Risk of an uncertain outlook due to overseas policy and geopolitical factors

「In the construction machinery industry, our group’s main customer market, cautious views about the outlook have become widespread due to the slowdown in the Chinese economy and uncertainty over additional U.S. tariffs.」

「In the construction equipment industry, the Group’s major sales market, uncertainty surrounding China’s economic slowdown and the United States’ additional tariff measures has increased, resulting in a cautious outlook.」

「Although the Japanese economy continued to recover moderately during the interim consolidated accounting period, the outlook remained uncertain due in part to surging raw material prices and energy costs.」

「Meanwhile, the outlook remained uncertain due to persistently high raw-material and fuel prices and rising prices.」

「Meanwhile, the outlook remained uncertain due to persistently high raw-material and fuel prices and rising prices.」

「Meanwhile, uncertainty about the outlook increased due to persistently high raw-material and fuel prices and rising prices stemming from the prolonged Russia-Ukraine situation.」

「During the fiscal year, Japan's economy moved toward normalization as various restrictions imposed to address COVID-19 were gradually eased. Meanwhile, the economic outlook remained uncertain due to surging resource prices and supply-side volatility stemming from the prolonged Russia-Ukraine situation.」

「During the first nine months of the fiscal year, Japan's economy moved toward normalization as various COVID-19-related restrictions were gradually eased. Meanwhile, the economic outlook remained uncertain due to surging resource prices and supply-side volatility stemming from the prolonged Russia-Ukraine situation.」

「During the first six months of the fiscal year, Japan's economy showed signs of recovery in social and economic activity as restrictions related to COVID-19 were eased, but the economic outlook remained uncertain due to surging resource prices and supply-side volatility stemming from the prolonged Russia-Ukraine situation, as well as the rapid depreciation of the yen.」

「In addition to the worldwide surge in raw material and energy prices resulting from the protracted Russia-Ukraine situation, the sharp depreciation of the yen caused further increases in raw material prices, leaving conditions unpredictable.」

「Meanwhile, uncertainty continued due to global price increases stemming from the Russia-Ukraine situation and concerns about the spread of infectious diseases, mainly driven by variants.」

「However, successive natural disasters and the decline in consumption caused by the consumption-tax increase raised concerns about downside risks to the economy. Meanwhile, although uncertainty about the outlook for the global economy continued due to the impact of US-China trade tensions, the global spread of COVID-19 had a major impact on the global economy, further heightening concerns about an economic slowdown.」

「The global economic outlook remained uncertain due to factors including the decline in China's function as a global supply-chain hub resulting from the outbreak of a novel respiratory illness in China, and the UK's withdrawal from the EU.」

「Uncertainty about the outlook continued due to the prolonged US-China trade tensions, the UK's withdrawal from the EU, and the deterioration in consumer sentiment caused by the consumption-tax increase.」

「During the first three months of the fiscal year, Japan's economy remained on a moderate recovery trend, as employment and income conditions continued to improve, although uncertainty about the global economic outlook due to US-China trade tensions remained.」

「Against this business backdrop, the Group recorded higher revenue and higher profit for the fiscal year, but uncertainty about the outlook continued due to the prolonged US-China trade tensions and forecasts of an economic downturn in Japan and overseas.」

「Economic conditions in Europe and China slowed due to the effects of trade tensions and other factors, leaving the global economy in an uncertain situation.」

「Overseas, the outlook remained uncertain due to US-China trade tensions and the rise of an "America First" policy.」

「During the first three months of the fiscal year, Japan's economy remained on a moderate recovery trend, as concerns over destabilizing factors such as trade tensions persisted while private consumption in Japan recovered and corporate earnings continued to improve.」

「Against this business backdrop, the Group recorded higher revenue and higher profit for the fiscal year, but uncertainty about the outlook continued due to trade tensions and geopolitical risks involving Syria, North Korea and other factors.」

「Although geopolitical risks increased overseas, including those associated with North Korea, the US economy remained firm and the European economy expanded. Emerging economies, led by China, also showed signs of recovery.」

「Although geopolitical risks increased overseas, including as tensions surrounding North Korea intensified, the US economy remained firm and the European economy expanded. Emerging economies also showed signs of recovery, led by China, which continued to recover steadily with policy support.」

「Overseas, the outlook remained uncertain, with tensions surrounding North Korea becoming increasingly acute.」

「Overseas, economic conditions remained uncertain, amid concerns over the UK's withdrawal from the EU, US policy developments, and issues involving Syria and North Korea.」