Trend of Economic Recovery in Japan and Overseas

「In Japan, gradual recovery is expected due to improvements in employment and income conditions, but downside risks to the economy continue, including the impact of US trade policy and a slowdown in personal consumption due to rising prices.」

「In Japan, although the effects of higher prices accompanying surging resource prices and foreign exchange fluctuations continued, the economy remained on a gradual recovery trend against the backdrop of improving employment and income conditions.」

「During the first 3 quarters of the current fiscal year (1 May 2023 to 31 January 2024), the global economy remained uncertain due to the prolonged Russian invasion of Ukraine and the impact of surging energy and other prices resulting from the military conflict in the Middle East. In Japan, the Noto Peninsula earthquake occurred on New Year's Day, causing extensive damage in the affected areas and casting a shadow over the economy. Meanwhile, despite continuing price increases, the economy showed signs of a gradual recovery as employment and income conditions improved and economic activity normalized.」

「In Japan, progress toward the normalization of economic activity has continued since COVID-19 was reclassified as a Category 5 infectious disease in May 2023, with the recovery in human mobility and rising inbound demand, but the outlook has remained uncertain due to rising prices and surging energy prices.」

「In Japan, progress toward the normalization of economic activity has continued since measures to address COVID-19 were eased in March 2023, but the outlook has remained uncertain due to rising prices and surging energy prices.」

「Business sentiment has been slowing due to the prolonged Russian invasion of Ukraine and monetary tightening in Europe and the United States. In Japan, inflation driven primarily by higher import prices has continued, while surging food and energy prices have placed pressure on household finances, leaving the outlook uncertain.」

「In Japan, although personal consumption showed signs of recovery, uncertainty over the outlook continued due to yen depreciation, surging resource prices and concerns over a renewed spread of COVID-19 infections.」

「In Japan, the economy had been showing signs of a gradual recovery following the lifting of restrictions on activity related to COVID-19, but concerns over an economic slowdown due to yen depreciation and surging resource prices have intensified.」

「In the second half of the fiscal year, economic activity showed signs of recovery, particularly in Europe and the United States, as vaccination became widespread. The adoption of electric vehicles also accelerated in Europe and China, but the international situation remained uncertain due to shortages of components, including semiconductors, and surging resource prices resulting from the continuing Russian invasion of Ukraine.」

「In the United States, the FRB indicated a policy of raising interest rates in response to accelerating inflation, and interest rates in global financial markets have been trending higher, which is expected to have a major impact on the global economy going forward. In Japan, the number of COVID-19 infections reached record levels nationwide as travel increased over the year-end and New Year holidays, and priority preventive measures were implemented in many areas, causing momentum toward economic recovery to slow.」

「In Japan, the number of infections declined substantially as the fifth wave of infections began to subside, and the states of emergency declared primarily in the Tokyo metropolitan area were lifted. As a result, momentum toward the normalization of consumer activity has increased.」

「China contained the spread of COVID-19 at an early stage and achieved record growth in the January-March quarter. In Japan, although economic activity had begun to recover in some areas as restrictions were eased and the government introduced economic stimulus measures, the recovery of economic activity continued to be delayed due to the impact of the state of emergency declared again, primarily in the Tokyo metropolitan area, in response to COVID-19.」

「In Japan, although economic activity had begun to recover in some areas as restrictions were eased and the government introduced economic stimulus measures, the recovery of economic activity continued to be delayed due to the impact of the state of emergency declared again in January 2021, primarily in the Tokyo metropolitan area, in response to COVID-19.」

「In Japan, although economic activity was beginning to recover in some areas as restrictions were eased and the government introduced economic stimulus measures, the overall recovery remained lacking in strength.」

「During the first quarter of the current consolidated fiscal year (1 May 2020 to 31 July 2020), the global economy saw economic activity restricted by the spread of COVID-19, and uncertainty over the outlook continued to increase. With regard to US-China trade tensions, neither side has shown any willingness to compromise, and conditions continued with no prospect of improvement. In Japan, uncertainty over the outlook increased further due to the lack of any prospect for the containment of COVID-19 and the impact of US-China trade tensions.」

「The Japanese economy has also faced growing concerns over the economic impact of the spread of COVID-19 following the US-China trade tensions, increasing uncertainty over the outlook.」

「During the cumulative third quarter from 1 May 2019 to 31 January 2020, the economic outlook in Europe became uncertain after the United Kingdom left the EU on 31 January 2020, with trade negotiations with EU countries still to come. Regarding US-China trade friction, both sides showed willingness to compromise by partially reducing tariffs, but it remained difficult to see how the situation would develop.」

「During the cumulative second quarter from 1 May 2019 to 31 October 2019, the European economy was slowing as uncertainty continued over the United Kingdom’s withdrawal from the EU. Regarding US-China trade friction, neither side showed willingness to make concessions, and the situation in which no improvement was in sight had become prolonged.」

「During the cumulative first quarter consolidated period (1 May 2019 to 31 July 2019), the global economy was trending downward in Europe as uncertainty over the UK's departure from the EU continued. Neither the US nor China showed a willingness to make concessions over their trade friction, and the lack of prospects for improvement persisted, with its effects beginning to emerge. In Japan, personal consumption was gradually recovering, but the effects of the slowdown in China's economy resulting from US-China trade friction and the Japan-South Korea dispute were also becoming evident, increasing uncertainty about the outlook.」

「In Japan, corporate capital investment remained firm and personal consumption was gradually recovering, but concerns had emerged over the risk of a slowdown in China’s economy due to US-China trade friction, requiring a cautious assessment of future economic trends.」

「During the cumulative third quarter consolidated period (1 May 2018 to 31 January 2019), the global economy was trending downward in Europe because uncertainty over the UK's departure from the EU continued and concerns over Italy's fiscal position resurfaced. Although the US economy remained solid, uncertainty about the outlook increased due to US-China trade friction and Apple's announcement of iPhone production cuts. In Japan, corporate capital investment remained firm, but some companies began announcing lower profits due to the impact of iPhone production cuts, and concerns emerged over the risk of a slowdown in China's economy resulting from US-China trade friction, making it necessary to monitor economic trends carefully going forward.」

「During the cumulative second quarter from 1 May 2018 to 31 October 2018, growth remained strong in the United States, while Europe showed signs of slowing. Asia showed signs of recovery and improvement. In Japan, although the impact of successive natural disasters was a concern, corporate capital investment remained firm and the economy continued to rise moderately.」

「During the consolidated fiscal year, the global economy remained generally firm despite uncertainties significantly affecting Japan’s economy, including geopolitical risks arising from heightened concern over developments in the Middle East and North Korea, and economic trends in China and other emerging Asian economies.」

「During the cumulative third quarter from 1 May 2017 to 31 January 2018, Japan’s economy remained on a recovery trend, with corporate earnings and the employment environment improving and the Nikkei Stock Average recovering to the ¥24,000 range for the first time in 26 years. Personal consumption also showed signs of recovery. Overseas, economic expansion continued in the United States, with the Dow Jones Industrial Average repeatedly reaching record highs, while Europe also remained firm.」

「During the cumulative second quarter from 1 May 2017 to 31 October 2017, Japan’s economy remained on a recovery trend, with corporate earnings and the employment environment improving and the Nikkei Stock Average recovering to the ¥22,000 range for the first time in 21 years. Personal consumption also showed signs of recovery. Overseas, economic expansion continued in the United States, with the Dow Jones Industrial Average reaching a record high, while Europe also remained firm.」