Uncertainty over the outlook due to yen appreciation, stock price declines, a slowdown in the Chinese economy, and the UK's withdrawal from the EU

「一方で、中東情勢の緊迫化に伴う資源・エネルギー価格の上昇を背景にインフレ圧力が高まり、金融市場の変動や地政学的リスクへの懸念も強まるなど、先行き不透明な状況が続きました。」

「During the current consolidated fiscal year, moderate growth continued, led by the US, against a backdrop of a shift in monetary policy following the easing of inflationary pressure and improvements in real incomes. At the same time, structural issues such as prolonged geopolitical risks, fluctuations in resource and energy prices, the real estate adjustment in China and subdued domestic demand there continued to weigh on the economy, leaving the outlook uncertain, with varying economic conditions across regions and sectors.」

「During the interim consolidated accounting period, the global economy remained solid, supported by policy support in various countries and firm domestic demand in some regions, despite continued uncertainty resulting from US tariff policy.」

「During the current consolidated fiscal year, the global economy maintained solid growth against a backdrop of recovering real incomes as inflation eased, although uncertainty over the outlook continued due to the slowdown in the Chinese economy, where the real estate downturn and weak consumption persisted, as well as US trade policy.」

「During the interim consolidated accounting period, the global economy maintained solid growth due to the recovery in personal consumption and capital investment, although uncertainty over the outlook persisted against a backdrop of monetary policies in various countries and geopolitical risks.」

「During the cumulative third quarter of the current consolidated fiscal year, the global economy remained uncertain, with the pace of recovery slowing due to continued monetary tightening in Europe and the US to contain inflation and weakness in the Chinese real estate market.」

「During the cumulative second quarter of the current consolidated fiscal year, the global economy remained uncertain due to continued monetary tightening in Europe and the US to contain inflation and the delayed recovery of the Chinese economy following the lifting of its zero-COVID policy.」

「During the cumulative first quarter of the current consolidated fiscal year, the global economy continued to slow against a backdrop of ongoing monetary tightening in Europe, the US and elsewhere to contain prolonged inflation, US-China tensions, and geopolitical risks including the protracted Russia-Ukraine crisis.」

「During the first 9 months of the current consolidated fiscal year, the pace of recovery slowed due to persistently high inflation and monetary tightening by governments to curb inflation.」

「During the first 6 months of the current consolidated fiscal year, the global economy showed signs of recovery as countries moved into a new phase of living with COVID-19, but concerns over a global recession increased due to higher resource prices resulting from the Russia-Ukraine crisis and monetary tightening by governments to curb inflation.」

「Although social and economic activity was moving toward normalization as restrictions on activity to address COVID-19 were eased in various countries, and signs of recovery emerged, uncertainty over the outlook continued due to lockdowns in China caused by the spread of variants, higher prices resulting from global shortages of resources and materials, and the prolonged Russia-Ukraine crisis.」

「During the current consolidated fiscal year, the global economy showed signs of recovery as restrictions on activity were eased due to vaccinations, particularly in advanced economies. However, uncertainty over the outlook continued due to the impact of COVID-19 caused by the spread of variants, higher prices resulting from global shortages of resources and materials, and the impact on the global economy of the situation between Russia and Ukraine.」

「During the first 9 months of the current consolidated fiscal year, the global economy showed signs of recovery as economic activity resumed due to the effects of vaccinations, despite the impact of COVID-19 caused by the spread of variants.」

「During the first 6 months of the current consolidated fiscal year, the global economy continued to recover moderately, despite uncertainty over the outlook due to prolonged supply constraints on automobile parts and other products caused by the spread of COVID-19 in Southeast Asia, surging resource prices and concerns over a slowdown in China due to power shortages. In Europe and the United States, where COVID-19 vaccinations were progressing, economic activity showed signs of resuming.」

「During the first 3 months of the current consolidated fiscal year, the global economy continued to be affected by COVID-19, but showed signs of recovery as economic activity fully resumed in regions where vaccination was progressing ahead of others.」

「During the current consolidated fiscal year, the global economy remained difficult due to the worldwide COVID-19 pandemic, but showed signs of recovery as a result of additional economic measures by governments and the effects of vaccines.」

「During the first 9 months of the current consolidated fiscal year, China continued to achieve positive growth, with production and exports remaining firm due to government economic measures and recovering external demand. Meanwhile, difficult conditions continued in Europe and the United States, where lockdowns were imposed again as COVID-19 infections surged. Japan’s economy showed signs of recovery as exports of automobiles and related parts remained firm, but economic stagnation caused by the spread of COVID-19 continued, leaving conditions difficult.」

「During the first 6 months of the current consolidated fiscal year, signs of improvement emerged in consumption and production as measures to prevent the spread of COVID-19 were relaxed and economic activity resumed, but concerns over another economic downturn increased against a backdrop of renewed infections in Europe. Japan’s economy also showed signs of recovery in exports to the United States and China as overseas economies improved, but the recovery lacked strength and difficult conditions continued.」

「During the first 3 months of the current consolidated fiscal year, the global economy remained in difficult conditions as the spread of COVID-19 stalled economic activity and caused a substantial deterioration in business sentiment worldwide. Japan’s economy also deteriorated rapidly as restrictions on economic activity were imposed to prevent the spread of the disease.」

「During the first 9 months of the current consolidated fiscal year, the global economy recovered moderately overall, but uncertainty over the outlook continued due to the prolonged US-China trade war, the slowdown in China, Brexit and rising geopolitical risks including the situation in the Middle East. Japan’s economy also recovered moderately, driven by domestic demand such as firm personal consumption, but exports and production, particularly in manufacturing, weakened further as overseas economies slowed, leaving the outlook unpredictable.」

「During the first 6 months of the current consolidated fiscal year, concerns over an economic downturn increased as the slowdown in China caused by the prolonged US-China trade war spread to the global economy. In the US economy, which had been considered resilient, business sentiment in manufacturing deteriorated further and employment growth also slowed, heightening concerns over a slowdown. Japan’s economy also continued to face weak exports and production, leaving the outlook uncertain.」

「During the first 3 months of the current consolidated fiscal year, the global economy deteriorated beyond the slowdown in China, as prolonged concern over the US-China trade war caused global trade to begin contracting and its impact on other countries intensified. The solid US economy also showed signs of slower growth, including softer capital investment and weakness in manufacturing, increasing uncertainty over the economic outlook and concerns about a global slowdown.」

「During the current consolidated fiscal year, the global economy became increasingly uncertain, with the Chinese economy declining significantly due to the effects of the US-China trade war and signs of a slowdown emerging in the US economy, which had remained solid.」

「During the first 3 quarters of the current consolidated fiscal year, Japan’s economy continued to see improvements in employment and income conditions, but uncertainty over the outlook increased as the US-China trade war reduced overseas demand and its impact spread to companies. The global economy also saw growing concerns over an overall slowdown, as the Chinese economy declined sharply due to the intensification of the US-China trade war and its effects began to reach US companies, whose performance had previously remained solid.」

「The global economy showed signs of improvement in Europe and Asia as well as continued strength in the US economy, but concerns over the adverse effects of the US-China trade war increased, and the outlook remained uncertain.」

「Supported by the solid US economy, the global economy showed moderate recovery in major regions including Europe and Asia, but uncertainty increased due to concerns over trade friction between the United States and China, and the outlook remained uncertain.」

「The US, European and Chinese economies continued to perform solidly. However, uncertainty persisted over the outlook due to rising raw material prices and labor costs, a stronger yen, and concerns over intensifying trade friction originating in the United States, among other factors.」

「Continued attention is required regarding uncertainty over US policies and the outlook for the Chinese and emerging Asian economies, as well as geopolitical risks associated with growing tensions in the Middle East and East Asia.」

「Meanwhile, although the US and European economies remained firm, the outlook continued to be uncertain, including with respect to exchange rates, due to signs of a slowdown in the Chinese economy, the US administration’s policies and rising geopolitical risks, among other factors.」

「Meanwhile, although the US economy remained firm and the Chinese economy showed signs of recovery, uncertainty over the outlook continued due to the US administration’s policies and rising geopolitical risks in Asia, among other factors.」

「The global economy as a whole is also recovering moderately, but attention must continue to be paid to the impact of uncertainty in overseas economies and volatility in financial and capital markets.」

「Meanwhile, capital investment showed signs of caution as uncertainty in the overseas economy increased, including concerns over economic downside risks in China and other emerging Asian economies and the issue of Brexit, leaving the outlook uncertain.」

「Although concerns arose over the impact of the introduction of negative interest rates and a stronger yen and falling share prices on the economy, corporate earnings and employment conditions continued to improve, supported by expectations for the effects of the government’s economic policies, while companies’ resilient appetite for investment underpinned firm capital investment. The global economy was also expected to recover moderately, led by domestic demand in the United States, but uncertainty emerged over the outlook due to the slowdown in emerging economies, including China, and the impact of Brexit and other factors.」