Economic downturns in China and other resource-rich countries and weakness in overseas economies

「During the nine-month period ended in the third quarter, there were no significant changes in the occurrence of major risks that management recognizes as potentially having a material impact on the financial position, operating results or cash flows of the consolidated companies, among the matters relating to the business situation, accounting and other matters described in this quarterly report, or in the section titled "Business and Other Risks" in the annual securities report for the previous fiscal year. The Company will continue to closely monitor the future situation regarding the impact of the spread of COVID-19 on its business.」

「During the nine-month period ended in the third quarter, the Japanese economy continued on a moderate recovery trend, supported by continued solid corporate earnings and personal consumption, as well as the recovery of overseas economies. At the same time, uncertainty in the international economy, including rising tensions over trade issues, remains a concern, and conditions requiring attention to downside risks to the economy continue.」

「The global economy is expected to continue a gradual recovery, but uncertainty has increased in each region. In China, there is the possibility of an economic slowdown due to excessive debt and fluctuations in real estate prices; in the United States, uncertainty surrounds policies such as tax reform, infrastructure investment and trade policy; and in Europe, in addition to Brexit negotiations, there is the possibility of significant policy changes depending on the results of elections scheduled in some countries. There are also concerns that volatility in financial and capital markets could spread to the real economy.」

「The global economy is expected to continue a gradual recovery, but uncertainty has increased in each region. In China, there is the possibility of an economic slowdown due to excessive debt and fluctuations in real estate prices; in the United States, uncertainty surrounds policies such as tax reform, infrastructure investment and trade policy; and in Europe, in addition to Brexit negotiations, there is the possibility of significant policy changes depending on the results of elections scheduled in some countries.」

「During the consolidated fiscal year under review, concerns remained about the impact of growing uncertainty in overseas economies and volatility in financial and capital markets, including policies following the change in the US presidential administration, the economic outlook and policies of China and other emerging Asian economies, and the UK's Brexit issue.」

「During the nine-month period under review, Japan's economy continued to show signs of a gradual recovery, supported domestically by improving employment and income conditions, although concerns remained about the impact of growing uncertainty in overseas economies and volatility in financial and capital markets, including policies following the change in the US presidential administration, the economic outlook and policies of China and other emerging Asian economies, and the UK's Brexit issue.」

「During the six-month period under review, Japan's economy continued to show signs of a gradual recovery, supported domestically by improving employment and income conditions, although concerns remained about the impact of growing uncertainty in overseas economies and volatility in financial and capital markets, including policies following the change in the US presidential administration, the economic outlook and policies of China and other emerging Asian economies, and the UK's Brexit issue.」

「The company is concerned about the impact of growing uncertainty in overseas economies and volatility in financial and capital markets, including policies following the change in the US presidential administration, the economic outlook and policies of China and other emerging Asian economies, and the UK's Brexit issue.」

「In addition to downside risks to Japan's economy associated with economic downturns in China and other emerging Asian and resource-rich economies, the company is concerned about the impact of growing uncertainty in overseas economies, including the UK's Brexit issue, and volatility in financial and capital markets. It judges that the situation remains difficult to predict.」

「At the same time, weakness in overseas economies associated with downside risks to China and other resource-rich economies has been identified, and the situation remains difficult to predict.」