Slower Growth in Emerging Markets, Intensifying Competition, Group Purchasing and Yen Appreciation

「Although geopolitical risks have increased, particularly in the Middle East, the direct impact on performance during the interim consolidated accounting period was limited because the Group's sales to the region account for only a small percentage of total sales. As of the present time, no significant decline in demand or order cancellations have been identified.」

「Dental-related products remained sluggish due to the impact of the slowdown in China's market and the impact of the voluntary suspension of shipments of diamond burs, as described below.」

「In the real economy, concerns remain focused particularly on a slowdown in China's economy, while high expectations continue for economic growth in India and the ASEAN region.」

「During the first nine months of the fiscal year (1 September 2023 to 31 May 2024), the global situation remained uncertain against a backdrop of prolonged geopolitical issues in Ukraine and the Middle East. In terms of financial conditions, inflation continued in Western countries, while moves toward monetary normalization in Japan, including the lifting of its negative interest rate policy, affected stock markets and foreign exchange markets. In the real economy, concerns remained particularly focused on a slowdown in China's economy, while high expectations continued for economic growth in India and the ASEAN region.」

「During the first six months of the fiscal year (1 September 2023 to 29 February 2024), concerns about an economic slowdown associated with stagnation in China's real estate market increased, and geopolitical risks rose as the situation between Russia and Ukraine continued. Although slowing inflation in Western countries increased the possibility of policy rate cuts, developments toward a shift away from the previous monetary policy stance emerged in Japan against a backdrop of continued price increases, indicating signs of major changes in the global financial market environment.」

「During the first three months of the fiscal year (1 September 2023 to 30 November 2023), uncertainty remained high across the global economy due to growing concerns about an economic slowdown associated with stagnation in China's real estate market, heightened geopolitical risks stemming from the prolonged situation between Russia and Ukraine and the Israel-Hamas conflict, signs that policy rates in Western countries were remaining elevated, and movements toward yen appreciation in the foreign exchange market.」

「Meanwhile, the outlook remains uncertain and requires close monitoring due to the prolonged Russian invasion of Ukraine, continued increases in raw-material and energy prices, policy rate hikes in Western countries in response to inflation risks, sharp exchange-rate fluctuations, concerns about a slowdown in China's economy and other factors.」

「Meanwhile, Russia's invasion of Ukraine shows no sign of ending, raw-material and energy prices continue to rise, and the outlook remains uncertain and requires close monitoring due to the impact of policy rate hikes in Western countries in response to inflation risks, sharp exchange-rate fluctuations and other factors.」

「Meanwhile, the outlook remains uncertain and requires close monitoring due to continued increases in raw-material and energy prices related to the situation between Russia and Ukraine, policy rate hikes in Western countries in response to inflation risks, and sharp exchange-rate fluctuations.」

「The outlook has become uncertain due to global supply-chain disruptions, surging resource prices stemming from Russia's invasion of Ukraine, as well as a sharp depreciation of the yen and mounting inflationary pressures.」

「During the first six months of the fiscal year, the pace of economic recovery slowed due to the spread of the Omicron variant of COVID-19. The outlook remained uncertain, with concerns about downside risks to the economy arising from geopolitical risks related to the situation between Russia and Ukraine and supply-chain disruptions.」

「As economic recovery has led to frequent situations in which supply cannot keep pace with demand, raw-material prices and freight rates have surged and supply chains have been disrupted. In addition, concerns about a renewed spread of COVID-19 due to new variants have intensified recently, leaving the outlook uncertain.」

「During the fiscal year under review, the global economy was expected to recover as signs of a pickup emerged, particularly in Europe, toward the end of the period amid intermittent restrictions on economic activity associated with COVID-19. However, concerns about the renewed spread of infections caused by new variants had not been dispelled, and the situation remained one requiring continued vigilance.」

「During the first nine months of the fiscal year, the global economy was making progress toward containing COVID-19 as vaccination rates accelerated, but remained in a situation requiring continued vigilance due to the spread of variant viruses and other factors.」

「The global economy during the first six months of the fiscal year was making progress toward containing COVID-19 as promising vaccines were put into practical use in some countries, but infections showed no sign of subsiding and the outlook remained uncertain.」

「During the first three months of the fiscal year, uncertainty surrounding the global economy increased due to restrictions on economic activity and the resulting deterioration in economic conditions associated with the global COVID-19 pandemic, as well as the impact of the US presidential election on the global economy.」

「The global economy during the fiscal year under review was initially on a gradual recovery trend, but became extremely challenging as economic sentiment deteriorated rapidly due to restrictions on economic activity associated with the global COVID-19 pandemic.」

「During the first nine months of the fiscal year, overseas economies slowed rapidly as economic activity was constrained by the global COVID-19 pandemic.」

「During the first six months of the fiscal year, overseas economies remained in an uncertain situation, with concerns about downside risks to the economy as a whole amid the spread of COVID-19 and the crisis-laden relationship and rising tensions between the United States and Iran.」

「During the first nine months of the fiscal year, the global economy remained unstable amid prolonged US-China trade negotiations and rising geopolitical tensions stemming from the crisis-laden relationship between the United States and Iran and the riots in Hong Kong. Sales in Iran remained sluggish due to the effects of US economic sanctions.」

「During the fiscal year under review, the global economy faced concerns about its outlook due to the prolonged trade negotiations between the United States and China, the UK's departure from the EU, and rising geopolitical tensions, including additional US sanctions against Iran.」

「Overseas economies remain in an uncertain situation, with concerns about downside risks to the economy as a whole depending on the outcome of the trade negotiations between the United States and China and the UK's departure from the EU.」

「However, the overseas economy faces downside risks depending on the outcome of trade negotiations between the United States and China and the issue of the UK's no-deal exit from the EU.」

「During the consolidated cumulative first quarter, the global economy also faced potential downside risk due to heightened trade friction resulting from reviews of tariff policies in the United States and China, uncertainty over the political situation in major European countries, and geopolitical risks in the Middle East.」

「Meanwhile, the global situation remains unstable, with downside risks to the global economy increasing due to developments in US economic, monetary and trade policies and escalating trade friction.」

「Meanwhile, the global economy also faces potential downside risk due to US policy developments and heightened tensions in East Asia.」

「Meanwhile, the global situation remains unstable due to developments in the US administration's economic and monetary policies and uncertainty over economic conditions in Europe.」

「Meanwhile, the global situation remains unpredictable due to uncertainty over economic conditions in Europe following the UK's decision to leave the EU and the future economic and monetary policies of the United States.」

「Meanwhile, the global situation remains unpredictable due to uncertainty over economic conditions in Europe following the UK's decision to leave the EU and the future economic and monetary policies of the United States.」

「However, the global situation is becoming increasingly unstable due to uncertainty surrounding the future policies of the new US president and issues including the UK's withdrawal from the EU.」

「The outlook remains uncertain due to a slowdown in emerging economies, intensifying global competition, group purchasing aimed at reducing hospital costs, and the prolonged trend toward yen appreciation.」

「The outlook remains uncertain due to a combination of factors, including slower growth in emerging markets, intensifying competition globally, group purchasing aimed at reducing hospital costs, and a prolonged trend toward yen appreciation influenced by issues such as the UK's withdrawal from the EU.」