Concerns over economic slowdowns in China and elsewhere, more cautious ICT investment, and declining public investment

「During the interim consolidated accounting period, Japan's economy showed some weakness in its recovery, despite solid corporate capital investment and support for personal consumption from the government's measures to address high prices. The situation is expected to continue requiring close attention to future trends in prices and supply chains, against the backdrop of the situation in the Middle East and other factors.」

「During the interim accounting period, Japan's economy continued to recover gradually, supported by solid corporate capital investment and inbound demand. However, the situation is expected to continue requiring close attention due to price trends, US tariff policy, and geopolitical risks.」

「During the fiscal year, Japan's economy continued to recover gradually, supported by increased inbound demand and solid corporate capital investment, although personal consumption showed weakness. However, the situation is expected to continue requiring close attention due to geopolitical risks related to the situation in the Middle East and the impact of rising prices.」

「During the cumulative first-quarter period, Japan's economy continued to recover gradually as employment conditions and the income environment improved and inbound demand increased. However, the situation is expected to continue requiring close attention due to global monetary policy developments and rising geopolitical risks.」

「During the fiscal year, Japan's economy continued to show signs of recovery, led by personal consumption and capital investment. However, the situation is expected to continue requiring close attention due to global inflation trends and rising geopolitical risks.」

「During the cumulative third-quarter period, Japan's economy continued to show signs of recovery in personal consumption and capital investment as economic activity normalized from the COVID-19 pandemic. However, the situation is expected to continue requiring close attention due to global inflation trends and other factors.」

「Personal consumption is considered to be recovering, driven by inbound demand, nationwide travel assistance, and the normalization of economic activity in anticipation of the reclassification of COVID-19 under the Infectious Diseases Control Law to Category 5, equivalent to seasonal influenza. However, the situation is expected to continue requiring close attention due to concerns over global inflation and the outlook for financial conditions.」

「During the cumulative first-quarter period, Japan's economy showed signs of recovery due to inbound demand and the consumption effects of nationwide travel assistance. However, the situation is expected to continue requiring close attention due to developments in the Chinese economy following the lifting of its zero-COVID policy, the Ukraine conflict that carried over into the new year, and the progress of global inflation.」

「During the fiscal year, Japan's economy continued to recover gradually, led by capital investment and personal consumption. However, concerns over the risk of an economic slowdown associated with trends in prices and wages, global monetary policy developments, and supply-side constraints mean that the situation is expected to continue requiring close attention.」

「During the cumulative third-quarter period, Japan's economy maintained a gradual recovery trend from the COVID-19 pandemic, including a recovery in personal consumption following the lifting of quasi-emergency measures in late March. However, uncertainty over the outlook increased due to the prolonged Russian invasion of Ukraine and the impact of lockdowns in China, and the situation is expected to continue requiring close attention.」

「During the cumulative second-quarter period, Japan's economy, which had continued to recover, slowed, particularly in personal consumption, as infections with the Omicron variant of the novel coronavirus spread. In addition, Russia's invasion of Ukraine from late February increased uncertainty over the outlook for the global economy, including Japan, and the situation is expected to continue requiring close attention.」

「During the cumulative first-quarter period, Japan's economy showed signs of recovery, particularly in personal consumption, as the number of new novel coronavirus cases remained stable with the progress of vaccinations. However, cost increases driven by factors such as surging energy prices and uncertainty over trends in novel coronavirus variants mean that the situation is expected to continue requiring close attention.」

「During the cumulative third-quarter period, Japan's economy continued to recover from the COVID-19 pandemic, despite the continuing difficulties caused by restrictions on economic activity accompanying declarations of a state of emergency. This included increased willingness to invest in capital equipment in anticipation of an economic recovery as vaccinations progressed.」

「During the cumulative second-quarter period, Japan's economy faced certain restrictions on economic activity following the declaration of a second state of emergency in January this year. However, supported by the government's and the Bank of Japan's proactive fiscal and monetary policies, the economy maintained its recovery trend after the sharp downturn caused by the COVID-19 pandemic in the second half of last year, despite the continuing severe impact of the disease.」

「During the fiscal year, Japan's economy had generally remained on a gradual recovery trend, as corporate earnings improved and employment and income conditions continued to improve against the backdrop of various policies. However, the domestic economy deteriorated rapidly due to the global spread of the novel coronavirus disease, and the challenging conditions have continued. Although the economy is expected to move toward recovery as socioeconomic activity is gradually restored, supported by the effects of various policies, it is necessary to closely monitor the impact of trends in infectious diseases in Japan and overseas and volatility in financial and capital markets.」

「During the cumulative third-quarter period, Japan's economy had generally remained on a gradual recovery trend, as corporate earnings improved and employment and income conditions continued to improve against the backdrop of various government policies. However, the domestic economy deteriorated rapidly due to the global spread of the novel coronavirus disease, and the economic outlook remained uncertain.」

「During the cumulative second-quarter period, Japan's economy generally remained on a gradual recovery trend, as corporate earnings improved and employment and income conditions continued to improve against the backdrop of various government policies. However, the economic outlook became increasingly uncertain due to the impact of the US-China trade issue and the global spread of the novel coronavirus disease.」

「Meanwhile, the situation remained a matter requiring continued attention regarding the outlook due to concerns over developments surrounding trade issues, the outlook for the Chinese economy, developments in overseas economies including the UK's EU withdrawal issue, and the impact of volatility in financial and capital markets.」

「However, the situation remained a matter requiring continued attention due to concerns over US-China trade friction, the UK's EU withdrawal issue, uncertainty in overseas economies, and the impact of volatility in financial and capital markets.」

「During the cumulative third-quarter period, Japan's economy remained on a gradual recovery trend, supported by the effects of various policies and continued improvement in employment and income conditions, although exports and production remained weak. However, the situation remained a matter requiring continued attention due to concerns over the impact of developments in trade issues on the global economy, uncertainty in overseas economies, including the outlook for the Chinese economy, and volatility in financial and capital markets.」

「The situation remained a matter requiring continued attention due to concerns over the outlook for the Chinese economy, uncertainty in overseas economies, and the impact of volatility in financial and capital markets.」

「Meanwhile, the outlook remained a matter requiring continued attention due to concerns over the impact of developments in trade issues on the global economy, uncertainty in overseas economies, and volatility in financial and capital markets.」

「However, the outlook remained uncertain due to uncertainty in overseas economies, including the impact of developments in trade issues on the global economy, volatility in financial and capital markets, and the impact of policy developments in various countries.」

「During the cumulative third-quarter period, Japan's economy recovered gradually, supported by the effects of various policies as employment and income conditions continued to improve. However, it remained uncertain due to uncertainty in overseas economies, volatility in financial and capital markets, and the impact of policy developments in various countries.」

「During the cumulative second-quarter period, Japan's economy recovered gradually, as employment and income conditions steadily improved and personal consumption showed signs of recovery. However, it remained uncertain due to uncertainty in overseas economies, volatility in financial and capital markets, and the impact of policy developments in various countries.」

「During the cumulative first-quarter period, Japan's economy recovered gradually, as employment and income conditions steadily improved and personal consumption showed signs of recovery. However, it remained uncertain due to the impact of uncertainty in overseas economies and volatility in financial and capital markets.」

「During the cumulative third-quarter period, Japan's economy remained on a gradual recovery trend, supported by continued improvement in employment and income conditions and the effects of various economic policies. However, the situation remained uncertain due to the impact of overseas economies, including slower growth in emerging Asian countries such as China, and concerns over political developments in Europe and the United States.」

「Meanwhile, the economic outlook remains uncertain due to concerns over the UK's EU withdrawal issue, slower growth in emerging Asian countries, including China, and the policy direction of the new US administration.」

「While the ICT (information and communications technology) industry in which we operate is expected to see broader use of cloud computing, big data, IoT (Internet of Things), AI (Artificial Intelligence), and other technologies, corporate capital investment showed no signs of recovery and remained stagnant.」

「However, the economic outlook remains uncertain due to risks from economic downturns in emerging Asian countries, including China, and resource-producing countries, as well as the UK's EU withdrawal issue. Although there is demand in the ICT (information and communications technology) industry in which we operate for investment in the use of IT in business, the integration and rebuilding of IT infrastructure, and information security measures as strategic IT investments to support future growth, companies have become more cautious because of uncertainty about the outlook. Public investment has also been on a gradual declining trend, and the challenging business environment has continued.」

「However, the outlook for the economy remains uncertain due to concerns over the economic slowdown in emerging Asian countries, including China, and the impact of the Bank of Japan's introduction of negative interest rates. Although there is demand in the ICT (information and communications technology) industry in which we operate for investment in the use of IT in business, the integration and rebuilding of IT infrastructure, and information security measures as strategic IT investments to support future growth, companies have become more cautious because of uncertainty about the outlook. Public investment has also been on a gradual declining trend, and the challenging business environment has continued.」