Risk of Declining Corporate Earnings Due to US-China Trade Friction and Stagnation in IT-Related Demand

「しかしながら、世界経済においては、緊迫化する中東情勢などの地政学リスクに起因する国際物流やサプライチェーンの混乱、原材料価格の変動などが懸念されており、これらがわが国の景気回復を下押しするリスクについて、引き続き十分な警戒を要する状況にあります。」

「The global economy is expected to remain uncertain. Although inflationary pressures have eased in major economies, the continued implementation of additional tariffs and protectionist trade policies by the Trump administration in the United States has made the urgent restructuring of global supply chains necessary. The situation also remains unpredictable due to fluctuations in energy prices amid heightened geopolitical risks and continued instability in foreign exchange markets.」

「In overseas economies, risks of supply chain disruption remain, in addition to U.S. trade policy and the slowdown in China's economy, leaving the outlook uncertain. The business environment ahead requires close monitoring of both domestic consumption and overseas risks, and remains unpredictable.」

「Nevertheless, the outlook remains uncertain because of the prolonged Russia-Ukraine situation, heightened tensions in the Middle East, unstable foreign exchange markets, soaring resource and energy prices, and global monetary tightening.」

「Nevertheless, concerns remain, including persistently high raw material and energy prices, rising prices, and the uncertain situations in Russia and Ukraine and the Middle East. Continued attention is required regarding the effects of international conditions, foreign exchange fluctuations and energy prices on Japan's economy.」

「Meanwhile, changes in the economic environment, including accelerating global inflation, higher interest rates in the United States and elsewhere in response, and sharp foreign exchange fluctuations, emerged. In addition, resource prices rose because of the prolonged Russian invasion of Ukraine, while the Chinese economy stagnated, raising concerns about downside risks to the outlook for Japan's economy.」

「Meanwhile, changes in the economic environment, including accelerating global inflation, higher interest rates in the United States and elsewhere in response, and sharp foreign exchange fluctuations, emerged. In addition, resource prices rose because of the prolonged Russian invasion of Ukraine, while the Chinese economy stagnated, leaving the outlook for Japan's economy highly uncertain.」

「Meanwhile, changes in the economic environment, including shortages of goods and soaring prices resulting from the rapid recovery overseas, higher interest rates in the United States and elsewhere, and foreign exchange fluctuations, emerged. In addition, uncertainty in the international situation surrounding Russia's invasion of Ukraine meant that the outlook for Japan's economy remained highly uncertain.」

「During the cumulative third quarter of the fiscal year, Japan's economy had begun to recover gradually as COVID-19 vaccinations progressed. However, since early winter, highly transmissible variants had spread worldwide, while shortages of goods and price increases resulting from the rapid recovery overseas, higher interest rates in the United States and elsewhere, and fluctuations in foreign exchange rates had brought about changes in the economic environment. The outlook for Japan's economy therefore remained highly uncertain.」

「During the cumulative second quarter of the fiscal year, Japan's economy remained stalled on the path toward a full recovery. Although COVID-19 vaccinations progressed, the spread of highly transmissible variants led to the continued application of states of emergency and priority preventive measures in major urban areas.」

「Japan's economy showed signs of recovery during the cumulative first quarter of the fiscal year, reflecting the recovery trend in overseas economies, particularly in the United States and China, and the start of COVID-19 vaccinations in Japan. However, close attention remained necessary regarding the outlook because of shortages of goods and rising prices accompanying the rapid recovery overseas, as well as the spread of COVID-19 variants.」

「During the cumulative first quarter of the fiscal year, Japan's economy deteriorated rapidly as the spread of the novel coronavirus worldwide severely restricted personal consumption and corporate activity, and conditions remained extremely challenging.」

「During the cumulative third quarter of the fiscal year, Japan's economy continued to recover moderately as employment and the income environment improved. However, the economy remained uncertain as overseas factors, including the decline in demand following the rush before the consumption tax increase from October, weak consumer sentiment, the tense situation in Iran, U.S.-China trade friction, the UK's issue of leaving the EU, and deteriorating Japan-South Korea relations, began to affect corporate earnings.」

「During the cumulative second quarter of the fiscal year, Japan's economy continued to recover moderately as employment and the income environment improved, but remained uncertain as overseas factors, including escalating U.S.-China trade friction, the UK's issue of leaving the EU, and deteriorating Japan-South Korea relations, began to affect corporate earnings.」

「During the cumulative first quarter of the fiscal year, Japan's economy remained in an uncertain condition, with signs of declining corporate earnings emerging amid overseas factors such as escalating U.S.-China trade friction and stagnating IT-related demand, in addition to support from domestic demand and continued tight labor supply and demand.」