Downside risk to the domestic economy from a slowdown in emerging-market economies, including China

「Meanwhile, overseas, uncertainty over the outlook continued amid concerns about surging resource prices resulting from geopolitical factors relating to Ukraine and the Middle East, the effects of US trade policy and the stagnation of the Chinese economy.」

「海外におきましては、ウクライナや中東を巡る地政学的な要因による資源価格の高騰、米国の通商政策の影響、中国経済の低迷などが懸念され、依然として先行き不透明な状況が続いております。」

「Meanwhile, overseas, uncertainty over the outlook continued amid financial market instability resulting from heightened uncertainty over global trade policy, including the US reciprocal tariff policy, as well as resource price fluctuations caused by geopolitical factors relating to Ukraine and the Middle East and concerns over the outlook for the Chinese economy.」

「Meanwhile, uncertainty over the outlook continued amid the effects of global monetary tightening, resource price fluctuations and the rapid depreciation of the yen, among other factors.」

「During the first quarter of the fiscal year (from 1 October 2023 to 31 December 2023), Japan's economy continued to recover moderately as economic activity normalized, employment conditions improved and personal consumption increased. However, uncertainty over the outlook continued amid the effects of resource price fluctuations resulting from global monetary tightening and geopolitical factors.」

「Uncertainty over the outlook continues amid surging resource and energy prices resulting from the protracted situation in Ukraine, as well as rising prices, and these effects will continue to require close monitoring.」

「As the situation in Ukraine becomes protracted, uncertainty over the outlook for resource and energy prices, which have risen sharply, continues, and these effects will continue to require close monitoring.」

「However, uncertainty over the outlook continues, including regarding developments in the situation in Ukraine and trends in resource prices, and these effects will continue to require close monitoring.」

「During the first nine months of the fiscal year (from 1 October 2021 to 30 June 2022), Japan's economy showed signs of recovery as COVID-19 vaccination progressed, the effects of the pandemic eased and restrictions on social activity were relaxed. However, uncertainty over the outlook continued amid higher raw material prices resulting from Russia's invasion of Ukraine and the ongoing depreciation of the yen.」

「Overseas, too, uncertainty continued amid the rapid spread of COVID-19 variants and Russia's invasion of Ukraine, among other factors.」

「Overseas, too, uncertainty continued amid the rapid spread of COVID-19 variants and rising resource prices, among other factors.」

「The spread of COVID-19 variants continued to expand, and difficult conditions persisted, including the ongoing partial restriction of economic activity. Overseas, restrictions on economic activity were gradually being eased, particularly in developed countries, as vaccination became more widespread, but waves of COVID-19 continued to occur intermittently, leaving the outlook for a full-scale resumption of economic activity uncertain.」

「During the first nine months of the fiscal year, the spread of COVID-19 remained unchecked, a new state of emergency was declared, and economic activity was partially restricted, leaving the outlook for the economy uncertain. Overseas, some movement toward normalization of economic activity has been seen as vaccination has become more widespread, but the end of COVID-19 is not yet in sight and difficult conditions continue.」

「Although improvements have been seen in overseas economies, including those of the United States and China, exports and capital investment in Japan are also on a recovery trend. For the time being, however, close attention will continue to be needed to downside risk to the domestic and overseas economies from the spread of COVID-19.」

「During the first quarter of the fiscal year (from 1 October 2020 to 31 December 2020), the spread of COVID-19 in Japan, which had temporarily subsided at the end of the previous consolidated fiscal year, began expanding again in November, and difficult conditions have continued. Although improvements have been seen in overseas economies, including those of the United States and China, alongside measures to prevent the spread of infection and economic policies aimed at the post-COVID period, close attention will continue to be needed for the time being to downside risk to the domestic and overseas economies from the spread of COVID-19.」

「During the consolidated fiscal year, Japan's economy had continued on a moderate recovery trend, despite the need to remain mindful of the effects of uncertainty in overseas economies, including the Chinese economy and the outcome of the UK's withdrawal from the EU, against a backdrop of improving corporate earnings and employment conditions. However, the situation changed completely as a result of COVID-19, and the economy declined.」

「During the first nine months of the fiscal year (from 1 October 2019 to 30 June 2020), Japan's economy had continued on a moderate recovery trend, despite the need to remain mindful of the effects of uncertainty in overseas economies, including the Chinese economy and the outcome of the UK's withdrawal from the EU, against a backdrop of improving corporate earnings and employment conditions. However, the situation changed completely as a result of COVID-19, and the domestic and overseas economies became subject to significant downside risk.」

「During the first six months of the fiscal year, Japan's economy remained on a moderate recovery trend, despite the need to remain mindful of the effects of uncertainty in overseas economies, including the Chinese economy and the outcome of the UK's withdrawal from the EU, against a backdrop of improving corporate earnings and employment conditions.」

「During the first quarter of the fiscal year (from 1 October 2019 to 31 December 2019), Japan's economy continued on a moderate recovery trend, despite the need to remain mindful of the effects of uncertainty in overseas economies, including the Chinese economy and the outcome of the UK's withdrawal from the EU, against a backdrop of strong corporate earnings and improving employment and income conditions.」

「During the first nine months of the fiscal year (from 1 October 2018 to 30 June 2019), Japan's economy continued on a moderate recovery trend, despite the need to remain mindful of the effects of uncertainty in overseas economies, including China, against a backdrop of strong corporate earnings and improving employment and income conditions.」

「During the first six months of the fiscal year (from 1 October 2018 to 31 March 2019), Japan's economy continued on a moderate recovery trend, despite the need to remain mindful of the effects of uncertainty in overseas economies, including China, against a backdrop of strong corporate earnings and improving employment and income conditions.」

「During the first quarter of the fiscal year (from 1 October 2018 to 31 December 2018), Japan's economy continued on a moderate recovery trend, despite the need to remain mindful of the effects of uncertainty in overseas economies, against a backdrop of strong corporate earnings and improving employment and income conditions.」

「The economy continued to recover moderately, supported by ongoing improvements in employment and income conditions and the effects of various policies implemented by the government and the Bank of Japan, among others.」

「Although concern over downside risk to the domestic economy from a slowdown in emerging-market economies, led by China, was gradually growing, the economy continued to develop amid persistent uncertainty.」