Yen Appreciation Against a Backdrop of Global Economic Slowdown Risks and the UK's EU Withdrawal Issue

「During the six-month interim consolidated accounting period, sentiment in the Japanese and global economies weakened somewhat amid rising uncertainty surrounding US tariff and protectionist policies. Concerns remain about factors that could weigh on the economic outlook, including US trade and tariff risks, resource and energy price trends, and geopolitical risks.」

「Meanwhile, as uncertainty increased due to the effects of US tariff and trade policies, geopolitical tensions, and persistent concerns about inflation, domestic and overseas economic trends are expected to remain unpredictable.」

「Meanwhile, the global economy's recovery slowed, particularly in developed countries, against a backdrop of inflation and high interest rates. Concerns remain about factors that could weigh on the economic outlook, including trends in resource and energy prices, Japanese, US and European interest-rate policies, geopolitical risks, and political risks.」

「In addition, domestic and overseas economic trends are expected to remain uncertain and unpredictable due to geopolitical risks, including the prolonged Russian invasion of Ukraine and the situation in Palestine, as well as political risks associated with major elections in various countries, including the US presidential election.」

「During the first nine months of the current fiscal year, the Japanese and global economies entered a gradual recovery trend as economic activity normalized after the COVID-19 pandemic. However, uncertainty about the economic outlook continued amid persistently high resource and energy prices, the continuation of high interest-rate policies in Europe and the US in response to inflation, and rising geopolitical risks.」

「During the first three months of the current fiscal year, the Japanese and global economies entered a gradual recovery trend as economic activity normalized following the easing of restrictions related to COVID-19. However, uncertainty about the economic outlook continued amid persistently high resource and energy prices and the continuation of high interest-rate policies in Europe and the US in response to inflation.」

「Meanwhile, the business environment for domestic and overseas companies changed due to surging resource and energy prices stemming from the Russia-Ukraine conflict, sharp exchange-rate fluctuations driven by expectations surrounding Japanese and US monetary policy, and concerns over the creditworthiness of some US financial institutions, among other factors, and uncertainty about the economic outlook continued.」

「Meanwhile, the business environment changed significantly due to surging resource and energy prices stemming from the Russia-Ukraine conflict and sharp exchange-rate fluctuations driven by expectations surrounding Japanese and US monetary policy, among other factors, heightening uncertainty about the economic outlook.」

「Meanwhile, the business environment changed significantly due to surging resource and energy prices stemming from the Russia-Ukraine conflict, US monetary tightening and the associated accelerating depreciation of the yen, among other factors, heightening uncertainty about the economic outlook.」

「Meanwhile, the business environment changed significantly due to surging resource and energy prices stemming from the Russia-Ukraine conflict, accelerating global inflation, US monetary tightening and the associated depreciation of the yen, among other factors. Together with the recent renewed increase in COVID-19 cases, this has heightened uncertainty about the outlook.」

「During the first nine months of the current fiscal year, the Japanese and global economies entered a gradual recovery trend as they recovered on the easing of restrictions on activities and progress in vaccinations, despite the continuing effects of COVID-19 and the need to balance these effects with economic activity.」

「During the first six months of the current fiscal year, the Japanese and global economies remained subject to the need to balance preventing the spread of COVID-19 with the resumption of economic activity. Although the effects of restrictions on activities continued, vaccinations progressed, particularly in developed countries, and the economies entered a gradual recovery trend.」

「During the first three months of the current fiscal year, the Japanese and global economies remained subject to the need to balance preventing the spread of COVID-19 with the resumption of economic activity. Vaccinations progressed, particularly in developed countries, but economic conditions continued to be affected by infection levels and recovered only gradually.」

「During the first nine months of the current fiscal year, the Japanese and global economies stagnated as consumption cooled due to the stagnation of economic activity associated with the spread of COVID-19, and the situation remained unpredictable.」

「During the first six months of the current fiscal year, the Japanese and global economies deteriorated rapidly due to a cooling in consumption and a decline in trade resulting from the stagnation of economic activity associated with the spread of COVID-19, and the situation remained unpredictable.」

「During the first quarter of the current consolidated fiscal year, the Japanese and global economies deteriorated rapidly as consumption weakened and trade declined due to stagnating economic activity accompanying the spread of COVID-19.」

「From the second half of the fiscal year, the global spread of COVID-19 caused business confidence in Japan and overseas to deteriorate, rapidly increasing uncertainty about the outlook.」

「Although the global economy continued to grow moderately overall, uncertainty about the outlook further increased against a backdrop of U.S.-China trade issues and the UK's EU withdrawal issue.」

「The global economy continued to slow against a backdrop of U.S.-China trade issues and the UK's EU withdrawal issue, further increasing uncertainty about the outlook.」

「The global economy has entered a slowdown trend against a backdrop of U.S.-China trade issues and the UK's EU withdrawal issue, further increasing uncertainty about the outlook.」

「Although Japan's economy is expected to recover as corporate earnings and the employment and income environment continue to improve gradually, an unpredictable situation persists due to the impact of the consumption tax increase scheduled for October this year, trade issues involving various countries, domestic and overseas political and economic policy developments, and geopolitical risks.」

「Although the global economy remained firm, particularly in developed economies, uncertainty about the outlook increased as the effects of U.S.-China trade friction and U.S. interest-rate hikes on emerging economies began to emerge, compounded by uncertainty over the future of Brexit in the United Kingdom and geopolitical risks.」

「Although the global economy remained firm, particularly in developed economies, uncertainty about the outlook increased due to the effects of U.S.-China trade friction, the impact of U.S. interest-rate hikes on emerging economies and geopolitical risks.」

「Although the global economy remained firm in both developed and emerging economies, uncertainty persisted due to the effects of the United States' protectionist trade policies and rising geopolitical risks.」

「Although the global economy continued to recover in both developed and emerging economies, uncertainty remained regarding developments in the Trump administration's policies in the United States and geopolitical risks.」

「Although the global economy continued to recover in both developed and emerging economies, uncertainty remained regarding developments in the Trump administration's policies in the United States and geopolitical risks.」

「Although the global economy continued to recover in both developed and emerging economies, uncertainty remained regarding political and policy developments in various countries, including the policies of the Trump administration in the United States.」

「Although uncertainty continued in the global economy due to Brexit in the United Kingdom, the birth of a new U.S. administration and rising geopolitical risks, economic recovery progressed gradually in the second half of the year in Europe, the United States, China, emerging economies and resource-rich countries.」

「During the first 3 quarters of the current consolidated fiscal year, Japan's economy entered a recovery trend in corporate earnings as production and exports recovered, while employment conditions continued to improve gradually. In the global economy, Europe was showing signs of recovery and Asia appeared to be bottoming out, while in the United States, amid the transition to a new administration, expectations for accelerating growth coexisted with uncertainty.」

「Although the U.S. economic recovery continued, uncertainty remained about the outlook for the global economy, including Europe, where the UK's EU withdrawal issue remained unresolved, and China and emerging economies, where economic slowdowns continued.」

「The yen appreciated sharply against a backdrop of risks of a global economic slowdown and the UK's EU withdrawal issue. Overall, the economy remained stalled due to concerns about deteriorating corporate earnings and sluggish consumer sentiment.」