Downside risk to the global economy from the slowdown in emerging-market economies and the UK’s withdrawal from the EU

「During the consolidated fiscal year, the global economy generally showed a gradual recovery trend. However, the outlook remained uncertain due to the effects of US trade policy and rising geopolitical risks as the situation in the Middle East deteriorated toward the end of the fiscal year.」

「米国の通商政策の影響や年度末にかけて中東情勢が悪化し地政学リスクが高まったこと等により、依然として先行き不透明な状況が続いております。」

「During the consolidated fiscal year, the global economy remained uncertain amid continued global monetary tightening, persistently high inflation, China's economic slowdown, and rising geopolitical risks related to Ukraine, the Middle East, and other regions.」

「During the first 3 quarters of the consolidated fiscal year, the global economy remained uncertain amid the effects of monetary tightening in Europe and the United States, slowing economic growth in China, and rising geopolitical risks.」

「During the first 2 quarters of the consolidated fiscal year, the global economy remained uncertain due to prolonged inflation and continued monetary tightening in Europe and the United States, as well as sluggish domestic and international demand stemming from China's property development investment.」

「During the first quarter of the consolidated fiscal year, the global economy remained uncertain, with increasing concerns over a recession resulting from prolonged monetary tightening and inflation caused by soaring resource prices.」

「During the first 2 quarters of the consolidated fiscal year, the global economy was moving toward normalization as measures to contain COVID-19 were implemented and activity restrictions were eased. However, the outlook remained uncertain due to soaring raw-material and energy prices, supply-chain risks caused by the prolonged zero-COVID policy in China, and rising geopolitical risks related to the situation involving Russia and Ukraine.」

「During the first quarter of the consolidated fiscal year, the global economy was moving toward normalization as measures to contain COVID-19 were implemented and activity restrictions were eased. However, the outlook remained uncertain due to soaring raw-material and energy prices, supply-chain disruptions caused by lockdowns in Shanghai, China, and rising geopolitical risks related to the situation involving Russia and Ukraine.」

「During the consolidated fiscal year, Japan's economy showed signs of recovery in private-sector capital investment and production. However, the outlook remained uncertain due to soaring raw-material and crude-oil prices and the continuing lack of visibility on when COVID-19 would be brought under control. In the global economy, economic activity was moving toward normalization as vaccination progressed, but the outlook remained uncertain as geopolitical risks increased due to the situation involving Russia and Ukraine, in addition to the prolonged trade friction between the United States and China.」

「During the first 3 quarters of the consolidated fiscal year, Japan's economy showed signs of recovery in private-sector capital investment and production. However, the outlook remained uncertain due to soaring raw-material and crude-oil prices and the continuing lack of visibility on when COVID-19 would be brought under control. In the global economy, economic activity was moving toward normalization as vaccination progressed, but the outlook remained uncertain amid developments concerning COVID-19 variants and the prolonged trade friction between the United States and China.」

「During the first 2 quarters of the consolidated fiscal year, Japan's economy showed signs of recovery in private-sector capital investment and production. However, with a state of emergency and priority preventive measures being declared, the end of COVID-19 was not yet in sight and the outlook remained uncertain. In the global economy, economic activity was moving toward normalization as vaccination progressed, but the outlook remained uncertain amid developments concerning COVID-19 variants and the prolonged trade friction between the United States and China.」

「In the global economy, economic activity was gradually reopening and some signs of recovery were seen. However, the outlook remained uncertain as the end of COVID-19 was not yet in sight and trade friction between the United States and China continued.」

「During the first 3 quarters of the consolidated fiscal year, Japan's economy showed some signs of improvement in personal consumption due to firm public investment and government measures to stimulate demand. However, private-sector capital investment and employment conditions weakened under the impact of the spread of COVID-19, corporate earnings fell sharply, and signs of a third wave of infections began to emerge from early autumn, leaving conditions difficult. In the global economy, economic activity was gradually reopening and some signs of recovery were seen, but the outlook remained uncertain as the end of COVID-19 was not yet in sight and trade friction between the United States and China continued.」

「During the consolidated fiscal year, Japan's economy remained on a recovery trend, with moderate increases in capital investment and personal consumption, and the global economy was generally firm, led by the United States. However, economic activity stagnated in regions around the world due to the spread of COVID-19 toward the end of the fiscal year, creating a difficult environment amid concerns over a further economic downturn.」

「During the first 3 quarters of the consolidated fiscal year, Japan's economy saw moderate increases in capital investment and personal consumption, while production and exports remained weak. Overseas, the outlook remained uncertain amid China's economic slowdown, developments in trade issues between the United States and China, and the UK's withdrawal from the EU.」

「Overseas, the outlook remained uncertain amid China's economic slowdown, heightened tensions over trade issues between the United States and China, and developments concerning the UK's withdrawal from the EU.」

「Meanwhile, concerns over the outlook for emerging Asian countries, including China, and the European economy, as well as developments in trade issues between the United States and China, left the outlook uncertain.」

「Meanwhile, concerns over the outlook for the economies of emerging Asian countries, including China, and developments in trade issues between the United States and China persisted, leaving the outlook uncertain.」

「Meanwhile, concerns over the outlook for the economies of emerging Asian countries, including China, and developments in trade issues between the United States and China persisted, leaving the outlook partly uncertain.」

「Meanwhile, concerns over the outlook for the economies of emerging Asian countries, including China, rapid changes in geopolitical risk, and developments in trade issues between the United States and China left conditions partly uncertain.」

「Although the global economy also showed a moderate recovery and emerging-market economies, including China, continued to show signs of recovery, some uncertainty remained because of concerns about financial market developments and rising geopolitical risks.」

「Although emerging-market economies, including China, showed signs of recovery, the global economy remained uncertain because of concerns about US policy developments and rising geopolitical risks.」

「Although the global economy was recovering moderately, the outlook remained uncertain because of concerns about the future of emerging-market economies, including China, US policy developments and rising geopolitical risks worldwide.」

「Although the global economy was recovering moderately, the outlook remained uncertain because of concerns about the future of emerging-market economies, including China, US policy developments and rising geopolitical risks worldwide.」

「The outlook remained uncertain amid slowing emerging-market economies, including China, the UK’s withdrawal from the EU, financial market volatility caused by the US presidential election and worsening conditions in the Middle East.」

「During the nine-month period ended the third quarter, Japan’s economy continued on a moderate recovery trend, with the employment environment improving. At the same time, the outlook remained uncertain amid slowing emerging-market economies, including China, the UK’s withdrawal from the EU and financial market volatility caused by the US presidential election.」

「During the six-month period ended the second quarter, Japan’s economy continued on a moderate recovery trend, with the employment environment improving. At the same time, the outlook remained uncertain amid concerns about a downturn in the global economy associated with slowing emerging-market economies, including China, and the UK’s withdrawal from the EU.」

「Amid concerns about a downturn in the global economy associated with slowing emerging-market economies, including China, and the UK’s withdrawal from the EU, the outlook remains uncertain.」