External economic environment risks, including yen appreciation, weaker stock markets and sluggish resource-producing country economies

「中東情勢の緊迫化に伴うナフサ等の石油化学原料の供給懸念は、一旦落ち着きを見せたものの、同情勢は依然として収束しておらず、円安による輸入物価の上昇に加え、原材料・エネルギー価格の高止まりが企業活動や個人消費に与える影響が懸念されるなど、景気の先行きは依然として不透明な状況が続いております。」

「However, concerns remain about the impact on corporate activity and personal consumption of downside risks to the economy from U.S. trade policy, continued price increases, and rising interest rates, and the outlook remains uncertain.」

「During the interim consolidated accounting period, Japan’s economy continued to recover moderately as economic activity moved toward normalization. However, conditions remained uncertain due to concerns about the prolonged impact of higher prices resulting from soaring resource and raw material costs, geopolitical risks arising from the situations in Russia and Ukraine and the Middle East, and fluctuations in foreign exchange rates and interest rates.」

「However, the difficult environment persisted as raw material and energy prices continued to rise against a backdrop of the prolonged Ukraine crisis, deteriorating conditions in the Middle East and a weak yen, while inflation reduced demand for durable consumer goods.」

「During the nine-month consolidated period under review, Japan's economy continued to recover gradually from the COVID-19 pandemic, supported by increased inbound consumption. However, the outlook remained uncertain as prices continued to rise against a backdrop of globally elevated resource and raw material prices, while the yen remained weak in foreign exchange markets due to the widening interest rate differential between Japan and the US.」

「During the consolidated fiscal year under review, Japan's economy showed signs of recovery and normalization in economic activity as the COVID-19 situation gradually improved and the government's infection-control measures were eased. However, the outlook remained uncertain, partly due to the impact of rising resource prices resulting from sharp foreign exchange fluctuations and disruptions to global supply chains caused by the situation involving Russia and Ukraine.」

「During the nine-month consolidated period under review, the outlook remained uncertain due to the renewed spread of COVID-19 caused by new variants, the prolonged situation in Ukraine, soaring resource and raw material prices, and higher prices resulting from the yen's depreciation.」

「The global economy remained uncertain due to soaring resource prices, persistently high inflation, prolonged tensions surrounding Ukraine, rising interest rates in the US and Europe, and the yen's depreciation.」

「During the three-month consolidated period under review, although the number of COVID-19 cases remained low and signs of recovery emerged in personal consumption and corporate production, uncertainty continued due to destabilizing international conditions, including Russia's invasion of Ukraine and deteriorating US-China relations, rising resource prices and the impact of a rapid depreciation of the yen.」

「In addition to the prolonged supply chain disruptions and inflationary pressures arising from this situation, close attention must also be paid to the impact on the economy of conflicts and other international developments.」

「Although some signs of recovery were seen as vaccination progressed and overseas demand recovered amid the prolonged impact of COVID-19, the outlook remained uncertain due to higher import prices accompanying the yen's depreciation and soaring raw material prices, as well as supply chain disruptions.」

「During the three-month consolidated period under review, although vaccination of older people against COVID-19 had begun, concerns including the spread of variant strains meant that there was still no clear indication of when the pandemic would end, and the outlook remained uncertain.」

「Concern remains over soaring log prices due to increased global demand for timber, higher transportation costs due to container shortages, and soaring prices and supply shortages for other raw materials. Close attention must also be paid to fluctuations in crude oil prices, foreign exchange rates and stock prices.」

「During the nine-month consolidated period under review, Japan's economy showed some signs of a gradual recovery accompanying the resumption of social and economic activity after the lifting of the state of emergency, following a sharp deterioration caused by the spread of COVID-19. However, the outlook for the economy remained unpredictable as infections surged toward year-end and concerns over a third wave increased.」

「Japan's economy is expected to decline significantly going forward due to the spread of COVID-19, although the extent of its impact is difficult to predict. Overseas economies are also difficult to forecast at this time, as the outlook for the European markets remains chaotic due to the US-China trade war and hegemonic rivalry, as well as the UK's withdrawal from the EU.」

「During the nine-month consolidated period under review, Japan's economy remained on a gradual recovery track overall, supported by improved corporate earnings and employment and income conditions. However, uncertainty over the economic outlook persisted amid concerns that the consumption tax increase could adversely affect consumer sentiment. Overseas, the US economy continued to recover steadily, supported by increases in consumption and capital investment, while China's economy showed signs of slowing.」

「During the six-month consolidated period under review, Japan's economy remained on a gradual recovery track, supported by improved employment and income conditions and resilient corporate earnings. However, the business environment remained uncertain due to China's economic slowdown resulting from prolonged US-China trade friction, the impact of the UK's withdrawal from the EU on the global economy, and heightened geopolitical risks in East Asia.」

「During the three-month consolidated period under review, Japan's economy remained uncertain, despite continued improvement in employment and income conditions and a gradual recovery in economic activity, due to factors including the slowdown in China's economy resulting from prolonged US-China trade friction and the UK's withdrawal from the EU.」

「The outlook for the economy is expected to remain highly uncertain due to the impact of US policy developments, moves toward the UK's withdrawal from the EU, economic weakness in emerging economies and heightened geopolitical risks, including the North Korea issue, which could weigh on the global economy.」

「During the nine-month consolidated period under review, Japan's economy remained on a gradual recovery track. Although uncertainty over the outlook continued due to trade issues, political developments and monetary policy trends in various countries, employment and income conditions improved and personal consumption continued to show signs of recovery.」

「During the six-month consolidated period under review, Japan's economy remained on a gradual recovery track. Although uncertainty over the outlook continued due to trade issues, political developments and monetary policy trends in various countries, employment and income conditions improved and personal consumption continued to show signs of recovery.」

「During the three-month consolidated period under review, Japan's economy remained on a gradual recovery track, supported by signs of recovery in overseas economies, solid corporate earnings, continued improvement in employment and income conditions, and the effects of various economic policies.」

「Uncertainty about intensifying global trade friction and the yen's appreciation stemming from a decline in the U.S. stock market have worsened corporate sentiment, and the outlook has remained uncertain.」

「The outlook remained uncertain due in part to concerns over the impact of unstable political developments overseas and geopolitical risks.」

「Meanwhile, uncertainty over the outlook continued due to factors including heightened geopolitical risks in East Asia and concerns over downturns in emerging economies,」

「Although concerns remain over downturns in China and other Asian emerging economies, changes in the political situations of various countries and trends in monetary policy,」

「The outlook for the economy is expected to remain highly uncertain.」

「Uncertainty in overseas economies increased due to heightened uncertainty surrounding economic conditions in China and other Asian emerging economies, as well as financial market volatility resulting from factors including the US presidential election, and the outlook remained uncertain.」

「During the six-month consolidated period under review, Japan's economy remained uncertain due to concerns over a downturn in Asian emerging economies and the UK's withdrawal from the EU. The recovery in personal consumption, which remained strongly oriented toward saving, was sluggish, and corporate earnings remained stagnant.」

「The economy remained uncertain, with various downside risks, including weakness in resource-based economies due to falling crude oil prices and continued trends toward a stronger yen and lower stock prices even after the Bank of Japan introduced its negative interest rate policy.」