, geopolitical risks in each country and region, rising raw material and fuel prices, and the outlook for foreign-exchange rates.」

「In addition to concerns that economic activity could slow again as a second wave of the infectious disease is feared worldwide, risks requiring close monitoring continue to include U.S.-China tensions, crude oil prices, developments in each country and region, and the outlook for foreign-exchange rates.」

「In addition to the worldwide slowdown in economic activity, risks requiring continued close monitoring include U.S.-China tensions, crude oil prices, developments in each country and region, and the outlook for foreign-exchange rates.」

「Meanwhile, global conditions have deteriorated in international trade and manufacturing activity due to higher tariffs arising from U.S.-China trade tensions and rising geopolitical risks in East Asia and the Middle East. In addition, economic activity has been slowing worldwide as the spread of the novel coronavirus infectious disease continues,」

「In addition, conditions requiring close monitoring persist, including the future course of U.S.-China trade tensions, developments following the United Kingdom's decision to withdraw from the EU, concerns about the outlook for the situation in the Middle East, volatility in financial and capital markets, and geopolitical risks in each country and region.」

「In addition, conditions requiring close monitoring persist, including developments in U.S.-China trade tensions, the United Kingdom's withdrawal from the EU, resulting volatility in financial and capital markets, and geopolitical risks in each country and region.」

「In addition, conditions requiring continued close monitoring persist, including developments in U.S.-China trade tensions, the United Kingdom's withdrawal from the EU, resulting volatility in financial and capital markets, and geopolitical risks in each country and region.」

「Meanwhile, the global economy continued to recover in the United States on the back of improved corporate earnings and favorable employment conditions, although signs of a slowdown emerged in China and Europe. In addition, conditions requiring continued close monitoring persisted, including developments in U.S.-China trade tensions, financial and capital markets, and geopolitical risks in each country and region.」

「However, conditions requiring continued close monitoring persist, including geopolitical risks, developments in financial and capital markets, fluctuations in crude oil prices, and the course of U.S.-China trade tensions in each country and region.」

「However, conditions requiring continued close monitoring persist in each country and region, including geopolitical risks, volatility in financial and capital markets, and fluctuations in crude oil prices.」

「However, uncertainty about the outlook persisted due to rising geopolitical risks, including the situation on the Korean Peninsula and in the Middle East.」

「Although China and emerging economies generally showed a gradual recovery trend, uncertainty due to geopolitical risks also emerged in some areas.」