Risk of Economic Fluctuations and Declines in Construction and Residential Investment

「こうした状況を背景として建築資材の調達環境が悪化し、建築工事における工期遅延懸念が増大するなか、建築材料業界におきましても厳しい状況が続いております。」

「In the building materials industry, underlying construction demand remained solid, but supply constraints on construction work intensified further because of labor shortages, resulting in an imbalance between supply and demand. Delays to construction schedules and cancellations or postponements of construction plans due to soaring construction prices affected sales of the Company's products, and challenging conditions continued.」

「During the interim consolidated fiscal year under review, Japan's economy remained on a moderate recovery track accompanied by inflation, but caution over US policy risks increased, and companies showed a cautious stance toward capital investment. In the building materials industry, challenging conditions continued as construction work stagnated due to reduced supply capacity resulting from the increasingly serious shortage of skilled construction workers in the construction industry.」

「In the building materials industry, these uncertainties entail the risk that cancellations and postponements of development plans will increase further and continue, and challenging conditions are expected to persist.」

「In the building materials industry, challenging conditions are expected to continue, including the impact of the so-called 2024 problem in the logistics and construction industries and a decline in construction demand due to higher construction costs resulting from the shortage of skilled construction workers.」

「During the first nine months of the consolidated fiscal year under review, the economy showed a moderate recovery against the backdrop of normalized socioeconomic activity. However, the outlook remained uncertain amid rising uncertainty in the global economy due to the invasion of Ukraine and escalating tensions in the Middle East. In the building materials industry, a challenging business environment continued, including persistently high raw material and energy prices resulting from unstable international conditions and the accelerating depreciation of the yen, and conditions remained without room for complacency.」

「During the first half of the consolidated fiscal year under review, Japan's economy continued to recover moderately, but the outlook became increasingly uncertain as inflationary pressures persisted amid continued interest-rate increases by central banks around the world. In the building materials industry, a challenging business environment continued due to sustained increases in raw material and energy prices against the backdrop of rising prices.」

「During the first quarter of the consolidated fiscal year under review, moves toward a post-COVID environment accelerated across society, partly because COVID-19 was downgraded to Category 5 under the Infectious Diseases Act. At the same time, conditions remained challenging amid persistently high raw material and energy prices and worldwide monetary tightening. In the building materials industry, there was no sign that the surge in raw material prices used in manufacturing would ease, and an uncertain business environment continued.」

「Regarding the outlook for Japan's economy, although the classification of COVID-19 under the Infectious Diseases Act was lowered to Category 5 and a full reopening of socioeconomic activity is expected, downside risks to the domestic and overseas economies remain, including rising prices and monetary tightening in various countries. The outlook is therefore expected to remain difficult to predict. In the building materials industry, challenging conditions are also expected to continue, including trends in construction demand and persistently high manufacturing material costs, against the backdrop of an increasingly uncertain domestic economy.」

「During the first quarter of the consolidated fiscal year under review, Japan's economy became increasingly uncertain day by day. Although the spread of COVID-19 in Japan remained subdued, the global economy was in turmoil due to the prolonged Russia-Ukraine situation, while inflationary pressures increased as the yen depreciated rapidly. In the building materials industry, raw material procurement prices and electricity and gas prices rose successively amid soaring resource prices, and the business environment remained challenging.」

「In the building materials industry, construction order trends have also lacked stability, while the impact of soaring raw material and material prices stemming from COVID-19 has been increasing day by day, and challenging conditions continue without room for complacency.」

「In the building materials industry, challenging conditions continue without room for complacency, amid concerns over stalled construction plans due to COVID-19 and intensifying competition following the end of the Olympic-related demand boom.」

「In the building materials industry, new construction plans have also declined as a result of the pandemic, and an uncertain outlook continues.」

「In the building materials industry, a severe outlook is expected to continue, as the recession is raising serious concerns about stagnation in private-sector construction investment, including the postponement or cancellation of construction plans.」

「During the first nine months of the consolidated fiscal year under review, corporate earnings deteriorated significantly as COVID-19 spread worldwide, and conditions remained extremely difficult. In the building materials industry, uncertainty continued to increase as construction plans were cancelled or postponed as a result of the pandemic, and challenging conditions continued without room for complacency.」

「During the first half of the consolidated fiscal year under review, all economic activity was restricted by the global spread of COVID-19, causing the economy to contract sharply, and conditions remained extremely difficult. In the building materials industry, uncertainty about the outlook continued amid concerns that the domestic economic downturn would restrain construction investment.」

「During the first quarter of the consolidated fiscal year under review, Japan's economy remained in an extremely difficult situation as economic and social activity stagnated due to the global spread of COVID-19, while the declaration of a state of emergency in Japan had a significant impact on the domestic economy. In the building materials industry, challenging conditions continued without room for complacency, amid concerns over a decline in private-sector construction investment resulting from the downturn in the real economy.」

「During the consolidated fiscal year under review, Japan's economy was on a moderate recovery track, but conditions became increasingly uncertain due to the prolonged US-China trade friction, issues including the UK's withdrawal from the EU, and the global spread of COVID-19. In the building materials industry, the shortage of skilled construction workers reached an unprecedented level, raising concerns about its impact on construction investment as a serious risk factor, and challenging conditions continued without room for complacency.」

「In the building materials industry, the difficult situation continues, with concerns over supply constraints accompanying the increasingly serious shortage and aging of skilled workers at construction sites.」

「In the building materials industry, construction investment remained solid, but the difficult situation continued, with construction costs remaining elevated due to the shortage of skilled workers, higher personnel expenses and other factors.」

「In the building materials industry, many concerns remain, including declining productivity at construction sites due to the chronic shortage of skilled workers, and the difficult situation continues.」

「The outlook for Japan's economy includes uncertainties at home and abroad, including the impact on economic activity of the consumption tax increase scheduled for October this year and concerns over a sharp slowdown in the Chinese economy, and the uncertain situation is expected to continue. In the building materials industry, construction demand is expected to remain firm, supported by redevelopment in major metropolitan areas and measures to address the aging of existing infrastructure and other facilities, but the difficult situation is expected to continue amid issues requiring attention, including labor shortages and surging construction costs.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy remained on a gradual recovery path, supported by steady improvement in corporate earnings and employment conditions, but uncertainty persisted as U.S.-China trade friction appeared likely to become prolonged and downside risks to the global economy materialized. In the building materials industry, the shortage of skilled workers caused by an aging workforce and a lack of younger workers became increasingly serious, affecting construction investment, and the difficult situation continued.」

「In the building materials industry, the shortage of skilled workers remains unresolved and is becoming increasingly serious, and the difficult situation continues amid concerns over adverse effects on construction investment.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy remained on a gradual recovery path, but uncertainty persisted due mainly to deteriorating business sentiment amid concerns over the export environment resulting from intensifying trade friction originating in the United States. In the building materials industry, the difficult situation continued, with concerns that investment may be restrained as construction costs remained elevated due to the chronic shortage of skilled workers.」

「In the building materials industry, the difficult situation is expected to continue, with concerns that construction investment may stagnate due to labor supply constraints accompanying an increasingly serious shortage of skilled workers.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy remained on a gradual recovery path, with domestic corporate performance and employment conditions improving against a backdrop of a recovering global economy. In the building materials industry, construction investment remained generally solid, but the difficult situation continued amid ongoing concerns over a serious shortage of skilled workers and surging construction costs.」

「In the building materials industry, construction investment remained solid in both the public and private sectors, but issues such as a shortage of skilled workers and surging construction costs remained unresolved, and uncertainty continued.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy remained on a gradual recovery path against a backdrop of improving corporate earnings and employment conditions, but remained uncertain due to concerns over a slowdown in China and emerging economies and uncertainty surrounding political developments in Europe and the United States. In the building materials industry, the difficult situation continued, with companies remaining cautious about capital investment due to concerns over the outlook for the domestic and overseas economies.」

「In the building materials industry, the difficult situation continued, with construction costs remaining elevated due to a chronic labor shortage amid continued challenging order conditions.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy remained uncertain, with foreign exchange and equity markets fluctuating sharply due to concerns over slower economic growth in China and emerging economies, as well as uncertainty surrounding the European and U.S. economies. In the building materials industry, construction costs remained elevated, while companies remained cautious about capital investment amid uncertainty in overseas economies, and the difficult situation continued.」

「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy remained in an uncertain business environment, with corporate sentiment weakening amid concerns over a slowdown in the global economy, including China and emerging economies, and the appreciation of the yen. In the building materials industry, capital investment lacked strength while corporate earnings plateaued, and the difficult situation continued amid concerns over a chronic shortage of skilled workers and persistently elevated construction costs.」

「Business conditions remained uncertain, with corporate sentiment weakening amid concerns over an economic slowdown in China and emerging economies and volatility in the foreign exchange and equity markets. In the building materials industry, companies remained cautious about capital investment amid downside economic risks, while construction costs continued to remain elevated, and the difficult situation continued.」

「If the economic environment deteriorates and private-sector capital investment and housing investment decline, the performance of the Group may be affected.」