Conflicts and Political Instability

「一方、海外情勢においては、中東情勢の悪化に起因するエネルギー価格の急騰に伴い、ユーロ圏を中心に景況感が大きく低下する中、６月中旬に米国とイランが戦闘終結に向けた暫定合意に達したことにより、先行き不透明感が和らぎ、景況感は緩やかに改善する方向で推移いたしました。」

「Meanwhile, conditions remained highly uncertain overseas, as the trade policies of various countries could weigh on the global economy through their impact on global trade activity and international financial and capital markets, while higher crude oil prices driven by the situation in the Middle East could adversely affect the global economy through deterioration in the terms of trade and other factors.」

「一方、海外情勢においては、各国の関税政策が、グローバルな貿易活動や国際金融資本市場への影響等を通じて世界経済を押し下げる可能性や、中東情勢の影響を受けた原油価格上昇が、交易条件の悪化等による世界経済へマイナスの影響を及ぼす可能性がある中、不確実性が高い状況で推移いたしました。」

「Meanwhile, overseas conditions remained highly uncertain amid the expansion of protectionist policies associated with tariff measures introduced by various countries and their impact on global trade, geopolitical risks related to Ukraine and the Middle East, concerns about a slowdown in overseas economies, and surging commodity prices.」

「During the six-month interim consolidated period ended 30 September 2024 (1 April 2024 to 30 September 2024), the global economy remained highly uncertain amid concerns about geopolitical risks related to Ukraine and the Middle East, the impact of the US presidential election on fiscal policy and financial markets, adjustment pressures in China's labor and real estate markets, and trends in resource and energy prices.」

「During the consolidated fiscal year, the global economy remained highly uncertain and the pace of recovery slowed amid concerns about rising geopolitical risks associated with the prolonged situation in Ukraine and heightened tensions in the Middle East, the downturn in the Chinese economy resulting from the real estate slump, higher resource and energy prices, and persistent global inflationary pressure.」

「During the nine-month period ended 31 December 2023 (1 April 2023 to 31 December 2023), the global economy remained highly uncertain and the pace of recovery slowed amid concerns about rising geopolitical risks associated with developments in Ukraine, the Middle East and China, higher resource and energy prices, persistent global inflationary pressure, and downward pressure on the economy from the resulting monetary tightening policies.」

「During the six-month period ended 30 September 2023 (1 April 2023 to 30 September 2023), the global economy remained highly uncertain and the pace of recovery slowed amid concerns about rising geopolitical risks associated with the prolonged situation in Ukraine, heightened tensions in the Middle East and developments in China, higher resource and energy prices, and downward pressure on the economy from rising inflation, particularly in Europe and the US, and the resulting monetary tightening policies.」

「During the three-month period ended 30 June 2023 (1 April 2023 to 30 June 2023), the global economy continued to recover at a gradual pace, but concerns remained about the rising geopolitical risks associated with the prolonged situation in Ukraine, higher resource and energy prices, and downward pressure on the economy from persistently high inflation, particularly in Europe and the US, and the resulting monetary tightening policies.」

「The situation remained one of concern, with increased downside risks to the global economy due to higher resource and energy prices associated with the prolonged situation in Ukraine, disruptions to global supply chains, production constraints and shortages of resources and materials, the impact of restrictions on economic activity under China's zero-COVID policy, and shifts toward tighter monetary policies worldwide, as well as concerns about financial system instability in Europe and the United States.」

「During the nine-month period ended 31 December 2022 (1 April 2022 to 31 December 2022), concerns included higher resource and energy prices associated with the prolonged situation in Ukraine, global supply chain disruptions, production constraints and shortages of resources and materials, supply chain disruptions caused by the resurgence of COVID-19 infections, and increasing downside risks to the global economy resulting from countries' shifts toward monetary tightening policies.」

「It was necessary to closely monitor the impact on the global economy from higher resource and energy prices due to the prolonged situation in Ukraine, disruptions to global supply chains, production constraints and shortages of resources and materials, and shifts toward tighter monetary policies in various countries against a backdrop of worldwide inflation.」

「However, concerns remain about the impact on the global economic recovery from rising resource and energy prices due to the prolonged situation in Ukraine, disruptions to global supply chains, production constraints and worsening shortages of resources and materials amid the COVID-19 pandemic, and shifts toward tighter monetary policies against a backdrop of worldwide inflation, and the outlook remains uncertain.」

「The outlook remains uncertain due to factors including disruption to global supply chains and inflationary pressure resulting from the Russian Federation’s military invasion of Ukraine.」

「During the third quarter of the current consolidated cumulative period, the global economy remained on an upward trend, supported by strong economic conditions in the United States, an economic recovery in Europe and the Chinese economy, which maintained solid indicators, despite concerns over the rise of protectionist policies and geopolitical risks.」

「If our group’s sites or products are directly damaged by terrorism, war, political instability, or other events, or if transportation systems become unable to operate normally, this could adversely affect our group’s operating results and financial position.」