Weak Overseas Demand Due to the Slowdown in the Chinese Economy

「The Chinese economy remained firm, particularly in manufacturing, against a backdrop of increased government investment in AI, robotics and infrastructure.」

「The Chinese economy is recovering, supported in part by the government’s economic stimulus measures.」

「The Chinese economy is recovering, but domestic demand remains weak. Manufacturing PMI rose for the third consecutive month in November, showing signs of improvement, while non-manufacturing PMI fell but remained at 50, the threshold between expansion and contraction.」

「The Chinese economy’s non-manufacturing business sentiment temporarily improved due to the Lunar New Year holiday, but domestic demand lacked strength and returned to a slowing trend. The government announced economic stimulus measures in May in response to the downturn in real estate-related industries, which has been weighing on the economic recovery, but their effectiveness remains uncertain.」

「The Chinese economy’s non-manufacturing business sentiment temporarily improved due to the Lunar New Year holiday but lacked strength, while manufacturing remained on a slowing trend. The downturn in real estate-related industries, which account for 20% to 30% of GDP, also continued to weigh on the economic recovery.」

「The Chinese economy temporarily showed signs of recovery following the lifting of the zero-COVID policy, but rebound demand after the policy was lifted subsided sooner than expected, and the economy slowed from spring onward. Difficult conditions continued, particularly in the manufacturing sector, where production adjustments and temporary layoffs were implemented.」

「The Chinese economy temporarily showed signs of recovery following the lifting of the zero-COVID policy, but then slowed from the beginning of the year. Difficult conditions continued, particularly in the manufacturing sector, where production adjustments and temporary layoffs were implemented. More recently, uncertainty about the outlook has increased due in part to falling property prices.」

「Although China lifted its zero-COVID policy, the economy slowed due to the spread of COVID-19, and difficult conditions continued in the manufacturing sector, including IT and electronic components, where production adjustments, temporary layoffs and other measures were implemented.」

「Although China lifted its zero-COVID policy, the economy slowed due to the spread of COVID-19. The Lunar New Year holiday without movement restrictions, the first in 4 years, had a positive impact on the tertiary sector, but difficult conditions continued in the manufacturing sector, where production adjustments, temporary layoffs and other measures were implemented.」

「In China, the economy was recovering steadily from the impact of COVID-19 at the beginning of the period, but lockdowns under the zero-COVID policy were imposed in multiple cities, significantly affecting economic activity.」

「In China, lockdowns under the zero-COVID policy were imposed mainly in Shanghai through May. Although the lockdowns were subsequently lifted, their impact on economic activity remains.」

「In China, lockdowns under the zero-COVID policy were imposed mainly in Shanghai, temporarily bringing economic activity in the affected areas to a halt. The Group’s sales and production activities in those areas were also temporarily stagnant, but the impact was minimized by processing the accumulated orders after the lockdowns were lifted.」

「In China, many cases of COVID-19 caused by the Omicron variant occurred after the start of 2022. Unlike other countries, China was implementing a zero-COVID policy, and lockdowns were imposed by province and city, affecting the relevant areas.」

「China recovered quickly from the impact of COVID-19, partly due to the effects of large-scale government investment, but growth slowed in the second half of the period. In the automotive-related industry, customer production was partly affected by shortages of semiconductors and other components, as well as restrictions on factory operations due to power conservation measures.」

「China recovered quickly from the impact of COVID-19, partly due to the effects of large-scale government investment, but growth has slowed in recent months. Production in the automotive-related industry has also stalled, partly due to the impact of semiconductor shortages.」

「China recovered quickly from the impact of COVID-19, partly due to the effects of large-scale government investment, and domestic business conditions progressed steadily. Strong conditions continued across a wide range of industries, including construction machinery, energy and molds, as well as the automotive-related industry.」

「China recovered quickly from the impact of COVID-19, partly due to the effects of large-scale government investment, and domestic business conditions progressed steadily. Strong conditions continued across a wide range of industries, including construction machinery, energy and molds, as well as the automotive-related industry.」

「In China, the impact of COVID-19 became serious around the Lunar New Year, and the Group’s manufacturing companies suspended operations until mid-February. Operations subsequently resumed, and demand for cutting tools began to recover from March onward.」

「In China, the impact of COVID-19 became serious around the Lunar New Year, and the Group’s manufacturing companies suspended operations until mid-February.」

「In China, the U.S.-China trade friction led to a decline in manufacturing capacity utilization, and market conditions, particularly for the automotive-related industry, remained weak.」

「In China, the U.S.-China trade friction led to a decline in manufacturing capacity utilization. Market conditions, particularly for the automotive-related industry, remained weak, resulting in lower revenue and lower profit.」

「In China, the U.S.-China trade friction led to a decline in manufacturing capacity utilization. Market conditions, particularly for the automotive-related industry, remained weak, resulting in lower revenue and lower profit.」

「Market conditions in China remained favorable across many industries, particularly those related to the automotive industry.」

「Although China saw a slowdown in personal consumption and exports, stable growth continued. Emerging economies elsewhere in Asia maintained a certain level of growth despite slowing from their previously high growth rates.」

「China continued to show signs of recovery, led by personal consumption and exports, while emerging economies elsewhere in Asia maintained a certain level of growth despite slowing from their previously high growth rates.」

「Market conditions in China remained favorable across many industries, particularly those related to the automotive industry.」

「Market conditions in China remained favorable, particularly for the automotive-related industry.」

「China continued to show signs of recovery, led by personal consumption and exports, while emerging economies elsewhere in Asia maintained a certain level of growth despite slowing from their previously high growth rates.」

「China also showed signs of recovery, led by solid personal consumption, while emerging economies elsewhere in Asia maintained a certain level of growth despite slowing from their previously high growth rates.」

「China showed signs of recovery, led by automobile sales, while emerging economies elsewhere in Asia maintained a certain level of growth despite slowing from their previously high growth rates.」

「In China, demand from the automotive-related industry began to recover toward the end of the period, but revenue declined due to an overall decrease in demand against a backdrop of the slowdown in the Chinese economy.」

「Results declined in China due to weakness in the manufacturing sector. In South Korea, demand from the automotive-related industry remained stagnant, while demand from the IT industry was soft, partly because of a reaction to strong performance in the same period of the previous year.」

「Although demand in Japan and Europe remained solid, overseas demand was sluggish and growth stalled, partly due to the impact of the slowdown in the Chinese economy.」