Uncertainty Surrounding Emerging-Market Economies, European Conditions and Personal Consumption

「Japan's economy was on a gradual recovery track during the fiscal year under review, supported by improvements in employment and income conditions. However, uncertainty about the outlook has increased further due to weaker consumer sentiment associated with continuing price increases, the impact of U.S. trade policy and heightened geopolitical risks, including the situation in the Middle East.」

「Assessing the impact of heightened tensions in the Middle East on raw-material prices and logistics networks」

「The outlook remains uncertain due to a growing preference for saving caused by high prices and concerns over a slowdown in overseas economies.」

「While socioeconomic activity continued to normalize as COVID-19 moved to Category 5 under Japan's classification system, the outlook remained uncertain due to the prolonged situation in Ukraine, rising tensions in the Middle East and global monetary tightening. Personal consumption benefited from the reopening of the economy, particularly in services, but the continuing rise in prices raised concerns about a slowdown in consumption.」

「During the cumulative nine-month period, Japan's economy continued to face an uncertain outlook. Economic activity recovered as COVID-19 moved to Category 5 under Japan's classification system, but the impact on the economy of global monetary tightening and geopolitical risks, including those in Ukraine and the Middle East, remained a concern. Personal consumption also showed an increasingly strong preference for saving as prices rose amid the persistent depreciation of the yen and elevated energy prices.」

「Personal consumption is also showing growing signs of a slowdown, as real wages continue to decline due to rising prices for food and daily necessities.」

「During the cumulative first quarter under review, Japan's economy remained uncertain despite the normalization of social and economic activity as COVID-19 restrictions were eased, owing to the prolonged situation in Ukraine and sharp exchange-rate fluctuations. Although personal consumption was recovering, particularly in services, concerns remained over a decline in consumption because of rising prices resulting from increases in the cost of necessities.」

「Personal consumption is also becoming increasingly oriented toward saving as real disposable income remains sluggish against the backdrop of high prices.」

「Personal consumption is also a concern as real income remains sluggish, further weakening consumer sentiment.」

「Personal consumption is also a concern as consumer sentiment declines because prices are rising without a corresponding improvement in the income environment.」

「Although personal consumption has shown signs of recovery, consumer sentiment is expected to remain weak because of concerns over inflation.」

「During the fiscal year under review, Japan's economy remained in severe conditions as the prolonged impact of COVID-19 and heightened geopolitical risks, including the situation in Ukraine, weighed on it. Personal consumption also showed weakness in consumer sentiment because of the renewed spread of variants, and the outlook remained uncertain.」

「Although expectations for a recovery in personal consumption were increasing, the outlook became even more uncertain because of the spread of new variants and other factors.」

「During the cumulative second quarter under review, Japan's economy remained in severe conditions as economic activity continued to be restricted by repeated declarations of a state of emergency resulting from COVID-19. Although personal consumption was expected to recover as vaccinations progressed, the outlook remained uncertain because of risks including the spread of variants.」

「During the fiscal year under review, Japan's economy remained in severe conditions as all economic activity was restricted by the global spread of COVID-19. Personal consumption also stagnated because of calls to refrain from going out and deteriorating employment and income conditions, while the outlook remained extremely uncertain.」

「During the cumulative third quarter under review, Japan's domestic and external demand remained under severe conditions because of the spread of COVID-19. Although various government measures, including the Go To campaign, prompted some recovery in personal consumption, waves of infection continued, and the outlook remained extremely uncertain.」

「During the cumulative second quarter under review, Japan's economy deteriorated rapidly as the movement of people and goods stagnated amid the global spread of COVID-19. Although various government policies prompted some recovery in personal consumption, the outlook remained impossible to forecast because of deteriorating employment and income conditions and concerns over a resurgence of infections.」

「During the fiscal year under review, Japan's economy became impossible to forecast because of the global pandemic of COVID-19, in addition to U.S.-China trade friction and the UK's withdrawal from the EU. Although personal consumption was on a gradual recovery path as employment and income conditions improved despite the impact of the consumption tax rate increase, consumption activity declined markedly as the infection spread.」

「During the cumulative third quarter under review, Japan's economy remained sluggish, particularly in manufacturing, where exports and production were weakening. Overseas, the outlook remained uncertain because of U.S.-China trade friction, the UK's withdrawal from the EU and rising tensions in the Middle East. Although the consumption tax increase had an impact, personal consumption showed a limited recovery as employment and income conditions improved.」

「During the cumulative second quarter under review, corporate earnings in Japan remained firm, but the outlook continued to be uncertain because of prolonged U.S.-China trade friction, Brexit and, more recently, deteriorating Japan-South Korea relations. Although employment and income conditions improved, consumer sentiment showed weakness immediately before the consumption tax increase.」

「During the cumulative first quarter under review, corporate earnings in Japan remained firm, but the outlook remained uncertain as global trade slowed because of international political instability, including U.S.-China trade friction and Brexit. Although personal consumption was on a gradual recovery path as employment and income conditions improved, consumer sentiment was trending downward ahead of the consumption tax increase.」

「During the fiscal year under review, Japan's economy was on a gradual recovery path as corporate earnings improved, but the global economy slowed and uncertainty increased because of U.S.-China trade friction and the UK's withdrawal from the EU. Although employment conditions improved, personal consumption lacked strength and continued to fluctuate.」

「During the cumulative third quarter under review, Japan's economy recovered gradually as corporate earnings improved, but the outlook remained uncertain because of the impact of U.S.-China trade friction and volatility in financial and capital markets. Personal consumption was on an upward trend, although the recovery was limited.」

「During the cumulative second quarter under review, Japan's economy was on a gradual recovery path as corporate earnings improved, but uncertainty persisted because of external factors including U.S.-China trade friction and a slowdown in emerging-market economies. Although income conditions improved, personal consumption did not recover sufficiently.」

「However, uncertainty over the outlook for the global economy has increased because of U.S. protectionist policies and the U.S.-China trade war. Personal consumption showed a slight upward trend as employment conditions improved.」

「Regarding the outlook, although there are many political and economic uncertainties in emerging Asian economies and elsewhere, personal consumption is expected to recover as employment and income conditions improve.」

「During the cumulative third quarter under review, Japan's economy recovered gradually as corporate earnings improved, despite concerns including uncertainty in the political environment overseas. Although employment and income conditions continued to improve, disposable income remained sluggish and personal consumption lacked strength.」

「During the cumulative second quarter under review, Japan's economy continued to recover gradually as corporate earnings improved, but remained uncertain because of the impact of unstable conditions overseas. Although employment conditions improved, disposable income failed to increase, leaving personal consumption without momentum.」

「During the cumulative first quarter under review, Japan's economy remained on a gradual recovery path, but conditions were uncertain because of instability in the international situation. Although employment conditions improved, disposable income did not increase, and personal consumption remained weak.」

「During the cumulative third quarter under review, Japan's economy failed to recover despite bold policies aimed at ending deflation, including negative interest rates, and the outlook remained uncertain. Although consumers continued to favor saving, personal consumption showed some signs of recovery against the backdrop of improving employment conditions.」

「During the cumulative second quarter under review, Japan's economy continued to face an uncertain outlook because of poor performance by export companies resulting from the stronger yen and a slowdown in emerging-market economies, including China. Although employment conditions were favorable, personal consumption recovered only weakly and remained lackluster.」

「Uncertainty remains high because of sluggish emerging-market economies and a lack of cohesion within the EU, and personal consumption is expected to remain weak.」