Country Risk Associated with Overseas Expansion

「Turning to the global economy, concerns over logistics disruptions and higher resource prices due to the prolonged situation in Ukraine and heightened tensions in the Middle East, together with the impact of U.S. trade policy, have made the future business environment increasingly uncertain.」

「Meanwhile, the global economic outlook remained uncertain due to developments in U.S. trade policy, prolonged instability in the international situation, particularly in the Middle East, and the continued stagnation of the Chinese economy.」

「Looking at the global economy, the outlook for the business environment remained difficult to predict due to prolonged geopolitical risks, the sluggish Chinese economy and the impact of changes in trade policy accompanying the change of administration in the United States.」

「However, the outlook for the global economy remained uncertain due to inflation concerns, particularly in Europe and the United States, and the continued stagnation of the Chinese economy.」

「Japan's economy during the nine months ended the third quarter continued on a path toward a gradual recovery as social activity, including personal consumption, normalized. However, the outlook remained uncertain due to globally unstable political and economic conditions and soaring energy and raw material prices.」

「The global economy was also on a recovery path, but concerns arose over an economic slowdown due to the impact of monetary tightening measures in various countries aimed at curbing inflation.」

「The global economy was also on a moderate recovery path, particularly in Europe and the United States, but the outlook remained uncertain due to the prolonged Russian invasion of Ukraine, soaring energy prices, monetary tightening measures in various countries and global supply-chain disruptions caused by China's lockdowns.」

「The global economy was also recovering moderately, particularly in Europe and the United States, but the outlook remained uncertain due to the prolonged and intensifying situation between Russia and Ukraine, soaring raw-material prices, sharp exchange-rate movements and monetary tightening.」

「The global economy was also on a recovery path, but the invasion of Ukraine by the Russian military and China's lockdowns caused further deterioration in soaring raw-material prices and stagnant logistics, leaving the outlook uncertain.」

「During the first quarter of the current consolidated fiscal year, there were no new business or other risks, and no significant changes to the business and other risks described in the securities report for the previous fiscal year.」

「During the first six months of the fiscal year, the Japanese economy remained in a severe condition as social and economic activity continued to be restricted by the impact of the novel coronavirus disease, resulting in sluggish corporate earnings. Overseas, infections were increasing again, and the economic outlook remained difficult to predict.」

「During the fiscal year, the Japanese economy remained in an uncertain position as exports declined, corporate earnings, particularly in the manufacturing sector, began to weaken, and the prolonged U.S.-China trade friction and growing tensions in the Middle East took their toll. In addition, the global spread of the novel coronavirus disease from the beginning of 2020 caused the global economy to slow further.」

「During the first nine months of the fiscal year, the Japanese economy remained in an uncertain position, as corporate earnings, particularly in the manufacturing sector, weakened. The overseas economies also continued to stagnate due to the impact of U.S.-China trade friction, the slowdown in the Chinese economy and rising geopolitical risks arising from instability in the Middle East.」

「During the first six months of the fiscal year, the Japanese economy continued to recover moderately against a backdrop of improving corporate earnings and employment and income conditions. However, the overseas economies remained sluggish due to the prolonged impact of U.S.-China trade friction and the slowdown in the Chinese economy.」

「However, the overseas economies remained sluggish due to the escalation of U.S.-China trade friction, stagnation in the Chinese economy and issues surrounding the United Kingdom's withdrawal from the EU.」

「During the fiscal year, the Japanese economy remained on a moderate recovery path. Corporate earnings remained at a high level despite being somewhat weak, while employment and income conditions continued to improve. However, the economic outlook remained uncertain due to the slowdown in the Chinese and European economies and the prolonged U.S.-China trade friction.」

「During the first nine months of the fiscal year, the Japanese economy continued on a moderate recovery path as corporate earnings and employment and income conditions improved, while personal consumption also showed signs of recovery. However, the outlook remained uncertain due to concerns over a downturn in the global economy, including U.S.-China trade friction and the Chinese economy.」

「During the first six months of the fiscal year, the Japanese economy continued to recover moderately. Although the impact of a succession of natural disasters was a concern, corporate earnings and employment and income conditions continued to improve, while personal consumption remained firm. However, concerns over an escalation of U.S.-China trade friction were not dispelled, and the economic outlook remained uncertain.」

「Although Japan's economy during the three months ended the first quarter was on a path toward a gradual recovery, with steady improvements in corporate earnings and the employment and income environment and signs of a pickup in personal consumption, the outlook remained uncertain as trade friction between the United States and China increased uncertainty in the global economy.」

「If unforeseeable political or economic disruption caused by terrorism or war, or changes in laws or other regulations, occur, this could affect the Group's operating results and financial position.」

「During the first nine months of the current consolidated fiscal year, there were no new business or other risks, and no significant changes to the business and other risks described in the securities report for the previous fiscal year.」

「During the first six months of the current consolidated fiscal year, there were no new business or other risks, and no significant changes to the business and other risks described in the securities report for the previous fiscal year.」

「The outlook for the economy remained uncertain due to political risks in Europe and the United States and heightened geopolitical risks in Asia.」

「In addition to the slowdown in emerging-market economies, including China, and concerns about a downturn in overseas economies following the UK's decision to leave the EU, financial and capital markets fluctuated sharply amid expectations regarding the policies of the new US administration, leaving the outlook uncertain.」

「In addition to the slowdown in emerging-market economies, including China, and concerns about a downturn in overseas economies following the UK's decision to leave the EU, financial and capital markets fluctuated sharply after the US presidential election, leaving the outlook uncertain.」

「The outlook remained uncertain due to concerns about a downturn in overseas economies resulting from China's economic slowdown and the decision for the United Kingdom to leave the EU, as well as the yen's appreciation and sluggish stock markets.」

「During the first quarter of the current consolidated fiscal year, there were no new business or other risks, and no significant changes to the business and other risks described in the securities report for the previous fiscal year.」

「If unforeseeable political or economic disruption caused by terrorism or war, or changes in laws or other regulations, occur, this could affect the Group's operating results and financial position.」