Uncertainty over the outlook due to a slowdown in emerging-market economies and the UK's exit from the EU

「Meanwhile, concerns about a prolonged military conflict involving Iran are compounding factors that could negatively affect the economy going forward, including shortages and higher prices for crude-oil-based products in Japan and higher import prices associated with the yen's depreciation trend.」

「Meanwhile, concerns about a prolonged military conflict involving Iran are compounding factors that could negatively affect the economy going forward, including shortages and higher prices for crude-oil-based products in Japan and higher import prices associated with the yen's depreciation trend.」

「During the consolidated fiscal year, Japan's economy followed a gradual recovery trend supported by improvements in employment and income conditions and inbound demand. However, concerns about an economic downturn emerged due to persistently high energy and material prices, trade friction resulting from US reciprocal tariff policies and other factors, leaving the outlook uncertain.」

「Although the economy continued to recover gradually, as shown by signs of a recovery in personal consumption, the environment surrounding agricultural producers, who are among the Company's primary customers, remained uncertain due to unstable global conditions, including in the Middle East, and higher material prices amid the depreciation of the yen.」

「During the current third-quarter cumulative consolidated period, Japan's economy remained uncertain as the impacts of higher resource prices and foreign-exchange trends on the economic front, and the situation in Ukraine and increasing instability in the Middle East on the political front, compounded one another.」

「During the six months ended the second quarter, the Japanese economy showed signs of recovery as corporate activity became more active following the reclassification of COVID-19 as a Class 5 infectious disease, but the outlook remained uncertain due to soaring resource prices, foreign exchange trends and geopolitical risks.」

「During the current first-quarter cumulative consolidated period, Japan's economy showed signs of recovery due to increased corporate activity following the reclassification of COVID-19 as a Category 5 infectious disease. However, energy and material prices continued to rise due to the prolonged situation in Ukraine.」

「During the consolidated fiscal year, some recovery in demand was observed as restrictions on entry into Japan were eased as a measure against COVID-19 and the depreciation of the yen increased the number of foreign tourists. However, negative supply-side impacts remained due to higher energy and raw-material prices resulting from the prolonged conflict in Ukraine and instability in the parts supply chain. Uncertainty is still expected to persist regarding the outlook.」

「During the current third-quarter cumulative consolidated period, Japan's economy continued to experience a negative impact on economic activity. Although restrictions on movement imposed by the government in response to COVID-19 were eased, material prices rose due to supply-and-demand effects, primarily resulting from supply constraints on semiconductors, steel and other materials, as well as changes in the energy supply structure caused by Russia's continuing invasion of Ukraine. Looking ahead, uncertainty is still expected to persist due to higher prices for imported materials resulting from foreign-exchange effects, primarily the rapid depreciation of the yen, and other factors.」

「Looking ahead, uncertainty is still expected to persist due to higher prices for imported materials resulting from foreign-exchange effects, primarily the rapid depreciation of the yen, and other factors.」

「During the current first-quarter cumulative consolidated period, some restrictions on movement imposed by the government in response to COVID-19 were eased. However, the negative impact on economic activity continued due to changes in the energy supply structure following Russia's invasion of Ukraine, supply constraints on manufactured components, including semiconductor shortages, higher steel prices and other factors. Looking ahead, uncertainty is expected to persist, including because of the rapid spread of COVID-19 observed recently.」

「During the current third-quarter cumulative consolidated period, Japan's economy remained in difficult conditions. Although temporary signs of recovery from COVID-19 were observed, concerns about the spread of infections due to the emergence of new variants, supply constraints on manufactured components, including semiconductor shortages, and higher steel prices compounded one another, and uncertainty is expected to persist regarding the outlook.」

「During the current second-quarter cumulative consolidated period, Japan's economy remained in difficult conditions due to sluggish personal consumption following the issuance of the fourth state of emergency in July amid the COVID-19 pandemic, compounded by supply constraints on manufactured components, including semiconductor shortages. Uncertainty is expected to persist regarding the outlook due to the impact of these supply constraints.」

「During the current first-quarter cumulative consolidated period, economic measures by the government and the rollout of vaccinations had been implemented to address the spread of COVID-19. However, uncertainty is expected to persist regarding the outlook.」

「During the current third-quarter cumulative consolidated period, Japan's economy showed signs of a recovery in personal consumption due to government policies in the second quarter. Subsequently, the spread of COVID-19 began to accelerate again, and uncertainty is expected to persist regarding the outlook.」

「During the current second-quarter cumulative consolidated period, Japan's economy remained in difficult conditions due to the spread of COVID-19. Although signs of a recovery in consumption activity resulting from government policies were observed, uncertainty is expected to persist regarding the outlook.」

「During the current first-quarter cumulative consolidated period, Japan's economy was experiencing an evident recession due to the spread of COVID-19, and extremely difficult conditions are expected to continue going forward.」

「During the consolidated fiscal year, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and employment conditions driven by the government's economic measures and other factors. However, from the fourth quarter, the impact of the spread of COVID-19 became evident in an economic recession, and extremely difficult conditions are expected to continue going forward.」

「During the current third-quarter cumulative consolidated period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and employment conditions driven by the government's economic measures and other factors. However, uncertainty over the outlook persisted due to the prolonged US-China trade dispute, the UK's withdrawal from the EU, natural disasters, the October 2019 consumption tax increase and other factors.」

「During the current second-quarter cumulative consolidated period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and employment conditions driven by the government's economic measures and other factors. However, uncertainty over the outlook persisted due to the prolonged US-China trade dispute, the impact of the UK's withdrawal from the EU and other factors.」

「During the current first-quarter cumulative consolidated period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and employment conditions driven by the government's economic measures and other factors. However, uncertainty over the outlook persisted due to worsening personal consumption resulting from the US-China trade dispute and deteriorating corporate performance, particularly in Europe's manufacturing sector.」

「During the consolidated fiscal year, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and employment conditions driven by the government's economic measures and other factors. However, concerns about downside risks to the global economy arose due to the UK's withdrawal from the EU, the slowdown of the Chinese economy and other factors, and uncertainty over the outlook persisted.」

「During the current third-quarter cumulative consolidated period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and employment conditions driven by the government's economic measures and other factors. However, uncertainty over the outlook persisted due to the US-China trade dispute, a series of natural disasters and other factors.」

「During the current second-quarter cumulative consolidated period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and employment conditions driven by the government's economic measures and other factors. However, uncertainty over the outlook persisted due to the US-China trade dispute, a series of natural disasters and other factors.」

「During the current first-quarter cumulative consolidated period, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and employment conditions driven by the government's economic measures and other factors. However, uncertainty persisted in the global economy due to US economic policy, developments in China and other factors.」

「During the consolidated fiscal year, Japan's economy was on a gradual recovery trend, with improvements in corporate earnings and employment conditions driven by the government's economic measures and other factors. However, uncertainty persisted in the global economy due to US economic policy, developments in China and other factors.」

「During the current third-quarter cumulative consolidated period, Japan's economy was on a gradual recovery trend due to improvements in employment conditions and increased capital investment, among other factors. However, uncertainty over the outlook persisted due to US policy developments, slowing economic growth in emerging markets and other factors.」

「During the current second-quarter cumulative consolidated period, Japan's economy was on a gradual recovery trend due to improvements in employment conditions and an increase in personal consumption, among other factors. However, uncertainty over the outlook persisted due to slowing economic growth in emerging markets, particularly in Asia, and other factors.」

「During the current first-quarter cumulative consolidated period, Japan's economy was on a gradual recovery trend due to improvements in employment conditions and an increase in personal consumption, among other factors. However, uncertainty over the outlook persisted due to slowing economic growth in emerging markets and other factors.」

「During the current consolidated fiscal year, Japan's economy showed signs of a gradual recovery, including improvements in employment and income conditions, driven by the government's economic measures and other factors. However, uncertainty over the outlook has persisted due to US economic policy, developments in China and other factors.」

「During the current third-quarter cumulative consolidated period, Japan's economy was on a gradual recovery trend, but uncertainty over the outlook persisted due to the impact of slowing economic growth in emerging markets and the launch of a new administration in the United States, among other factors.」

「Uncertainty over the outlook has persisted due to the slowing economic growth of emerging markets and the UK's withdrawal from the EU, among other factors.」