Uncertainty over the economic outlook due to the slowdown in emerging-market economies, the UK's withdrawal from the EU, and foreign-exchange volatility

「Looking ahead, economic recovery is expected to continue, supported by improvements in employment and income and the effects of fiscal policy. However, with concerns remaining about the impact of U.S. trade policy and other factors on the global economy, surging crude oil prices and rising manufacturing and transportation costs resulting from heightened tensions in the Middle East, and the supply of energy and raw materials, uncertainty remains high.」

「Looking ahead, economic recovery is expected to continue, supported by improvements in employment and income and the effects of fiscal policy. However, the situation is becoming increasingly uncertain due to the impact of U.S. trade policy and other factors on the global economy, surging crude oil prices following the deterioration of the situation in the Middle East, rising manufacturing and transportation costs, and growing concerns about the supply of energy and raw materials.」

「Looking ahead, economic recovery is expected to continue, supported by improvements in employment and income and the effects of fiscal policy. However, the situation is becoming increasingly uncertain due to the impact of U.S. trade policy and other factors on the global economy, surging crude oil prices following the deterioration of the situation in the Middle East, rising manufacturing and transportation costs, and growing concerns about the supply of energy and raw materials.」

「During the interim consolidated accounting period, the Japanese economy showed a moderate recovery as corporate earnings and employment and income conditions improved. However, downside risks remained, including the impact of rising prices on consumer sentiment and the impact of U.S. trade policies on corporate performance.」

「Looking ahead, a moderate recovery is expected to continue, given continued improvements in employment and income conditions, the ongoing increase in inbound demand, and the apparently strong appetite among companies for investment in digital initiatives, human capital and labor-saving measures. However, concerns are also increasing over disruptions arising from U.S. tariff policies and the impact of rising prices.」

「During the interim consolidated accounting period, the Japanese economy showed a moderate recovery as employment and income conditions improved, including as many companies raised wages. At the same time, risks of a downturn in overseas economies continued to weigh on the economy, including the impact of persistently high interest rates in Europe and the United States and stagnation in China’s property market.」

「During the first nine months of the fiscal year, business sentiment recovered moderately due to domestic companies passing through higher costs to prices and increased personal consumption. The economy remained on an improving trend, with increased capital investment, including in digital transformation, and improvements in employment conditions. However, amid continued global monetary tightening, the economic outlook remained uncertain as cautious views spread regarding the economies of European countries, particularly Germany, which recorded negative growth in 2023, and China.」

「During the first six months of the fiscal year, the Japanese economy continued to improve, as business sentiment recovered against a backdrop of eased supply constraints for semiconductors and other products, increased inbound demand and personal consumption, and progress in passing through higher costs to prices. Capital investment also increased, including investment related to digital transformation and measures to address labor shortages. At the same time, factors that continued to increase uncertainty included rising long-term interest rates in anticipation of a revision to monetary easing policies and concerns over an economic slowdown in China and elsewhere.」

「The economy was strongly affected by downside factors, including soaring energy prices against the backdrop of the chaotic situation in Ukraine, stagnation in some production activities due to shortages of raw materials, and supply-chain disruptions resulting from lockdowns in some Chinese cities.」

「However, as the situation in Ukraine has become protracted and global monetary tightening continues, exchange-rate volatility resulting from widening interest-rate differentials between Japan and overseas markets and a downturn in overseas economies have remained concerns, while vigilance over infection trends in China has also intensified, leaving the outlook uncertain.」

「However, as the global monetary tightening prompted by persistent inflation concerns continues amid the prolonged turmoil in Ukraine, risks have increased that the economy will be affected by exchange-rate volatility resulting from widening interest-rate differentials between Japan and overseas markets and by downside risks in overseas economies, leaving the outlook uncertain.」

「During the first three months of the fiscal year, the difficult situation caused by COVID-19 eased and signs emerged of a normalization of economic activity. However, amid the continuing turmoil in Ukraine and restrictions on economic activity resulting from China’s zero-COVID policy, concerns grew over negative factors such as further increases in food and raw material prices and supply constraints for parts and materials, while the economy also remained sluggish due in part to the impact of monetary tightening in Europe and the United States.」

「However, with concerns over a renewed spread of COVID-19 still unresolved, the economy remained highly uncertain, as the yen weakened and prices rose amid growing tensions surrounding the situation in Ukraine.」

「During the first nine months of the fiscal year, the Japanese economy was generally in a recovery phase, as personal consumption recovered gradually with the easing of the impact of COVID-19, while global demand for digital products and services, including 5G-related demand, also increased. Looking ahead, the economic recovery is expected to continue due to the effects of various government economic measures, but close attention is required to downside risks arising from global inflation and rising resource prices, as well as the impact of a renewed spread of COVID-19.」

「Looking ahead, a further clear recovery is expected as vaccinations progress, the state of emergency and priority preventive measures were fully lifted at the end of September, and the effects of the government’s economic measures are also expected to emerge.」

「During the first three months of the fiscal year, economic activity in Japan was constrained by the impact of COVID-19, while corporate earnings and business sentiment showed signs of improvement due to increased exports and other factors, and the economy was gradually recovering. Looking ahead, a continued recovery is expected as vaccination progresses and various government policies take effect, but the situation remains uncertain, including because the number of new infections began to rise again in July.」

「During the fiscal year, the Japanese economy remained in a difficult situation due to the impact of COVID-19. Although various government policies were implemented and some signs of recovery were seen, infections began to spread again, leaving no clear prospect of containment, and the economic outlook remained uncertain.」

「During the first six months of the fiscal year, the Japanese economy remained in a difficult situation due to the impact of COVID-19, although some signs of recovery were seen. With no end to the spread of infections yet in sight, the economic outlook remains uncertain.」

「The following factors characterize the business environment surrounding our group: ① domestic and overseas political and economic developments; ② the impact of the government’s public works policies, including national resilience, disaster prevention and disaster risk reduction measures; ③ the impact of the spread of COVID-19 on the economy; ④ trends in crude oil and other material prices; and ⑤ the increasing importance of corporate social responsibility.」

「However, amid the impact of developments concerning trade issues, the outlook for the Chinese economy, overseas economic developments including the United Kingdom’s withdrawal from the EU, and volatility in financial and capital markets, as well as the need to monitor consumer sentiment following the consumption tax increase, the economic outlook remained uncertain.」

「However, amid the impact of rising tensions over trade issues, the situation in the Middle East, the outlook for the Chinese economy, uncertainty over overseas economies and policies, and volatility in financial and capital markets, the economic outlook remained uncertain.」

「However, amid the impact of developments in trade issues, the outlook for the Chinese economy, developments in overseas economies and policy uncertainty, and volatility in financial and capital markets, the economic outlook remained uncertain.」

「However, amid the impact of developments in trade issues, the outlook for the Chinese economy, policy uncertainty and volatility in financial and capital markets, the economic outlook remained uncertain.」

「However, amid the impact of U.S. policy management and its effects on trade issues and financial and capital markets, together with developments in the economies of emerging markets and resource-producing countries, the economic outlook remained uncertain.」

「However, amid the impact of U.S. policy management and its effects on financial and capital markets and trade issues, together with developments in the economies of emerging markets and resource-producing countries, the economic outlook remained uncertain.」

「However, amid the impact of U.S. policy management and its effects on financial and capital markets, together with developments in the economies of emerging markets and resource-producing countries, the economic outlook remained uncertain.」

「However, amid the impact of U.S. policy management, the outlook for the economies of emerging Asian countries and elsewhere, and volatility in financial and capital markets, the economic outlook remained uncertain.」

「However, amid the impact of uncertainty in the economies of emerging Asian countries and elsewhere and volatility in financial and capital markets, the economic outlook remained uncertain.」

「However, amid uncertainty in the global economy due to the issue of the United Kingdom’s withdrawal from the EU and U.S. policy management, as well as volatility in financial and capital markets, the economic outlook remained uncertain.」

「However, amid uncertainty in the global economy due to the issue of the United Kingdom’s withdrawal from the EU, the slowdown in emerging-market economies and the policies of the United States’ new president, as well as volatility in financial and capital markets, the economic outlook remained uncertain.」

「However, amid uncertainty in the global economy due to the slowdown in emerging-market economies and the policies of the United States’ new president, as well as volatility in financial and capital markets, the economic outlook remained uncertain.」

「However, amid the ongoing appreciation of the yen and downside risks to the global economy arising from the slowdown in emerging-market economies and the issue of the United Kingdom’s withdrawal from the EU, the economic outlook remained uncertain.」

「Concerns about a downside in the global economy due to the slowdown in emerging-market economies, including China, and the issue of the United Kingdom’s withdrawal from the EU, together with exchange-rate fluctuations, intensified, leaving the economic outlook increasingly uncertain.」