Concerns About the Global Economy, Including the Chinese Economic Slowdown

「当中間連結会計期間における世界経済は、中国経済の減速や緊張が続く中東情勢、貿易政策を巡る不確実性等により、先行き不透明な状況が継続しました。」

「During the consolidated fiscal year, significant changes occurred, including the stagnation of the Chinese economy, the impact of US tariff measures, and the spread worldwide of the EV chasm originating in the US.」

「当連結会計年度においては、中国の経済停滞、米国による関税措置による影響のほか、米国を起点としたEVキャズムが世界に波及するなど、大きな変化が起きました。」

「The operating environment during the interim consolidated accounting period remained difficult to forecast, partly due to the stagnation of the Chinese economy and the impact of US tariff measures.」

「The operating environment during the cumulative third quarter under review remained uncertain, as the slowdown in China's economic growth became even more pronounced and the global economy was affected by high inflation and monetary tightening in the US and Europe.」

「The operating environment during the cumulative second quarter under review remained uncertain, as a slowdown in China's economic growth became increasingly apparent, while high inflation and continued monetary tightening in the US and Europe persisted.」

「The operating environment during the cumulative first quarter under review remained uncertain, as delays in China's economic reopening became increasingly apparent amid sluggish consumption and private-sector capital investment, while persistent inflation and monetary tightening continued in Europe and the US.」

「The operating environment during the consolidated fiscal year remained uncertain for the outlook for the consumer economy due to factors including expanding global inflation, significant fluctuations in foreign exchange and financial conditions, China's zero-COVID policy and the renewed spread of infections after its relaxation, and the prolonged invasion of Ukraine by Russia.」

「Although the rapid depreciation of the yen had eased, uncertainty over the outlook continued to increase due to the impact of China's zero-COVID policy and the renewed spread of infections after its relaxation, accelerating global inflation and the prolonged invasion of Ukraine by Russia.」

「The operating environment during the cumulative second quarter under review became increasingly uncertain, with accelerating global inflation, stagnation in the Chinese economy associated with its zero-COVID policy, the prolonged invasion of Ukraine by Russia, and the rapid depreciation of the yen.」

「The operating environment during the cumulative first quarter under review became increasingly uncertain, as global inflation and the semiconductor shortage continued, China's growth slowed under its zero-COVID policy, and Russia's invasion of Ukraine continued for an extended period.」

「The operating environment during the cumulative third quarter under review (April-December 2021) saw consumption recover as the severe conditions caused by COVID-19 eased, economic activity progress in various countries, and demand growth in the semiconductor market continue.」

「In the second half, signs of an economic recovery emerged, as production and consumption activity recovered at an early stage in China and the global semiconductor market became increasingly active.」

「Although the global economic stagnation caused by the spread of COVID-19 infections affected the first half, business sentiment began to recover in the second half as economic activity resumed in developed countries in Europe and the US, led by China, where production and consumption activity recovered at an early stage.」

「There were moves toward reopening economies, including the easing of restrictions on movement, mainly in developed countries in Europe and the US, while signs of improvement emerged in production and consumption activity in China. Global business sentiment is beginning to show signs of recovery, but」

「The operating environment during the cumulative first quarter under review remained challenging as COVID-19 continued to spread worldwide, with no clear outlook for containment and growing concerns that the economic downturn and deteriorating market conditions would be prolonged.」

「Furthermore, as the spread of COVID-19 infections accelerated worldwide in 2020, business sentiment deteriorated rapidly and uncertainty over the outlook for our Group's market environment increased.」

「Although some markets, including those for air conditioners, remained firm amid tighter environmental regulations in China, the business environment was generally difficult due to the decline in global automobile sales resulting from the expanding impact of the prolonged US-China trade friction and stagnation in the industrial equipment market caused by restrained capital investment.」

「In the global electronics market during the second quarter of the current consolidated fiscal year, the slowdown in China's economy and the impact of US-China trade friction led to a deterioration in business sentiment worldwide, including in Europe and the United States, and market conditions in Japan and overseas remained sluggish.」

「In the global electronics market during the first quarter of the current consolidated fiscal year, the slowdown in China's economic growth and the impact of US-China trade friction led to a deterioration in business sentiment worldwide, including in Europe and the United States. Market conditions in Japan and overseas deteriorated further, and adjustments in demand and restraint on investment became widespread.」

「In the second half of the fiscal year, sales growth stagnated due in part to the effects of the slowdown in China's economy, and the withdrawal from sales of unprofitable products in the power systems business also contributed. Consolidated net sales decreased by ¥1,559 million, or 0.9%, from the previous consolidated fiscal year to ¥173,650 million.」

「Concerns emerged over slower economic growth in the United States and China due to the prolonged trade dispute, and the global economic growth rate slowed.」

「In China, economic conditions remained firm despite concerns about an economic slowdown.」

「In China, signs of an economic recovery due to the effects of government policies continued.」

「In China, stable growth driven by government policies continued.」

「In the United States and Europe, economic conditions remained firm, while in China, signs of an economic recovery driven by government policies were seen.」

「In China, economic conditions showed signs of recovery due to the effects of government policies.」

「In China, signs of an economic recovery were seen, partly due to the effects of various economic stimulus measures,」

「In China, economic conditions remained without a strong recovery,」

「During the cumulative first-quarter period of the current consolidated fiscal year, the global economy included concerns such as the continued slowdown in China's economy, although」