Uncertainty from the UK's withdrawal from the EU, the Chinese and emerging-market economies, and geopolitical risks

「Regarding the economic outlook, we expect conditions to remain uncertain, as it will continue to be necessary to closely monitor rising geopolitical risks, including the increasingly tense situation in the Middle East, increases in energy and raw material prices caused by foreign exchange fluctuations, U.S. trade policy and developments in the Chinese economy.」

「Regarding the economic outlook, uncertainty has increased further, as it has become necessary to closely monitor downside risks from developments in U.S. trade policy and the continued rise in prices, as well as growing geopolitical risks associated with the increasingly tense and unstable situation in the Middle East and fluctuations in energy and raw material prices.」

「Regarding the economic outlook, uncertainty has increased further, as it has become necessary to closely monitor downside risks from developments in U.S. trade policy and the continued rise in prices, as well as growing geopolitical risks associated with the increasingly tense and unstable situation in the Middle East and fluctuations in energy and raw material prices.」

「Japan's economy during the interim consolidated accounting period continued to recover gradually as employment and income conditions improved. However, the outlook remained uncertain due to concerns including downside risks to the economy resulting from US trade policies and the impact of continued price increases on personal consumption.」

「While unstable international conditions and slowing growth in the Chinese economy appear likely to persist, inflation concerns remain strong due to rising prices and risks of fluctuations in financial and capital markets. In addition, the effects of US trade policies are expected to emerge going forward, and the outlook for the economy therefore remains uncertain.」

「Japan's economy during the interim consolidated accounting period was on a recovery trend due to higher wage growth and increased inbound tourism. However, inflation concerns remained strong and the outlook continued to be uncertain due to the prolonged situation in Ukraine and elsewhere, slowing growth in the Chinese economy, and foreign exchange fluctuations accompanying reviews of monetary policy in Japan and overseas.」

「The prolonged situation in Ukraine, worsening conditions in the Middle East and other unstable overseas conditions, foreign exchange fluctuations associated with global monetary tightening, and price increases caused by soaring resource prices have continued, leaving the outlook for economic conditions still uncertain.」

「Japan's economy during the cumulative second quarter under review was expected to recover as restrictions on behavior and overseas travel were eased following COVID-19's reclassification as a Category 5 infectious disease, bringing economic activity back toward normal. However, uncertainty regarding the outlook continued amid prolonged instability in the international situation, ongoing price increases caused by soaring resource prices, and fluctuations in financial and capital markets.」

「Although the normalization of socioeconomic activity progressed as restrictions on behavior to prevent the spread of COVID-19 were eased, including the disease's reclassification to Category 5, uncertainty regarding the outlook continued due to the prolonged situation in Ukraine and other factors, unstable global conditions, rising prices caused by soaring resource prices, and sharp foreign exchange fluctuations.」

「Japan's economic conditions during the fiscal year saw a gradual recovery centered on domestic demand as the impact of COVID-19 gradually eased. However, unstable conditions continued due to the emergence of geopolitical risks including the situation in Ukraine, sharp foreign exchange fluctuations and rising prices.」

「However, concerns about an economic slowdown have gradually intensified due to the prolonged war in Ukraine, supply-chain disruptions and soaring energy prices caused by tensions between the US and China, and rising import prices resulting from the sharp depreciation of the yen as domestic and overseas interest-rate differentials widened. The outlook therefore remains uncertain.」

「Global economic conditions during the cumulative second quarter under review became increasingly unstable due to component supply shortages caused by supply-chain disruptions resulting from the lockdown in Shanghai implemented to prevent COVID-19 infections, soaring resource prices resulting from the prolonged conflict in Ukraine that began in late February, and foreign exchange fluctuations caused by US monetary measures to combat inflation.」

「However, Russia's invasion of Ukraine began in late February, and uncertainty emerged regarding the outlook for the economic environment.」

「Global economic conditions during the fiscal year saw a gradual economic recovery, as policies balancing infection control and economic activity became widespread in various countries despite the resurgence of COVID-19.」

「Global economic conditions during the cumulative third quarter under review showed a slowing recovery as the spread of COVID-19 recurred in various regions overseas.」

「Global economic conditions during the cumulative first quarter under review generally saw a rapid recovery in demand, despite regional differences in the spread of COVID-19.」

「Looking at global economic conditions during the cumulative third quarter under review, the economy, which had fallen substantially due to the impact of COVID-19, continued to recover, despite regional differences.」

「Looking at global economic conditions during the cumulative second quarter under review, the economy entered a phase of substantial recession due to the impact of COVID-19, but signs of recovery emerged as economic activity resumed, led by China. In Japan, economic activity also gradually began to pick up after the lifting of the state of emergency, and signs of an economic recovery began to emerge. However, the situation remained uncertain, including periods in which the number of COVID-19 cases increased.」

「Looking at global economic conditions during the cumulative first quarter under review, the effects of the worldwide spread of COVID-19 and strict measures implemented by countries to contain it, including lockdowns, travel restrictions and operating restrictions, gradually intensified, resulting in a sharp economic downturn.」

「Recently, environmental factors have continued to fluctuate substantially, including the COVID-19 pandemic having an impact reminiscent of the Great Depression.」

「Looking at global economic conditions during the cumulative third quarter under review, the US economy remained relatively firm, while the economies of China and other countries weakened as a result of the US-China trade friction. The global economy entered a phase of inventory adjustment and sluggish trade, creating increasingly uncertain conditions.」

「While the US economy remained relatively firm, the economies of China and other countries weakened as a result of the US-China trade friction, and the global economy entered a phase of inventory adjustment and sluggish trade, creating increasingly uncertain conditions.」

「The US-China trade war led to further economic slowdown in China and other countries, while concerns about geopolitical risks increased in the Middle East, creating conditions that gradually became less conducive to optimism.」

「The effects of the trade war resulting from the protectionist trade policies of the Trump administration in the US caused further economic slowdown in China, while conditions also weakened in some Asian countries and parts of Europe. Signs of a slowdown gradually became stronger, creating conditions that did not permit optimism.」

「Looking at global economic conditions during the cumulative third quarter under review, the global economy generally remained on an expansionary trend. However, trade friction stemming from the protectionist trade policies of the Trump administration in the US and persistently high crude oil prices cast a shadow, creating conditions that did not permit optimism. In Japan, business conditions showed a gradual recovery against a backdrop of strong corporate earnings and stable employment conditions, but uncertainty continued to persist, including as a result of fluctuations in foreign exchange rates and share prices caused by global conditions.」

「Although the global economy generally remained on an expansionary trend, trade friction stemming from the protectionist trade policies of the Trump administration in the US and persistently high crude oil prices cast a shadow, creating conditions that did not permit optimism.」

「Looking at global economic conditions during the cumulative first quarter under review, the global economy generally remained on an expansionary trend. However, trade friction stemming from the protectionist trade policies of the Trump administration in the US and persistently high crude oil prices cast a shadow, creating conditions that did not permit optimism.」

「Meanwhile, uncertainty surrounding the Trump administration's policies in the US, Brexit, fluctuations in the Chinese and emerging-market economies, and geopolitical risks linked to war and terrorism have had various effects on the political and economic conditions of countries around the world, and uncertainty has continued to persist.」

「Meanwhile, uncertainty surrounding the Trump administration's policies in the US, Brexit, fluctuations in the Chinese and emerging-market economies, and geopolitical risks linked to war and terrorism have had various effects on the political and economic conditions of countries around the world, and uncertainty has continued to persist.」

「Although uncertainty surrounding the Trump administration's policies in the US, increasing tensions involving North Korea and concerns about terrorism in various regions cast a shadow, the global economy generally showed signs of improvement or remained firm.」

「Although uncertainty surrounding the Trump administration's policies in the US, tensions on the Korean Peninsula and concerns about terrorism in various regions cast a shadow, the global economy generally showed signs of improvement or remained firm.」

「As uncertainty increases following the inauguration of the new Trump administration in the US, which advocates protectionism, companies are being forced to reassess the direction of their global business strategies.」

「Meanwhile, the US presidential election, Brexit, the slowing trend in the Chinese and emerging-market economies, and geopolitical risks linked to war and terrorism have had various effects on economies around the world, and uncertainty has continued to persist.」

「There were periods of disruption caused by the Kumamoto earthquake, the emergence of yen appreciation and falling share prices, and the repercussions of Brexit,」

「Meanwhile, Brexit, instability in the Chinese economy, the slowing trend in emerging-market economies, and geopolitical risks linked to war and terrorism have had various effects on the economies of countries around the world, which have remained generally unstable.」