Uncertainty over the Outlook Due to an Unstable International Situation and Fluctuations in Foreign Exchange Rates and Stock Prices

「物価上昇や人手不足の継続に加え、中東情勢の緊迫化に伴う資源・物流コストの高騰、さらには米国の通商政策を巡る不確実性などから、先行きは依然として不透明な状況が続いております。」

「During the consolidated fiscal year, Japan’s economy maintained a moderate recovery trend centered on domestic demand, against a backdrop of improving employment and income conditions. However, the outlook remains uncertain due to inflation and persistent labor shortages, soaring resource and logistics costs associated with heightened tensions in the Middle East, and uncertainty surrounding U.S. trade policy.」

「物価上昇や人手不足の継続に加え、中東情勢の緊迫化に伴う資源・物流コストの高騰、さらには米国の通商政策を巡る不確実性などから、先行きは依然として不透明な状況が続いております。」

「During the interim consolidated accounting period, Japan’s economy maintained a moderate recovery trend centered on domestic demand, against a backdrop of improving employment and income conditions. However, the outlook remains uncertain due to concerns over the impact of high resource and energy prices and inflation on consumption, persistent geopolitical risks and developments in U.S. tariff policy.」

「The outlook remains uncertain due to concerns over the impact of high resource and energy prices and inflation on consumption, sharp exchange-rate fluctuations, heightened geopolitical risks and developments in U.S. trade policy.」

「During the interim consolidated accounting period, Japan’s economy maintained a moderate recovery trend, centered on domestic demand, against a backdrop of improving employment and income conditions and increased inbound demand. However, the outlook remains uncertain due to concerns over the impact of high resource and energy prices and inflation on consumption, sharp exchange-rate fluctuations, heightened geopolitical risks and uncertainty in the global economy.」

「During the cumulative third quarter of the fiscal year, Japan’s economy saw further progress toward the normalization of socioeconomic activity as restrictions related to COVID-19 were eased, and the economy entered a moderate recovery trend. However, the outlook remains uncertain due to the prolonged Russia-Ukraine situation, soaring global resource prices and rising prices caused by the depreciation of the yen.」

「During the cumulative second quarter of the fiscal year, Japan’s economy saw the transition of COVID-19 to a Class 5 infectious disease, the normalization of socioeconomic activity and a trend toward economic recovery. However, the outlook remains uncertain due to the prolonged Russia-Ukraine situation, soaring global resource prices and rising prices caused by the depreciation of the yen.」

「During the three months ended 30 June, COVID-19 was reclassified as a Class 5 infectious disease, social activity including economic activity normalized, and the economy entered a recovery trend. However, the prolonged Russian invasion of Ukraine, continued high energy and raw-material prices, the impact of currency movements and inflation concerns meant that conditions remained uncertain.」

「During the nine months ended 31 December, the increase in COVID-19 cases associated with the seventh wave temporarily eased after peaking in August, but cases continued to rise from November as the eighth wave began. At the same time, measures to balance infection control with social and economic activity were evident, including the lifting of entry restrictions on visitors from overseas. However, Russia's invasion of Ukraine continued, raw-material prices rose due in part to the weaker yen, and the economic outlook remained uncertain.」

「During the six months ended 30 September, infections in the seventh wave of COVID-19 rose sharply, but neither the government nor local authorities imposed restrictions on activity, and economic activity remained on a recovery trend. However, raw-material and crude-oil prices surged due to the impact of Russia's invasion of Ukraine, while a sharp depreciation of the yen and heightened inflationary pressures resulting from higher policy rates in the US and Europe left the economic outlook uncertain.」

「During the three months ended 30 June, restrictions on activity related to COVID-19 were eased in March when priority preventive measures were lifted, and economic activity began to recover despite some remaining restrictions on daily life. However, the outlook became uncertain due to soaring resource and raw-material prices resulting from Russia's invasion of Ukraine, a sharp depreciation of the yen and intensifying inflationary pressures.」

「During the fiscal year, the Japanese economy initially showed signs of recovery as vaccination progressed and concerns about COVID-19 eased. However, toward the end of the fiscal year, the emergence of the Omicron variant led to the reintroduction of priority preventive measures, while the Russian invasion of Ukraine caused commodity prices to rise and the weaker yen raised concerns about higher prices, leaving the economic outlook uncertain.」

「In the healthcare industry to which the Group belongs, the six-month cumulative period generally remained on a recovery trend, reflecting the reaction to the previous year's conditions. In the third quarter, the number of surgeries and examinations showed signs of recovery as the spread of infections subsided, although the effects of COVID-19 continued.」

「In the healthcare industry to which the Group belongs, the first quarter generally remained on a recovery trend, reflecting the reaction to the strong impact of rising infections in the same period of the previous year. In the second quarter, however, the spread of infections, including the highest number of cases to date, placed medical-service systems under pressure, suppressing the number of surgeries and examinations at individual medical institutions, and the effects of COVID-19 continued.」

「During the three months ended 30 June, the Japanese economy began to normalize gradually as vaccination against COVID-19 progressed and social activity resumed, although the spread of variant strains meant that conditions remained unpredictable. While a recovery in consumer activity and other aspects of the economy was expected, regional differences in new COVID-19 cases led to intermittent restrictions on economic activity, and the uncertain outlook continued. The healthcare industry to which the Group belongs generally remained on a recovery trend, reflecting the reaction to the strong impact of rising infections in the same period of the previous year. However, at individual medical institutions, the number of surgeries and examinations had not returned to pre-pandemic levels, and the effects of COVID-19 continued.」

「The healthcare industry to which the Group belongs has been strongly affected by COVID-19. Some patients have been deferring medical visits, and the number of surgeries and examinations has declined compared with before the pandemic, so the uncertain outlook continues.」

「During the nine months ended 31 December, the Japanese economy suffered a substantial decline in economic activity due to COVID-19, and the government implemented economic measures. Economic activity initially showed signs of recovery, but infections spread more extensively than before over the year-end and New Year period, leading the government to reintroduce a state of emergency, mainly in major metropolitan areas, in January. The likelihood of another economic downturn consequently increased. The healthcare industry to which the Group belongs was also affected as medical institutions were occupied with responding to COVID-19. With infection risk a major concern, non-urgent treatments were deferred, and the number of treatments temporarily declined substantially in the first quarter. Conditions subsequently began to settle gradually, but the resurgence of COVID-19 over the year-end and New Year period reached a greater scale than before, raising concerns about adverse effects on medical institutions.」

「During the six months ended 30 September, the Japanese economy suffered a substantial decline in economic activity due to COVID-19, and the government implemented economic measures. Economic activity subsequently showed signs of recovery, but concerns about COVID-19 remained as the number of infections rose again in July, and the economic recovery remained weak. The healthcare industry to which the Group belongs was also affected as medical institutions were occupied with responding to COVID-19. With infection risk a major concern, non-urgent treatments were deferred, and the number of treatments temporarily declined substantially. These conditions are gradually easing, but concerns about COVID-19 remain and a cautious approach continues.」

「During the three months ended 30 June, the Japanese economy faced severe conditions as economic activity stagnated due to COVID-19, the number of bankruptcies increased and employment conditions deteriorated. The government's state of emergency was lifted after the spread of infections showed signs of easing somewhat in May, but concerns about a resurgence of infections remained and economic activity had not recovered to previous levels. The healthcare industry to which the Group belongs was also significantly affected by COVID-19. As infection risk became a major concern, medical institutions began deferring non-urgent treatments, and the number of treatments declined.」

「During the fiscal year, the Japanese economy remained on a moderate recovery trend in the first half. However, economic activity stagnated in the second half due to the October consumption-tax increase and the COVID-19 pandemic, resulting in severe conditions despite measures implemented by the government.」

「During the nine months ended 31 December, the Japanese economy continued to recover at a generally firm pace against a backdrop of improving employment and income conditions. However, the outlook remained uncertain due to trade friction arising from US and Chinese trade policies.」

「During the six months ended 30 September, the Japanese economy remained on a moderate recovery trend against a backdrop of improving employment and income conditions. However, the outlook remained uncertain due to concerns about an economic slowdown resulting from the prolonged US-China trade friction.」

「During the three months ended 30 June, the Japanese economy remained on a moderate recovery trend against a backdrop of improving employment and income conditions. However, the outlook remained uncertain due to concerns about an economic slowdown resulting from US-China trade friction.」

「During the nine months ended 31 December, the Japanese economy remained on a moderate recovery trend, supported by continued solid corporate earnings and employment conditions, although concerns about unstable international conditions meant that the outlook remained uncertain.」

「During the six months ended 30 September, the Japanese economy remained on a moderate recovery trend as corporate earnings improved and employment and income conditions continued to improve, although concerns about unstable international conditions meant that the outlook remained uncertain.」

「During the three months ended 30 June, the Japanese economy remained on a moderate recovery trend, supported by solid corporate earnings and employment conditions, although concerns about unstable international conditions meant that the outlook remained uncertain.」

「During the fiscal year, the Japanese economy remained on a moderate recovery trend as corporate earnings and employment and income conditions improved. However, concerns about the impact of unstable international conditions meant that the uncertain outlook continued.」

「During the nine months ended 31 December, the Japanese economy remained on a moderate recovery trend as corporate earnings and employment and income conditions improved. However, the uncertain outlook continued due to stagnant economic conditions in emerging markets, including China, and the impact of unstable political conditions around the world.」

「The uncertain outlook is expected to continue due to stagnant economic conditions in emerging markets, including China, and the impact of unstable political conditions around the world.」

「In the healthcare industry to which the Group belongs, healthcare-system reform is under way to achieve the government's vision for the future of healthcare and nursing care, against a backdrop of rising medical costs as Japan's declining birthrate and aging population continue to advance.」

「The uncertain outlook is expected to continue due to stagnant personal consumption, the economic slowdown in emerging markets, including China, and the impact of US monetary policy.」

「There are also concerns about the impact on corporate earnings from unstable international conditions, a sluggish stock market and the ongoing appreciation of the yen, and the uncertain outlook is expected to continue.」

「There are also concerns about the impact on corporate earnings from unstable international conditions and sharp fluctuations in currencies and share prices, and the uncertain outlook is expected to continue.」