Concerns over the economic outlook due to slowing emerging-market economies and volatility in share prices and foreign exchange rates

「On the other hand, the prolonged uncertainty in the international situation and developments in global affairs, including US tariff issues, together with energy issues such as crude oil in the Middle East, raw material and selling prices, repeated price increases and movements in the yen, have kept living costs high and continue to make the economic outlook highly uncertain.」

「During the interim consolidated accounting period (1 April 2025 to 30 September 2025), Japan's economy moved toward normalization as the global recovery in the movement of people progressed. On the other hand, the prolonged uncertainty in the international situation and developments in global affairs, including tariff issues following the transition to a new administration in the United States, together with the fact that wage increases have been limited to major companies, repeated increases in the prices of energy resources such as crude oil, raw materials and selling prices, and movements in the yen, have kept living costs high and continue to make the economic outlook highly uncertain.」

「At the same time, in addition to developments in the global situation, including prolonged international geopolitical uncertainty and the transition to a new government in the United States, the fact that wage increases are limited to large companies, repeated price increases for energy resources such as crude oil, raw materials and selling prices, and the trend in the yen's value continue to make the economic outlook highly uncertain.」

「The prolonged instability in international conditions, slowing growth in the Chinese economy, repeated increases in the prices of energy resources such as crude oil and raw materials and in selling prices, and the continuing depreciation of the yen continue to make the economic outlook significantly more uncertain.」

「The prolonged Ukraine crisis, repeated increases in the prices of energy resources such as crude oil and raw materials and in selling prices, and the continuing depreciation of the yen have made the economic outlook significantly more uncertain.」

「The prolonged Ukraine crisis, repeated increases in the prices of energy resources such as crude oil and raw materials and in selling prices, and the continuing depreciation of the yen have made the economic outlook significantly more uncertain.」

「The prolonged Ukraine crisis, repeated increases in the prices of energy resources such as crude oil and raw materials and in selling prices, and the continuing depreciation of the yen have made the economic outlook significantly more uncertain.」

「During the fiscal year, Japan's economy showed signs of recovery as restrictions on activity and entry were eased in connection with COVID-19. However, the economic outlook remained uncertain due to the prolonged Ukraine crisis, repeated increases in the prices of energy resources such as crude oil and raw materials, repeated increases in selling prices, and the continuing depreciation of the yen.」

「During the nine-month consolidated period under review (1 April 2022 to 31 December 2022), Japan's economy remained highly uncertain, owing to the renewed spread of COVID-19 caused by new variants, the prolonged Ukraine issue, repeated price increases for energy resources such as crude oil, raw materials and selling prices, and the weakening yen.」

「At the same time, the prolonged Ukraine issue, repeated price increases for energy resources such as crude oil, raw materials and selling prices, and the weakening yen continue to make the economic outlook highly uncertain.」

「Meanwhile, the outlook for the economy remained highly uncertain owing to factors including the impact of the situation in Ukraine and lockdowns resulting from China's zero-COVID policy, surging prices for energy resources such as crude oil and for raw materials and products, and the yen's continued depreciation.」

「During the fiscal year, Japan's economy was significantly affected by the prolonged global COVID-19 pandemic, and the economic outlook remained highly uncertain as states of emergency and priority preventive measures were repeatedly imposed intermittently.」

「During the first six months of the fiscal year (1 April 2021 to 30 September 2021), Japan's economy was significantly affected by the prolonged global COVID-19 pandemic, and the economic outlook remained highly uncertain as states of emergency and priority preventive measures were repeatedly imposed intermittently.」

「Meanwhile, the government was pursuing unprecedented economic measures and signs of a temporary recovery had emerged, but the outlook for the economy remained highly uncertain, including because a third state of emergency was declared in April 2021.」

「Although temporary signs of recovery emerged, the economic outlook became significantly more uncertain, including with the issuance of a second state of emergency in January 2021.」

「During the nine months ended 31 December 2020, the Japanese economy continued to slow rapidly owing to the global impact of COVID-19, which continued to have a substantial effect on employment and worsened consumer sentiment regarding personal consumption. Meanwhile, although the government was pursuing unprecedented economic measures, the outlook for the end of the pandemic remained unclear, making the outlook for the economy highly uncertain.」

「During the six months ended 30 September 2020, the Japanese economy continued to slow rapidly owing to the global impact of COVID-19, which continued to have a substantial effect on employment and worsened consumer sentiment regarding personal consumption. Meanwhile, the outlook for the end of the pandemic remained unclear, making the outlook for the economy highly uncertain.」

「During the first quarter of the fiscal year ending March 2021 (1 April 2020 to 30 June 2020), the Japanese economy continued to slow rapidly owing to the global impact of COVID-19, which had a substantial effect on employment and significantly worsened consumer sentiment regarding personal consumption, making the outlook for the economy highly uncertain.」

「During the fiscal year (1 April 2019 to 31 March 2020), Japan's economy showed a gradual recovery, with corporate earnings and employment conditions improving, supported by the continued effects of the government's and the Bank of Japan's economic and monetary policies. However, the spread of COVID-19, in addition to the U.S.-China trade friction, slowed economies in Japan and overseas, creating significant uncertainty over the economic outlook.」

「During the first nine months of the fiscal year (1 April 2019 to 31 December 2019), Japan's economy showed a gradual recovery, with corporate earnings and employment conditions improving, supported by the continued effects of the government's and the Bank of Japan's economic and monetary policies. However, the economic outlook remained uncertain due to the U.S.-China trade friction and the deterioration in Japan-South Korea relations.」

「During the first six months of the fiscal year (1 April 2019 to 30 September 2019), Japan's economy showed a gradual recovery, with corporate earnings and employment conditions improving, supported by the continued effects of the government's and the Bank of Japan's economic and monetary policies. However, the economic outlook remained uncertain due to the U.S.-China trade friction and the prolonged issue of the UK's withdrawal from the EU.」

「During the first quarter of the fiscal year (1 April 2019 to 30 June 2019), Japan's economy showed a gradual recovery, with corporate earnings and employment conditions improving, supported by the continued effects of the government's and the Bank of Japan's economic and monetary policies. However, the economic outlook remained uncertain due to the impact of the U.S.-China trade negotiations and other factors.」

「During the first nine months of the fiscal year (1 April 2018 to 31 December 2018), Japan's economy showed a gradual recovery, with corporate earnings and employment conditions improving, supported by the continued effects of the government's and the Bank of Japan's economic and monetary policies. However, the economic outlook remained uncertain due to the impact of global trade friction and other factors.」

「During the first six months of the fiscal year (1 April 2018 to 30 September 2018), Japan's economy showed a gradual recovery, with corporate earnings and employment conditions improving, supported by the continued effects of the government's and the Bank of Japan's economic and monetary policies. However, the economic outlook remained uncertain due to the impact of the U.S. protectionist trade policy and geopolitical risks in East Asia and elsewhere.」

「During the first quarter of the fiscal year (1 April 2018 to 30 June 2018), Japan's economy showed a gradual recovery, with corporate earnings and employment conditions improving and capital investment increasing steadily, supported by the continued effects of the government's and the Bank of Japan's economic and monetary policies. However, the economic outlook remained uncertain due to the impact of the U.S. protectionist trade policy and geopolitical risks in East Asia and elsewhere.」

「During the fiscal year, Japan's economy showed a gradual recovery, with corporate earnings and employment conditions improving and capital investment increasing steadily, supported by the continued effects of the government's and the Bank of Japan's economic and monetary policies. However, the economic outlook remained uncertain amid concerns over overseas political and economic uncertainty.」

「During the first nine months of the fiscal year (1 April 2017 to 31 December 2017), Japan's economy showed a gradual recovery, with corporate earnings and employment conditions improving and capital investment also increasing steadily. However, the economic outlook remained uncertain amid concerns over overseas political and economic uncertainty.」

「During the first six months of the fiscal year (1 April 2017 to 30 September 2017), Japan's economy showed a gradual recovery, with corporate earnings and employment conditions improving and capital investment also increasing steadily. However, the economic outlook remained uncertain amid concerns over overseas political and economic uncertainty.」

「During the first nine months of the fiscal year (1 April 2017 to 30 June 2017), Japan's economy showed a gradual recovery as corporate earnings and employment conditions improved. However, the economic outlook remained uncertain due to concerns over the situation in Europe and the policies of the new U.S. administration, as well as uncertainty in Asian economies, including China.」

「During the fiscal year, Japan's economy continued to face an uncertain outlook amid concerns over an economic slowdown in China and elsewhere, concerns over the UK's withdrawal from the EU, and the spread of protectionist sentiment reflected in the results of the U.S. presidential election, despite signs of a gradual recovery driven by the government's and the Bank of Japan's economic and monetary policies.」

「During the first nine months of the fiscal year (1 April 2016 to 31 December 2016), Japan's economy showed signs of a gradual recovery due to the economic and monetary policies of the government and the Bank of Japan. However, global economic uncertainty intensified as economic growth slowed in emerging markets, including China, and Donald Trump's victory in the U.S. presidential election, and concerns over the economic outlook continued amid volatility in share prices and foreign exchange rates.」

「The global economic outlook remains uncertain as economic growth slows in emerging markets, including China, and share prices and foreign exchange rates become volatile.」