Concern over weaker corporate earnings due to the slowdown in emerging-market economies and the yen's appreciation

「不安定な為替動向や物価上昇、米国の関税政策の影響や地政学リスクの高まり等、景気の先行きには依然として不透明感を残しております。」

「During the fiscal year, Japan's economy recovered gradually against a backdrop of improving employment and income conditions and increased capital investment. However, the outlook remains uncertain owing to continued inflation, the impact of US trade policy, concerns about higher energy prices resulting from escalating tensions in the Middle East, an unstable exchange rate, and volatility in financial and capital markets.」

「米国の通商政策の影響や、緊迫化する中東情勢等の地政学的なリスク、不安定な為替相場等による世界的なインフレ・経済減速懸念等、経済の先行きは依然不透明であります。」

「During the interim accounting period, Japan's economy recovered gradually against a backdrop of improving employment and income conditions and increased capital investment. However, the outlook remains uncertain owing to persistently high inflation, the impact of US tariff policy, and rising geopolitical risks.」

「Looking ahead, Japan's economic outlook remains uncertain owing to the situations in Ukraine and the Middle East, an unstable exchange rate, and concerns about global inflation and an economic slowdown associated with US tariff measures.」

「During the interim accounting period, Japan's economy was on a gradual recovery path against a backdrop of improving employment and income conditions and increased capital investment. However, the outlook remains uncertain owing to sharp exchange-rate fluctuations, surging resource prices and unstable international conditions.」

「During the cumulative third quarter, socioeconomic activity was normalising and the economy was on a recovery path as restrictions on activity were eased following the reclassification of COVID-19 as a Class 5 infectious disease. However, the outlook remains uncertain owing to surging resource prices, the prolonged situation in Ukraine, and instability in the Middle East.」

「During the cumulative first quarter, socioeconomic activity was normalising and the economy showed signs of recovery following the reclassification of COVID-19 as a Class 5 infectious disease. However, the outlook remains uncertain owing to the impact of interest-rate hikes in Europe and the United States, the situation in Ukraine, and rising energy and raw-material prices.」

「During the cumulative third quarter, socioeconomic activity was gradually improving as restrictions on activity related to COVID-19 were eased. However, the domestic economic outlook remains uncertain owing to concerns about the spread of COVID-19 variants, the situation in Ukraine, the impact of sharp exchange-rate fluctuations, and rising energy prices.」

「During the cumulative second quarter, Japan's economy showed signs of recovery owing in part to the effects of various policies despite the spread of the seventh wave of COVID-19. However, the outlook remains uncertain owing to the sharp depreciation of the yen and rising prices, particularly energy prices.」

「During the cumulative first quarter, Japan's economy remained uncertain, despite a temporary easing in the spread of COVID-19, as concerns persisted about lockdowns in China, the situation in Ukraine, and a recession in the United States caused by inflation.」

「Looking ahead, Japan's economic outlook remains uncertain, as the spread of new variants of the novel coronavirus is a concern, containment of infections cannot be foreseen, and the situation in Ukraine may continue for an extended period.」

「During the cumulative third quarter, Japan's economy remained clouded by uncertainty in social and economic activity, despite a temporary easing in the spread of the novel coronavirus, due to the emergence of the Omicron variant, higher resource prices and material shortages. However, business sentiment in the manufacturing industry continued to improve, supported by the recovery of overseas economies, including those of the United States and China.」

「Although socioeconomic activity remains uncertain owing in part to the expansion of areas covered by the state of emergency and the priority preventive measures, as well as extensions to their duration, manufacturing sentiment remained on an improving trend against a backdrop of progress in vaccinations and the recovery of overseas economies, including those of the United States and China.」

「Manufacturing sentiment remained on an improving trend, but uncertainty persists owing to the renewed spread of infections and developments toward containment.」

「Looking ahead, Japan's economy is expected to remain on a recovery path as domestic economic activity recovers. However, the outlook is expected to remain uncertain owing to the prolonged US-China trade friction and the continuing impact of the novel coronavirus in Japan and overseas.」

「During the cumulative third quarter, Japan's economy continued to recover gradually, supported by government measures and an improvement in corporate production activity and personal consumption.」

「During the cumulative second quarter, Japan's domestic economy showed only a slight recovery amid persistent uncertainty, as the country experienced a spread of infections that could effectively be described as a second wave, while measures were taken to both combat COVID-19 and restore economic activity.」

「During the cumulative first quarter, Japan's economy entered an extremely difficult period as a state of emergency was declared in April to prevent the global spread of the novel coronavirus, and socioeconomic activity was restricted amid requests to refrain from going out. Although the state of emergency was lifted in May and restrictions on travel across prefectural borders were lifted in June, allowing economic activity to gradually resume, the first quarter was marked by a serious economic downturn, with no clear outlook for containment owing in part to concerns about a second wave of infections.」

「During the fiscal year, Japan's economy remained on a gradual recovery path, but the spread of the novel coronavirus from the beginning of the year has had a serious impact on the economy, and difficult conditions are expected to continue going forward.」

「During the cumulative third quarter, Japan's economy was on a gradual recovery path as corporate earnings and employment conditions improved. However, the outlook remains uncertain owing to the impact of the consumption tax increase on personal consumption and a slowdown in the global economy resulting from the prolonged US-China trade friction.」

「During the cumulative second quarter, Japan's economy remained on a recovery path, supported by robust domestic demand, including personal consumption and corporate capital investment. However, the outlook remains uncertain owing to the impact of US-China trade friction and concerns about the UK's withdrawal from the EU without an agreement.」

「During the cumulative first quarter, Japan's economy remained on a gradual recovery path, supported by robust corporate performance and improvements in employment conditions. However, concerns remain about the impact of uncertainties in overseas political and economic conditions, including US-China trade friction and the UK's withdrawal from the EU, and the outlook remains uncertain.」

「Looking ahead, Japan's economy is expected to remain on a gradual recovery path, supported by government economic policies and improvements in corporate earnings and employment conditions. However, overseas conditions remain uncertain, owing to the US-China trade dispute, concerns about a slowdown in the Chinese economy, and volatility in financial and capital markets.」

「During the cumulative third quarter, Japan's economy continued on a gradual recovery path, supported by the effects of various policies and improvements in corporate performance and the employment environment. However, concerns remained about the impact of uncertainty in overseas political and economic conditions, including U.S.-China trade friction, leaving the outlook uncertain.」

「During the cumulative second quarter, Japan's economy continued on a gradual recovery path, with improvements in corporate earnings and the employment environment, a recovery in personal consumption and increased capital investment. However, the outlook remained uncertain due to the impact of trade friction caused by U.S. trade policy, higher crude oil prices and volatility in financial and capital markets.」

「During the cumulative first quarter, Japan's economy continued on a gradual recovery path as the effects of various economic policies improved corporate earnings and the employment environment. However, uncertainty about the outlook could not be dispelled because of unstable political developments overseas, slower growth in emerging markets and geopolitical risks in Asia.」

「Japan's economy is expected to continue its gradual recovery, with corporate earnings and the employment environment improving against the backdrop of the government's economic policies. However, the global economy remains uncertain, including the risk of an economic downturn in China and emerging Asian economies.」

「During the cumulative third quarter, Japan's economy showed signs of a gradual recovery, supported by improvements in employment and income conditions on the back of strong corporate performance. However, the outlook remained uncertain due to geopolitical risks, including the situation in North Korea, and slower growth in emerging markets.」

「During the cumulative second quarter, Japan's economy showed signs of a gradual recovery due to improvements in corporate earnings and the employment environment, but uncertainty about the outlook could not be dispelled because of heightened uncertainty in overseas political and economic conditions and geopolitical risks in Asia.」

「During the cumulative first quarter, Japan's economy showed signs of a gradual recovery due to improvements in corporate earnings and the employment environment, but uncertainty about the outlook could not be dispelled because of slower growth in emerging markets, increased policy uncertainty following the change of administration in the United States, and geopolitical risks in Asia.」

「Meanwhile, in addition to the slowdown in emerging-market economies and the UK's exit from the EU, the impact of the new U.S. president's policy administration on the global economy is uncertain, leaving the outlook unclear.」

「A downside to corporate earnings due to a slowdown in emerging-market economies and further yen appreciation is also a concern, leaving the outlook uncertain.」