Downturns in China, Asia and resource-producing countries, and geopolitical risks in Europe

「Although concerns remain regarding price trends and supply restrictions in the procurement of raw materials resulting from developments in the Middle East from the third quarter onward, the specific impact is still being assessed.」

「During the interim consolidated accounting period (1 December 2025 to 31 May 2026), Japan's economy showed signs of a gradual recovery, supported by improvements in employment and income conditions and strong inbound demand. However, the outlook remained uncertain due to the prolonged rise in prices, an unstable international situation, developments in US policy and the impact of heightened geopolitical risks, including escalating tensions in the Middle East.」

「Meanwhile, the outlook toward the second quarter and beyond has become uncertain, owing to factors including the impact on the economy of higher crude oil and raw material prices resulting from the new developments in Iran since the end of February 2026.」

「Meanwhile, the outlook remained uncertain due to concerns about an economic slowdown resulting from the impact of the broad tariff policies implemented by the United States, China's slowing economy and heightened geopolitical risks.」

「The operating environment during the fiscal year was characterized by signs of a gradual economic recovery, supported by improvements in employment and income conditions and the effects of various policies. However, the outlook remained uncertain amid concerns about the impact on corporate economic activity and personal consumption of rising prices resulting from the yen's depreciation and higher interest rates.」

「During the cumulative second quarter of the fiscal year (1 December 2023 to 31 May 2024), Japan's economy began to show signs of recovery as economic activity continued to normalize following the COVID-19 pandemic and employment and income conditions improved, supported in part by the effects of various policies. However, the outlook remained uncertain, with inflation continuing unabated amid soaring raw material prices and energy costs, compounded by the yen's long-term depreciation trend.」

「During the nine-month consolidated cumulative period ended 31 August 2023 (1 December 2022 to 31 August 2023), Japan's economy began to show signs of recovery as economic activity normalised after the COVID-19 pandemic and employment and income conditions improved, supported by the effects of various policies. However, the outlook remained uncertain due to surging raw material prices and energy costs, a long-term trend toward yen depreciation, and continuing price increases.」

「During the first-quarter consolidated cumulative period ended 28 February 2023 (1 December 2022 to 28 February 2023), Japan's economy showed some weakness due to rising prices, supply-side constraints, and fluctuations in financial and capital markets, but was recovering gradually, supported by the effects of various policies.」

「During the fiscal year under review, the business environment remained uncertain, although restrictions related to COVID-19 were gradually eased and social and economic activity showed signs of a gradual recovery. Factors included fluctuations in foreign exchange rates due to the rapid depreciation of the yen and surging resource and energy costs resulting from the situation in Russia and Ukraine.」

「During the six-month consolidated cumulative period ended 31 May 2022 (1 December 2021 to 31 May 2022), Japan's economy was moving toward the normalisation of economic and social activity as comprehensive measures were taken against COVID-19, but uncertainty about the outlook persisted due to concerns about the renewed spread of infections in China and the prolonged situation in Ukraine.」

「During the first-quarter consolidated cumulative period ended 28 February 2022 (1 December 2021 to 28 February 2022), Japan's economy showed some weakness, although it continued to recover, amid lingering severe conditions due to COVID-19 and uncertainty related to the situation in Ukraine and other factors.」

「During the fiscal year under review, Japan's economy remained in an uncertain condition as economic activity stagnated due to a substantial decline in corporate earnings and worsening employment conditions resulting from the global spread of COVID-19.」

「However, as severe conditions resulting from the impact of COVID-19 are expected to continue, it is necessary to pay close attention to the risk of a further downturn in the economy.」

「As planned capital investment demand was deferred, we pursued sales activities to develop new sources of demand. As a result, sales remained weak due to sluggish smartphone shipments and signs of weakening in automotive-mounted circuit boards, which had previously performed steadily, reflecting US-China trade friction and deteriorating Japan-South Korea relations.」

「In the surface treatment chemicals market, the environment remained uncertain as sales of mobile devices, which had driven the printed circuit board market, showed signs of weakening, compounded by the effects of US-China trade friction.」

「During the first-quarter consolidated cumulative period, Japan's economy recovered gradually, supported by improvements in employment and income conditions and the effects of various policies, although attention needed to be paid to uncertainty surrounding overseas economies and policies and the outlook for China's economy.」

「The global economy also recovered gradually, although uncertainty about the outlook persisted due to developments in and the effects of trade issues and the effects of fluctuations in financial markets.」

「During the nine-month consolidated cumulative period ended 31 August 2018 (1 December 2017 to 31 August 2018), Japan's economy continued to recover gradually both domestically and overseas, but uncertainty about the overall economic outlook persisted.」

「During the six-month consolidated cumulative period ended 31 May 2018 (1 December 2017 to 31 May 2018), Japan's economy was expected to continue its gradual recovery, supported by the effects of various policies and ongoing improvements in employment and income conditions, although attention needed to be paid to the uncertainty surrounding overseas economies and fluctuations in financial and capital markets.」

「However, the outlook remained uncertain due in part to concerns about political developments in Europe and the United States and rising geopolitical risks.」

「Meanwhile, the global economy remained in an uncertain condition due to policies of the new US administration, economic trends in Asian countries, and rising geopolitical risks.」

「However, the outlook remained uncertain due in part to concerns about political developments in Europe and the United States and rising geopolitical risks.」

「Meanwhile, the global economy remained in an uncertain condition due to policies of the new US administration, geopolitical risks in Europe, and economic trends in Asian countries.」

「Meanwhile, the global economy remained in an uncertain condition, due to concerns about policies of the new US administration and the prospect of slower growth in Asian economies, including China.」

「The global economy remained in an uncertain condition, due to further downturns in the economies of Asian countries, including China, and resource-producing countries, as well as issues related to the UK's withdrawal from the EU.」

「Meanwhile, the global economy remained in an uncertain condition, affected by further downturns in the economies of Asian countries, including China, and resource-producing countries, as well as risks related to the UK's withdrawal from the EU.」

「Meanwhile, the global economy remained in an uncertain condition, affected by further downturns in the economies of Asian countries, including China, and resource-producing countries, as well as geopolitical risks in Europe.」