Uncertainty in the external economic environment

「During the interim consolidated fiscal period, Japan's economy showed signs of a gradual recovery due to corporate capital investment supported by improved performance and higher real wages. However, negative factors including supply constraints caused by labor shortages and higher prices due to increased labor and logistics costs led to the assessment that the economic recovery was moderate.」

「During the cumulative third quarter of the consolidated fiscal year, restrictions on economic activity related to COVID-19 were eased in Japan, economic and social activity moved toward normalization, and signs of an economic recovery emerged. However, factors including heightened international tensions and the negative impact of higher prices due to increased labor and logistics costs led to the assessment that the economic recovery was moderate.」

「During the cumulative second quarter of the consolidated fiscal year, economic activity in Japan moved toward normalization following, among other factors, COVID-19's reclassification under the Infectious Diseases Control Law as a Class 5 disease. Although there were concerns about higher prices due to yen depreciation, the prolonged Russia-Ukraine issue and an overseas economic slowdown centered on the US and Europe, corporate appetite for capital investment remained firm, and factors including increased inbound demand led to the assessment that the economy's recovery pace was moderate.」

「Although the easing of various restrictions following COVID-19's reclassification under the Infectious Diseases Control Law as a Class 5 disease led to a gradual recovery, the economic outlook remained uncertain due to downside risks from higher prices and risks of deterioration in the global economy resulting from the prolonged situation in Ukraine.」

「During the consolidated fiscal year, the global economy experienced a year of extreme uncertainty due to higher prices resulting from foreign exchange fluctuations and soaring resource prices resulting from the prolonged situation in Ukraine. In Japan, however, restrictions on economic activity due to the COVID-19 pandemic were eased, and corporate performance and capital investment also entered a gradual recovery phase.」

「During the cumulative third quarter of the consolidated fiscal year, Japan's economy gradually began to recover as restrictions on economic activity were eased under the country's coexistence with COVID-19. However, the economic outlook remained uncertain due to higher prices resulting from foreign exchange fluctuations and soaring resource prices resulting from the prolonged situation in Ukraine.」

「During the cumulative second quarter of the consolidated fiscal year, Japan's economy generally remained on a recovery track as restrictions on economic activity related to COVID-19 were eased. However, the economic outlook remained uncertain due to concerns about foreign exchange trends accompanying global monetary tightening and soaring resource prices resulting from the prolonged Ukraine issue.」

「During the cumulative first quarter of the consolidated fiscal year, restrictions on economic activity were gradually eased in Japan as measures to prevent the spread of COVID-19 continued and third-dose vaccinations became more widespread, and a gradual recovery emerged. However, the economic outlook remained difficult due to yen depreciation accompanying rising US interest rates, which had continued since the beginning of the year, and soaring resource prices resulting from the prolonged Ukraine issue.」

「During the consolidated fiscal year, domestic consumption in Japan stagnated significantly as the state of emergency and priority preventive measures continued for an extended period. Although a gradual recovery emerged toward the end of the fiscal year following the lifting of priority measures and higher vaccination rates, the economic outlook became extremely difficult due to factors including yen depreciation accompanying rising US interest rates and higher prices resulting from heightened tensions over Ukraine.」

「During the cumulative third quarter of the consolidated fiscal year, economic activity gradually resumed in Japan as the state of emergency and priority preventive measures were lifted, alongside rising global vaccination rates. However, with concerns about the global spread of the Omicron variant from December onward, economic conditions in Japan and overseas were expected to remain difficult again.」

「During the cumulative second quarter of the consolidated fiscal year, difficult conditions continued in Japan due to the impact of repeated declarations of a state of emergency following the renewed spread of COVID-19. Conditions showed some improvement as global vaccination rates rose, but the resumption of economic activity remained gradual, and the economic outlook in Japan and overseas was expected to remain uncertain.」

「During the cumulative first quarter of the consolidated fiscal year, the Japanese economy gradually began to recover, supported by increased exports amid the recovery of overseas economies, particularly in developed countries, and the gradual normalization of social activity as access to COVID-19 vaccinations expanded. However, as concerns about a renewed spread of infections persisted, economic activity was expected to continue being restricted and reopened repeatedly for the time being, and the economic outlook was expected to remain uncertain.」

「During the cumulative third quarter of the consolidated fiscal year, the number of COVID-19 cases in Japan temporarily leveled off and signs of a gradual resumption of economic activity emerged, but cases began rising rapidly again across the country from the end of the previous year, and the economy remained in difficult conditions. Overseas, measures restricting economic activity, including movement restrictions and store closures, were again seen, and the timing of the end of the pandemic remained uncertain both domestically and overseas, raising concerns that difficult economic conditions would continue.」

「During the cumulative second quarter of the consolidated fiscal year, signs of economic activity resuming emerged in Japan despite efforts to prevent the spread of COVID-19, and the economy gradually began to recover, led by personal consumption. Overseas, restrictions on economic activity, including movement restrictions and store closures, were eased, and an economic recovery is expected. However, the timing of the end of the pandemic remains uncertain, and there are concerns that domestic and overseas economic conditions could again deteriorate if infections spread again.」

「During the cumulative first quarter of the consolidated fiscal year, the Japanese economy entered a difficult period marked by a rapid slowdown due to the disappearance of inbound demand following the global spread of COVID-19 and restrictions on activities by companies and individuals. Overseas, countries also moved to restrict economic activity through measures such as movement restrictions and store closures, raising continued concerns about a severe downturn in economic conditions both domestically and overseas.」

「During the fiscal year, both domestic and overseas demand in Japan remained uncertain due to the consumption tax rate increase, the effects of US-China trade friction and a succession of natural disasters. In addition, the global COVID-19 pandemic and continued calls for people to refrain from activities to prevent the spread of infection led to a deterioration in the real economy, turmoil in financial markets and a deepening downturn in economic conditions in Japan and overseas.」

「During the cumulative third quarter, domestic demand in Japan remained firm, supported by personal consumption. Although external demand showed signs of recovering IT demand and easing restrictions on capital investment, the economy continued to show pronounced signs of stagnation. The global economy also remained uncertain due to factors including US-China trade friction and the UK's EU withdrawal issue.」

「During the cumulative first quarter, domestic demand in Japan remained firm, supported by proactive capital investment and a gradual recovery in personal consumption. However, external demand tended to weigh on exports, particularly to China, and the economy was showing pronounced signs of stagnation. The global economy also remained uncertain due to factors including US-China trade friction, heightened tensions in the Middle East, and the UK's EU withdrawal issue.」

「Looking overseas, the outlook remains uncertain due to factors including US-China trade friction, China's economic slowdown, the rise of populism in the EU, and the UK's EU withdrawal issue.」

「Looking at the global economy, concerns about an economic slowdown have increased due to US-China trade friction and the rise of populism in the EU, leaving the outlook uncertain.」

「During the cumulative second quarter, the Japanese economy continued to recover moderately, supported by the government's economic policies and the Bank of Japan's continued monetary easing, as seen in improvements in corporate earnings and the employment environment. However, the impact of concerns such as trade friction and a succession of natural disasters is a source of concern. The global economy also remains uncertain due to the rise of protectionism and the shift away from monetary easing.」

「The global economy remained uncertain as stocks and foreign exchange markets grew unstable due to moves toward deglobalization, escalating trade friction, and the shift away from monetary easing.」

「The global economy became increasingly uncertain as stocks and foreign exchange markets grew unstable due to moves toward deglobalization and against free trade, as well as the shift away from monetary easing.」

「Although policy risks in various countries and geopolitical risks have left the economic outlook uncertain, the global economy remained on an expansionary track.」

「Although the global economy continued to expand moderately, uncertainty about the economic outlook increased due to policy risks in various countries and geopolitical risks.」

「Although the US and European economies continued to recover, the outlook remained uncertain due to policy developments in various countries and economic conditions in emerging and resource-producing countries.」

「During the fiscal year, the Japanese economy remained on a gradual recovery track, with corporate earnings and the employment and income environment showing resilience. However, the outlook remains uncertain due to economic conditions in emerging and resource-producing countries, particularly China, the UK's withdrawal from the European Union (EU), and policy uncertainty under the new US administration.」

「During the cumulative third quarter, the Japanese economy remained on a gradual recovery track, with corporate earnings and the employment and income environment showing resilience. However, the outlook remains uncertain due to the economic slowdown in emerging and resource-producing countries, particularly China, the UK's withdrawal from the European Union (EU), and policy uncertainty under the new US administration.」

「During the cumulative second quarter, the Japanese economy remained on a gradual recovery track due to the government's economic policies and the Bank of Japan's monetary policy, but the improvement in corporate performance slowed as the yen appreciated. Overseas, the economic slowdown in emerging and resource-producing countries, particularly China, and the UK's decision to leave the European Union (EU) have left the outlook uncertain.」

「Although the Japanese economy has remained on a gradual recovery track, the outlook remains uncertain due to sluggish personal consumption and the effects of negative interest rates, as well as the economic slowdown in emerging and resource-producing countries, particularly China, and the UK's decision to leave the European Union (EU).」