Greater Uncertainty in the Business Environment Due to Trade Frictions and Geopolitical Risks in the Middle East

「In terms of profitability, operating income, ordinary income and net income attributable to owners of the parent are all expected to exceed the previous forecast, owing to higher revenue, the effect of the weaker yen and the expected receipt of a refund related to reciprocal tariffs in the United States, among other factors.」

「In Japan, construction demand is expected to lack strength due to soaring raw material prices and continued labor shortages. Overseas, energy-related prices are expected to remain elevated as tensions increase in the Middle East, with continued effects on international logistics and from US tariffs.」

「Overseas, the global economic outlook is expected to remain uncertain because of higher energy-related prices resulting from rising tensions in the Middle East and the impact on international logistics.」

「The global economy as a whole remained uncertain. In the United States, investment remained firm, particularly in manufacturing, but the increasing burden of tariffs affected corporate strategies. In Southeast Asia, trade tensions between the United States and China affected countries across the region, with export-dependent countries showing signs of slower growth. In the Middle East, heightened geopolitical risks led to a more cautious stance toward investment.」

「Meanwhile, the overseas economy is expected to remain uncertain, with concerns about the lack of visibility on a recovery in the stagnant Chinese and European economies and a sharp slowdown in the global economy resulting from US tariff policies.」

「In the global economy, uncertainty about the outlook continued due to prolonged inflation and persistently high policy rates in Europe and the United States, a stagnant real estate market in China, the situation in the Middle East, and the impact of volatility in financial and capital markets.」

「In the global economy, economic growth slowed against a backdrop of higher resource prices associated with the Ukraine crisis, persistently high policy rates in Europe and the United States, rising government debt and a sluggish real estate market in China, and heightened geopolitical risks resulting from conflict in the Middle East.」

「In the global economy, growth slowed against a backdrop of higher resource prices associated with the Ukraine crisis, persistently high policy rates in Europe and the United States, and rising government debt and a sluggish real estate market in China.」

「In the global economy, higher resource prices associated with the Ukraine crisis and concerns about an economic downturn caused by persistently high policy rates in Europe and the United States weighed on the outlook, while growth slowed in China against a backdrop of rising government debt and a sluggish real estate market.」

「During the first quarter of the current consolidated fiscal year (1 April 2023 to 30 June 2023), Japan's economy was moving toward normalization of economic activity as restrictions on behavior related to COVID-19 were eased and COVID-19 was reclassified as a Category V disease under the Infectious Diseases Control Law. However, the outlook remained uncertain due to the prolonged situation in Ukraine, soaring resource and raw material prices, and higher prices resulting from the yen's depreciation.」

「In the global economy, uncertainty about the outlook continued due to the impact of geopolitical risks, including heightened tensions between the United States and China and the prolonged situation in Ukraine. In Europe and the United States, economic slowdown was a concern as monetary policy was rapidly tightened to contain inflation and stabilize prices.」

「In the global economy, uncertainty about the outlook continued due to the impact of geopolitical risks, including heightened tensions between the United States and China and the prolonged situation in Ukraine. In Europe and the United States, economic slowdown was a concern as monetary policy was tightened to contain inflation.」

「The global economy remained in an uncertain state due to disruptions in logistics caused by lockdowns in various parts of China and the prolonged Russia-Ukraine situation, soaring energy prices and maritime transportation costs, and fluctuations in foreign exchange rates caused by a sharp depreciation of the yen.」

「The global economy remained in an uncertain state due to disruptions in logistics caused by lockdowns in some regions and the prolonged Russia-Ukraine situation, soaring energy prices and maritime transportation costs, and fluctuations in foreign exchange rates caused by a sharp depreciation of the yen.」

「The principal risks among the matters concerning the business and accounting conditions described in the annual securities report that management recognizes could materially affect the financial position, operating results and cash flows of the consolidated companies are as follows.」

「There were no newly arising business or other risks during the cumulative consolidated period for the second quarter. Nor were there any material changes to the business or other risks described in the securities report for the previous fiscal year.」

「Although the US economy remained firm, concerns arose over downside risks including a slowdown in the Chinese economy resulting from prolonged trade issues and conditions in the Middle East.」

「Although the US economy remained firm, concerns arose over the impact of tensions surrounding trade issues on the global economy.」

「Although the US economy remained firm, conditions remained uncertain due to the impact of developments in US trade policy on the global economy and geopolitical risks in the Middle East.」

「Regarding the recent business environment, demand in the domestic market is expected to remain stable, supported by redevelopment in the Tokyo metropolitan area, infrastructure development and disaster recovery, but overseas risks, including US-China trade friction and the UK's withdrawal from the EU, are a concern.」

「Although the US economy remained firm, concerns arose over the impact on economies around the world of developments in US trade policy.」

「Although the global economy was generally on a gradual recovery path, conditions remained uncertain due to concerns about an escalation in trade friction arising from protectionism and geopolitical risks in the Middle East.」