Uncertainty caused by China’s slowdown, the United Kingdom’s withdrawal from the EU, yen appreciation and falling stock prices

「During the interim consolidated accounting period under review, the global economy remained uncertain due to the impact of developments in US tariff policy, the prolonged situation in Ukraine and heightened tensions in the Middle East.」

「The economy is expected to continue recovering moderately, supported by improvements in employment and income conditions and solid corporate earnings. However, the outlook is expected to remain uncertain due to concerns about developments in US trade policy and the responses of various countries, the prolonged situation in Ukraine and heightened tensions in the Middle East.」

「During the interim consolidated accounting period under review, the global economy remained uncertain due to factors including the shift by the United States and Europe from monetary tightening toward easing, stagnation in China, and heightened tensions in Ukraine and the Middle East. Japan's economy continued to recover moderately as personal consumption and corporate capital investment showed signs of recovery and public investment remained firm. Meanwhile, financial markets were unstable, with sharp fluctuations in exchange rates and share prices, raising concerns about their impact.」

「During the consolidated cumulative third quarter under review, the global economy remained uncertain due to continued monetary tightening policies, particularly in the United States and Europe, the prolonged situation in Ukraine and heightened tensions in the Middle East. In the United States, the economy remained firm, supported by the recovery in personal consumption against the backdrop of favorable employment conditions. In Europe, inflation was trending lower, but the economy remained sluggish as the effects of continued monetary tightening remained significant. In China, the economy remained weak due to factors including the weak property market and declining exports. In Japan, the economy continued to recover moderately as inbound demand recovered steadily and personal consumption remained firm. However, the outlook requires continued monitoring due to factors including the weakening yen, persistently high energy and raw-material prices, and the impact of downside risks to overseas economies.」

「During the consolidated cumulative second quarter under review, personal consumption in the United States remained firm against the backdrop of favorable employment conditions. In Europe, the effects of continued monetary tightening remained strong, and the economy continued to stagnate. In China, the recovery remained lacking in strength due to factors including the weak property market. In Japan, the economy remained on a moderate recovery trend as solid personal consumption and the recovery in inbound demand continued, although the outlook for the economy requires continued monitoring due to factors including the prolonged weakness of the yen and persistently high energy and raw-material prices.」

「During the consolidated cumulative first quarter under review, the US economy was on a moderate recovery trend, supported by solid personal consumption against the backdrop of a resilient employment environment, although it is expected to slow moderately ahead due partly to the impact of monetary tightening. Europe's economy remained stagnant due to rising prices and monetary tightening. In China, a full-scale recovery in economic activity was expected following the lifting of the zero-COVID policy, but the economic recovery remained moderate due to factors including the weak property market. Japan's economy entered a moderate recovery trend as personal consumption and inbound demand recovered following the easing of restrictions associated with COVID-19 being reclassified as a Category 5 disease under the Infectious Diseases Control Law. However, the outlook remained uncertain due to factors including higher prices resulting from the weaker yen and the impact of global monetary tightening.」

「During the consolidated fiscal year under review, the global economy remained stagnant due to rising prices resulting partly from the prolonged situation in Ukraine, monetary tightening in the United States and Europe, and a temporary downturn in China's economy caused by the impact of its zero-COVID policy and the property-market downturn.」

「During the consolidated cumulative third quarter under review, the economies of the United States and Europe slowed due to rising prices resulting partly from the prolonged situation in Ukraine and monetary tightening in various countries. China's economy also slowed due to the impact of its zero-COVID policy and the property-market downturn, and economic activity remained stagnant even after the policy shift because of factors including disruption caused by a rapid increase in infections. Japan's economy continued to show signs of recovery, particularly in personal consumption and capital investment, as efforts to contain COVID-19 progressed alongside economic activity. However, the pace of recovery remained moderate due to soaring raw-material and energy prices, sharp exchange-rate fluctuations and the slowdown in the global economy, and conditions remained unpredictable.」

「During the consolidated cumulative second quarter under review, the global economy in the United States and Europe showed stronger signs of deceleration as monetary tightening was implemented in response to inflationary pressures in various countries, driven by rising prices resulting partly from the prolonged situation in Ukraine. China also remained in a strongly stagnant state due to the continuation of its zero-COVID policy, the property-market downturn and other factors.」

「At the same time, supply constraints and other supply-chain disruptions arose due to the prolonged situation in Ukraine and the impact of China's zero-COVID policy, while global inflation accelerated, leaving the outlook uncertain.」

「During the consolidated cumulative third quarter under review, the global economy continued to show signs of an overall recovery due to the recovery of the US and Chinese economies and the resumption of economic activity as COVID-19 vaccinations became more widespread in various countries. However, the pace of recovery slowed from the summer onward due to global semiconductor shortages, soaring raw-material and energy prices, and supply-chain disruptions following the renewed spread of infections caused by variants. In Japan, personal consumption and capital investment continued to show signs of recovery, but production recovery stalled due partly to semiconductor shortages, and the outlook remained uncertain.」

「During the consolidated cumulative second quarter under review, the global economy continued to show signs of an overall recovery due to the recovery of the US and Chinese economies and the resumption of economic activity as COVID-19 vaccinations became more widespread in various countries. However, the outlook remained uncertain as many countries experienced renewed infections caused by variants, while global semiconductor shortages, soaring raw-material prices and supply-chain disruptions also persisted. In Japan, capital investment, particularly in manufacturing, remained firm, but personal consumption and other areas weakened against the backdrop of renewed infections caused by variants. The recovery stalled due to the impact of shortages of semiconductors and other goods on exports and production.」

「During the consolidated cumulative first quarter under review, the global economy remained in a difficult situation due to the impact of COVID-19, but overall recovery progressed as vaccinations advanced, particularly in developed countries. In Japan, manufacturing continued to show signs of recovery amid a recovery in overseas demand, mainly from the United States and China. However, restrictions on activity due to the slow pace of vaccinations and the renewed spread of infections caused by variants have been prolonged, and the outlook for a full-scale recovery remains uncertain.」

「Although there are expectations that COVID-19 vaccinations will progress, the spread of infections by variants has also continued. The timing of the containment of the COVID-19 pandemic therefore remains uncertain, and concerns persist about its long-term impact on social and economic activity.」

「During the consolidated cumulative third quarter under review, the global economy was severely affected by the global spread of COVID-19. In the United States and Europe, signs of a recovery were seen temporarily as economic activity resumed, but conditions remained unpredictable due to the renewed spread of infections from autumn onward.」

「During the consolidated cumulative second quarter under review, the global economy, while the global spread of COVID-19 continued, moved beyond its worst phase and showed signs of a gradual recovery, owing to the phased easing of measures to contain the spread of infection in various countries and the effects of economic measures. China's economy continued to recover, and the United States and Europe also began to recover after a sharp economic downturn as economic activity resumed. However, concerns remain that the pace of recovery may slow due to signs of a renewed spread of infections.」

「In the fourth quarter, economic activity in countries worldwide was significantly restricted by the global spread of COVID-19, and conditions deteriorated rapidly toward the end of the period.」

「During the consolidated cumulative third quarter under review, global trade volumes declined worldwide due to factors including the prolonged US-China trade friction and instability in the Middle East, and the global economy, particularly manufacturing, entered a period of slowdown. In the United States, personal consumption continued to increase moderately, but capital investment and exports remained weak. In Europe, the slowdown in exports led to a downturn in manufacturing, and the impact of the UK's Brexit issue also strengthened the sense of economic deceleration. In emerging Asian economies, growth in China continued to slow due to the intensifying trade friction, while India's economic slowdown became more pronounced. Growth rates also declined in other emerging economies amid factors including slower exports. Japan's economy likewise continued to experience weakness in exports and production due to the slowdown in overseas economies, and stagnation intensified, particularly in manufacturing.」

「During the consolidated cumulative second quarter under review, the global economy remained uncertain. In the United States, the recovery in personal consumption continued, although weakness was seen in capital investment. In China, the economic slowdown resulting from US-China trade friction became more pronounced, while the UK's Brexit issue and instability in the Middle East also persisted. Japan's economy remained on a moderate recovery trend, but exports and production continued to be weak due to the slowdown in overseas economies, and signs of stagnation were seen recently, particularly in manufacturing.」

「During the consolidated cumulative first quarter under review, the global economy remained uncertain due to factors including slower growth in China amid escalating US-China trade friction and heightened tensions in the Middle East. Japan's economy remained on a moderate recovery trend as employment and income conditions continued to improve, partly due to the effects of various government and Bank of Japan policies, although exports and production, particularly in manufacturing, were affected by the slowdown in overseas economies.」

「During the fiscal year under review, the U.S. economy remained firm, but the economies of China and Europe slowed more sharply in the second half of the fiscal year due to the effects of U.S.-China trade friction and the UK's Brexit issue, leaving the overall outlook uncertain.」

「During the first nine months of the fiscal year under review, the U.S. economy remained firm, but the Chinese economy showed signs of slowing due to the prolonged trade friction with the United States, among other factors, while the recovery in Europe slowed due in part to declining exports. The outlook for the global economy overall remains uncertain because of concerns about an escalation of trade friction between the United States and China, an accompanying slowdown in the Chinese economy, and continued confusion over the UK's Brexit issue. The Japanese economy continued to recover moderately, supported by increased capital investment on the back of improved corporate earnings and improvements in employment and income conditions, although concerns remain about the impact of developments in trade issues.」

「During the first six months of the fiscal year under review, the U.S. economy continued to expand firmly, supported by strong corporate earnings and stable employment. In China, however, the economy showed signs of stalling in its recovery due in part to the impact of trade friction with the United States. The outlook remains uncertain due to disruptions caused by the UK's Brexit issue and growing instability in the Middle East, which affects oil prices. The Japanese economy continued to recover moderately, supported by increased capital investment on the back of firm corporate earnings and improvements in employment and income conditions, although concerns remain about the impact of developments in trade issues.」

「Meanwhile, the outlook remains uncertain, including due to the impact of the protectionist trade policies of the U.S. administration.」

「Although uncertainty remains over the outlook, including developments in U.S.-China trade policy, overseas economies are expected to remain firm overall. The Japanese economy is also expected to remain firm, supported by increases in corporate earnings and capital investment, among other factors.」

「During the first nine months of the fiscal year under review, the U.S. economy continued to recover steadily, supported in part by expectations for fiscal policy. The European economy also remained firm, while China's economy continued to show signs of recovery, and overall economic recovery continued at a moderate pace.」

「During the first six months of the fiscal year under review, economies in the United States and Europe remained firm, while China's economy began to recover, and overall economic recovery continued at a moderate pace.」

「During the first quarter of the fiscal year under review, overseas economies continued to recover moderately, although the outlook remained uncertain due to political developments in the United States and Europe, among other factors.」

「During the fiscal year under review, overseas economies remained on a moderate recovery trend in the United States, but the outlook remained uncertain due to concerns about the policies of the new U.S. administration, including its increasingly protectionist stance, the UK's Brexit issue, and concerns about economic slowdowns in emerging economies, including China.」

「Meanwhile, emerging economies, led by China, generally continued to slow moderately, while financial risks in Europe were a concern, leaving the overall outlook uncertain.」

「Meanwhile, in China, production growth slowed and the economy decelerated moderately. In addition, uncertainty arose following the UK's decision to leave the EU.」