Surging Resource Prices and Inflation and Uncertainty over the Economic Outlook Due to Developments in Russia and Ukraine

「Regarding overseas economies, uncertainty surrounding international trade has increased due to changes in the trade policies of major countries and heightened geopolitical risks, raising concerns over spillover effects on the domestic economy through exchange-rate movements and higher resource prices. Together with volatility in financial and capital markets, these factors have left uncertainty over the outlook for the domestic economy at a high level.」

「During the current interim consolidated accounting period, Japan's economy followed a moderate recovery trend, with signs of a pickup in private consumption and capital investment. In particular, the recovery in inbound demand and improved corporate performance provided support in some industries. However, cost pressures on corporate earnings and households remained due to persistently high energy and raw material prices and the continued depreciation of the yen resulting from the Japan-US interest rate differential. In addition, uncertainty over the outlook for overseas economies increased due to developments in US trade policy and the slowdown of the Chinese economy, leaving export-related companies in a highly uncertain environment.」

「Japan's domestic economy during the current consolidated fiscal year followed a moderate recovery trend, with signs of a pickup in private consumption and capital investment. However, energy and raw material prices remained high due in part to the Palestinian issue, while the yen remained weak because of interest rate differentials between currencies. The outlook was uncertain due to various factors, including the impact of the US presidential election.」

「During the cumulative third quarter of the current fiscal year, Japan's economy was significantly affected by the continued depreciation of the yen, driven in part by interest rate differentials between currencies, despite changes in the Bank of Japan's monetary policy. Overseas, uncertainty remains due to factors including the US presidential election, which is only a few months away, and increasingly unstable international conditions, including the Palestinian issue.」

「During the cumulative second quarter of the current fiscal year, Japan's economy followed a moderate recovery trend, with signs of a pickup in private consumption and capital investment. However, the outlook for financial markets remains uncertain due to external factors affecting overseas economies, including concerns over higher energy and raw material prices and inflation resulting from the prolonged Ukraine situation and the Palestinian issue.」

「The economic outlook remains uncertain due to rising prices against a backdrop of heightened social tensions and global monetary tightening.」

「During the cumulative third quarter of the current fiscal year, Japan's economy showed signs of recovery as the effects of various policies addressing the novel coronavirus disease (COVID-19) emerged and economic activity gradually resumed. However, the economic outlook remains uncertain due to continued high resource prices and inflation resulting from the prolonged Russia-Ukraine situation, as well as volatility in financial and capital markets.」

「During the cumulative second quarter of the current fiscal year, Japan's economy showed signs of recovery as the effects of various policies addressing the novel coronavirus disease (COVID-19) emerged and economic activity gradually resumed. However, the economic outlook remains uncertain due to continued high resource prices and inflation resulting from the prolonged Russia-Ukraine situation, as well as volatility in financial and capital markets.」

「The economic outlook remains uncertain, including concerns over rising resource prices and inflation resulting from the increasingly tense Russia-Ukraine situation.」