Increasing uncertainty in the external environment due to falling resource prices, economic slowdowns in China and elsewhere, the UK's withdrawal from the EU, and yen appreciation

「The global economy in the fiscal year ending March 2027 faces heightened uncertainty due to U.S. tariff policy, stagnation in the Chinese economy, geopolitical risks including the situation in the Middle East, and other factors. In Japan, as wages and prices continue to trend upward, procurement risks for raw materials and fuel arising from the situation in the Middle East have also increased, and high uncertainty is expected to persist.」

「There is also a risk of downward pressure from the disruption to countries' supply chains caused by US tariff policy and from stagnation in the global economy, and uncertainty is expected to persist.」

「Rising raw-material and energy prices have continued recently and are depressing profit in each business. The company also recognizes that the business environment cannot be viewed optimistically, as close attention is required to various social and economic factors, including volatility in financial and capital markets, geopolitical risks and rising domestic prices.」

「Although sales and profit have generally remained solid recently, the company recognizes that the business environment cannot be viewed optimistically, as close attention is required to various social and economic factors, including rising raw-material and energy prices, the emergence of COVID-19 variants and geopolitical risks.」

「The global economic downturn resulting from the impact of COVID-19 is currently affecting the Group's domestic and overseas businesses and the businesses of its customers and suppliers, and is expected to affect the Group's operating results. If the impact of the infection persists for an extended period, its effect on the Group's operating results may expand.」

「During the cumulative third quarter of the consolidated fiscal year under review, corporate earnings and employment conditions in Japan remained generally strong, but the outlook became uncertain due to the impact of global economic risks, including prolonged US-China trade friction, tensions between the US and Iran, and the spread of COVID-19.」

「During the cumulative second quarter of the consolidated fiscal year under review, corporate earnings and employment conditions in Japan remained generally strong, but concerns about the outlook arose due to the effects on the global economy of successive natural disasters and prolonged US-China trade friction.」

「During the cumulative first quarter of the consolidated fiscal year under review, corporate earnings and employment conditions in Japan remained generally firm, but major concerns arose regarding the global economy, including the effects of the prolonged US-China trade friction.」

「The business environment surrounding the Group is expected to remain challenging, with issues of concern including a slowdown in the global economy, financial conditions and resource-price trends, and no room for complacency.」

「The global economy remained resilient, led by the US, but the outlook became increasingly uncertain due to concerns over trade friction originating in the US and the increasingly apparent slowdown in China's economy.」

「During the cumulative second quarter of the consolidated fiscal year under review, Japan's economy continued to expand gradually, supported by strong corporate earnings and improving employment conditions, despite growing concerns over the effects of successive natural disasters and developments in trade issues. The global economy also continued to expand gradually, led by the US, but the outlook became increasingly uncertain due to concerns over higher crude-oil prices and trade friction originating in the US.」

「The global economy also continued to expand gradually, led by the US, but the outlook became increasingly uncertain due to concerns over higher crude-oil prices and trade friction originating in the US.」

「The business environment surrounding the Group is expected to remain challenging, with issues of concern including a slowdown in emerging economies, financial conditions and resource-price trends, and no room for complacency.」

「The global economy remained generally firm, including in Europe, the US and China, but uncertainty about the outlook persisted due to political and economic developments and geopolitical risks.」

「During the cumulative second quarter of the consolidated fiscal year under review, Japan's economy remained on a gradual recovery path as corporate earnings and employment conditions continued to improve, but uncertainty about the outlook persisted due to overseas political and economic developments and geopolitical risks.」

「During the cumulative first quarter of the consolidated fiscal year under review, Japan's economy remained on a gradual recovery path as corporate earnings and employment conditions continued to improve, but the outlook was uncertain due in part to concerns over political and economic developments overseas.」

「During the consolidated fiscal year under review, Japan's economy remained on a gradual recovery path as government economic measures and monetary easing continued to improve employment and income conditions. Overseas, however, growth in resource-rich and emerging economies slowed, while concerns arose over increased uncertainty in the overseas economy, including the political situation in Europe and the policies of the new US administration, as well as the impact of exchange-rate fluctuations on corporate earnings, leaving the outlook uncertain.」

「During the cumulative first half of the consolidated fiscal year under review, Japan's economy showed improvement in employment, but the outlook became increasingly uncertain due to an economic slowdown in emerging economies including China and the impact of the UK's exit from the EU.」

「The economy had continued on a gradual recovery path, but the outlook became increasingly uncertain due to lower resource prices, an economic slowdown in emerging economies including China, the impact of the UK's exit from the EU, further yen appreciation and a decline in the Nikkei Stock Average.」