Uncertainty over the outlook due to a downturn in the global economy and market volatility

「The business environment surrounding our group remained uncertain, against a backdrop of prolonged tensions in the Middle East, the impact of natural disasters and volatility in the financial and capital markets.」

「The business environment surrounding our group remained uncertain, against a backdrop of prolonged tensions in the Middle East, the impact of natural disasters and volatility in the financial and capital markets.」

「一方で、為替相場の動向や中東情勢をはじめとする地政学的リスクに伴うコスト上昇など、不透明な経営環境が続いております。」

「The business environment surrounding the Group remained uncertain due to geopolitical risks, including escalating tensions in the Middle East, developments in US trade policy, and volatility in foreign exchange and financial markets.」

「The business environment surrounding the Group was affected by soaring domestic rice prices and food-ingredient prices, including imported beef, amid continuing uncertainty over the outlook for US trade policy and heightened tensions in the global situation.」

「The business environment surrounding the Group was affected by the prolonged situation in Ukraine and soaring domestic rice prices and food-ingredient prices, including imported beef.」

「The business environment surrounding the Group remained uncertain due to increases in raw-material and energy prices resulting from the prolonged situation in Ukraine and other factors. Meanwhile, personal consumption continued to show signs of recovery from the previous fiscal year as the movement of people recovered and economic activity normalized following the lifting of activity restrictions, alongside improvements in employment and income conditions.」

「The business environment surrounding the Company remained uncertain due to elevated raw-material and energy prices resulting from increased geopolitical risks. Meanwhile, the lifting of activity restrictions associated with COVID-19 led to a recovery in the movement of people and personal consumption as economic activity normalized.」

「The business environment surrounding the Company remained uncertain due to elevated raw-material and energy prices resulting from the prolonged situation in Ukraine. Meanwhile, the lifting of restrictions on activities associated with COVID-19 led to a recovery in the movement of people and a recovery in personal consumption as economic activity normalized.」

「The business environment surrounding the Company remained uncertain due to elevated raw-material and energy prices resulting from the prolonged situation in Ukraine. Meanwhile, the lifting of restrictions on activities associated with COVID-19 led to a recovery in the movement of people and a recovery in personal consumption as economic activity normalized.」

「In Japan, difficult business conditions continued due to the effects of COVID-19 and high prices on consumption, elevated raw-material and energy prices resulting from the prolonged situation in Ukraine and the depreciation of the yen, changes in the environment for stable procurement of ingredients, and tight labor supply and demand. However, as the pandemic moved toward an end, signs of improvement, including a recovery in personal consumption, were seen recently.」

「In Japan, although the seventh and eighth waves of COVID-19 affected the economy after priority preventive measures were lifted at the end of the previous fiscal year, the movement of people recovered and domestic food-service revenue returned to a recovery trend. However, the food-service industry continued to face difficult conditions due to elevated raw-material and energy prices resulting from the prolonged situation in Ukraine and the rapid depreciation of the yen.」

「However, the food-service industry continued to face difficult conditions due to renewed restrictions on the movement of people caused by the seventh wave of COVID-19, globally elevated raw-material and energy prices resulting from the prolonged situation in Ukraine, and the rapid depreciation of the yen. Overseas, conditions in China remained difficult under the zero-COVID policy even after the Shanghai lockdown was lifted, while the business environment in other countries and regions showed signs of improvement.」

「The business environment surrounding the Company was affected by global increases in energy and raw-material prices resulting from geopolitical risks, including the situation in Ukraine, and supply constraints. Meanwhile, domestic food-service revenue began to recover following the lifting of priority preventive measures at the end of March 2022. Overseas food-service operations also showed signs of improvement, including the lifting of lockdowns in China in June.」

「Although signs of a recovery were seen toward the end of 2021 amid the continuing effects of COVID-19 and global supply constraints, uncertainty increased again recently due to the rapid spread of the Omicron variant and the deterioration of the situation in Ukraine.」

「In the food-service industry, there were signs of a recovery through the end of the year following the lifting of the state of emergency on 30 September, but the business climate remains uncertain due to the normalization of global price increases and the rapid spread of the Omicron variant, which differs from the first through fifth waves in characteristics such as its severity rate, raising questions about whether new infection-control measures suited to those characteristics can be implemented while maintaining economic activity.」

「During the six months ended 30 September 2021 (1 April 2021 to 30 September 2021), economic activity continued to stagnate due to the effects of COVID-19, and although signs of a recovery were seen in some areas, the food-service industry continued to face difficult business conditions due to shortened operating hours and other measures associated with the state of emergency and priority preventive measures.」

「During the three months ended 30 June 2021 (1 April 2021 to 30 June 2021), Japan's economy remained in difficult conditions as economic activity continued to stagnate due to the effects of COVID-19.」

「During the nine months ended 31 December 2020 (1 April 2020 to 31 December 2020), Japan's economy came under extremely severe conditions as personal consumption and economic activity deteriorated rapidly amid the global spread of COVID-19. Economic activity gradually resumed after the state of emergency was lifted in May, and signs of a recovery were seen in some areas, but conditions requiring close monitoring continued as infections spread again from autumn onward.」

「During the six months ended 30 September 2020 (1 April 2020 to 30 September 2020), Japan's economy came under extremely severe conditions as personal consumption and economic activity deteriorated rapidly amid the global spread of COVID-19. After the lifting of the state of emergency, economic activity gradually resumed and signs of a recovery were seen in some areas, but conditions requiring close monitoring continued.」

「During the three months ended 30 June 2020 (1 April 2020 to 30 June 2020), Japan's economy came under extremely severe conditions as personal consumption and economic activity stagnated and the economy deteriorated rapidly amid the global spread of COVID-19.」

「The economy remained on a gradual recovery track in the first half, supported by improvements in employment and income conditions, but difficult business conditions continued in the second half due to the effects of the October 2019 consumption tax increase and the global spread of COVID-19, which the Group had never experienced since its establishment in 2020.」

「During the nine months ended 31 December 2019 (1 April 2019 to 31 December 2019), Japan's economy remained on a gradual recovery track, supported by improvements in employment and income conditions, but uncertainty over the outlook persisted due to developments surrounding trade issues, including US-China trade friction, the UK's withdrawal from the EU, the escalating situation in the Middle East, the effects of natural disasters such as typhoons, and the impact of the October consumption tax rate increase on consumer sentiment.」

「During the six months ended 30 September 2019 (1 April 2019 to 30 September 2019), Japan's economy remained on a gradual recovery track, supported by improvements in employment and income conditions, but difficult conditions persisted due to trade issues, including US-China trade friction, the escalating situation in the Middle East, the effects of natural disasters such as typhoons, and the risk that the consumption tax rate increase in October would adversely affect future personal consumption.」

「During the three months ended 30 June 2019 (1 April 2019 to 30 June 2019), Japan's economy remained on a gradual recovery track, supported by improvements in employment and income conditions, but uncertainty over the outlook continued due to trade issues, including US-China trade friction, the escalating situation in the Middle East and other factors.」

「During the nine months ended 31 December 2018 (1 April 2018 to 31 December 2018), Japan's economy remained on a gradual recovery track, supported by improvements in corporate earnings and the employment environment, although uncertainty persisted due to the effects of natural disasters, globally expanding trade friction and other factors.」

「During the six months ended 30 September 2018 (1 April 2018 to 30 September 2018), Japan's economy remained on a gradual recovery track, supported by improvements in corporate earnings and the employment environment. However, difficult conditions persisted due to the rise of protectionism, as seen in US-China trade friction, and the effects of natural disasters.」

「However, uncertainty over the outlook persisted as protectionism gained ground, as seen in the US-China trade friction.」

「During the fiscal year, Japan's economy remained on a gradual recovery track, supported by improvements in corporate earnings and the employment environment, but uncertainty over the outlook persisted due to growing uncertainty in the global economy resulting from heightened geopolitical risks in East Asia and other factors.」

「During the nine months ended 31 December, Japan's economy remained on a gradual recovery track, supported by improvements in corporate earnings and the employment environment, but uncertainty over the outlook persisted due to growing uncertainty in the global economy resulting from heightened geopolitical risks in East Asia and other factors.」

「During the six months ended 30 September 2017 (1 April 2017 to 30 September 2017), Japan's economy remained on a gradual recovery track, supported by improvements in corporate earnings and the employment environment, but uncertainty over the outlook persisted due to growing uncertainty in the global economy resulting from heightened geopolitical risks in East Asia and other factors.」

「During the three months ended 30 June 2017 (1 April 2017 to 30 June 2017), Japan's economy remained on a gradual recovery track, supported by improvements in corporate earnings and the employment environment, but uncertainty over the outlook persisted due to growing uncertainty in the global economy, including developments in the US economy and in emerging Asian and European economies.」

「During the fiscal year, Japan's economy remained on a gradual recovery track, supported by improvements in corporate earnings and the employment environment, but uncertainty over the outlook persisted due to growing uncertainty in the global economy, including developments in the US economy and in emerging Asian and European economies.」

「During the nine months ended 31 December, Japan's economy remained on a gradual recovery track, supported by improvements in corporate earnings and the employment environment, but uncertainty over the outlook persisted due to growing uncertainty in the global economy, including developments in the US economy and in emerging Asian and European economies.」

「During the six months ended 30 September, Japan's economy remained on a gradual recovery track, supported by improvements in employment and income conditions, but uncertainty over the outlook persisted due to heightened downside risks to the global economy, including in emerging Asian countries and Europe, and other factors.」

「Japan's economy remained on a gradual recovery track amid continued improvement in the employment environment, but uncertainty over the outlook persisted as stock prices and foreign exchange markets became increasingly unstable due to heightened downside risks to the global economy and other factors.」