Slowing Overseas Economies and Uncertainty About the Outlook

「Meanwhile, concerns about the impact on the global economy of international instability, including US trade policy and the situation in the Middle East, left the outlook uncertain.」

「During the interim consolidated fiscal period, Japan’s economy showed a gradual recovery trend due to improvements in the employment and income environment. However, the outlook remained uncertain amid concerns about a global economic downturn caused by the prolonged instability of the international situation and the impact of US trade policy.」

「In the domestic economy, conditions remained on a gradual recovery trend against the backdrop of improvements in the employment and income environment and increased inbound demand. However, the economic outlook remained uncertain due to the impact of foreign exchange risks and stagnation in China’s real estate market, as well as global geopolitical risks and US policy developments.」

「Meanwhile, the outlook remained uncertain due to stagnant consumer sentiment caused by elevated prices and natural disasters, global geopolitical risks and unstable movements in foreign exchange markets, among other factors.」

「During the third quarter of the consolidated fiscal year, social and economic activity moved toward normalization as restrictions on activities in Japan and restrictions on entry from overseas were eased following the reclassification of COVID-19 as a Category 5 infectious disease, and the economy showed a gradual recovery. However, the outlook remained uncertain due to the impact of global monetary tightening, the prolonged situation in Ukraine and growing geopolitical risks caused by tensions in the Middle East.」

「During the second quarter of the consolidated fiscal year, social and economic activity moved toward normalization following the reclassification of COVID-19 as a Category 5 infectious disease. However, downside risks to overseas economies remained, including the prolonged geopolitical risks associated with the situation in Ukraine, the impact of global monetary tightening and concerns about China’s economic outlook, leaving the outlook uncertain.」

「During the first quarter of the consolidated fiscal year, Japan’s economy began moving toward normalization of social and economic activity after COVID-19 was reclassified under the Infectious Diseases Control Law as a Category 5 infectious disease. However, risks of an economic slowdown arising from global geopolitical risks and inflation remained high, while concerns in Japan included the adverse economic impact of yen depreciation and elevated prices, leaving the business environment persistently uncertain.」

「During the consolidated fiscal year, Japan’s economy showed signs of recovery as COVID-19-related restrictions were gradually eased. However, the outlook remained uncertain due to soaring energy prices against the backdrop of the prolonged situation in Ukraine, rapid yen depreciation and inflation caused by global monetary tightening, among other factors.」

「During the third quarter of the consolidated fiscal year, Japan’s economy showed signs of recovery as restrictions on activities related to COVID-19 were eased. However, the outlook remained uncertain due to soaring resource and energy prices, inflation caused by rapid yen depreciation and global monetary tightening.」

「During the second quarter of the consolidated fiscal year, Japan’s economy showed signs of recovery as restrictions on activities related to COVID-19 were eased. However, the outlook remained uncertain due to the renewed increase in infections caused by the seventh wave of COVID-19 from July, soaring energy prices, rising raw material prices and rapid yen depreciation.」

「During the first quarter of the consolidated fiscal year, economic activity showed signs of recovery as COVID-19 subsided and restrictions on activities were lifted. However, the impact of additional economic sanctions imposed by governments on Russia in connection with the invasion of Ukraine was also a concern, and the outlook remained uncertain amid further sharp increases in crude oil and raw material prices and yen depreciation.」

「During the consolidated fiscal year, Japan’s economy showed signs of normalization in economic activity as the number of infections declined while declarations of a state of emergency and priority preventive measures to prevent the spread of disease were implemented intermittently and vaccinations progressed. However, the outlook remained uncertain due to a renewed spread of infections caused by new variants and destabilization of the international situation following Russia’s invasion of Ukraine.」

「During the third quarter of the consolidated fiscal year, economic activity showed signs of normalization as the number of infections declined and restrictions on activities were gradually eased amid measures to prevent the spread of COVID-19 and the wider availability of vaccines. However, concerns about a renewed spread of infections due to the emergence of new variants persisted, and the outlook remained uncertain.」

「During the second quarter of the consolidated fiscal year, Japan’s economy remained uncertain. Although economic activity was expected to normalize as vaccination became more widespread amid intermittent declarations of a state of emergency and the implementation of priority preventive measures to prevent the spread of disease, concerns remained about a further spread of infections due to the rapid spread of COVID-19 variants.」

「The impact of concerns about the spread of COVID-19 remained significant, and the business environment continued to be uncertain, with growing caution about the spread of infections, including a renewed increase in the number of cases after the state of emergency was lifted.」

「During the first quarter of the consolidated fiscal year, Japan’s economy remained in a difficult situation as the spread of COVID-19 caused domestic and overseas economic activity to stagnate, corporate earnings to deteriorate, consumer spending to decline due to calls to refrain from going out, production activity to stagnate and employment conditions to worsen. In the retail industry, calls to refrain from going out, the promotion of telework and the nationwide closure of schools in response to the spread of COVID-19 led to a substantial increase in demand for meals prepared at home, which contributed to increased sales of the Group’s Gyomu Super and meat businesses. However, the impact of the spread of COVID-19 remained significant, and the business environment remained uncertain amid growing concern about a second wave of infections.」

「During the consolidated fiscal year, Japan’s economy had remained on a gradual recovery trend, with signs of a recovery in corporate earnings and improvement in the employment environment. However, the outlook became difficult due to the impact of a series of natural disasters, the consumption tax increase, prolonged US-China trade friction and public health emergencies, including the spread of COVID-19.」

「During the third quarter of the consolidated fiscal year, Japan’s economy remained on a gradual recovery trend, with signs of a recovery in corporate earnings and improvement in the employment environment. However, the outlook remained uncertain amid concerns about a slowdown in the global economy due to a series of natural disasters, the consumption tax increase and prolonged US-China trade friction, as well as the impact of these factors on consumer spending.」

「During the second quarter of the consolidated fiscal year, Japan’s economy remained on a gradual recovery trend, with signs of improvement in corporate earnings and the employment environment. However, the outlook remained uncertain due to the impact of the consumption tax rate increase on consumer spending and unstable conditions overseas, including the prolonged US-China trade friction in the global economy.」

「During the first quarter of the consolidated fiscal year, Japan’s economy remained on a gradual recovery trend, with signs of improvement in corporate earnings and the employment environment. However, the outlook remained uncertain due to uncertainty in overseas economies arising from the prolonged US-China trade friction in the global economy.」

「The global economy has remained uncertain due to concerns about the economic outlook arising from escalating US-China trade friction and the resulting financial market volatility.」

「During the second quarter of the consolidated fiscal year, Japan’s economy remained on a gradual recovery trend, with signs of a recovery in corporate earnings and improvement in the employment environment. However, the outlook remained uncertain due to the economic impact of a series of natural disasters, including torrential rain, earthquakes and typhoons, and concerns about expanding trade friction resulting from the protectionist economic policies of the US.」

「During the first quarter of the consolidated fiscal year, Japan’s economy remained on a gradual recovery trend, with signs of a recovery in corporate earnings and improvement in the employment environment. However, the outlook remained uncertain due to financial market volatility caused by rising long-term interest rates and concerns about expanding trade friction resulting from US economic policy.」

「Meanwhile, the global economy has remained generally uncertain due to concerns about expanding trade friction resulting from US economic policy and financial market volatility caused by rising long-term interest rates.」

「Although the global economy benefited from solid economic policies in the US and Europe and moderate economic growth in emerging Asian economies, including China, there were many factors of concern, including uncertainty in the global economy arising from growing geopolitical risks in the Middle East and North Korea, leaving the outlook uncertain.」

「During the second quarter of the consolidated fiscal year, Japan’s economy remained on a gradual recovery trend, with signs of a recovery in corporate earnings and improvement in the employment and income environment. However, there were many factors of concern, including the economic policies of the US and Europe, developments in emerging Asian economies, particularly China, and growing geopolitical risks in the Middle East and North Korea, leaving the outlook uncertain.」

「During the first quarter of the consolidated fiscal year, Japan’s economy remained on a gradual recovery trend, with signs of a recovery in corporate earnings and improvement in the employment environment. However, there were many factors of concern, including unstable political developments in the US and Europe and concerns about a slowdown in emerging market economies, particularly China’s economy, leaving the outlook uncertain.」

「In addition to financial market turmoil arising from the new US administration and political developments in Europe, the slowdown in overseas economies, including the slowdown in China’s economy, has left the outlook uncertain.」

「In addition to financial market turmoil arising from the UK’s exit from the EU and the US presidential election, the slowdown in overseas economies, including the slowdown in China’s economy, has left the outlook uncertain.」

「In addition to financial market turmoil ahead of the UK’s exit from the EU, the slowdown in overseas economies, including the slowdown in China’s economy, has left the outlook uncertain.」

「Japan’s economy has shown signs of a gradual recovery in employment and income conditions, supported by the government’s economic measures, but the outlook remains uncertain as overseas economies slow, including due to the United Kingdom’s withdrawal from the EU and the loss of momentum in the Chinese economy.」