Uncertainty over the Outlook Due to Slowing Emerging Markets, a Stronger Yen, Middle East Tensions and Brexit

「No new business or other risks arose during the three months ended 30 June. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」

「Regarding the business environment surrounding the Group during the cumulative consolidated first quarter under review, restrictions on economic activity related to COVID-19 showed signs of gradually shifting toward easing. At the same time, the issues requiring close monitoring and action became wide-ranging, including heightened risks of supply-chain disruptions against a backdrop of worldwide inflation, rising energy costs, and the emergence of geopolitical risks, as well as sharp foreign-exchange fluctuations. The Group continued to develop its business while responding appropriately and promptly to each change.」

「No new business or other risks arose during the six months ended 30 September. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」

「However, the outlook remained uncertain, including because the number of COVID-19 cases was beginning to rise again globally and automakers were expected to cut production due to shortages of semiconductors for automotive applications.」

「During the cumulative consolidated first quarter under review, Japan's economy deteriorated markedly due to the spread of COVID-19. In addition, uncertainty about the outlook continued, as the rate of increase in the number of cases had begun rising again in many countries, including Japan.」

「No new business or other risks arose during the cumulative second quarter of the current consolidated fiscal year. There were also no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「During the cumulative first quarter of the fiscal year, no new business or other risks arose. There were also no significant changes to the business and other risks described in the securities report for the previous fiscal year.」

「No new business or other risks arose during the cumulative third quarter of the current consolidated fiscal year. There were also no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「Meanwhile, although the global economy faced uncertainty about the outlook due to factors including US-China trade friction and geopolitical risks on the Korean Peninsula and in the Middle East, the US economy continued to recover, and the recovery trend in Asia also continued.」

「Meanwhile, although the global economy faced uncertainty about the outlook due to factors including US policy management and geopolitical risks on the Korean Peninsula and in the Middle East, the US economy continued to recover, and signs of a recovery were also seen in Asia.」

「Meanwhile, although the global economy faced uncertainty about the outlook due to factors including US policy management and the direction of the UK's Brexit negotiations, the US economy continued to recover, and signs of a recovery were also seen in Asia.」

「Meanwhile, although the global economy faced uncertainty about the outlook due to factors including US monetary policy and the UK's Brexit issue, the US economy continued to recover, and signs of a recovery were also seen in Asia and Europe.」

「Meanwhile, although the global economy faced uncertainty about the outlook due to factors including US monetary policy and the UK's Brexit issue, the US economy continued to recover, and signs of a recovery were also seen in Asia.」

「During the cumulative consolidated third quarter under review, Japan's economy continued on a gradual recovery path. Although there were downside risks, including a slowdown in emerging-market economies, corporate earnings and capital investment remained firm. Meanwhile, although the US and some emerging markets were on a solid recovery path, the global economy faced increasing uncertainty due to the unsettled situation in the Middle East and the UK's Brexit issue, among other factors.」

「During the cumulative second quarter of the fiscal year, Japan's economy maintained a moderate recovery trend, with corporate earnings and capital investment remaining firm despite downside risks from slowing emerging market economies and the stronger yen. Meanwhile, although the US and some emerging market economies were on solid recovery trends, the global economy faced increasing uncertainty over the outlook due to the unstable situation in the Middle East and the UK's Brexit issue.」

「Meanwhile, although the US economy is on a solid recovery trend, the global economy faces increasing uncertainty over the outlook due to slowing emerging market economies, the unstable situation in the Middle East and the UK's Brexit issue.」