Uncertainty in developed economies and instability in emerging economies

「During the interim consolidated accounting period, the Japanese economy was recovering gradually against the backdrop of improving employment and income conditions and increased inbound demand. Meanwhile, the global economy remained uncertain owing to developments in US trade policy, the slowdown in the Chinese economy, and heightened geopolitical risks associated with the situations in Ukraine and the Middle East.」

「Meanwhile, the global economy remained uncertain owing to the prolonged tensions in Ukraine and the Middle East and concerns over US tariff policy.」

「During the interim consolidated accounting period, the Japanese economy was recovering gradually, with signs of a rebound in capital investment. Meanwhile, the global economy remained uncertain owing to rising tensions in the Middle East, concerns over a recession caused by monetary tightening in the US and Europe, and the slowdown in the Chinese economy.」

「Meanwhile, the global economy remained uncertain owing to continued increases in raw-material and energy prices associated with the prolonged situation in Ukraine, monetary tightening in the US and Europe to contain inflation, and the economic slowdown associated with China's sluggish real estate market.」

「During the third quarter of the current consolidated cumulative period, social and economic activity in Japan moved further toward normalization and the economy entered a gradual recovery track. Meanwhile, the global economy remained uncertain owing to continued increases in raw-material and energy prices, monetary tightening in the US and Europe to contain inflation, and the economic slowdown associated with China's sluggish real estate market.」

「During the second quarter of the current consolidated cumulative period, social and economic activity in Japan moved further toward normalization and the economy was recovering gradually. Meanwhile, the global economy remained uncertain owing to continued increases in raw-material and energy prices, monetary tightening in the US and Europe, and the economic slowdown associated with China's sluggish real estate market.」

「During the first quarter of the current consolidated cumulative period, economic activity in Japan moved further toward normalization and the economy was recovering gradually. However, resource, energy and food prices continued to rise owing to the prolonged situation in Ukraine. In the US and Europe, concerns over recession increased as a result of monetary tightening, while in China the sluggish real estate market weighed on the economic recovery, delaying improvements in corporate earnings and employment. The outlook therefore remained uncertain.」

「While measures to contain COVID-19 progressed and economic activity moved toward normalization, concerns over an economic slowdown increased in the US and Europe owing to aggressive monetary tightening to contain inflation, higher resource prices and soaring energy prices associated with the prolonged Russia-Ukraine situation. In China, domestic demand remained weak and economic sentiment deteriorated amid disruption surrounding restrictions on lockdowns.」

「During the third quarter of the current consolidated cumulative period, as the COVID-19 pandemic persisted, sentiment in the US deteriorated owing to aggressive monetary tightening to contain inflation. In Europe, an economic slowdown was a concern amid higher resource prices and soaring energy prices associated with the prolonged Russia-Ukraine situation. In China, domestic demand remained weak and downward pressure on the economy intensified owing to stagnation in the real estate market and disruption surrounding restrictions on lockdowns. In Japan, the economy was recovering gradually as activity normalized, but the outlook remained uncertain owing to soaring prices resulting from higher resource prices and the yen's depreciation.」

「During the second quarter of the current consolidated cumulative period, as the COVID-19 pandemic persisted, aggressive monetary tightening continued in the US to contain inflation. In Europe, recession risks increased owing to sharply higher resource prices associated with the prolonged Russia-Ukraine situation, as well as rising prices and interest rates. In China, downward pressure on the economy intensified owing to stagnation in the real estate market and the zero-COVID policy to prevent the spread of infection.」

「During the first quarter of the current consolidated cumulative period, as the COVID-19 pandemic persisted, concerns over a recession in the US increased as a result of aggressive monetary tightening to contain inflation, while corporate activity in Europe slowed owing to sharply higher resource prices associated with the prolonged situation in Ukraine. In China, lockdowns to prevent the spread of infection caused corporate activity and private consumption to stagnate, making the economic slowdown more pronounced. In Japan, higher raw-material costs resulting from rising resource prices and the yen's depreciation became a factor weighing on corporate earnings, and the outlook remained uncertain.」

「During the third quarter of the current consolidated cumulative period, as infections from new COVID-19 variants spread globally, inflation continued in the US owing to supply shortages caused by increased demand accompanying the reopening of economic activity. In China, economic activity showed signs of slowing against the backdrop of tighter government regulations on environmental protection and real estate investment, as well as strict restrictions on activity to prevent the spread of infection. In Europe, too, the pace of economic recovery slowed against the backdrop of renewed infections and rising prices.」

「During the second quarter of the current consolidated cumulative period, amid the global spread of COVID-19, inflation continued in the US as demand surged with the reopening of economic activity, while economic activity in China showed signs of slowing against the backdrop of higher resource prices and government measures to restrain investment. In contrast, the European economy began to recover gradually as vaccination spread and restrictions on activity were eased. In Japan, manufacturing production fell short owing to difficulties procuring semiconductors and other raw materials, while weak private consumption continued, leaving the outlook uncertain.」

「During the first quarter of the current consolidated cumulative period, amid the global spread of COVID-19, the US economy continued to recover, supported by increased fiscal spending and progress in vaccinations, while sentiment in Europe improved gradually as restrictions on activity were eased. China continued to recover steadily despite some signs of slowing. In Japan, exports and capital investment remained firm against the backdrop of the overseas economic recovery, but weak private consumption continued and the outlook remained uncertain.」

「The economic trends during the current consolidated fiscal year were heavily affected by the global spread of COVID-19. In the US, the economy was on a recovery track, supported by increased fiscal spending and monetary easing, while in Europe concerns arose over delays in economic normalization owing to the spread of infection and restrictions on activity. China maintained positive growth and its economic recovery became more pronounced. In Japan, the sense of economic stagnation intensified as conditions fluctuated with the number of infections, and the outlook remained uncertain.」

「During the third quarter of the current consolidated cumulative period, concerns arose in the US over a slowdown in the pace of employment improvement as a result of the global spread of COVID-19, while economic deterioration continued in Europe. In contrast, production and retail sales remained firm in China, investment growth accelerated, and economic activity continued to normalize. In Japan, the recovery in private consumption lagged, while deteriorating employment conditions and restrained capital investment continued, leaving the outlook uncertain.」

「In the US, employment conditions are gradually improving and there are signs of an economic recovery, but exports remain sluggish and the sustainability of the recovery is uncertain. In Europe, the outlook is difficult to assess amid concerns over a renewed spread of COVID-19 and deteriorating employment conditions. In China, exports are gradually recovering as external demand picks up, but the recovery is not strong enough to drive the global economy. In Japan, economic activity has begun to resume following the lifting of the state of emergency, but corporate earnings have deteriorated and capital investment remains restrained, leaving the outlook uncertain.」

「During the first quarter of the current consolidated cumulative period, economic activity stagnated as governments around the world implemented emergency measures, including stay-at-home orders and restrictions on movement, in response to the spread of COVID-19, resulting in extremely difficult conditions. In the US, trade contracted against the backdrop of a global economic slowdown, while employment conditions and private consumption deteriorated. In China, economic activity resumed and there were signs of a gradual recovery, but the sustainability of the recovery remained uncertain owing to shrinking external demand and downside risks to income. In Europe, both private consumption and manufacturing production declined, and the economy showed signs of slowing. In Japan, a state of emergency was declared, private consumption and corporate earnings deteriorated, and the outlook remained uncertain.」

「During the third quarter of the current consolidated cumulative period, employment conditions and consumer sentiment in the US remained favorable, but the economy followed an unstable course, including a deterioration in the manufacturing business conditions index. In Europe, exports remained weak and the trend toward restrained capital investment continued. In China, government measures to support the economy prevented a sharp downturn, but a slowdown remained evident. In Japan, manufacturing production activity showed signs of stagnation as a result of the slowdown in overseas economies.」

「During the second quarter of the current consolidated cumulative period, the US economy continued to expand, supported by solid employment conditions, but uncertainty over the outlook remained, including a deterioration in the manufacturing business conditions index. Europe was also in an unstable situation, with concerns over downside risks to the economy. China was showing increasingly pronounced signs of slowing as trade friction with the US persisted. In Japan, production activity in the manufacturing sector showed signs of stagnation as the deterioration in global business sentiment took its toll.」

「During the first quarter of the current consolidated cumulative period, the US economy continued to be supported by favorable employment conditions and private consumption remained firm, but the pace of expansion slowed as exports declined owing to the impact of trade policy. In China, corporate earnings and private consumption also declined owing to trade friction with the US. Europe likewise showed signs of slowing, including sluggish corporate capital investment. In Japan, exports declined amid concerns over a slowdown in the global economy, while production activity and capital investment also remained weak.」

「During the current fiscal year, the US economy remained resilient, but concerns about the outlook persisted because of growing trade friction and volatile share prices. Europe showed signs of a slowdown, with business sentiment in the corporate sector deteriorating because of lower exports. In China, trade friction with the US caused the growth rate to slow. Although Japan continued on a gradual recovery track, uncertainty about the outlook increased because of the impact of an unstable global economy.」

「During the cumulative third quarter of the current fiscal year, the US economy continued to expand steadily, but concerns about the outlook increased because of growing trade friction and volatile share prices. Europe showed signs of an economic slowdown, including sluggish production and consumption, while business sentiment in China deteriorated because of the impact of trade friction. Although Japan remained on a gradual recovery track, with the current expansion approaching the longest postwar expansion on record, uncertainty about the outlook increased because of the impact of an unstable global economy.」

「During the cumulative second quarter of the current fiscal year, the US economy remained on an expansionary track, supported by improved corporate performance resulting from tax cuts, employment growth and healthy personal consumption. Europe continued its gradual recovery, with employment conditions improving. China remained solid, with personal consumption holding firm. In Japan, the economy generally continued its gradual recovery, with corporate performance improving against a backdrop of a solid global economy.」

「During the cumulative first quarter of the current fiscal year, the US economy continued to expand as employment conditions improved and personal consumption increased. Europe also remained on a gradual recovery track. China remained solid, with personal consumption growing. Japan continued to recover as exports expanded and production increased.」

「During the current fiscal year, the US economy remained on an expansionary track, with personal consumption also increasing as employment conditions improved. Europe's economic recovery progressed steadily. China and other emerging economies generally remained solid. Japan continued to recover, supported by increased exports and expanded capital investment.」

「During the cumulative third quarter of the current fiscal year, the US economy continued to expand steadily against a backdrop of favorable employment conditions. Europe's recovery continued, with corporate earnings improving alongside employment. China continued to maintain a high economic growth rate. In Japan, corporate earnings improved in line with the expansion of overseas economies, and the economy remained on a gradual recovery track as capital investment expanded.」

「During the cumulative second quarter of the current fiscal year, the US economy continued to expand, led by personal consumption against a backdrop of favorable employment conditions. Europe's recovery became more pronounced, supported by improving employment and solid domestic demand. China also maintained a high economic growth rate, driven mainly by personal consumption and public investment. In Japan, personal consumption was recovering and the economy continued on a gradual recovery track, with corporate earnings generally improving.」

「During the cumulative first quarter of the current fiscal year, the US economy continued to expand steadily on the back of healthy personal consumption, while Europe also maintained a gradual recovery. In China, exports were recovering in addition to solid domestic demand, and the economy maintained a high growth rate. Japan was also on a recovery track, with improving employment conditions and generally improving corporate earnings.」

「During the current fiscal year, the US economy generally remained solid, despite emerging uncertainty over the new administration's policies, as employment conditions improved and personal consumption expanded. Europe also maintained a gradual recovery, with the impact of the UK's departure from the EU limited. In China, economic stabilization progressed further, supported in part by government policy.」

「During the cumulative third quarter of the current fiscal year, the US economy continued to expand, with interest rates raised against a backdrop of improving employment and solid consumer spending. Europe also maintained a gradual recovery, as the impact of the UK's departure from the EU was limited and monetary easing continued. China's economy continued to grow at a rate in the upper 6% range and remained relatively resilient. In Japan, the economy was on a gradual recovery track, with improving employment conditions and personal consumption beginning to recover.」

「China, where an economic slowdown is a concern, has remained relatively resilient, with signs of a partial recovery. In Japan, despite improvements in the employment environment, conditions have remained weak as the rapid appreciation of the yen and prolonged sluggishness in personal consumption continue.」

「The US economy continues to expand steadily, while Europe is also seeing a continued gradual recovery. However, the outlook for developed economies remains uncertain because of factors including the direction of US monetary policy and the UK's departure from the EU. Emerging economies, particularly China, have also generally remained unstable.」