Stagnation in consumer spending due to economic downturn, yen appreciation, weak share prices and declining personal income

「一方で、ウクライナや中東情勢の長期化による原材料・エネルギー価格の高騰、急激な為替変動に加え、人件費や物流費の上昇といったコスト圧迫要因が続いております。さらに、国内の物価高に伴う消費者の節約志向も根強く、当社グループを取り巻く経営環境は依然として先行き不透明な状況で推移いたしました。」

「During the current interim consolidated accounting period, Japan's economy showed signs of a gradual recovery, supported by improvements in employment and income conditions. However, cost pressures continued, including higher raw material and energy prices resulting from the prolonged situations in Ukraine and the Middle East, sharp foreign exchange fluctuations, and rising labor and logistics costs. In addition, consumers remained firmly focused on saving amid higher domestic prices, and the business environment surrounding the Group remained uncertain.」

「During the interim consolidated accounting period, the Japanese economy showed signs of a gradual recovery due to improvements in corporate earnings and employment and income conditions. However, prices for all manner of goods, including food and daily necessities, continued to rise, and concerns persisted that consumption would weaken as concerns about household finances increased. The outlook also remained uncertain due to the impact of US tariff policy and the prolonged situations in Ukraine and the Middle East.」

「The domestic economy continued to recover gradually, supported by a recovery in personal consumption and increased inbound demand resulting from improved employment conditions. However, the outlook remained uncertain amid many unstable factors, including yen depreciation, the prolonged situation in Ukraine, uncertainty over US tariffs, persistently high energy prices and continuing increases in raw-material prices.」

「During the interim consolidated accounting period, the Japanese economy recovered gradually, supported by improved employment and income conditions resulting from higher corporate earnings and increased inbound demand. However, uncertainty about the outlook continued amid unstable overseas conditions, soaring raw-material prices and persistently high fuel prices, which were reinforcing consumers' preference for saving.」

「During the cumulative first quarter of the fiscal year, the Japanese economy recovered gradually, supported by a recovery in personal consumption and increased inbound demand. However, the outlook remained uncertain due to rising raw-material and energy prices, continued declines in real wages caused by inflation associated with yen depreciation, and unstable conditions overseas, including in Ukraine and the Middle East.」

「During the fiscal year, social and economic activity normalized as COVID-19 was reclassified as a Class 5 disease, resulting in a gradual recovery supported by a recovery in personal consumption and increased inbound demand. However, uncertainty about the outlook continued due to yen depreciation, the prolonged and increasingly tense situations in Ukraine and the Middle East, and persistently high energy and raw-material prices.」

「During the cumulative third quarter of the fiscal year, economic activity normalized as COVID-19 was reclassified as a Class 5 disease. However, uncertainty continued due to persistently high energy and raw-material prices as the situation in Ukraine remained protracted, as well as concerns about an economic downturn caused by global monetary tightening.」

「During the cumulative second quarter of the fiscal year, normalization of economic activity progressed as COVID-19 was reclassified as a Class 5 disease and traffic recovered. However, the challenging environment continued amid soaring energy and raw-material prices, a serious labor shortage and the 2024 logistics problem.」

「During the cumulative first quarter of the fiscal year, economic activity recovered gradually as traffic increased following the easing of the effects of COVID-19 and inbound demand expanded following the easing of restrictions on entry by foreign visitors. However, the challenging environment continued, with the situation in Ukraine becoming protracted, concerns that consumer sentiment would weaken due to soaring fuel and raw-material prices, rising labor costs and the 2024 logistics problem.」

「During the fiscal year, the Japanese economy showed signs of recovery as the easing of activity restrictions related to COVID-19 enabled progress toward balancing infection control with economic activity. However, global raw-material and energy prices remained elevated due to the situation in Ukraine, and the outlook remained uncertain amid concerns about weaker personal consumption.」

「During the cumulative third quarter of the fiscal year, the Japanese economy showed signs of recovery under a "with COVID-19" environment, as restrictions on activities were eased and economic stimulus measures, including nationwide travel support, were implemented. However, the outlook remained uncertain, with global raw-material and energy prices continuing to soar and concerns about weaker personal consumption of daily necessities.」

「During the cumulative second quarter of the fiscal year, the Japanese economy remained in an uncertain environment, as the number of COVID-19 cases surged during the seventh wave and product prices continued to rise amid soaring global raw-material and energy prices partly attributable to the situation in Ukraine. Concerns that personal consumption would weaken persisted.」

「During the cumulative first quarter of the fiscal year, as restrictions under the priority preventive measures were fully lifted in late March 2022, traffic gradually recovered and economic activity began to normalize. However, prices for goods continued to rise amid soaring raw-material and energy prices, and the outlook remained uncertain as concerns grew that personal consumption would weaken.」

「During the fiscal year, the spread of COVID-19 continued for an extended period. Although economic activity showed signs of recovery as vaccinations became more widespread, infections resurged in January 2022 due to the Omicron variant. The outlook nevertheless remained uncertain because of the tense situation in Ukraine and soaring raw-material prices accompanying accelerating global inflation.」

「During the cumulative third quarter of the fiscal year, the spread of COVID-19 continued for an extended period. Although economic activity showed signs of recovery as vaccinations became more widespread, infections caused by new variants were resurging overseas, and the situation in Japan remained unpredictable.」

「During the cumulative second quarter of the fiscal year, the effects of COVID-19 continued for an extended period. Although vaccination progressed in Japan, uncertainty about the outlook persisted due to the impact of the fourth and fifth waves of infection caused by variants.」

「During the cumulative first quarter of the fiscal year, the effects of COVID-19 continued for an extended period. Although vaccination progressed in Japan and some corporate activity began to recover, concerns about the spread of new variants meant that uncertainty about the outlook persisted.」

「During the fiscal year, economic activity stagnated and restrictions on corporate activity continued as the effects of the COVID-19 pandemic persisted. As individuals were forced to change their lifestyles, personal consumption remained sluggish, and society and the economy worldwide entered an unprecedented state.」

「During the cumulative third quarter of the fiscal year, the spread of the novel coronavirus had a serious impact on economic activity, including stagnant production and restrained personal consumption.」

「During the cumulative second quarter of the fiscal year, the Japanese economy suffered serious adverse effects on economic activity, including stagnant production and restrained personal consumption, due to the spread of the novel coronavirus.」

「During the cumulative first quarter of the fiscal year, the Japanese economy deteriorated sharply as the spread of the novel coronavirus led to requests to refrain from going out, requests for businesses to suspend operations following the declaration of a state of emergency, and a sharp decline in foreign visitors to Japan. Economic activity was severely affected, as were employment and income conditions.」

「During the fiscal year, the Japanese economy recovered gradually against the backdrop of improving employment and income conditions. However, the situation remained unpredictable due to intensifying US-China trade tensions and slowing overseas economies, as well as postponed investment and restrictions on corporate activity resulting from the spread of the novel coronavirus.」

「During the cumulative third quarter of the fiscal year, the Japanese economy continued to recover gradually against the backdrop of improving employment and income conditions. However, the outlook remained uncertain due to the slowdown in the Chinese economy caused by US-China trade tensions, stagnant personal consumption following the consumption tax increase and the effects of successive natural disasters.」

「During the cumulative second quarter of the fiscal year, the Japanese economy recovered gradually against the backdrop of improving employment and income conditions. However, the outlook remained uncertain due to the slowdown in the Chinese economy and deteriorating Japan-South Korea relations.」

「During the fiscal year, the Japanese economy recovered gradually due to improvements in employment conditions and corporate earnings. However, consumer sentiment did not recover significantly because of abnormal weather throughout the year and frequent natural disasters, and the outlook remained uncertain.」

「During the cumulative third quarter of the fiscal year, the Japanese economy recovered gradually, supported by improvements in employment conditions and corporate earnings. However, uncertainty about the outlook continued due to uncertainty in overseas economies and the effects of successive natural disasters.」

「During the cumulative second quarter of the fiscal year, the Japanese economy was recovering gradually against the backdrop of increased capital investment and improved corporate earnings. However, consumers' preference for saving continued amid uncertainty about the outlook, and personal consumption remained lackluster.」

「Although the economy was recovering gradually due to improvements in employment conditions and the effects of various policies, the retail industry remained in a challenging environment, with personal consumption stagnating as concerns about household finances remained elevated, while customer traffic continued to decline amid intensifying competition across industries and business formats and a serious labor shortage.」

「In regional economies, consumers remained strongly inclined to economize and personal consumption had yet to recover. The business environment remained challenging due to higher raw-material costs and rising labor costs caused by labor shortages.」

「During the cumulative third quarter of the fiscal year, the Japanese economy continued to recover gradually. However, it remained in an uncertain environment amid developments in emerging Asian economies and unstable overseas conditions, including in the United States and Europe. Consumers' preference for saving remained firmly entrenched as concerns about household finances increased, and personal consumption remained sluggish.」

「During the six months ended [the current second quarter], the Japanese economy continued to recover gradually against the backdrop of government economic and monetary policies. However, consumers remained strongly inclined to economize, and personal consumption remained sluggish. The outlook also remained uncertain due to China's slowing economy and unstable international conditions.」

「During the three months ended [the current first quarter], the Japanese economy showed signs of a gradual recovery supported by the government's economic and monetary policies. However, it remained in an uncertain environment amid concerns over an economic downturn associated with recessions in emerging economies, political turmoil in the US and the UK's Brexit issue.」

「During the fiscal year, the Japanese economy showed signs of a gradual recovery against the backdrop of economic and monetary policies. However, the domestic economy continued to lack momentum as higher prices for imported goods and energy caused by the weaker yen persisted, while consumer spending remained stagnant.」

「During the nine months ended [the current third quarter], the Japanese economy showed signs of a gradual recovery in some areas, supported by government and Bank of Japan policies. However, consumer spending remained weak due to uncertainty over the global economic outlook, including slower economic growth in emerging economies, particularly China, and the effects of volatility in financial markets.」

「During the six months ended [the current second quarter], the Japanese economy showed signs of a gradual recovery in some areas, supported by government and Bank of Japan policies. However, consumer spending remained weak amid uncertainty over the global economic outlook, including weak share prices driven by the yen's appreciation, the UK's Brexit issue and slower growth in emerging economies.」

「Concerns over an economic downturn, yen appreciation and weak share prices have contributed to continued uncertainty about the outlook. Consumer spending has remained sluggish amid concerns over declining personal income, and the retail industry has remained weak.」