Private Consumption Trends Driven by Domestic Economic Fluctuations

「個人消費も底堅く推移したものの、円安や物価上昇による生活防衛意識の高まりに加え、中東情勢や米国の通商政策の動向、エネルギー価格の高騰など、景気の先行きには依然として不透明感が残る状況となりました。」

「During the interim consolidated accounting period, uncertainty about the outlook continued due to the impact of U.S. tariff policies, prolonged geopolitical risks, persistently high raw materials and energy prices, and declining consumer sentiment resulting from continued inflation.」

「Meanwhile, amid continuing instability in the international situation, the operating environment is expected to remain unpredictable due to U.S. tariff policies, persistently high resource prices, a slowdown in the Chinese economy, and rising geopolitical risks.」

「During the interim consolidated accounting period, Japan's economy entered a moderate recovery trend as domestic demand turned positive, employment conditions improved, and wage growth accelerated. Meanwhile, concerns over high prices and natural disasters, including flooding caused by heavy rain, increased, and uncertainty about the outlook continues.」

「Meanwhile, economic conditions remain uncertain due to soaring energy resources and raw materials resulting from heightened international tensions, as well as the substantial depreciation of the yen in the foreign exchange market.」

「Meanwhile, amid continued instability, including the prolonged situation in Ukraine and heightened tensions in the Middle East, resource and materials prices continued to rise and the yen remained on a depreciation trend, leaving uncertainty about the outlook.」

「During the second quarter of the current consolidated fiscal year, Japan's economy was moving toward normalization of social and economic activity, partly due to the reclassification of COVID-19 as a Category 5 infectious disease, and domestic economic conditions entered a moderate recovery trend. Meanwhile, resource and materials prices continued to rise due to the ongoing depreciation trend of the yen resulting from differences in monetary policy between Japan and the United States and the prolonged situation in Ukraine, and uncertainty about the outlook remains.」

「During the first quarter of the current consolidated fiscal year, Japan's economy entered a recovery trend in consumer activity as the impact of COVID-19 diminished following its reclassification as a Category 5 infectious disease. Meanwhile, the yen continued to depreciate due to differences in monetary policy between Japan and the United States, concerns over a slowdown in overseas economies persisted, and resource and materials prices remained high, while energy prices stayed elevated against the backdrop of the prolonged situation in Ukraine. As a result, uncertainty about the outlook continues.」

「The products of our group may affect its operating results because sluggish personal consumption resulting from fluctuations in domestic economic conditions, competition with other companies in the industry, and rapid changes in consumer needs may prevent the group from securing its planned earnings.」

「However, the global situation has become unstable due to the sharp depreciation trend of the yen in the foreign exchange market, worldwide inflation, Russia's military invasion of Ukraine, and soaring resource prices, including crude oil, and uncertainty about the outlook continues.」

「During the cumulative second quarter of the current consolidated fiscal year, social and economic activity again contracted following the rapid spread of the seventh wave of COVID-19 from July onward. However, the economy did not stagnate as severely as before, owing partly to progress in balancing infection-control measures with economic activity. Nevertheless, the global situation became unstable due to the rapid weakening of the yen in foreign exchange markets, Russia's military invasion of Ukraine, and soaring prices for crude oil and other resources, and the outlook remained uncertain.」

「During the cumulative first quarter of the current consolidated fiscal year, the number of infections declined as vaccination against COVID-19 progressed, and social activity moved toward normalization. However, the outlook remained uncertain amid a rapidly weakening yen in foreign exchange markets, Russia's military invasion of Ukraine and unstable global conditions, including soaring prices for crude oil and other resources.」

「In the second half of the current consolidated fiscal year, the situation deteriorated rapidly again as local governments introduced priority preventive measures in response to the rapid spread of the Omicron variant.」

「During the cumulative third quarter of the current consolidated fiscal year, a state of emergency was in effect at the beginning of the period due to the spread of the Delta variant. As the number of infections began to decline, partly due to the rising vaccination rate, the state of emergency was lifted and social and economic activity began to recover. However, from December onward, cases of the highly transmissible Omicron variant rose rapidly worldwide, making the outlook for Japan uncertain again.」

「During the cumulative second quarter of the current consolidated fiscal year, the spread of COVID-19 had not subsided, and Japan remained subject to its effects. Although the states of emergency and priority preventive measures issued in various areas were lifted temporarily in May, infections increased again toward summer, and the declarations and measures were reintroduced in July, increasing their impact on economic and social activity.」

「During the cumulative first quarter of the current consolidated fiscal year, the spread of COVID-19 had not subsided, and Japan remained subject to its effects. States of emergency and priority preventive measures were imposed intermittently in various areas, and requests were again made for large commercial facilities to close or shorten their operating hours, leaving the outlook uncertain.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy was expected to benefit as COVID-19 moved toward containment, but the virus remained highly prevalent. The outlook remained uncertain as the increase in cases in the third wave led to renewed requests for commercial facilities to shorten their operating hours and for people to refrain from nonessential and nonurgent outings.」

「During the cumulative second quarter of the current consolidated fiscal year, the global spread of COVID-19 continued to affect Japan's economy. Corporate earnings and business sentiment had not improved, and uncertainty about the economic outlook remained high amid shortened operating hours at commercial facilities and elsewhere due to movement restrictions, weaker consumer sentiment and changes in consumption trends resulting from requests to refrain from going out, and a sharp decline in inbound demand.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy was in very difficult conditions due to the global spread of COVID-19. Corporate earnings and business sentiment also deteriorated, and uncertainty about the economic outlook increased further as people were urged to refrain from going out under the declaration of a state of emergency, commercial facilities and other establishments suspended operations or shortened their hours due to movement restrictions, inbound demand fell sharply, and consumer sentiment declined as people refrained from going out.」

「During the current consolidated fiscal year, concerns about an economic slowdown resulting from U.S.-China trade friction, the UK's EU withdrawal issue and the impact of the consumption tax increase on consumer sentiment persisted, while the economic impact of the spread of COVID-19 infections increased and the outlook remained uncertain.」

「During the cumulative third quarter of the current consolidated fiscal year, employment and income conditions remained solid and the economy continued on a gradual recovery path. However, concerns about an economic slowdown resulting from U.S.-China trade friction, the UK's EU withdrawal issue and the impact of the consumption tax increase on consumer sentiment persisted, leaving the outlook uncertain.」

「During the cumulative second quarter of the current consolidated fiscal year, employment and income conditions remained solid, but some views indicated that business sentiment was weakening slightly. Concerns about an economic slowdown resulting from U.S.-China trade friction and the UK's EU withdrawal issue also persisted, leaving the outlook uncertain.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy remained uncertain. Although domestic demand was firm in the non-manufacturing sector, views that business sentiment was weakening, particularly in manufacturing, became more prevalent, and concerns about an economic slowdown resulting from U.S.-China trade friction also emerged.」

「Impact of trends in personal consumption driven by changes in domestic economic conditions」

「During the cumulative third quarter of the current consolidated fiscal year, corporate earnings and employment conditions in Japan remained solid, and the economy continued on a gradual recovery path. However, concerns about overseas political and economic developments persisted, and the outlook remained uncertain.」

「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy remained on a recovery path, with corporate earnings and employment conditions remaining solid, supported by higher exports accompanying the global economic recovery and increased capital investment to improve productivity. However, concerns about overseas political and economic developments persisted, and the outlook remained uncertain.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy remained on a gradual recovery path, with improvements in corporate earnings, employment conditions and the environment for personal income. However, concerns such as soaring logistics and overseas procurement costs and unstable overseas conditions persisted, leaving the outlook uncertain.」

「Impact of trends in personal consumption driven by changes in domestic economic conditions」

「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy remained on a gradual recovery path, with improvements in corporate earnings, employment conditions and the environment for personal income. However, concerns such as soaring logistics and overseas procurement costs and unstable overseas conditions persisted, leaving the outlook uncertain.」

「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy remained on a gradual recovery path, with improvements in corporate earnings and employment conditions, but concerns such as soaring logistics costs and unstable overseas conditions persisted, leaving the outlook uncertain.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy remained on a gradual recovery path, but the recovery in personal consumption continued to stall. In addition, concerns about overseas political and economic developments remained, and the outlook continued to be uncertain.」

「During the current consolidated fiscal year, Japan's economy remained on a gradual recovery path, but the outlook remained uncertain amid volatility in financial markets, including equities and foreign exchange, due partly to concerns about overseas developments such as the slowdown in emerging-market economies and U.S. policy trends.」

「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy remained on a gradual recovery path, but the outlook remained uncertain amid volatility in financial markets, including equities and foreign exchange, due partly to the slowdown in emerging-market economies and the impact of the U.S. presidential election.」

「Against a backdrop of a slowdown in emerging-market economies and the yen's continued appreciation since the beginning of the year, personal consumption and corporate earnings remained sluggish, and the outlook remained uncertain.」

「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy remained stagnant in terms of personal consumption and corporate earnings against a backdrop of unstable movements in foreign exchange rates and share prices. There were also concerns about the UK's decision to leave the EU, and the outlook remained uncertain.」

「Impact of trends in personal consumption driven by changes in domestic economic conditions」