Downturn in Emerging-Market and Resource-Rich Economies and Volatility in Financial Capital Markets

「Although uncertainty about the outlook persisted in the United States against the backdrop of developments in trade policy, the economy continued to expand gradually. In Europe, the economy showed signs of recovery, particularly in the euro area, while the U.K. economy also recovered, albeit gradually. In China, the economy continued to slow moderately as the property market remained sluggish. In Japan, the economy maintained its recovery trend against the backdrop of improving employment and income conditions, but uncertainty in the external environment, including trends in raw-material and energy prices associated with heightened tensions in the Middle East, remained a matter requiring close attention.」

「Looking ahead, we expect unstable and uncertain conditions to continue, owing to the impact on the global economy of geopolitical risks, including the U.S. administration's high-tariff policies, heightened tensions in the Middle East, the prolonged Russian invasion of Ukraine and a slowdown in the Chinese economy, as well as the effects of climate change.」

「During the interim consolidated accounting period, the global economy continued to expand in the United States, where personal consumption and capital investment remained on an upward trend. In Europe, the economy showed signs of recovery, supported by rising wages and the effects of interest-rate cuts. In Japan, corporate earnings and employment conditions showed signs of improvement, and the economy remained on a gradual recovery trend. In China, however, the economy remained stagnant as the property market continued to languish and prices continued to decline.」

「During the cumulative third quarter under review, the global economy remained weak in Europe due to the impact of monetary tightening prompted by high inflation, while personal consumption in the United States remained firm on favorable employment conditions and rising wages. In Japan, personal consumption and corporate production activity showed signs of recovery. However, the economy remained unstable due to global monetary tightening and a pause in the recovery of the Chinese economy.」

「However, the economy remained unstable due to accelerating inflation resulting from the prolonged situation in Ukraine, the impact of sharp exchange-rate fluctuations, global monetary tightening, and signs of a slowdown in the Chinese economy.」

「During the cumulative first quarter under review, the global economy remained weak in Europe due to the impact of monetary tightening prompted by high inflation, while the United States and China continued on a moderate recovery track as personal consumption and exports recovered. In Japan, socioeconomic activity moved toward normalization as restrictions related to COVID-19 were eased, and personal consumption and corporate production activity showed signs of recovery. However, the economic outlook remained uncertain amid the prolonged situation in Ukraine, surging raw material and energy prices, and rising prices resulting from the depreciation of the yen.」

「During the consolidated fiscal year under review, the global economy saw personal consumption slow in Europe and the United States as historically high inflation continued and policy rates were raised.」

「During the cumulative third quarter under review, the global economy showed a pause in the recovery of economic activity in China as infections spread again despite progress in easing the zero-COVID policy. In the United States and Europe, economic activity normalized and the economy continued to recover moderately, but monetary tightening to curb worsening inflation raised concerns about an economic slowdown, particularly in personal consumption. In Japan, yen depreciation resulting from the interest-rate differential with Europe and the United States drove up prices, causing consumer sentiment to deteriorate rapidly. In addition, prolonged Russia's military invasion of Ukraine led to continuing supply-chain constraints and surging resource prices, and the economy remained unstable.」

「During the cumulative second quarter under review, the global economy remained at low growth levels. In China, this was due to lockdowns in major cities under the zero-COVID policy, while in the United States and Europe it was due to higher policy rates resulting from growing inflationary pressure. In Japan, prices rose amid the rapid depreciation of the yen resulting from the interest-rate differential with Europe and the United States. In addition, prolonged Russia's military invasion of Ukraine led to continuing supply-chain constraints and surging resource prices, and the economy remained unstable.」

「However, it remained impossible to foresee when the situation would come under control, as the number of infections began increasing again with the spread of new variants. In addition, the outlook for the economy remained uncertain amid the rapid depreciation of the yen and rising energy prices resulting from Russia's invasion of Ukraine.」

「However, it remained impossible to foresee when the pandemic would come under control as infections with new variants remained elevated. In addition, the economic outlook became uncertain due to increasing geopolitical risks, including the situation in Ukraine, and rising raw material prices.」

「However, it remained impossible to foresee when the pandemic would come under control as new variants continued to spread rapidly, and the economic outlook remained uncertain.」

「Although there were signs that socioeconomic activity was moving toward normalization as vaccinations progressed, it remained impossible to foresee when the pandemic would come under control, and the economic outlook remained uncertain.」

「Although corporate activity had recently begun to recover and the full-scale rollout of vaccinations was expected to have an effect, the number of infections had begun increasing again due to the spread of variants, and the economic outlook remained uncertain.」

「Although corporate production activity and capital investment had recently begun to recover, the number of infections had begun increasing again due to the spread of COVID-19 variants, and the economic outlook remained uncertain.」

「Although there were some signs of improvement, including a recovery in personal consumption, the number of infections had recently begun increasing again, and the economic outlook remained uncertain.」

「During the cumulative second quarter under review, Japan's economy remained in a difficult situation due to the spread of COVID-19. Following the lifting of the state of emergency, economic and social activity gradually resumed and personal consumption and corporate production activity partly recovered, but the outlook remained uncertain due to developments in COVID-19 in Japan and overseas.」

「During the cumulative first quarter under review, Japan's economy remained in a difficult situation as the spread of COVID-19 severely restricted economic and social activity, causing sharp declines in personal consumption and exports, a deterioration in employment conditions, and weakness in capital investment. The company will continue to closely monitor the impact of the spread of COVID-19 on its business.」

「However, the economic outlook remains uncertain due to trends in overseas economies, including US-China trade issues and the outlook for the Chinese economy, as well as trends in consumer sentiment following the consumption-tax rate increase.」

「However, the economic outlook remains uncertain due to the impact of protracted US-China trade friction on the global economy and the slowdown in the Chinese economy.」

「However, the economic outlook remains uncertain amid concerns about the impact of protracted US-China trade friction on the global economy and a slowdown in the Chinese economy.」

「However, the economic outlook remains uncertain amid concerns about the impact of protracted US-China trade friction on the global economy as well as the economies of the countries directly involved.」

「However, the economic outlook remains uncertain due to concerns about downside risks in emerging Asian economies and the impact of protectionist trade policies centered on the United States.」

「However, the economic outlook remains uncertain amid concerns about the impact of global trade frictions originating in the United States.」

「However, the economic outlook remains uncertain amid concerns about the impact of protectionist trade policies centered on the United States and China.」

「However, the economic outlook remains uncertain due to downside risks in emerging Asian economies including China and uncertainty over the economic policies of the new US administration and European countries following their national elections.」

「However, the economic outlook remains uncertain due to the impact of US monetary policy, uncertainty over the outlook for emerging Asian economies including China, and volatility in financial and capital markets.」

「However, the economic outlook remains uncertain due to continuing uncertainty surrounding the new US administration, the UK's withdrawal from the EU, and national elections in European countries.」

「However, the economic outlook remains uncertain due to increasing uncertainty in the global economy, including the impact of the new US administration's economic policies, and the impact of volatility in financial and capital markets.」

「The economic outlook remains uncertain due to concerns about downside risks in emerging Asian economies, including China, and resource-rich economies, as well as the impact of volatility in financial and capital markets originating from the UK's withdrawal from the EU.」

「However, the economic outlook remains uncertain due to concerns about downside risks in emerging Asian economies, including China, and resource-rich economies, as well as the impact of volatility in financial and capital markets originating from the United Kingdom's withdrawal from the European Union (EU).」