Weak demand due to slowdowns in emerging markets and China, among others

「当中間連結会計期間における当社グループを取り巻く世界の経済環境は、地政学的リスクや為替変動、関税政策・輸出入規制を巡る不確実性など、先行きに引き続き注視を要する状況にありました。」

「During the interim consolidated accounting period, the global economic environment surrounding the Group remained one that required continued close monitoring of future developments, owing to geopolitical risks, foreign exchange fluctuations, and uncertainties surrounding tariff policies and import and export regulations. Meanwhile, capital investment related to AI remained active, supporting growth in related industries.」

「地政学リスクの長期化や通商政策の動向、金融引き締めの影響等により、先行き不透明な状況が続いております。」

「We expect uncertainty in the global economy to increase due to continued price increases in countries worldwide, the impact on the global economy of U.S. trade policies including tariffs, geopolitical risks such as the prolonged situations in Ukraine and the Middle East, and concerns about a prolonged downturn in the Chinese economy.」

「加えて、ウクライナ・中東情勢の長期化など地政学リスクの高まり、中国の不動産市場低迷、欧州経済の停滞等により、先行き不透明感が強い状況が続いております。」

「During the interim consolidated accounting period, uncertainty about the outlook increased due to continued price increases in countries worldwide, concerns about a slowdown in the global economy arising from U.S. tariff policies, weak domestic demand in China, and heightened geopolitical risks including the prolonged situation in Ukraine and the situation in the Middle East.」

「The global economic environment surrounding our Group remained uncertain as concerns about an economic slowdown expanded due to the prolonged economic weakness in China and Europe, heightened geopolitical risks, sharp fluctuations in foreign-exchange rates and protectionist trade policies by the United States, despite resilient personal consumption in the United States amid continued monetary tightening aimed at curbing inflation.」

「During the interim consolidated accounting period, the global economic environment surrounding our Group was on a gradual recovery trend as inflationary pressures eased in countries worldwide and interest-rate cuts began, particularly in Europe and the United States. However, uncertainty about the outlook has persisted due to global political instability, heightened geopolitical risks and the delayed recovery of the Chinese economy.」

「In addition to the continued stagnation of the Chinese economy, the slowdown in Europe has become evident, and heightened geopolitical tensions arising from the Russian invasion of Ukraine and the situation between Israel and Palestine have further increased uncertainty about the outlook.」

「During the cumulative third quarter of the fiscal year, the global economic environment surrounding our Group remained firm in the United States, supported by favorable employment conditions and resilient personal consumption, while high inflation and the resulting monetary tightening continued in countries worldwide. However, uncertainty about the outlook has increased further due to China's prolonged economic stagnation, the increasingly pronounced slowdown in Europe, continuing geopolitical risks including the prolonged Russian invasion of Ukraine and heightened tensions in the Middle East.」

「During the cumulative second quarter of the fiscal year, the global economic environment surrounding our Group remained resilient in the United States, supported by favorable employment and income conditions, despite continued high inflation and monetary tightening. However, uncertainty about the outlook has increased further as the slowdown in the European economy has become evident and the slower pace of China's economic recovery has had a significant impact on the global economy.」

「During the cumulative first quarter ended, the global economic environment surrounding our group became even more uncertain due to the prolonged geopolitical risks surrounding Russia and Ukraine and the resulting surge in resource and energy prices, continuing inflation and monetary tightening in Europe and the United States, despite the continued easing of restrictions on activity in various countries.」

「During the cumulative third quarter ended, the global economic environment surrounding our group became even more uncertain as measures to balance COVID-19 containment with economic activity progressed, while resource and energy prices surged due to the prolonged situation in Russia and Ukraine, foreign exchange rates moved sharply from yen depreciation to yen appreciation, and China effectively shifted to a policy of living with COVID-19.」

「The global economic environment surrounding our group remained on a recovery trend as economic activity normalized on the assumption of living with COVID-19. However, difficult conditions continued, including volatility in financial and capital markets and rising prices amid global monetary tightening, persistently high crude oil and raw material prices, and the impact on the global economy of geopolitical risks such as the prolonged situation in Russia and Ukraine.」

「During the cumulative first quarter ended, the global economic environment surrounding our group remained on a recovery trend as restrictions on activity related to COVID-19 were eased. However, difficult conditions continued, including the impact on the global economy of geopolitical risks such as the prolonged situation in Russia and Ukraine, as well as shortages of semiconductors and other components worldwide, surging raw material prices including crude oil, higher transportation costs resulting from supply chain disruptions, and other factors.」

「During the fiscal year, the global economic environment surrounding our group remained on a recovery trend as restrictions on activity were eased following the progress of COVID-19 vaccinations in various countries. However, uncertainty about the outlook continued as the spread of infections remained a concern, shortages of semiconductors and materials persisted globally, and the worsening situation in Russia and Ukraine intensified surges in resource and energy prices and supply chain disruptions.」

「During the cumulative third quarter ended, the global economic environment surrounding our group remained on a recovery trend as economic activity began to normalize with the progress of COVID-19 vaccinations in various countries. However, uncertainty about the outlook continued amid concerns about a resurgence of infections caused by variants, a global shortage of semiconductors, and difficulties procuring materials.」

「During the cumulative second quarter ended, the global economic environment surrounding our group remained on a recovery trend, particularly in Europe and the United States, due to the resumption of economic activity against the backdrop of progress in COVID-19 vaccinations and government stimulus measures. However, uncertainty about the outlook continued amid the spread of infections in emerging markets, a global shortage of semiconductors, and difficulties procuring materials.」

「During the cumulative first quarter ended, the global economic environment surrounding our group showed signs of recovery as economic activity gradually resumed, particularly in Europe and the United States, with COVID-19 vaccinations progressing. However, uncertainty about the outlook continued amid concerns about a resurgence of infections caused by variants, a global semiconductor shortage, and difficulties procuring materials.」

「Although signs of a recovery emerged in the second half of the fiscal year due to the start of vaccination programs and economic measures by governments, uncertainty continued amid the spread of variant viruses and the prolonged US-China trade friction.」

「During the cumulative third quarter ended, the global economic environment surrounding our group remained uncertain as the prolonged impact of trade issues such as US-China trade friction was compounded by a resurgence of COVID-19 infections, which again significantly restricted social and economic activity that had been reopening in various countries and had a serious impact on the economy.」

「During the cumulative first quarter ended, the global economic environment surrounding our group deteriorated rapidly as trade friction intensified amid protectionist policies adopted by governments and social and economic activity was substantially restricted by the spread of COVID-19. Japan’s economy also deteriorated rapidly as the spread of COVID-19 worldwide and the state of emergency declared in April affected economic activity, leaving conditions extremely difficult.」

「The business environment surrounding our group is expected to remain uncertain, as the global spread of COVID-19, in addition to prolonged US-China trade friction and the slowdown in the Chinese economy, is expected to have a significant impact on domestic and overseas economies and social activity.」

「During the cumulative third quarter ended, the global economy showed increasing signs of a slowdown due to the prolonged US-China trade friction and heightened geopolitical risks in East Asia and the Middle East. The US economy remained weak as manufacturing was affected by sluggish external demand, while China continued to see declining exports and a delayed recovery in domestic demand. In Japan, exports and production remained weak due to the slowdown in overseas economies and natural disasters, and uncertainty about the outlook continued.」

「During the cumulative second quarter ended, the global economy remained uncertain due to the effects of US-China trade issues, the UK’s withdrawal from the EU, and the Japan-South Korea issue, which was expected to be prolonged. In China, the recovery in domestic demand was delayed by measures to restrain investment, while external demand remained weak due to the impact of higher US tariffs, leaving the economy lacking strength. In Japan, the slowdown intensified as exports remained weak under the impact of the global economic slowdown and capital investment showed signs of caution.」

「During the cumulative first quarter ended, the global economy continued to slow as US-China trade friction stemming from US protectionist trade policies became prolonged. In China, exports weakened due to the impact of higher US tariffs, while infrastructure investment also remained sluggish, leaving the economy lacking strength. In Japan, concerns about an economic slowdown intensified amid increasing uncertainty in overseas economies, including the impact of trade issues on the global economy and the outlook for the Chinese economy. Exports and production showed weakness, and unstable conditions continued.」

「During the fiscal year, the global economy continued to slow due to the intensification of US-China trade friction stemming from US protectionist trade policies. In China, the slowdown became increasingly apparent as manufacturing activity, particularly in high-tech fields, fell sharply and both exports and imports continued to decline. In Japan, concerns about an economic slowdown intensified amid greater uncertainty in the global economy resulting from trade issues and other factors.」

「During the cumulative third quarter ended, the risk of a global economic slowdown increased due to the intensification of US-China trade friction stemming from US protectionist trade policies. In China, production of high-tech products fell sharply, and sales growth in the semiconductor industry showed an increasing slowdown.」

「During the cumulative second quarter ended, the global economy faced an increasingly uncertain outlook as the risk of a slowdown increased due to the intensification of US-China trade friction resulting from the US’s protectionist trade policies. China’s GDP for the quarter, announced by the National Bureau of Statistics of China, recorded its lowest growth since 2009, when the global financial crisis was under way.」

「Although difficult conditions continued, including intensifying US-China trade friction, the economy remained on a moderate expansionary trend, supported by increases in personal consumption and improvements in employment conditions.」

「Although the domestic economy shows some signs of improvement, the business environment surrounding our group remains difficult to predict, with uncertainty about the outlook for US trade policy, risks of capital outflows from emerging markets and sharp foreign exchange fluctuations, and concerns about higher costs resulting from rising crude oil prices and labor costs. The industrial switch market, including control switches, is on a moderate recovery trend, but uncertainty about the outlook continues, including geopolitical risks in East Asia.」

「During the cumulative third quarter ended, the global economy remained on a generally moderate recovery trend. Although geopolitical risks surrounding the Korean Peninsula remained, the US economy was firm, while the Chinese and emerging-market economies remained resilient.」

「During the cumulative second quarter ended, the global economy remained on a generally moderate recovery trend. Although risks such as the North Korean issue remained, the US and European economies remained firm, while the Chinese and emerging-market economies also moved toward recovery.」

「Overseas, uncertainty about the outlook continues due to uncertainty in the global economy, including US policy developments and economic conditions in emerging-market and resource-rich economies.」

「Overseas, uncertainty about the outlook continues due to the slowdown in emerging-market economies, instability in global affairs resulting from the transition of the US administration and other factors, and the issue of the UK’s withdrawal from the EU.」

「During the cumulative third quarter ended, Japan’s economy was on a moderate recovery trend overall, but the outlook remained uncertain due to concerns about overseas economies arising from the slowdown in emerging-market economies and the issue of the UK’s withdrawal from the EU.」

「The slowdown in growth in the Chinese economy has become increasingly pronounced, and its impact has extended beyond China, with Asian markets as a whole trending weakly.」

「Overseas, the outlook has become even more uncertain, with sharp market fluctuations such as yen appreciation and stock price declines resulting from downturns in China and other emerging Asian and resource-rich economies, as well as the impact of the UK’s decision to leave the EU in a referendum. In Japan, personal consumption and capital investment have also remained sluggish, while manufacturing activity has lacked strength.」

「In addition, uncertainty about the outlook continues due to heightened geopolitical risks and the impact of the slowdown in the Chinese economy.」