Deterioration in the business environment due to yen appreciation, falling stock prices and weak consumer spending

「During the interim consolidated accounting period, the economy continued to recover moderately, while the outlook remained uncertain due to the situation in the Middle East, U.S. policy developments, foreign-exchange movements and soaring prices of commodities and energy, among other factors.」

「During the interim consolidated accounting period, the economy continued to recover moderately, while the outlook remained uncertain due to the situation in the Middle East, U.S. policy developments, foreign-exchange movements and soaring prices of commodities and energy, among other factors.」

「The outlook remains uncertain due to the situation in the Middle East, U.S. policy developments, foreign-exchange movements and soaring prices of commodities and energy, among other factors.」

「Japan’s domestic economy is currently showing continued signs of a moderate recovery, but consumption and corporate activities continue to be significantly affected by the situation in the Middle East, U.S. policy developments, and higher prices for goods and energy, among other factors.」

「Looking ahead, we believe that the situation in the Middle East, U.S. policy developments and soaring prices of commodities and energy will have a serious impact on the economies of Japan and other countries, and expect that our industry will not be immune to these effects.」

「During the interim consolidated fiscal year under review, economic conditions continued to recover moderately, but the outlook remained uncertain due to inflation and the effects of U.S. policy developments, among other factors.」

「During the first quarter of the consolidated fiscal year under review, the economy continued to recover moderately, but the outlook remained uncertain due to the prolonged situation in Ukraine, escalating tensions in the Middle East, and inflation caused by the sharp depreciation of the yen, among other factors.」

「During the first three quarters of the consolidated fiscal year under review, economic conditions showed signs of a gradual recovery after restrictions on activity related to COVID-19 were eased. However, the outlook remained uncertain amid concerns over inflation associated with the prolonged situation in Ukraine, sharp foreign-exchange movements, and other factors, as well as an economic slowdown caused by global monetary tightening.」

「During the first two quarters of the consolidated fiscal year under review, economic conditions showed signs of a gradual recovery after restrictions on activity related to COVID-19 were eased. However, the outlook remained uncertain amid concerns over inflation associated with the prolonged situation in Ukraine, sharp foreign-exchange movements, and other factors, as well as an economic slowdown caused by global monetary tightening.」

「During the first quarter of the consolidated fiscal year under review, the economy showed signs of a gradual recovery as restrictions on activity related to COVID-19 were eased and COVID-19 was reclassified under Japan’s Infectious Diseases Control Law as a Category 5 infectious disease. However, the outlook remained uncertain amid concerns over inflation associated with the invasion of Ukraine, sharp foreign-exchange movements, and other factors, as well as an economic slowdown caused by global monetary tightening.」

「During the consolidated fiscal year under review, restrictions on activity related to COVID-19, which began in 2020, were gradually eased, and efforts to normalize economic activity continued regardless of fluctuations in the number of new cases. However, the outlook remained uncertain as imported raw materials became more expensive due to sharp foreign-exchange movements, the invasion of Ukraine, and other factors, leading to a succession of product price increases.」

「During the first three quarters of the consolidated fiscal year under review, efforts to normalize economic activity continued after restrictions on activity related to COVID-19 were eased, even as new cases increased. However, the outlook remained uncertain as imported raw materials became more expensive due to sharp foreign-exchange movements, the invasion of Ukraine, and other factors, leading to a succession of product price increases.」

「During the first two quarters of the consolidated fiscal year under review, there were signs of a gradual increase in economic activity and interaction with overseas markets even as restrictions on activity related to COVID-19 were eased and new cases surged. However, the outlook remained uncertain as imported raw materials became more expensive due to sharp foreign-exchange movements resulting from U.S. monetary policy and other factors, the invasion of Ukraine, lockdowns in China, and other factors, leading to a succession of product price increases.」

「During the first quarter of the consolidated fiscal year under review, the decline in COVID-19 cases since February 2020 led to the easing of restrictions on activity and signs of a gradual increase in economic activity and interaction with overseas markets. However, the outlook remained uncertain as imported raw materials became more expensive due to sharp foreign-exchange movements, Russia’s invasion of Ukraine, lockdowns in China, and other factors, leading to a succession of product price increases.」

「During the first three quarters of the consolidated fiscal year under review, there were signs of a gradual increase in economic activity as vaccination rates for COVID-19 rose and the number of new cases declined. However, the outlook remained uncertain, as a new variant of COVID-19, Omicron, spread rapidly overseas and new cases of the same variant were detected in Japan.」

「During the first two quarters of the consolidated fiscal year under review, the serious impact of the global spread of COVID-19 on economies in Japan and overseas from February 2020 continued. In Japan, amid the spread of variants, the government repeatedly issued and lifted declarations of a state of emergency several times, and the outlook therefore remained uncertain.」

「During the first quarter of the consolidated fiscal year under review, the global spread of COVID-19 continued to have a serious impact on economies in Japan and overseas. In addition, on 25 April 2021, the government issued a third declaration of a state of emergency. ... The outlook nevertheless remained uncertain.」

「During the consolidated fiscal year under review, the global spread of COVID-19 from February 2020 had a serious impact on economies in Japan and overseas. The Japanese government issued a state of emergency twice, significantly restricting personal consumption and corporate activities, and the outlook therefore remained uncertain.」

「During the first two quarters of the consolidated fiscal year under review, Japan’s economy shifted sharply from the moderate recovery trend seen through the previous year, supported by improved corporate earnings and employment and income conditions, among other factors. In addition to persistently high logistics costs caused by labor shortages at the start of the year and the deterioration in the consumption environment that became apparent after the consumption tax increase, the global spread of the novel coronavirus from February has had an increasingly serious impact on economies in Japan and overseas, leaving the outlook uncertain.」

「During the first quarter of the consolidated fiscal year under review, Japan’s economy shifted from the moderate recovery trend seen through the previous year, supported by improved corporate earnings and employment and income conditions, among other factors. In addition to persistently high logistics costs caused by labor shortages at the start of the year and the deterioration in the consumption environment that became apparent after the consumption tax increase, the global spread of the novel coronavirus from February had a serious impact on economies in Japan and overseas.」

「During the consolidated fiscal year under review, Japan’s economy had remained on a moderate recovery trend through the previous year, supported by improved corporate earnings and employment conditions. However, the deterioration in the consumption environment following the consumption tax rate increase and the global spread of the newly emerged novel coronavirus infection, which accelerated day by day and had increasingly serious economic effects, left the outlook uncertain.」

「Conditions remained uncertain amid intensifying US-China trade friction, the UK's withdrawal from the EU and the emerging impact of the consumption tax rate increase on consumer activity.」

「Japan's economy during the second quarter of the current consolidated cumulative period continued on a moderate recovery trend due to improvements in corporate earnings and the employment environment. However, conditions remained uncertain amid concerns about the impact on consumer activity of intensifying US-China trade friction and the consumption tax rate increase scheduled for this autumn.」

「Japan's economy during the current consolidated fiscal year remained on a moderate recovery trend, supported by strong corporate earnings and improvements in the employment and income environment, although the outlook remained uncertain due to numerous uncertainties surrounding overseas economic conditions and policies, including intensifying US-China trade friction resulting from the US's protectionist trade policies.」

「Although Japan's economy during the third quarter of the current consolidated cumulative period continued to face an uncertain outlook due to factors including surging raw material prices, the effects of a series of natural disasters and concerns about global trade friction resulting from the US's protectionist trade policies, it remained on a moderate recovery trend supported by strong corporate earnings and improvements in the employment and income environment.」

「Although uncertainty about the outlook rose rapidly due to factors including labor shortages, surging raw material prices, a series of natural disasters and concerns about global trade friction resulting from the US's protectionist trade policies, the economy remained on a moderate recovery trend, with corporate earnings and capital investment remaining solid and personal consumption showing signs of recovery due to improvements in the employment and income environment.」

「Japan's economy during the first quarter of the current consolidated cumulative period continued on a moderate recovery trend, with corporate earnings and capital investment remaining solid and personal consumption showing signs of recovery due to improvements in the employment and income environment. In addition, participation in the leisure market is expected to recover as the government's work-style reforms increase people's leisure time.」

「Japan's economy during the second quarter of the current consolidated cumulative period entered a moderate recovery trend, with improvements in corporate earnings and the employment and income environment. However, the outlook remained uncertain amid concerns about uncertainty in the global economy resulting from factors including US policy management and political tensions with neighboring countries.」

「Although Japan's economy during the first quarter of the current consolidated cumulative period was on a moderate recovery trend, with corporate earnings and capital investment improving, personal consumption lacked strength and the outlook remained uncertain due to increasing uncertainty in the global economy resulting from factors including US policy management and political conditions in Europe.」

「The business environment surrounding the group remained difficult due to sluggish growth in personal consumption resulting from consumers' preference for saving and selective consumption, as well as a decline in amusement facilities.」

「Japan's economy during the third quarter of the current consolidated cumulative period remained on a moderate recovery trend, partly due to the effects of the government's economic and monetary policies. However, the outlook for the global economy, including the US economy and the economies of emerging and resource-producing countries such as China, remained uncertain. The business environment surrounding the group continued to be difficult due to prolonged sluggish personal consumption resulting from consumers' preference for saving and a decline in amusement facilities.」

「The business environment surrounding the group remained difficult due to sluggish personal consumption, including consumers' preference for saving.」

「Although Japan's economy during the first quarter of the current consolidated cumulative period was on a moderate recovery trend, concerns about the outlook spread as the economy faced a phase of sharp yen appreciation and falling share prices amid a slowdown in the global economy. The business environment surrounding the group remained difficult due to sluggish personal consumption, including consumers' preference for saving.」