Overseas Economic and Financial Market Instability and Uncertainty over the Economic Outlook

「中東情勢の長期化や自然災害の影響による先行き不透明感は残るものの、雇用・所得環境の改善に加え、企業収益の改善を背景とした生産性向上や省力化・自動化に向けた投資需要も堅調に推移したことから、緩やかな持ち直しの動きがみられました。」

「During the interim consolidated fiscal period, Japan's economy remained on a gradual recovery track, with corporate earnings and capital investment remaining resilient and employment and income conditions improving. However, it remained in an uncertain environment, as policy rate hikes, rising prices, exchange-rate trends and conditions in the Middle East weighed on consumer and corporate sentiment.」

「政策金利の引き上げや物価上昇、為替動向、中東情勢等が消費者及び企業マインドの下押し要因となっており、不透明な状況で推移いたしました。」

「During the consolidated fiscal year, Japan's economy remained on a gradual recovery track. Although concerns remained that personal consumption could be weighed down by a decline in inbound demand associated with United States tariff policies and worsening Japan-China relations, as well as lower real wages due to rising prices, signs of recovery were seen in capital investment to expand production capacity in growth areas and for labor-saving and digitalization. Stock prices remained high against the backdrop of resilient corporate earnings.」

「During the interim consolidated fiscal period, expectations for the outlook emerged against the backdrop of improving employment and income conditions. However, concerns remained over the impact of continued price increases on personal consumption and the impact of high tariff measures under United States trade policy, leaving the outlook uncertain.」

「During the first 2 quarters of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track, as high corporate earnings and the results of the spring labor-management wage negotiations, which reached levels not seen in approximately 30 years, improved the income environment. However, concerns remained that the prolonged situations in Ukraine and the Middle East, persistently high raw material and energy prices, and rising prices due to the weaker yen could weigh on the economy, with real wages recording consecutive declines.」

「During the first 1 quarter of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track, despite the impact of higher crude oil prices caused by tensions in the Middle East, stagnation in the Chinese economy and negative real wages resulting from rising prices, as strong capital investment appetite in growth areas related to semiconductors and generative AI and increased inbound demand against the backdrop of a weaker yen supported the economy.」

「During the consolidated fiscal year, Japan's economy remained on a gradual recovery track, supported by improvements in employment and income conditions and a recovery in inbound demand against the backdrop of a weaker yen, although concerns remained that a downturn in overseas economies caused by global monetary tightening, heightened tensions in the Middle East, uncertainty over the outlook for the Chinese economy and the impact of rising prices could weigh on the economy.」

「During the first 3 quarters of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track, although concerns remained that a downturn in overseas economies caused by global monetary tightening, a slowdown in the Chinese economy, and rising raw material, energy and consumer prices could weigh on the economy. The recovery was supported by a recovery in inbound demand against the backdrop of a weaker yen and the easing of supply constraints.」

「During the first 2 quarters of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track, as employment and income conditions improved against the backdrop of improving corporate earnings, although concerns remained that a downturn in overseas economies caused by global monetary tightening, heightened geopolitical risks related to the prolonged situation in Ukraine and persistently high prices could weigh on the economy.」

「During the first 1 quarter of the current consolidated fiscal year, signs of recovery emerged amid growing momentum toward an economic recovery after COVID-19. However, the economy remained in an uncertain environment due to concerns over an economic slowdown arising from higher raw material and energy prices caused by the prolonged situation in Ukraine, rising prices and global monetary tightening.」

「During the first 3 quarters of the current consolidated fiscal year, concerns remained over energy supply constraints related to the prolonged situation in Ukraine, globally rising prices, United States interest rate hikes and the sharp depreciation of the yen. However, as society moved toward a new phase of living with COVID-19, social and economic activity returned to normal, and signs of recovery were seen, particularly in consumption.」

「During the first 2 quarters of the current consolidated fiscal year, signs of recovery continued as social and economic activity moved toward normalization following the easing of strict COVID-19 restrictions. However, concerns increased over the prolonged situation in Ukraine, globally rising resource and raw material prices, constraints on energy supplies, and the impact of volatility in financial markets.」

「During the first 1 quarter of the current consolidated fiscal year, signs of recovery continued, but uncertainty over the outlook increased due to the growing geopolitical risks surrounding the situation in Ukraine and soaring resource and raw material prices, in addition to the impact of COVID-19.」

「During the first 3 quarters of the current consolidated fiscal year, Japan's economy remained in a severe situation due to disruptions in parts procurement caused by the spread of COVID-19 variants and concerns over an economic slowdown in China. However, signs of recovery continued, including strong growth in capital investment in growth sectors in anticipation of a post-COVID and with-COVID environment, against the backdrop of new lifestyles designed to prevent the spread of infection and the wider availability of vaccines.」

「During the first 2 quarters of the current consolidated fiscal year, Japan's economy remained in a severe situation due to the impact of COVID-19, but signs of recovery continued in capital investment and production activity as measures to prevent the spread of infection and the rollout of vaccinations progressed, economic policies took effect and overseas economies improved.」

「During the first 1 quarter of the current consolidated fiscal year, Japan's economy remained in a severe situation due to concerns over the impact of COVID-19 on domestic and overseas economies and volatility in financial markets, although signs of recovery continued as various policies took effect and overseas economies improved.」

「During the consolidated fiscal year, economic activity stagnated substantially due to US-China trade friction, the economic slowdown in China and Europe, and the state of emergency declared as COVID-19 spread globally. After the declaration was lifted, however, signs of recovery emerged as economic activity was gradually restored and overseas economies improved.」

「During the first 3 quarters of the current consolidated fiscal year, Japan's economy remained in a severe situation due to a substantial decline in corporate earnings caused by COVID-19 and the impact of tighter United States regulations on Chinese companies and other factors. However, signs of recovery emerged as personal consumption and exports recovered due to the effects of various policies and improvements in overseas economies.」

「During the first 2 quarters of the current consolidated fiscal year, Japan's economy deteriorated rapidly due to the impact of COVID-19 and entered an extremely severe situation. Although the lifting of the state of emergency and the resumption of economic activity raised expectations that the decline would bottom out, uncertainty over the outlook remained due to the spread of infections in Japan and overseas and volatility in financial markets.」

「During the first 1 quarter of the current consolidated fiscal year, Japan's economy remained in an uncertain environment, despite expectations for a gradual recovery amid continued improvements in employment and income conditions, due to concerns over the impact of US-China trade friction, the decline in consumer sentiment after the consumption tax increase, the impact of COVID-19 on domestic and overseas economies, and volatility in financial markets.」

「However, exports remained weak due to developments surrounding US-China trade friction and uncertainty over the course of the United Kingdom's withdrawal from the EU, leaving the outlook uncertain, particularly for manufacturing.」

「During the first 3 quarters of the current consolidated fiscal year, Japan's economy recovered gradually, although corporate sentiment became more cautious and weakness was seen mainly in exports amid growing tensions surrounding US-China trade friction and higher crude oil prices. Corporate earnings remained at high and resilient levels as employment and income conditions continued to improve.」

「However, exports and production showed weakness, and uncertainty over the outlook remained due to uncertainties surrounding developments in US-China trade friction and the future of the Chinese economy.」

「During the first 1 quarter of the current consolidated fiscal year, Japan's economic outlook became increasingly uncertain, as some weakness emerged in exports and production due to the impact of US-China trade friction and other factors.」

「During the consolidated fiscal year, Japan's economy remained on a gradual recovery track, as capital investment and personal consumption remained firm amid continued improvements in corporate earnings and employment and income conditions, although uncertainty remained due to concerns over the US-China trade dispute, political conditions in Europe and the consumption tax increase scheduled for October.」

「During the first 3 quarters of the current consolidated fiscal year, Japan's economy lacked stability amid concerns over developments in the US-China trade dispute and the impact of successive natural disasters and higher crude oil prices on rising raw material costs. However, it remained on a gradual recovery track against the backdrop of continued improvements in corporate earnings and employment and income conditions.」

「During the first 2 quarters of the current consolidated fiscal year, Japan's economy maintained a gradual recovery trend, with resilient corporate earnings and continued improvements in employment and income conditions, although concerns remained over the impact on the domestic economy of the potential development of trade friction into a global issue as a result of United States economic policy, labor shortages and rising costs.」

「During the first 1 quarter of the current consolidated fiscal year, Japan's economy maintained a gradual recovery trend, as personal consumption recovered on improving corporate earnings and employment and income conditions. However, concerns remained over the impact on the domestic economy of policy developments in the United States, China and Europe, as well as geopolitical risks mainly in Asia, leaving the economic outlook uncertain.」

「During the first 3 quarters of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track, although it lacked stability amid concerns over the growing geopolitical risks and the impact of political risks in the United States and Europe, as corporate earnings remained resilient and employment and income conditions continued to improve.」

「During the first 2 quarters of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track, with continued improvements in corporate earnings and expectations for orders and capital investment, although uncertainties remained, including concerns over labor shortages and the impact of political risks in the United States and Europe on the economy.」

「During the first 3 quarters of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track, with continued signs of improvement amid better corporate earnings and employment and income conditions. However, concerns over conditions overseas increased due to the impact of uncertainties surrounding policies in the United States and Europe, leaving the economic outlook uncertain.」

「During the consolidated fiscal year, Japan's economy remained on a gradual recovery track, with corporate earnings at high levels and signs of a recovery in personal consumption, despite strong concerns over trends in emerging Asian economies, including China, and unstable conditions overseas such as in the United States and Europe.」

「During the first 3 quarters of the current consolidated fiscal year, Japan's economy showed signs of recovery, supported by the effects of economic measures, although concerns remained over fluctuations in stock prices and foreign exchange rates against the backdrop of unstable conditions overseas, as well as trends in emerging Asian economies, including China, and resource-rich economies.」

「The economic outlook became increasingly uncertain amid concerns about prices and consumer trends arising from instability in overseas economies and financial markets.」