Downside risks to overseas economies, particularly China

「Meanwhile, in addition to developments in U.S. trade policies and volatility in the financial and capital markets, concern over soaring resource and raw material prices and supply chain disruptions accompanying rising tensions in the Middle East poses downside risks to the economy, and the outlook remains uncertain.」

「Meanwhile, continued inflation, volatility in the financial and capital markets, and the impact of U.S. trade policies pose downside risks to the economy, and the outlook remains uncertain.」

「Meanwhile, the outlook remains uncertain, as concern has arisen over the impact on the economy of higher prices resulting from soaring raw material and energy prices and the yen's depreciation, as well as the prolonged situation in Ukraine and rising tensions in the Middle East.」

「During the nine-month period ended 31 December 2023, the Japanese economy was significantly affected by exchange-rate fluctuations resulting from interest rate differentials between Japan and other countries and expectations of an economic recession in China. Going forward, the outlook is expected to remain uncertain, even as the transition to living with COVID-19 in Japan progresses, owing to raw material and energy prices and other factors.」

「During the six-month period under review, the Japanese economy was significantly affected by the yen's depreciation due to widening interest rate differentials between Japan and other countries and rising consumer prices. Going forward, the outlook is expected to remain uncertain due to exchange-rate fluctuations and other factors.」

「Going forward, the outlook is expected to remain uncertain owing to soaring electricity charges, higher labor costs accompanying inflation, and the prolonged deterioration of economic conditions in China.」

「During the consolidated fiscal year, the Japanese economy was significantly affected by rising energy prices following Russia's invasion of Ukraine, supply chain disruptions and sharp exchange-rate fluctuations resulting from widening interest rate differentials between Japan and other countries, even as the shift toward living with and moving beyond COVID-19 progressed.」

「During the nine-month period under review, the Japanese economy was significantly affected by rising energy prices following Russia's invasion of Ukraine, the spread of COVID-19 infections in China, and the yen's depreciation due to widening interest rate differentials between Japan and other countries. Going forward, the outlook is expected to remain uncertain, with the transition to living with COVID-19 in Japan progressing alongside raw material and energy prices.」

「During the six-month period ended 30 September 2022, the Japanese economy was significantly affected by rising energy prices following Russia's invasion of Ukraine and the yen's depreciation due to widening interest rate differentials between Japan and other countries, even as the shift to living with COVID-19 progressed. Going forward, the outlook is expected to remain uncertain, with the transition to living with COVID-19 in Japan progressing alongside soaring raw material and energy prices and further yen depreciation.」

「During the three-month period ended 30 June 2022, the Japanese economy was significantly affected by disruptions to logistics resulting from the worsening COVID-19 situation overseas, particularly in China, the impact of Russia's invasion of Ukraine, and the yen's depreciation due to widening interest rate differentials between Japan and other countries. Going forward, the outlook is expected to remain uncertain owing to a possible resurgence of COVID-19 in Japan, inflation caused by soaring raw material and fuel prices, and an economic downturn.」

「Although vaccination against the novel coronavirus is progressing in Japan, the outlook remains uncertain, owing to the economic impact of the spread of infections overseas and soaring raw material prices.」

「During the nine-month period ended 31 December 2020, the Japanese economy continued to experience stagnant economic activity due to the global spread of the novel coronavirus. After the state of emergency issued in April of the previous year was lifted, some economic activity resumed and personal consumption and production showed signs of recovery. However, infections subsequently resurged intermittently, and the outlook remained difficult and uncertain, including the reissuance of a state of emergency to 11 prefectures and metropolitan areas from January of the current year.」

「During the six-month period ended 30 September 2020, the Japanese economy continued to experience stagnant economic activity due to the global spread of the novel coronavirus. Although some economic activity resumed after the state of emergency was lifted and personal consumption and production showed signs of recovery, the economy remained in a difficult situation because the timing of the containment of infections could not be foreseen.」

「During the three-month period under review, the Japanese economy slowed sharply as restrictions on outings and travel following the government's declaration of a state of emergency in response to the spread of the novel coronavirus caused broad stagnation in social and economic activity. Although economic activity gradually resumed after the declaration was lifted and the economy was expected to begin recovering, the recovery remained uncertain depending on the future course of the pandemic and the potential for further escalation of U.S.-China trade friction.」

「During the consolidated fiscal year, the Japanese economy remained weak, particularly in manufacturing, against a backdrop of slowing overseas economies and the impact of U.S.-China trade friction. In addition, the global spread of the novel coronavirus from the beginning of the year and measures to prevent its spread caused socioeconomic activity to stagnate, broadly suppressing domestic consumption and resulting in an economic slowdown.」

「During the nine-month period ended 31 December 2019, the Japanese economy continued to recover moderately, although weakness, particularly in manufacturing, intensified against a backdrop of declining exports due to the slowdown in China's economy. However, many factors of concern that could weigh on the economy remain, including the UK's EU withdrawal issue, instability in the Middle East and the spread of the novel coronavirus, and the outlook remains uncertain.」

「However, many factors of concern that could weigh on the economy remain, including prolonged U.S.-China trade friction and the issue of the UK's withdrawal from the EU, and the outlook remains uncertain.」

「However, the outlook for the economy remains uncertain owing to international trade issues, including intensifying U.S.-China trade friction and concern over deteriorating relations between Japan and South Korea.」

「However, the slowdown in China's economy has begun to emerge as a result of the impact of U.S.-China trade friction, and the Nikkei Stock Average declined toward the end of 2018 amid concern over an economic slowdown. Accordingly, the outlook for the economy remains uncertain.」

「However, trade friction with China, stemming from U.S. protectionist policies, is intensifying, and concern remains over the impact on the global economy of further escalation and prolongation. Accordingly, the outlook for the economy remains uncertain.」

「However, trade friction with China, stemming from U.S. protectionist policies, has intensified, and concern remains that a further escalation could cause the global economy to deteriorate. Accordingly, the outlook for the economy remains uncertain.」

「Although downside risks remain from geopolitical risks such as rising tensions on the Korean Peninsula and in the Middle East, as well as the potential impact of future policies of the U.S. president,」

「However, the outlook for the economy remains uncertain, owing to the potential impact of future policies of the U.S. president, expanding geopolitical risks centered on Asia, and growing concern over political risks in Europe.」

「However, the outlook for the economy remains uncertain, owing to the potential impact of future policies of the U.S. president, heightened geopolitical risks centered on the Middle East and Asia, and growing concern over political risks in Europe.」

「However, the outlook for the economy remains uncertain, owing to the potential impact of future policies of the U.S. president and downside risks in overseas economies, particularly China.」

「However, the outlook remains uncertain, owing mainly to downside risks in overseas economies, particularly China.」