Uncertainty over the outlook due to emerging-market slowdowns and the UK’s EU withdrawal issue

「At the same time, higher energy prices resulting from rising geopolitical risks and US policy developments are increasing economic uncertainty, and the outlook for the economy remains uncertain.」

「The outlook remains uncertain due to the prolonged Russia–Ukraine situation, worsening conditions in the Middle East, higher energy, resource and raw-material prices caused by yen depreciation and other factors, rising prices, and volatility in global financial markets.」

「During the fiscal year, Japan’s economy saw economic activity normalize as restrictions on movement caused by COVID-19 were lifted, and the economy recovered moderately. However, prices remained high amid heightened geopolitical risks, concerns associated with global monetary tightening and the effects of yen depreciation, and uncertainty over the outlook continued.」

「The global spread of COVID-19 has had a broad impact on economic and corporate activity, and it is currently extremely difficult to reasonably predict when the pandemic will subside or the extent of its impact.」

「To reduce the infection risk associated with the rapid resurgence of COVID-19, particularly the Omicron variant, since the beginning of the year, and to ensure the safety of customers, business partners and employees, we have implemented various measures, including canceling or postponing nonessential business trips and meetings, using web conferences, thoroughly managing workplace hygiene, and introducing work-from-home arrangements at sales offices.」

「The global spread of COVID-19 continues to affect economic and corporate activity. However, we expect activity to recover to pre-pandemic levels as vaccination progresses, although it is currently extremely difficult to reasonably predict when the pandemic will subside or the extent of its impact.」

「The global spread of COVID-19 has affected economic and corporate activity, and it is currently extremely difficult to reasonably predict when the pandemic will subside or the extent of its impact.」

「However, as corporate activity became constrained from March onward by the impact of calls to suspend economic activity to prevent the spread of COVID-19, we worked to secure orders and maintain and improve productivity through the active use of web conferences and telework, but overall performance remained sluggish, partly because customer companies postponed or canceled their plans.」

「During the cumulative first quarter from 1 October 2019 to 31 December 2019, fusion-related products performed relatively steadily. However, the business environment remained characterized by few large-scale projects, owing to the decline in nuclear-related products for research institutions and weak capital investment demand from private companies.」

「However, companies’ appetite for capital investment remains weak due to the effects of rising protectionism and deteriorating Japan–South Korea relations. Both energy-related products and industrial systems-related products remain in an unpredictable environment, and we expect weak demand to continue for the time being.」

「However, the economic impact of conflicts with various countries over the Trump administration’s protectionist trade policies has emerged in many areas, and we expect the adjustment phase to continue for the time being.」

「During the cumulative second quarter, Japan’s economy remained uncertain. Although corporate earnings and employment conditions showed signs of improvement, the yen appreciated and share prices began to trend lower amid political instability in the US following President Trump’s inauguration and rising geopolitical risks, including on the Korean Peninsula.」

「During the cumulative first quarter, Japan’s economy remained uncertain. Although employment conditions improved domestically, corporate earnings and personal consumption continued to stagnate amid rising uncertainty in overseas economies stemming from policies following the change in the US administration, the economic outlook and policies of emerging Asian economies including China, and the UK’s EU withdrawal issue.」

「Since the beginning of the year, the economy has remained in an uncertain environment, affected by concerns over economic slowdowns in emerging markets, including China, and resource-rich countries, as well as sharp fluctuations in equity and foreign-exchange markets stemming from the UK’s EU withdrawal issue.」

「Since the beginning of the year, concerns over economic slowdowns in emerging markets, including China, and resource-rich countries, together with sharp fluctuations in equity and foreign-exchange markets stemming from the UK’s EU withdrawal issue, have heightened uncertainty over the outlook.」