Uncertainty over the outlook due to the Kumamoto Earthquake and sharp fluctuations in stock prices and exchange rates

「Meanwhile, the blockade of the Strait of Hormuz, a maritime supply route, due to conflict in the Middle East has destabilised procurement of naphtha, a basic raw material for petroleum products. On the supply side, concerns have arisen over delays in the supply of a broad range of auxiliary materials, including paper and film raw materials, as well as thinning solvents for gravure printing and adhesives for tack paper.」

「Meanwhile, the outlook remained uncertain due to persistently high raw material and energy prices resulting from inflation, global political instability and geopolitical risks, as well as market trends stemming from higher US tariffs.」

「However, the outlook remains uncertain due to stagnant growth in the Chinese economy, the prolonged Russia-Ukraine issue, unstable international conditions surrounding the Middle East and exchange-rate trends favouring a weaker yen, which have driven up raw material and energy prices. In Japan, logistics costs and prices have also risen due to the 2024 problem, while interest rates have increased following rate hikes.」

「Looking ahead, the impact of higher costs, including logistics and labour costs, arising from the 2024 problem, as well as consumption restraint caused by higher prices and labour shortages, continues. In addition, the emergence of global geopolitical risks is having a major impact on social life and economic activity both in Japan and overseas, and the outlook is expected to remain uncertain.」

「Following the reclassification of COVID-19 as a Class 5 infectious disease, socioeconomic activity normalised and personal consumption showed signs of recovery, while the economy maintained a moderate recovery trend. Meanwhile, the economic outlook remained uncertain due to rising prices across a broad range of goods caused by the depreciation of the yen and soaring energy and resource prices, concerns over a downturn in overseas economies and increasing geopolitical risks.」

「During the six-month period ended September 2023, Japan's economy maintained a moderate recovery as restrictions on activities were eased further and economic activity normalised following the reclassification of COVID-19 as a Class 5 infectious disease. Meanwhile, prices rose due to the depreciation of the yen and soaring energy and resource prices, while wage increases failed to keep pace, heightening consumers' focus on protecting their living standards, and the outlook remained uncertain.」

「During the three-month period ended June 2023, Japan's economy showed signs of a moderate recovery as economic activity normalised following the reclassification of COVID-19 as a Class 5 infectious disease under the Infectious Diseases Control Law, along with the easing of domestic activity restrictions and entry restrictions from overseas. Meanwhile, the outlook remained uncertain due to the prolonged situation in Ukraine and inflation driven by resource prices and the weaker yen.」

「Meanwhile, inflationary pressures intensified due to soaring raw material and energy prices caused by the prolonged Russia-Ukraine war and the rapid depreciation of the yen, among other factors, and the economy remained in an uncertain environment, with personal consumption stagnating.」

「During the nine-month period ended December 2022, Japan's economy gradually moved toward normalisation of economic activity under a policy of living with COVID-19 following the lifting of restrictions on activities, and the economy showed signs of a moderate recovery. However, concerns over trends in foreign exchange rates, including the depreciation of the yen, and inflationary pressures intensified due to soaring raw material and energy prices, and the economy remained in an uncertain environment.」

「During the six-month period ended September 2022, Japan's economy was recovering moderately as restrictions on activities were eased amid the transition to a new phase of living with COVID-19, and there were signs of progress toward normalisation of economic activity. However, raw material prices continued to rise due to soaring resource and energy prices and the rapid depreciation of the yen in the foreign exchange market, and the outlook remained uncertain.」

「Although the impact of COVID-19 continued, restrictions on activities were gradually eased and there were signs of progress toward normalisation of economic activity. However, the outlook remained uncertain due to soaring raw material prices, the situation in Ukraine and the rapid depreciation of the yen.」

「Although the spread of COVID-19 vaccinations and the lifting of the state of emergency and priority preventive measures brought signs of recovery, including the easing of restrictions on travel and going out, concerns over renewed spread caused by the highly transmissible Omicron variant remained, and the outlook continued to be uncertain.」

「During the six-month period ended September 2021, Japan's economy remained in a difficult situation as the renewed spread of COVID-19 led to declarations of a state of emergency and the application of priority preventive measures in many prefectures. Although conditions improved as measures were taken to prevent the spread of infections and vaccinations were promoted, concerns over renewed spread due to variants remained, and the outlook continued to be uncertain.」

「The economy remained sluggish, particularly personal consumption, as the prolonged COVID-19 pandemic led to intermittent declarations of a state of emergency and the application of priority preventive measures in certain regions. Although COVID-19 vaccinations had begun in earnest, the outlook remained uncertain amid the risk of renewed spread of infections, including the spread of variants.」

「During the nine-month period ended December 2020, Japan's economy fell sharply due to the spread of COVID-19. Economic activity gradually resumed and the economy showed signs of a temporary recovery, but the outlook remained uncertain due to the continuing spread of infections and other factors.」

「During the six-month period ended September 2020, Japan's economy became extremely difficult due to the rapid stagnation of social and economic activity caused by the spread of COVID-19. Although the number of infections has recently been declining and economic activity has gradually resumed, the recovery is expected to remain moderate for the time being. With the disease also spreading again in certain countries and regions, the outlook is expected to remain uncertain.」

「Personal consumption declined against a backdrop of requests from the government to refrain from going out and the spread of business closures following the declaration of a state of emergency. The domestic economy entered a difficult situation of continuing rapid deterioration, also affected by the sharp decline in inbound foreign tourists. Even after the state of emergency was lifted, there was no clear prospect of an economic recovery, and the outlook is expected to remain uncertain.」

「Recently, while preparations were under way for the Tokyo 2020 Olympic and Paralympic Games, the spread of COVID-19 had a major impact on the domestic and overseas economies, and the economic downturn became increasingly pronounced.」

「Personal consumption was recovering from the decline caused by the October increase in the consumption tax rate, but consumer sentiment remained weak. Meanwhile, overseas, concerns over a slowdown in the global economy have increased due to the prolonged US-China trade friction and the UK's EU withdrawal issue, among other factors, and the economic outlook has become increasingly uncertain.」

「Meanwhile, overseas, concerns have arisen over the impact of developments in the US-China trade dispute on the global economy and the impact of the UK's EU withdrawal issue, and the economic outlook has become increasingly uncertain.」

「Meanwhile, concerns have arisen over the impact of developments in the US-China trade dispute on the global economy and the impact of the consumption tax increase scheduled for October this year, and the economic outlook has become increasingly uncertain.」

「Meanwhile, concerns have grown over the impact of the prolonged trade dispute between the United States and China on the global economy and a slowdown in the global economy, led by China, and the economic outlook remains uncertain.」

「During the six-month period ended September 2018, Japan's economy recovered moderately against a backdrop of improved corporate earnings and employment conditions. However, record torrential rains and typhoons, as well as major natural disasters including the earthquakes in northern Osaka and Hokkaido, temporarily slowed the economic recovery. In addition, the outlook remained uncertain due to concerns over the impact of intensifying US-China trade friction on the global economy and rising raw material prices following the increase in crude oil prices.」

「The outlook remains uncertain due to concerns that the growing prominence of protectionist policies in the United States will exacerbate trade friction, as well as rising raw material prices following the increase in crude oil prices.」

「In East Asia as well, the outlook remains increasingly uncertain, as seen in North Korea's abrupt shift toward a conciliatory policy and the growing prominence of protectionist policies.」

「Concerns over the impact on the global economy stemming from instability in overseas political conditions and increasing geopolitical risks, including the situation in North Korea, have kept the outlook uncertain. Although real wages have begun to improve moderately, consumers remain firmly inclined to economise due to higher burdens such as social insurance premiums and concerns about future pension and nursing-care costs, and the difficult operating environment continues.」

「Concerns have grown over the impact on the global economy stemming from instability in overseas political conditions, and the outlook remains uncertain. Personal consumption remained firm but lacked strength due to sluggish growth in real wages and higher burdens such as insurance premiums, while the difficult operating environment continued.」

「Concerns have grown over the impact on the global economy stemming from increasing instability in the world's political situation, and the outlook has become increasingly uncertain. Personal consumption remained firm but lacked strength, and the difficult operating environment continued.」

「The global economic environment has entered a period of broad transformation due to growing instability in the world's political situation, making the outlook extremely difficult to predict. Domestic personal consumption also remained weak relative to growth in income and earnings.」

「Although some improvement was seen in employment conditions and income levels, the domestic economy continued to recover moderately, while consumers remained firmly inclined to economise. Personal consumption remained weak, and the economic outlook remained uncertain amid a persistently difficult operating environment.」

「Corporate earnings remained sluggish due to the weak stock market and the stronger yen, while the economic outlook remained uncertain and the difficult operating environment continued.」

「The outlook for the economy remains uncertain due to the impact of the Kumamoto Earthquake and sharp fluctuations in share prices and foreign exchange rates.」