Uncertainty in Overseas Economies Due to Brexit and Other Factors

「The global economy maintained moderate growth but remained highly uncertain, as a combination of factors including front-loading of trade ahead of US tariffs, rising geopolitical tensions, expanding AI demand and growth in emerging markets had an impact.」

「世界貿易戦争の拡大や米国の自国第一主義、中国の構造的課題、地政学リスクが及ぼす影響も懸念されます。」

「There are also concerns about the impact on inbound tourism of an expansion in the global trade war resulting from Trump's tariffs and yen appreciation caused by sharp foreign-exchange fluctuations.」

「At the same time, declining consumer sentiment because wage growth has not kept pace with price increases, and supply-side constraints caused by worsening labor shortages, became sources of concern.」

「At the same time, the outlook remains uncertain due to factors including the prolonged Russian invasion of Ukraine, deteriorating conditions in the Middle East, developments in the Bank of Japan's monetary policy and the resulting impact on the economy.」

「At the same time, prices have risen due to higher energy prices resulting from the prolonged Russian invasion of Ukraine and yen depreciation against a backdrop of widening interest-rate differentials with Europe and the US, and the need for vigilance against downside risks to the economy continues.」

「Moreover, geopolitical risks involving neighboring countries have materialized, resulting in unprecedentedly challenging operating conditions.」

「During the six-month cumulative period of the fiscal year, financial market turmoil continued, as resource prices soared following the Russian invasion of Ukraine and the yen depreciated sharply due to differences in monetary policy with the US, leading the government and the Bank of Japan to intervene to buy yen for the first time in 24 years. These factors drove up prices and further strengthened consumers' preference for saving, and the need for vigilance against downside risks to the economy continued.」

「During the three-month cumulative period of the fiscal year, Japan's economy experienced a sharp depreciation of the yen as selling of yen and buying of US dollars intensified against a backdrop of the Russian invasion of Ukraine, soaring resource prices and a widening interest-rate differential between Japan and the US. These factors led to continued price increases for food and other daily necessities, raising concerns that consumers' preference for saving would weaken sentiment, and the need for vigilance against downside risks to the economy continued.」

「In addition, the prolonged Russian invasion of Ukraine drove up resource and raw material prices, while procurement difficulties caused by geopolitical risks adversely affected the global economy, casting a shadow over the economic recovery and leaving conditions uncertain.」

「However, concerns about an economic slowdown caused by the emergence of the highly transmissible Omicron variant cannot be completely dispelled, and the outlook is expected to remain uncertain.」

「Many concerns also remained, including US-China trade friction and deteriorating Japan-South Korea relations, and the outlook continued to be uncertain.」

「Japan's economy remained on a moderate recovery path during the six-month cumulative period of the fiscal year, as corporate earnings and employment conditions continued to improve. However, many concerns remained, including expanding US-China trade friction and rising tensions in Japan-South Korea relations, while personal consumption was expected to weaken following the consumption tax increase from October, leaving the outlook uncertain.」

「Although corporate earnings and employment conditions continue to improve, uncertainty in the global economy remains high due to the prolonged US-China trade friction and the UK's Brexit issue, leaving the outlook uncertain.」

「Overseas conditions are expected to remain unpredictable, due to factors including a slowdown in the US economy following the reversal of the effects of massive Trump tax cuts, European risks such as the still deeply chaotic Brexit process, and concerns about a trade war involving China.」

「Japan's economy remained on a moderate recovery path during the nine-month cumulative period of the fiscal year, against a backdrop of improving corporate earnings and employment and income conditions. However, many concerns remained, including unstable movements in foreign exchange rates and stock prices and intensifying US-China trade friction, leaving the outlook uncertain.」

「Japan's economy remained on a moderate recovery path during the six-month cumulative period of the fiscal year, against a backdrop of improving corporate earnings and employment and income conditions. However, many international concerns remained, including rising labor costs amid labor shortages, soaring crude oil and raw material prices, and expanding US-China trade friction, leaving the outlook uncertain.」

「Japan's economy remained on a moderate recovery path during the three-month cumulative period of the fiscal year, against a backdrop of improving corporate earnings and employment conditions. However, uncertainty overseas due to US-China trade friction and the political situation in Europe remained a concern, and the outlook continued to be uncertain.」

「The outlook for the economy remained uncertain due to rising uncertainty in the global economy, including a slowdown in emerging-market economies, the UK's Brexit issue and concerns about policy developments in the US.」

「During the nine-month cumulative period of the fiscal year, Japan's economy became increasingly resilient against a backdrop of steady improvement in employment and income conditions. Capital investment also remained on a moderate upward trend as corporate earnings and business sentiment improved. However, the outlook remained uncertain due in part to rising uncertainty surrounding economic and political conditions in the US and East Asian countries.」

「Although the economy remained on a moderate recovery path against a backdrop of improving corporate earnings and employment conditions, the outlook remained uncertain amid concerns about the impact of policy developments by the US administration and rising geopolitical risks in East Asia.」

「At the same time, the outlook remained uncertain amid rising uncertainty in the global economy due to concerns about US policy management and the political situation in Europe.」

「During the nine-month cumulative period of the fiscal year, Japan's economy remained on a moderate recovery path as employment and income conditions continued to improve. However, the outlook remained uncertain amid rising uncertainty in the global economy, including a slowdown in emerging-market economies, the UK's Brexit issue and concerns about policy developments following the US presidential election.」

「The outlook remained uncertain, including as the yen appreciated amid signs of a slowdown in overseas economies.」

「Uncertainty in overseas economies has increased due to factors including the UK's Brexit issue, and the outlook remains uncertain.」