Uncertain Economic Outlook Due to Yen Appreciation, Stagnant Capital Investment and a Slowdown in Emerging-Market Economies

「一方で、中東情勢の影響などにより、景気の先行きには不透明感が残る状況です。先行きについては、各種政策の効果が回復を支えることが期待されるものの、中東情勢や金融資本市場の変動、米国の通商政策の動向などに注意する必要があります。」

「During the current interim consolidated accounting period (1 April 2025 to 30 September 2025), Japan's economy continued to recover gradually against a backdrop of improving employment and income conditions and the effects of various policies. However, the outlook remained uncertain due to developments in US trade policy and continuing price increases.」

「Meanwhile, the outlook remains uncertain due to persistently high energy prices, the yen's depreciation, the slowdown in overseas economies and continuing geopolitical risks.」

「As restrictions related to COVID-19 were eased, socioeconomic activity moved toward normalization and the economy remained on a gradual recovery trend. However, the outlook remained uncertain, as rising energy and raw material prices caused by international conditions led to higher prices and increased consumers' preference for thrift.」

「However, there are also downside risks to the economy, including the impact of global monetary tightening and concerns about the outlook for the Chinese economy, and attention must be paid to rising prices, volatility in financial and capital markets, and other factors.」

「However, the outlook remains uncertain due to factors including rapid yen depreciation and higher prices caused by soaring resource prices and supply-side constraints.」

「Meanwhile, concerns remain over the impact of restrictions on economic activity in China and the prolonged situation in Ukraine. In addition to soaring resource prices and supply-side constraints, downside risks arising from volatility in financial and capital markets and other factors mean that the outlook remains uncertain.」

「Meanwhile, concerns remain over the impact of the resurgence of infections caused by new variants, production stoppages and delivery delays caused by semiconductor shortages, and higher procurement prices, and the outlook remains uncertain.」

「During the second quarter of the current consolidated fiscal year (1 April 2021 to 30 September 2021), Japan's economy remained in a difficult situation, with personal consumption sluggish and economic activity continuing to stagnate as declarations of a state of emergency and priority preventive measures were issued in several prefectures. Although signs of an economic recovery were seen, particularly in manufacturing, concerns remained over the impact of production stoppages, delivery delays and higher procurement prices caused by semiconductor shortages, and the outlook remained uncertain.」

「During the first quarter of the current consolidated fiscal year (1 April 2021 to 30 June 2021), Japan's economy was affected by the resurgence of COVID-19 infections and the increase in cases involving variants. Declarations of a state of emergency and priority preventive measures were issued for designated areas, and measures were taken to restrict the movement of people. Demand, particularly personal consumption, declined, and the economic outlook remained uncertain.」

「During the first quarter of the current consolidated fiscal year (1 April 2020 to 30 June 2020), Japan's economy deteriorated rapidly as economic activity stalled under the impact of the global spread of COVID-19, while requests to suspend business operations and refrain from going out under the government's declaration of a state of emergency restrained personal consumption in the food service, leisure and travel sectors. Although economic activity resumed following the lifting of the state of emergency, the recovery remained slow and the outlook continued to be uncertain.」

「Meanwhile, the outlook remains uncertain due to tensions surrounding trade issues, the slowdown in the Chinese economy, and the UK's withdrawal from the EU, among other factors.」

「Meanwhile, concerns remain over the uncertainty surrounding overseas economies, volatility in financial and capital markets, and the impact of policy developments in various countries, and the outlook remains uncertain.」

「Meanwhile, the economic outlook remained uncertain, amid concerns about the impact of US-China trade friction on the global economy and the impact of volatility in financial and capital markets.」

「Meanwhile, the economic outlook remains uncertain, amid concerns about the impact of trade issues on the global economy and the impact of volatility in financial and capital markets.」

「Meanwhile, the economic outlook remains uncertain, amid concerns about intensifying trade friction caused by worsening labor shortages and protectionist policies in the United States.」

「Meanwhile, the economic outlook remains uncertain, amid growing concerns about trade friction caused by worsening labor shortages and protectionist policies in the United States.」

「During the fiscal year, Japan's economy generally continued on a gradual recovery trend, supported by improvements in employment and income conditions and corporate earnings, although concerns were raised about the impact of uncertainty in overseas conditions.」

「During the first 3 quarters of the fiscal year, Japan's economy continued on a gradual recovery trend, supported by improvements in employment and income conditions and corporate earnings, although concerns were raised about the impact of uncertainty over the future direction of emerging Asian economies, including China, the political situation in Europe and US policy.」

「During the first 2 quarters of the fiscal year, Japan's economy continued on a gradual recovery trend, supported by improvements in employment and income conditions and corporate earnings, although concerns were raised about the impact of uncertainty over the future direction and policies of Western governments and emerging Asian economies, including China.」

「During the first quarter of the fiscal year, Japan's economy continued on a gradual recovery trend, supported by improvements in corporate earnings and employment and income conditions, although concerns were raised about the impact on the economy of uncertainty in overseas economies, including the policy direction of Western governments and slowing emerging-market economies.」

「During the first 3 quarters of the fiscal year, Japan's economy remained on a gradual recovery trend as employment and income conditions continued to improve, but the economic outlook remained uncertain due to concerns about a downside in the Chinese economy and the policy direction of the new US administration.」

「The economic outlook remains uncertain, due to such factors as worsening corporate earnings caused by the rapid appreciation of the yen, sluggish capital investment and slowing emerging-market economies, particularly China.」