Policy and Regulatory, Foreign-Exchange and Social Disruption Risks Associated with Overseas Operations

「当第１四半期連結累計期間における世界経済は、中東紛争による供給制約や物価高の影響を受けつつも、AI関連需要の拡大により緩やかな成長を辿りましたが、今後も中東紛争長期化や各国の保護主義の高まり等の下振れ要因が懸念される状況です。」

「Downward pressure on the economy as a whole is increasing due to deteriorating corporate performance resulting from the tariff burden, soaring prices for energy and petrochemical products associated with conflicts in the Middle East, supply chain disruptions and other factors.」

「Although economic activity showed signs of caution due to uncertainty over U.S. trade policy, the global economy during the interim consolidated accounting period has maintained solid growth led by the robust U.S. economy. Uncertainty is beginning to ease as tariff negotiations progress, but downside risks to the economy as a whole cannot be ruled out due to deteriorating corporate performance resulting from the tariff burden, high prices and rising protectionism.」

「In addition to geopolitical risks such as those involving Ukraine and the Middle East, uncertainty over U.S. trade policy is increasing, and downside risks to the global economy as a whole have been rising since the second half of the fiscal year.」

「The global economy during the interim consolidated accounting period is generally on a gradual growth trend led by the robust United States, but downside risks are increasing due to factors including the prolonged weakness of the Chinese and European economies, tensions between the United States and China, the Ukraine crisis and conflicts in the Middle East.」

「In addition to tensions between the United States and China, geopolitical factors such as the Ukraine crisis and conflicts in the Middle East represent further downside risks.」

「The global economy during the cumulative third quarter of the current consolidated fiscal year is generally on a gradual recovery trend as supply constraints for semiconductors and other products begin to improve. However, monetary tightening associated with inflation is weighing on economic activity, while the slowdown in the European and Chinese economies is also exerting downward pressure overall. In addition to tensions between the United States and China, geopolitical factors such as the Ukraine crisis and conflicts in the Middle East represent further downside risks.」

「The global economy during the cumulative second quarter of the current consolidated fiscal year is generally on a gradual recovery trend as normalization from the COVID-19 pandemic progresses and supply constraints for semiconductors and other products begin to improve. However, monetary tightening associated with high inflation is weighing on economic activity, while the slowdown in the European and Chinese economies is also exerting downward pressure overall. In addition to tensions between the United States and China, geopolitical factors such as the Ukraine crisis and issues in the Middle East represent further downside risks.」

「The global economy during the cumulative first quarter of the current consolidated fiscal year is generally on a recovery trend as normalization from the COVID-19 pandemic progresses and supply constraints for semiconductors and other products begin to improve. However, the prolongation of the Russia-Ukraine situation and monetary tightening associated with high inflation are weighing on economic activity, and downside risks cannot be ruled out due to concerns over geopolitical risks such as tensions between the United States and China.」

「The global economy during the cumulative third quarter of the current consolidated fiscal year is moving toward normalization from the COVID-19 pandemic, but overall it is in a slowdown phase due to global inflation, shortages of semiconductors and electronic components, the Russia-Ukraine situation and other factors. In addition to the potential prolongation of these problems, geopolitical risks such as energy shortages and tensions between the United States and China are also a concern, and the outlook remains uncertain.」

「The global economy during the cumulative second quarter of the current consolidated fiscal year is moving toward normalization from the COVID-19 pandemic, but overall it is in a slowdown phase due to global inflation, shortages of semiconductors and electronic components, the Russia-Ukraine situation and other factors. In addition to the potential prolongation of these problems, geopolitical risks such as energy shortages and tensions between the United States and China are also a concern, and the outlook remains uncertain.」

「The global economy during the cumulative first quarter of the current consolidated fiscal year is recovering from the COVID-19 pandemic, but overall it is on a slowing trend due to global inflation, shortages of semiconductors and electronic components, and the slowdown of the Chinese economy. Further downside risks cannot be ruled out due to the potential prolongation of these problems, energy shortages resulting from the Russia-Ukraine situation, China's zero-COVID policy and other factors.」

「Capital investment in the automotive industry, a key market for the Group, is on a recovery trend, but competition with other companies is intensifying and the profitability of press products has been declining year after year. In addition, corporate capital investment may stagnate due to the impact of COVID-19, logistics disruptions since the second half of 2021, shortages of semiconductors and electronic components, and the Russia-Ukraine situation.」

「The global economy during the cumulative third quarter of the current consolidated fiscal year is recovering as economic normalization progresses from the previous fiscal year, when it declined sharply due to the spread of COVID-19. However, growth has begun to slow since the second half due to the spread of COVID-19 variants, supply chain disruptions and soaring energy prices. In addition to the potential prolongation of these problems, rising geopolitical tensions and other factors are also a concern, and downside risks are increasing.」

「The global economy during the cumulative second quarter of the current consolidated fiscal year is recovering as economic normalization from the COVID-19 pandemic progresses, particularly in developed countries. At the same time, downside risks are increasing due to supply constraints for semiconductors and other products and soaring resource prices, and the situation remains unpredictable.」

「The global economy during the cumulative first quarter of the current consolidated fiscal year is recovering from the sharp downturn caused by the spread of COVID-19 in the previous fiscal year, partly due to the effects of economic measures, but downside risks to the economy are increasing due to factors including the spread of variant viruses.」

「Orders declined substantially due to restrictions on sales and service activities associated with the spread of COVID-19 and the slowdown in capital investment in the automotive industry, but from the second quarter onward, after economic activity resumed, orders related to electric vehicles were supported by a gradual recovery」

「The global economy during the cumulative third quarter of the current consolidated fiscal year declined sharply in the first quarter due to the worldwide spread of the novel coronavirus. Although the economy has been recovering since the second quarter as economic activity resumed, uncertainty over the outlook is increasing due to renewed infections in Japan and overseas, as well as trade friction and tensions between the United States and China.」

「The global economy during the cumulative second quarter of the current consolidated fiscal year declined sharply in the first quarter due to the worldwide spread of the novel coronavirus. Although the economy has been recovering since the second quarter as economic activity resumed, uncertainty over the outlook is increasing due to concerns over renewed infections in Europe and the United States, as well as trade friction and tensions between the United States and China.」

「The global economy during the cumulative first quarter of the current consolidated fiscal year declined sharply due to the worldwide spread of the novel coronavirus. Although economic activity is gradually recovering, infections with the novel coronavirus have yet to subside, and uncertainty over the outlook is increasing due to factors including trade friction and tensions between the United States and China. The spread of COVID-19 has affected the business activities of the Group, and we will continue to closely monitor the situation and take measures as necessary.」

「During the first nine months, low growth continued, mainly due to the impact of economic slowdowns in China, Europe and elsewhere. Although there are signs that the economy may have bottomed out in some areas, downside risks to domestic and overseas economies remain due to trade friction, the UK's withdrawal from the EU, the spread of the novel coronavirus and other factors.」

「During the first six months, the slowdown trend became increasingly pronounced in both developed and emerging economies. Downside risks to domestic and overseas economies remain due to trade friction, the UK's withdrawal from the EU, rising geopolitical tensions and other factors.」

「During the first quarter, the slowdown trend became increasingly pronounced in both developed and emerging economies. Downside risks to domestic and overseas economies remain due to trade friction, the UK's withdrawal from the EU, rising geopolitical tensions and other factors.」

「During the first nine months, both developed and emerging economies continued to expand, but the global economy was gradually losing momentum due to economic slowdowns in major countries such as China and those in Europe. In addition to the slowdown in major economies, downside risks to domestic and overseas economies remain due to trade friction, the UK's withdrawal from the EU and other factors.」

「During the first six months, both developed and emerging economies continued to expand, while the Japanese economy was also recovering gradually, supported by firm personal consumption and corporate earnings. However, downside risks to global economic growth have increased amid concerns about an economic slowdown in major countries, trade friction, tighter financial conditions and geopolitical tensions.」

「During the first quarter, both developed and emerging economies continued to expand, while the Japanese economy was also recovering gradually, supported by firm personal consumption and corporate earnings. However, uncertainty about the outlook remains due to concerns about an economic slowdown in major countries such as China and those in Europe, the risk of trade friction and geopolitical risks.」

「During the first nine months, both developed and emerging economies remained in a growth phase and the global economy was generally firm. The Japanese economy also continued its gradual recovery, as personal consumption recovered and corporate earnings improved across a broad range of industries. However, uncertainty about the outlook remains due to the rise of protectionism overseas, geopolitical risks and other factors.」

「During the first six months, developed economies, particularly Japan, the Americas and Europe, remained firm, while emerging-market economies such as China also remained solid, and the global economy continued to recover steadily overall. The Japanese economy also continued its gradual recovery, as personal consumption recovered and corporate earnings improved across a broad range of industries. However, uncertainty about the outlook remains due to the rise of protectionism, geopolitical risks and other factors.」

「Uncertainty about the outlook remains due to the risk of a slowdown in the U.S. economy, the rise of protectionism and geopolitical risks.」

「Although the global economy is expected to continue recovering, uncertainty about the outlook remains due to the rise of protectionism and increasing geopolitical risks.」

「Although the global economy is expected to continue recovering, uncertainty about the outlook has also increased due to U.S. policy developments and the UK's withdrawal from the EU, among other factors.」

「In Japan, domestic consumption remains weak, while external demand has also stagnated due to the stronger yen and the slowdown in overseas economies, increasing uncertainty about the outlook.」

「While emerging-market economies such as China remained sluggish, developed economies, particularly in the Americas and Europe, remained firm and the global economy followed a gradual recovery path overall. However, uncertainty about the outlook has increased due to the recent issue of the UK's withdrawal from the EU and concerns about a slowdown in developed economies.」

「Expansion into these overseas markets entails risks including (1) unexpected changes in policies, laws or regulations, (2) large and rapid fluctuations in foreign exchange rates, and (3) social disruption caused by terrorism, epidemics, war or other factors. Depending on local conditions, these risks could have a material impact on the Group's operating results and financial condition.」