Uncertainty in Overseas Economies and Markets Due to Brexit and Other Factors

「原材料及び資源・エネルギー価格の高騰によるコスト増加や、金利上昇や為替変動等の金融市場の変化、世界的なインフレの長期化による個人消費活動の変化等により、先行き不透明な状況が続くものと想定されます。」

「Although the overseas contact lens market has been affected by prolonged global inflation, economic conditions and supply-chain instability, demand across the market as a whole has increased.」

「Although the overseas contact lens market has been affected by prolonged global inflation and supply-chain instability, demand across the market as a whole has been trending upward.」

「Although the overseas contact lens market has been affected by prolonged global inflation and supply-chain instability, the overall market trend has continued to recover.」

「While restrictions on activity related to COVID-19 were eased and economic activity showed signs of recovery, the outlook remained uncertain due to instability in the international situation and accelerating inflation.」

「Uncertainty about the outlook has increased, as concerns about a future economic downturn have emerged in many regions due to accelerating global inflation and the resulting increases in policy interest rates by governments. The domestic economy showed signs of recovery as lifestyles adapted to living with COVID-19, but concerns about the impact on personal consumption have continued as higher prices resulting from soaring raw-material costs have become evident.」

「During the first six months of the fiscal year under review, signs of recovery were seen in the global economy as restrictions on activity were eased, except in some regions including China. The impact of COVID-19 on economic activity was limited globally, and living conditions, particularly in Europe and the United States, were gradually returning to pre-pandemic levels. However, the outlook remained uncertain due to supply-chain disruptions and soaring resource prices resulting from instability in the international situation, as well as the raising of policy interest rates in many regions. In the domestic economy, the continued depreciation of the yen contributed to higher prices, including soaring imported raw-material costs, raising concerns about the impact on personal consumption trends.」

「However, the outlook remains uncertain due to heightened international tensions and the resulting supply-chain disruptions and soaring resource prices. In the domestic economy, the continued depreciation of the yen has also raised concerns about the impact of changes in consumer sentiment accompanying higher prices.」

「The outlook remains uncertain due to the spread of infections caused by new variants and the effects of Russia’s invasion of Ukraine. The domestic economy also remains uncertain, as personal consumption has fluctuated due to the impact of COVID-19, while concerns persist over the sharp rise and continued high levels of resource prices.」

「During the first nine months of the fiscal year under review, the global economy maintained its recovery from the COVID-19 crisis, supported by the effects of fiscal stimulus in each country and the expansion of vaccinations. Although the pace of recovery is believed to have slowed due to factors restraining the recovery, including the global spread of the Omicron variant and soaring logistics costs and raw-material prices, positive factors are also expected, such as the prospect of savings accumulated during the COVID-19 crisis being spent on consumption and the gradual easing of supply constraints for logistics and raw materials.」

「During the first six months of the fiscal year under review, the global economy was generally recovering, although conditions differed by region depending on the effects of fiscal stimulus in each country and the progress of vaccinations. While some countries, including China, had recovered to levels above those before the spread of COVID-19, others, such as Southeast Asian countries, continued to experience infections and restrictions on economic activity. Although there were signs of improvement overall, the business environment remained unstable due to globally elevated logistics costs and raw-material prices, as well as financial-market volatility in anticipation of higher long-term interest rates in the United States.」

「In addition, variants of COVID-19 have been spreading both in Japan and overseas, and the market environment remains uncertain. In Japan, a state of emergency was reissued for major metropolitan areas, followed by a transition to priority preventive measures after the declaration ended, and restrictions on people’s movement and economic activity have continued.」

「During the consolidated fiscal year under review, the global economy remained increasingly uncertain due to restrictions on economic activity associated with the spread of COVID-19.」

「During the nine-month period, the global economy remained uncertain as the impact of COVID-19 persisted. Although some regions, including China, showed signs of recovery due to economic policies implemented by various countries, conditions remained severe as restrictions on activity were strengthened, particularly in developed countries, following a resurgence of infections.」

「During the six-month period, the global economy continued to slow due to the spread of COVID-19. Although economic policies in various countries led to signs of a recovery, conditions remained severe as infections resurged in developed countries and spread rapidly in emerging countries. In Japan, the resurgence of infections also raised concerns over a decline in personal consumption and worsening employment conditions.」

「During the three-month period, the global economy temporarily slowed due to the worldwide spread of COVID-19. Although the implementation of economic policies by various countries has gradually raised expectations of a recovery, uncertainty continued.」

「During the nine-month period, the global economy continued to slow as overseas economies were affected by stagnant trade and restrained capital investment. However, brighter signs emerged, including solid stock prices following the announcement of a “Phase One agreement” in U.S.-China trade friction, which had been a burden, and progress on the UK's EU withdrawal issue following the Conservative Party's victory in the general election. In Japan, economic sentiment deteriorated due to the backlash following the consumption tax increase and natural disasters including Typhoon No. 19, but companies facing labor shortages continued to show strong hiring intentions, and the economy followed a gradual recovery trend against the backdrop of solid employment conditions.」

「During the six-month period, the OECD revised down its outlook for global growth, while protectionist sentiment intensified amid escalating U.S.-China trade friction and the prolonged UK's EU withdrawal issue. In Japan, uncertainty about the outlook remained due to the slowdown in overseas economies and heightened tensions in Japan-South Korea relations.」

「During the three-month period, tensions arising from the protectionist trade policies of the United States and China and the UK's EU withdrawal issue continued to create a situation that was difficult to predict, leaving uncertainty about the global economy.」

「During the fiscal year, the global economy remained on a gradual recovery track overall, supported by improving employment conditions, although political and diplomatic factors, including the impact of trade issues stemming from U.S.-China tensions and the UK's EU withdrawal issue, created uncertainty about the economy.」

「During the nine-month period, personal consumption expanded as favorable employment and income conditions continued in the United States, while the global economy remained uncertain due in part to the impact of worldwide trade friction stemming from the country's tariff policies. Japan's economy was also on a gradual recovery trend, with personal consumption and corporate capital investment remaining at high levels, although the impact of natural disasters remained a concern.」

「During the six-month period, the global economy remained uncertain about the outlook despite factors supporting solid performance from economic stimulus measures in the United States, due to concerns over the U.S.-China trade friction issue.」

「During the three-month period, the global economy had factors supporting solid performance, including the Trump administration's economic stimulus measures in the United States, but also contained risks stemming from political instability in Europe. In Japan, conditions in the services sector improved against the backdrop of inbound demand, while sentiment in the manufacturing sector was weakened in part by concerns over the impact of U.S.-China trade friction.」

「During the nine-month period, corporate earnings and employment and income conditions improved in Japan due to the government's continued economic and monetary policies. However, uncertainty about the outlook persisted because of the still-unstable situation overseas.」

「During the six-month period, the global economy was recovering, but uncertainty about the outlook persisted due to concerns over a slowdown in the Chinese economy and rising geopolitical risks in East Asia.」

「During the three-month period, the global economy was gradually recovering but remained uncertain due to risks including the protectionist policies of the Trump administration in the United States, the UK's EU withdrawal issue, and North Korea's military capabilities.」

「During the fiscal year, the global economy and markets were unstable amid developments affecting foreign exchange and stock markets, including the UK's withdrawal from the EU, concerns over slowing economies in emerging countries including China, the U.S. presidential election, and threats of terrorism.」

「During the nine-month period, the global economy regained solid, consumption-led growth, helped by a stronger dollar and a recovery in crude oil prices. In Japan, stock prices rose sharply and the yen depreciated significantly. Although soaring vegetable prices raised concerns about lower consumption, signs of improvement have emerged in household propensity to consume.」

「During the six-month period, the global economy was unstable due to threats of terrorism in various regions, markets in which the yen continued to appreciate, and the Organization of the Petroleum Exporting Countries (OPEC)'s provisional agreement to cut production. Japan's economy showed a gradual recovery against the backdrop of monetary policies implemented by the Japanese government and the Bank of Japan, and household income continued to trend upward. However, the propensity to consume declined, and the sense of stagnation in the economy persisted.」

「While the U.S. economy remained solid, changes such as the UK's decision to leave the EU had a significant potential impact on the future direction of the European economy and stock markets in various countries, leaving uncertainty. In Japan, concerns over the European economy were also affecting foreign exchange and stock markets, and the situation remained difficult to predict.」