Downside risks to overseas economies and the economic impact of Brexit

「The domestic economy followed a moderate recovery trend, supported by improvements in the employment and income environment and solid inbound demand, but remained uncertain due to continued price increases and the impact of higher interest rates and unstable international conditions.」

「During the fiscal year under review, uncertainty about the outlook for the global economy intensified due to soaring energy prices resulting from the escalating situation in Iran, while the impact of the prolonged situations in Ukraine and the Middle East, volatility in the financial and capital markets, and US policy developments continued.」

「During the interim consolidated accounting period, the global economy remained uncertain due to persistently high raw material prices resulting from the prolonged situations in Ukraine and the Middle East, volatility in the financial and capital markets, and the impact of US policy developments. The domestic economy followed a moderate recovery trend, supported by improvements in the employment and income environment and increased inbound demand, but remained uncertain due to continued price increases, unstable international conditions, and the impact of US tariff policies.」

「The environment surrounding our Group is expected to remain uncertain due to the impact of trends in crude oil prices, intensifying competition resulting from declining domestic demand, the prolonged situations in Ukraine and the Middle East, future US policy developments, and soaring raw material prices.」

「During the first nine months of the fiscal year, the global economy remained uncertain, as tensions in the Middle East intensified while the effects of higher raw material prices due to the situation in Ukraine and global monetary tightening continued. The domestic economy was also challenging, as the impact of unstable international conditions and price increases caused by the weaker yen continued.」

「During the consolidated fiscal year under review, uncertainty about the outlook remained due to soaring resource prices resulting from the situation in Ukraine and the effects of global monetary tightening.」

「During the first half of the consolidated fiscal year under review, uncertainty about the outlook remained due to soaring resource prices resulting from the situation in Ukraine and the effects of monetary tightening policies centered on the United States and Europe.」

「During the first quarter of the consolidated fiscal year under review, uncertainty about the outlook remained due to soaring resource prices resulting from the prolonged situation in Ukraine and supply chain disruptions caused by China's lockdowns. The domestic economy also faced difficult conditions, including surging crude oil prices due to the situation in Ukraine and a rapid depreciation of the yen.」

「During the consolidated fiscal year under review, the global economy faced extremely difficult conditions as the global spread of COVID-19 continued, with countries and regions imposing lockdowns, restrictions on the movement of people and goods, and stay-at-home measures, resulting in lower consumer demand and stalled production activity.」

「During the first nine months of the consolidated fiscal year under review, the global economy faced extremely difficult conditions as the global spread of COVID-19 continued, with countries and regions imposing lockdowns, restrictions on the movement of people and goods, and stay-at-home measures, resulting in lower consumer demand and stalled production activity.」

「The domestic economy also faced extremely difficult conditions, with economic activity stagnating and the economy deteriorating rapidly due to the impact of COVID-19, amid concerns over further spread of the infection and its prolonged duration.」

「During the first quarter of the consolidated fiscal year under review, the global economy faced extremely difficult conditions as the global COVID-19 pandemic led countries and regions to impose lockdowns, restrictions on the movement of people and goods, and stay-at-home measures, resulting in lower consumer demand and stalled production activity.」

「During the first nine months of the consolidated fiscal year under review, the global economy remained uncertain due to the continuing slowdown in its recovery, developments in U.S. protectionist trade policy, the slowdown in the Chinese economy, and volatility in financial and capital markets. Although the domestic employment and income environment continued to improve, concerns over an economic slowdown increased as weakness persisted, particularly in exports, due to the impact of U.S.-China trade friction and the effects of the consumption tax rate increase.」

「During the first half of the consolidated fiscal year under review, the global economy continued to show signs of a slowdown in its recovery, and uncertainty increased due to developments in U.S. protectionist trade policy, the slowdown in the Chinese economy, and volatility in financial and capital markets. Although the domestic employment and income environment continued to improve, concerns over an economic slowdown increased as weakness persisted, particularly in exports, due to the impact of U.S.-China trade friction.」

「During the first quarter of the consolidated fiscal year under review, the global economy continued to show signs of a slowdown in its recovery, and uncertainty remained due to developments in U.S. protectionist trade policy, the slowdown in the Chinese economy, and volatility in financial and capital markets.」

「During the consolidated fiscal year under review, the global economy continued to show signs of a slowdown in its recovery, and uncertainty remained due to developments in U.S. protectionist trade policy, the slowdown in the Chinese economy, and volatility in financial and capital markets.」

「During the first nine months of the consolidated fiscal year under review, the global economy was increasingly showing signs of a slowdown in its recovery, and uncertainty remained regarding developments in U.S. protectionist trade policy, concerns over a slowdown in the Chinese economy, and the effects of volatility in financial and capital markets. The domestic economy continued to recover gradually as the employment and income environment improved, helped by the effects of various policies, but conditions required caution regarding the impact of U.S.-China trade friction, uncertainty in overseas economies, and volatility in financial and capital markets.」

「During the first half of the consolidated fiscal year under review, the global economy continued its gradual recovery, but uncertainty remained regarding the outlook for economies in China and other emerging Asian countries, developments in trade issues, and the effects of volatility in financial and capital markets. The domestic economy continued to recover gradually as the employment and income environment improved, helped by the effects of various policies, but conditions required caution regarding the impact of trade issues on the global economy and volatility in financial and capital markets.」

「During the first quarter of the consolidated fiscal year under review, the global economy continued its gradual recovery, but uncertainty remained regarding the outlook for economies in China and other emerging Asian countries, developments in trade issues, and the effects of volatility in financial and capital markets. The domestic economy continued to recover gradually as the employment and income environment improved, helped by the effects of various policies, but conditions required caution regarding the impact of trade issues on the global economy and volatility in financial and capital markets.」

「During the consolidated fiscal year under review, the global economy continued its gradual recovery, but uncertainty remained regarding the impact of various U.S. policies, the outlook for economies in China and other emerging Asian countries, and the impact of Brexit. The domestic economy continued to recover gradually as the employment and income environment improved against the backdrop of various government policies, but conditions required caution regarding uncertainty in overseas economies and volatility in financial and capital markets.」

「During the first nine months of the consolidated fiscal year under review, the global economy continued its gradual recovery, but uncertainty remained regarding the impact of various U.S. policies, the outlook for economies in China and other emerging Asian countries, and the impact of Brexit. The domestic economy continued to recover gradually as the employment and income environment improved against the backdrop of various government policies, but conditions required caution regarding uncertainty in overseas economies and volatility in financial and capital markets.」

「During the first half of the consolidated fiscal year under review, the global economy continued its gradual recovery, but uncertainty remained regarding the impact of U.S. monetary policy, the outlook for economies in China and other emerging Asian countries, and the impact of Brexit. The domestic economy continued to recover gradually as the employment and income environment improved against the backdrop of various government policies, but conditions required caution regarding the effects of uncertainty in overseas economies and volatility in financial and capital markets.」

「During the first quarter of the consolidated fiscal year under review, the global economy continued its gradual recovery, but uncertainty increased regarding the impact of U.S. monetary policy, the outlook for economies in China and other emerging Asian countries, and the impact of Brexit. The domestic economy continued to recover gradually as the employment and income environment improved against the backdrop of various government policies, but conditions required caution regarding the effects of uncertainty in overseas economies and volatility in financial and capital markets.」

「During the consolidated fiscal year under review, the global economy generally continued its gradual recovery, but uncertainty increased regarding the impact of U.S. monetary policy, the outlook for economies in China and other emerging Asian countries, and the impact of Brexit. The domestic economy continued to recover gradually as the employment and income environment improved against the backdrop of various government and Bank of Japan policies, but conditions required caution regarding the effects of uncertainty in overseas economies and volatility in financial and capital markets.」

「During the first nine months of the consolidated fiscal year under review, the global economy generally continued its gradual recovery, but uncertainty increased regarding the impact of U.S. monetary policy, the outlook for economies in China and other emerging Asian countries, and the impact of Brexit. The domestic economy continued to recover gradually as the employment and income environment improved against the backdrop of various government and Bank of Japan policies, but conditions required caution regarding the effects of uncertainty in overseas economies and volatility in financial and capital markets.」

「During the first half of the consolidated fiscal year under review, the global economy generally continued its gradual recovery, but uncertainty increased regarding the outlook for economies in China and other emerging Asian countries and the impact of Brexit. The domestic economy continued to recover gradually, despite signs of weakness, as the employment and income environment improved against the backdrop of various government and Bank of Japan policies. However, a downturn in overseas economies posed a downside risk to the domestic economy.」

「During the first quarter of the consolidated fiscal year under review, the global economy generally continued its gradual recovery, but uncertainty increased regarding the outlook for economies in China and other emerging Asian countries and the impact of Brexit. The domestic economy continued to recover gradually, despite signs of weakness, as the employment and income environment improved against the backdrop of various government and Bank of Japan policies. However, the appreciation of the yen and a downturn in overseas economies posed downside risks to the domestic economy.」