Uncertainty over the outlook stemming from the UK's withdrawal from the EU, the Chinese economy, financial instability and yen appreciation

「In addition to the existing effects of the prolonged situation between Russia and Ukraine, persistently high resource prices, exchange-rate fluctuations and US trade policy, concerns emerged toward the end of the period over higher energy prices against the backdrop of rising geopolitical tensions in the Middle East and the risk of disruptions to logistics, further increasing uncertainty about the outlook.」

「During the interim accounting period, Japan's economy followed a gradual recovery trend. However, the outlook remained uncertain due to the impact of geopolitical risks and US tariff policy, as well as the prolonged rise in prices.」

「Prices continue to rise due to globally high resource prices resulting from the prolonged situation between Russia and Ukraine. The outlook also remains uncertain due to issues surrounding US tariffs, uncertainty over economic policy, concerns about the outlook for the Chinese economy, and armed conflict in the Middle East.」

「The outlook remains uncertain due to higher energy and raw material prices resulting from the prolonged situation in Ukraine and geopolitical risks surrounding Israel and Palestine in the Middle East, stagnation in the Chinese economy, and policy rate hikes in Europe and the United States and the resulting exchange-rate fluctuations.」

「During the third quarter of the fiscal year, Japan's economy entered a gradual recovery trend as activity restrictions were eased following the reclassification of COVID-19 as a Class 5 disease. However, concerns remained over the impact on the economy of soaring resource prices associated with the yen's depreciation and developments in the Middle East and Ukraine, and the situation continued to be uncertain.」

「Following the reclassification of COVID-19 as a Class 5 disease, Japan's economy continued to recover gradually. However, concerns over an economic downturn increased due to the prolonged depreciation of the yen, persistently high raw material and energy prices associated with the prolonged situation in Ukraine and other factors, and the situation remained one that continued to require close attention.」

「During the first quarter of the fiscal year, economic activity in Japan was on a gradual recovery trend as restrictions related to COVID-19 were eased and the flow of people increased. However, the outlook remained unforeseeable due to the impact of higher raw material prices, exchange rates and the prolonged situation between Russia and Ukraine.」

「During the third quarter of the fiscal year, economic activity in Japan showed signs of recovery following the government's lifting of activity restrictions related to COVID-19. However, the outlook remained uncertain due to the impact of soaring resource prices, sharp exchange-rate fluctuations and geopolitical risks surrounding the situation between Russia and Ukraine.」

「During the second quarter of the fiscal year, the Japanese economy gradually moved toward normalization as restrictions on activity related to COVID-19 were eased in stages. However, the outlook remained uncertain due to soaring energy and raw material prices against the backdrop of the prolonged situation in Ukraine, as well as substantial exchange-rate fluctuations.」

「The outlook remains uncertain due to concerns over higher raw material prices and supply constraints arising from international risks such as Russia's invasion of Ukraine, as well as the impact of volatility in financial markets caused by the sharp depreciation of the yen.」

「Although economic activity had begun to recover gradually, partly due to the effectiveness of measures to prevent coronavirus infections, the outlook remained extremely uncertain because of the predicted spread of the new Omicron variant, including concerns over stagnation in economic activity and an economic downturn, as well as shortages of components such as semiconductors.」

「During the second quarter of the fiscal year, economic activity remained stagnant due to the continuing impact of COVID-19. Although the number of infections showed signs of slowing as infection-control measures were thoroughly implemented and vaccinations became more widespread, the end of the pandemic remained unforeseeable, and the outlook continued to be uncertain.」

「During the first quarter of the fiscal year, the Japanese economy remained in a difficult environment, with COVID-19 yet to be brought under control and personal consumption and economic activity significantly restricted. It continued to follow an uncertain course.」

「Although signs of a temporary recovery were seen as a result of measures to prevent the spread of infection, the outlook remained extremely uncertain due to the worsening resurgence of COVID-19 caused by variants in the second and third waves, as well as the impact of the continuing tensions between the United States and China.」

「During the third quarter of the fiscal year, the Japanese economy remained uncertain because the prolonged impact of COVID-19 posed risks of a downturn in both the domestic and overseas economies.」

「During the second quarter of the fiscal year, the Japanese economy continued to be affected by the spread of COVID-19 both domestically and overseas. The end of the pandemic remained unforeseeable, and the economic outlook continued to be uncertain.」

「During the cumulative first quarter, the Japanese economy was affected by restrictions on economic activity, including requests to refrain from nonessential outings, following the government's declaration of a state of emergency in response to the global spread of COVID-19. Consumption of items other than daily necessities such as food and hygiene products came to an abrupt halt. The spread of infections continued even after the state of emergency was lifted, and the timing of containment and the magnitude of the economic impact remained impossible to predict.」

「In addition to concerns about a downturn in overseas economies due to prolonged US-China trade friction, the slowdown in the Chinese economy and Brexit, the global spread of the novel coronavirus since the beginning of the year and its impact on economic activity have left the business environment completely chaotic and the outlook uncertain.」

「Concerns persisted over the outlook for the global economy because of expanding US-China trade friction, instability in the Middle East, Brexit and worsening Japan-South Korea relations.」

「The Chinese economy slowed as US-China trade friction became prolonged, and the global economy remained uncertain.」

「During the cumulative first quarter, the Japanese economy remained in uncertain conditions due to the impact of US-China trade friction and the slowdown in the Chinese economy.」

「Although natural disasters such as typhoons and earthquakes occurred one after another, the economy continued on a moderate recovery path due to improvements in employment and income conditions and corporate earnings. However, the business environment remains uncertain, owing to intensifying US-China economic friction and Brexit.」

「The outlook remains difficult to predict, with uncertainty continuing over the impact on the Japanese economy of natural disasters occurring one after another in Japan and elsewhere around the world, as well as the impact of the prolonged US-China trade friction on the global economy.」

「Concerns remain about developments in trade issues and the impact of a succession of natural disasters, leaving the outlook uncertain.」

「The business environment remains uncertain as protectionist policies in the United States have intensified trade friction and increased downside risks to the economy.」

「The Company faces various issues, including rising costs, securing the necessary personnel and instability in overseas economies, including trade friction with various countries resulting from the US-first policies of the United States, and the situation is not one for optimism.」

「Conditions remained uncertain due to the impact of US policy developments and rising geopolitical risks in East Asia.」

「Employment and income conditions were improving as a result of the government's economic policies and the Bank of Japan's monetary easing, and signs of a moderate recovery were evident. However, the outlook remained uncertain due to the impact of unstable international conditions, including North Korea.」

「The outlook remains uncertain, partly because of uncertainty surrounding political and economic conditions overseas.」

「Overseas conditions remained uncertain, with concerns about the outlook arising from a slowdown in emerging Asian economies, Brexit and growing uncertainty over the policies of the new US administration.」

「The business environment remained uncertain because overseas conditions were unstable, including volatility in foreign-exchange and equity markets following the change of administration in the United States and concerns about downside risks to economies in China and other emerging Asian countries.」

「Although employment and income conditions were improving as growing concerns about the future of Europe and China weighed on personal consumption, the economy generally remained on a moderate recovery path. However, the business environment remained uncertain.」

「The global financial instability intensified due to the impact of Brexit and risks related to the Chinese economy, while falling share prices and a sharp trend toward yen appreciation left the outlook uncertain.」