Risk of economic slowdown from emerging-market deceleration, yen appreciation, falling stock prices and a consumption tax hike

「During the first quarter of the current consolidated fiscal year, the Japanese economy continued to show a gradual recovery. Although it was affected by overseas developments, including in the Middle East, the weaker yen, higher resource prices and higher prices, domestic demand remained firm, particularly personal consumption, supported by a recovery in exports and improvements in employment and income conditions.」

「During the consolidated fiscal year, Japan's economy continued to show signs of a gradual recovery. Although it was affected by U.S. tariff policies, overseas conditions including the Middle East, the weak yen, higher resource prices and high prices, exports recovered and domestic demand, led by private consumption, remained firm.」

「Looking ahead, economic deceleration is a concern due to overseas developments, including in the Middle East, concerns about lower corporate earnings caused by higher resource prices such as crude oil and the weaker yen, and downward pressure on households' real income from higher prices.」

「During the interim consolidated accounting period, Japan's economy was in an uncertain condition. Although stock prices continued to rise, the economy was affected by U.S. tariff policies and other overseas conditions, the slowdown in overseas economies, the weak yen, higher resource prices and high prices. There were also indications that residential investment and capital investment could post negative growth.」

「Going forward, Japan's economy is expected to slow amid concerns over overseas conditions, including U.S. tariff policies, the slowdown in overseas economies, concerns about lower revenue in the manufacturing sector due to the weak yen and higher resource prices, and concerns about a deterioration in private consumption caused by high prices.」

「During the interim consolidated accounting period, Japan's economy showed signs of a gradual recovery. Although it was affected by the slowdown in overseas economies, natural disasters such as typhoons, and high prices, business sentiment and the income environment for individuals improved as a result of wage increases and other factors, while consumer sentiment also showed signs of improvement.」

「During the fiscal year, the Japanese economy showed signs of overall recovery as economic activity normalized due to the recovery from the COVID-19 pandemic, including a recovery in inbound demand and personal consumption. This was despite the effects of higher prices, including concerns about lower revenue in the manufacturing sector due to a slowdown in overseas economies, particularly in Europe and the United States, a weaker yen and higher resource prices, as well as negative real wage growth.」

「During the cumulative nine-month period, there were no new business or other risks. In addition, there were no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」

「During the cumulative six-month period, there were no new business or other risks. In addition, there were no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」

「During the cumulative first quarter of the fiscal year, concerns remained over lower revenue in the manufacturing sector due to a slowdown in overseas economies, particularly in Europe and the United States, a weaker yen and higher resource prices, as well as the effects of higher prices. Nevertheless, economic activity was expected to normalize further as the economy recovered from the COVID-19 pandemic, supported by a recovery in inbound demand and personal consumption. Overall, the economy showed signs of recovery.」

「Although there are concerns about lower revenue in the manufacturing sector due to a slowdown in overseas economies, particularly in Europe and the United States, a weaker yen and higher resource prices, economic activity is expected to normalize further as the economy recovers from the COVID-19 pandemic. Overall, the economy is recovering, and the Japanese economy is expected to continue its recovery.」

「During the cumulative nine-month period, the outlook remained highly uncertain due to the spread of COVID-19, substantial volatility in foreign exchange markets, rising resource prices and overseas issues, including those involving Ukraine. Nevertheless, some areas showed signs of recovery, including a sharp recovery in inbound demand, as activity restrictions related to COVID-19 were eased.」

「During the cumulative six-month period, the outlook remained highly uncertain due to the spread of COVID-19, a substantial weakening of the yen, rising resource prices and overseas issues, including those involving Ukraine. Nevertheless, some areas showed signs of recovery as activity restrictions related to COVID-19 were eased.」

「During the cumulative first quarter of the fiscal year, the economy showed signs of recovery as restrictions on activities related to COVID-19 were eased. However, the spread of infection resumed, and uncertainty about the outlook intensified due to rising resource prices and overseas issues, including those involving Ukraine.」

「During fiscal 2021, the global spread of COVID-19 continued, but the economy as a whole showed signs of recovery as economic activity resumed. However, quasi-emergency measures to prevent the spread of infection were reintroduced in January of the current year and lifted in March. The global spread of variant strains continues, and it remains uncertain how and when the situation will subside.」

「During the cumulative nine-month period, the spread of COVID-19 had subsided from October through December, although the global spread continued after the beginning of 2022. While the economy as a whole had shown signs of recovery, it remained uncertain how and when the situation would subside.」

「During the cumulative first quarter of the fiscal year, the global spread of COVID-19 continued. Although the economy as a whole showed signs of recovery, corporate performance was polarized between strong and weak performers.」

「During fiscal 2020, the Japanese economy as a whole showed signs of recovery as economic activity resumed following the lifting of the declaration of a state of emergency for COVID-19. However, the declaration was reissued in January of the current year, and the global spread of variant strains continues. As a result, recovery is expected to take time for the foreseeable future.」

「During the cumulative six-month period, economic activity resumed following the lifting of the declaration of a state of emergency for COVID-19 on 25 May, and the economy as a whole showed signs of recovery. However, the global spread of the virus continued, and it remained uncertain how and when the situation would subside.」

「During the cumulative first quarter of the fiscal year, the Japanese economy was in an extremely severe condition due to the global spread of COVID-19, and it remained uncertain how and when the situation would subside.」

「During 2019, the Japanese economy experienced declines in exports and industrial production against a backdrop of uncertain global political developments, including US-China trade friction and the situation in the Middle East, and a moderate slowdown in the global economy. Personal consumption increased moderately against the backdrop of improved employment and household income conditions, despite weakening due to the consumption tax increase and the effects of natural disasters. Corporate earnings remained solid despite concerns about a downside, and a moderate economic recovery continued. However, following the beginning of 2020, the global spread of COVID-19 resulted in significantly negative growth.」

「During the cumulative nine-month period, exports declined and industrial production fell against a backdrop of uncertain global political developments, including US-China trade friction and the situation in the Middle East, and a moderate slowdown in the global economy. Personal consumption was also weakening due to the consumption tax increase and the effects of natural disasters, although it was increasing moderately against the backdrop of improved employment and household income conditions. Corporate earnings remained solid despite concerns about a downside, and the economic recovery continued moderately.」

「During the cumulative six-month period, exports declined against a backdrop of uncertain global political developments, including US-China trade friction, and a moderate slowdown in the global economy. Nevertheless, the economic recovery continued moderately because domestic demand remained firm, supported by a recovery in public investment and personal consumption and improved employment and household income conditions.」

「During the cumulative first quarter of the fiscal year, the Japanese economy was slowing against a backdrop of uncertain global political developments, including US-China trade friction, and a moderate slowdown in the global economy.」

「Going forward, although sluggish export growth is expected to continue against a backdrop of uncertain global political developments, including US-China trade friction, and a moderate slowdown in the global economy, the Japanese economy is expected to move toward a recovery path supported by resilient domestic demand.」

「During the cumulative nine-month period, stock and foreign exchange markets experienced sharp declines. However, the effects of natural disasters such as typhoons and earthquakes subsided, and the Japanese economy continued to recover moderately, supported by solid corporate earnings, increased capital investment, improved employment and household income conditions, and a recovery in personal consumption.」

「During the cumulative six-month period, sentiment deteriorated and production activity and consumer sentiment weakened due to natural disasters such as typhoons and earthquakes. Nevertheless, the Japanese economy continued to recover moderately, supported by solid corporate earnings, moderate export growth, improved employment and household income conditions, and a recovery in personal consumption.」

「During the cumulative first quarter of the fiscal year, the Japanese economy continued to recover, supported by solid corporate earnings, moderate export growth, improved employment and household income conditions, and a recovery in personal consumption, despite the risk of volatility caused by overseas factors.」

「During the nine-month period ended [the current third quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「During the cumulative six-month period, the Japanese economy continued to recover moderately. Although income recovery was slow, personal consumption, corporate production activity, inbound demand and exports were gradually recovering.」

「During the cumulative first quarter of the fiscal year, the Japanese economy continued to recover moderately. Although income recovery was slow, personal consumption, corporate production activity, inbound demand and exports were gradually recovering.」

「During the cumulative nine-month period, external demand conditions, including trade, remained challenging due to the global economic slowdown and the progress of import substitution in emerging markets. In addition, inbound demand reached a plateau and the household sector remained weak. Nevertheless, the economy continued to recover moderately, supported by a recovery in corporate production activity, resilient corporate earnings, and improved employment and household income conditions amid labor shortages.」

「During the cumulative six-month period, external demand conditions, including trade, remained challenging due to the global economic slowdown and the progress of import substitution in emerging markets. In addition, inbound demand reached a plateau and the household sector remained weak. Nevertheless, the economy continued to recover moderately, supported by a recovery in corporate production activity, resilient corporate earnings, and improved employment and household income conditions amid labor shortages.」

「During the cumulative first quarter of the fiscal year, the Japanese economy remained on a deteriorating trend, with a stronger yen and falling stock prices due in part to concerns about overseas economies arising from the Kumamoto Earthquake and the UK's Brexit issue.」

「The pace of recovery is expected to be slow due to concerns about an economic slowdown in emerging markets, including China, a stronger yen and falling stock prices, and an increase in the consumption tax.」