Global Economic Slowdown, Yen Appreciation, and Chinese Economic Slowdown

「The outlook remained uncertain due to geopolitical risks, fluctuations in raw material and energy prices, and trends in foreign-exchange and financial capital markets.」

「Looking ahead, we expect uncertainty to persist due to trends in raw material and energy prices, geopolitical risks, and fluctuations in foreign exchange rates.」

「Meanwhile, the outlook remained uncertain owing to the impact of an unstable international environment, including soaring prices, volatility in the financial and foreign exchange markets, and developments in trade policies such as tariff increases in the United States.」

「Meanwhile, the global environment surrounding the Japanese economy remains unpredictable, owing to concerns about the outlook for the Chinese economy, escalating tensions in the Middle East, the prolonged Russian invasion of Ukraine, and the tariff policies of the US Trump administration, among other factors, and downside risks to the economy are increasing.」

「While the economy has overcome the COVID-19 pandemic, inbound demand has recovered, and economic activity has entered a full-scale normalization process, the global environment surrounding the Japanese economy remains unpredictable, owing to the further depreciation of the yen, soaring raw material and energy prices, concerns about the outlook for the Chinese economy, escalating tensions in the Middle East, and the prolonged Russian invasion of Ukraine.」

「While the economy has overcome the COVID-19 pandemic, inbound demand has recovered, and economic activity has entered a full-scale normalization process, the global environment surrounding the Japanese economy remains unpredictable, owing to the further depreciation of the yen, soaring raw material and energy prices, concerns about the outlook for the Chinese economy, escalating tensions in the Middle East, and the prolonged Russian invasion of Ukraine.」

「Looking ahead, although the economy is expected to continue its gradual recovery amid living with COVID-19, supported in part by the effects of various government policies, the situation requires close attention to the impact of global monetary tightening, concerns about the outlook for the Chinese economy, Russia’s invasion of Ukraine, developments in the Middle East, rising prices, and volatility in the financial and capital markets.」

「Meanwhile, the global situation surrounding Japan's economy remains unpredictable due to the effects of global monetary tightening, the continuing depreciation of the yen, soaring raw material and resource prices, the prolonged invasion of Ukraine by Russia, the intensifying Israel-Palestine conflict, and concerns over China's economic outlook.」

「Meanwhile, the global situation surrounding Japan's economy remains unpredictable due to the effects of global monetary tightening, the continuing depreciation of the yen, soaring raw material and resource prices, the prolongation of geopolitical risks brought to the fore by Russia's invasion of Ukraine, and concerns over China's economic outlook.」

「Meanwhile, the global situation surrounding Japan's economy remains unpredictable due to the effects of global monetary tightening, the continuing depreciation of the yen, soaring raw material and resource prices, and the prolongation of geopolitical risks brought to the fore by Russia's invasion of Ukraine.」

「In addition to concerns over the prolonged geopolitical risks brought to the fore by Russia's invasion of Ukraine in February this year, the global situation surrounding Japan's economy remains severe due to soaring raw material and resource prices, supply chain disruptions, accelerating global inflation, monetary tightening in the United States, and the rapid appreciation of the dollar against the yen, leaving the economic outlook uncertain.」

「In addition to concerns over the prolonged geopolitical risks brought to the fore by Russia's invasion of Ukraine in February this year, the global situation surrounding Japan's economy remains severe due to soaring raw material and resource prices, supply chain disruptions, and the rapid depreciation of the yen, leaving the economic outlook uncertain.」

「Looking ahead, the impact of the novel coronavirus disease is expected to subside as countries around the world work to contain infections, including through progress in vaccinations. However, Russia's invasion of Ukraine in February this year has had a major global impact, creating a situation that requires close attention.」

「Against this backdrop, the Group began fiscal 2021 with the aim of moving to its next stage, marking the 100th anniversary of its founding in March 2023. It continues to work as one to prevent the spread of the novel coronavirus while making every effort to achieve sustainable growth and secure stable earnings.」

「During the second quarter of the current consolidated cumulative period (1 March 2021 to 31 August 2021), Japan's economy remained uncertain. Although vaccination against the novel coronavirus disease began in earnest, declarations of a state of emergency and priority preventive measures were extended for a prolonged period in major cities.」

「Vaccinations progressed in various countries, and the U.S. economy showed a pronounced recovery following the government's large-scale additional economic measures. China's economy was also recovering rapidly, resulting in firm overseas demand. Meanwhile, the outlook remained uncertain due to concerns over a resurgence of infections, declarations of a state of emergency in urban areas from the beginning of the year, restrictions on overseas travel, and requests for restaurants and commercial facilities to suspend operations.」

「Although some recovery was seen following government measures and the phased resumption of economic activity, the spread of the novel coronavirus did not subside. Repeated waves of infection, including the second and third waves, severely damaged economic activity worldwide, including through the postponement of the Tokyo Olympic and Paralympic Games.」

「Although some recovery was seen following the phased resumption of economic activity and government policies, the outlook remained uncertain as novel coronavirus infections began spreading again nationwide.」

「During the second quarter of the current consolidated cumulative period (1 March 2020 to 31 August 2020), Japan's economy was severely affected as the novel coronavirus disease, which began spreading from Wuhan in China's Hubei Province at the end of the previous year, spread worldwide in a short period. Restrictions on overseas travel, the declaration of a state of emergency in Japan, requests to refrain from going out and requests for businesses to suspend operations severely restricted corporate activity and personal consumption. The economy deteriorated rapidly, with no clear sign of a resolution, leaving the outlook uncertain.」

「The novel coronavirus disease spread worldwide in a short period and had a devastating impact on economic activity and daily life. Restrictions on overseas travel, the declaration of a state of emergency in Japan, requests to refrain from going out and requests for businesses to suspend operations severely restricted corporate activity and personal consumption, causing the economy to deteriorate rapidly and leaving the outlook uncertain.」

「Although overseas economies showed a moderate recovery trend, the outlook became uncertain as the global economy was significantly affected by the prolonged U.S.-China trade friction, China's economic slowdown, the UK's withdrawal from the EU, heightened tensions in the Middle East following attacks on Saudi Arabia's oil facilities, and deterioration in Japan-South Korea relations, described as the worst since the end of World War II, as well as the spread of the novel coronavirus, centered on Wuhan in China's Hubei Province, which began at the end of the previous year.」

「Although overseas economies showed a moderate recovery trend, uncertainty persisted over the outlook due to the impact on the global economy of prolonged U.S.-China trade friction, China's economic slowdown, the UK's withdrawal from the EU, heightened tensions in the Middle East following attacks on Saudi Arabia's oil facilities, and deterioration in Japan-South Korea relations, described as the worst since the end of World War II.」

「Meanwhile, overseas economies became increasingly uncertain due to the prolonged U.S.-China trade friction, heightened tensions in the Middle East following attacks on Saudi Arabia's oil facilities, and the deterioration of Japan-South Korea relations, described as the worst since the end of World War II.」

「Meanwhile, overseas economies became uncertain due partly to the impact of U.S.-China trade friction on the global economy.」

「Looking ahead, the U.S. economy is expected to remain solid, supported by personal consumption, but there is no clear prospect of resolving trade friction with China, leaving it exposed to risks. China's economy is also feared to stagnate, and Japan's economy is expected to be affected, with the possibility that it could enter a recession.」

「The outlook for the economy remained uncertain, partly because escalating U.S.-China trade friction affected the global economy.」

「However, the outlook for the economy became uncertain due to increased downside risks to the global economy arising from large typhoons and torrential rains that caused disasters across Japan, the effects of record heat, and trade friction based on protectionist trade policies by the United States and China.」

「The global economy during the first quarter of the current consolidated cumulative period began with the positive news that preparations had started for a summit meeting between the United States and North Korea. This was followed by President Trump's sudden imposition of punitive tariff rates, prompting countries and regions to raise tariffs on imports of U.S. products in response to U.S. measures. As a result, the Chinese yuan plunged, major stock markets remained sluggish, and the outlook became uncertain.」

「Meanwhile, uncertainty increased due to the policy direction of the Trump administration in the United States, the progress of reforms under China's Xi administration as it established a stable foundation, North Korea's repeated missile launch tests, and the policy direction of the U.S. Federal Reserve and European central banks, leaving the outlook uncertain.」

「Meanwhile, although the global economy was showing a moderate recovery, uncertainty increased due to the future direction and impact of policies under the Trump administration in the United States, China's real estate bubble and excessive corporate debt, the tense political situation surrounding North Korea's nuclear development, and the UK's withdrawal from the EU, leaving the outlook uncertain.」

「Meanwhile, as China's economy showed a moderate slowdown, the effects of changes in global political and economic conditions caused by the change of administration in the United States and the United Kingdom's withdrawal from the EU continued. With changes of government also occurring in France and South Korea, global political and economic conditions became extremely difficult to forecast.」

「Meanwhile, following the U.S. presidential election, the global economy shifted toward yen depreciation and higher share prices amid expectations for new policies. In China, however, the economy continued to show signs of a moderate slowdown, the yuan weakened against the yen, and some uncertainty remained.」

「Meanwhile, although the global economy as a whole continued on a moderate recovery trend, supported by the continued recovery of the U.S. economy, China showed signs of a moderate slowdown, the yuan weakened against the yen, and crude oil prices, including WTI, remained depressed amid falling oil prices in oil-producing countries, leaving some uncertainty about the outlook.」

「Meanwhile, the global economy remained highly uncertain due to an economic slowdown and the rapid appreciation of the yen. In China, capital investment by private-sector companies was trending downward, while personal consumption was slowing as income growth decelerated,」