Uncertainty over the outlook due to global conditions and downside risks to economic growth

「The outlook remains uncertain, with downside risks to the economy arising from higher resource prices and increased risks in procuring raw materials due to heightened tensions in the Middle East, as well as rising interest rates and foreign-exchange fluctuations.」

「In addition to the tariff policies of the Trump administration and the prolonged situation in Ukraine, the risk of a blockade of the Strait of Hormuz became apparent amid heightened tensions in the Middle East, resulting in a substantial increase in crude oil-derived raw material prices.」

「Concerns that could lead to a downturn in the economy were also observed, including a slowdown in personal consumption caused by continued price increases. In addition, numerous highly uncertain external factors remain, including trends in U.S. trade policy and heightened tensions surrounding Ukraine and the Middle East, and the outlook is expected to remain uncertain.」

「Meanwhile, various factors that could adversely affect the economy remain, including soaring resource prices against the backdrop of the Russia-Ukraine situation and developments in the Middle East, broad-based price increases, an unstable foreign exchange market and rising long-term interest rates. The outlook is therefore expected to remain uncertain.」

「The Japanese economy is expected to recover due in part to increased capital investment resulting from improved corporate earnings. However, numerous factors are likely to constrain sales, including soaring raw material and fuel prices against the backdrop of the Russia-Ukraine situation and developments in the Middle East, the prolonged depreciation of the yen in the foreign exchange market, and rising domestic interest rates. The business environment is therefore expected to remain uncertain.」

「Meanwhile, various factors that could adversely affect the economy remain, including soaring resource prices against the backdrop of the Russia-Ukraine situation and developments in the Middle East, broad-based price increases, the prolonged depreciation of the yen in the foreign exchange market, and the risk of a renewed spread of infections caused by new variants. The outlook is therefore expected to remain uncertain.」

「During the cumulative second quarter under review, the classification of COVID-19 under Japan's Infectious Diseases Control Law was lowered to Category 5, and restrictions on economic activity were eased both domestically and overseas. Signs of a recovery were seen in corporate production activity and capital investment. Meanwhile, various factors that could adversely affect the economy remain, including soaring resource prices against the backdrop of the situation in Ukraine, broad-based price increases, the rapid depreciation of the yen in the foreign exchange market, and the risk of a renewed spread of infections caused by new variants. The outlook is therefore expected to remain uncertain.」

「During the cumulative first quarter under review, the Japanese economy moved along a gradual recovery path as the easing of various restrictions on activities related to COVID-19 supported the normalization of economic activity. Signs of a recovery were seen in corporate production activity and capital investment. Meanwhile, the outlook is expected to remain uncertain due to soaring resource prices and other costs resulting from the prolonged Russia-Ukraine situation and rapid fluctuations in the foreign exchange market caused by global monetary tightening.」

「Meanwhile, various factors that could adversely affect the economy remain, including soaring resource prices against the backdrop of the situation in Ukraine, broad-based price increases, sharp fluctuations in the foreign exchange market, and the renewed spread of infections caused by new variants. The outlook is therefore expected to remain uncertain.」

「Meanwhile, various factors that could adversely affect the economy remain, including soaring resource prices against the backdrop of the situation in Ukraine, broad-based price increases, the rapid depreciation of the yen in the foreign exchange market, and the risk of a renewed spread of infections caused by new variants. The outlook is therefore expected to remain uncertain.」

「During the cumulative first quarter under review, the Japanese economy saw the number of new COVID-19 cases remain low, while restrictions on economic activity were eased both domestically and overseas. Signs of a recovery were seen in corporate production activity and capital investment. Meanwhile, the outlook is expected to remain uncertain due to soaring resource prices and other costs against the backdrop of the situation in Ukraine, a sharp depreciation of the yen in the foreign exchange market, and the risk of a renewed spread of infections caused by the emergence of new variants.」

「Meanwhile, concerns remain over the spread of infections caused by variants, while risks including soaring raw material and crude oil prices, exchange-rate trends, and the situation in Ukraine mean that the outlook is expected to remain uncertain.」

「However, infections caused by new variants have begun to spread again, and the outlook is expected to remain uncertain.」

「During the cumulative second quarter period, Japan's economy saw signs of a recovery in corporate production activity and capital investment, even as restrictions on economic activity continued both in Japan and overseas due to the impact of COVID-19. In addition, expectations emerged for a recovery in economic activity as measures to prevent the spread of infection were implemented and vaccination became more widespread. However, the outlook is expected to remain uncertain.」

「It is expected that economic activity will recover as measures to prevent the spread of infection are implemented and vaccination becomes more widespread. However, infections continue to spread, particularly in major cities, and the outlook is expected to remain uncertain.」

「The effects of various policies and other measures to prevent the spread of infection have led to some signs of a recovery in economic activity, but infections have begun spreading again, and infection levels in Japan and overseas remain far from under control. The outlook is expected to remain uncertain.」

「During the cumulative third quarter period, Japan's economy was in a severe situation, with economic activity restricted both in Japan and overseas and rapid deterioration continuing due to the global spread of COVID-19. The effects of various policies and other measures to prevent the spread of infection led to some signs of a recovery in economic activity, but infections have begun spreading again, and infection levels in Japan and overseas remain far from under control. The outlook is expected to remain uncertain.」

「During the cumulative second quarter period, Japan's economy was in a severe situation, with economic activity restricted both in Japan and overseas and rapid deterioration continuing due to the global spread of COVID-19. However, the effects of various policies and other measures to prevent the spread of infection led to some signs of a recovery in economic activity. Nevertheless, infection levels in Japan and overseas remain far from under control, and the outlook is expected to remain uncertain.」

「The global spread of COVID-19 restricted economic activity both in Japan and overseas, resulting in a severe situation of continued rapid deterioration. Although measures to prevent the spread of infection have been implemented since June and restrictions on economic activity have gradually been eased, infections continue to spread, particularly in major cities, and the outlook is expected to remain uncertain.」

「Overseas conditions remain unstable, including the prolonged protectionist policies of the US administration and heightened geopolitical risks in the Middle East and Asia. In addition, concern remains about the impact of the COVID-19 pandemic, which continues to spread globally, and the outlook is expected to remain uncertain.」

「During the cumulative third quarter period, Japan's economy is believed to have remained on a gradual recovery trend. However, views on the outlook for the domestic economy have become more cautious due to growing uncertainty arising from US-China trade friction, Japan-South Korea relations, and the situation in the Middle East, and production activity is believed to have slowed. Overseas conditions are also unstable, including the prolonged protectionist policies of the US administration and heightened geopolitical risks in the Middle East and Asia, and the outlook is expected to remain uncertain.」

「During the cumulative second quarter period, Japan's economy is believed to have remained on a gradual recovery trend. However, views on the outlook for the domestic economy have become more cautious due to the impact of US-China trade friction and heightened tensions between Japan and South Korea, and production activity is believed to have begun slowing in some areas. Overseas conditions are also unstable, including the prolonged protectionist policies of the US administration and heightened geopolitical risks in the Middle East and Asia, and the outlook is expected to remain uncertain.」

「During the cumulative first quarter period, Japan's economy is believed to have remained on a gradual recovery trend. However, views on the outlook for the domestic economy have become more cautious due to the impact of US-China trade friction, and production activity is believed to have begun slowing in some areas. Overseas conditions are also unstable, including the prolonged protectionist policies of the US administration and heightened geopolitical risks in the Middle East and Asia, and the outlook is expected to remain uncertain.」

「However, during the second half of the year, the outlook remained uncertain due to uncertainty in the overseas economy arising from US-China trade friction, Europe's political situation, and slowing growth in the Chinese economy.」

「Meanwhile, amid instability in overseas conditions, including protectionist policy developments by the US administration and an economic slowdown in China and the eurozone, the outlook is expected to remain uncertain.」

「Meanwhile, amid instability in overseas conditions, including protectionist policy developments by the US administration and heightened geopolitical risks in the Middle East and East Asia, the outlook is expected to remain uncertain.」

「Meanwhile, amid instability in overseas conditions, including protectionist policy developments by the US administration and heightened geopolitical risks in the Middle East and East Asia, the outlook is expected to remain uncertain.」

「Meanwhile, amid continuing instability in overseas conditions, including developments in US-China trade friction and geopolitical risks in the Middle East and East Asia, the outlook is expected to remain uncertain.」

「Meanwhile, amid continuing instability in overseas conditions, including developments in the policies of the US administration and geopolitical risks in the Middle East and East Asia, the outlook is expected to remain uncertain.」

「During the cumulative second quarter period, Japan's economy is believed to have remained on a gradual recovery trend, supported by improvements in corporate capital investment and employment conditions. However, amid instability in overseas conditions, including developments in the policies of the US administration and heightened geopolitical risks in the Middle East and East Asia, the outlook is expected to remain uncertain.」

「During the cumulative first quarter period, Japan's economy is believed to have remained on a gradual recovery trend, supported by improvements in corporate capital investment and employment conditions. However, amid instability in overseas conditions, including developments in the policies of the US administration and heightened geopolitical risks in the Middle East and East Asia, the outlook is expected to remain uncertain.」

「During the fiscal year under review, Japan's economy remained in a state of uncertainty about the recovery, affected by sluggish corporate capital investment, sharp exchange-rate fluctuations, and economic stagnation in emerging and resource-rich countries, including China. In addition, due to the UK's withdrawal from the European Union and uncertainty surrounding the policies of the new US administration, the outlook remained uncertain.」

「During the cumulative third quarter period, Japan's economy remained in a state of uncertainty about the recovery, affected by sluggish corporate capital investment, sharp exchange-rate fluctuations, and economic stagnation in emerging and resource-rich countries, including China. In addition, due to the UK's withdrawal from the European Union and uncertainty surrounding the policies of the new US administration, the outlook is expected to remain uncertain.」

「Corporate capital investment remained sluggish, and the economic recovery was affected by the rapid appreciation of the yen and economic stagnation in emerging and resource-rich countries, including China, resulting in continued uncertainty. In addition, following the UK's withdrawal from the European Union, the outlook is expected to remain uncertain.」

「In addition, following the UK's withdrawal from the European Union, the outlook is expected to remain uncertain.」

「Meanwhile, although the US economy remained firm, the global economy was affected in the latter half of the period by economic downturns in emerging and resource-rich countries, including China, and the rapid appreciation of the yen, resulting in continued uncertainty about the outlook.」