Political and economic conditions in regions worldwide and fluctuations in resource prices

「In particular, the situation in the Middle East has begun to affect operations in some businesses due to constraints on crude oil supplies, and the Group as a whole will carefully assess the situation and respond accordingly.」

「The global economy is facing emerging risks of economic slowdowns and inflation in various countries due to surging crude oil prices and supply constraints originating from the situation in the Middle East. In addition, the prolonged stagnation of the Chinese economy, tensions between the United States and China, and the impact of U.S. tariffs are further increasing uncertainty about the outlook.」

「In the global economy, signs of an economic slowdown are emerging in the United States, particularly in domestic demand, due in part to the effects of tariff policies, while downward pressure on economic recovery is also arising in various countries, increasing concern over slower economic growth. In addition, the outlook remains uncertain due to concerns over geopolitical risks, including the prolonged stagnation of the Chinese economy and tensions between the United States and China.」

「The global economy remains resilient, supported by robust personal consumption in the United States despite some weakening in employment conditions. However, the outlook remains uncertain due to concerns including the prolonged stagnation of the Chinese economy, growing geopolitical risks, and the economic impact of the US presidential election.」

「The global economy remains firm, with the US economy maintaining steady conditions led mainly by personal consumption supported by favorable employment and income conditions, although concerns remain over an economic slowdown caused by monetary tightening. In addition, uncertainty over the outlook for the global economy is increasing due to the prolonged downturn in the Chinese economy resulting from the prolonged real estate slump and growing geopolitical risks.」

「The global economy is performing steadily, led mainly by personal consumption supported by rising wages and resilient employment in developed countries. Meanwhile, uncertainty over the outlook for the global economy is increasing, including concerns over an economic slowdown resulting from monetary tightening in the United States, the prolonged weakness of the Chinese economy, and growing geopolitical risks.」

「Meanwhile, close attention is required regarding the outlook for the domestic economy and the global economy, including increasing downside risks to economic activity resulting from the sluggish real estate market in China and the effects of uncertain foreign exchange markets.」

「Geopolitical risks are increasing, including US-China trade friction, concerns over a contingency involving Taiwan, the situation between Russia and Ukraine, and the strengthening of economic security legislation in countries around the world. These risks are causing raw material and logistics costs to surge and energy prices to rise, as well as creating supply chain problems.」

「The global economy is recovering, led mainly by personal consumption, but attention is required regarding the risk of recession resulting from inflation and the effects of monetary tightening. Although shortages of goods and logistics disruptions appear to be easing, it is still taking time for business activity to return to normal in some sectors.」

「Meanwhile, uncertainty over the outlook for the global economy is increasing, including downside risks to economic activity resulting from the prolonged situation in Ukraine, heightened tensions between the United States and China, rising resource and energy prices, supply chain disruptions, and the effects of monetary tightening policies in the United States and Europe.」

「Geopolitical issues, including rising resource and energy prices and supply chain disruptions resulting from the situation in Ukraine, are becoming more serious.」

「As tighter monetary policy in various countries intensifies due to the impact of inflation, including soaring resource prices, concerns are emerging about stagnant personal consumption, which had been recovering. The outlook for the real economy therefore remains uncertain. In addition, supply shortages of components and raw materials, including semiconductors, disruptions to supply networks, conflict between the United States and Europe and Russia over the situation in Ukraine, and economic security issues associated with US-China friction are becoming apparent. Continued attention is required to the outlook for the global economy.」

「At the same time, new risk factors have emerged, including rising prices for raw materials such as crude oil, natural gas and steel, concerns about the spread of breakthrough infections after vaccination, the prolonged US-China dispute, and the management crisis at a major Chinese property developer. Continued attention is required to the outlook for the global economy.」

「At the same time, uncertainty about the outlook continues due to concerns about the efficacy of vaccines against novel coronavirus variants, soaring raw material prices and the prolonged US-China dispute.」

「The outlook for containing the novel coronavirus remains uncertain, and there are concerns that its impact on the global economy will be prolonged. In the United States, a return to a path of international cooperation is expected following the change in administration, but continued attention is required to future developments in US-China relations.」

「The impact of the spread of the novel coronavirus on the economy is gradually easing as economic activity resumes in Japan and overseas and governments implement fiscal measures. However, the outlook for containing the outbreak remains uncertain, and concerns remain about waning policy effects, deterioration in corporate performance, restrained capital investment, worsening employment conditions and stagnant personal consumption. The outlook for the real economy therefore remains uncertain. In addition, uncertainty in the global economy is increasing further due to deteriorating US-China relations, requiring continued attention to developments in those relations.」

「Both the domestic and overseas economies have been adversely affected by the global spread of the novel coronavirus, which has reduced demand for transporting people and goods. Corporate activity has also slowed substantially worldwide due to disruptions in supply chains and other factors, with a significant negative impact on the real economy. Against this backdrop, US-China relations have deteriorated further, and the risk of economic decoupling between the two countries is becoming a concern. Continued attention is therefore required to future developments in US-China relations.」

「Although the global economy continues to grow moderately overall, the outlook remains difficult to predict due to the course of future US-China trade negotiations and negotiations on a new trade agreement between the UK and the EU, the impact of the spread of the novel coronavirus on the economy, and developments in the Middle East. Continued close attention is required to downside risks to the global economy.」

「While the global economy continues to grow moderately overall, concerns about a recession caused by the intensification of US-China trade friction are becoming apparent. The possibility of the UK's leaving the EU without an agreement also remains. Continued close attention is required to downside risks to the global economy.」

「While the global economy continues to grow moderately overall, concerns about a recession caused by US-China trade friction are increasing. In addition, US-China trade friction could intensify further depending on future trade negotiations, and the possibility of the UK's leaving the EU without an agreement remains. Continued close attention is required to downside risks to the global economy.」

「While the global economy continues to grow moderately, led by the United States, where the real economy remains strong, it lacks overall momentum due to the slowdown in some emerging-market and resource-rich economies. In addition, uncertainty about the outlook for the real economy persists as the deterioration in corporate performance caused by US-China trade friction is becoming apparent and, although the UK's withdrawal from the EU has been postponed, the possibility of a no-deal withdrawal remains. Continued close attention is required to downside risks to the global economy.」

「While the global economy continues to grow moderately, led by the United States, where the real economy remains strong, it lacks overall momentum due to the slowdown in some emerging-market and resource-rich economies. In addition, uncertainty about the outlook for the real economy has increased more than previously due to concerns about a deterioration in corporate performance caused by US-China trade friction and the increasing possibility of the UK's leaving the EU without an agreement. Continued close attention is required to downside risks to the global economy.」

「In addition, uncertainty about the outlook for the real economy has increased due to concerns about an economic deterioration caused by US-China trade friction and the impact of negotiations over the UK's withdrawal from the EU on corporate activity. Continued close attention is required to downside risks to the global economy.」

「While the global economy continues to grow moderately, led by the United States, where the real economy remains strong, and China, where domestic and external demand are firm, it lacks overall momentum due to the slowdown in some emerging-market and resource-rich economies. In addition, uncertainty about the outlook for the real economy persists due to the impact of negotiations over the UK's withdrawal from the EU on corporate activity and concerns about an economic deterioration caused by US-China trade friction. Continued close attention is required to downside risks to the global economy.」

「While the global economy continues to grow moderately, led by the United States, where the real economy remains strong, and China, where domestic and external demand are firm and supporting the economy, it lacks overall momentum due to the slowdown in some emerging-market and resource-rich economies. In addition, uncertainty about the outlook for the real economy persists due to the impact of negotiations over the UK's withdrawal from the EU on corporate activity and concerns about the expansion of protectionist policies. Continued close attention is required to downside risks to the global economy.」

「While the global economy continues to grow moderately, led by the United States, where the real economy remains strong, it lacks overall momentum due to sluggish crude oil prices and the slowdown in emerging-market and resource-rich economies. In addition, uncertainty about the outlook for the real economy persists due to turmoil in international financial markets following the UK's withdrawal from the EU and concerns about the expansion of protectionist policies. Continued close attention is required to downside risks to the global economy.」

「While the global economy continues to grow moderately, led by the United States, where the real economy remains strong, it lacks overall momentum due to sluggish crude oil prices and the slowdown in emerging-market and resource-rich economies. In addition, uncertainty about the outlook for the real economy has increased further due to turmoil in international financial markets following the UK's withdrawal from the EU and concerns about the expansion of protectionist policies. Continued close attention is required to downside risks to the global economy.」

「While the global economy continues to grow moderately, led by the United States, where the real economy remains strong, it lacks overall momentum due to sluggish crude oil prices and the slowdown in emerging-market and resource-rich economies, including China. In addition, uncertainty about the outlook for the real economy has increased further due to turmoil in international financial markets following the UK's withdrawal from the EU and concerns about the expansion of protectionist policies. Continued close attention is required to downside risks to the global economy.」

「While the global economy continues to grow moderately, led by the United States, it lacks overall momentum due to sluggish crude oil prices and the slowdown in emerging-market and resource-rich economies, including China. In addition, uncertainty about the outlook has increased further due to turmoil in international financial markets following the UK's withdrawal from the EU and concerns about a future deterioration in the real economy. Continued close attention is required to downside risks to the global economy.」

「In addition, uncertainty about the outlook has increased further due to turmoil in international financial markets following the UK's withdrawal from the EU and concerns about a future deterioration in the real economy. Continued close attention is required to downside risks to the global economy.」

「In addition to political and economic developments in developed countries, political and economic developments in emerging countries associated with fluctuations in resource prices, particularly crude oil prices, may affect the performance of our Group.」