Uncertainty surrounding domestic and overseas economic and market conditions

「During the fiscal year under review, Japan's economy showed signs of a recovery in personal consumption against a backdrop of government economic measures and improvements in employment and income conditions, and continued on a moderate recovery trend led by domestic demand. Meanwhile, the outlook remains uncertain due to concerns including continued price increases and the situation in the Middle East.」

「As social and economic activity normalized, the economy showed signs of a gradual recovery due to an increase in inbound tourism and higher wage growth, among other factors. Meanwhile, the global economy remains uncertain due to surging raw material prices caused by the weaker yen and increasing instability in the international situation.」

「As social and economic activity normalized, the economy showed signs of a gradual recovery due to an increase in inbound tourism and higher wage growth, among other factors. Meanwhile, the global economy remains uncertain due to surging raw material prices caused by the weaker yen and increasing instability in the international situation.」

「During the cumulative third quarter under review, Japan's economy saw further acceleration in the normalization of economic activity and stronger signs of an economic recovery, as COVID-19 was reclassified as a Class 5 disease and the number of visitors from overseas increased. Meanwhile, the global economy remains uncertain due to supply chain disruptions arising from the prolonged situation in Ukraine, surging energy and raw material prices caused by the weaker yen, a slowdown in the Chinese economy, labor shortages caused by difficulties in hiring, changes in consumer behavior, and other factors.」

「During the cumulative second quarter under review, Japan's economy saw further acceleration in the normalization of economic activity and stronger signs of an economic recovery, as COVID-19 was reclassified as a Class 5 disease and the number of visitors from overseas increased. Meanwhile, the global economy remains uncertain due to supply chain disruptions arising from the prolonged situation in Ukraine, surging energy and raw material prices caused by the weaker yen, a slowdown in the Chinese economy, labor shortages caused by difficulties in hiring, changes in consumer behavior, and other factors.」

「During the cumulative first quarter under review, Japan's economy gradually progressed toward normalization of economic activity as restrictions on activities related to COVID-19 were eased, and the economy showed signs of recovery. However, the outlook remains uncertain due to the impact of surging raw material prices and utility costs caused by geopolitical risks and other factors.」

「During the fiscal year under review, Japan's economy was affected by an increase in infections resulting from the spread of COVID-19. However, the impact became limited as restrictions on activities were eased following the reclassification of COVID-19 to a lower category, and economic activity gradually normalized, with signs of a recovery in economic conditions. Meanwhile, the impact of inflation caused by surging raw material prices and utility costs due to geopolitical risks and other factors remains uncertain.」

「During the cumulative third quarter under review, Japan's economy was affected by the arrival of the eighth wave of COVID-19 and the resulting increase in infections. Although restrictions on activities and other measures were eased, economic activity gradually normalized and the economy showed signs of recovery. However, the economic environment remains uncertain due to the impact of surging raw material prices and utility costs caused by geopolitical risks and other factors.」

「During the cumulative second quarter under review, Japan's economy progressed toward normalization of social activity, and corporate earnings showed signs of improvement. However, the outlook remained uncertain as attention was focused on the impact of the seventh wave of COVID-19 and rising raw material prices and utility costs.」

「Meanwhile, global conditions remain unstable due to surging resource prices, particularly energy prices, and the outlook remains uncertain.」

「During the first nine months of the current consolidated fiscal year, signs of an economic recovery had emerged as economic activity gradually resumed. However, the rapid spread of the Omicron variant of COVID-19 after the beginning of 2022 led to the implementation of measures including priority preventive measures to prevent the spread of disease, making the outlook for economic activity extremely uncertain.」

「During the current consolidated fiscal year, Japan's economy was affected by the spread of COVID-19, which stagnated economic activity and caused a rapid deterioration. Although signs of a temporary recovery appeared after the state of emergency was lifted, the infection resurged at the end of the previous year, leaving no clear prospect of containment. Conditions remained unstable, and the extremely severe situation continued.」

「The global spread of COVID-19 stagnated economic activity and caused the economy to deteriorate rapidly. ...The infection resurged at the end of the year, leaving no clear prospect of containment and making the outlook remain uncertain.」

「During the first three months of the current consolidated fiscal year, Japan's economy was deteriorating as consumer sentiment declined following the consumption tax increase in October 2019 and COVID-19 spread rapidly, and the outlook remained uncertain.」

「During the current consolidated fiscal year, Japan's economy had remained on a gradual recovery track as corporate earnings and employment conditions continued to improve. However, in addition to the consumption tax increase, the spread of COVID-19 worldwide expanded its impact on personal consumption and corporate activity, making conditions at the end of the fiscal year extremely severe.」

「During the first nine months of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track as corporate earnings and employment conditions continued to improve. However, risks of an economic downturn, including US-China trade friction and instability in the Middle East, remained, and the outlook continued to be uncertain.」

「During the first six months of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track as corporate earnings and employment conditions continued to improve. However, prolonged US-China trade friction and the consumption tax increase were cited as sources of concern, and the outlook continued to be uncertain.」

「During the first three months of the current consolidated fiscal year, Japan's economy remained generally on a gradual recovery track as corporate earnings and employment conditions continued to improve. However, uncertainties remained, including the prolonged US-China trade friction and geopolitical risks, and the outlook continued to be uncertain.」

「During the first nine months of the current consolidated fiscal year, Japan's economy remained generally on a gradual recovery track as corporate earnings and employment conditions improved. Globally, however, concerns remained about issues affecting the world economy, including the US-China trade dispute and developments in financial and capital markets, and the outlook continued to be uncertain.」

「During the first six months of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track due to improvements in corporate earnings and employment conditions. However, concerns about intensifying trade friction and risks from natural disasters such as earthquakes and typhoons remained, and the outlook continued to be uncertain.」

「During the first three months of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track, supported by improvements in corporate earnings and employment and income conditions. However, many uncertainties remained, including concerns about escalating trade friction and geopolitical risks, and the outlook continued to be uncertain.」

「During the first nine months of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track, supported by improvements in corporate earnings and employment conditions. However, personal consumption remained sluggish and many uncertainties remained, including the tense situation surrounding North Korea, so the outlook continued to be uncertain.」

「During the first six months of the current consolidated fiscal year, a virtuous cycle was beginning to spread in Japan's economy as employment and income conditions improved. The global economy was also on a gradual recovery track, led by the strong US economy, but many uncertainties remained, including developments in US and European policies and the risk of military conflict involving North Korea, and the outlook remained uncertain.」

「During the first three months of the current consolidated fiscal year, Japan's economy was on a gradual recovery track, supported by the government's economic policies and improvements in corporate earnings and employment conditions. However, many uncertainties remained in overseas affairs, including developments in US and European policies and the risk of military conflict involving North Korea and Syria, and the outlook remained uncertain.」

「During the first nine months of the current consolidated fiscal year, Japan's economy showed signs of a recovery in production and exports against a backdrop of a weaker yen and firm equity markets, and economic conditions were improving. However, personal consumption remained sluggish, and risks of financial-market volatility, including those arising from the US presidential election, mean that conditions remain uncertain.」

「During the first six months of the current consolidated fiscal year, Japan's economy lacked strength in corporate earnings and personal consumption as the yen's appreciation slowed corporate performance and equity markets remained weak. Although the impact of the Kumamoto earthquake in mid-April is gradually subsiding, concerns about the outlook for the global economy, including the UK's withdrawal from the European Union and the slowdown in emerging-market economies, particularly China, mean that conditions remain uncertain.」

「The unstable movements in foreign exchange and equity markets affected corporate earnings and personal consumption, which showed signs of stagnation, while the Kumamoto earthquake in mid-April also weighed on the economy. The global economy likewise faced concerns including the UK's withdrawal from the European Union and China's economic slowdown, and conditions remain uncertain.」