Changes in international conditions, including the new US administration and UK-EU Brexit negotiations

「Meanwhile, globally, the environment surrounding our group remains uncertain, owing to developments in U.S. trade policy, surging resource and energy prices associated with geopolitical risks including the situation in the Middle East, and volatility in financial and capital markets, including foreign exchange markets.」

「The business environment surrounding the Group is expected to remain uncertain. Although gradual growth is expected to continue in Japan, resource and energy prices are rising due to geopolitical risks, and developments in U.S. trade policy remain a concern.」

「The business environment surrounding the Group is expected to remain uncertain. Although gradual growth is expected to continue in Japan, geopolitical risks remain elevated, resource and energy prices are rising, and the impact of U.S. tariff measures and foreign exchange trends remain concerns.」

「Overseas, while economic growth in Europe and the United States remains firm, the business environment surrounding the Group remains uncertain due to soaring raw material and energy prices resulting from the protracted situation in Ukraine and escalating tensions in the Middle East, as well as the slowdown in the Chinese economy, developments in monetary policy by governments, foreign exchange fluctuations and logistics delays.」

「Meanwhile, the business environment surrounding the Group remains uncertain due to the economic slowdown resulting from rising prices and progressing inflation associated with soaring energy and raw material prices, as well as the impact of foreign exchange fluctuations.」

「Meanwhile, the operating environment surrounding the Group remains challenging, due to elevated resource, energy and raw material prices resulting from the prolonged Russia-Ukraine situation, exchange-rate fluctuations, and accelerating global inflation.」

「During the three months ended 30 June 2023 (1 April 2023 to 30 June 2023), the Japanese economy showed signs of a gradual recovery as the reclassification of COVID-19 under the Infectious Diseases Control Law to Category 5 increased the movement of people both in Japan and overseas. Meanwhile, the global economy is expected to remain sluggish due to the protracted situation in Ukraine and rising consumer prices resulting from higher energy and raw material prices, and the business environment surrounding the Group remains challenging.」

「During the nine months ended 31 December 2022 (1 April 2022 to 31 December 2022), the impact of COVID-19 on global economic activity was generally diminishing, although countries differed in their measures. Meanwhile, the business environment surrounding the Group remained challenging due to soaring resource and energy prices associated with the protracted Russian invasion of Ukraine.」

「During the six months ended 30 September 2022 (1 April 2022 to 30 September 2022), the global economy continued to recover gradually as the impact of COVID-19 eased. However, uncertainty about the outlook increased as concerns about inflation were compounded by the protracted Russian invasion of Ukraine. The business environment surrounding the Group remained challenging, with global supply chain disruptions and high raw material and energy prices continuing.」

「During the three months ended 30 June 2022 (1 April 2022 to 30 June 2022), the global economy continued to recover gradually as restrictions on economic activity were eased despite repeated fluctuations in COVID-19 case numbers. However, the outlook remained uncertain due to the protracted situation in Ukraine. In addition, the business environment surrounding the Group remained challenging amid global supply chain disruptions, soaring raw material and energy prices, and the rapid depreciation of the yen.」

「Although the Japanese economy temporarily recovered as the spread of COVID-19 showed signs of subsiding, the outlook became increasingly uncertain amid ongoing global logistics disruptions, rising raw material and transportation costs, and growing instability in crude oil and foreign exchange markets.」

「During the three months ended 30 June 2021 (1 April 2021 to 30 June 2021), the global economy showed signs of recovery as economic conditions improved in North America, Europe, China and other regions where COVID-19 vaccination had progressed. In Japan, although some industries showed signs of recovery, the outlook remained uncertain as the rollout of vaccinations was taking time and states of emergency continued to be declared.」

「During the six months ended 30 September 2020 (1 April 2020 to 30 September 2020), the global economy showed a gradual recovery as countries took measures to both contain the spread of COVID-19 and maintain economic activity. The Japanese economy showed some signs of bottoming out as social and economic activity gradually resumed, but remained uncertain due to concerns about a renewed spread of infections in Japan and overseas.」

「During the cumulative first quarter of the current consolidated fiscal year (1 April 2020 to 30 June 2020), the global economy was in an extremely severe condition as economic activity stagnated due to the worldwide spread of COVID-19. Economic activity in Japan was also forced to contract due to the government's state of emergency and other measures, causing the economy to decline sharply. Going forward, the challenge is to balance preventing the spread of the infectious disease with socioeconomic activity.」

「During the cumulative third quarter of the current consolidated fiscal year, concerns about a further slowdown in the global economy eased as the U.S. economy expanded moderately and signs emerged that the economic slowdowns in Europe and China had bottomed out.」

「During the cumulative second quarter of the current consolidated fiscal year, concerns about a further slowdown in the global economy intensified as economic slowdowns in Europe and China were joined by a slowdown in U.S. manufacturing. The Japanese economy maintained a moderate recovery, supported by improvements in employment and income conditions, but uncertainty about the outlook increased further due to the impact of trade friction between the United States and China and consumer trends following the tax increase.」

「The Japanese economy continued to grow moderately, supported by resilient capital investment and other factors, but uncertainty about the outlook deepened due to developments in trade issues and a slowdown in the Chinese economy.」

「During the cumulative third quarter of the current consolidated fiscal year, the global economy continued to grow moderately, supported by the solid U.S. economy and economic growth in emerging Asian countries. The Japanese economy maintained moderate expansion, supported by resilient corporate earnings and capital investment. However, concerns about overseas economies, including the impact of trade friction between the United States and China and economic slowdowns in Europe and China, increased uncertainty about the outlook.」

「Going forward, intensifying trade friction between the United States and China, higher fuel prices and other factors could cause the domestic economy to contract, heightening uncertainty about the outlook.」

「Going forward, trade friction resulting from protectionist U.S. trade policies and a slowdown in the Chinese economy could cause the domestic economy to contract, heightening uncertainty about the outlook.」

「There are concerns that higher resource prices and trade friction between the United States and China may arise, and the outlook remains uncertain.」

「During the cumulative first quarter of the current consolidated fiscal year, there were risk factors such as policies of the new U.S. administration and the full-scale commencement of negotiations concerning the UK's withdrawal from the EU. However, the global economy continued to recover moderately, supported by the recovery of developed economies, led by the United States, and rapid growth in the Indian economy.」