Uncertainty over the Outlook Due to the Slowdown in Emerging-Market Economies, Brexit and the New U.S. Administration

「一方、物価上昇の継続による個人消費への影響や中東情勢の長期化に伴うエネルギー価格の高止まり、金利上昇による資金調達コストの増加など、先行きは景気の下振れリスクに注意が必要な状況となっております。」

「Meanwhile, the economy remained in a situation requiring caution about the outlook because of chronic labor shortages, prolonged yen depreciation, continued price increases, protectionist moves by the United States and growing geopolitical uncertainty.」

「During the interim consolidated fiscal period, Japan’s economy was on a gradual recovery trend as excessive concern eased following an agreement in Japan-U.S. tariff negotiations. However, the outlook continues to require caution owing to developments in U.S. tariff policy, prolonged high prices, worsening labor shortages, and sharp foreign exchange market movements.」

「Meanwhile, the company continues to operate in an environment requiring caution regarding the outlook, owing to higher interest rates accompanying a review of the Bank of Japan’s monetary policy, the impact of sharp foreign exchange market movements, concerns over an overseas economic slowdown, and ongoing labor shortages.」

「Although Japan's economy faces factors that could slow growth, including higher prices, domestic and overseas monetary policies, exchange-rate movements and geopolitical risks, personal consumption is expected to increase as income and employment conditions improve through wage increases and other measures, supporting continued moderate economic growth.」

「Meanwhile, conditions in Japan remain marked by concerns about lower demand due to high prices and worsening labor shortages, while overseas, the impact of monetary policy in other countries and prolonged geopolitical risks is heightening caution about the outlook.」

「The company continues to operate amid concerns about the outlook, including lower demand due to high prices, worsening labor shortages and downside risks to overseas economies.」

「The company continues to operate in conditions that cannot be viewed optimistically, amid a growing perception of labor shortages and concerns about a downturn in overseas economies.」

「During the six-month period ended the second quarter, Japan’s economy continued to recover as efforts were made to contain the spread of COVID-19 while balancing social and economic activity. However, raw material prices have risen owing to the situation in Ukraine, inflation and monetary policy in Europe and the United States, and the sharp depreciation of the yen, and the economy continues to face concerns that higher costs will persist and pressure earnings.」

「During the first quarter of the current fiscal year, sentiment in Japan's service industries and other sectors improved as domestic restrictions on activity were eased. However, resource and material prices have risen because of the situation in Ukraine and the yen's depreciation trend, and the economy has continued to face concerns that higher costs, particularly in manufacturing, will persist.」

「Although measures to address novel coronavirus infections are progressing, Japan's economy is expected to remain in an unpredictable situation, with factors weighing on corporate earnings, including higher resource prices because of geopolitical risks and higher import prices as the yen remains weak, while the outlook for the global economy has also been revised downward.」

「Looking ahead, although there are signs that the semiconductor shortage is easing, many destabilizing factors remain for economic activity, including soaring energy and raw material prices, disruption to global logistics services, and the resurgence of COVID-19, leaving little room for optimism.」

「Looking ahead, although concerns remain over semiconductor shortages and soaring raw material prices against the backdrop of a recovering global economy, disruptions in the supply of parts from Southeast Asia, where COVID-19 infections continued to spread, and a further resurgence of COVID-19, demand is expected to recover and business conditions improve as vaccination progresses.」

「Although concerns remain about semiconductor shortages and the spread of novel coronavirus variant infections, demand recovery and improved business conditions are expected across industries as vaccination progresses.」

「During the first nine months of the current fiscal year, Japan's economy appears to have slowed because of the decline in consumption resulting from the domestic consumption tax increase, the impact of natural disasters, and intensifying trade frictions and economic slowdown overseas. Although stimulus to consumption ahead of the Tokyo Olympic and Paralympic Games and an improvement in overseas trade frictions are expected, the outlook remains unpredictable, including because of rising geopolitical risks.」

「However, the outlook requires even greater caution owing to intensifying trade friction and an economic slowdown overseas, as well as concerns over weaker consumption in Japan following the consumption tax increase and the impact of repeated natural disasters.」

「During the first quarter of the current fiscal year, Japan's economy benefited from special demand associated with the change of era and the extended holiday period, which boosted conditions in the retail and service industries. However, intensifying trade frictions overseas, the slowdown in the Chinese economy, sluggish IT-related demand and the resulting slowdown in capital investment demand strengthened signs of deceleration in the manufacturing sector and created a situation requiring caution regarding the outlook.」

「Japan's economy is expected to remain in an uncertain environment, as concerns are mounting that, in addition to rising personnel costs and the impact of the consumption tax increase scheduled for October, worsening overseas conditions, including sanctions against oil-producing countries, trade frictions and slowing IT-related demand, will affect domestic economic conditions.」

「Meanwhile, trade friction among countries overseas and growing concerns about a slowdown in the global economy as a result have increased uncertainty about the outlook.」

「Although uncertainty about the outlook remains high owing to rising raw material prices, US trade policy and concerns about a slowdown in the Chinese economy, domestic capital investment plans are still considered solid and sustained economic growth is expected.」

「Meanwhile, conditions requiring caution about the outlook continue, with the persistent perception of labor shortages in Japan, uncertainty over political and economic policy trends in other countries and rising resource prices overseas.」

「In Japan, labor shortages remain severe, while overseas, conditions continue to warrant caution regarding the outlook, including policy developments in various countries, concerns about economic slowdowns in emerging markets, and rising resource and material prices.」

「Meanwhile, conditions requiring caution about the outlook continue, with the persistent perception of labor shortages in Japan, uncertainty over policy trends in other countries and concerns about slowing emerging-market economies overseas, and geopolitical risks.」

「During the cumulative first-quarter period, Japan's economy remained on a gradual recovery trend as corporate earnings and employment conditions continued to improve, although uncertainty persisted owing to the impact of overseas political and economic developments, including US policy trends, slowing emerging-market economies and rising geopolitical risks.」

「Under these circumstances, our Group continued its proactive sales activities, including developing new markets and new customers in Japan and overseas, expanding into new businesses, and reviving existing businesses, while also working to plan and develop high-value-added products, reduce costs, and improve production efficiency.」