Uncertainty in the Global Economy Surrounding the Slowdown in Emerging-Market Economies and the UK's Withdrawal from the EU

「During the fiscal year, Japan's economy generally remained on a gradual recovery track, with personal consumption showing signs of recovery against a backdrop of improving corporate earnings, progress in wage increases and an improved employment environment. However, numerous factors continued to affect corporate activity and personal consumption, including rising geopolitical risks, particularly in the Middle East, and soaring resource, energy and raw material prices, and the economic outlook remained uncertain.」

「At the same time, the outlook for the economy remains uncertain, with numerous factors affecting corporate activity and personal consumption, including heightened geopolitical risks, particularly in the Middle East, and soaring resource, energy and raw material prices.」

「During the interim accounting period, Japan's economy achieved only a gradual recovery, as consumer sentiment was slow to improve against a backdrop of declining exports due to US tariff policies and stagnant real wage growth.」

「During the fiscal year, the global economy remained uncertain, with geopolitical risks prolonged by the situations in the Middle East and Ukraine, monetary-tightening policies continued in various countries to curb inflation, and concerns about a global economic slowdown remaining persistent.」

「During the interim accounting period, the global economy remained subject to increasingly advanced monetary tightening in various countries, particularly in Europe and the US, amid concerns about the risk of a global recession. In addition, geopolitical risks expanded and supply chain disruptions continued, increasing uncertainty over the outlook.」

「Around the world, normalization is progressing as restrictions related to COVID-19 are eased. Meanwhile, global inflation continues, as do surges in energy and raw material costs resulting from the situation in Ukraine. In addition, the effects of population growth, shortages of natural resources, food and water caused by extreme weather, and rising geopolitical risks are becoming more severe.」

「During the cumulative third-quarter period, Japan's economy generally remained on a gradual recovery track as the impact of COVID-19 on social and economic activity faded, although some indicators, including capital investment, showed signs of stagnation. Meanwhile, overseas economies remained unstable, with numerous concerns including the course of monetary tightening in various countries and stagnation in the Chinese economy, as geopolitical risks increased further around the world.」

「Many concerns remained regarding the outlook for economic conditions, including globally high raw material prices and the continuation of monetary-tightening policies in Europe and the US, and the situation remained uncertain.」

「During the cumulative first-quarter period, Japan's economy continued to recover gradually, led by personal consumption and capital investment, under the so-called living with COVID-19. However, numerous risks remained, including persistently high raw material prices and concerns about a global recession caused by monetary tightening, particularly in Europe and the US, and the outlook remained uncertain.」

「The outlook remained uncertain owing to soaring raw material and energy prices and concerns about a slowdown in the global economy caused by rapid monetary tightening.」

「During the cumulative third-quarter period, Japan's economy continued to recover gradually as various restrictions related to COVID-19 were eased. However, numerous negative factors remained, including soaring raw material and energy prices, developments in global monetary tightening, and concerns about a slowdown in overseas economies, and the outlook remained uncertain.」

「There were also numerous concerns, including a rapid resurgence of infections in the so-called seventh wave, concerns over tight energy supply and demand, and shortages and soaring prices of raw materials, and the outlook remained uncertain.」

「There were also numerous downside risks, including shortages and soaring prices of raw materials and the rapid depreciation of the yen in foreign exchange markets, and the situation remained uncertain.」

「While the impact of COVID-19 continues, the effects of various sources of volatility, including geopolitical risk, foreign exchange risk, and rising raw material prices and inflation, have also become apparent, and the outlook remains uncertain.」

「During the cumulative third-quarter period, expectations for the normalization of economic activity and an economic recovery increased as new COVID-19 cases declined after peaking around summer and various restrictions, including states of emergency, were lifted. However, many uncertainties remained, including concerns about the spread of variants and rising raw material prices, and the outlook remained uncertain.」

「During the cumulative second-quarter period, Japan's economy remained in a difficult situation with an uncertain outlook overall, although some recovery in economic conditions was seen owing to improvements in overseas economies and the expansion of vaccinations while the impact of COVID-19 continued.」

「During the cumulative first-quarter period, Japan's economy remained generally unable to achieve a strong recovery, despite some indicators beginning to improve, as the outlook for containing COVID-19 remained unclear and states of emergency were reissued, particularly in major metropolitan areas.」

「The impact of the novel coronavirus infection (hereinafter, COVID-19) appears likely to persist, and the economic outlook in Japan and overseas remains uncertain.」

「During the cumulative third-quarter period, Japan's economy remained extremely weak overall as economic activity continued to stagnate because of COVID-19, despite limited improvement in a very small number of economic indicators. In the medical equipment industry, outpatient numbers declined because of COVID-19, and medical institutions were required to maintain internal systems prioritizing COVID-19 response; consequently, there was no significant improvement in the trend toward deteriorating revenues at individual medical institutions, and the outlook remains uncertain.」

「During the cumulative second-quarter period, Japan's economy remained in a difficult situation owing to stagnant economic activity caused by COVID-19 and the resulting severe deterioration in economic conditions. In the medical equipment industry, revenues at medical institutions deteriorated markedly as outpatient numbers declined and hospitals secured internal systems that prioritized COVID-19 response, and the outlook remains uncertain.」

「During the cumulative first-quarter period, Japan's economy was forced into a sharp slowdown in economic activity by the impact of COVID-19, resulting in an extremely severe situation in which economic conditions deteriorated rapidly.」

「The spread of the novel coronavirus infection (hereinafter, COVID-19) has heightened concerns about downward pressure on economic conditions, and a significant slowdown in both the domestic and global economies is expected.」

「During the cumulative third-quarter period, Japan's economy maintained a gradual recovery trend despite numerous concerns, including the impact of the consumption tax increase and natural disasters such as typhoons.」

「The global economy remained uncertain amid a slowdown in economic recoveries in Asia and Europe and worsening trade issues between the US and China.」

「The global economy generally remained on a gradual recovery track, but various risk factors, including trade issues between the US and China, were evident, leaving little room for optimism.」

「Concerns remain over the impact of US-China trade friction and the political turmoil in Europe surrounding the UK's withdrawal from the EU, and the global economic outlook is expected to remain uncertain.」

「During the cumulative third-quarter period, Japan's economy remained on a gradual recovery track, but continued to face an uncertain outlook amid concerns that trade issues could worsen.」

「During the cumulative second-quarter period, Japan's economy remained on a gradual recovery track, but continued to face an uncertain outlook amid concerns about instability in the global economy caused by trade issues.」

「During the cumulative first-quarter period, Japan's economy remained on a gradual recovery track, but continued to face uncertainty over the outlook amid concerns about the impact of US foreign and trade policies on the global economy.」

「While a gradual recovery in domestic economic conditions is expected to continue as employment and incomes improve, concerns remain over uncertainty surrounding US monetary and trade policies and geopolitical risks, particularly in East Asia, and the outlook is expected to remain uncertain.」

「During the cumulative third-quarter period, Japan's economy remained on a gradual recovery track, although numerous sources of volatility, including developments in overseas economies and financial markets, left the outlook uncertain.」

「During the cumulative second-quarter period, Japan's economy remained on a gradual recovery track, but continued to face an uncertain outlook amid numerous sources of volatility, including developments in overseas economies and financial markets.」

「During the cumulative first-quarter period, Japan's economy maintained a gradual recovery, but remained uncertain amid increasing uncertainty in overseas economies.」

「The overseas economy also remained uncertain, owing to the slowing trend in emerging-market and resource-rich economies, developments surrounding the UK's withdrawal from the EU, and uncertainty over the policies of the new US administration.」

「With regard to the global economy, many concerns remain, including slower growth in emerging Asian economies and elsewhere and instability in financial and foreign exchange markets following the outcome of the US presidential election, and the outlook remains uncertain.」

「Meanwhile, the global economy remains uncertain, with a gradual slowdown in emerging-market economies, including China, and developments in the European economy surrounding the UK's withdrawal from the EU.」