Uncertainty over the outlook due to the situation in Europe and slowing growth in China and emerging economies

「During the first cumulative consolidated quarter under review, the global economy remained in an unprecedentedly uncertain environment, as continued inflation, unstable foreign exchange movements, heightened geopolitical risks including the prolonged conflict between the US and Iran, soaring crude oil and energy prices particularly due to heightened tensions in the Middle East, future developments in US foreign and trade policy, and an economic slowdown in China coincided.」

「During the consolidated fiscal year under review, the global economy remained subject to unprecedented uncertainty, as US foreign and trade policy developments, geopolitical risks including the outbreak of conflict between the US and Iran, and an economic slowdown in China coincided.」

「During the consolidated fiscal year under review, the global economy remained subject to unprecedented uncertainty, as US foreign and trade policy developments, geopolitical risks including the outbreak of conflict between the US and Iran, and an economic slowdown in China coincided.」

「The current economic environment is confused by the impact of tariff increases and policies aimed at weakening the dollar under a U.S. administration advocating an America First policy. The erratic shifts in tariff measures have increased the risk that many countries will face rising prices and the threat of recession, raising the possibility of a sharp global downturn and creating an unprecedented level of uncertainty.」

「During the interim consolidated accounting period under review, the global economy showed a gradual recovery, but uncertainty about the outlook continued amid global inflation driven by persistently high raw-material and logistics costs, sharp fluctuations in exchange rates and stock markets, and other factors. In addition, geopolitical risks and downside factors arising from an unstable international environment remained, including the situation in the Middle East, the prolonged weakness expected in the Chinese economy, and the potential impact of a change in the next U.S. administration on trade policy.」

「During the fiscal year under review, the global economic outlook remained uncertain due to persistently high prices resulting from the escalation of international conflicts, sharp exchange-rate fluctuations caused by monetary tightening in various countries, and the slowdown of the Chinese economy.」

「During the cumulative third quarter under review, prices remained high due to concerns about a downturn in overseas economies resulting from monetary tightening, sharp exchange-rate fluctuations, the prolonged situation in Ukraine, and rising international conflict risks. Although socioeconomic activity continued to normalize, the outlook remained uncertain.」

「During the cumulative second quarter under review, the global economy continued to show signs of recovery, but concerns persisted about the impact on economic conditions of persistently high raw-material and energy costs, the resulting global inflation, rising labor costs, developments in monetary policy in various countries, uncertainty surrounding the Chinese economy, and the escalation of international conflicts.」

「During the cumulative first quarter under review, the global economy showed signs of recovery, but concerns persisted about the impact on economic conditions of persistently high raw-material and logistics costs, the resulting global inflation, and monetary tightening in various countries.」

「Although there are generally positive signs in the global economy, including progress toward containing COVID-19 and China's shift away from its zero-COVID policy, disruptions caused by global inflation, monetary tightening to contain it, and geopolitical risks continue to pose significant risks to the global economy's recovery from the pandemic.」

「During the first nine months of the current consolidated fiscal year, restrictions on activity related to COVID-19 were being eased or lifted, and the global economy showed signs of moving toward normalization. However, the outlook for the economy remained uncertain due to tight semiconductor supply and demand, higher raw material and logistics costs resulting from the prolonged situation in Ukraine, rising global inflation and the monetary policies of countries responding to it, and China's policy shift regarding COVID-19.」

「During the first six months of the current consolidated fiscal year, the global economy showed signs of moving toward normalization as restrictions on activity related to COVID-19 were eased. However, the outlook for the economy remained uncertain due to tight semiconductor supply and demand, rising global inflation, and higher raw material and logistics costs resulting from the prolonged situation in Ukraine.」

「During the first three months of the current consolidated fiscal year, the global economy showed signs of moving toward normalization as restrictions on activity related to COVID-19 were eased. However, the outlook for the economy remained uncertain due to semiconductor supply shortages, China's lockdowns, and higher raw material and logistics costs resulting from the prolonged situation in Ukraine.」

「The prolonged COVID-19 pandemic continues to have a major impact on economies and daily life worldwide. In the automotive industry, the path to resolving the semiconductor shortage remains uncertain and production recovery has been delayed, while the effects of higher resource prices and logistics disruptions have also emerged. More recently, China's zero-COVID policy and the situation involving Russia and Ukraine have further deepened global turmoil, and the business environment surrounding the Company has changed significantly.」

「During the first nine months of the current consolidated fiscal year, economic activity in Europe, the US, and China showed signs of recovery, but conditions remained unpredictable due to the rapid spread of COVID-19 variants and rising prices.」

「In India and the ASEAN region, the number of infections was declining in the near term. However, regional differences remained in demand recovery resulting from the easing of restrictions on economic activity and economic measures, and the outlook for the economy remained uncertain.」

「During the first three months of the current consolidated fiscal year, the global economy was beginning to show broader signs of recovery. However, as COVID-19 infections began to spread again, vaccination progressed in the US, employment recovered, and personal consumption also showed signs of recovery. In China, economic activity resumed early as the infection was brought under control, and the economy remained on a recovery trend despite continued concerns over US-China trade friction after the change in the US administration. In India and the ASEAN region, however, the number of infections continued to increase, regional differences emerged in demand recovery resulting from the easing of restrictions on economic activity and economic measures, and concerns over an economic downturn continued.」

「The business environment surrounding the Group is undergoing major changes in terms of the global economy, technological innovation, and environmental issues. With no end to the COVID-19 pandemic that raged in 2020 yet in sight, concerns remain that its impact on future economic activity and the automotive market will be prolonged.」

「During the first nine months of the current consolidated fiscal year, the spread of COVID-19 remained prolonged. In the US, economic activity showed signs of recovery following its resumption, but the number of infections continued to rise and conditions remained unpredictable. In China, economic activity resumed early as the infection was brought under control, and the economy remained on a recovery trend, although concerns over US-China trade friction persisted after the change in the US administration. In other emerging markets, the number of infections continued to increase, regional differences emerged in demand recovery resulting from the easing of restrictions on economic activity and economic measures, and concerns over an economic downturn continued.」

「During the first six months of the current consolidated fiscal year, COVID-19 had still not moved toward containment. In the US, economic activity showed signs of recovery following its resumption, but the number of infections was increasing in the near term and conditions remained unpredictable. In China, economic activity resumed early as the infection was brought under control, and the economy remained on a recovery trend despite continued concerns over US-China trade friction. In other emerging markets, the number of infections continued to increase, regional differences emerged in demand recovery resulting from the easing of restrictions on economic activity and economic measures, and concerns remained that the economic downturn would be prolonged.」

「During the first three months of the current consolidated fiscal year, the global economy was affected by the continued spread of COVID-19. In the US, infections continued to spread and significantly affect economic activity, although the economy began to show signs of a gradual recovery from its current severe conditions due to the effects of government economic measures and the resumption of economic activity. In China, economic activity resumed early as the infection was brought under control, and the economy shifted toward recovery despite concerns over US-China trade friction. In other emerging markets, however, the economic downturn caused by the spread of the infection was severe, and concerns remained that difficult conditions would continue.」

「During the first nine months of the current consolidated fiscal year, employment conditions in the US remained resilient. With the US presidential election approaching in the autumn, US-China trade friction had been eased in the short term through a partial agreement, while geopolitical risks related to the Middle East peace issue increased. China's economy continued to slow, and signs of a market slowdown intensified in other emerging markets due to the weakness of China's economy.」

「During the first six months of the current consolidated fiscal year, employment conditions in the US remained resilient despite the headwinds of trade friction with other countries, but uncertainty over the outlook continued, including due to the US administration's direction ahead of next year's presidential election. China's economy continued to slow due in part to the prolonged trade friction with the US. In emerging markets, signs of a market slowdown intensified due in part to the depreciation of some currencies.」

「During the first three months of the current consolidated fiscal year, the global economy remained uncertain. Although employment conditions in the US continued to improve and personal consumption remained firm, uncertainty over the outlook intensified due to developments in trade policy and the future financial environment. China's economy continued to slow due in part to the impact of trade friction with the US, while domestic demand in emerging markets remained generally firm.」

「In China, which had driven growth in the global automotive market, both production and sales fell below the previous year for the first time in more than 20 years, due in part to the expiry of tax cuts for compact vehicles at the end of 2017 and US-China trade friction.」

「During the first nine months of the current consolidated fiscal year, employment conditions in the US continued to improve, but the outlook remained uncertain due to concerns over economic policy. China's economy was showing signs of slowing in the near term due in part to the impact of trade friction with the US.」

「However, conditions requiring continued attention persist, including US trade and foreign policy, US-China trade friction, the US-Mexico-Canada Agreement (USMCA), and trends in crude oil prices.」

「However, conditions requiring continued attention persist, including US trade and foreign policy, political instability in Europe, and trends in crude oil prices.」

「During the first nine months of the current consolidated fiscal year, the US economy continued to expand, although concerns remained over the policy direction of the US administration, the political situation in Europe, and the emergence of geopolitical risks. China and emerging markets also began to show signs of an economic slowdown.」

「During the first six months of the current consolidated fiscal year, the US economy continued to expand, although concerns remained over the policy direction of the new US administration, the political situation in Europe, and the emergence of geopolitical risks. China and emerging markets also began to show signs of an economic slowdown.」

「During the first three months of the current consolidated fiscal year, concerns included the policy direction of the new US administration and the political situation in Europe. Nevertheless, the US economy continued to expand, while China and emerging markets showed signs of recovery.」

「During the current consolidated fiscal year, the global economy saw continued expansion in the US, while China and emerging markets experienced a moderate slowdown. In addition, foreign exchange markets remained unstable due to the UK's Brexit issue and the unpredictable policy direction of the new US administration.」

「During the first nine months of the current consolidated fiscal year, the global economy remained uncertain. Although the US economy continued to expand, the economies of China and emerging markets slowed moderately.」

「During the first six months of the current consolidated fiscal year, the global economy remained uncertain. Although the US economy continued to expand moderately, foreign exchange markets became unstable following the UK's decision to leave the EU, while the economies of China and emerging markets slowed moderately.」

「The global economy remains uncertain, as the US economy continues to expand steadily, while the outlook for the European economy has been affected by the UK's decision to leave the EU and growth in China and emerging-market economies has slowed.」