Risk of Business Impact from Deteriorating Conditions at Small and Medium-Sized Enterprises

「The operating environment for small and medium-sized enterprises has become increasingly challenging due to soaring energy and raw-material costs. If the operating environment for small and medium-sized enterprises deteriorates further, this could affect the Group’s business development, financial position and operating results.」

「今後の見通しにつきましては、中東の情勢悪化などの地政学リスクや米国の通商政策などの動向等による影響、原料価格、エネルギー価格の高止まりなどが当社の中心顧客層である中小・零細企業の経営にも甚大な影響を及ぼすことが予想されます」

「During the interim consolidated accounting period, Japan’s economy remained on a moderate recovery track, supported by improvements in employment and income conditions and increased inbound demand. However, the outlook remained uncertain due to persistently high raw-material and energy costs amid the weak yen, sluggish growth in personal consumption caused by rising prices, and developments in US trade policy.」

「During the interim consolidated accounting period, Japan’s economy remained on a moderate recovery track, supported by improvements in employment and income conditions and increased inbound demand. However, the outlook remained uncertain due to the prolonged situation in Ukraine, heightened geopolitical risks in the Middle East, and persistently high raw-material and energy costs amid the weak yen.」

「The operating environment for small and medium-sized enterprises has become increasingly challenging due to soaring energy and raw-material costs. If the operating environment for small and medium-sized enterprises deteriorates further, this could affect the Group’s business development, financial position and operating results.」

「During the cumulative second quarter, Japan’s economy showed signs of a moderate recovery as socioeconomic activity normalised, including the reclassification of COVID-19 as a Class 5 infectious disease. However, the outlook remained uncertain due to concerns about consumption resulting from persistently high energy costs, the continued depreciation of the yen following the widening interest-rate differential between Japan and the United States, and concerns about a downturn in overseas economies.」

「During the cumulative first quarter, Japan’s economy showed signs of a moderate recovery as the COVID-19 pandemic moved toward an end and restrictions on economic activity were gradually lifted. However, the outlook remains uncertain and requires continued monitoring, as soaring resource prices due to the prolonged Russia-Ukraine situation and global monetary tightening may affect Japan’s economy.」

「The business environment for small and medium-sized businesses has become even more challenging, partly due to the impact of the spread of COVID-19. If the environment deteriorates further, this could affect the company’s business expansion, financial position and business performance.」

「Amid continued global monetary tightening and other factors, downturns in overseas economies pose a risk of weighing on Japan’s economy. The outlook also remains uncertain due to the effects of rising prices, supply-side constraints, volatility in financial and capital markets, and the spread of infections in China.」

「During the cumulative second quarter under review, Japan’s economy remained uncertain. Although the transition to a new phase of living with COVID-19 was progressing, a downturn in overseas economies caused by global monetary tightening and other factors posed a risk of pushing down Japan’s economy, while rising prices and supply-side constraints also weighed on the outlook.」

「During the cumulative first quarter under review, Japan’s economy showed signs of moving toward the normalization of social and economic activity as the impact of COVID-19 continued for an extended period. However, the outlook for the economy remained uncertain due to soaring resource prices against a backdrop of geopolitical risks arising from Russia’s invasion of Ukraine.」

「The business environment for small and medium-sized businesses has become even more challenging, partly due to the impact of the spread of COVID-19. If the environment deteriorates further, this could affect the company’s business expansion, financial position and business performance.」

「During the cumulative third quarter under review, there were signs that the spread of COVID-19 was subsiding and the economy was recovering as vaccination progressed. However, the outlook remained uncertain, amid concerns about a renewed increase in infections caused by new variants.」

「During the cumulative second quarter under review, the Japanese economy remained uncertain as the spread of COVID-19 continued and states of emergency and other priority measures to prevent the spread of disease were issued intermittently. At the same time, vaccination progressed, raising expectations that the spread of infections would subside and the economy would recover.」

「The outlook remains uncertain, as the spread of COVID-19 has not subsided and states of emergency and other priority measures to prevent the spread of disease have continued to be issued intermittently.」

「According to the Small and Medium Enterprise Agency’s “速報版: 2020 Basic Survey of Small and Medium Enterprises,” published in March 2021, sales per small and medium-sized corporate enterprise in fiscal 2019 decreased 2.1% from the previous fiscal year. In addition, the business environment for small and medium-sized businesses is expected to become even more challenging due to the impact of the spread of COVID-19.」

「Corporate activity and personal consumption contracted sharply due to the impact of the COVID-19 pandemic, and the outlook remains uncertain.」

「Corporate activity and personal consumption contracted sharply due to the impact of the COVID-19 pandemic, and the outlook remains uncertain.」

「Corporate activity and personal consumption contracted sharply due to the impact of the COVID-19 pandemic, including the state of emergency declared by the government and requests from local governments to suspend operations and refrain from going out. The outlook therefore remains uncertain.」

「The business environment for small and medium-sized businesses is challenging. According to the Small and Medium Enterprise Agency’s 2018 Basic Survey of Small and Medium Enterprises, published in March 2020, sales per small and medium-sized corporate enterprise in fiscal 2018 decreased 9.0% from the previous fiscal year. If the business environment for small and medium-sized businesses deteriorates further due to an economic downturn or other factors, this could affect the company’s business expansion, financial position and business performance.」

「The outlook remains uncertain, with concerns about uncertainty in the global economy due to the escalation of US-China trade tensions and the impact of the consumption tax increase on personal consumption.」

「Sales at small and medium-sized businesses totaled ¥524 trillion, down 0.6% from the previous fiscal year, while sales per company in the information and communications industry decreased 9.2% year on year. If the business environment for small and medium-sized businesses deteriorates further due to an economic downturn or other factors, this could affect the company’s business expansion, financial position and business performance.」

「The business environment for small and medium-sized enterprises is challenging. According to the Small and Medium Enterprise Agency’s Basic Survey of Small and Medium Enterprise Activity for fiscal 2016, released in March 2017, sales at small and medium-sized enterprises in fiscal 2015 were ¥485 trillion, down 1.6% from the previous fiscal year, while sales per company in the information and communications industry increased 22.3%. If the business environment for small and medium-sized enterprises deteriorates further due to an economic downturn or other factors, the Company’s business development, financial condition and operating performance could be affected.」