Moderate Global Economic Recovery and Delayed Recovery in Japanese Private Consumption

「During the current interim consolidated accounting period, the global economy showed signs of slowing in some areas due to rising energy prices resulting from instability in the Middle East and the impact on supply chains, among other factors, and uncertainty about the outlook continued. Although US economic growth slowed as consumer sentiment weakened in response to higher energy prices, the economy remained resilient, supported by increased capital investment driven by robust AI-related demand and a wealth effect from rising share prices. In Europe, personal consumption weakened against a backdrop of sluggish real income growth due to higher energy prices, but the economy maintained positive growth, supported by favorable employment conditions, increased public investment, and AI- and defense-related demand.」

「During the consolidated fiscal year under review, the global economy remained uncertain due to the impact of U.S. tariff policies, price trends associated with monetary policies in various countries and volatility in financial and capital markets, as well as the prolonged situation in Ukraine and heightened tensions in the Middle East.」

「During the consolidated fiscal year under review, the global economy remained uncertain due to the impact of U.S. tariff policies, price trends associated with monetary policies in various countries and volatility in financial and capital markets, as well as the prolonged situation in Ukraine and heightened tensions in the Middle East.」

「During the interim consolidated accounting period under review, uncertainty over the outlook for the global economy spread rapidly following the announcement of a new tariff policy by the United States. In addition to price trends and volatility in financial and capital markets resulting from the monetary policies of various countries, the prolonged situation in Ukraine and rising tensions in the Middle East meant that continued close monitoring with caution was required.」

「During the interim consolidated accounting period under review, the global economy recovered moderately, although uncertainty over the outlook continued due to the impact of continued monetary tightening on economies worldwide, the prolonged conflict in Ukraine and heightened geopolitical risks resulting from rising tensions in the Middle East. The United States remained sluggish despite strong personal consumption and capital investment, as the labor market showed signs of slowing amid continued monetary tightening. Europe moved toward a moderate recovery as personal consumption recovered with easing inflationary pressures. China remained sluggish due to weak real estate investment and personal consumption. In Japan, the economy recovered moderately due to increased government consumption and public investment, as well as an increase in personal consumption accompanying improvements in the income environment.」

「During the cumulative first quarter under review, the global economy remained uncertain due to the impact of continued monetary tightening on economies worldwide, the prolonged conflict in Ukraine and heightened geopolitical risks resulting from rising tensions in the Middle East. Despite continued monetary tightening, the United States remained firm, supported by resilient employment conditions and sustained strength in personal consumption. Europe’s economy was considered to have bottomed out due to a recovery in personal consumption as inflationary pressures eased. China’s economy recovered, led by personal consumption, partly due to the Lunar New Year holiday at the beginning of the year, but subsequently slowed again and remained sluggish. In Japan, government consumption and public investment increased, but the economy was held down by the impact of production and shipment suspensions at certain automakers and a decline in services exports.」

「The United States remained firm, supported by recovering personal consumption, resilient employment conditions and increased government spending. Europe remained sluggish due to a decline in domestic demand resulting from previous monetary tightening and declining exports to China, where the economy lacked strength. China remained sluggish against a backdrop of the prolonged real estate downturn and weak personal consumption. In Japan, domestic demand, particularly personal consumption, remained sluggish, and the economic recovery showed signs of stalling.」

「The United States remained firm, supported by a recovery in personal consumption and resilient employment conditions. Europe remained sluggish due to downward pressure on capital investment and housing investment from previous monetary tightening and the prolonged situation in Ukraine. China remained sluggish as the recovery in exports was held back by slower infrastructure investment growth and weak recovery in global demand for goods. In Japan, the economy remained firm due to increased inbound demand and the recovery of the services sector, but uncertainty over the outlook persisted due to prolonged high prices.」

「During the cumulative second quarter under review, the global economy remained unstable due to prolonged inflation and continued monetary tightening in Europe and the United States. In the United States, the economy remained firm, supported by a recovery in personal consumption driven by services consumption and improving employment conditions. Europe remained sluggish amid weak personal consumption due to persistently high inflation and the prolonged situation in Ukraine. China’s economy slowed due to weak domestic and external demand, beginning with real estate development investment. In Japan, the economy recovered moderately due to increased inbound demand and other factors, but uncertainty over the outlook persisted due to prolonged high prices.」

「During the cumulative first quarter under review, the global economy slowed moderately due to prolonged inflation and rising policy rates in Europe and the United States. In the United States, concerns over an economic slowdown persisted against a backdrop of higher interest rates aimed at curbing inflation, but the economy remained firm, supported by favorable employment conditions. Europe remained sluggish due to the prolonged situation in Ukraine and the impact of inflation. China moved toward a moderate recovery, led by domestic demand, as economic activity normalized. In Japan, the economy remained on a recovery trend as personal consumption and inbound consumption recovered, but uncertainty over the outlook persisted due to price increases, including soaring energy prices.」

「Uncertainty over the outlook intensified further due to soaring resource prices associated with the prolonged Ukraine crisis, policy rate hikes accompanying accelerating inflation in Europe and the United States, and the impact of restrictions on economic activity in China.」

「During the cumulative second quarter under review, efforts to balance measures against COVID-19 with economic activity advanced further, but uncertainty over the outlook persisted due to soaring resource prices associated with the prolonged Ukraine crisis, policy rate hikes accompanying accelerating inflation in Europe and the United States, and the impact of restrictions on economic activity in China.」

「Uncertainty over the outlook has increased as inflationary pressures intensified due to soaring resource prices and logistics costs and supply shortages of materials, while the increasingly tense situation in Ukraine and stronger economic sanctions against Russia also contributed to supply chain disruptions.」

「During the cumulative third quarter under review, the global economy maintained a recovery trend as vaccines became widely available, particularly in advanced economies, and economic activity resumed, despite the continued global spread of COVID-19. However, concerns remain over the impact on the economy of prolonged US-China trade friction, rising resource prices and supply shortages of materials, including semiconductors.」

「During the six-month period of the current consolidated fiscal year, the global economy moved toward recovery as vaccination spread mainly in developed economies and economic activity resumed, despite the continuing global spread of COVID-19. At the same time, concerns have arisen over the impact on the economy of prolonged US-China trade tensions and shortages of components, including semiconductors.」

「During the three-month period of the current consolidated fiscal year, vaccination against COVID-19 progressed and economic activity began to normalize. In Europe and the United States, economic activity gradually resumed, and consumer spending recovered and the economy began to pick up as a result of economic measures in various countries.」

「In the current consolidated fiscal year, the global economy deteriorated rapidly in the first quarter due to the curtailment of economic activity associated with the spread of COVID-19, but showed signs of recovery from the second quarter onward. However, the outlook remained uncertain as infections resurged toward the end of the year.」

「During the nine-month period of the current consolidated fiscal year, the global economy continued to recover from the sharp decline in the first quarter. However, disparities among countries and regions became increasingly pronounced. In China, where domestic transmission of the virus had largely subsided, growth accelerated and GDP recovered to pre-pandemic levels, while in Europe the pace of recovery showed signs of weakening as the spread of infection accelerated and some countries and regions reinstated lockdowns.」

「During the six-month period of the current consolidated fiscal year, the global economy generally moved beyond its worst period and entered a recovery trend, as countries and regions moved from prioritizing containment of the spread of infection through strict restrictions on economic activity to balancing the maintenance of economic activity with containment of the spread.」

「During the three-month period of the current consolidated fiscal year, the global economy deteriorated rapidly and entered a severe situation as economic activity was curtailed to prevent the spread of COVID-19.」

「During the nine-month period of the current consolidated fiscal year, the global economy continued to slow. In the United States, the decline in capital investment widened despite continued strong consumer spending. In Europe, growth slowed amid continued concerns over the UK's withdrawal from the EU. In China, the economy continued to slow under the impact of trade tensions with the United States. In Japan, domestic demand, led by consumer spending and capital investment, increased and maintained a degree of resilience, although external demand remained weak.」

「During the six-month period of the current consolidated fiscal year, the global economy continued to slow from the second half of the previous fiscal year. In the United States, capital investment turned down despite strong consumer spending. In Europe, growth slowed amid continued concerns over the UK's withdrawal from the EU. In China, the economy continued to show signs of slowing under the impact of trade tensions with the United States. In Japan, the economy maintained a degree of resilience as growth in domestic demand, led by private consumption and capital investment, offset the deterioration in external demand.」

「During the three-month period of the current consolidated fiscal year, the global economy continued to slow from the second half of the previous fiscal year. In the United States, steady economic recovery continued, with consumption and capital investment increasing. In Europe, growth slowed amid continued concerns over the UK's withdrawal from the EU. In China, the economy showed signs of slowing under the impact of trade tensions with the United States. In Japan, the economy continued to recover moderately, but lacked strength as consumer spending leveled off and capital investment and exports declined.」

「In the current consolidated fiscal year, the global economy generally continued to recover moderately, although growth slowed in the second half of the year due in part to US-China trade tensions. In Europe, domestic demand remained firm, but exports were sluggish and growth slowed amid concerns over the UK's withdrawal from the EU. In China, growth slowed as consumer spending declined and capital investment remained sluggish.」

「During the nine-month period of the current consolidated fiscal year, the global economy generally continued to recover moderately. In the United States, although exports tended to decline, solid economic expansion continued, driven by domestic demand, as employment continued to improve and consumer spending remained firm. In Europe, although employment remained resilient, the economy showed signs of slowing overall as exports and production stagnated and consumer spending remained sluggish.」

「During the six-month period of the current consolidated fiscal year, the global economy remained generally resilient, led by developed economies.」

「In Japan, exports, production activity, capital investment and consumer spending all recovered, and the economy continued to recover moderately.」

「In Japan, the economy continued to recover moderately, with production activity recovering gradually and employment and income conditions remaining firm.」

「In Japan, the economic recovery continued as production activity improved and consumer spending also recovered in response to firm employment and income conditions.」

「During the three-month period of the current consolidated fiscal year, the global economy generally continued to recover moderately. In the United States, moderate economic expansion continued, supported by resilient conditions in manufacturing and recovering employment and consumer spending. In Europe, although the pace of recovery slowed in the United Kingdom and France, the recovery continued across Europe, underpinned by increased exports, with growth rates accelerating in Germany, Spain and elsewhere. Although China's growth rate slowed, the economy remained firm, and the recovery trend continued across Asia. In Japan, exports paused in their recovery, but production continued to expand, and the economy continued to recover moderately as consumer spending recovered against a backdrop of firm employment and income conditions.」

「During the nine-month period of the current consolidated fiscal year, the global economy continued to recover moderately, led by developed economies. In the United States, although improvements in corporate conditions remained weak, consumer spending remained firm and the economy continued to expand moderately against a backdrop of improving employment and income. In Europe, exports remained sluggish due in part to weakness in emerging-market economies, while consumer spending remained firm. Overall, the European economy continued to recover moderately, led by the United Kingdom and Spain, which maintained high growth rates. The Asian economy also continued to grow moderately, while the Chinese economy slowed slightly. In Japan, corporate earnings and employment and income conditions continued to improve, but the recovery in consumer spending lagged.」