Uncertainty over the economic outlook due to Brexit and other factors

「Policy changes in the United States, including trade policy, and the situation in the Middle East posed downside risks to the economy.」

「However, the continued rise in prices and policy changes in the United States, including trade policy, posed downside risks to the economy through their impact on personal consumption.」

「During the interim accounting period, Japan’s economy was expected to recover gradually as employment and income conditions improved. However, a downturn in overseas economies due to continued high interest rates in Europe and the United States and concerns over the outlook for the Chinese economy posed a downside risk to the domestic economy, requiring close attention.」

「During the fiscal year, Japan’s economy was recovering gradually, but a downturn in overseas economies, including volatility in financial and capital markets and concerns over the outlook for the Chinese economy, posed a downside risk to Japan’s economy. Attention also had to be paid to the economic impact of the Noto Peninsula Earthquake of 2024.」

「During the nine-month period ended the third quarter, Japan’s economy was expected to recover gradually, supported by improvements in employment and income conditions and the effects of various policies. However, close attention continued to be required regarding the effects of global monetary tightening, rising prices, the situation in the Middle East and volatility in financial and capital markets.」

「During the six-month period ended the second quarter, Japan’s economy continued to recover gradually as employment conditions improved and personal consumption and capital investment showed signs of recovery. However, the outlook became uncertain due to a decline in real wages caused by rising prices, global monetary tightening and soaring energy prices.」

「During the fiscal year, Japan’s economy showed a gradual recovery, but the outlook remained uncertain, and close attention continued to be required regarding the effects of rising prices, supply-side constraints and volatility in financial and capital markets.」

「During the nine-month period ended the third quarter, Japan’s economy remained uncertain, as a downturn in overseas economies against the backdrop of global monetary tightening and other factors posed a downside risk to the economy, while price increases and supply-side constraints continued for an extended period.」

「During the first quarter accounting period, restrictions on social and economic activity due to COVID-19 were eased and activity was moving toward normalization. However, the outlook remained uncertain due to a rapid depreciation of the yen and soaring resource prices against the backdrop of the situation in Ukraine.」

「During the fiscal year, Japan’s economy began to show signs of recovery from the difficult conditions as government measures to contain COVID-19, including progress in vaccination, advanced.」

「However, the outlook for the economy remains uncertain due to concerns including the emergence of the highly transmissible Omicron variant, a slowdown in the Chinese economy and rising crude oil prices.」

「Although vaccination is progressing, there are downside risks from a resurgence of infections, the timing of a resolution cannot be foreseen, and the outlook remains uncertain.」

「During the first quarter accounting period, Japan’s economy showed signs of a recovery in corporate performance, particularly in manufacturing, due in part to increased exports resulting from the recovery of the global economy. However, restrictions on social activity due to the spread of COVID-19 continued, and the outlook for a full-scale recovery in personal consumption and economic activity remained uncertain.」

「Although signs of a recovery emerged from the recession caused by the spread of COVID-19, the intermittent resurgence of infections has raised concerns that economic activity may slow, and the outlook remains uncertain.」

「The economy remained in a difficult situation due to the impact of COVID-19 in Japan and overseas. Although various policies implemented after the government lifted the state of emergency have led to signs of an economic recovery, concerns remain about a resurgence of infections, and the outlook continues to be uncertain.」

「During the fiscal year, Japan’s economy remained firm, supported by improvements in employment, income conditions and corporate earnings. However, toward the end of the fiscal year, uncertainty increased amid concerns about the impact of the spread of COVID-19 on domestic and overseas economies.」

「During the cumulative third quarter under review, Japan's economy remained resilient, led by domestic demand, but domestic demand also weakened somewhat due to developments in overseas economies, including US-China trade issues and slowdowns in the Chinese and European economies, as well as the impact of the consumption tax rate increase.」

「However, concerns remain that uncertainty in overseas economies, including developments in trade issues between the US and China, and increases in the consumption tax rate and other taxes scheduled for October this year may affect future economic conditions.」

「During the cumulative first quarter under review, Japan's economy was on a moderate expansion trend overall, supported by domestic demand amid continued improvements in the employment and income environment, but uncertainty over the outlook continued due to factors including intensifying US-China trade friction and the UK's withdrawal from the EU.」

「Concerns over a slowdown in the global economy have intensified due to the impact of US-China trade friction and slowing growth in the Chinese economy, and uncertain conditions continue.」

「During the cumulative third quarter under review, Japan's economy remained on a moderate recovery trend, supported by solid corporate earnings and improvements in the employment and income environment, although concerns remained over uncertainty resulting from factors including US-China trade friction.」

「During the cumulative second quarter under review, Japan's economy was on a moderate recovery trend, supported by a pickup in private consumption resulting from improvements in the employment and income environment and strong corporate performance, but uncertain conditions continue amid concerns over US trade policy and uncertainty in overseas economies.」

「The economy remained on a moderate recovery trend, supported by improvements in corporate earnings and the employment environment and a gradual recovery in private consumption, but the outlook remains uncertain amid concerns over uncertainty in overseas economies resulting from the spread of protectionist sentiment.」

「Although geopolitical risks related to the situation on the Korean Peninsula remain a concern, overseas economies, led by the US and EU, showed signs of recovery.」

「Uncertainty over the outlook continues due to factors including rising geopolitical risks overseas.」

「Meanwhile, the economic outlook remains uncertain due to uncertainty in overseas economies, including a slowdown in emerging-market economies, the UK's withdrawal from the EU and policy management by the new US administration.」

「During the cumulative third quarter under review, Japan's economy continued on a moderate recovery trend, although attention needed to be paid to uncertain conditions, including growing uncertainty in overseas economies and volatility in financial and capital markets, as improvements continued in the employment and income environment.」

「Concerns remain over the impact of the UK's withdrawal from the EU on the global and Japanese economies, and the economic outlook therefore remains uncertain.」