Slowing Global Economy and Uncertainty Over the Economic Outlook

「During the fiscal year under review, Japan's economy continued to recover moderately, supported by improvements in employment and income conditions, expanding inbound demand, and continued appetite for capital investment. However, the outlook remained uncertain due to uncertainty in the external environment, including geopolitical risks such as the situation in the Middle East and developments in US trade policy.」

「During the interim accounting period under review, Japan's economy continued to recover moderately, supported by improvements in employment and income conditions, expanding inbound demand, and continued appetite for capital investment. However, the outlook remained uncertain due to uncertainty in the external environment, including geopolitical risks and developments in US trade policy.」

「During the fiscal year under review, Japan's economy recovered moderately due to increased inbound demand and improvements in employment and income conditions. However, the global situation became increasingly uncertain as concerns about a slowdown in personal consumption caused by continued price increases and the situations in the Middle East and Ukraine were compounded by the expanding impact of US trade policy, leaving the economic outlook uncertain.」

「During the interim accounting period under review, Japan's economy recovered moderately, supported by inbound demand and strong performance, particularly among export-related companies. However, the outlook remained uncertain as prolonged conflicts in the Middle East and Ukraine and reviews of monetary policy by governments intensified sharp foreign exchange fluctuations and increases in raw material costs and energy costs.」

「During the third cumulative quarter under review, Japan's economy showed some stagnation after COVID-19 was reclassified as a Class 5 infectious disease, but economic activity recovered moderately and signs of a pickup in personal consumption emerged. However, the outlook remained uncertain due to rising prices associated with higher energy and raw material costs, the impact of foreign exchange fluctuations, and concerns about an economic slowdown caused by global monetary tightening.」

「During the second cumulative quarter under review, Japan's economy showed signs of a gradual recovery toward normalization after COVID-19 was reclassified as a Class 5 infectious disease. However, difficulties procuring products and components and persistently high prices continued due to the uncertain international situation, concerns about economic slowdowns in Europe, the United States and other countries, and rising prices against a backdrop of global inflation, leaving the outlook uncertain.」

「During the first cumulative quarter under review, Japan's economy showed signs of gradual recovery as various restrictions on activities related to the novel coronavirus pandemic were eased. However, difficulties procuring products and components and persistently high prices continued against a backdrop of an uncertain international situation, including the Russia-Ukraine conflict, and global inflation, leaving the outlook uncertain.」

「During the fiscal year under review, the impact of the novel coronavirus pandemic gradually eased, and a recovery in economic activity was finally anticipated. However, the prolonged difficulty in procuring semiconductors, products and components showed no improvement, while the prolonged Russia-Ukraine situation, surging energy and raw material prices, and unstable foreign exchange markets left the outlook uncertain.」

「During the third cumulative quarter under review, Japan's economy began to recover as border controls and restrictions on activities were eased and the impact of the novel coronavirus pandemic gradually subsided. However, the prolonged semiconductor shortage and delays in delivering products and components showed no improvement, while the prolonged situation in Ukraine, the rapid depreciation of the yen, and inflation concerns caused by higher raw material and energy prices left the outlook uncertain.」

「During the second cumulative quarter under review, Japan's economy moved toward normalization as the impact of the novel coronavirus pandemic gradually eased. However, the prolonged semiconductor shortage and delays in delivering products and components showed no sign of recovery, while inflation concerns increased as Russia's invasion of Ukraine drove up raw material and energy prices, leaving the outlook even more uncertain.」

「During the first cumulative quarter under review, the impact of the novel coronavirus pandemic gradually eased and the flow of people to restaurants and tourist destinations began to return. However, delays in delivering products and components caused by stalled production and logistics showed no sign of recovery, while surging crude oil and other resource prices due to the Ukraine crisis and the weaker yen, together with rising prices across the economy, heightened inflation concerns and left the outlook even more uncertain.」

「Meanwhile, production and logistics stagnated due to the impact of the novel coronavirus, while rising pressure on manufacturing costs intensified due to the sharp depreciation of the yen, the Russia-Ukraine conflict, and surging prices for crude oil and other resources, leaving the outlook uncertain.」

「During the third cumulative quarter under review, Japan's economy remained in a difficult situation due to the impact of the novel coronavirus, although signs of normalization through eased restrictions began to emerge as new infections fell sharply. However, the economic outlook remained uncertain due to concerns about the spread of new variants, delays in procuring electronic components including semiconductors, and surging raw material prices.」

「During the second cumulative quarter under review, Japan's economy saw a fourth state of emergency declared in response to the fifth wave of novel coronavirus infections. The declaration was lifted at the end of September as infections declined, and momentum toward expanding consumption and restarting economic activity finally began to build, although the situation was still far from reassuring. Meanwhile, production disruptions caused by shortages of semiconductors and electrical components began to affect economic activity, and the economy remained uncertain.」

「During the first cumulative quarter under review, Japan's economy remained uncertain as the third state of emergency was declared in response to the spread of the novel coronavirus, and the impact on economic activity continued even after it was lifted, with the number of new infections remaining high.」

「During the fiscal year under review, Japan's economy remained in a situation of heightened uncertainty, as the global spread of the novel coronavirus continued, the number of infections in Japan repeatedly rose and fell, and a state of emergency was declared, with no end to the pandemic yet in sight.」

「During the third cumulative quarter under review, Japan's economy remained in a deteriorated state as the spread of the novel coronavirus continued to affect economic activity and consumption trends. The economic outlook became even more uncertain as a state of emergency was subsequently declared again.」

「During the second cumulative quarter under review, Japan's economy remained in a deteriorated state amid restrictions on economic activity and weak consumption caused by measures to prevent the spread of the novel coronavirus. The spread of the virus also continued worldwide, making the economic outlook even more uncertain.」

「During the first cumulative quarter under review, Japan's economy was significantly affected by the spread of the novel coronavirus. The economic outlook became uncertain as sentiment deteriorated sharply due to weak consumption resulting from extensive restrictions on economic activity and a sharp decline in tourists from Japan and overseas.」

「Against this backdrop, the global spread of the novel coronavirus caused the global economy to deteriorate sharply, making the economic outlook impossible to predict.」

「During the third cumulative quarter under review, Japan's economy remained uncertain due to concerns about a post-consumption-tax-increase reactionary decline and the prospect of a slowdown in overseas economies, particularly China.」

「During the second cumulative quarter under review, Japan's economy remained supported by corporate earnings, but the outlook remained uncertain due to concerns about trade friction and a slowdown in the Chinese economy.」

「During the first cumulative quarter under review, Japan's economy continued to recover moderately. However, concerns about trade friction and a slowdown in the Chinese economy led to increasingly cautious views, particularly in the manufacturing sector, and the economic outlook remained uncertain.」

「During the fiscal year under review, Japan's economy continued to show resilience, supported by favorable employment conditions and demand for capital investment. However, concerns about a global slowdown in growth originating in the US protectionist trade stance and trade friction between the United States and China have created downside risks to the outlook.」

「During the third cumulative quarter under review, Japan's economy continued to recover moderately, supported by improvements in employment conditions and growth in capital investment. However, the economic outlook remained uncertain amid concerns about the impact of trade friction between the United States and China on economies worldwide.」

「During the second cumulative quarter under review, Japan's economy continued to recover moderately, with steady improvement in employment conditions and growth in capital investment. However, the economic outlook remained uncertain due to higher raw material costs caused by rising crude oil prices, higher labor costs caused by labor shortages, and trade friction originating in the United States.」

「During the first cumulative quarter under review, Japan's economy continued to recover moderately, although the economic outlook remained uncertain due to higher raw material costs caused by rising crude oil prices, higher labor costs caused by labor shortages, and trade friction originating in the United States.」

「During the fiscal year under review, Japan's economy continued to recover moderately, with improvements in corporate earnings and the employment environment supported by economic expansion centered on Europe and the United States, despite concerns including geopolitical risks in the Middle East and East Asia and trade issues with the United States.」

「During the third cumulative quarter under review (1 April 2017 to 31 December 2017), Japan's economy continued to recover moderately, despite concerns including the situation involving North Korea and other international developments, supported by economic expansion centered on Europe and the United States, with improvements in corporate earnings and labor conditions and continued gains in share prices.」

「During the second cumulative quarter under review (1 April 2017 to 30 September 2017), Japan's economy continued to recover moderately, supported by economic expansion centered on Europe and the United States, with improvements in corporate earnings and favorable labor conditions. Meanwhile, the economic outlook remained uncertain due to the situation involving North Korea and foreign exchange trends.」

「During the first cumulative quarter under review (1 April 2017 to 30 June 2017), Japan's economy continued to recover moderately, although the economic outlook remained uncertain due to the impact of the change in the US administration and foreign exchange trends.」

「During the fiscal year under review, Japan's economy continued to recover moderately, with improvements in corporate earnings and the employment environment supported by government economic measures and other factors. However, the economic outlook remained uncertain due to the slowdown in emerging markets, geopolitical risks in the Middle East and East Asia, and foreign exchange trends.」

「Overseas, uncertainty is increasing due to concerns about a shift toward protectionism, led by the United States and the United Kingdom, sharp capital movements following the US presidential election, and the resulting economic stagnation in emerging markets.」

「During the second cumulative quarter under review (1 April 2016 to 30 September 2016), Japan's economy remained on a moderate recovery trend, although personal consumption continued to languish, as the employment environment and corporate earnings showed resilience.」

「During the first cumulative quarter under review (1 April 2016 to 30 June 2016), Japan's economy remained on a moderate recovery trend. However, the environment surrounding the Japanese economy remained uncertain due to political and economic turmoil in Europe triggered by the shock of the UK's decision to leave the EU, as well as sharp fluctuations in equity and foreign exchange markets.」

「Since the second half of the fiscal year, the economic slowdown in China, emerging markets and resource-rich countries has become increasingly pronounced, raising concerns about further slowing in the global economy. The economic outlook therefore remains uncertain.」