Brexit and heightened geopolitical risks in the Middle East

「Difficult conditions continued amid ongoing price increases and heightened downside risks to the economy resulting from the impact of tariff policies under the US Trump administration.」

「Regarding the outlook for the Japanese economy, concerns including uncertainty over the global economic outlook, including the situations in Ukraine and the Middle East, and further price increases mean that the situation cannot be viewed optimistically.」

「During the first 3 quarters of the fiscal year, the Japanese economy began moving toward normalization following the reclassification of COVID-19 as a Class 5 disease, but challenging conditions continued due to soaring resource and energy prices and prices of various materials caused by the prolonged situation in Ukraine, the new conflict in Palestine and the yen’s depreciation.」

「During the first 3 months of the fiscal year, the Japanese economy began moving toward normalization as COVID-19 was reclassified as a Class 5 disease, and the economy was gradually recovering. However, resource and energy prices and the prices of various materials continued to rise due to the prolonged situation in Ukraine and other factors, and uncertainty over the outlook remained.」

「Regarding the outlook for the Japanese economy, activity levels are expected to normalize as the impact of COVID-19 subsides. However, the situation remains difficult to view optimistically because of concerns including the situation in Ukraine and the resulting instability in resource and energy prices, uncertainty in the global economy, including the failure of some financial institutions in Europe and the United States, and further price increases across the board.」

「During the first 3 quarters of the fiscal year, the Japanese economy was in a challenging situation, with import prices for resources and energy soaring as the yen’s depreciation accelerated due to the prolonged situation in Ukraine and interest-rate differentials with Europe and the United States.」

「Uncertainty about the outlook has continued due to higher resource and energy prices resulting from the prolonged situation in Ukraine and the sharp depreciation of the yen.」

「Japan's economic outlook is expected to involve efforts to normalize activity levels while continuing to implement measures to contain the spread of COVID-19. However, concerns including uncertainty in overseas economies, including the situation in Ukraine, mean that conditions cannot be viewed optimistically.」

「During the six-month cumulative period of the current fiscal year, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year. The impact of COVID-19 on the business will continue to be monitored closely in light of future developments.」

「During the cumulative first quarter under review, there were no newly arising business or other risks, nor any material changes to the business or other risks described in the securities report for the preceding fiscal year.」

「During the six-month cumulative period of the current fiscal year, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year. The impact of COVID-19 on the business will continue to be monitored closely in light of future developments.」

「During the three-month cumulative period of the current fiscal year, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year. The impact of COVID-19 on the business will continue to be monitored closely in light of future developments.」

「During the consolidated fiscal year, employment and income conditions in Japan remained subdued, but the economy lost momentum due to deterioration factors including the prolonged US-China trade conflict and the slowdown in the Chinese economy, as well as the impact of the global COVID-19 pandemic, resulting in conditions as severe as those seen since the Lehman shock at the fiscal year-end.」

「During the cumulative third quarter consolidated period, employment and income conditions remained subdued in Japan, but the economy generally deteriorated due to the prolonged US-China trade conflict, the slowdown in the Chinese economy and other factors.」

「During the cumulative second quarter consolidated period, employment and income conditions remained subdued in Japan, while the prolonged US-China trade conflict, the slowdown in the Chinese economy and the UK’s EU withdrawal issue contributed to continued uncertainty over the outlook.」

「During the cumulative first quarter consolidated period, Japan’s economic outlook remained uncertain due to the slowdown in the Chinese economy resulting from the prolonged US-China trade conflict and geopolitical risks in the Middle East and Asia.」

「During the cumulative third quarter consolidated period, although concerns existed regarding the US-China trade conflict and the slowdown in the Chinese economy, employment and income conditions continued to improve due to government economic policies and strong corporate earnings, and the economy remained on a moderate recovery trend.」

「During the six months ended the second quarter, Japan's economy faced concerns including US trade policies and geopolitical risks in the Middle East. However, supported by the government's economic policies and strong corporate earnings, employment and income conditions continued to improve, and the economy remained on a moderate recovery trend.」

「During the first quarter of the consolidated fiscal year, Japan's economy remained firm, supported by continued strong corporate earnings and improvements in employment and income conditions. However, the economic outlook remained uncertain due to concerns about the US's protectionist trade policies and geopolitical risks in the Middle East and Asia.」

「During the nine-month period ended in the third quarter, there was no occurrence of any new business or other risk, nor any material change in the business or other risks described in the annual securities report for the previous fiscal year.」

「During the six months ended the second quarter, Japan's economy faced concerns including US policy developments and geopolitical risks in the Middle East. However, supported by various policies of the Japanese government and strong corporate earnings, capital investment and employment conditions continued to improve, and the economy remained on a moderate recovery trend.」

「During the first quarter of the consolidated fiscal year, uncertainty about the outlook remained due to factors including the operation of the US administration and Brexit. However, supported by various policies of the Japanese government and strong corporate earnings, capital investment and employment conditions continued to improve, and the economy remained on a moderate recovery trend.」

「During the consolidated fiscal year, Japan's economy showed improvement in capital investment and employment conditions against the backdrop of the government's economic policies, but uncertainty about the outlook continued due to factors including Brexit and heightened geopolitical risks in the Middle East.」

「During the cumulative third quarter consolidated period, improvements in capital investment and employment conditions resulting from various government policies, as well as rising share prices, led to signs of a recovery in personal consumption in Japan. Overseas, however, concerns emerged, including the slowdown in the Chinese economy, the UK’s withdrawal from the EU and heightened geopolitical risks in the Middle East.」

「During the cumulative second quarter consolidated period, improvements were seen in capital investment and employment conditions in Japan as a result of various government policies, but concerns emerged overseas, including the slowdown in the Chinese economy, the UK’s withdrawal from the EU and heightened geopolitical risks in the Middle East.」