Uncontrollable risks, including political and economic conditions, regulation and natural disasters

「After the start of the new year, production and exports showed some weakness due to the shutdown of factories at certain automobile manufacturers and the impact of the Noto Peninsula Earthquake, causing the economic recovery to stall somewhat.」

「Against this backdrop, economic conditions in the Tokyo metropolitan area and Kanagawa Prefecture also recovered moderately. Although exports were affected by the slowdown in overseas economies, they generally remained on a recovery trend, supported by increased automobile exports and the recovery in inbound demand. Personal consumption also recovered, particularly service consumption, as economic activity normalized. However, the pace of recovery in personal consumption slowed toward year-end as consumption of goods struggled to grow due in part to the prolonged impact of higher prices.」

「Under these conditions, economic conditions in the Tokyo metropolitan area and Kanagawa Prefecture continued to recover moderately. Although exports were affected by the slowdown in overseas economies, the recovery in automobile exports supported the overall picture. The recovery in the number of visitors to Japan for both tourism and business also supported the economic recovery. In personal consumption, signs of recovery were seen in leisure-related consumption and automobile sales, but higher prices weighed on consumption, resulting in a slow overall pace of recovery.」

「Overall, economic conditions in the Tokyo metropolitan area and Kanagawa Prefecture recovered. Exports and manufacturing production activity struggled to grow against a backdrop of deteriorating sentiment in overseas manufacturing. Meanwhile, in Kanagawa Prefecture, personal consumption recovered, particularly service consumption such as travel and dining out and consumption of durable goods such as automobiles.」

「Personal consumption recovered against a backdrop of the weakening impact of COVID-19 in Japan, the move toward normalization of economic activity and gradual improvement in employment and income conditions.」

「Overall, the economy continued to recover moderately. Exports showed some weakness in the April–June quarter due to the impact of lockdowns in Chinese cities, but recovered in the July–September quarter.」

「Against this backdrop, economic conditions in the Tokyo metropolitan area and Kanagawa Prefecture generally began to recover. While the recovery in exports and manufacturing production activity stalled due to the slowdown in overseas economies, the impact of COVID-19 weakened in Kanagawa Prefecture as vaccination progressed, and personal consumption recovered. Employment conditions also remained on a recovery trend, with improvements spreading in the services sector.」

「Under these conditions, economic conditions in the Tokyo metropolitan area and Kanagawa Prefecture weakened, particularly in personal consumption, during the July–September quarter, when a state of emergency was declared for the Tokyo metropolitan area. Corporate production activity and exports also stalled in their recovery from summer through autumn due to supply constraints for automotive parts. However, in the October–December quarter, when the state of emergency was lifted, personal consumption, particularly service consumption, began to recover.」

「Personal consumption also stalled in its recovery because service consumption, including dining out and travel, was forced to remain sluggish following increased calls to refrain from going out due to repeated declarations of a state of emergency.」

「In Japan, personal consumption remained notably stagnant due to increased calls to refrain from going out following the issuance of the third declaration of a state of emergency in Tokyo and elsewhere in late April, as well as the slower pace of employment recovery.」

「Under these conditions, as in the rest of the country, economic conditions in the Tokyo metropolitan area and Kanagawa Prefecture deteriorated sharply in the April–June quarter before beginning to recover in the July–September quarter. However, in the October–December quarter, personal consumption slowed, while corporate capital spending and employment and income conditions remained weak.」

「In Japan, personal consumption plunged due to increased calls to refrain from going out accompanying the declaration of a state of emergency in April and May.」

「In Japan, personal consumption fell sharply, particularly service consumption, due to increased calls to refrain from going out accompanying the government's declaration of a state of emergency. As domestic and overseas demand contracted sharply, corporate production activity also fell substantially.」

「Looking back at Japan's economy in fiscal 2019, exports remained weak during the first half of the fiscal year, while domestic demand remained firm and the economy maintained a moderate recovery trend. In the second half, however, exports remained sluggish, while domestic demand also declined due to the consumption tax rate increase and the spread of COVID-19, strengthening signs of an economic downturn.」

「Exports, production, tourism and other areas came under temporary downward pressure from natural disasters during the summer, and the real economic growth rate for the July–September 2018 quarter was negative compared with the April–June quarter.」

「The operations, performance and financial condition of the Group may be affected by political and economic conditions, legal regulations, the occurrence of large-scale natural disasters and other events beyond the Group's control.」

「The occurrence of political and economic developments, legal regulations, large-scale natural disasters and other events beyond our group's control could affect our group's results of operations or financial position.」

「The occurrence of political and economic developments, legal regulations, large-scale natural disasters and other events beyond our group's control could affect our group's results of operations or financial position.」

「The occurrence of political and economic developments, legal regulations, large-scale natural disasters and other events beyond our group's control could affect our group's results of operations or financial position.」