Uncertainty in Overseas Economies Due to an Economic Downturn in Emerging Asian and Resource-Rich Countries and a Stronger Yen and Lower Stock Prices

「In addition to tight supplies of petrochemical products associated with heightened tensions in the Middle East and upward pressure on prices resulting from higher energy costs, the ongoing depreciation of the yen and rising interest rates were downside factors for the domestic economy, and uncertainty about the economic outlook continued.」

「Meanwhile, concerns about further price increases caused by heightened geopolitical risks, including soaring energy prices due to escalating tensions in the Middle East, as well as the impact of exchange-rate fluctuations and rising interest rates, pose downside risks to the domestic economy, and uncertainty about the economic outlook persisted.」

「Meanwhile, in addition to continued price increases and volatility in financial and capital markets, the prolonged geopolitical risks in the Middle East and elsewhere and the impact of US trade policies pose downside risks to the domestic economy, and uncertainty about the economic outlook persisted.」

「Meanwhile, rising prices and instability in overseas conditions pose risks of weighing on the domestic economy, and uncertainty about the economic outlook has persisted.」

「Meanwhile, rising prices, the depreciation of the yen, and global conditions such as the situation in the Middle East pose risks of weighing on the domestic economy, and conditions requiring continued monitoring persist.」

「Meanwhile, uncertainty has persisted regarding the economic outlook, as concerns about a downturn in overseas economies due to rising prices and global monetary tightening pose a risk of weighing on the domestic economy.」

「Meanwhile, uncertainty has persisted regarding the economic outlook, including downside risks to overseas economies from global inflationary pressures and monetary tightening, and concerns about a slowdown in the domestic economy as prices continue to rise.」

「Meanwhile, uncertainty has persisted regarding the outlook, including downside risks to overseas economies from global inflationary pressures and monetary tightening, and concerns about a slowdown in the domestic economy as prices continue to rise.」

「During the nine-month period of the consolidated fiscal year under review, the Japanese economy showed signs of a gradual recovery as restrictions on activities were lifted and various policies took effect amid the COVID-19 pandemic. Meanwhile, uncertainty about the economic outlook has persisted due to the sharp depreciation of the yen, higher import prices, and soaring global resource and raw material prices resulting from the Russia-Ukraine situation.」

「Meanwhile, uncertainty about the economic outlook has persisted amid concerns about a downturn in overseas economies due to higher resource and raw material prices resulting from the prolonged Russia-Ukraine situation and global monetary tightening to curb inflation, as well as the sharp depreciation of the yen due to the widening interest-rate differential between Japan and the United States.」

「During the three-month period of the consolidated fiscal year under review, the Japanese economy showed signs of recovery as COVID-19 subsided and economic activity resumed. However, the sharp depreciation of the yen resulting from exchange-rate fluctuations and the prolonged Russia-Ukraine situation led to higher raw material prices and supply constraints, and uncertainty about the economic outlook has persisted.」

「No new business or other risks arose during the cumulative third quarter of the current consolidated fiscal year, and there were no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「No new business or other risks arose during the cumulative second quarter of the current consolidated fiscal year, and there were no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「During the three-month period ended June 30, there were no new business risks or material changes to the business risks described in the securities report for the previous fiscal year.」

「During the cumulative consolidated period of the third quarter, there were no material changes in unusual fluctuations, etc., in financial position, operating results or cash flows, or in the "Business and Other Risks" described in the annual securities report for the previous fiscal year.」

「During the three-month period ended June 30, there were no new business risks or material changes to the business risks described in the securities report for the previous fiscal year.」

「In addition, the outlook for economic conditions is expected to remain even more challenging due to the impact on the economy of developments in overseas conditions, including US-China trade issues.」

「In addition, uncertainty about the outlook persisted due to concerns about the impact of developments in US-China trade friction and the slowdown in the Chinese economy on the global economy.」

「During the six-month period of the consolidated fiscal year under review, the Japanese economy remained on a gradual recovery track, with improvements in corporate earnings, employment conditions, and the income environment. However, exports and production showed weakness, and uncertainty persisted due to concerns about rising tensions from US-China trade friction and the impact of the slowdown in the Chinese economy on the global economy.」

「During the three-month period of the consolidated fiscal year under review, the Japanese economy remained on a gradual recovery track, supported by improvements in corporate earnings, employment conditions, and the income environment. However, exports and production showed weakness, and conditions requiring attention to risks arising from developments in trade issues and volatility in financial and capital markets persisted.」

「During the consolidated fiscal year under review, the Japanese economy continued to recover gradually, supported by improved corporate earnings, increased capital investment, and improvements in employment conditions. However, concerns about the impact of developments in trade issues and policies persisted.」

「During the nine-month period of the consolidated fiscal year under review, the Japanese economy continued to recover gradually, supported by improved corporate earnings, increased capital investment, and improvements in employment conditions. However, concerns about the impact of US-China trade friction persisted.」

「During the consolidated fiscal year under review, the Japanese economy continued to recover gradually, supported by increased capital investment, improved corporate earnings, steady public investment, improvements in employment conditions, and a recovery in personal consumption. Meanwhile, uncertainty about the outlook for overseas conditions persisted, including developments in the North Korean situation and US policy management.」

「Overseas economies generally continued to recover gradually, particularly in developed countries, but conditions requiring continued attention to geopolitical risks persisted, including the escalating situation surrounding North Korea and political instability in the Middle East.」

「The outlook for the Japanese economy is expected to remain on a recovery track, supported by improvements in employment and income conditions and corporate earnings. However, risks that could adversely affect the Japanese economy remain, including developments in US administration policies, downside risks in the Chinese economy, and geopolitical risks in certain countries, and the situation is expected to remain uncertain.」

「Overseas economies generally continued to recover gradually, but uncertainty about the outlook persisted due to the risk of downside in emerging Asian economies, particularly China, geopolitical risks in Europe and the issue of the UK's withdrawal from the EU, developments in the new US administration's policy management, and other factors affecting overseas economies.」

「Meanwhile, overseas economies remained uncertain, due to the risk of economic downturns in emerging Asian economies, the United Kingdom’s withdrawal from the EU, and developments in the policies of the new US administration, among other factors.」

「However, overseas economies remained uncertain, amid concerns over economic downturns in emerging Asian countries and elsewhere, the issue of the United Kingdom’s withdrawal from the EU, and fluctuations in exchange rates and stock prices resulting from the outcome of the US presidential election.」

「However, overseas economies remained uncertain, amid concerns over economic slowdowns in emerging Asian countries and elsewhere and the issue of the United Kingdom’s withdrawal from the EU, as uncertainty in the global economy increased.」

「Overseas, economic downturns in emerging Asian countries, including China, and resource-producing countries led to a stronger yen and falling stock prices, leaving the Company susceptible to uncertainty in overseas economies.」