Uncertainty over the outlook stemming from domestic and international political and economic conditions

「Downside risks to the economy continued due to concerns about supplies of energy and various materials, in addition to higher resource prices resulting from heightened tensions in the Middle East, leaving the outlook uncertain.」

「Although domestic economic conditions showed a moderate recovery, structural labor shortages have become apparent. In addition, uncertainty in the global economy due to heightened tensions in the Middle East and other factors has reached an unpredictable level, and uncertainty over the outlook continues due to soaring resource and raw material prices and inflation.」

「In addition, uncertainty in the global economy due to heightened tensions in the Middle East and other factors remained difficult to predict, while uncertainty about the outlook continued amid high resource and raw-material prices and rising prices.」

「During the interim consolidated accounting period, Japan's economy remained uncertain, despite a moderate recovery in employment and the income environment, due to inflation and uncertainty over global conditions, including the impact of US tariff policies and heightened geopolitical risks.」

「During the interim consolidated accounting period, Japan's economy stagnated as personal consumption struggled amid inflation caused by persistently high raw material and energy prices, despite a recovery in inbound demand and improvements in the employment and income environment. In addition, concerns including a delayed recovery in the Chinese economy and heightened geopolitical risks left the outlook uncertain.」

「During the cumulative third quarter of the fiscal year, Japan's economy showed a moderate recovery trend as economic activity normalized following the reclassification of COVID-19 as a Class 5 infectious disease. However, the outlook remained uncertain amid heightened international tensions and rising resource prices.」

「During the cumulative second quarter of the fiscal year, social and economic activity in Japan showed a moderate recovery trend following the reclassification of COVID-19 as a Class 5 infectious disease. Although positive developments such as a recovery in inbound demand were evident, the outlook remained uncertain due to concerns including prolonged inflation and geopolitical risks.」

「During the cumulative first quarter of the fiscal year, Japan's economy remained on a moderate recovery trend as the employment and income environment improved. However, with global monetary tightening continuing, close attention was required to the effects of downside risks to overseas economies, inflation and volatility in financial and capital markets, while raw material and energy prices remained elevated.」

「During the cumulative third quarter of the fiscal year, Japan's economy moved toward normalization as various restrictions on activity to control COVID-19 were gradually eased. However, the business environment remained unpredictable due to factors including soaring raw material and energy prices stemming from the conflict in Ukraine, recession concerns caused by interest-rate hikes in various countries, and the impact of slower economic growth under China's zero-COVID policy and a sharp increase in infections after its lifting.」

「During the cumulative period of the second quarter, Japan's economy showed signs of recovery in economic activity on the assumption of living with COVID-19, while the operating environment remained unpredictable, with concerns over prolonged conflict in Ukraine, supply chain disruptions stemming from China's zero-COVID policy, soaring raw material and energy prices, and sluggish personal consumption accompanying rising prices.」

「During the cumulative first quarter of the fiscal year, Japan's economy showed signs of recovery in economic activity. However, the business environment remained unpredictable due to factors including prolonged developments in Ukraine, restrictions on economic activity in China, pronounced increases in raw material and energy prices, supply constraints, and sharp yen depreciation and stock market declines.」

「During the cumulative third quarter of the fiscal year, Japan's economy was on a moderate recovery trend after the state of emergency was lifted at the end of September, as the number of infections fell sharply. However, conditions continued to require close attention to developments in Japan and overseas due to concerns about the spread of new variants. The outlook remains uncertain, with downside risks to the economy increasing due to factors including soaring crude oil and other material prices.」

「The outlook remains uncertain. Although brighter signs are emerging in Japan, including a higher vaccination rate and the lifting of the state of emergency, downside risks to the economy are increasing due to factors including soaring crude oil and other material prices.」

「During the cumulative first quarter of the fiscal year, Japan's economy was in extremely weak conditions as personal consumption and corporate activity stagnated significantly due to the declaration of a state of emergency and voluntary restrictions on economic activity accompanying the spread of COVID-19. Although various measures, including the start of vaccinations, are expected to take effect, the recovery remains weak.」

「At the end of the cumulative third quarter of the fiscal year, total assets were ¥23,549 million, a decrease of ¥1,689 million from the end of the previous fiscal year. This was mainly due to a decrease in property, plant and equipment resulting from the recognition of an impairment loss.」

「During the cumulative second quarter of the fiscal year, social and economic activity was significantly restricted by the global spread of COVID-19. Although economic activity is now gradually resuming, conditions still require close monitoring of infection trends in Japan and overseas, and the recovery remains limited.」

「During the cumulative first quarter of the fiscal year, Japan's economy deteriorated rapidly as economic activity was restricted by the spread of COVID-19, resulting in extremely difficult conditions.」

「The business environment surrounding the group has reached a point where an economic downturn is unavoidable, as demand for print media has declined due to the expansion of the e-book and internet advertising markets, while social and economic activity has been sharply restricted and stalled following the spread of COVID-19.」

「During the cumulative third quarter of the fiscal year, Japan's economy continued to recover moderately, although the recovery lacked strength amid improvements in the employment and income environment. However, downside pressure intensified, particularly in manufacturing, due to unstable conditions overseas, including a slowdown in the Chinese economy resulting from prolonged US-China trade friction and rising tensions in the Middle East.」

「During the cumulative second quarter of the fiscal year, Japan's economy continued to recover moderately, although the recovery lacked strength amid improvements in the employment and income environment. However, concerns about an economic slowdown ahead intensified due to a slowdown in the Chinese economy resulting from prolonged US-China trade friction, uncertainty over conditions overseas and the impact on consumer trends of the consumption tax rate increase.」

「During the cumulative first quarter of the fiscal year, Japan's economy continued to recover moderately as corporate earnings and the employment and income environment improved, despite weakness in some exports and production. Meanwhile, concerns about an economic slowdown ahead intensified due to a slowdown in the Chinese economy resulting from prolonged US-China trade friction and uncertainty over conditions overseas.」

「However, the outlook remained uncertain due to increased downside risks to the global economy arising from prolonged US-China trade friction and instability in Europe.」

「However, the outlook remained uncertain due to increased downside risks to the global economy arising from protectionist trade policies in the United States and China.」

「During the cumulative first quarter of the fiscal year, Japan's economy continued to recover moderately as corporate earnings and the employment and income environment improved. However, concerns about an intensification of global trade friction emerged, and the outlook remained uncertain.」

「During the fiscal year, Japan's economy continued to recover moderately, with signs of a pickup in personal consumption and capital investment against a backdrop of strong corporate performance, despite concerns including protectionist trends in the United States and conditions in East Asia.」

「During the cumulative third quarter of the fiscal year, Japan's economy continued to recover moderately, with signs of a pickup in personal consumption and capital investment, despite geopolitical risks in neighboring countries.」

「During the cumulative second quarter of the fiscal year, Japan's economy remained on a moderate recovery trend, with corporate exports and production expanding steadily. However, concerns remained over the impact of protectionist trends in overseas economies and emerging geopolitical risks, and conditions continued to require close attention to the outlook.」

「During the cumulative first quarter of the fiscal year, Japan's economy remained on a moderate recovery trend, with improvements in corporate earnings and the employment and income environment continuing. However, concerns remained over the impact of emerging geopolitical risks in overseas economies, and conditions continued to require close attention to the outlook.」

「Overseas, conditions remained uncertain due to factors including the impact of US monetary policy and the UK's EU withdrawal issue.」

「During the cumulative third quarter of the fiscal year, Japan's economy remained on a moderate recovery trend, with domestic conditions improving against a backdrop of a recovery in corporate earnings driven by a pickup in capital investment and improvements in the income environment. However, the outlook remained uncertain due to issues including the UK's withdrawal from the EU (European Union) and the impact of the US presidential election.」