Risk of a Domestic Economic Downturn Due to a Slowdown in Overseas Economies

「At the same time, US policy developments and the surge in energy and crude oil-based raw material prices resulting from heightened tensions in the Middle East pose downside risks to the economy, and the outlook remains uncertain.」

「At the same time, prices have continued to rise, while stagnant personal consumption and the impact of US trade policy pose downside risks to the Japanese economy, leaving the outlook uncertain.」

「At the same time, the outlook remains uncertain owing to the prolonged instability overseas, including the conflict in the Middle East and Russia’s invasion of Ukraine, the stagnation of the Chinese economy, volatile foreign exchange markets, and future US policy developments.」

「During the interim consolidated accounting period, the Japanese economy continued to recover moderately, supported by improvements in employment and income conditions and the sustained recovery in inbound demand. At the same time, the outlook remains uncertain owing to the continued instability overseas, including the prolonged conflict in the Middle East and Russia’s invasion of Ukraine, developments in policy rates following the Bank of Japan’s review of its monetary policy, and volatile foreign exchange markets.」

「The outlook remains uncertain owing to the continued instability overseas, including the prolonged conflict in the Middle East and Russia’s invasion of Ukraine, as well as rising prices for raw materials and other items and mounting pressure for higher interest rates against the backdrop of yen depreciation.」

「At the same time, the outlook remains uncertain, owing to the prolonged Russia-Ukraine situation, heightened geopolitical risks in the Middle East, the slowdown in the Chinese economy, and rising prices accompanying the yen’s depreciation.」

「At the same time, the outlook remains uncertain, owing to the prolonged Russia-Ukraine situation, heightened geopolitical risks in the Middle East, and rising prices accompanying the yen’s depreciation.」

「During the cumulative second quarter under review, progress toward normalizing economic activity accelerated as the classification of COVID-19 under the Infectious Diseases Control Law was changed to Category 5. However, the outlook remained uncertain as geopolitical risks from Russia's invasion of Ukraine and policy rate hikes, particularly in Europe and the United States, continued to pose downside risks to the global economy.」

「During the cumulative first quarter under review, Japan's economy moved toward normalization as restrictions on activity due to COVID-19 were eased. However, the continued rise in resource prices caused by Russia's invasion of Ukraine and financial concerns originating in the United States posed downside risks to the global economy, and the outlook remained uncertain.」

「During the consolidated fiscal year under review, Japan's economy showed signs of a gradual recovery as restrictions on activity due to COVID-19 were eased. However, the outlook remained uncertain due to higher energy and raw material prices associated with international conditions, including Russia's invasion of Ukraine, and significant foreign exchange fluctuations caused by US policy rate hikes.」

「During the cumulative third quarter under review, restrictions on economic activity were gradually eased as measures to control COVID-19 were relaxed, but the outlook remained uncertain due to higher energy and raw material prices associated with international conditions, including intermittent restrictions on economic activity in China and Russia's invasion of Ukraine, as well as significant foreign exchange fluctuations caused by US policy rate hikes. As new infections increased again, concern grew that the pandemic was entering its eighth wave, requiring attention to its potential impact on future economic activity.」

「During the cumulative second quarter under review, Japan's economy was expected to move toward normalization as restrictions on activity to control COVID-19 were eased. However, the outlook remained uncertain due to a weaker yen related to international conditions, including restrictions on economic activity in China and the prolonged situation in Ukraine, as well as higher energy and raw material prices.」

「During the cumulative first quarter under review, expectations for an economic recovery increased as activity restrictions were eased, including through the lifting of priority preventive measures. However, the outlook remained uncertain due to the global semiconductor shortage, Russia's invasion of Ukraine and surging crude oil and raw material prices.」

「During the cumulative third quarter under review, Japan's economy remained in difficult conditions as the impact of COVID-19 continued intermittently. However, infections declined in September and the state of emergency was lifted from October, raising expectations for more active economic activity. At the same time, close attention is required to increasing downside risks to production activity from shortages of electronic components, including semiconductors, and surging crude oil and natural gas prices.」

「Japan's domestic economy is expected to recover as vaccinations become more widespread, but conditions remain extremely uncertain, including because the fourth state of emergency was declared in July following a renewed spread of infections.」

「Looking ahead, Japan's economy is expected to recover as overseas economies, particularly those of China and the United States, improve and economic activity normalizes with the start of vaccinations. However, close attention remains necessary to the increasing downside risk from the spread of infection in Japan and overseas.」

「During the cumulative second quarter under review, Japan's economy contracted rapidly as economic activity was restricted, including through the issuance of a state of emergency in response to the spread of COVID-19. After the state of emergency was lifted, economic activity was gradually ramped up, but uncertainty about the outlook continued due to concerns about a further spread of COVID-19 and the lack of visibility on when it would be contained.」

「During the cumulative first quarter under review, Japan's economy deteriorated rapidly due to the global spread of COVID-19. The timing of containment remained uncertain, raising concerns that the adverse impact on the economy could be prolonged.」

「During the consolidated fiscal year under review, Japan's economy remained on a moderate recovery trend as employment and income conditions continued to improve. However, uncertainty increased further amid concerns about a slowdown in the global economy due to the consumption tax rate increase, US-China trade friction and the spread of COVID-19.」

「During the cumulative third quarter under review, Japan's economy remained on a moderate recovery trend. However, the outlook remained uncertain due to growing concerns about a slowdown in the Chinese economy associated with the prolonged US-China trade friction, uncertainty surrounding the UK's withdrawal from the EU and trends in consumer sentiment following the consumption tax increase.」

「During the cumulative second quarter under review, Japan's economy maintained a moderate recovery trend, but uncertainty about the outlook increased as the slowdown in the Chinese economy associated with the prolonged US-China trade friction became apparent. Continued close attention is required to the course of US-China trade negotiations and developments in US monetary policy.」

「In the printed circuit board business, the company is pursuing orders focused on direct sales by using overseas subsidiaries and cooperating with distributors. However, amid concerns about a slowdown in the Chinese economy, delays in capital investment have begun to emerge, requiring attention to future developments.」

「However, attention is required to the impact of developments in trade issues on the global economy, uncertainty in overseas economies and volatility in financial and capital markets. In addition, close attention is required to the economic impact of the successive natural disasters.」

「Looking ahead, a gradual recovery is expected to continue as employment and income conditions improve, supported by the effects of various policies. However, attention is required to the impact of trade issues on the global economy, uncertainty in overseas economies and volatility in financial and capital markets. In addition, close attention is required to the economic impact of the heavy rains in July 2018.」

「However, it is necessary to remain mindful of the impact of uncertainty in overseas economies and volatility in financial and capital markets.」

「However, attention is required to the impact of uncertainty in overseas economies, volatility in financial and capital markets and geopolitical risks.」

「However, it is necessary to remain mindful of the impact of uncertainty in overseas economies and volatility in financial and capital markets.」

「However, it is necessary to remain mindful of the impact of uncertainty in overseas economies and volatility in financial and capital markets.」

「Looking ahead, a gradual recovery is expected as employment and income conditions continue to improve, supported by the effects of various policies. However, attention is required to the impact of uncertainty in overseas economies and volatility in financial and capital markets.」

「Weakness has emerged in overseas economies, and attention is required to the risk that an economic downturn in emerging Asian economies, including China, could weigh on Japan's economy, as well as to the impact of growing uncertainty in overseas economies, including the UK's withdrawal from the EU, and volatility in financial and capital markets.」

「Weakness has emerged in overseas economies, and attention is required to the risk that an economic downturn in emerging Asian economies, including China, and resource-rich countries could weigh on Japan's economy, as well as to the impact of growing uncertainty in overseas economies, including the UK's withdrawal from the EU, and volatility in financial and capital markets.」