Dependence on market conditions and demand trends

「中国及び欧州経済の長期的な停滞、米国をはじめとした各国の通商政策動向による世界経済の不安定化と景気悪化懸念に加え、アメリカ・イスラエルとイランとの大規模紛争による中東地域の不安定化が急速に進み、石油資源をはじめとする原材料の供給逼迫などの諸リスクが世界的な広がりを見せており」

「In the global economy, in addition to political turmoil arising from a change of government in Latin America, stagnation in the Chinese and European economies, and concerns about deterioration in the global economy resulting from trade-policy trends in various countries, the large-scale conflict between the United States and Israel and Iran that broke out in February 2026 has rapidly destabilized the Middle East, including concerns about the closure of the Strait of Hormuz, broadening global risks such as tightening supplies of raw materials, including oil resources.」

「During the interim consolidated accounting period, Japan’s economy remained on a gradual recovery trend, but signs of stagnation emerged in some areas, including worsening business sentiment. The outlook also remained uncertain because of the need to monitor inflation and recession concerns resulting from the impact of US trade policy, as well as sustained price increases and foreign-exchange movements. The global economic outlook also remained uncertain because of stagnation in the Chinese and European economies and concerns about deterioration in the global economy resulting from trade-policy trends in various countries.」

「During the fiscal year, Japan’s economy remained on a gradual recovery trend, but uncertainty over the outlook continued, requiring close monitoring of concerns about an overseas recession, sustained price increases and foreign-exchange movements. The global economic outlook also remained uncertain because of geopolitical risks, stagnation in the Chinese and European economies, and concerns about deterioration in the global economy resulting from trade-policy trends in various countries.」

「During the interim consolidated accounting period, Japan’s economy showed signs of recovery, but uncertainty over the outlook continued, requiring close monitoring of sustained price increases and foreign-exchange movements. The global economic outlook also remained uncertain because of geopolitical risks and the slowdown in China’s economy.」

「The global economic outlook is expected to remain uncertain because of the slowdown in China’s economy, heightened geopolitical risks, and the continuation of global monetary tightening.」

「During the first nine months of the fiscal year, Japan’s economy recovered gradually, but uncertainty over the outlook continued amid sustained price increases and downside risks to the global economy. The global economic outlook also remained uncertain because of geopolitical risks, including the prolonged situation in Ukraine, and concerns about the outlook for China’s economy.」

「During the first six months of the fiscal year, Japan’s economy recovered gradually, but uncertainty over the outlook continued because of higher prices and downside risks to the global economy. The global economic outlook also remained uncertain, including because of an economic slowdown associated with the prolonged situation in Ukraine and global monetary tightening, as well as concerns about the outlook for China’s economy.」

「During the first quarter of the fiscal year, Japan’s economy saw a gradual recovery as socioeconomic activity normalized, but prices continued to rise and uncertainty over the outlook persisted. The global economic outlook also remained uncertain, including because of concerns about a slowdown against the backdrop of the prolonged situation in Ukraine and global monetary tightening.」

「The global economic outlook is expected to remain uncertain, including because of concerns about higher prices and energy costs caused by the prolonged situation in Ukraine and a global recession resulting from global monetary tightening.」

「During the first nine months of the fiscal year, Japan’s economy showed signs of a gradual recovery, but uncertainty over the outlook continued amid sustained price increases and an unstable foreign-exchange market. The global economic outlook also remained uncertain, including because of concerns about an economic slowdown resulting from changes in monetary policy in various countries aimed at curbing inflation caused by higher prices and energy costs due to the prolonged situation in Ukraine.」

「During the first six months of the fiscal year, Japan’s economy showed gradual signs of recovery as economic activity normalized, but uncertainty over the outlook continued, including because of higher prices resulting from the depreciation of the yen. The global economic outlook also remained uncertain, partly because of the prolonged situation in Ukraine and higher raw-material and energy prices.」

「During the first quarter of the fiscal year, Japan’s economy gradually showed signs of recovery, but uncertainty over the outlook continued because of concerns about renewed COVID-19 infections. In the global economy, the prolonged situation in Ukraine and lockdowns in some regions caused by the spread of COVID-19 disrupted supply chains and drove up raw-material and energy prices, leaving the outlook uncertain.」

「The global economic outlook is expected to remain uncertain because the worsening situation in Ukraine and lockdowns resulting from the spread of COVID-19 could disrupt supply chains and drive up raw-material and energy prices.」

「During the first nine months of the fiscal year, Japan’s economy showed signs of resuming economic activity as COVID-19 vaccinations progressed and the number of infections declined, but uncertainty over the outlook continued because of the emergence of new variants and renewed infections. The global economy also continued on a recovery trend as economic activity expanded, but uncertainty over the outlook increased again as infections rapidly resurged following the emergence of new variants.」

「The global economy recovered gradually overall as economic activity resumed with the rollout of COVID-19 vaccines and economic-support measures by governments around the world, but uncertainty over the outlook continued because of destabilizing factors including globally higher resource prices and concerns about semiconductor shortages.」

「During the first quarter of the fiscal year, Japan’s economy gradually showed signs of recovery, but uncertainty over the outlook continued because of the ongoing impact of the spread of COVID-19. The global economy overall moved toward recovery as economic activity resumed with the rollout of COVID-19 vaccines and government economic-support measures, but uncertainty over the outlook continued because recovery was delayed in some countries by renewed outbreaks.」

「The outlook for the Japanese and global economies is expected to remain uncertain, including because of the renewed spread of COVID-19 and the prolonged US-China trade friction.」

「During the first nine months of the fiscal year, Japan’s economy gradually showed signs of recovery while economic activity remained constrained by the spread of COVID-19, but uncertainty continued as infections began to spread again. The global economy also gradually recovered after governments imposed emergency measures, including stay-at-home orders and travel restrictions, to curb economic activity, but the renewed spread of infections around the world has kept the outlook uncertain.」

「During the first six months of the fiscal year, Japan’s economy faced severe conditions as the spread of COVID-19 weakened personal consumption and corporate earnings and exports declined because of the deterioration in the global economy. Although signs of recovery were seen in the global economy, particularly in China, uncertainty over the outlook continued depending on the future spread of COVID-19.」

「During the first quarter of the fiscal year, Japan’s economy faced severe conditions as the global spread of COVID-19 weakened personal consumption and corporate earnings, while exports declined because of the deterioration in the global economy. The global economy was also forced to slow as economic activity stagnated in countries around the world.」

「During the first nine months of the fiscal year, Japan’s economy saw a gradual recovery in personal consumption against a backdrop of improving employment conditions, although economic stagnation continued because of sluggish exports. Overseas, the US and Chinese economies slowed amid the impact of US-China trade friction and other factors, while geopolitical risks also increased, adding to uncertainty over the outlook for the global economy.」

「During the first six months of the fiscal year, Japan’s economy saw continued improvement in income conditions and a recovery in personal consumption, although the economy showed signs of stagnation amid sluggish export growth. Overseas, the slowdown in the United States became more pronounced, particularly in manufacturing, while economic stagnation continued in China, heightening uncertainty in the global economy overall.」

「During the first quarter of the fiscal year, Japan’s economy saw continued improvement in employment and income conditions, although exports remained sluggish, particularly to Asia, and corporate earnings and capital investment entered a period of stagnation. Overseas, employment and income conditions remained solid in the United States, while China’s economy slowed amid the impact of US-China trade friction and other factors, heightening uncertainty in the global economy.」

「During the fiscal year, Japan’s economy saw continued improvement in employment and income conditions supported by domestic demand, although uncertainty heightened amid concerns about the global economy. Overseas, personal consumption remained solid in the United States, while the European and Chinese economies showed signs of slowing.」

「Japan’s economy maintained its recovery trend, supported by solid corporate earnings and a continuing increase in capital investment, although uncertainty heightened amid concerns about the global economy. Overseas, personal consumption continued to expand in the United States, and economic growth continued in Europe against a backdrop of solid domestic demand. In China, however, production and investment slowed under the impact of US-China trade friction, and signs of an economic slowdown emerged.」

「Meanwhile, uncertainty remains in the global economy as US-China trade friction continues to intensify.」

「Although China continued to maintain a high growth rate, uncertainty remained in the global economy, including as a result of escalating trade friction between the United States and China.」

「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」

「Some uncertainty remained over the outlook for the global economy, including heightened geopolitical risks in East Asia.」

「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「However, an unexpected deterioration in global economic conditions or in those market conditions could affect the operating results and financial position of the Group.」

「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」

「During the cumulative second quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」

「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「However, an unexpected deterioration in global economic conditions or in those market conditions could affect the operating results and financial position of the Group.」