A stronger yen, falling share prices and uncertainty over the outlook for personal consumption

「Uncertainty remains regarding the outlook, including concerns about energy supplies associated with heightened tensions in the Middle East, rising crude oil and raw material prices, and the impact of continued inflation on personal consumption.」

「Uncertainty about the outlook is expected to persist due to concerns over energy supply accompanying heightened tensions in the Middle East, rising electricity, logistics and construction costs, and the impact on stable product supplies.」

「During the interim consolidated accounting period ended 31 August 2025 (1 March 2025 to 31 August 2025), Japan's economy continued to recover, supported by improvements in employment and income conditions and an increase in visitors to Japan. However, uncertainty about the outlook persisted amid persistently high consumer prices and uncertainty over US trade policy.」

「Japan's economy is expected to benefit from increased personal consumption accompanying improvements in wages and employment conditions, as well as expansion of the inbound market accompanying an increase in visitors to Japan. However, uncertainty about the outlook is expected to persist due to changes in the global economy, domestic inflationary pressure, and a worsening labour shortage.」

「Uncertainty about the outlook persisted, including concerns that continued price increases would slow consumption.」

「Uncertainty about the outlook persisted, including concerns that continued price increases would slow consumption.」

「Uncertainty about the outlook persisted, including concerns that continued price increases would slow consumption.」

「During the six-month consolidated period ended 31 August 2023 (1 March 2023 to 31 August 2023), Japan's economy showed signs of a recovery in domestic conditions as social and economic activity normalised following the reclassification of COVID-19. However, uncertainty about the outlook persisted, including concerns that continued price increases would slow consumption.」

「However, uncertainty is expected to persist, owing to concerns about a slowdown in overseas economies and, in Japan, concerns that continued price increases will dampen consumption.」

「During the nine-month consolidated period ended 30 November 2022 (1 March 2022 to 30 November 2022), Japan's economy showed signs of recovery in social and economic activity as restrictions on movement and border-control measures were eased, although the impact of COVID-19 continued. However, the outlook for the economy remained uncertain due to the renewed spread of infections caused by emerging variants of COVID-19, soaring energy and raw-material prices, and rising prices accompanying the rapid depreciation of the yen.」

「During the cumulative second quarter under review (2022-03-01 to 2022-08-31), Japan's social and economic activity showed signs of recovery as restrictions on activity related to COVID-19 were eased. However, the economic outlook remained uncertain due to a renewed spread of infections caused by the emergence of variants, surging energy and raw material prices resulting from Russia's invasion of Ukraine, and rising prices accompanying the rapid depreciation of the yen.」

「The economic outlook remains uncertain due to surging resource and crude oil prices resulting from Russia's invasion of Ukraine and other factors, the rapid depreciation of the yen, and the prolonged semiconductor shortage.」

「In Japan's economy during the next consolidated fiscal year, a recovery is expected as social and economic activity is gradually raised while measures are taken to prevent the spread of COVID-19. However, geopolitical risks resulting from Russia's invasion of Ukraine and further increases in energy and raw material prices are concerns, and personal consumption is expected to remain uncertain.」

「However, concerns about a renewed spread of COVID-19 and rising costs, including raw material prices, have become apparent, and the economic outlook remains uncertain.」

「During the cumulative second quarter under review (2021-03-01 to 2021-08-31), Japan's economy remained affected by sluggish personal consumption and restrictions on corporate activities as COVID-19 spread again. Although measures including vaccinations were progressing, the outlook remained uncertain, with no signs that COVID-19 was moving toward containment, as the state of emergency was reissued and the areas subject to priority preventive measures were expanded.」

「During the cumulative first quarter under review, demand, particularly personal consumption, declined in Japan as the spread of COVID-19 led to the application of priority preventive measures in designated areas and the issuance of the third state of emergency. The outlook also remained uncertain, as there were still no signs that COVID-19 was moving toward containment, including because the state of emergency was extended.」

「Japan's economy in the next period is expected to take time to achieve a full recovery. Although vaccinations will begin amid the continued spread of COVID-19, some restrictions on economic activity, including controls on going out to prevent infections, may remain in place.」

「The outlook also remained extremely uncertain, as the number of people infected with COVID-19 had begun to increase again.」

「Even after the state of emergency was lifted in Japan, worsening employment conditions, a weaker-than-expected recovery in consumer sentiment, and a renewed increase in the number of COVID-19 patients further depressed economic activity, and the outlook remained extremely uncertain.」

「During the cumulative first quarter under review, Japan's economy deteriorated sharply as the declaration of a state of emergency in response to the spread of COVID-19 led to the full-scale implementation of requests for business closures and for people to refrain from going out. This caused business sentiment to worsen and personal spending on dining out, leisure and travel to plunge. Even after the declaration was lifted, the recovery remained slow and the outlook continued to be extremely uncertain.」

「The outlook remains uncertain, amid concerns about sluggish personal consumption following the October consumption tax increase and a slowdown in economic activity due to the global spread of the novel coronavirus infection.」

「The outlook remains uncertain due to concerns about expanding trade friction resulting from U.S. trade policy, political developments in EU countries, and rising geopolitical risks.」

「In addition to the impact of prolonged U.S.-China trade friction on the domestic economy, uncertainty about the outlook has continued to increase due to the impact of the consumption tax rate increase on consumption trends.」

「Signs have begun to emerge of declines in Japanese companies' exports and production resulting from a slowdown in the global economy and intensifying U.S.-China trade friction, increasing uncertainty about the economic outlook.」

「The outlook remains uncertain due to concerns about expanding trade friction resulting from U.S. trade policy, political developments in EU countries, and rising geopolitical risks.」

「The outlook remains uncertain, including due to the direction of U.S. trade policy and concerns about slower economic growth in emerging Asian economies, including China.」

「The outlook for the economy remains uncertain due to concerns including future uncertainty surrounding the social security system, consumers' stronger preference for saving following price increases for daily necessities, and the impact of U.S. trade policy on the global economy.」

「Uncertainty about the outlook for a recovery in consumption remains due to concerns about the future, including social security.」

「Although the income environment has improved, personal consumption declined due to consumers' continued preference for saving and repeated periods of adverse weather, including typhoons, and the outlook remained highly uncertain.」

「However, personal consumption remained lackluster and uncertainty about the outlook continued, due to wage growth lagging behind the increase in corporate earnings, higher burdens such as social insurance premiums, and concerns about the future costs of pensions, healthcare and nursing care.」

「However, personal consumption remained weak, partly due to concerns about the future, including social security, and rising consumer prices.」

「However, personal consumption remained weak, partly due to concerns about the future, including social security.」

「During the cumulative third quarter under review, Japan's economy was on a gradual recovery trend, although economic conditions in the United States, Europe and emerging economies remained unstable and share prices and exchange rates fluctuated accordingly. Corporate earnings and employment conditions showed signs of improvement. However, personal consumption remained weak, partly due to concerns about the future, including social security.」

「Although the economy is on a gradual recovery path, amid an economic slowdown in emerging Asian countries, including China, and resource-rich countries, as well as sluggish exports due to the stronger yen, personal consumption remained weak, affected by negative wealth effects from falling share prices and concerns about the future, including social security.」

「Consumer spending has yet to recover, owing to the economic slowdown in emerging markets since last year, a stronger yen and falling share prices, as well as concerns about the future, including social security. More recently, concerns about Japan’s economic environment and the outlook for consumer spending have begun to widen further, amid a rapid appreciation of the yen and a sharp decline in share prices associated with concerns over the United Kingdom’s withdrawal from the European Union.」