Uncertainty in Financial Markets and the Political Economy, and Geopolitical Risks

「The global economy remains uncertain due to concerns over increasing downward pressure from US tariff policies, rapid inflation and monetary tightening, and geopolitical risks including prolonged conflicts in Ukraine and the Middle East.」

「In addition, the outlook for the global economy remains uncertain, with concerns about the impact on economic activity of developments in U.S. tariff policy, stagnation in the Chinese economy, continuing geopolitical risks including the situations in Russia and Ukraine and the Middle East, and unstable foreign exchange markets.」

「The outlook remains uncertain because of the situation surrounding Ukraine and the Middle East, and the effects of monetary policy, including fluctuations in interest-rate levels.」

「During the cumulative third quarter of the current fiscal year, the business environment surrounding the Group remained uncertain, owing to persistently high raw-material and energy prices resulting from the prolonged situation in Ukraine, a slowdown in the Chinese economy amid a weak real-estate market, heightened tensions in the Middle East, and the effects of monetary tightening in Europe and the United States, among other factors.」

「During the cumulative second-quarter consolidated period, the business environment surrounding the Group saw a slowdown in the pace of economic recovery because of continued global monetary tightening, the prolonged situation in Ukraine and tensions in the Middle East. The US economy remained firm against a backdrop of recovering personal consumption and the labor market. In China, the economy slowed because of deterioration in the real estate market and weak demand. In Europe, the economy remained sluggish as inflation continued, driven by higher resource prices and wages. Japan's economy is recovering gradually as personal consumption increases and economic activity picks up with the growth in inbound tourism.」

「In addition to higher energy and raw material prices resulting from the weaker yen and other factors, soaring prices caused by higher labor costs amid labor shortages have left the operating environment challenging. Overseas, China's economy continued to slow because of weak domestic and external demand, beginning with investment in real estate development. The US economy remained firm, supported by recovering personal consumption and improving employment conditions. In Europe, the economy remained weak against a backdrop of sluggish personal consumption caused by persistently high inflation and the prolonged situation in Ukraine.」

「Although economic activity worldwide is being normalized following the COVID-19 pandemic, concerns about slower economic growth have increased because of global monetary tightening, rapid inflation and the prolonged Russia-Ukraine conflict, and uncertainty about the outlook persists.」

「During the cumulative third-quarter consolidated period, Japan's economy made progress toward normalizing economic activity as restrictions on activity related to COVID-19 were eased, but exports and production remained sluggish because of the slowdown in the global economy. In addition, concerns about resource supplies and price increases resulting from the prolonged semiconductor shortage and tight supply-demand conditions for materials, as well as the situation in Russia and Ukraine, have not been resolved, and the outlook remains uncertain.」

「Overseas, China's economy continued to slow under its zero-COVID policy. Although China shifted its COVID policy in December, the pace of recovery in personal consumption and production and logistics functions is viewed as slow. The US economy was supported by employment and income conditions, solid corporate earnings and a rebound in consumption following the COVID-19 pandemic, but high inflation is putting downward pressure on the economy. In Europe, corporate earnings declined because of surging energy prices and tight electricity demand, and the economic downturn is becoming prolonged amid rising consumer prices.」

「During the cumulative first-quarter consolidated period, Japan's economy saw a slowdown in the pace of recovery in consumer activity due to the resurgence of COVID-19, while production activity in the manufacturing sector recovered and capital investment entered an upward trend. However, concerns about the prolonged global semiconductor shortage and tight supply-demand conditions for materials, as well as resource supplies and price increases resulting from the situation in Russia and Ukraine, deepened, and the outlook remained uncertain.」

「Although exports and capital investment in the manufacturing sector are trending upward, the outlook remains uncertain amid the prolonged global semiconductor shortage and tight supply-demand conditions for materials, as well as growing concerns about resource supplies and price increases resulting from the situation in Russia and Ukraine.」

「Although the manufacturing sector is showing signs of recovery, including increases in exports and capital investment, the outlook remains uncertain because of the worsening disruption to logistics resulting from the global semiconductor shortage and restrictions on economic activity in Southeast Asia.」

「Overseas, progress has been made in containing COVID-19 in China, while economic stimulus measures and recovering external demand are supporting the economy. In the US and Europe, consumer sentiment has improved as the wider availability of vaccines has led to the easing of restrictions on economic activity, putting the economies on a recovery trend.」

「Overseas, progress has been made in containing COVID-19 in China, while economic stimulus measures and recovering external demand are supporting the economy. The US and European economies are on a recovery trend, and consumer sentiment has improved as vaccines have become more widely available, but the pace of recovery remains slow because restrictions on economic activity have continued amid the resurgence of COVID-19.」

「Overseas, progress has been made in containing COVID-19 in China, while economic stimulus measures and recovering external demand have supported the economy and strengthened the recovery trend. Although the US and European economies are on a recovery trend, the pace of recovery has slowed as the resurgence of COVID-19 has led to restrictions on economic activity and weaker consumer sentiment.」

「Overseas, the COVID-19 outbreak in China has subsided and capital investment has begun to recover, but the US-China trade dispute has become prolonged and the situation remains unpredictable. Although the US and European economies are on a recovery trend, the pace of recovery is expected to remain slow and prolonged while the COVID-19 pandemic continues.」

「The outlook for the global economy has become increasingly uncertain amid concerns that the COVID-19 pandemic may be prolonged. In the business environment surrounding the Group, there are concerns that production activities for electronic components and automotive electrical components may be seriously affected.」

「During the cumulative third-quarter consolidated period, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year. The company will continue to closely monitor the impact of the spread of COVID-19 on its business.」

「In China, an economic slowdown has become evident, including a decline in exports due to trade friction with the United States. The European economy remains stagnant. There are signs of a bottoming out following a calming of US-China trade friction, but the global economy remains subject to uncertainty about the outlook.」

「Overseas, China's economic slowdown resulting from trade friction with the United States is becoming evident. Although the US economy had remained relatively firm, signs of weakening have spread in the economic outlook. In Europe, the economic recovery has stalled, while the UK continues to face the issue of its withdrawal from the EU, further increasing uncertainty about the outlook for the global economy.」

「Overseas, concerns remain about the impact of developments in US-China trade friction on the global economy and the effects of financial market volatility, and the outlook remains uncertain.」

「The global economy is experiencing a gradual slowdown as US-China trade friction expands, while concerns about its impact on Japan's real economy persist, leaving the outlook uncertain.」

「Although the global economy expanded moderately, the effects of trade friction between the United States and China began to affect the real economy, while the pace of expansion in the euro area and Asian economies slowed, increasing uncertainty over the outlook.」

「Developments in various countries regarding U.S. tariff policy and geopolitical risks continue, increasing uncertainty over the outlook.」

「Overseas, uncertainty over the outlook for financial markets and political and economic conditions was high, but」

「However, uncertainty over the outlook for financial markets and political and economic conditions remains high, and circumstances requiring attention, including rising geopolitical risks, continue.」

「Although the global economy generally remained firm, uncertainty over the outlook for financial markets and political and economic conditions was high, and circumstances requiring attention, including rising geopolitical risks, continued.」