Global uncertainty stemming from geopolitical risks

「During the first quarter, the global economy remained unpredictable, with uncertainty associated with shifts in U.S. policy, continued risks of supply-chain disruptions caused by heightened tensions in the Middle East, and persistently high energy prices.」

「Although the global economy had been expected to remain firm, supported by financial and fiscal policies and growing demand related to artificial intelligence, there are concerns that downside risks may persist due to higher energy prices and inflation resulting from surging crude oil prices following attacks by the United States and Israel on Iran and the accompanying closure of the Strait of Hormuz.」

「There are concerns that downside effects from higher energy prices and inflation, stemming from surging crude-oil prices following attacks by the United States and Israel on Iran and the resulting closure of the Strait of Hormuz, could persist for an extended period.」

「Uncertainty about the outlook remains unresolved in both Europe and China due to additional US tariff measures. In addition, no path toward resolving the situations in Ukraine and the Middle East, including the associated geopolitical risks, has yet been found.」

「Meanwhile, uncertainty about the outlook continues due to the prolonged situation in Ukraine, expanding geopolitical risks in the Middle East and the risk of political instability resulting from the outcome of the US election.」

「In Europe and the United States, monetary tightening driven by inflation continued, while the prolonged invasion of Ukraine sent food and energy prices higher. In Asia, exports and supply chains were affected by the emergence of China's bad-debt problems and developments in economic security policy, leaving conditions generally weak.」

「During the first quarter of the current consolidated cumulative period, the global economy remained generally weak and faced downside growth risks, as resource prices stayed high due to the prolonged situation in Ukraine and financial instability in the United States expanded amid prolonged monetary tightening aimed at curbing inflation, among other factors.」

「During the third quarter of the current consolidated cumulative period, the global economy was recovering from the COVID-19 crisis on both the demand and supply sides. However, the energy shock stemming from the prolonged conflict in Ukraine intensified inflationary pressure, while monetary tightening in major US and European economies slowed the pace of recovery. In China, prolonged lockdowns caused significant damage to economic activity, and deteriorating business sentiment in the United States, Europe and China further increased uncertainty about the outlook.」

「During the first quarter of the current consolidated cumulative period, the global economy was in the process of recovering from the deterioration caused by the rapid spread of COVID-19 infections. However, soaring energy prices caused by the worsening situation in Ukraine, disruption to logistics caused in part by China's lockdowns, and rising interest rates resulting from monetary tightening in the United States and other countries slowed the pace of the global economic recovery.」

「During the third quarter of the current consolidated cumulative period, the global economy continued to see solid growth in the United States, while the slowdown in China's economy caused by US-China trade tensions became pronounced and appeared to be affecting the global economy as a whole. In addition, worsening conditions in the Middle East increased uncertainty about the outlook.」

「In addition, confusion caused by the UK's withdrawal from the EU and geopolitical risks in the Middle East and elsewhere are adding to uncertainty about the outlook.」

「In addition, geopolitical risks in the Middle East are adding to uncertainty about the outlook.」

「Uncertainty about the outlook has been increasing, as the intensification of US-China trade tensions is expected to potentially weaken economic conditions worldwide.」

「The outlook for the global economy may become more uncertain as US-China trade tensions are expected to intensify. In Japan, the economy is on a moderate recovery trend, supported by strong corporate earnings, increased capital investment and improved employment, but the impact of US-China trade tensions is a major concern.」

「The Company expects uncertainty about the outlook to continue, including the impact of trade tensions originating in the United States on the global economy. The impact of US-China trade tensions on the domestic economy is a major concern.」

「During the first quarter of the current consolidated cumulative period, the global economy remained supported by solid growth in the United States, while Europe, China and other emerging markets also showed firm economic activity. However, the outlook remained uncertain, including because of the impact of US-China trade tensions on the global economy. In Japan, the economy continued to recover moderately, with capital investment increasing and employment improving against a backdrop of strong corporate earnings. However, economic fluctuations caused by US-China tensions could have a significant impact on the domestic economy.」

「However, concerns remain, including the impact of geopolitical risks on global affairs, and the outlook remains uncertain.」

「However, there remain concerns, including the impact of geopolitical risks on global affairs, and the outlook remains uncertain.」