Deterioration in the business environment due to the global economic slowdown, yen appreciation and falling stock prices

「The outlook remains uncertain, with concerns including the effects on financial markets and the economy of heightened geopolitical risks, in addition to surging raw-material and energy prices against a backdrop of unstable international conditions and weaker consumer sentiment resulting from continuing consumer-price inflation.」

「The outlook remains uncertain due to factors including elevated raw material and energy prices against the backdrop of unstable international conditions, declining consumer sentiment caused by continued increases in consumer prices, and concerns over the impact on financial markets and the economy of US trade policy and rising geopolitical risks.」

「The outlook remains uncertain due to factors including declining consumer sentiment caused by continued increases in consumer prices and concerns over the impact on financial markets and the economy of US trade policy and rising geopolitical risks.」

「The outlook remains uncertain due to elevated raw material and energy prices and rising consumer prices. In addition, there are concerns that new US economic policies and other measures introduced from April 2025 will affect the Company’s business.」

「In addition to continued yen depreciation against the backdrop of the Japan-US interest-rate differential, consumer prices have risen due to elevated raw material and energy prices, among other factors. The outlook remains uncertain, with the recovery in personal consumption showing signs of stalling.」

「Consumer prices rose due to elevated energy and raw material prices resulting from international conditions and fluctuations in foreign exchange rates, and the outlook remains uncertain.」

「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy was on a moderate recovery trend as economic activity returned to normal following the reclassification of COVID-19 as a Class 5 infectious disease. However, consumer prices rose due to globally elevated energy and raw material prices and fluctuations in foreign exchange rates, and the outlook remained uncertain.」

「Economic activity is returning to normal and showing a moderate recovery trend following the reclassification of COVID-19 as a Class 5 infectious disease. However, consumer prices have risen due to globally elevated energy and raw material prices and fluctuations in foreign exchange rates, and the outlook remains uncertain.」

「Consumer prices rose due to globally elevated energy and raw material prices resulting from factors including the Russia-Ukraine conflict and fluctuations in foreign exchange rates caused by rapid yen depreciation, and the outlook remains uncertain.」

「Consumer prices rose due to globally elevated energy and raw material prices resulting from the prolonged Russia-Ukraine conflict, fluctuations in foreign exchange rates caused by rapid yen depreciation, and other factors, and the outlook remains uncertain.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy remained uncertain despite a decline in new infections as vaccination rates for the novel coronavirus increased. Factors including geopolitical risks related to the situation involving Russia and Ukraine, globally elevated crude oil and raw material prices, and fluctuations in foreign exchange rates caused by rapid yen depreciation continued to affect the outlook.」

「The business environment surrounding the Company remains uncertain, as personal consumption has fallen sharply due to the prolonged spread of the novel coronavirus. Consumption patterns are changing, including the diversification of lifestyles and work styles triggered by the pandemic and the expansion of online consumption, and competition, including from companies in other industries, is expected to intensify further.」

「Economic activity and consumption remained extremely difficult due to the spread of the novel coronavirus, but the number of new infections began to decline as vaccination progressed and the declaration of a state of emergency was fully lifted at the end of September 2021, indicating a shift toward a moderate recovery. However, the outlook remains uncertain due to concerns including the risk of the spread of new variants.」

「Revenue increased 54.0% year on year through the first quarter, showing gradual signs of recovery. However, affected by the fifth wave of infections, which recorded the highest number of cases to date due to the rapid spread of coronavirus variants from July this year, revenue increased 5.2% year on year during the cumulative second quarter but declined 41.1% compared with the same quarter of 2019, before the COVID-19 pandemic. The outlook for a recovery in business performance therefore remains uncertain.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy remained in a difficult situation as the resurgence of the novel coronavirus led to renewed declarations of a state of emergency in several regions. The risk of infection spreading in Japan and overseas remained high, and there were concerns that the negative impact on corporate performance would be prolonged.」

「During the current consolidated fiscal year, Japan’s economy remained under severe pressure as overall economic activity was restricted by the spread of the novel coronavirus. Corporate earnings and business sentiment deteriorated, and personal consumption fell sharply. With no clear prospect of reconciling infection prevention with economic activity, uncertainty about the outlook for the global and Japanese economies remained strong, and there were concerns that the negative impact on corporate performance would persist for an extended period.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy remained under severe pressure as overall economic activity was restricted by the spread of the novel coronavirus. Corporate earnings and business sentiment deteriorated, and personal consumption fell sharply. With no clear prospect of reconciling infection prevention with economic activity, uncertainty about the outlook for the global and Japanese economies remained strong, and there were concerns that the negative impact on corporate performance would persist for an extended period.」

「The Company’s business performance has deteriorated due to the spread of the novel coronavirus and related measures, including declarations of a state of emergency, requests to refrain from going out, and requests for business closures. Although sales and profits are currently recovering following the lifting of the state of emergency and various requests, the spread and prolongation of the novel coronavirus and any renewed requests for business closures from the government or other authorities could have a material impact on the Company’s business performance.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy was severely affected by the spread of the novel coronavirus, and personal consumption fell sharply, particularly against the backdrop of requests to refrain from going out and increasingly stringent requests for business closures following the declaration of a state of emergency. With no clear prospect for when the pandemic would end, uncertainty about the outlook for the global and Japanese economies remained strong, and there were concerns that the negative impact on corporate performance would persist for an extended period.」

「As the spread of the novel coronavirus showed no prospect of ending worldwide, the domestic situation also remained extremely difficult due to factors including a decline in inbound demand and sluggish personal consumption caused by requests to refrain from going out. This difficult outlook is expected to continue.」

「Uncertainty in overseas economies, including developments surrounding trade issues and concerns over a slowdown in the Chinese economy, has increased. In addition, the outlook for the economy remains uncertain due to factors including a decline in personal consumption caused by the consumption tax increase.」

「The outlook remains uncertain due to factors including the impact of tensions surrounding trade issues on the global economy, uncertainty in overseas economies, and concerns over a decline in consumption following the consumption tax increase.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy remained on a moderate recovery trend as employment and income conditions continued to improve. However, the outlook remained uncertain due to the impact of US-China trade friction on the global economy, uncertainty in overseas economies, and concerns over a decline in consumption following the consumption tax increase.」

「The outlook remains uncertain due in part to the impact of trade issues on the global economy, uncertainty in overseas economies, and unstable financial and capital markets.」

「The outlook remains uncertain due in part to the impact of trade issues on the global economy, uncertainty in overseas economies, and unstable financial and capital markets.」

「The outlook remains uncertain due in part to the impact of trade issues on the global economy, uncertainty in overseas economies, and unstable financial and capital markets.」

「The outlook remains uncertain due in part to uncertainty in overseas economies and rising geopolitical risks.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy remained on a moderate recovery trend as employment and income conditions continued to improve. However, the outlook remained uncertain due in part to uncertainty in overseas economies and rising geopolitical risks.」

「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy remained on a moderate recovery trend as employment and income conditions continued to improve. However, the outlook remained uncertain due in part to uncertainty in overseas economies and rising geopolitical risks.」

「While employment and income conditions in Japan continue to improve, the economy is on a moderate recovery trend. However, the outlook remains uncertain due to factors including uncertainty in overseas economies and the impact of unstable financial and capital markets.」

「The outlook remains uncertain due to factors including uncertainty in overseas economies and the impact of unstable financial and capital markets.」

「The outlook remains uncertain due to factors including uncertainty in overseas economies and the impact of unstable financial and capital markets, while the recovery in corporate earnings and personal consumption has stalled.」

「In addition to concerns over economic downturns in Asian emerging markets, including China, and resource-rich countries, growing uncertainty in overseas economies, including the United Kingdom’s withdrawal from the EU, led to yen appreciation, while the recovery in corporate earnings and personal consumption stalled.」

「Amid concerns over a slowdown in the global economy, including the European economy and emerging markets, the yen appreciated and share prices declined due to factors including the United Kingdom’s withdrawal from the EU, while the recovery in corporate earnings and improvement in personal consumption have stalled.」