Geopolitical risks from North Korean missile tests and terrorism, and an uncertain outlook

「It is uncertain to what extent geopolitical risks, including US protectionist trade policies and conditions in Ukraine and the Middle East, will affect the economy and consumption trends going forward.」

「海外においても、米国政策の動向や地政学的リスクの長期化が国際経済の不透明感を一段と高め、加えて円安の進行による輸入コストの増加が企業活動の重石となりました。」

「Geopolitical risks, including US protectionist trade policies and the prolonged situation in Ukraine, are also a concern regarding the future business environment. Continued monitoring is necessary of the domestic economy, foreign exchange trends and other factors.」

「Continued monitoring is necessary regarding the impact on the business environment of foreign exchange rate trends, the prolonged situation in Ukraine and the Palestinian issue.」

「Continued monitoring is necessary regarding the impact on the future business environment of trends in foreign exchange rates and international conditions, including Ukraine and the Middle East.」

「During the cumulative second quarter of the current consolidated fiscal year, industrial production and exports of goods recently stalled, but the economy overall continued to recover moderately as automobile-related production and exports and inbound demand recovered, while capital investment and personal and services consumption also increased. Meanwhile, continued monitoring is necessary given trends in foreign exchange rates and inflation, as well as unstable international conditions including Ukraine and the Middle East.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy recovered moderately as industrial production, capital investment and personal consumption began to recover following the easing of various restrictions related to COVID-19. Although the depreciation of the yen and inflation have recently slowed somewhat, continued monitoring is necessary, including of their potential impact on future business.」

「Japan's economy during the current consolidated fiscal year showed signs of weakness temporarily in the summer as COVID-19 spread, but personal consumption and inbound demand recovered as the spread subsided and activity restrictions were eased. Although exports and capital investment have recently weakened, the economy overall is recovering moderately. Meanwhile, the impact of trends in foreign exchange rates and inflation on future business remains uncertain, and continued monitoring is necessary.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy showed signs of weakness during the summer as COVID-19 spread, but recovered moderately in the third quarter due to a recovery in inbound demand and personal consumption, as well as solid exports and capital investment. Meanwhile, the future business environment is uncertain due to unstable exchange rates, progressing inflation and trends in automobile production resulting from semiconductor shortages, and continued monitoring is necessary.」

「Meanwhile, the outlook remains uncertain due to automobile production adjustments resulting from semiconductor shortages and other factors, the impact of the rapid depreciation of the yen on prices and corporate activity, and the lockdowns in China and the prolonged situation in Ukraine.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy showed signs of recovery in personal consumption, supported by the easing of restrictions on activities, and in exports. However, the outlook remains uncertain due to the resurgence of COVID-19 infections caused by new variants, automobile production adjustments resulting from the global semiconductor shortage, the impact of China's zero-COVID policy on supply chains, and the prolonged situation in Ukraine.」

「Japan's economy during the current consolidated fiscal year saw signs of recovery in production and consumption toward the end of the fiscal year as economic and social activity gradually resumed with the rollout of vaccinations, despite the continuing impact of COVID-19. However, factors weighing on the economy include elevated resource prices, semiconductor shortages and the situation in Ukraine, leaving the outlook uncertain.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy fluctuated due to the effects of COVID-19 and other factors from the start of the fiscal year, but production and consumption showed signs of recovery in the third quarter as activity restrictions were eased following the lifting of the state of emergency and related measures. However, as the number of new COVID-19 cases caused by the Omicron variant began to rise again this year, the outlook remains uncertain, with semiconductor shortages and elevated resource prices continuing.」

「Although the lifting of the state of emergency and related measures nationwide from October has raised expectations for a recovery, the outlook remains uncertain.」

「Japan's economy during the current consolidated fiscal year deteriorated sharply from the start of the year as COVID-19 spread. However, GDP growth turned positive in the second and third quarters after the state of emergency was lifted, and there were signs of recovery. As the number of infections rose again, the recovery stalled in the fourth quarter, when a second state of emergency was declared in January in the Tokyo metropolitan area and elsewhere.」

「There were signs of recovery, including GDP growth in the July-September period turning sharply positive from the previous quarter after the state of emergency was lifted. However, infections have continued to spread at an increasing pace, and although requests for restrictions limited to certain regions and shorter business hours have been narrowed to fewer industries, they have been issued again, leaving the outlook uncertain.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy deteriorated sharply as economic activity stagnated and contracted due to the spread of COVID-19. More recently, since the lifting of the state of emergency, there have been signs of a bottoming out in personal consumption and exports, partly due to the implementation of monetary and fiscal measures. However, the outlook remains uncertain amid concerns about a second wave of infections.」

「The economy weakened in the second half of the fiscal year due to successive natural disasters and the impact of the consumption tax increase. Toward the end of the fiscal year, the economic environment deteriorated as the spread of COVID-19 intensified, while consumption also declined, leaving the outlook uncertain.」

「Natural disasters have also affected economic activity in various ways, and the economic outlook remains uncertain.」

「Meanwhile, concerns about external demand due to US-China trade friction and the UK's withdrawal from the EU, as well as instability in foreign exchange rates and stock prices, mean that the economic outlook remains uncertain.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy was on a moderate recovery trend due to improvements in the employment and income environment, although the recovery lacked strength. The outlook remains uncertain because of US-China trade friction, the impact of the UK's withdrawal from the EU and the consumption tax increase.」

「Meanwhile, the global economy remains uncertain due to developments in trade friction resulting from US protectionist trade policies and volatility in financial markets.」

「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery trend, with improvements in corporate performance and the employment environment. However, the outlook remains uncertain due to the effects of torrential rains, major typhoons and earthquakes that caused extensive damage, as well as trade friction arising from the protectionist trade policies of the United States.」

「Meanwhile, growing US protectionism has begun to slow the expansion of the European economy, and the prospect of a trade war with China has sharply increased uncertainty about the outlook. The impact of US protectionism on Japan is also a concern.」

「The global economy also remained generally solid, led by the United States and Europe, although some geopolitical risks remain but are gradually easing.」

「Political risks in the United States and geopolitical risks involving North Korea, the Islamic State and others still exist, and uncertainty about the outlook continues.」

「This may have been influenced by the continued strength of the U.S. economy, but geopolitical risks, including those involving North Korea, have increased in overseas economies, and uncertainty about the outlook continues.」

「In the global economy, financial markets were disrupted by heightened geopolitical risks, including North Korean missile tests and terrorism, but the U.S. economy remained strong and conditions were relatively stable overall. However, uncertainty about the outlook continues.」