Greater Uncertainty in the Business Environment Due to China’s Economic Slowdown and the United Kingdom’s Withdrawal from the EU

「During the consolidated fiscal year, the global economy showed signs of stalling in some regions amid continued uncertainty surrounding U.S. trade policy, and tensions escalated in the Middle East in the latter half of the period, but overall it remained on a gradual recovery trend.」

「The global economy recovered during the consolidated fiscal year, although there were concerns about the impact of uncertainty surrounding U.S. trade policy and persistently high interest rates, particularly in the United States and Europe.」

「During the current interim consolidated accounting period, the global economy entered a recovery trend, although concerns arose over the impact of heightened geopolitical risks, including escalating tensions in the Middle East, and persistently high interest rates in the United States and Europe.」

「During the cumulative third quarter of the current consolidated fiscal year, the global economy continued to recover in the United States and across Asia, while recovery was delayed in Europe and China. In addition to the deepening conflict in Ukraine, geopolitical risk concerns increased as tensions escalated in the Middle East.」

「During the cumulative second quarter of the current consolidated fiscal year, the global economy showed delayed recovery in Europe and China, while the recovery in the United States continued, supported by strong capital investment and personal consumption.」

「During the current consolidated fiscal year, social and economic activity gradually moved toward normalization despite the continuing impact of COVID-19, and the economy entered a recovery trend. Meanwhile, the outlook remained uncertain owing to supply chain disruptions caused by soaring material prices, the prolonged Russia-Ukraine conflict, and rising downside risks from global monetary tightening.」

「During the cumulative third quarter of the current consolidated fiscal year, economic activity moved toward normalization despite the continuing impact of COVID-19, and the economy recovered gradually. Meanwhile, the outlook remained uncertain owing to supply chain disruptions caused by soaring raw material and energy prices, the prolonged Russia-Ukraine conflict, and concerns about rising infection numbers following China's shift away from its zero-COVID policy.」

「During the cumulative second quarter of the current consolidated fiscal year, economic activity moved toward normalization as restrictions related to COVID-19 were gradually eased, and the economy entered a recovery trend. Meanwhile, the outlook remained uncertain owing to downside concerns arising from supply chain disruptions caused by semiconductor shortages and soaring material prices, the prolonged Russia-Ukraine conflict, and the global acceleration of inflation.」

「During the cumulative first quarter of the current consolidated fiscal year, the global economy showed signs of recovery as the impact of COVID-19 gradually eased, but supply chain disruptions continued owing to shortages of components such as semiconductors, soaring material prices and higher logistics costs. In addition, the outlook became uncertain owing to the prolonged Russia-Ukraine conflict and the impact of lockdowns in China.」

「During the cumulative third quarter of the current consolidated fiscal year, the global economy maintained a recovery trend as vaccinations progressed in various countries, although the pace of recovery slowed in some regions owing to the resurgence of COVID-19, shortages of components such as semiconductors, and soaring material prices. In the United States and Europe, the economy showed signs of recovery as efforts were made to normalize economic activity. Meanwhile, Asia remained in a difficult situation owing to the spread of COVID-19, delays in vaccinations and other factors. In China, personal consumption and industrial production declined owing to government restrictions, including strict movement restrictions, slowing the pace of economic recovery.」

「Meanwhile, Asia remained in a difficult situation owing to the spread of COVID-19, delays in vaccinations and other factors. In China, the pace of economic recovery also slowed owing to deteriorating corporate earnings caused by soaring raw material prices and other factors.」

「During the cumulative first quarter of the current consolidated fiscal year, economic recovery varied by region owing to differences in the spread of COVID-19 and economic measures among countries and regions. In the United States, the pace of economic recovery accelerated against a backdrop of easing pandemic-control measures as vaccines became widely available and large-scale fiscal policies. In Europe, economic activity remained restricted, but signs of recovery emerged as vaccinations progressed. In Asia, China's economy continued to recover, but conditions remained difficult overall owing to the spread of the infection, delays in vaccinations and other factors.」

「During the cumulative third quarter of the current consolidated fiscal year, the global economy showed signs of recovery, but the pace of recovery slowed owing to the resurgence of COVID-19. In the United States and Europe, economic activity had gradually resumed but was again restricted from the third quarter onward. Meanwhile, progress was made toward containing the infection, including the start of vaccinations. In Asia, China's economy continued to recover, but the overall outlook remained uncertain.」

「During the cumulative second quarter of the current consolidated fiscal year, the global economy was experiencing an economic stagnation described as the worst since the Great Depression owing to the spread of COVID-19. In the United States and Europe, economic activity had gradually resumed despite concerns about a resurgence of the infection. In Asia, China's economy continued to recover, but the overall outlook remained uncertain.」

「During the cumulative first quarter of the current consolidated fiscal year, the global economy remained in an extremely difficult situation owing to the spread of COVID-19, although signs of an economic bottoming out emerged in the United States and Europe as economic activity gradually resumed from June. In Asia, China continued to show signs of an economic recovery, but conditions remained difficult overall.」

「During the current consolidated fiscal year, the global economy continued to recover in the United States amid concerns about trade relations between the United States and China. Europe maintained a gradual recovery trend despite uncertainty about the outlook stemming from Brexit and other factors, while China's economy slowed but Asia as a whole remained generally strong.」

「Meanwhile, in the global economy, the economic recovery in the United States continued amid concerns about the outlook for trade negotiations between the United States and China. Europe also continued to recover gradually despite uncertainty about the outlook stemming from Brexit and other factors. In Asia, China's gradual economic slowdown continued, but conditions remained generally strong.」

「Meanwhile, in the global economy, the economic recovery in the United States continued amid concerns about the outlook for trade negotiations between the United States and China. Europe also continued to recover gradually despite uncertainty about the outlook stemming from Brexit and other factors. In Asia, China experienced a gradual economic slowdown, but conditions remained generally strong.」

「Meanwhile, in the global economy, the economic recovery in the United States continued amid concerns about the outlook for trade negotiations between the United States and China. Europe also continued to recover gradually despite uncertainty about the outlook stemming from Brexit and other factors. In Asia, China experienced a gradual economic slowdown, but conditions remained generally strong.」

「Meanwhile, in the global economy, the recovery in the United States continued despite concerns about trade relations between the United States and China, while Europe continued to recover gradually despite uncertainty about the outlook stemming from Brexit and other factors. In Asia, China experienced a slight economic slowdown, but conditions remained generally strong.」

「Meanwhile, although the outlook for the United States and Europe was uncertain owing to trade relations between the United States and China, Brexit and other factors, the recovery trend continued. In Asia, an economic slowdown in China began to emerge, but conditions remained generally resilient.」

「Meanwhile, although developments in trade relations between the United States and China were a concern, the global economy maintained a gradual recovery trend, with the United States and Europe continuing to recover and Asia, particularly China, continuing to show signs of improvement.」

「Meanwhile, the global economy also maintained a gradual recovery trend, with the United States and Europe continuing to recover and Asia, particularly China, continuing to show signs of improvement.」

「The global economy also maintained a gradual recovery trend, with the United States and Europe continuing to recover and Asia, particularly China, continuing to show signs of improvement.」

「The Japanese economy during the cumulative first 2 quarters of the current consolidated fiscal year entered a phase of gradual recovery, as personal consumption showed signs of improvement and corporate capital investment and employment conditions also improved. The global economy also entered a phase of gradual recovery, with the United States and Europe continuing to recover and Asia, particularly China, showing signs of improvement.」

「The global economy also entered a phase of gradual recovery, with the United States and Europe continuing to recover and Asia, particularly China, showing signs of improvement.」

「Meanwhile, in the global economy, the United States and Europe continued to recover, and Asia, particularly China, showed signs of a recovery. However, the outlook remained uncertain overall, as foreign exchange and equity markets fluctuated substantially owing to Brexit, the results of the US presidential election and other factors.」

「Meanwhile, in the global economy, Asia, particularly China, showed a gradual slowdown, while the United States continued to recover and Europe also continued to recover gradually. However, the outlook remained uncertain overall, as the yen continued to trend higher owing to the impact of Brexit and other factors.」

「Meanwhile, in the global economy, Asia, particularly China, showed a gradual slowdown, while the United States continued to recover and Europe also continued to recover gradually. However, the outlook became uncertain overall, as the yen appreciated rapidly owing to the impact of the UK's Brexit issue at the end of June.」