Uncertainty in overseas economies and stagnation in personal consumption

「During the fiscal year from 1 July 2025 to 30 June 2026, employment and income conditions showed signs of gradual improvement. However, prolonged inflation, particularly in energy and food prices, continued to constrain real wage growth, and personal consumption remained cautious. In addition, higher energy costs, including persistently high crude oil prices resulting from heightened tensions in the Middle East, affected corporate activity and households, and the outlook remained uncertain.」

「As a result, concerns over the outlook for personal consumption continued, consumers became more inclined to save, and spending remained cautious. In addition, the outlook remained uncertain due to the impact of U.S. tariff policy, higher energy and raw material prices, and slower growth in the Chinese economy.」

「During the interim accounting period from 1 July 2024 to 31 December 2024, Japan's economy showed some positive developments, including improvements in employment and income conditions and an increase in inbound demand. However, the outlook remained uncertain due to the impact of higher energy and raw material prices resulting from the continued depreciation of the yen, U.S. policy developments, and the situation in the Middle East.」

「However, the outlook remains uncertain due to higher energy prices, inflation associated with the yen's depreciation, the prolonged situation in Ukraine, and the worsening situation in the Middle East.」

「During the cumulative second-quarter period from 1 July 2023 to 31 December 2023, Japan's economy entered a gradual recovery phase as the easing of restrictions on activities and the increase in inbound demand from foreign tourists supported the recovery. However, the outlook remained uncertain due to higher energy prices, inflation associated with the yen's depreciation, and prolonged geopolitical risks.」

「During the cumulative first-quarter period from 1 July 2023 to 30 September 2024, Japan's economy has remained on a gradual recovery path, with personal consumption and capital investment continuing to expand. However, the outlook remains uncertain due to inflation associated with higher energy prices and the yen's depreciation, as well as prolonged geopolitical risks.」

「During the fiscal year from 1 July 2022 to 30 June 2023, Japan's economy generally remained on a gradual recovery path, with personal consumption and capital investment continuing to expand despite ongoing cost increases driven by higher resource prices and other factors. However, the outlook for the economy remained uncertain due to the continued depreciation of the yen and the prolonged situation in Ukraine.」

「During the cumulative third quarter period from 1 July 2022 to 31 March 2023, Japan's economy generally remained on a gradual recovery path, with personal consumption and capital investment continuing to expand despite ongoing cost increases driven by higher resource prices and other factors. However, the outlook for the economy remained uncertain due to the continued depreciation of the yen and the prolonged situation in Ukraine.」

「Although the effects of COVID-19 remain, economic and social activity has been moving toward normalization, partly due to infection-control measures and the effects of various policies. Meanwhile, geopolitical risks, including Russia's invasion of Ukraine and issues involving China and Taiwan, as well as economic risks such as the yen's depreciation due to the Japan-US interest-rate differential and the rapid increase in domestic prices, continue to rise, and the outlook for the economy remains uncertain.」

「Meanwhile, at present, the outlook for the economy remains uncertain due to an extreme increase in demand resulting from the rapid reopening of economies, led by the United States, supply constraints and higher raw-material prices resulting from the prolonged situation in Ukraine.」

「In the new-car market, in addition to the impact of the global semiconductor shortage caused by COVID-19, the situation in Ukraine has delayed new-car production significantly and delayed deliveries, causing coating work to be postponed.」

「Japan's economy during the cumulative third-quarter period (1 July 2021 to 31 March 2022) came to a point where an economic upturn could be expected after the priority preventive measures against the spread of COVID-19 were lifted in March 2022. However, the outlook remained uncertain due to fluctuations in raw-material prices and financial markets resulting from the situation in Ukraine and other factors.」

「Meanwhile, uncertainty continued, with concerns about the adverse effects of automobile manufacturers' production cuts caused by parts shortages resulting from the global semiconductor shortage and the renewed spread of COVID-19 in Southeast Asia.」

「Japan's economy during the cumulative third-quarter period (1 July 2020 to 31 March 2021) faced a major contraction in corporate activity and significant changes in personal consumption as the government and local authorities called for people to refrain from going out in response to the spread of COVID-19, and the outlook remained uncertain.」

「Japan's economy during the cumulative second-quarter period (1 July 2020 to 31 December 2020) remained uncertain, although economic activity was being restarted through various policies amid continued concern about the spread of COVID-19.」

「Japan's economy during the cumulative first-quarter period (1 July 2020 to 30 September 2020) remained uncertain, although economic activity was being restarted through various policies amid continued concern about the spread of COVID-19.」

「Recently, the spread of COVID-19 has had a major impact on economies in Japan and overseas, leaving economic conditions and the outlook uncertain.」

「Although Japan's economy during the cumulative first-quarter period (1 July 2019 to 30 September 2019) remained on a gradual recovery trend, supported by improvements in corporate earnings and employment conditions, the outlook continued to be uncertain due to downside risks to the global economy, including those arising from US-China trade friction.」

「Although Japan's economy during the fiscal year under review remained on a gradual recovery trend, supported by improvements in employment conditions and corporate earnings, the outlook continued to be uncertain due to factors including heightened uncertainty in overseas economies.」

「However, international conditions remain uncertain, and there is no sign of a slowdown in the upward trend in crude oil prices, so attention must continue to be paid to the outlook for the business environment.」

「However, international conditions remain uncertain, and crude oil prices continue to trend upward, meaning that the outlook for the business environment requires close attention.」

「Meanwhile, the business environment remained uncertain, owing to factors including unstable international conditions and the impact of fluctuations in crude oil prices.」

「However, amid risks in overseas economies, including the UK's withdrawal from the EU, and a sense of stagnation in personal consumption, conditions remained uncertain going forward.」