Slowing emerging-market economies and instability in overseas conditions

「At the same time, it remains necessary to monitor the effects of rising prices, geopolitical risks surrounding the situation in the Middle East, and fluctuations in financial and capital markets and foreign exchange rates. The outlook therefore remains uncertain.」

「During the current consolidated fiscal year, Japan's economy remained on a moderate recovery trend, supported by improvements in employment and income conditions. However, the outlook remained increasingly uncertain amid numerous factors, including heightened risks associated with geopolitical tensions in the Middle East, developments in U.S. trade policy, the continuing depreciation of the yen, and concerns that rising prices could weaken consumer sentiment.」

「During the six-month interim consolidated accounting period, Japan's economy recovered moderately, supported by improvements in employment and income conditions and expanding inbound demand. Meanwhile, the outlook remained uncertain due to factors including unstable international conditions and persistent inflation resulting from globally elevated resource prices.」

「Meanwhile, overseas economies remained uncertain, facing downside risks arising from interest rate hikes in Europe and the United States, the situation in the Middle East, and concerns over the outlook for the Chinese economy.」

「Meanwhile, the outlook remains uncertain due to factors including prolonged inflation, persistently high energy prices associated with geopolitical risks such as the situations in Ukraine and the Middle East, the expected slowdown in overseas economies resulting from the impact of monetary tightening policies in various countries, and unstable foreign exchange markets.」

「Meanwhile, downside risks to overseas economies remain amid prolonged price increases, instability surrounding Ukraine and the Middle East, the effects of global monetary tightening and concern over the outlook for the Chinese economy, leaving the outlook uncertain.」

「Meanwhile, the outlook remains uncertain, with concern over the risk that a slowdown in overseas economies amid continued monetary tightening by countries will weigh on Japan’s economy, as well as the impact of rising prices resulting from higher raw material and energy prices.」

「Meanwhile, the outlook remains uncertain due to factors including inflation caused by the prolonged situation in Ukraine, higher raw material and energy prices, and volatility in financial and capital markets.」

「Meanwhile, the outlook has become increasingly uncertain as downside risks to overseas economies against a backdrop of global monetary tightening and the economic impact of Russia’s invasion of Ukraine appear likely to persist.」

「However, the outlook remains uncertain due in part to concerns over rising resource prices resulting from the prolonged Russian invasion of Ukraine and the impact of volatility in financial and capital markets.」

「In overseas economies, inflation has progressed due to semiconductor shortages, disruptions to transportation networks, rising resource prices against the backdrop of the situation in Ukraine and supply-chain disruptions. Concerns about global stagflation have emerged, and uncertainty about the outlook has increased.」

「Looking ahead, the Group expects the challenging situation to continue, due to factors including the impact of the spread of COVID-19, increasing instability in international conditions including the Russia-Ukraine situation, further yen depreciation, and higher raw material prices resulting from higher crude oil prices.」

「Meanwhile, the end of the COVID-19 pandemic remains unforeseeable due to the emergence of new variants spreading worldwide, and uncertainty about the outlook has persisted.」

「Although recovery is expected as vaccinations progress, various policies take effect and overseas economies improve, sufficient attention must be paid to the increasing downside risk from the spread of infections, and the outlook remains uncertain.」

「While progress with vaccinations in Japan and overseas raised expectations for a full-scale resumption of economic activity, the outlook remained uncertain and required close attention to increasing downside risks from a renewed spread of infections.」

「During the first nine months of the fiscal year, the Japanese economy deteriorated rapidly as the global spread of COVID-19 caused economic activity to stagnate or contract, although some signs of recovery emerged as a result of various government and local-government policies. However, uncertainty about the outlook has persisted, with further concerns about the impact on domestic and international economic activity as infections have begun to spread again.」

「Similarly, the global pandemic has had a serious impact on the global economy, and uncertainty about the outlook has persisted due to the risk that COVID-19 could further weaken the domestic and international economies and the impact of volatility in financial and capital markets.」

「Meanwhile, overseas, the outlook for the economy became even more uncertain from the second half of the fiscal year due to the impact of uncertainty in the global economy resulting from prolonged U.S.-China trade friction and the United Kingdom’s withdrawal from the EU, as well as the global spread of COVID-19.」

「The outlook remained uncertain amid concerns about the impact of rising tensions over trade issues on the global economy and the impact of a consumption tax increase on personal consumption.」

「During the first quarter of the current consolidated cumulative period, Japan’s economy continued on a gradual recovery path as corporate earnings and employment conditions improved. At the same time, uncertainty over the economic outlook increased due to the impact of trade issues on the global economy and the psychological impact of the consumption tax increase.」

「During the fiscal year, the Japanese economy followed a gradual recovery trend as corporate earnings and employment conditions improved. However, the economic outlook remained uncertain amid concerns about U.S.-China trade friction and a global economic slowdown.」

「During the third quarter of the current consolidated cumulative period, Japan’s economy remained on a gradual recovery path overall as corporate earnings and employment and income conditions continued to improve. However, the outlook for overseas economies remained uncertain, including the impact of US-China trade issues on the global economy and the impact of volatility in financial and capital markets.」

「Overseas economies continued to recover overall against the backdrop of a robust US economy, but the outlook remained uncertain due to growing concern over intensifying trade friction, as well as rising crude oil prices and geopolitical risks.」

「In overseas economies, the outlook remained uncertain due to concerns about the impact on the global economy of economic trends in China, emerging Asian countries and elsewhere, geopolitical risks and trade frictions.」

「Meanwhile, although many countries overseas, including the United States, Europe and Asia, maintained strong economic performance, concerns about protectionism originating in the United States and geopolitical risks in the Middle East, East Asia and elsewhere remained, leaving the economic outlook uncertain.」

「During the first nine months of the fiscal year, the Japanese economy followed a gradual recovery trend as corporate earnings and employment conditions improved. However, uncertainty about the economic outlook persisted due to developments in emerging Asian economies, the policy administration of the U.S. government and the impact of rising geopolitical risks.」

「Although uncertainty remains over overseas economic trends, including the operation of US government policy, slowing emerging-market economies and rising geopolitical risks in Asia,」

「However, the outlook remained uncertain, with many concerns abroad, including a slowdown in emerging-market economies, political instability in Europe and developments under the new U.S. administration, while personal consumption in Japan remained weak.」

「The outlook remains uncertain, including the impact of future economic policies following the change of administration in the United States, downside risks to emerging-market economies and trends in crude oil prices.」

「However, weakness was evident in overseas economies, and economic conditions remained uncertain amid concern over the UK’s withdrawal from the EU and downside risks to the economies of emerging Asian and resource-producing countries.」

「Uncertainty in the global economy remains elevated due to downside risks to the economies of China and emerging Asian countries, and the outlook continues to be uncertain.」