Downside Risks to the Global Economy, Yen Appreciation and Falling Share Prices

「At the same time, the prolonged depreciation of the yen and soaring raw material costs are putting pressure on corporate earnings, while labor shortages are also becoming more serious. Uncertainty in the business environment is increasing due to domestic political stagnation following the House of Councillors election, the impact of tariff policies under the Trump administration, and prolonged geopolitical risks.」

「Looking ahead, the global economy is expected to remain uncertain due to US policies, developments in the Chinese economy, and geopolitical risks stemming from prolonged conflicts. In Japan, the impact of rising prices, soaring personnel and logistics costs, and labor shortages on economic activity is also a concern.」

「At the same time, concerns include surging resource prices caused by uncertainty over raw material supplies due to prolonged geopolitical risks, as well as sluggish private consumption in response to rising prices. The outlook therefore remains uncertain.」

「Looking ahead, the global economy is expected to remain in an uncertain environment due to geopolitical risks, including the prolonged instability in Ukraine and the Middle East, as well as monetary tightening in various countries. Although an economic recovery is expected in Japan, the impact of higher personnel and logistics costs is a concern.」

「At the same time, risks of an economic slowdown stemming from global geopolitical risks and monetary tightening in response to inflation remain high. In Japan, the adverse impact of the rapid depreciation of the yen on the economy and rising prices are also concerns, leaving the outlook uncertain.」

「During the first six months of the fiscal year, economic activity in Japan showed gradual signs of recovery as restrictions on activity were eased following the slowdown in COVID-19 infections and the disease was reclassified to Category 5 under the Infectious Diseases Control Law. Meanwhile, prices continued to rise owing to prolonged geopolitical tensions involving Russia and Ukraine and globally higher energy and raw-material prices resulting from yen depreciation, while concerns grew about a slowdown in personal consumption against a backdrop of declining real wages, and the outlook remained uncertain.」

「Risks remained high, including yen depreciation resulting from differences in monetary policy between Japan and other countries, and rising prices caused by higher raw-material and energy prices amid the prolonged situation in Ukraine. The outlook therefore remained uncertain.」

「The economy remained unstable owing to financial instability originating in the US, higher crude oil and raw-material prices resulting from the prolonged conflict in Ukraine, rapid monetary tightening in Europe and the US, and rising geopolitical risks related to China and Taiwan.」

「During the first nine months of the fiscal year, the Japanese economy showed gradual signs of recovery as various infection-control measures and restrictions on activity were eased, although the effects of COVID-19 persisted. However, the outlook remained uncertain owing to surging raw-material and energy prices, concerns about exchange-rate developments including yen depreciation, and rising prices. The outlook for the global economy also remained uncertain owing to the prolonged situation in Ukraine and the impact on economic activity of a sharp increase in COVID-19 cases in China.」

「During the first six months of the fiscal year, the Japanese economy showed signs of recovery as social and economic activity normalized following the easing of restrictions, despite a sharp increase in infections associated with the so-called seventh wave of COVID-19. However, the outlook remained uncertain owing to sharply higher raw-material prices resulting from the worsening situation in Ukraine and rapid yen depreciation.」

「During the first three months of the fiscal year, the Japanese economy remained sluggish as economic activity stagnated because some restrictions were eased, including the spread of vaccinations against COVID-19 and the lifting of priority preventive measures, although some signs of recovery emerged. In addition, raw-material prices, particularly crude oil prices, rose sharply and tensions surrounding Ukraine increased, leaving the outlook for the impact on the domestic economy and corporate earnings uncertain.」

「In addition, Russia's military invasion of Ukraine heightened global inflationary pressures and geopolitical risks. Uncertainty remained strong owing to supply-side constraints associated with supply-chain disruptions and rising resource prices.」

「During the first nine months of the fiscal year, signs of a recovery emerged as new infections declined with the rising vaccination rate and restrictions on travel and outings were eased, although there was no clear prospect of containing COVID-19. However, infections rapidly resurged with the emergence of the highly transmissible Omicron variant, and the impact of COVID-19 remained uncertain.」

「During the first six months of the fiscal year, the Japanese economy remained in a difficult situation as the spread of COVID-19 variants led to repeated extensions of the state of emergency and priority preventive measures, particularly in major metropolitan areas. Although there were positive signs, including a higher vaccination rate in Japan and the lifting of the state of emergency, the outlook remained uncertain owing to increased downside risks, including higher crude oil and other material prices.」

「During the first three months of the fiscal year, the Japanese economy remained in a difficult situation with no clear prospect of containing COVID-19, amid extensions of the state of emergency and priority preventive measures, as well as additions and expansions of the areas covered, following the resurgence of infections. Although positive developments included the start of vaccinations in Japan and signs of recovery in some economic activities, the outlook remained uncertain owing to concerns about the spread of new variants.」

「During the first nine months of the fiscal year, the Japanese economy remained in an extremely difficult situation, with corporate earnings declining and employment conditions deteriorating as a result of the spread of COVID-19 in Japan and overseas. Although signs of a recovery emerged through the gradual resumption of social and economic activity and the effects of various policies while measures were taken to prevent the spread of infection, concerns about a resurgence of infections became apparent, making the outlook even more uncertain.」

「During the first six months of the fiscal year, the economic downturn continued as the effects of COVID-19 persisted in Japan and overseas, while employment conditions and capital investment remained weak. Although social and economic activity was expected to be gradually increased while measures were taken to prevent the spread of COVID-19, the outlook remained uncertain owing to risks of further deterioration in domestic and overseas economies.」

「During the first three months of the fiscal year, the Japanese economy was in a severe situation, with a rapid deterioration continuing as COVID-19 spread worldwide and restrictions on outings and business closures expanded in Japan to prevent further spread. From around June, social and economic activity was gradually increased while measures were taken to prevent the spread of infection. However, as infections continued to spread, particularly in major cities, the outlook was expected to remain uncertain.」

「In addition, concerns arose about an economic downturn caused by a slowdown in economic activity resulting from the spread of COVID-19 toward the end of the fiscal year, making the outlook even more uncertain.」

「In the global economy, the outlook remained uncertain owing to the prolonged impact of US-China trade issues, concerns about China's economic outlook, the UK's EU exit issue, and Japan-South Korea issues.」

「In the global economy, the business environment became uncertain owing to the expansion of US-China trade friction resulting from US protectionist trade policies and worsening Japan-South Korea relations.」

「On the other hand, the economy remained in an uncertain outlook owing to concerns including prolonged trade friction overseas and the impact on Japan of a slowdown in overseas economies.」

「On the other hand, the economy remained in an uncertain outlook owing to concerns about the impact of trade issues on the global economy, uncertainty over overseas economies, including China's outlook, and the impact of volatility in financial and capital markets.」

「During the first nine months of the fiscal year, the Japanese economy remained on a recovery path, with gradual improvements in employment conditions and the personal income environment as corporate earnings remained solid. However, the outlook remained uncertain owing to prolonged trade friction based on US and Chinese trade policies and the slowdown in the Chinese economy.」

「During the first six months of the fiscal year, the Japanese economy remained on a gradual recovery path, supported by improvements in corporate earnings and employment conditions. However, the outlook remained uncertain owing to the effects of large typhoons, torrential rains, and earthquakes that caused disasters across Japan, as well as increased downside risks to the global economy resulting from trade friction based on protectionist trade policies by the US and China.」

「During the first three months of the fiscal year, the Japanese economy remained on a gradual recovery path, supported by improvements in corporate earnings and employment and income conditions. Overseas, however, the outlook remained uncertain owing to concerns about trade friction resulting from protectionist policies and uncertain political developments.」

「Regarding the outlook, the domestic economy is expected to continue recovering gradually, supported by the recovery in corporate performance and improvements in employment and income conditions. However, foreign exchange and equity markets have become unstable because of developments in global affairs, and the uncertain outlook is expected to continue.」

「During the first nine months of the fiscal year, the economy remained on a gradual recovery path, supported by improved corporate earnings and employment conditions. However, the outlook remained uncertain owing to concerns about overseas economies, including those of Europe, the US, and emerging markets, and rising geopolitical risks in East Asia.」

「During the first six months of the fiscal year, the Japanese economy remained on a gradual recovery path as corporate earnings and employment conditions continued to improve. However, it remained uncertain owing to slower growth in emerging-market economies, concerns about US policy management and political conditions in Europe, and rising geopolitical risks in East Asia.」

「During the first three months of the fiscal year, the Japanese economy remained on a gradual recovery path, with continued improvements in corporate earnings and employment, although the recovery in personal consumption lacked strength. In addition, the outlook remained uncertain owing to political instability overseas and the slowdown in emerging-market economies, particularly China.」

「Regarding the outlook, the domestic economy remains on a gradual recovery path, but foreign exchange and equity markets have become unstable because of developments in global affairs, and the uncertain outlook is expected to continue.」

「During the first nine months of the fiscal year, the Japanese economy showed gradual improvement in corporate earnings and employment, partly reflecting government economic policies. However, the outlook remained uncertain, as foreign exchange rates and share prices fluctuated sharply amid the UK's EU exit issue and the transition to a new US administration.」

「During the first six months of the fiscal year, the Japanese economy remained on a gradual recovery path, with improvements in employment, but the outlook remained uncertain owing to concerns about a slowdown in the global economy resulting from slower growth in emerging-market economies, particularly China, the UK's EU exit issue, and rapid yen appreciation.」

「The economy remained in an uncertain outlook, owing to downside risks to the global economy associated with the slowdown in emerging-market economies, particularly China, and the UK's decision to leave the EU in its referendum, as well as rapid yen appreciation and falling share prices.」