Uncertainty in the Overseas Economy Due to U.S. Trade Policy and Middle East Oil Developments

「However, attention is required regarding the impact on the domestic economy of rising energy prices resulting from heightened tensions in the Middle East, as well as sharp volatility in financial and capital markets.」

「However, attention is required regarding the impact on the domestic economy of rising energy prices resulting from heightened tensions in the Middle East, as well as sharp volatility in financial and capital markets.」

「During the interim consolidated accounting period, Japan's economy continued to recover gradually against a backdrop of improving employment and income conditions. However, downside risks to the economy caused by continued inflation, persistently high energy costs, U.S. trade policy, and slower growth in China remained.」

「In addition to the impact of rising domestic interest rates and continued inflation, attention was required to the impact on the domestic economy of concerns about China's economic outlook, the protracted Ukraine situation, and U.S. tariff policy.」

「During the interim consolidated accounting period, Japan's economy showed signs of a gradual recovery as inbound demand recovered and employment and income conditions improved. However, attention was required to the impact on the domestic economy of slower growth in China, the effects of monetary policy in Europe and the United States, and soaring resource and energy prices caused by worsening conditions in the Middle East.」

「During the first nine months of the current fiscal year, socioeconomic activity continued to normalize, and the economy showed a gradual recovery, led by inbound demand and private consumption. However, concerns remained about the impact of market conditions, including heightened geopolitical risks such as the protracted situation in Ukraine and escalating tensions in the Middle East, as well as an economic slowdown caused by the effects of global monetary tightening.」

「During the first six months of the current fiscal year, the normalization of socioeconomic activity, including private consumption and inbound demand, progressed further following the reclassification of COVID-19 to Class 5. However, concerns remained about the impact of market conditions, including heightened geopolitical risks such as the protracted situation in Ukraine and inflation caused by the yen's depreciation.」

「During the first three months of the current fiscal year, Japan's economy saw further progress toward the normalization of economic and social activity, including the reclassification of COVID-19 to Class 5. However, market conditions remained challenging, with the protracted situation in Ukraine, inflation caused by soaring energy and raw material prices, and downside risks to the economy from global monetary tightening requiring continued attention.」

「During the first nine months of the current fiscal year, Japan's economy showed expectations of a recovery, but energy and raw material prices remained elevated due to the protracted situation in Ukraine, while global monetary tightening continued. Developments in overseas economies posed a downside risk to Japan's economy, and continued close monitoring was required of inflation, volatility in financial and capital markets, and supply-side constraints.」

「During the cumulative second-quarter period of the current consolidated fiscal year, disruptions in the supply of parts and products from overseas had yet to be resolved due to the continuing impact of COVID-19. In addition to the prolonged situation in Ukraine, downside risks to the economy had become apparent, including soaring energy resource prices, supply constraints and the rapid depreciation of the yen, and it remained necessary to continue monitoring their impact.」

「During the cumulative first-quarter period of the current consolidated fiscal year, Japan's economy began to show signs of recovery as economic activity returned to normal. However, due in part to Russia's invasion of Ukraine and China's lockdowns, it remained necessary to monitor the economic impact of soaring raw material prices, supply constraints and the rapid depreciation of the yen.」

「During the cumulative third quarter, there were no new occurrences of the major risks that management recognizes as potentially having a material impact on the company’s financial position, operating results or cash flows, among the matters concerning the business and accounting conditions described in this quarterly report, nor were there any material changes to the risks described in the “Business and Other Risks” section of the annual securities report for the previous fiscal year.」

「During the cumulative second quarter, there were no new occurrences of the major risks that management recognizes as potentially having a material impact on the company’s financial position, operating results or cash flows, among the matters concerning the business and accounting conditions described in this quarterly report, nor were there any material changes to the risks described in the “Business and Other Risks” section of the annual securities report for the previous fiscal year.」

「During the cumulative first quarter, there were no new occurrences of the major risks that management recognizes as potentially having a material impact on the company’s financial position, operating results or cash flows, among the matters concerning the business and accounting conditions described in this quarterly report, nor were there any material changes to the risks described in the “Business and Other Risks” section of the annual securities report for the previous fiscal year.」

「Although the end of the COVID-19 pandemic remains difficult to foresee, economic activity is expected to recover gradually as vaccination progresses.」

「During the cumulative third quarter, the newly arising business and other risks were as follows. There were no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」

「During the cumulative first quarter, there were no new occurrences of the major risks that management recognizes as potentially having a material impact on the company’s financial position, operating results or cash flows, among the matters concerning the business and accounting conditions described in this quarterly report, nor were there any material changes to the risks described in the “Business and Other Risks” section of the annual securities report for the previous fiscal year.」

「During the current consolidated fiscal year, Japan's economy continued on a moderate recovery track, driven by domestic demand amid continued improvement in corporate earnings. However, business sentiment deteriorated rapidly toward the end of the fiscal year due to uncertainty in the overseas economy arising from US-China trade friction and the impact of the spread of COVID-19.」

「Meanwhile, the outlook remains uncertain due to the impact on the global economy of uncertainty surrounding overseas trade issues, including developments in US-China trade friction.」

「Meanwhile, the outlook remains uncertain due to the impact of the overseas economy.」

「Meanwhile, the outlook remains uncertain, with uncertainty increasing due to the prolonged US-China trade friction and the UK's withdrawal from the EU.」

「The business environment surrounding the Group is expected to continue recovering moderately as corporate earnings and employment and income conditions improve. However, the outlook is expected to remain uncertain due to the impact of the consumption tax increase scheduled for October this year, instability in the overseas economy, and fluctuations in the financial and capital markets. Meanwhile, overseas, instability in the global economy has increased due to developments in trade policy and the UK's withdrawal from the EU, and the outlook remains uncertain.」

「However, overseas, concerns remain about the impact on the domestic economy from the prolonged trade friction originating in the US and unstable conditions in Europe, and the outlook remains uncertain.」

「During the cumulative second-quarter period of the current consolidated fiscal year, Japan's economy continued on a moderate recovery track, supported by improving corporate earnings and employment conditions. However, the outlook for the real economy remains uncertain due to downside risks to the global economy arising from financial market turmoil triggered by US interest-rate hikes and developments in trade friction.」

「Meanwhile, the outlook for the overseas economy remains uncertain due to risks including concerns over US trade policy and the oil situation in the Middle East.」