Rising Resource Prices Associated with Russia’s Invasion of Ukraine

「During the consolidated fiscal year, the Japanese economy continued to recover gradually, driven by increases in domestic demand, including personal consumption and capital investment, against a backdrop of improvements in employment and income conditions resulting from substantial wage increases and the effects of various government measures to address high prices. However, the outlook remained uncertain due to heightened geopolitical risks, including tensions in the Middle East, concerns over supply constraints caused by rising resource prices and export restrictions on certain critical resources, and other factors.」

「During the six-month period ended 30 September 2025 (1 April 2025 to 30 September 2025), the Japanese economy remained on a path of gradual recovery, supported by improvements in employment and income conditions and the effects of various government policies. However, the outlook remained uncertain due to prolonged price increases and the effects of US trade policy.」

「During the consolidated fiscal year ended 31 March 2025 (1 April 2024 to 31 March 2025), the Japanese economy remained on a path of gradual recovery, supported by continued growth in inbound demand and rising wages. However, the outlook remained uncertain as continued inflation and the weaker yen drove up prices and labor shortages in many industries emerged as an issue. Overseas economies also remained subject to an uncertain outlook due to growing uncertainty surrounding US policy trends, the sluggish Chinese economy, and heightened geopolitical risks resulting from the worsening situation in the Middle East, among other factors.」

「During the six-month period ended 30 September 2024 (1 April 2024 to 30 September 2024), the Japanese economy was on a path of gradual recovery, supported by continued growth in inbound demand and rising wages. However, the outlook remained uncertain as continued inflation and the weaker yen drove up prices, and labor shortages in many industries emerged as an issue. Overseas economies also remained subject to an uncertain outlook due to the sluggish Chinese economy and heightened geopolitical risks resulting from the worsening situation in the Middle East, among other factors.」

「Overseas economies also remained subject to an uncertain outlook due to the effects of global monetary tightening, the sluggish Chinese economy, and continuing geopolitical risks, among other factors.」

「Although inbound demand and personal consumption have been recovering, the outlook remains uncertain due to high resource prices caused by the prolonged invasion of Ukraine and the rapid depreciation of the yen.」

「During the six-month period ended 30 September 2023 (1 April 2023 to 30 September 2023), the Japanese economy remained subject to an uncertain outlook due to soaring resource prices resulting from the prolonged invasion of Ukraine and the rapid depreciation of the yen, despite progress in the recovery of inbound demand and personal consumption.」

「During the cumulative first quarter (1 April 2023 to 30 June 2023), the Japanese economy continued to face an uncertain outlook. Economic activity was normalizing as border controls and behavioral restrictions were eased under a living-with-COVID policy following the reclassification of COVID-19 as a Class 5 infectious disease, but resource prices remained high due to the prolonged invasion of Ukraine and the yen continued to depreciate rapidly.」

「While expectations for the normalization of economic activity increased as COVID-19 vaccinations progressed steadily and inbound demand began to recover in earnest following the easing of the government’s border-control measures, the Japanese economy remained subject to an uncertain outlook due to rising resource prices following Russia’s invasion of Ukraine, lockdowns under China’s zero-COVID policy, and the rapid depreciation of the yen.」

「While expectations for the normalization of economic activity increased as COVID-19 vaccinations progressed steadily, the Japanese economy remained subject to an uncertain outlook due to rising resource prices following Russia’s invasion of Ukraine, lockdowns under China’s zero-COVID policy, and the rapid depreciation of the yen.」

「While expectations for the normalization of economic activity increased as COVID-19 vaccinations progressed steadily, the Japanese economy remained subject to an uncertain outlook due to rising resource prices following Russia’s invasion of Ukraine, lockdowns under China’s zero-COVID policy, and the rapid depreciation of the yen.」

「The business environment surrounding the group is improving as overseas demand for electronic components and devices begins to recover against a backdrop of global economic recovery. The transportation equipment industry has been affected by production cuts due to shortages of parts supplied from China, but is expected to improve as lockdowns are lifted. However, exports could fall again if lockdowns are intensified.」

「Personal consumption and corporate activity remained subject to an uncertain outlook, affected by a sharp increase in infections due to the emergence of a new Omicron variant and rising resource prices following Russia’s invasion of Ukraine, among other factors.」