Uncertainty over the Outlook Due to a Slowdown in Emerging Economies, the UK's Withdrawal from the EU, and a Stronger Yen

「中東地域における情勢不安の再燃やウクライナ情勢の長期化、円安の継続に伴う原材料・エネルギーコストの高騰に加え、国内の物価高騰や金利動向の影響などにより、依然として先行きは不透明な状況が続いております。」

「During the fiscal year under review, the Japanese economy continued on a path of gradual recovery, supported by improving employment and income conditions and government economic measures. However, the outlook remained uncertain amid soaring energy prices, particularly crude oil prices, triggered by attacks on Iran by the United States and Israel, deteriorating Japan-China relations, geopolitical risks including the situations in the Middle East and Ukraine, and concerns about the effects of rising prices on economic conditions.」

「During the interim consolidated accounting period under review, private consumption recovered gradually against a backdrop of improving employment and income conditions. However, the outlook remained uncertain because of the effects on economic conditions of increasing instability in domestic politics, persistently high raw material and energy prices associated with the prolonged situation in Ukraine and heightened tensions in the Middle East, and uncertainty in the global economy resulting from US tariff policy.」

「During the fiscal year under review, the economy was said to be recovering gradually, while prices continued to rise because of the weak yen and higher resource prices. The outlook remained uncertain amid concerns that upward pressure on prices would intensify further and that US policy uncertainty and global monetary tightening would affect economic conditions.」

「During the interim consolidated accounting period under review, the economy showed a gradual recovery, supported by strong inbound demand and emerging signs of improvement in employment and income conditions. At the same time, price increases caused by energy and raw material costs became pronounced. In addition, numerous concerns remained, including the prolonged situation in Ukraine and deteriorating conditions in the Middle East, and the outlook remained uncertain.」

「During the fiscal year under review, moves toward normalizing economic activity progressed as restrictions on activity were eased, and the economy remained on a path of gradual recovery, with signs of a rebound in private consumption and capital investment. However, the outlook remained uncertain amid soaring resource and energy prices caused by the prolonged situation in Ukraine and heightened tensions in the Middle East, shortages of raw materials including semiconductors, and advancing global inflation.」

「During the cumulative second quarter under review, restrictions on activity were eased following the reclassification of COVID-19, and moves toward normalization emerged. However, the outlook remained uncertain because raw material and energy prices remained elevated amid the prolonged situation in Ukraine, the yen remained weak for an extended period and there were concerns that sustained price increases would cause private consumption to stagnate.」

「During the cumulative first quarter under review, social and economic activity was on a gradual recovery path as restrictions on activity resulting from COVID-19 were eased. However, the outlook remained uncertain because of the prolonged situation in Ukraine, soaring energy and raw material prices and rising prices caused by the depreciation of the yen.」

「During the cumulative third quarter under review, restrictions on activity resulting from the prolonged COVID-19 pandemic were eased and moves toward normalization emerged, but the outlook remained uncertain because of soaring energy and raw material prices resulting from sharp exchange-rate fluctuations and other factors. The global economy also remained uncertain because, in addition to concerns about a prolonged situation in Ukraine and the impact on economic conditions of a sharp increase in COVID-19 cases in China, interest rates and prices rose as a result of monetary tightening in Europe and the United States.」

「During the cumulative second quarter under review, the Japanese economy moved toward normalization as the wider availability of COVID-19 vaccinations eased stringent restrictions. However, the outlook remained uncertain because of the risk of renewed spread caused by new variants and soaring energy and raw material prices resulting from the rapid depreciation of the yen. The global economy also remained uncertain because, in addition to concerns about a prolonged situation in Ukraine, interest rates and prices rose as a result of monetary tightening in Europe and the United States.」

「During the cumulative first quarter under review, moves toward normalization emerged as restrictions were eased through the wider availability of COVID-19 vaccinations and the lifting of priority preventive measures. However, the outlook remained uncertain because of the risk of renewed spread caused by new variants, rising raw material prices and soaring crude oil prices. The global economy also remained uncertain because of concerns about a prolonged situation in Ukraine and other factors.」

「During the fiscal year under review, economic activity was severely restricted by the spread of the novel coronavirus, and the economy slowed rapidly. Although measures to prevent the spread of infections and progress in vaccinations led to moves toward normalizing economic activity, the pace of recovery has been gradual and conditions remain difficult because of renewed spread caused by new variants. In addition, concerns about a global stagnation in economic activity resulting from the situation in Ukraine and other factors left the outlook uncertain.」

「During the cumulative third quarter under review, while the end of the COVID-19 pandemic remained unforeseeable, signs of recovery emerged as the number of new infections declined with rising vaccination rates and restrictions on travel and going out were eased. However, infections spread again following the emergence of the highly transmissible Omicron variant, and the outlook remained uncertain.」

「During the cumulative second quarter under review, the Japanese economy was in a difficult situation as the spread of the novel coronavirus continued for an extended period and states of emergency and other measures were implemented in many prefectures. Although a recovery is expected through the promotion of vaccinations and other measures, the outlook remains uncertain amid concerns about renewed spread caused by highly transmissible variants.」

「During the cumulative first quarter under review, the Japanese economy remained in a difficult situation because of the prolonged spread of the novel coronavirus. While progress in vaccinations accelerated moves toward normalizing economic activity, concerns about renewed spread caused by variant viruses and other factors remained, and domestic economic conditions and corporate earnings continued to face an uncertain outlook.」

「During the fiscal year under review, economic activity was severely restricted by the spread of the novel coronavirus, and the economy declined rapidly. Although economic activity resumed gradually after the state of emergency was lifted, infections spread again because of variants, with no signs of the situation subsiding, and the outlook remained uncertain.」

「During the cumulative third quarter under review, economic activity was severely restricted by the spread of the novel coronavirus, and the economy slowed rapidly. Although economic activity resumed gradually after the state of emergency was lifted, the renewed spread of infections led to a decline in corporate capital investment, among other effects, leaving the outlook extremely uncertain.」

「During the cumulative second quarter under review, economic activity was severely restricted by the spread of the novel coronavirus, and the economy slowed rapidly. Although economic activity resumed gradually after the state of emergency was lifted, signs of renewed nationwide infections spread, and the outlook remained uncertain.」

「During the cumulative first quarter under review, the Japanese economy was significantly affected by the spread of the novel coronavirus. The government issued a state of emergency, private consumption fell sharply as requests to suspend business operations and refrain from going out intensified, and demand declined across a wide range of industries, leading companies to adopt a cautious stance toward capital investment.」

「During the fiscal year under review, the Japanese economy had continued on a path of gradual recovery, supported by improving employment and income conditions. However, in addition to the effects of concerns about slowing external demand resulting from US-China trade friction and the UK’s exit from the EU and rising geopolitical risks in the Middle East, the outlook became even more uncertain toward the end of the fiscal year because of the global spread of the novel coronavirus.」

「During the cumulative third quarter under review, the Japanese economy continued on a path of gradual recovery, supported by improving employment and income conditions. However, it remained in an uncertain outlook because of concerns about slowing external demand resulting from US-China trade friction and the UK’s exit from the EU, as well as rising geopolitical risks in the Middle East.」

「During the cumulative second quarter under review, the Japanese economy continued on a path of gradual recovery, supported by improving employment and income conditions. However, the outlook remained uncertain because of concerns about slowing external demand resulting from US-China trade friction and the UK’s exit from the EU, as well as heightened tensions in the Middle East.」

「During the cumulative first quarter under review, the Japanese economy continued on a path of gradual recovery as corporate earnings and employment conditions improved. However, concerns about overseas economies, including worsening US-China trade friction, the slowdown in the Chinese economy and rising geopolitical risks in the Middle East, left the outlook uncertain.」

「During the cumulative third quarter under review, the Japanese economy continued on a path of gradual recovery as corporate earnings and employment conditions improved. However, the outlook remained uncertain amid concerns about the effects of prolonged US-China trade friction and the slowdown in the Chinese economy.」

「During the cumulative second quarter under review, the Japanese economy continued on a path of gradual recovery as corporate earnings and employment conditions improved. However, concerns about the effects of successive natural disasters, trade friction resulting from protectionist trade policies and geopolitical risks left the outlook uncertain.」

「During the cumulative first quarter under review, the Japanese economy continued on a path of gradual recovery as corporate earnings and employment conditions improved. However, the outlook remained uncertain because of concerns about the international situation, including trade friction, raw material prices and developments in geopolitical risks.」

「During the fiscal year under review, the Japanese economy continued on a path of gradual recovery, with capital investment remaining firm as corporate earnings and employment and income conditions improved, and signs of a rebound in private consumption. However, the outlook remained uncertain because of concerns about overseas economies, including US policy developments and rising geopolitical risks in the Middle East and East Asia.」

「During the cumulative third quarter under review, the Japanese economy continued on a path of gradual recovery, with signs of a rebound in capital investment and private consumption against a backdrop of improved corporate earnings and employment and income conditions. However, the outlook remained uncertain because of concerns about overseas economies, including US policy developments, political risks in Europe and rising geopolitical risks in East Asia.」

「During the cumulative second quarter under review, the Japanese economy maintained a path of gradual recovery as corporate earnings and capital investment improved and favorable employment conditions continued. However, the outlook remained uncertain because of concerns about overseas economies, including the situation on the Korean Peninsula, US policy developments and political risks in Europe.」

「During the cumulative first quarter under review, the Japanese economy remained on a path of gradual recovery, supported by improving corporate earnings and employment conditions, while uncertainty increased in domestic and overseas political and economic conditions, leaving the outlook uncertain.」

「During the fiscal year under review, the Japanese economy remained on a path of gradual recovery as employment and income conditions continued to improve. However, the outlook remained uncertain because of uncertainty in overseas economies, including the slowdown in emerging economies, the UK’s exit from the EU and policy developments under the new US administration.」

「During the cumulative third quarter under review, the Japanese economy remained on a path of gradual recovery as employment and income conditions continued to improve. However, the outlook remained uncertain because of increased uncertainty in overseas economies and volatility in financial markets resulting from developments including the UK’s exit from the EU and the transition to a new US administration.」

「During the cumulative second quarter under review, the Japanese economy was on a path of gradual recovery, supported by improving employment and income conditions. However, corporate capital investment and private consumption showed signs of stagnation amid concerns over deteriorating corporate earnings resulting from the slowdown in emerging economies and the prolonged appreciation of the yen, and the economy remained in an uncertain outlook.」

「The Japanese economy remained on a path of gradual recovery, supported by improving employment and income conditions, but the outlook remained uncertain as growth in emerging economies slowed and the yen’s appreciation from the beginning of the year showed no sign of abating, among other factors.」