Uncertainty surrounding crude oil prices, foreign exchange rates and Asian emerging-market economies

「Meanwhile, risks remain that the downturn in the global economy caused by U.S. trade policy overseas, escalating tensions in the Middle East, higher raw material prices and other factors will weigh on Japan’s economy.」

「Meanwhile, uncertainty over the outlook arising from US tariff policy has rapidly increased concerns that the global economy, including Japan's, will be weakened.」

「Overseas, the risk that a downturn in the global economy caused by worsening conditions in the Middle East, higher raw material prices, and unstable foreign exchange markets would weigh on Japan's economy continued.」

「Overseas, downside risks to Japan's economy persisted as the global economy weakened due to geopolitical risks arising from worsening conditions in the Middle East, the effects of global monetary tightening, and concerns over China's economic outlook.」

「Overseas, concerns over a slowdown in the global economy persisted due to geopolitical risks arising from worsening conditions in Ukraine and the Middle East, as well as the effects of a downturn in China's property-related industries.」

「Overseas, in addition to the prolonged situation in Ukraine, instability in the Middle East had worsened further, and the rising geopolitical risk was prompting concerns over a slowdown in the global economy.」

「During the cumulative third quarter under review, Japan's economy remained subject to high prices, but private consumption and capital investment were showing signs of recovery due to the normalization of economic activity, improvement in the income environment, and the effects of various government policies, and the economy was recovering gradually. Overseas, concerns emerged over a slowdown in the global economy due to higher energy prices resulting from the prolonged situation in Ukraine and inflation in developed countries.」

「Although the prolonged situation in Ukraine, higher energy prices, and accelerating inflation remained concerns overseas, a gradual recovery was expected to continue.」

「During the cumulative first quarter under review, Japan's economy remained subject to high prices, but signs of improvement emerged in private consumption and capital investment against the backdrop of the government's shift toward a policy of living with COVID-19. Overseas, the outlook remained uncertain due to higher energy prices and accelerating inflation resulting from the prolonged situation in Ukraine.」

「During the cumulative third quarter under review, Japan's economy showed signs of recovery in capital investment, but the number of COVID-19 cases increased sharply during the seventh wave, and the situation remained unpredictable. Overseas, the outlook became increasingly uncertain due to higher energy prices and accelerating inflation resulting from the prolonged situation in Ukraine.」

「During the cumulative second quarter under review, the number of COVID-19 cases in Japan showed a declining trend during the first half, but fluctuated repeatedly toward the second half, and the situation remained unpredictable. Overseas, as the pandemic showed signs of receding, economic activity moved toward normalization and showed signs of recovery. However, various downside risks remained, including higher crude oil and other raw material prices, accelerating inflation in the US, and worsening and prolonged conditions in Ukraine, leaving the outlook uncertain.」

「During the cumulative first quarter under review, Japan's economy showed signs of recovery after the state of emergency and other measures introduced in response to the spread of COVID-19 were lifted. However, the rapid spread of the Omicron variant meant that the end of the pandemic remained unforeseeable and the outlook continued to be uncertain. Overseas, although the Omicron variant continued to spread worldwide, economic activity moved toward normalization and showed signs of recovery. However, various downside risks remained, including higher crude oil and other raw material prices, accelerating inflation in the US, and worsening conditions in Ukraine, leaving the outlook uncertain.」

「During the fiscal year under review, Japan's economy was significantly affected by economic activity restrictions, including repeated declarations of a state of emergency, following the spread of COVID-19. However, as vaccination rates rose, signs of a recovery emerged in corporate capital investment and the employment and income environment, and some positive indications were also evident. Overseas, various restrictions were lifted as vaccination rates rose and economies appeared to be moving toward recovery, but infections were showing signs of resurgence in Europe and the US, leaving the outlook uncertain.」

「During the cumulative third quarter under review, Japan's economy was in a difficult situation. Although economic activity was expected to gradually recover following the start of COVID-19 vaccinations, a state of emergency or quasi-emergency measures to prevent the spread of the disease remained in effect in some areas. Overseas, some movement toward the normalization of economic activity was evident in developed countries in Europe and the US due to the spread of vaccinations and other factors, but the end of the COVID-19 pandemic remained unforeseeable and the outlook continued to be uncertain.」

「During the cumulative second quarter under review, Japan's economy remained in a difficult situation due to the spread of COVID-19. Although signs of a recovery were expected, the outlook remained uncertain, including because of the continuing spread of variants. The global economy was similarly affected, and prospects for an economic recovery remained unclear.」

「During the cumulative first quarter of the fiscal year, Japan's economy was temporarily on a gradual recovery trend due to the effects of various government policies. However, conditions remained uncertain as the number of COVID-19 infections increased nationwide again and the end of the pandemic remained unforeseeable. Overseas, economic activity was restricted in Europe by renewed lockdowns and other measures, leaving economic conditions uncertain. However, in some regions, including the US and China, economic conditions remained on a gradual recovery trend as economic measures proved effective.」

「During the fiscal year, Japan's economy had been recovering as capital expenditure and employment and income conditions improved, but deteriorated rapidly due to restrictions on people's movement and the resulting decline in consumer activity following the spread of COVID-19 from early spring onward. Overseas economies also deteriorated significantly due to the spread of COVID-19, and conditions remained uncertain.」

「During the cumulative third quarter of the fiscal year, Japan's economy deteriorated significantly and entered a difficult situation due to the spread of COVID-19. Overseas economies likewise stagnated as economic activity was curtailed by the global spread of COVID-19, and the outlook remained extremely uncertain.」

「Japan's economy entered a difficult phase as the spread of COVID-19 restricted economic activity, although employment and corporate earnings had been improving and the economy had been on a gradual recovery path at the start of the period. Overseas economies were similarly affected, with economic activity constrained by the global pandemic and the outlook remaining uncertain.」

「Meanwhile, overseas conditions remained uncertain due to the impact of US-China trade friction and the UK's EU withdrawal issue.」

「Meanwhile, although overseas economies were recovering gradually overall, the outlook remained uncertain amid concerns over the impact of trade issues between the US and China and the UK's EU withdrawal issue on the global economy.」

「Meanwhile, although overseas economies were recovering gradually, the outlook remained uncertain amid concerns over downside risks to the economy resulting from the impact of US trade issues on the global economy and developments related to the UK's EU withdrawal issue.」

「Meanwhile, overseas economies remained relatively resilient, led by the US, but the outlook remained uncertain amid concerns over a prolonged US-China trade friction issue and the impact of uncertain economic conditions.」

「Meanwhile, overseas conditions remained uncertain, with concerns over downside risks to the economy due to rising tensions in US-China trade friction and the impact of volatility in financial and capital markets.」

「However, overseas economies remained uncertain, due to factors including trade tensions between the US and China and uncertainty in the European economy.」

「During the cumulative second quarter of the fiscal year, Japan's economy continued to recover gradually as employment, income conditions and corporate earnings continued to improve. However, caution was required regarding the impact of uncertainty in the global economy and volatility in financial and capital markets.」

「Meanwhile, concerns remained over rising risks, including some unstable political conditions overseas, that could affect the domestic economy.」

「Meanwhile, concerns remained over the impact of US policy trends and negotiations over the UK's withdrawal from the EU, and the outlook remained uncertain.」

「However, overseas economies remained unstable due to the intensification of negotiations over the UK's withdrawal from the EU and the impact of policies by the US president, and the outlook remained uncertain.」

「During the cumulative first quarter of the fiscal year, Japan's economy remained on a gradual recovery trend as employment and income conditions continued to improve, partly due to the effects of the government's economic and monetary policies. However, the outlook remained uncertain due to the UK's EU withdrawal issue and policies introduced by the new US president.」

「During the fiscal year, Japan's economy remained on a gradual recovery trend as employment and income conditions continued to improve against the backdrop of various government policies. However, the outlook remained uncertain as capital expenditure stayed weak amid fluctuations in foreign exchange rates and equity markets due to concerns over an economic slowdown in emerging markets and the UK's EU withdrawal issue.」

「Although the Japanese economy remained on a gradual recovery path as corporate earnings and employment conditions continued to improve, the outlook remained uncertain amid falling share prices and the rapid appreciation of the yen due to the impact of the UK's withdrawal from the EU.」