Downturn in Overseas Economies and Challenging Conditions for Private Consumption and the Pet Industry

「Meanwhile, the outlook remains uncertain due to the increasingly tense situation in the Middle East, volatility in foreign exchange and financial capital markets, continued inflation, and the impact of natural disasters, among other factors.」

「Regarding future economic conditions, conditions were expected to remain unpredictable due to U.S. trade policy, fluctuations in crude oil prices resulting from the situation in the Middle East and other geopolitical risks, as well as concerns about soaring raw-material and transportation costs and deterioration in consumer sentiment due to prolonged high prices.」

「However, close attention remained necessary regarding the future effects of the risk of an economic downturn resulting from U.S. trade policy, the impact of fluctuations in financial and capital markets on the economy, and the impact of continued inflation on consumer sentiment, and the outlook remained uncertain.」

「Regarding future economic conditions, a gradual recovery was expected to continue due to improvements in employment and income conditions, but the outlook was expected to remain uncertain due to a downturn in overseas economies resulting from continued high interest rates in Europe and the United States and continued stagnation in China’s real estate market, as well as deterioration in consumer sentiment due to prolonged high prices.」

「However, close attention remained necessary regarding the future effects of continued high interest rates in Europe and the United States, concerns about the outlook for China’s economy, inflation, the situation in the Middle East and fluctuations in financial and capital markets, and the outlook remained uncertain.」

「However, close attention remained necessary regarding the future effects of global monetary tightening, concerns about the outlook for China’s economy, inflation, the situation in the Middle East and fluctuations in financial and capital markets, and the outlook remained uncertain.」

「During the third quarter of the fiscal year, social and economic activity normalized further following the reclassification of the novel coronavirus under the Infectious Diseases Control Law to Category 5. The economy showed signs of recovery, including a recovery in personal consumption and inbound demand. However, the outlook remained uncertain as inflation continued due to increased geopolitical risks and soaring energy resource and raw-material prices.」

「During the second quarter of the fiscal year, social and economic activity normalized further as restrictions on movement were eased under the “living with COVID-19” approach, including the reclassification of the novel coronavirus under the Infectious Diseases Control Law to Category 5. The economy showed signs of recovery, including a recovery in personal consumption and inbound demand. However, close attention was required regarding the effects of soaring energy resource and raw-material prices resulting from prolonged geopolitical risks and fluctuations in financial and capital markets, and the outlook remained uncertain.」

「During the first quarter of the fiscal year, the economy showed signs of recovery as social and economic activity normalized due to the effects of various policies, including the easing of restrictions on movement under the “living with COVID-19” approach. Personal consumption also recovered gradually, but amid continued global monetary tightening, a downturn in overseas economies posed a risk of exerting downward pressure on Japan’s economy. Close attention was also required regarding the effects of inflation, supply-side constraints and fluctuations in financial and capital markets, and the outlook remained uncertain.」

「However, the outlook remained uncertain due to the prolonged deterioration of the situation between Russia and Ukraine, soaring energy resources and the rapid depreciation of the yen.」

「During the second quarter of the fiscal year, signs of recovery emerged as social and economic activity normalized following the lifting of restrictions on movement associated with the novel coronavirus. However, the outlook remained uncertain due to soaring energy resources resulting from heightened geopolitical risks and the rapid depreciation of the yen.」

「During the first quarter of the fiscal year, the Japanese economy showed signs of recovery as social and economic activity normalized with the spread of vaccinations against the novel coronavirus and the effects of various policies. However, the outlook remained uncertain due to soaring crude oil and raw-material prices resulting from geopolitical risks, including the situation in Ukraine.」

「Regarding future economic conditions, recovery was expected to begin as measures such as vaccinations against the novel coronavirus were implemented, but conditions were expected to remain uncertain, including soaring resource prices resulting from geopolitical risks such as the deterioration of the situation in Ukraine.」

「During the third quarter of the fiscal year, the Japanese economy remained challenging, with repeated declarations of a state of emergency and the application of priority preventive measures due to the renewed spread of the novel coronavirus, resulting in restrictions on economic activity and sluggish personal consumption. Meanwhile, new infections began to decline as vaccinations progressed and long-standing restrictions on social and economic activity were gradually eased. Recovery was expected to continue, supported by the effects of various policies and improvements in overseas economies, but the risk of renewed infection remained unresolved and the outlook continued to be uncertain.」

「During the second quarter of the fiscal year, the Japanese economy remained challenging, with prolonged effects of the spread of the novel coronavirus, repeated declarations of a state of emergency and the application of priority preventive measures, restrictions on economic activity and sluggish personal consumption. Although recovery was expected to continue as measures to prevent the spread of infection were implemented and vaccinations promoted, supported by the effects of various policies and improvements in overseas economies, conditions remained uncertain amid the spread of new variants.」

「During the first quarter of the fiscal year, the Japanese economy remained challenging as restrictions on economic activity, including requests to refrain from going out, were prolonged due to the novel coronavirus. Although signs of recovery were expected as measures to prevent the spread of infection were implemented, conditions remained uncertain, including the issuance of the third state of emergency. In the pet industry, although demand was supported by the increase in new pet owners in the previous year, the challenging environment continued, including higher procurement costs due to soaring raw-material prices, intensifying price competition within the industry, and rising labor and logistics costs.」

「Although the operating environment temporarily improved, with the market’s growth rate improving due to stay-at-home consumption and an increase in new pet owners resulting from the spread of the novel coronavirus, the preference for low prices and thrift due to deflation, the decline in the number of dogs kept and the reduction in the size of pets remain ongoing. Accordingly, the growth rate of the pet-related market is expected to slow again.」

「During the third quarter of the fiscal year, the Japanese economy deteriorated rapidly as economic activity was restricted by the spread of the novel coronavirus. Although economic activity gradually resumed after the lifting of the state of emergency and signs of recovery appeared, conditions remained uncertain amid the renewed spread of infection.」

「During the second quarter of the fiscal year, the Japanese economy deteriorated rapidly as economic activity was restricted by the spread of the novel coronavirus, resulting in extremely challenging conditions, including worsening corporate earnings and sluggish personal consumption. Although economic activity resumed after the lifting of the state of emergency, the prospects for containing the spread of infection remained unclear and conditions continued to be uncertain. In the pet industry, the impact of the novel coronavirus was limited, but the challenging environment continued, including higher procurement costs due to soaring raw-material prices, intensifying price competition within the industry, and rising labor and logistics costs.」

「During the first quarter of the fiscal year, the Japanese economy had been recovering gradually amid continued improvements in employment and income conditions, but deteriorated rapidly due to the global spread of the novel coronavirus, resulting in extremely challenging conditions. The impact of the infection was expected to continue for the time being, and conditions remained uncertain.」

「However, concerns remained about the impact on the domestic and overseas economies of developments surrounding trade issues between the United States and China, the United Kingdom’s withdrawal from the EU, and the spread of the novel coronavirus, and conditions continued to be uncertain.」

「During the third quarter of the fiscal year, the Japanese economy continued to recover gradually amid continued improvements in employment and income conditions, supported by the effects of various policies. However, conditions remained uncertain, with attention required regarding the impact of trade issues on the global economy, uncertainty surrounding overseas economic conditions and policies, fluctuations in financial and capital markets, and the impact of the consumption tax rate increase on consumer sentiment in Japan.」

「During the second quarter of the fiscal year, the Japanese economy continued to recover gradually amid continued improvements in employment and income conditions, supported by the effects of various policies. However, conditions remained uncertain, with attention required regarding the impact of trade issues on the global economy, uncertainty surrounding overseas economic conditions and policies, and fluctuations in financial and capital markets. In the pet industry, the challenging environment continued, including higher procurement costs due to soaring raw-material prices, intensifying price competition within the industry, and rising labor and logistics costs.」

「During the first quarter of the fiscal year, the Japanese economy continued to recover gradually amid continued improvements in employment and income conditions, supported by the effects of various policies. However, conditions remained uncertain, with attention required regarding the impact of trade issues on the global economy, uncertainty in overseas economies and fluctuations in financial and capital markets. In the pet industry, the challenging environment continued, including higher procurement costs due to soaring raw-material prices, intensifying price competition within the industry, and rising labor and logistics costs.」

「Attention remained necessary regarding the impact of trade issues on the global economy, uncertainty in overseas economies and fluctuations in financial and capital markets, and conditions continued to be uncertain. In the pet industry, although signs of increased demand were seen, including a recovery in personal consumption and an increase in the number of cats kept due to their popularity, the challenging operating environment surrounding the pet-related market continued, including a decline in new pet ownership resulting from the increase in single-person and nuclear-family households.」

「During the third quarter of the fiscal year, the Japanese economy continued to recover gradually as corporate earnings and employment and income conditions improved, despite the effects of successive natural disasters such as torrential rain and earthquakes. However, conditions remained uncertain, with attention required regarding the impact of trade issues on the global economy, uncertainty in overseas economies and fluctuations in financial and capital markets. In the pet industry, although signs of increased demand were seen, including a recovery in personal consumption and an increase in the number of cats kept due to their popularity, the number of dogs kept continued to decline and the pet-related market remained broadly flat.」

「During the second quarter of the fiscal year, the Japanese economy continued to recover gradually as corporate earnings and employment and income conditions improved, although conditions remained uncertain, including the need to monitor uncertainty in overseas economies and fluctuations in financial and capital markets. In the pet industry, although signs of increased demand were seen, including a recovery in personal consumption and an increase in the number of cats kept due to their popularity, the number of dogs kept continued to decline and the pet-related market remained broadly flat.」

「During the first quarter of the fiscal year, the Japanese economy was expected to continue recovering gradually, supported by the effects of ongoing government policies amid continued improvements in employment and income conditions. However, conditions remained uncertain, with attention required regarding uncertainty in overseas economies and fluctuations in financial and capital markets. In the pet industry, although signs of increased demand were seen, including a recovery in personal consumption and an increase in the number of cats kept due to their popularity, the number of dogs kept continued to decline and the pet-related market remained broadly flat.」

「Although signs of increased demand were seen, including a recovery in personal consumption and an increase in the number of cats kept due to their popularity, the challenging operating environment surrounding the pet-related market continued, including a decline in new pet ownership resulting from the increase in single-person and nuclear-family households.」

「During the third quarter of the fiscal year, the Japanese economy continued to recover gradually, supported by the effects of various government policies amid continued improvements in employment and income conditions, although uncertainty about overseas economic conditions and policies remained. In the pet industry, the number of newly kept dogs and cats remained sluggish, and the challenging operating environment surrounding the pet-related market continued.」

「During the second quarter of the fiscal year, the Japanese economy continued to recover gradually, supported by the effects of various government policies amid continued improvements in corporate earnings and employment conditions, despite concerns including uncertainty in overseas economic conditions and instability in financial and capital markets. In the pet industry, the number of newly kept dogs and cats remained sluggish, and the challenging operating environment surrounding the pet-related market continued.」

「During the first quarter of the fiscal year, the Japanese economy continued to recover gradually overall, although some areas showed delays in improvement. Personal consumption continued to show signs of recovery and is expected to recover gradually, supported by the effects of various policies amid continued improvements in corporate earnings and employment conditions. However, uncertainty about overseas economies remained, and conditions continued to be uncertain. In the pet industry, the number of newly kept dogs and cats remained sluggish, and the environment surrounding the pet-related market remained challenging.」

「However, due in part to sharp exchange-rate fluctuations, slowdowns in emerging-market economies, including China, the United Kingdom’s withdrawal from the EU, uncertainty surrounding the economic policies of the new U.S. administration and the resulting downturn in the global economy, the environment surrounding personal consumption and the overall trend in consumption remained difficult to view optimistically, and conditions continued to be uncertain. In the pet industry, although personal consumption showed signs of recovery, the industry remained broadly flat amid sluggish growth in the number of pets kept, while demand increased for cat-related products due to the popularity of cats and for health-focused products offering “peace of mind and safety” and other high-value-added products.」

「However, due in part to sharp exchange-rate fluctuations, slowdowns in emerging-market economies, including China, and the downturn in the global economy resulting from issues such as the United Kingdom’s withdrawal from the EU, the environment surrounding personal consumption and the overall trend in consumption remained difficult to view optimistically, and conditions continued to be uncertain. In the pet industry, although personal consumption showed signs of recovery, the challenging operating environment continued.」

「However, due in part to slowdowns in emerging-market economies, including China, and the downturn in the global economy resulting from issues such as the United Kingdom’s withdrawal from the EU, the environment surrounding personal consumption and the overall trend in consumption remained difficult to view optimistically, and conditions continued to be uncertain. In the pet industry, although personal consumption showed signs of recovery, the challenging operating environment continued.」

「Due in part to downturns in overseas economic conditions, particularly China’s economy, the environment surrounding personal consumption and the overall trend in consumption remained difficult to view optimistically, and conditions continued to be uncertain. In the pet industry, although personal consumption showed signs of recovery, the challenging operating environment continued.」