Economic slowdown in emerging markets, led by China, and the stronger yen and falling stock prices

「Overseas, the outlook for the global economy remains uncertain due to uncertainty surrounding trade policy, the slowdown in the Chinese economy and increasing geopolitical risks amid heightened tensions in the Middle East.」

「During the current interim consolidated fiscal period, capital investment in Japan remained solid and personal consumption maintained a gradual recovery trend despite concerns over inflation. Overseas, however, the outlook for the global economy remained a matter requiring close attention, against the backdrop of U.S. tariff policy and concerns over a slowdown in the Chinese economy.」

「During the current consolidated fiscal year, the economic environment surrounding the Group remained highly uncertain. Personal consumption and inbound demand recovered, and capital investment and other areas remained firm, while concerns over downside risks in overseas economies, including the Chinese economy, resulting from global monetary tightening, unstable international conditions, and future policy developments in the United States continued.」

「Uncertainty continued to persist due to concerns over downside risks in overseas economies, including the Chinese economy, resulting from global monetary tightening, and concerns over unstable international conditions.」

「During the current consolidated fiscal year, the economic environment surrounding the Group remained uncertain. Semiconductor supply shortages were moving toward resolution and automobile production was recovering in Japan and overseas, but concerns over a global economic downturn resulting from the slowdown in the Chinese economy, global inflation, and monetary tightening in the United States and Europe, as well as the prolonged situation in Ukraine and worsening conditions in the Middle East, persisted.」

「While the economic environment during the first 2 quarters of the current fiscal year showed signs of recovery as restrictions on activities related to COVID-19 were eased, uncertainty continued due to the prolonged situation in Ukraine, monetary tightening in the United States and Europe, and the slowdown in the Chinese economy.」

「During the first 3 quarters of the current fiscal year, no new business or other risks arose. There were also no material changes to the business and other risks described in the securities report for the previous consolidated fiscal year.」

「During the current consolidated fiscal year, the domestic economy had been showing signs of recovery from April onward, against the backdrop of eased restrictions on economic activity related to COVID-19. However, the situation remained uncertain due to the renewed spread of infections from July onward, including the seventh and eighth waves, soaring raw material and energy prices resulting from the Russia-Ukraine situation, and sharp fluctuations in exchange rates.」

「During the first 3 quarters of the current fiscal year, the domestic economy had been showing signs of recovery from April onward, against the backdrop of eased restrictions on economic activity related to COVID-19. However, the situation remained uncertain due to the renewed spread of infections from July onward, including the seventh and eighth waves, soaring raw material and energy prices resulting from the Russia-Ukraine situation, and sharp fluctuations in exchange rates.」

「During the cumulative first six months of the current consolidated fiscal year, Japan's domestic economy remained uncertain due to the seventh wave of COVID-19, soaring raw-material and energy costs resulting from the situation between Russia and Ukraine, and sharp foreign-exchange fluctuations, which also affected corporate activity.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's domestic economy remained uncertain due to the prolonged effects of COVID-19, supply-chain disruptions including the semiconductor shortage, soaring energy and resource prices related to international conditions, and effects on foreign exchange rates, which also affected corporate activity.」

「The business environment surrounding the corporate group is generally recovering, but it has changed significantly due to factors including the renewed spread of COVID-19, concerns over geopolitical risks related to the situation between Russia and Ukraine, and growing responsibility for social issues such as the SDGs.」

「During the cumulative first nine months of the current consolidated fiscal year, Japan's domestic economy was recovering as activity restrictions and supply shortages eased. However, uncertainty about the outlook continued, with new concerns including soaring resource prices in the manufacturing sector, to which the company belongs, and the risk of renewed demand weakness due to the global spread of the Omicron variant.」

「During the cumulative first six months of the current consolidated fiscal year, Japan's domestic economy remained volatile due to the effects of COVID-19. Manufacturing remained solid on higher exports, while tourism and food services continued to languish amid repeated declarations of a state of emergency, clearly highlighting the divergence between industries.」

「No new business or other risks arose during the cumulative first quarter of the current consolidated fiscal year. There were also no significant changes to the business or other risks described in the securities report for the previous consolidated fiscal year.」

「During the cumulative first nine months of the current consolidated fiscal year, Japan's economy was gradually recovering as the effects of COVID-19 continued, but uncertainty about the outlook remained as concerns about renewed infections intensified with the onset of winter. Manufacturing saw a recovery in sales to China, but improvement across manufacturing as a whole was slow, and the economic downturn caused by the COVID-19 shock continued to affect the corporate group.」

「During the cumulative first six months of the current consolidated fiscal year, Japan's economy remained in a downturn caused by the global spread of COVID-19. Although external demand gradually began to recover in manufacturing and other sectors, the sharp economic slowdown caused by the COVID-19 shock affected the corporate group's business.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy was forced into a substantial downturn as economic activity was restricted by the global spread of COVID-19, with exports declining sharply, particularly in manufacturing.」

「During the cumulative first nine months of the current consolidated fiscal year, Japan's economy continued to recover moderately, supported by the non-manufacturing sector. However, global uncertainty about the outlook continued in manufacturing, primarily due to U.S.-China trade friction and other factors.」

「The global economy, particularly China, showed a marked slowdown due to the effects of U.S.-China trade friction and other factors.」

「The global economy, particularly China, showed a marked slowdown due to the effects of U.S.-China trade friction and other factors.」

「The environment surrounding the corporate group has changed significantly. In the global economy, uncertainty about the outlook intensified due to the effects of U.S.-China trade friction.」

「The global economy generally remained solid during the cumulative first nine months of the current consolidated fiscal year, but uncertainty about the outlook intensified in the latter half due to the effects of U.S.-China trade friction and other factors.」

「No new business or other risks arose during the six-month cumulative period under review. There were also no material changes to the business and other risks described in the annual securities report for the previous consolidated fiscal year.」

「During the cumulative first quarter of the current consolidated fiscal year, the global economy generally remained solid. Recovery continued in the United States and Europe, supported by personal consumption, while economic conditions remained firm in Asia, including China.」

「The environment surrounding the corporate group has changed significantly. Although the global economy has seen strong economic conditions in developed countries and a solid recovery in emerging economies such as China and ASEAN, geopolitical risks continue to rise and the situation remains unpredictable.」

「During the cumulative first six months of the current consolidated fiscal year, Japan's economy continued its moderate recovery as capital investment and personal consumption picked up, against a backdrop of improved corporate earnings and employment and income conditions, although concern remained about the effects of unstable political developments overseas and rising geopolitical risks.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy continued to recover moderately in capital investment and personal consumption, against a backdrop of improved corporate earnings and employment conditions. Meanwhile, concerns including worsening labor shortages and overseas political and financial market developments meant that uncertainty about the economic outlook continued.」

「During the current consolidated fiscal year, Japan's economy was on a moderate recovery trend against a backdrop of the government's economic stimulus measures. However, risks weighing on the Japanese economy increased, including slower growth in China and emerging economies, the UK's withdrawal from the EU and currency fluctuations resulting from the new U.S. administration's policies, increasing uncertainty about the economic outlook.」

「During the cumulative first nine months of the current consolidated fiscal year, Japan's economy continued to recover moderately, supported by the government's economic policies and monetary easing measures. However, uncertainty about the outlook continued due to currency fluctuations resulting from the slowdown in emerging-market economies and the transition to a new U.S. administration.」

「Risks weighing on the economy have intensified, including a stronger yen, weaker stock prices and slower economic growth in China and other emerging economies, and uncertainty about the outlook has continued.」

「In addition to the economic slowdown in emerging economies, led by China, uncertainty about the outlook has continued, including due to a stronger yen and weaker stock prices.」