Uncertainty in Overseas Economies and Volatility in Financial and Capital Markets

「As illustrated by soaring resource prices, including crude oil prices, inflation driven by the weaker yen, and rising interest rates and wages, we have entered an inflationary society and reached a turning point. In addition, geopolitical risks, including those related to Europe and the Middle East, trends in U.S. economic policy, and other factors are making the international situation and financial markets increasingly complex, and uncertainty about the outlook continues.」

「During the current interim consolidated accounting period, an inflationary society has arrived and the economy has reached a turning point, as reflected in higher prices due to soaring resource prices and the yen's depreciation and in rising interest rates and wages. In addition, international affairs and financial markets have become increasingly complex due to rising geopolitical risks in Europe and the Middle East and economic policy developments, particularly in the United States, and the outlook remains uncertain.」

「During the current consolidated fiscal year, an inflationary society has arrived and the economy has reached a turning point, as reflected in higher prices due to soaring resource prices and the yen's depreciation and in rising interest rates and wages. In addition, international affairs and financial markets have become increasingly complex due to rising geopolitical risks in Europe and the Middle East and economic policy developments, particularly in the United States, and the outlook remains uncertain.」

「During the current interim consolidated accounting period, an inflationary society has arrived and the economy has reached a turning point, as reflected in higher prices due to soaring resource prices and the yen's depreciation and in rising interest rates and wages. In addition, the outlook remains uncertain due to rising geopolitical risks in Europe and the Middle East and developments in economic policy, particularly in the United States.」

「The apparel and fashion industry remained on a gradual recovery trend as opportunities for customers to go out increased and inbound demand expanded. However, concerns remain over sluggish consumer sentiment due to climate change, the backlash from post-pandemic revenge spending and rapid inflation, and the outlook remains uncertain.」

「During the third quarter of the current consolidated cumulative period, the economy remained in an uncertain environment due to rising geopolitical risks in Europe and the Middle East, soaring resource prices and the yen's depreciation. However, against the backdrop of strong corporate performance, the Nikkei Stock Average reached a record high, the prospect of escaping the "lost 30 years" became more tangible, and the economy entered what could be called a turning point for the times.」

「During the second quarter of the current consolidated cumulative period, the economy remained in an uncertain environment due to rising geopolitical risks in Europe and the Middle East, soaring resource prices and the yen's depreciation. However, against the backdrop of strong corporate performance, the Nikkei Stock Average reached a record high, the prospect of escaping the "lost 30 years" became more tangible, and the economy entered what could be called a turning point for the times.」

「During the first quarter of the current consolidated cumulative period, the economy remained in an uncertain environment due to rising geopolitical risks in Europe and the Middle East, soaring resource prices and the yen's depreciation. At the same time, economic activity was moving toward normalization amid rising expectations for Japan's market, as share prices temporarily reached a post-bubble high against the backdrop of expectations that rising prices, wages and interest rates would mark an escape from the "lost 30 years."」

「During the third quarter of the current consolidated cumulative period, COVID-19 was reclassified from Category 2 equivalent to Category 5, and economic activity moved toward full normalization. At the same time, the economy remained in a difficult-to-predict environment due to rising resource prices resulting from the prolonged situation in Ukraine and financial and capital market volatility.」

「During the second quarter of the current consolidated cumulative period, restrictions on activity related to COVID-19 were eased and economic activity normalized further. At the same time, the economy remained in a difficult-to-predict environment due to rising resource prices resulting from the prolonged situation in Ukraine and financial and capital market volatility.」

「During the first quarter of the current consolidated cumulative period, restrictions on activity related to COVID-19 were eased and economic activity normalized further. At the same time, the economy remained in a difficult-to-predict environment due to rising resource prices resulting from the prolonged situation in Ukraine, financial and capital market volatility, and concerns over a renewed spread of COVID-19 infections.」

「During the current consolidated fiscal year, economic and social activity repeatedly stagnated and normalized as COVID-19 infections spread and subsided, prolonging its impact. In addition, the economy remained in an unprecedentedly uncertain environment due to disruptions to logistics and other systems accompanying the Shanghai lockdown, rising resource prices resulting from the situation in Ukraine, and financial and capital market volatility.」

「During the third quarter of the current consolidated cumulative period, the Japanese economy showed signs of recovery as the number of COVID-19 infections trended downward. However, it remained in an unprecedentedly uncertain environment due to disruptions to logistics and other systems accompanying the Shanghai lockdown, rising resource prices resulting from the situation in Ukraine, and financial and capital market volatility.」

「However, in addition to a renewed spread of infections caused by new variants, the economy remained in an unprecedentedly uncertain environment due to global supply chain disruptions, financial and capital market volatility, rising resource prices and the situation in Ukraine.」

「During the first quarter of the current consolidated cumulative period, although the number of infections remained low and signs of an economic recovery emerged as vaccinations spread and infection-control measures were thoroughly implemented, uncertainty remained high and the outlook continued to be unclear due to the impact of global supply chain disruptions, financial and capital market volatility, and the emergence of new variants.」

「During the current consolidated fiscal year, the economy remained in a difficult condition, as restrictions on economic activity and sluggish personal consumption caused by COVID-19 persisted and corporate earnings deteriorated. Although a calming of the situation is expected as vaccination spreads, there is still no clear prospect for the pandemic to end due to the impact of variants believed to be more transmissible than previous strains, leaving the outlook uncertain.」

「During the third quarter of the current consolidated cumulative period, the economy remained in a difficult condition, as restrictions on economic activity and sluggish personal consumption caused by COVID-19 persisted and corporate earnings deteriorated. Although a calming of the situation is expected as vaccination spreads, there is still no clear prospect for the pandemic to end, leaving the outlook uncertain.」

「During the second quarter of the current consolidated cumulative period, corporate performance deteriorated as economic activity was constrained by the global spread of COVID-19, and the economy entered a sharp recession. With no clear prospect for the pandemic to end, the outlook remained uncertain, as infections were also worsening again in some regions, including Europe.」

「During the first quarter of the current consolidated cumulative period, corporate performance deteriorated as economic activity was constrained by the global spread of COVID-19, and the economy entered a sharp recession. With no clear prospect for the pandemic to end, the outlook remains uncertain.」

「Economic activity stagnated sharply and economic sentiment deteriorated rapidly due to the global spread of COVID-19, leaving the outlook uncertain.」

「During the third quarter of the current consolidated cumulative period, Japan's economy had continued to recover gradually, supported by solid corporate earnings and improvements in employment and income conditions. However, economic activity stagnated sharply and sentiment deteriorated due to the global spread of COVID-19, leaving the outlook uncertain.」

「During the second quarter of the current consolidated cumulative period, employment and income conditions continued to improve against the backdrop of solid corporate earnings. However, the outlook remained uncertain due to heightened uncertainty in overseas economies, including the impact of the prolonged US-China trade friction, the UK's exit from the EU and the global spread of COVID-19.」

「During the first quarter of the current consolidated cumulative period, Japan's gradual economic recovery continued, supported by solid corporate earnings and improvements in employment and income conditions. However, the outlook remained uncertain due to heightened uncertainty in overseas economies, including the prolonged US-China trade friction, concerns over a slowdown in the Chinese economy and the UK's exit from the EU.」

「During the third quarter of the current consolidated cumulative period, the Japanese economy remained on a gradual recovery trend. Although uncertainty persisted in overseas economies, including the impact of the US administration's policies, the escalation of US-China trade friction and the UK's exit from the EU, income and employment conditions improved against the backdrop of solid corporate performance.」

「During the second quarter of the current consolidated cumulative period, the Japanese economy remained on a gradual recovery trend. Although uncertainty persisted in overseas economies, including the impact of the US administration's policies, concerns over trade friction accompanying protectionist policies and financial and capital market volatility, corporate earnings and employment conditions improved against the backdrop of economic and monetary policies by the government and the Bank of Japan.」

「During the first quarter of the current consolidated cumulative period, the Japanese economy remained on a gradual recovery trend. Although uncertainty persisted in overseas economies, including the impact of the US administration's policies, concerns over trade friction accompanying protectionist policies and financial and capital market volatility, corporate earnings and employment conditions improved against the backdrop of economic and monetary policies by the government and the Bank of Japan.」

「During the third quarter of the current consolidated cumulative period, the Japanese economy remained on a gradual recovery trend. Although uncertainty persisted in overseas economies, including the impact of the US administration's policies and concerns over trade friction accompanying protectionist policies, corporate earnings and employment conditions improved against the backdrop of the government's economic measures and the Bank of Japan's continued monetary policy.」

「During the second quarter of the current consolidated cumulative period, the Japanese economy remained on a gradual recovery trend. Although uncertainty persisted in overseas economies, including the impact of the US administration's policies and rising geopolitical risks, corporate earnings and employment conditions improved against the backdrop of the government's economic measures and the Bank of Japan's continued monetary policy.」

「During the first quarter of the current consolidated cumulative period, the Japanese economy remained on a gradual recovery trend, with improvements in corporate earnings and employment conditions, among other factors. However, the outlook remains uncertain due to policy developments under the US administration and rising geopolitical risks.」

「Looking ahead to the next fiscal year, risks affecting the global economy, including rising geopolitical risks and developments in US monetary policy, have emerged, and uncertainty surrounding the Company's operating environment is expected to continue.」

「However, potential risks remain, including uncertainty in overseas economies and volatility in financial and capital markets arising from economic policy trends under the new US administration, a slowdown in emerging-market economies led by China, and the UK's exit from the EU. The outlook remains uncertain.」

「At the same time, potential risks remain, including uncertainty in overseas economies and volatility in financial and capital markets arising from economic policy trends under the new US administration, a slowdown in emerging-market economies led by China, and the UK's exit from the EU. The outlook therefore remains uncertain.」

「There are also potential risks, including uncertainty in overseas economies and volatility in financial and capital markets arising from the transition to a new US administration, concerns over a slowdown in emerging-market economies led by China, and the UK's exit from the EU. The outlook therefore remains uncertain.」

「At the same time, downside risks in overseas economies, including a slowdown in emerging-market economies led by China and the impact of the UK's exit from the EU, have emerged as risks, and the outlook remains uncertain.」

「At the same time, risks remain from the impact of financial and capital market volatility, including heightened uncertainty in overseas economies due to downside risks in China and emerging Asian economies, a sharp decline in share prices and the yen's appreciation. The economic outlook is therefore uncertain.」