Changes in Economic Trends and International Conditions Worldwide

「During the six-month consolidated accounting period, the global economy showed signs of recovery, but the pace slowed because of the impact of US trade policy. In the United States, higher tariffs are beginning to pressure corporate earnings and weigh on economic activity. In Europe, production adjustments continued following the pullback from an increase in exports, and the recovery in economic activity stalled. In China, exports to the ASEAN region and elsewhere increased, but domestic demand slowed as the effects of economic stimulus measures diminished. In Japan, personal consumption declined as prices continued to rise, and the risk of an economic downturn increased because of the impact of US trade policy.」

「During the six-month consolidated accounting period, inflationary pressures eased and personal consumption remained firm in Europe and the United States, but the economic slowdown in China continued because of weak domestic demand. In addition, conflicts in Ukraine and the Middle East became prolonged, increasing geopolitical risks.」

「During the nine-month period ended this third quarter, the global economy was recovering moderately as restrictions on economic activity caused by the COVID-19 pandemic were lifted, but the pace of recovery slowed because of prolonged inflation and monetary tightening in major economies. In the United States, personal consumption remained firm, but corporate production activity was weak because financing conditions tightened and because of the impact of strikes related to the automotive industry. In Europe, personal consumption remained sluggish amid continued high inflation, and the economy stagnated as exports declined following a drop in external demand. In China, exports declined amid weak global demand for goods, and the economy slowed as personal consumption stagnated because employment conditions deteriorated.」

「During the six-month period ended this second quarter, the global economy was recovering moderately as restrictions on economic activity caused by the COVID-19 pandemic were lifted, but the pace of recovery slowed because of prolonged inflation and monetary tightening in major economies. In the United States, personal consumption remained firm, supported by a strong labor market, but corporate production activity was weak because financing conditions tightened. In Europe, personal consumption remained sluggish amid continued high inflation, and the economy stagnated as external demand declined. In China, exports declined as stay-at-home demand subsided, and the economy slowed as the rebound in personal consumption ran its course. India and the ASEAN region recorded high growth rates as domestic demand expanded steadily.」

「During the three-month period ended this first quarter, the global economy recovered moderately as the movement of people increased and supply chains normalized, despite continued high energy prices and inflation. In the United States, personal consumption remained firm, but corporate production activity contracted because of monetary tightening. In Europe, personal consumption stagnated because of high prices. In Asia, personal consumption increased in China as the movement of people expanded, while the economies of India and the ASEAN region recovered, led by domestic demand and inbound tourism.」

「During the nine-month period ended this third quarter, the global economy was recovering as social and economic activity and the movement of people increased under a living-with-COVID approach, but the recovery slowed because of surging energy prices and rapidly rising interest rates. In the United States, the economy recovered as employment and incomes increased, but the risk of recession rose as repeated monetary tightening to curb inflation continued. In Europe, the recovery stagnated as concerns about energy supplies persisted. In Asia, production and consumption stagnated in China as strict restrictions on the movement of people continued, while the economies of India and the ASEAN region recovered to pre-pandemic levels.」

「During the six-month period ended this second quarter, the global economy was recovering as the transition to a new phase of living with COVID-19 progressed, but downside risks to economic activity increased because of rapid inflation and supply-side constraints. In the United States, the economy remained resilient, supported by increases in employment and consumption, but the risk of an economic slowdown increased as monetary tightening was implemented repeatedly to curb inflation. In Europe, the recovery in economic activity slowed because difficulties in procuring energy persisted and commodity prices surged. In Asia, economic growth stagnated in China as lockdowns depressed production activity, while the economy recovered in India and the ASEAN region.」

「During the three-month period ended this first quarter, uncertainty about the outlook increased because of fluctuations in financial and capital markets, in addition to higher raw material prices and supply constraints caused by the prolonged conflict in Ukraine and restrictions on economic activity in China.」

「During the fiscal year, signs of recovery spread across the global economy, but the renewed spread of COVID-19, rising raw material prices, shortages of semiconductor supplies and increased geopolitical risks in Ukraine increased uncertainty about the outlook.」

「During the nine-month period ended this third quarter, signs of recovery spread across the global economy, but the renewed spread of COVID-19, rising raw material prices and shortages of semiconductor supplies increased uncertainty about the outlook. In the United States, employment recovered and personal consumption picked up. In Europe, the economy recovered despite remaining weak overall. In Asia, the recovery continued in China, but the pace of recovery slowed in India and the ASEAN region as COVID-19 infections spread again.」

「During the six-month period ended this second quarter, signs of recovery were spreading across the global economy, but the renewed spread of COVID-19, rising raw material prices and shortages of semiconductor supplies increased uncertainty about the outlook.」

「During the three-month period ended this first quarter, signs of recovery were spreading across the global economy, but the renewed spread of COVID-19 increased uncertainty about the outlook. In the United States, COVID-19 vaccinations progressed, employment recovered and personal consumption picked up. In Europe, economic activity remained constrained and the economy was weak overall, although some signs of recovery emerged. In Asia, the recovery continued in China, but the pace of recovery slowed in India and the ASEAN region as COVID-19 infections spread again.」

「During the nine-month period ended this third quarter, economic activity stagnated significantly because of the prolonged US-China trade friction and travel bans, lockdowns and other measures implemented by countries to prevent the spread of COVID-19. Thereafter, the prolonged impact of COVID-19 kept the pace of recovery moderate. In the United States, employment recovered and personal consumption picked up after lockdown restrictions were lifted. In Europe, production and exports had been recovering from their April lows, but economic activity stagnated again as the spread of infections could not be contained. In Asia, the recovery continued in China, which resumed economic activity ahead of the rest of the world.」

「During the six-month period ended this second quarter, economic activity stagnated significantly because of the prolonged US-China trade friction and travel bans, lockdowns and other measures implemented by countries to prevent the spread of COVID-19. Thereafter, the prolonged impact of COVID-19 kept the pace of recovery moderate. In the United States, employment recovered and personal consumption picked up after lockdown restrictions were lifted. In Europe, production and exports had been recovering from their April lows, but the arrival of a second wave of infections slowed the momentum. In Asia, the recovery continued in China, which was the first country to resume economic activity.」

「During the three-month period ended this first quarter, the global economy became increasingly uncertain as trade friction associated with protectionist economic policies intensified and economic activity stagnated because of the global spread of COVID-19. In the United States, exports continued to decline, employment conditions deteriorated and personal consumption remained weak. In Europe, domestic demand continued to decline, and the economy slowed, particularly in the manufacturing sector. In Asia, the economy remained generally weak, while the economic slowdown in China continued.」

「During the fiscal year, the global economy continued to expand moderately, led by developed economies, but the outlook became increasingly uncertain as the global spread of COVID-19 and the intensifying trade friction associated with protectionist economic policies gained momentum.」

「During the nine-month period ended this third quarter, the global economy continued to expand moderately, led by developed economies, but the outlook became increasingly uncertain as trade friction associated with protectionist economic policies intensified further. In the United States, exports remained sluggish, but employment conditions continued to improve and personal consumption remained resilient. In Europe, domestic demand remained resilient, but growth slowed, particularly in the manufacturing sector. In Asia, the economy remained generally resilient, although the economic slowdown in China continued.」

「During the six-month period ended this second quarter, the global economy continued to expand moderately, led by developed economies, but the outlook became increasingly uncertain as trade friction associated with protectionist economic policies intensified. In the United States, exports remained sluggish, but employment conditions continued to improve and personal consumption remained resilient. In Europe, domestic demand remained resilient, but growth slowed, particularly in the manufacturing sector. In Asia, the economy remained generally resilient, although the economic slowdown in China continued.」

「During the three-month period ended this first quarter, the global economy continued to expand moderately, led by developed economies, but the outlook became increasingly uncertain as trade friction associated with protectionist economic policies intensified. In the United States, exports remained sluggish, but employment conditions continued to improve and personal consumption remained resilient. In Europe, domestic demand remained resilient, but growth slowed, particularly in the manufacturing sector. In Asia, the economy remained generally resilient, although the slowdown in China continued.」

「During the nine-month period ended this third quarter, the global economy continued to expand moderately, led by developed economies, but the outlook became more uncertain as protectionist economic policies gained momentum and concerns about the resulting trade friction increased. In Europe, domestic demand remained resilient, but signs of an economic slowdown emerged amid growing political uncertainty in some countries. In Asia, the economy remained generally resilient, although an economic slowdown in China began to become apparent.」

「During the six-month period of the second quarter of the current fiscal year, the global economy continued to expand moderately, led by developed countries, but uncertainty emerged over the outlook amid the rise of protectionist economic policies and concerns about the resulting trade friction. In Asia, concerns remained over slower exports from China, although economic stability improved, and the ASEAN economies continued to recover.」

「In the United States, uncertainty remained due to the current administration's protectionist trade policies, but corporate conditions were firm, employment improved, and personal consumption remained resilient. In Asia, concerns remained over slower exports from China, although economic stability improved, and the ASEAN economies continued to recover.」

「In Asia, China's economy moved from a slowdown toward stabilization, partly due to the effects of economic policies, and the ASEAN economies also followed a recovery trend.」

「In Asia, the economic slowdown in China was brought under control, partly due to the effects of government economic policies, and the ASEAN economies also showed signs of improvement.」

「In Asia, China's economic slowdown continued, while the ASEAN economies were on a recovery trend.」

「During the nine-month period of the third quarter of the current fiscal year, the global economy continued to show firm conditions, with personal consumption remaining resilient in the United States. Europe experienced temporary financial market turmoil, but its economy followed a gradual recovery. In Asia, China's economic slowdown continued, while the ASEAN economies showed signs of recovery.」

「During the six-month period of the second quarter of the current fiscal year, the global economy continued to show firm conditions, with personal consumption improving in the United States. Financial markets in Europe were disrupted by the issue of the United Kingdom's withdrawal from the EU, but the euro area economy followed a recovery trend. In Asia, the economic slowdown in China continued, although signs of recovery emerged in the ASEAN economies.」

「In Asia, the economic slowdown in China and the weakening economies of the ASEAN countries continued. Meanwhile, Japan's employment and income environment remained firm, but corporate earnings improvements stalled as the yen appreciated from the beginning of the year, increasing uncertainty about an economic recovery.」

「Demand for the group's products extends worldwide, and is affected by economic conditions in the countries and regions where the group sells its products. In addition, rapid changes in international conditions may disrupt production, procurement, sales, and other activities, potentially affecting the group's performance.」