Economic Uncertainty Stemming from Yen Appreciation, the UK's Withdrawal from the EU, and the Kumamoto Earthquakes

「However, the outlook remains uncertain because of continued surges in raw material and energy prices associated with geopolitical risks, concerns that global trade policies will worsen business sentiment, and price increases exceeding wage growth.」

「However, the outlook for economic conditions remained uncertain due to the prolonged situation in Ukraine, soaring raw material and energy prices, and rising prices resulting from the depreciation of the yen.」

「However, society as a whole remains in an uncertain environment due to soaring raw material and energy prices, the prolonged situation in Ukraine, price increases caused by the yen's depreciation, and advancing inflation, particularly in Europe and the United States.」

「During the cumulative second quarter under review, the Japanese economy gradually recovered as social activity moved toward normalization, despite a renewed spread of COVID-19. At the same time, the yen weakened as monetary tightening centered on Europe and the United States continued, while prices, including those of fuel and raw materials, continued to rise, leaving the outlook uncertain.」

「During the cumulative first quarter under review, economic activity had been moving toward normalization as efforts to prevent the spread of COVID-19 progressed, vaccinations advanced, the number of cases declined and restrictions on activities were eased. However, the outlook remained uncertain owing to factors including rising international tensions.」

「The outlook for the global economy remains uncertain because of numerous sources of uncertainty, including higher resource prices resulting from the situation in Russia and Ukraine and sharp fluctuations in foreign exchange rates.」

「However, the outlook remains uncertain because of concerns about the continued spread of new COVID-19 variants and surging global resource prices, particularly crude oil prices.」

「The economic outlook remains uncertain, partly because of downside risks such as developments related to COVID-19 and supply difficulties in supply chains.」

「Although personal consumption recovered in some areas, such as luxury branded goods and high-performance home appliances, it remained weak, particularly in face-to-face personal services, because the impact of COVID-19 showed no sign of abating as highly transmissible variants continued to spread.」

「During the fiscal year under review, the Japanese economy was forced to undergo a substantial slowdown in economic activity due to the spread of COVID-19.」

「However, caution about COVID-19, which had temporarily receded, resurfaced in late November. Personal consumption then stagnated rapidly toward year-end, owing also to the review of the Go To campaign, requests for restaurants to further shorten their operating hours, and a growing propensity to save as a result of the deteriorating employment environment.」

「During the cumulative second quarter under review, the Japanese economy deteriorated sharply as the spread of COVID-19 led to a state of emergency being declared in April. However, after reaching a trough in April and May, the economy is believed to have entered a gradual recovery phase following the lifting of the declaration. Software-related activity was particularly firm, while industrial production also showed signs of improvement, driven by the recovery of the Chinese economy. Personal consumption, however, remained generally stagnant because the outlook for the end of the COVID-19 pandemic remained unclear, the employment environment deteriorated, and the country experienced a prolonged rainy season and torrential-rain disasters, despite the effect of the special fixed-sum cash benefit.」

「Furthermore, since January this year, inbound demand has declined rapidly because of the impact of the novel coronavirus, which originated in Wuhan, China, and spread worldwide. In addition, infections in Japan were confirmed through the issue involving the Diamond Princess cruise ship in early February, and the economy clearly began to show signs of recession as personal consumption, particularly spending on services, also started to be constrained.」

「During the cumulative third quarter under review, manufacturing activity in Japan declined owing to the slowdown in the Chinese economy and the impact of Typhoon No. 19. The non-manufacturing sector remained firm, despite the consumption tax increase and the impact of Typhoon No. 19, as labor-saving investment, construction investment and investment in next-generation communications remained solid. Personal consumption, however, remained weak because of sluggish growth in real income and concerns about future living conditions, despite the favorable employment environment.」

「However, external demand has contracted, mainly because of the prolonged U.S.-China trade war, causing a marked slowdown in production and shipments in the manufacturing sector. Although there was front-loaded demand ahead of the consumption tax increase, consumer sentiment has continued to deteriorate as the global economic outlook has become more uncertain.」

「However, exports and production have shown signs of weakness due to the impact of the U.S.-China trade war and economic slowdowns in emerging markets and Europe. Personal consumption has also remained weak, except among some affluent households, owing to sluggish growth in real disposable income and price increases for everyday goods and services.」

「However, concerns about the economy losing momentum emerged as production and exports slowed from the summer onward, owing to a succession of natural disasters and the growing impact of the trade war between the United States and China. Although the employment and income environment continued to improve, personal consumption remained weak because this did not translate into higher real disposable income.」

「However, the recent rapid slowdown in capital investment, which had been one of the key drivers of the Japanese economy, has been caused by the impact of the slowdown in the Chinese economy that became apparent as a result of the U.S.-China trade war. Personal consumption also remained weak, as improvements in the employment and income environment did not translate into higher real disposable income, while concerns about future living conditions persisted.」

「During the six-month period ended in the second quarter, Japan's economy saw production and exports slow due mainly to trade friction between the United States and China, geopolitical risks in the Middle East, soaring crude oil prices, severe labor shortages and a series of natural disasters, although」

「During the cumulative first quarter under review, the Japanese economy continued to expand moderately, although unstable factors emerged, including concerns about global trade friction originating in the United States and rising political tensions in the Middle East, while geopolitical risks on the Korean Peninsula eased.」

「During the current consolidated fiscal year, Japan's economy followed a moderate recovery trend, with corporate earnings remaining firm against the backdrop of the government's economic measures. However, the outlook remained uncertain amid concerns over the impact of unstable political developments and rising geopolitical risks in Europe, the United States and Southeast Asia.」

「During the cumulative period of the current third quarter, Japan's economy was on a moderate recovery trend, supported by corporate capital investment and improvements in the employment environment. However, the outlook remained uncertain amid concerns over the impact of the US president's policy direction and rising geopolitical risks overseas, including North Korea.」

「During the cumulative period of the current second quarter, Japan's economy was on a moderate recovery trend, supported by corporate capital investment and improvements in the employment environment. However, the outlook remained uncertain amid concerns over the impact of unstable political developments overseas and rising geopolitical risks.」

「During the cumulative period of the current first quarter, Japan's economy was on a moderate recovery trend, supported by corporate capital investment and improvements in the employment environment, although personal consumption remained weak. Uncertainty also increased due to concerns over overseas political conditions, and the outlook remained uncertain.」

「During the cumulative period of the current third quarter, Japan's economy remained uncertain, with corporate earnings and personal consumption showing signs of stagnation amid unstable movements in exchange rates and share prices resulting from changes in domestic and overseas economic conditions.」

「During the cumulative period of the current second quarter, Japan's economy remained uncertain, with corporate earnings and personal consumption showing signs of stagnation amid unstable movements in exchange rates and share prices resulting from changes in domestic and overseas economic conditions.」

「During the cumulative period of the current first quarter, Japan's economy faced concerns over an economic slowdown as uncertainty in the global economy increased amid the appreciating yen and the UK's decision to leave the EU. The outlook remained uncertain, with economic losses from the 2016 Kumamoto earthquake and the further postponement of the consumption tax increase, while personal consumption remained sluggish.」