Slowing Overseas Economies and Uncertainty in Financial Markets

「At the same time, downside factors for the economy have become apparent, including the risk of fluctuations in resource and energy prices accompanying heightened tensions in the Middle East, uncertainty surrounding US trade policy and volatility in financial and capital markets. Uncertainty about the outlook therefore continues.」

「The domestic economy continued to recover gradually during the interim consolidated accounting period, supported by improvements in employment and income conditions and the effects of various policies. However, the outlook remained unpredictable because of volatility in financial and capital markets and supply-chain disruptions resulting from developments in US trade policy and the situation in the Middle East, as well as soaring raw-material prices.」

「Meanwhile, uncertainty about the outlook continued because of financial-market instability and rising prices resulting from soaring resource and energy prices due to prolonged geopolitical tensions, developments in US trade policy and political instability in major European countries.」

「Meanwhile, uncertainty about the outlook continued because of unstable foreign-exchange market movements and rising prices resulting from soaring resource and energy prices due to prolonged geopolitical tensions, substantial US tariff increases and political instability in major European countries.」

「However, uncertainty about the outlook continued because of soaring resource and energy prices resulting from prolonged heightened geopolitical tensions and the rapid depreciation of the yen caused by monetary tightening in various countries to curb inflation.」

「However, uncertainty about the outlook continued because of soaring resource and energy prices resulting from prolonged heightened geopolitical tensions and concerns that monetary tightening to curb inflation in various countries would slow economic growth.」

「However, uncertainty about the outlook continued because of soaring resource and energy prices resulting from prolonged heightened geopolitical tensions and sharp foreign-exchange fluctuations caused by monetary tightening in various countries amid concerns about inflation.」

「However, uncertainty about the outlook continued because of soaring resource and energy prices resulting from prolonged heightened geopolitical tensions and sharp foreign-exchange fluctuations caused by monetary tightening in various countries amid concerns about inflation.」

「However, uncertainty about the outlook continued because of soaring resource and energy prices resulting from prolonged heightened geopolitical tensions and sharp foreign-exchange fluctuations caused by monetary tightening in various countries amid concerns about inflation.」

「However, uncertainty about the outlook continued because of the semiconductor shortage, monetary tightening in major countries including the United States, prolonged geopolitical tensions and the possible resurgence of inflationary pressure resulting from the recovery in Chinese demand.」

「Various downside risks resulting from a global economic slowdown continued, including a protracted situation in Ukraine, soaring raw-material prices and the reduction of monetary easing by developed countries, including the United States.」

「Overseas economies also showed signs of recovery as economic activity moved toward normalization. However, various downside risks to the outlook continued, including escalating tensions surrounding Ukraine, soaring raw-material prices and supply constraints affecting semiconductors and other products.」

「Various downside risks to the outlook for the global economy continued, including the risk of the spread of new variants, soaring raw-material prices and supply constraints affecting semiconductors and other products.」

「In Japan, difficult conditions continued as the spread of the infection and repeated declarations of a state of emergency led to continued deterioration in employment and income conditions and stagnation in economic activity. At the same time, personal consumption and corporate earnings showed signs of recovery as vaccination rates improved.」

「During the first nine months of the fiscal year, the impact of the novel coronavirus disease (hereinafter, the “infection”) continued in Japan, and considerable uncertainty remained, including because of the renewed spread of variants. At the same time, personal consumption and corporate earnings showed signs of recovery as vaccination rates improved, and signs of the effects of various government policies, including subsidies to support business continuity, were seen. Overseas, recovery was seen in developed countries with high vaccination rates, while difficult conditions continued in developing countries with low vaccination rates, where economic activity remained constrained by the infection.」

「During the first six months of the fiscal year, personal consumption in Japan remained weak because of the impact of the novel coronavirus disease (hereinafter, the “infection”). Although corporate earnings were expected to recover, considerable uncertainty remained, including because of the spread of variants. At the same time, signs of the effects of various government policies, including subsidies to support business continuity, were seen. Overseas, recovery was seen in China, but difficult conditions continued in the United States and Europe, where economic activity was constrained by the infection.」

「Overseas economies also remained difficult, with economic activity constrained in Europe because of the infection, while signs of recovery were seen in the United States and China. A gradual recovery is expected going forward.」

「Overseas economies deteriorated rapidly because of the global pandemic, and extremely difficult conditions continued. Although social and economic activity is expected to resume gradually, the outlook remains uncertain because of concerns about the impact of trends in the infection domestically and overseas, as well as volatility in financial and capital markets.」

「During the first nine months of the fiscal year, exports and production remained weak through December, while personal consumption and employment conditions continued to improve. However, extremely difficult conditions continue because of the impact of the novel coronavirus disease, which developed into a major issue after the start of the year (hereinafter, the “infection”). Overseas economies have also been affected by the global pandemic, which has constrained economic activity and caused a rapid slowdown, and uncertainty about the outlook has increased.」

「During the first six months of the fiscal year, exports and production remained weak through the middle of the period, while personal consumption and employment conditions continued to improve. However, the domestic economy has been sharply pushed down by the impact of the novel coronavirus disease, which developed into a major issue after the start of the year, and extremely difficult conditions continue. Overseas economies have also been affected by the global pandemic, which has constrained economic activity and caused a rapid slowdown, while the risk of further downside remains.」

「During the first three months of the fiscal year, the Japanese economy continued to show improvement in employment conditions, but economic conditions became increasingly weak, particularly in the manufacturing sector, due to declines in exports and production resulting from the slowing pace of the overseas recovery. Overseas economies also remained uncertain, with continued recovery in the United States, a weak recovery in Europe and a gradual slowdown in China, partly because of the impact of US-China trade issues.」

「During the first nine months of the fiscal year, the Japanese economy continued to recover gradually, although exports and production remained weak and business sentiment became increasingly cautious, particularly in the manufacturing sector. Overseas economies were also recovering gradually overall, supported by steady recovery in the United States, although some weakness was seen in Europe and the slowdown in China was expected to continue partly because of the impact of US-China trade friction.」

「Overseas economies were recovering gradually overall, supported by recovery in the United States and Europe. In China, however, the slowdown was expected to continue partly because of the impact of US-China trade friction, and conditions remained uncertain.」

「Overseas economies continued to recover in the United States and Europe, while signs of a pause in China's recovery emerged. The outlook is also expected to remain uncertain, including because of developments in trade issues.」

「During the fiscal year, the Japanese economy continued its gradual recovery, with corporate earnings and employment conditions continuing to improve and capital investment also trending upward. Overseas economies likewise remained on a recovery track overall, with steady recovery in the United States and gradual recovery in Europe and Asia.」

「During the first nine months of the fiscal year, the Japanese economy continued its gradual recovery, with corporate earnings and employment conditions continuing to improve. Overseas economies also remained on a recovery track overall, with steady recovery in the United States and gradual recovery in Europe and Asia.」

「During the first six months of the fiscal year, the Japanese economy continued its gradual recovery, supported by ongoing improvements in corporate earnings and employment. Overseas economies also remained on a recovery track overall, with steady recovery in the United States and gradual recovery in Europe and Asia.」

「During the first quarter of the current consolidated cumulative period, Japan's economy continued to recover gradually against a backdrop of improving corporate earnings and employment conditions. The foreign-exchange and equity markets remained in an environment of yen depreciation and rising share prices. Overseas, the US economy continued to recover steadily, while Europe and Asia also recovered gradually, leaving the global economy generally on a recovery trend.」

「Looking ahead, the business environment surrounding the group is fluctuating significantly owing to changes in the government's agricultural policies in Japan, the effects of uncertainty surrounding policies in overseas countries, and exchange-rate movements.」

「Meanwhile, the US economy continued to recover steadily, and the European economy continued to recover gradually. In Asia, signs of a recovery were also seen, particularly in China, partly owing to the effects of various policies. However, attention remained necessary regarding US policy developments accompanying the transition to a new administration and financial market developments associated with the UK's withdrawal from the EU, and a cautious stance toward the outlook continued.」

「However, attention remained necessary regarding US policy developments accompanying the transition to a new administration and financial market developments associated with the UK's withdrawal from the EU, and a cautious stance toward the outlook continued.」

「Meanwhile, the US and European economies continued to recover, and signs of a recovery were also seen in Asia, particularly China, partly owing to the effects of various policies. However, although the yen weakened and share prices rose following the decision on the next US president, attention remained necessary regarding future US policy developments and financial market developments associated with the UK's withdrawal from the EU, and a cautious stance toward the outlook continued.」

「Meanwhile, the US and European economies were recovering gradually, and signs of a recovery were also seen in China, partly owing to the effects of various policies. However, downside risks to the economy remained, including the effects of a stronger yen and falling share prices in Japan and financial market developments associated with the UK's withdrawal from the EU overseas.」

「The global economy remained uncertain, reflecting developments in financial markets associated with the United Kingdom's move to leave the EU and slower economic growth in Asia, particularly China. In Japan, the yen strengthened and share prices tended to decline.」