Slowdown in China and Emerging-Market Economies and Economic Uncertainty

「The outlook remains uncertain, due to factors including higher energy prices resulting from escalating tensions in the Middle East, the impact of U.S. tariff policies, and fluctuations in interest rates and foreign exchange rates.」

「Regarding the outlook, the global economy may be affected by a downturn depending on disruptions in energy markets caused by the situation in the Middle East and the outlook for U.S. foreign policy, and uncertainty is increasing. The impact of volatility in financial and capital markets and developments in geopolitical risks are also matters of concern, and the outlook remains uncertain.」

「Regarding the outlook, the global economy may be affected by a downturn depending on disruptions in energy markets caused by the situation in the Middle East and the outlook for U.S. foreign policy, and uncertainty is increasing. The impact of volatility in financial and capital markets and developments in geopolitical risks are also matters of concern, and the outlook remains uncertain.」

「During the interim consolidated fiscal period under review, the Japanese economy was on a moderate recovery trend against a backdrop including improving employment and income conditions. However, the outlook remains uncertain due to continued increases in prices generally, the impact of US tariff policies, the unstable international situation, and rising long-term interest rates.」

「Looking ahead, uncertainty is increasing as the global economy may be adversely affected by developments in the Chinese economy and the outlook for the new US administration's foreign policy. The impact of additional US tariffs and developments in geopolitical risks are also concerns, and the outlook remains uncertain.」

「During the interim consolidated fiscal period under review, economic activity was moving toward normalization from the COVID-19 pandemic, and the economy was on a moderate recovery trend due to improvements in corporate earnings and employment conditions. However, the outlook remains uncertain due to the unstable international situation, soaring raw-material and energy prices, rising long-term interest rates, rising prices generally, and sharp fluctuations in foreign exchange rates.」

「The outlook remains uncertain, with concerns about an economic downturn resulting from higher resource and food prices due to unstable overseas conditions, fluctuations in foreign exchange rates, and monetary tightening led by the US.」

「During the cumulative third quarter under review, social and economic activity was moving toward normalization as measures against COVID-19 were eased. However, amid an unstable international situation, the outlook remains uncertain due to soaring raw-material and energy prices, rising prices generally, and sharp fluctuations in foreign exchange rates.」

「During the cumulative second quarter under review, economic activity was moving toward normalization as measures against COVID-19 were eased. However, amid an unstable international situation, the outlook remains uncertain due to soaring raw-material and energy prices, rising prices generally, and sharp fluctuations in foreign exchange rates.」

「During the cumulative first quarter under review, economic activity was moving toward normalization as measures against COVID-19 were eased. However, the outlook remains uncertain due to factors including the prolonged Russia-Ukraine situation, soaring raw-material and energy prices, rising prices generally, and sharp fluctuations in foreign exchange rates.」

「The outlook remains uncertain due to higher resource and energy prices associated with the situation in Ukraine and rising prices generally resulting from yen depreciation.」

「During the cumulative third quarter under review, economic activity showed signs of returning to normal as restrictions on activities related to COVID-19 were eased. However, the outlook remains uncertain due to higher resource and energy prices and rising prices generally resulting from yen depreciation.」

「During the cumulative second quarter under review, personal consumption showed signs of recovery as restrictions on activities related to COVID-19 were eased. However, uncertainty about the outlook persists due to higher resource and energy prices and rising prices generally resulting from yen depreciation.」

「During the cumulative first quarter under review, Japan's economy showed signs of recovery in personal consumption and corporate production activity, although the end of the COVID-19 pandemic remained uncertain. However, the outlook remains uncertain due to factors including supply-chain disruptions caused by semiconductor shortages, soaring resource prices associated with Russia's invasion of Ukraine, and sharp fluctuations in foreign exchange rates.」

「Overseas, the outlook remains uncertain amid concerns about the impact of Russia's invasion of Ukraine on the global economy and the spread of infections caused by new variants.」

「Overseas, the outlook remains uncertain due to the resurgence of COVID-19, production cuts by automakers resulting from the global semiconductor shortage, and soaring raw-material prices.」

「During the cumulative first quarter under review, economic conditions, particularly in developed countries, were beginning to recover due to the effects of measures to prevent the spread of COVID-19. However, the outlook remains uncertain due to factors including renewed outbreaks in various countries, semiconductor shortages and soaring raw-material prices.」

「During the cumulative third quarter under review, Japan's social and economic activity was severely restricted by the spread of COVID-19, resulting in difficult conditions. Overseas, China's economy showed a moderate recovery, but the spread of infections was worsening in Europe and the US, leaving the outlook uncertain.」

「During the cumulative second quarter under review, Japan's social and economic activity was severely restricted by the spread of COVID-19, resulting in difficult conditions. Overseas, economic conditions in China began to recover as the outbreak subsided, but the resurgence of infections in Europe left the outlook uncertain.」

「The overseas business was also affected by the spread of COVID-19 and stay-at-home orders and other measures imposed by governments. As a result, major customers, the automakers, reduced production or suspended operations worldwide, including in China, North America, Europe and Southeast Asia, causing production activity to stagnate.」

「Meanwhile, in addition to prolonged US-China trade friction and the slowdown in the Chinese economy, the spread of the novel coronavirus since February has created concerns about a slowdown in the global economy, leaving the economic outlook unpredictable.」

「Meanwhile, the global economy remains uncertain due to factors including the prolonged US-China trade friction and the slowdown in the Chinese economy.」

「Meanwhile, the global economy remains uncertain due to factors including the prolonged US-China trade friction and the slowdown in the Chinese economy.」

「The outlook is expected to remain unpredictable due to factors including the intensification of US-China trade friction and an economic slowdown resulting from the UK's withdrawal from the EU.」

「Meanwhile, the global economy remains uncertain due to the intensification of US-China trade friction and the UK's withdrawal from the EU.」

「Meanwhile, the global economy remains uncertain, as US-China trade friction has intensified.」

「Meanwhile, the global economy may be affected in the future by the impact of US-China trade friction spreading to other countries. In addition, crude oil prices remain elevated, and concerns about an economic downturn persist, leaving the outlook uncertain.」

「Meanwhile, although economic conditions in Europe, the US and China remained firm, the outlook remains uncertain due to unstable factors including the situation in the Middle East and trade friction.」

「During the cumulative third quarter under review, the Japanese economy remained on a moderate recovery trend, with corporate earnings and employment and income conditions improving due in part to government economic policies. Meanwhile, although economic conditions in Europe, the US and China remained firm, the outlook remains uncertain due to unstable factors including developments under the new US administration and the situation in the Middle East.」

「During the cumulative second quarter under review, the Japanese economy was on a moderate recovery trend, with corporate earnings recovering and employment and income conditions improving due in part to the effects of various government policies. However, the outlook for the economy remains uncertain due to factors including developments under the new US administration and concerns about economic downturns in emerging markets.」

「During the cumulative first quarter under review, the Japanese economy was on a moderate recovery trend, with corporate earnings recovering and employment and income conditions improving due in part to the effects of various government policies. However, the outlook for the economy remains uncertain due to factors including developments under the new US administration and concerns about economic downturns in emerging markets.」

「Geopolitical risks in Europe and the Middle East have also increased, leaving the outlook uncertain.」

「Overseas, the US interest-rate issue and stagnant economic conditions in emerging markets, including ASEAN, have persisted, leaving the outlook uncertain.」

「Overseas, the US interest-rate issue and stagnant economic conditions in emerging markets, including ASEAN, have persisted, leaving the outlook uncertain.」

「During the cumulative first quarter under review, the Japanese economy experienced yen appreciation and falling stock prices due to factors including the impact of the UK's withdrawal from the EU and concerns about economic downturns in emerging markets, and the uncertain economic environment is continuing.」

「The outlook remains uncertain, affected by the slowdown in the Chinese economy and currency depreciation in emerging markets following US interest-rate hikes.」