Stock market slump and uncertainty over the economic outlook following the UK's withdrawal from the EU

「During the current consolidated fiscal year, Japan's economy remained on a gradual recovery trend due to improvements in employment and income conditions and inbound demand. However, the outlook remained uncertain due to numerous downside risks, including deteriorating consumer sentiment caused by rising prices, chronic labor shortages and higher long-term interest rates.」

「During the current interim consolidated fiscal year, Japan's economy remained on a gradual recovery trend against a backdrop of improving employment and income conditions and increased inbound demand. However, prices, particularly for food and daily necessities, continued to rise, raising concerns over a decline in consumer sentiment. The impact of US tariff policies and domestic political conditions also became factors destabilizing the economy, leaving the outlook uncertain.」

「Unstable factors affecting the economy have emerged, including rising prices for essential goods such as food and daily necessities, unstable international conditions and the tariff policies of the Trump administration in the United States, increasing uncertainty over the outlook.」

「During the current interim consolidated fiscal year, Japan's economy remained on a gradual recovery trend as inbound demand recovered and employment and income conditions improved. However, the impact of high prices caused by soaring raw material and material costs has become serious, and it remains necessary to closely monitor global monetary policy and foreign exchange trends, leaving the outlook uncertain.」

「During the current consolidated fiscal year, the economy remained on a gradual recovery trend as economic activity normalized, employment conditions and inbound demand recovered, and the Nikkei Stock Average rose. However, downside risks to the domestic economy included global monetary tightening, concerns over the outlook for the Chinese economy and rising prices due to persistently high resource and raw material prices amid the weaker yen, leaving the outlook uncertain.」

「During the first nine months of the current consolidated fiscal year, restrictions on activity were eased following the reclassification of COVID-19 as a Category V disease, personal consumption and inbound demand showed signs of recovery, and economic activity continued to normalize. However, prices continued to rise due to the weaker yen and persistently high raw material prices, leaving the outlook uncertain.」

「During the first six months of the current consolidated fiscal year, restrictions on activity were eased following the reclassification of COVID-19 as a Category V disease, and the economy moved toward normalization through the revitalization of production activity and increased consumption of dining, travel and leisure-related services. Meanwhile, high prices for goods and services continued due to surging raw material and resource prices resulting from the prolonged Russia-Ukraine situation and the depreciation of the yen in foreign exchange markets, leaving the outlook uncertain.」

「During the first quarter of the current consolidated fiscal year, economic activity returned toward normal as COVID-19 was reclassified as a Category V disease under Japan's Infectious Diseases Act, and the economy entered a gradual recovery trend. However, in addition to concerns over a downturn in overseas economies against a backdrop of global monetary tightening, sharp price increases continued domestically due to soaring raw material and resource prices caused by the prolonged Russia-Ukraine situation, leaving the outlook uncertain.」

「During the first nine months of the current consolidated fiscal year, the economy continued to recover toward normalization after the COVID-19 pandemic, but prices rose due to surging raw material costs and higher costs resulting from the weaker yen, making their impact on companies and households increasingly pronounced.」

「During the first six months of the current consolidated fiscal year, social and economic activity showed signs of recovery as restrictions on activity were eased while the impact of COVID-19 continued. Meanwhile, against a backdrop of worldwide inflation, countries including the United States shifted toward tighter monetary policy, raising concerns over downside risks to the economy, such as higher interest rates slowing the pace of the global economic recovery. The economic outlook therefore remained uncertain.」

「During the first quarter of the current consolidated fiscal year, although COVID-19 continued to affect Japan's economy, vaccinations progressed and social and economic activity gradually resumed, with signs of recovery. However, soaring resource, energy and raw material prices due to the impact of Russia's invasion of Ukraine and other factors, as well as rising import prices caused by the sharp depreciation of the yen, have put pressure on corporate earnings and household finances, and uncertainty over the outlook has continued.」

「During the current consolidated fiscal year, supply constraints caused by disruptions in supply chains and rising raw material prices continued due to the spread of the new Omicron variant of COVID-19, raising concerns over a prolonged stagnation in economic activity. In addition, Russia's military invasion of Ukraine caused resource prices, including crude oil, to surge, and uncertainty over the economic outlook continued.」

「During the first nine months of the current consolidated fiscal year, the severe conditions caused by COVID-19 gradually eased and signs of recovery appeared. However, uncertainty over the outlook continued, including concerns over a resurgence of infections caused by the new Omicron variant.」

「During the first six months of the current consolidated fiscal year, the situation remained unpredictable as the spread of COVID-19 variants led to a record high number of new infections in August. Subsequently, as vaccinations progressed, the number of new infections declined, and the state of emergency was lifted in all areas on 30 September, leading to expectations that social and economic activity will gradually recover going forward.」

「Although COVID-19 continues to affect the economy and some social and economic activities have begun to recover, the situation remains unpredictable due to the reissuance of the state of emergency and the spread of variants, and uncertainty over the economic outlook continues.」

「During the current consolidated fiscal year, domestic consumption fell sharply due to the spread of COVID-19. Although signs of recovery subsequently emerged, a state of emergency was reissued in January 2021 for 11 prefectures and metropolitan areas and lifted in March, but concerns over a rebound in infections remained, leaving the economy in a severe situation with no clear outlook for when the pandemic would end.」

「During the first nine months of the current consolidated fiscal year, the number of people infected with COVID-19 rose sharply again from autumn onward, creating signs that the economy, which had been recovering, could decline again. Accordingly, uncertainty over the economic outlook remained.」

「During the first six months of the current consolidated fiscal year, Japan's economy remained in a severe situation due to the impact of COVID-19. Although some signs of recovery have appeared recently, concerns over a resurgence of infections mean that it remains necessary to closely monitor the impact of the disease on domestic and overseas economies and fluctuations in financial markets.」

「During the first quarter of the current consolidated fiscal year, Japan's economy was forced into a sharp contraction as the spread of COVID-19 led to the declaration of a state of emergency, followed by the full-scale implementation of requests to suspend business operations and calls for people to refrain from going out. Although economic activity has begun to resume following the full lifting of the state of emergency on 25 May, the full resumption of economic activity remains unforeseeable due to concerns over a second wave of infections.」

「During the current consolidated fiscal year, Japan's economy remained in a situation of increasing uncertainty over the outlook due to the prolonged US-China trade friction, the slowdown in the Chinese economy and growing concern over the global economy following the worldwide spread of COVID-19 from the beginning of the year.」

「During the first nine months of the current consolidated fiscal year, although the Nikkei Stock Average rose significantly, uncertainty over the economic outlook continued due to the prolonged US-China trade friction and the downturn in domestic demand in China.」

「During the first six months of the current consolidated fiscal year, Japan's economy remained affected by sluggish external demand, particularly among manufacturers, due to US-China trade friction, resulting in a further increase in uncertainty over the economic outlook.」

「During the first quarter of the current consolidated fiscal year, Japan's economy saw a further deterioration in business performance, particularly among manufacturers, due to the impact of US-China trade friction. As various indicators also deteriorated, uncertainty over the economic outlook increased further.」

「During the first nine months of the current consolidated fiscal year, various risks increased, including US-China trade friction and confusion surrounding the UK's withdrawal from the EU, adding to uncertainty in international conditions. However, corporate earnings maintained their growth trend, and personal consumption remained firm, with no excessive deterioration in consumer sentiment. Overall, the economy continued on a gradual expansion trend.」

「Although the economy has remained on a gradual recovery trend, the pace of economic expansion has begun to stall due to rising costs resulting from higher crude oil prices and labor shortages, as well as the impact of trade friction involving the United States.」

「During the first nine months of the current consolidated fiscal year, Japan's economy continued on a gradual recovery trend overall. Although international conditions remained unstable, exports and production increased against a backdrop of a gradual recovery in overseas economies, while personal consumption recovered as employment conditions improved.」

「During the first six months of the current consolidated fiscal year, Japan's economy saw exports on a recovery trend and a recovery in production activity. Accordingly, employment conditions and employment income were also on a recovery trend, while personal consumption remained firm against a backdrop of solid consumer sentiment. Although there were concerns over consumer sentiment due to the gradual rise in energy prices and geopolitical risks, the economy continued to recover gradually.」

「During the first quarter of the current consolidated fiscal year, Japan's economy continued on a gradual recovery trend, supported by increases in industrial production and capital investment.」

「During the current consolidated fiscal year, Japan's economy showed signs of a gradual recovery against a backdrop of improving employment and income conditions. However, together with sluggish personal consumption, uncertainty over the economic outlook persisted due to US policy developments and uncertainty surrounding overseas economies.」

「During the first six months of the current consolidated fiscal year, Japan's economy saw a gradual recovery in employment income and an improving employment environment, but personal consumption showed some weakness due to the impact of the Kumamoto Earthquake and unsettled weather caused by a record number of typhoons making landfall. In addition, uncertainty over the outlook for overseas economies increased, including economic conditions in emerging Asian economies, particularly China, and resource-producing countries, as well as the UK's issue of leaving the EU.」

「During the first quarter of the current consolidated fiscal year, Japan's economy saw increasing uncertainty over the economic outlook due to the stock market slump and the impact of the UK's decision to leave the EU.」