Foreign-Exchange Fluctuations and Uncertainty in the Global Economy

「物価上昇や為替相場の変動、海外景気の下振れリスクなど、依然として先行きが不透明な状況で推移しました。」

「During the interim accounting period, Japan's economy continued on a moderate recovery trend against a backdrop of improving employment and income conditions, but remained subject to an uncertain outlook due to rising prices, fluctuations in foreign exchange rates and the risk of an economic downturn overseas.」

「ウクライナ情勢の長期化や中東地域をはじめとする地政学リスクの高まりに加え、物価上昇の継続による景気減速懸念もあり、先行きは不透明なまま推移いたしました。」

「The company’s operating environment is highly uncertain as it is unclear when the prolonged situation in Ukraine, rising geopolitical risks including in the Middle East, and persistently high prices will subside, and the company expects the highly uncertain economic environment to continue.」

「ウクライナ情勢の長期化や中東地域をはじめとする地政学リスクの高まりに加え、物価上昇の継続による景気減速懸念もあり、先行きは不透明なまま推移いたしました。」

「At the same time, there are many downside risk factors for the economy, including natural disasters such as major typhoons and high prices, and the outlook remains uncertain.」

「At the same time, there are many downside risk factors for the economy, including natural disasters such as major typhoons and high prices, and the outlook remains uncertain.」

「The company’s operating environment is highly uncertain as it is unclear when historically high prices will subside, despite an improvement in business sentiment, and the company expects the highly uncertain economic environment to continue.」

「During the cumulative third quarter, the Japanese economy showed signs of recovery as consumer activity became more active following the reclassification of COVID-19 to Category 5 and inbound demand recovered rapidly due in part to an increase in visitors from overseas. At the same time, global inflationary pressure did not ease, making the economic outlook difficult to predict.」

「At the same time, pressure from the depreciation of the yen in the foreign exchange market and rising prices did not ease, making the economic outlook difficult to predict.」

「During the cumulative first quarter, the Japanese economy moved toward recovery as various restrictions imposed during the COVID-19 pandemic were lifted, beginning with the reclassification of COVID-19 under the Infectious Diseases Act to Category 5. The number of visitors from overseas also increased, and signs of a recovery in inbound demand became apparent. However, pressure for higher prices of food, energy, and other goods did not ease, and uncertainty about the economic outlook continued.」

「During the fiscal year, social activity moved toward normalization as restrictions were eased following the containment of COVID-19, and the economy showed signs of recovery. However, the outlook remained uncertain due to higher prices caused by surging resource prices and the depreciation of the yen, as well as concerns about a global recession resulting from policy rate hikes in various countries.」

「During the cumulative third quarter, the Japanese economy showed signs of a gradual recovery as measures against COVID-19 progressed and restrictions on economic activity were eased. However, the impact of higher prices for imported materials and procurement difficulties caused by global inflation became apparent domestically, and the economy entered an inflationary phase accompanied by rising prices, leaving the outlook uncertain.」

「Although the easing of restrictions on economic activity following progress in measures against COVID-19 led to signs of a gradual recovery, the uncertain outlook continued due in part to higher prices for imported materials and procurement difficulties caused by global inflation and the depreciation of the yen.」

「Meanwhile, disruptions to global supply chains caused by China’s zero-COVID policy and Russia’s invasion of Ukraine continued. Although the Japanese economy showed signs of recovery in social and economic activity as COVID-19 vaccinations became widespread, prices rose across a broad range of areas as a result mainly of higher raw material prices and the sharp depreciation of the yen, and the uncertain economic environment continued.」

「The company’s operating environment remained highly uncertain. Although measures against COVID-19 progressed globally, including the expansion of vaccinations, concerns remained over the emergence of new variants and the timing of containment. Russia’s military invasion of Eastern Europe and the global rise in prices also intensified. In the commercial kitchen equipment manufacturing and sales business, orders related to schools, the company’s mainstay, recovered somewhat toward the end of the fiscal year, and orders from customers in the delivery sector were strong, but the company expects the highly uncertain operating environment to continue.」

「During the cumulative second quarter, the Japanese economy shifted toward recovery as domestic vaccinations progressed amid the spread of COVID-19 variants, alongside an improvement in the global economy.」

「During the cumulative first quarter, the Japanese economy remained unable to emerge from a highly uncertain situation due to the resurgence of COVID-19 infections.」

「The company’s operating environment remained highly uncertain as economic and consumer activity was constrained by the impact of the global spread of COVID-19.」

「During the cumulative third quarter, the Japanese economy showed signs of recovery for a time amid the global spread of COVID-19, but infections spread again in countries around the world toward year-end, and uncertainty about the outlook continued.」

「During the cumulative second quarter, the Japanese economy deteriorated rapidly and remained in an extremely severe condition as corporate activity and personal consumption stagnated worldwide against the backdrop of the spread of COVID-19.」

「During the cumulative first quarter, the Japanese economy deteriorated rapidly and remained in an extremely severe condition as corporate activity and personal consumption stagnated worldwide against the backdrop of the spread of COVID-19.」

「During the fiscal year, the Japanese economy remained on a gradual recovery track, supported by improvements in corporate earnings and employment conditions, but became highly uncertain due to the global spread of COVID-19 from the beginning of the year and other factors.」

「At the same time, the outlook for the economy remained uncertain, with concerns about the impact of international issues such as trade friction between the United States and China on the domestic economy.」

「At the same time, the outlook for the economy remained uncertain, with concerns about the impact of international issues, including trade friction between the United States and China and economic sanctions on Iran, on the domestic economy.」

「At the same time, the outlook for the economy remained uncertain, with concerns about the impact of international issues, including trade friction between the United States and China and economic sanctions on Iran, on the domestic economy.」

「At the same time, the economic outlook remained uncertain, with concerns about the impact on the domestic economy from international issues such as escalating trade friction between the United States and China.」

「At the same time, the outlook remained uncertain, with concerns about the impact on the domestic economy from the potential expansion of international trade friction caused by protectionist policies in the United States.」

「At the same time, the outlook remained uncertain, with concerns about the impact on the domestic economy from the potential expansion of international trade friction caused by protectionist policies in the United States.」

「Although corporate earnings were strong and employment and income conditions continued to improve, the economy remained on a gradual recovery track while the outlook remained uncertain due to uncertainty in the global economy and other factors.」

「During the cumulative third quarter, the Japanese economy remained on a gradual recovery track, with corporate earnings strong and employment and income conditions continuing to improve, but was exposed to geopolitical risks, including the situation surrounding North Korea, and uncertainty in overseas economies, leaving the outlook uncertain.」

「During the cumulative second quarter, the Japanese economy remained on a gradual recovery track, with corporate earnings strong and employment and income conditions continuing to improve, but the outlook remained uncertain due to risk factors including the situation surrounding North Korea and exchange-rate trends.」

「At the same time, the outlook remained uncertain, with concerns about the impact on the domestic economy from rising geopolitical risks and uncertainty in overseas economies.」

「Although the economy remained on a gradual recovery track, with continued improvement in employment and income conditions, it remained in an uncertain position due to sluggish personal consumption and downside risks to the global economy.」

「During the six-month period ended, the Japanese economy remained on a moderate recovery trend, with continued improvement in employment and income conditions, but the outlook remained uncertain due to factors including sluggish personal consumption and downside risks to the global economy.」

「As the yen's appreciation and the decline in stock prices since the beginning of the year continued, numerous unstable global factors affecting the domestic economy emerged, including a slowdown in emerging-market economies and the UK's EU withdrawal issue, increasing uncertainty over the outlook for the economy.」

「The Company expects the economic environment to remain uncertain, with no room for complacency, due to concerns including the impact of foreign-exchange movements and global economic trends.」