Risk of Economic Fluctuations and Deteriorating Economic Conditions

「当第１四半期連結累計期間におけるわが国経済は、堅調な公共投資とともに雇用・所得環境の改善が進み企業収益にも改善の動きが見られ、景気は緩やかな回復基調で推移しているものの、中東情勢については引き続き影響を注視する必要があり、また、金融資本市場の変動もあり、事業環境は依然として先行き不透明な状況が続いております。」

「During the fiscal year, Japan's economy showed signs of a moderate recovery against a backdrop of improving employment and income conditions. However, the outlook remained uncertain due to continuing price increases and labour shortages, as well as the impact of energy issues arising from the situation in the Middle East and destabilisation of Japan-China relations.」

「一方で、海外経済の動向や地政学的リスク、原材料・エネルギー価格の変動、為替や金利動向など、先行きには依然として不透明な要素が存在しております。」

「During the interim consolidated fiscal period, the economy continued to recover moderately against a backdrop of improving employment conditions and inbound demand. Meanwhile, the outlook remained uncertain, as higher prices persisted and the slowdown in the Chinese economy and fluctuations in exchange rates and resource prices affected corporate activity.」

「During the fiscal year, the economy continued on a moderate recovery trend, supported by solid corporate earnings and improvements in employment and income conditions. Meanwhile, factors contributing to uncertainty over the outlook remained, including soaring raw-material prices, sustained price increases and developments in US trade policy, making continued careful assessment necessary.」

「During the interim consolidated fiscal period, the economy was on a moderate recovery trend centred on domestic demand, supported by improving employment and income conditions and increased inbound demand. Meanwhile, the outlook remained uncertain, with concerns that rising prices, including higher labour and logistics costs, could affect personal consumption.」

「During the fiscal year, Japan's economy remained on a moderate recovery trend as employment and income conditions improved. However, the downside in overseas economies, including the prolonged rise in overall prices, the impact of global monetary tightening and developments in the Chinese economy, posed downside risks to the domestic economy, and the outlook remained uncertain.」

「During the nine-month period ended in the third quarter of the fiscal year, Japan's economy improved as the impact of the novel coronavirus diminished and capital investment and personal consumption recovered, with social and economic activity normalising and the economy entering a moderate recovery trend. Meanwhile, the situation remained one that demanded caution due to weaker overseas economies, particularly in China, and soaring fuel and raw-material prices.」

「During the six-month period ended in the second quarter of the fiscal year, Japan's economy continued to recover moderately, with signs of a recovery in personal consumption and capital investment as economic activity normalised following the reclassification of the novel coronavirus infection to Category 5. Meanwhile, the situation remained one that demanded caution, with prices continuing to rise due to soaring fuel and raw-material prices and the weakening yen.」

「During the three-month period ended in the first quarter of the fiscal year, economic activity normalised as restrictions on movement accompanying the spread of the novel coronavirus were eased, and the economy showed signs of a moderate recovery. Meanwhile, fuel and raw-material prices continued to rise, and prices remained on an unabated upward trend.」

「In the industrial products and engineering business areas, concerns have arisen over the impact on the appetite for capital investment, which had been on a recovery trend, as the effects of high global resource prices, supply constraints, sharp volatility in financial markets and delays in imports and exports caused by container shortages have compounded one another.」

「During the six-month period ended in the second quarter of the fiscal year, Japan's economy maintained a moderate recovery trend despite the continuing impact of the novel coronavirus. However, uncertainty over the economic outlook remained high due to soaring resource prices resulting from Russia's invasion of Ukraine and volatility in financial and capital markets, leaving no room for complacency.」

「During the three-month period ended in the first quarter of the fiscal year, Japan's economy remained uncertain despite some moderate signs of recovery as the effects of the novel coronavirus continued. The economy was affected by the global rise in resource and raw-material prices resulting from Russia's invasion of Ukraine and other factors, as well as a sharp depreciation of the yen caused by volatility in financial and capital markets.」

「During the fiscal year, a recovery in Japan's economy was expected as infection-control measures, including vaccinations, were implemented while the novel coronavirus continued to spread. However, the spread of infections caused by new variant strains has not yet come into sight, raising concerns over economic stagnation. In addition, the outlook remains uncertain due to geopolitical risks surrounding the situation in Ukraine and the impact of soaring raw-material prices.」

「During the nine-month period ended in the third quarter of the fiscal year, the lifting of repeatedly issued states of emergency and priority preventive measures was expected to normalise economic activity as vaccinations spread and infection-control measures were implemented in response to the spread of the novel coronavirus. However, the outlook remains uncertain, with concerns including the renewed spread of infections caused by new variant strains and soaring raw-material prices.」

「In the industrial products and engineering business areas, market conditions continued to weaken both in Japan and overseas due to declining private-sector capital investment.」

「During the three-month period ended in the first quarter of the fiscal year, vaccinations began while the novel coronavirus continued to spread, but economic activity remained severely restricted due to the reissuance of the state of emergency and the application of priority preventive measures, leaving the outlook uncertain.」

「During the fiscal year, Japan's economy was affected by the global spread of the novel coronavirus, which restrained economic activity and made the stagnation of the economy pronounced. Economic activity is on a moderate recovery trend as measures are taken to prevent the spread of infection, but concerns over another wave of infections remain and the outlook continues to be uncertain.」

「During the nine-month period ended in the third quarter of the fiscal year, some economic activity showed signs of recovery as measures were taken to prevent infection while the novel coronavirus continued to spread globally. However, infections spread again, and the outlook for the domestic and overseas economies remains uncertain.」

「During the six-month period ended in the second quarter of the fiscal year, the stagnation of Japan's economy became pronounced following the global spread of the novel coronavirus. After the state of emergency was lifted, economic activity gradually resumed while measures were taken to prevent the spread of infection, and signs of recovery were seen in some areas, but the outlook remains uncertain.」

「During the three-month period ended in the first quarter of the fiscal year, the stagnation of Japan's economy became pronounced as economic activity was restricted by the global spread of the novel coronavirus. Economic activity has gradually resumed since the lifting of the state of emergency, but a full-fledged economic recovery has not yet been achieved.」

「During the fiscal year, Japan's economy was on a moderate recovery trend against a backdrop of improving employment and income conditions. However, concerns over a slowdown in economic activity intensified due to uncertainty in the global economy, including US-China trade friction and Brexit, as well as the global spread of the novel coronavirus, leaving the outlook uncertain.」

「During the nine-month period ended in the third quarter of the fiscal year, Japan's economy continued on a moderate recovery trend, supported by ongoing improvements in employment and income conditions, despite concerns over the impact of US-China trade friction on the global economy, the outlook for the Chinese economy, Brexit and other overseas economic developments, and volatility in financial and capital markets.」

「During the first quarter of the current fiscal year, the Japanese economy remained on a moderate recovery trend, with employment and income conditions continuing to improve, although exports and production weakened amid concerns about the impact of uncertainty in the global economy caused by the slowdown in China's economy and US-China trade friction, as well as volatility in financial and capital markets.」

「During the first nine months of the current fiscal year, the Japanese economy remained on a moderate recovery trend, with employment and income conditions continuing to improve, despite concerns about the impact of US-China trade policies on the global economy, uncertainty in overseas economies and volatility in financial and capital markets.」

「During the first half of the current fiscal year, the Japanese economy remained on a moderate recovery trend, with employment and income conditions continuing to improve, despite concerns about the impact of successive natural disasters across Japan on the economy and the impact of US-China trade policies on the global economy.」

「During the first quarter of the current fiscal year, the Japanese economy remained on a moderate recovery trend, with employment and income conditions continuing to improve amid concerns about the impact of uncertainty in overseas economies and volatility in financial and capital markets.」

「During the current fiscal year, the Japanese economy remained on a moderate recovery trend, as corporate earnings and employment and income conditions improved despite concerns about the impact of uncertainty in overseas economies and volatility in financial and capital markets.」

「During the first nine months of the current fiscal year, the Japanese economy remained on a moderate recovery trend, as corporate earnings and employment and income conditions improved despite concerns about the impact of uncertainty in overseas economies and volatility in financial and capital markets.」

「During the first half of the current fiscal year, the Japanese economy remained on a moderate recovery trend, as employment and income conditions improved amid continued improvement in corporate earnings, despite concerns about the impact of uncertainty in overseas economies and volatility in financial and capital markets.」

「During the first quarter of the current fiscal year, the Japanese economy remained on a moderate recovery trend, as employment and income conditions improved amid continued improvement in corporate earnings, despite concerns about the impact of instability in overseas political conditions and foreign exchange volatility resulting from the normalization of US monetary policy.」

「During the current fiscal year, the Japanese economy remained on a moderate recovery trend overall, with corporate earnings and employment conditions continuing to improve, although concerns arose over the impact of uncertainty in overseas economies, including the UK's EU withdrawal issue and policy developments under the new US administration, as well as volatility in financial and capital markets.」

「During the first nine months of the current fiscal year, the Japanese economy remained on a moderate recovery trend overall, with employment and income conditions continuing to improve, despite concerns about the impact of uncertainty in overseas economies, including the UK's EU withdrawal issue and policy developments following the change of administration in the United States, as well as volatility in financial and capital markets.」

「During the first half of the current fiscal year, the Japanese economy remained on a moderate recovery trend overall, with employment and income conditions continuing to improve, despite concerns about the impact of increased uncertainty in overseas economies, including the UK's EU withdrawal issue, and volatility in financial and capital markets.」

「During the first quarter of the current fiscal year, the Japanese economy remained on a moderate recovery trend overall, with employment and income conditions continuing to improve, despite downside risks to the economy, including increased uncertainty in overseas economies, volatility in financial and capital markets, and concerns about the economic impact of the 2016 Kumamoto Earthquake.」

「However, the slowdown in economies across Asia, including China, and the decline in resource prices caused financial markets, including stock and foreign exchange markets, to become unstable from the beginning of the year, heightening concerns about deteriorating corporate earnings.」