Declining domestic demand and price declines driven by market competition

「Downside risks remained, including trends in overseas economies, uncertainty over trade policy, fluctuations in crude oil prices and higher interest rates. In particular, U.S. tariff policy and geopolitical risks are increasing uncertainty over external demand.」

「他方で、海外経済の動向や通商政策の不確実性、原油価格の変動、金利上昇など下振れリスクも依然として存在し、特に、米国の関税政策や地政学リスクは外需の不透明感を高める要因となっております。」

「During the interim consolidated accounting period, the economy continued to trend upward, supported by solid construction demand and increased digital investment, despite the fading of special demand caused by extreme heat, persistently high raw-material and logistics costs, and downward pressure on corporate earnings, including delays in passing higher procurement unit prices through to selling prices.」

「During the fiscal year, the Japanese economy remained weak as stagnant personal consumption, increased cost burdens from higher raw-material prices and labor shortages exerted downward pressure, despite positive factors such as growth in the tourism industry and increased capital investment.」

「Although the expansion of inbound consumption and other positive factors provided support, the economy remained weak as stagnant personal consumption, increased cost burdens from higher raw-material prices and labor shortages exerted downward pressure.」

「During the cumulative second-quarter consolidated period, there were no significant changes in the matters described in the quarterly report concerning business conditions and financial information that could materially affect investors’ decisions, or in the business risks described in the securities report for the previous fiscal year.」

「During the first three months of the fiscal year, the Japanese economy was on a gradual recovery trend as restrictions on activity were eased further following the COVID-19 pandemic, but remained weak because of the prolonged elevation of resource and raw-material prices and inflation.」

「During the cumulative third-quarter consolidated period, there were no material changes in matters described in this quarterly report concerning the status of the business, financial information and other matters that could materially affect investors' decisions, or in the business and other risks described in the annual securities report for the previous fiscal year.」

「During the cumulative second-quarter consolidated period, there were no significant changes in the matters described in the quarterly report concerning business conditions and financial information that could materially affect investors’ decisions, or in the business risks described in the securities report for the previous fiscal year.」

「During the first three months of the fiscal year, personal consumption improved, particularly in services, as the COVID-19 situation subsided. However, manufacturing conditions deteriorated somewhat because of production adjustments in automobiles against the backdrop of semiconductor shortages and lockdowns in Shanghai and elsewhere. In addition, the prolonged rise in resource and raw-material prices following Russia's invasion of Ukraine, together with inflation caused by the rapid depreciation of the yen, became downward pressures, leaving the economy as a whole with only a modest recovery.」

「The global economy had been moving toward a full-scale recovery, with advanced economies in Europe and the United States substantially easing restrictions on social activity imposed during the COVID-19 pandemic. However, uncertainty about the outlook is increasing amid the upheaval in the international order caused by the serious situation in Ukraine, the prolonged elevation of global resource and material prices, and strict restrictions on social and economic activity associated with the rapid spread of infections in China.」

「Meanwhile, surging resource and material prices emerged as factors worsening conditions in manufacturing and other industries.」

「In the latter half of the period, the effects of substantial automobile production cuts caused by the semiconductor shortage and the renewed spread of COVID-19 in Southeast Asia, together with surging resource and material prices, emerged as factors worsening conditions in the manufacturing industry.」

「In chemical-industry-related fields, growth in functional inorganic fillers for refractories and precision cleaning agents for electronic-component materials was offset by a substantial decline in cosmetic-related materials and declines associated with intensifying price competition for imported basic chemicals, resulting in a substantial decrease in sales for the field as a whole.」

「Although the state of emergency was lifted in May, the reopening of social and economic activity was slow because the outbreak returned, particularly in major cities. Government and local authorities provided financial support and implemented large-scale fiscal spending to support the economy, but both exports and domestic demand remained substantially lower.」

「During the first three months of the fiscal year, the COVID-19 pandemic caused a substantial contraction in social and economic activity worldwide. In Japan, a state of emergency was declared for more than one month from April, severely restricting social activity, and both exports and domestic demand remained substantially lower.」

「Because the Group's business is primarily focused on domestic demand, it is affected by trends in the domestic economy. Although the Group is developing new businesses and expanding its overseas operations, declining domestic demand and lower prices resulting from intense market competition may affect its business performance and financial position.」

「During the first nine months of the fiscal year, although the Japanese economy remained on a gradual recovery trend, a growing sense of economic recession was evident as exports and production declined amid a slowdown in overseas economies, against the backdrop of the prolonged U.S.-China trade dispute, compounded recently by a reactionary decline following the consumption tax increase.」

「During the first six months of the fiscal year, although the Japanese economy remained on a gradual recovery trend, a growing sense of economic recession was evident as exports and production declined amid a slowdown in overseas economies, particularly China, against the backdrop of the prolonged U.S.-China trade dispute.」

「During the first three months of the fiscal year, the Japanese economy continued on a gradual recovery trend, but conditions remained uncertain amid growing concerns related to international affairs, including the prolonged U.S.-China trade dispute and heightened tensions in the Middle East.」

「During the fiscal year, the Japanese economy continued on a gradual recovery trend, but conditions remained uncertain amid growing concerns related to international affairs, including the prolonged U.S.-China trade dispute and issues surrounding the UK's withdrawal from the EU.」

「In household-related fields, the inbound tourism effect from visitors to Japan had largely run its course, and sales of cosmetic-related pharmaceuticals were returning to previous levels.」

「During the first six months of the fiscal year, the Japanese economy continued on a gradual recovery trend, but conditions remained uncertain amid risks of escalating trade friction and the impact of higher resource prices.」

「During the first three months of the fiscal year, the Japanese economy remained on a gradual recovery trend, supported by improvements in employment, increased exports and growth in capital investment, but conditions remained uncertain amid risks of escalating trade friction and the impact of higher resource prices.」

「The Group's business is focused largely on domestic demand, and declining domestic demand and lower prices resulting from intense market competition may affect its performance.」

「In film-related fields, functional films with anti-fogging and gas-barrier properties grew as packaging applications expanded for fresh vegetables, frozen foods and chilled foods. However, films for flexible packaging for general confectionery and general-purpose industrial films struggled amid weak end demand and intensifying price competition, resulting in lower sales.」

「During the first six months of the fiscal year, the Japanese economy was on a gradual recovery trend, with signs of a pickup in personal consumption and capital investment, but the outlook remained uncertain amid concerns over uncertainty in U.S. policy, rising geopolitical risks in East Asia and volatility in financial and capital markets.」

「During the first three months of the fiscal year, the Japanese economy was on a gradual recovery trend, with signs of a pickup in personal consumption and capital investment, but the outlook remained uncertain amid concerns over uncertainty in overseas economies, particularly China, and the impact of financial-market volatility.」

「Because sales to external customers in Japan exceed 90% of sales on the consolidated statement of income, this information has been omitted.」

「During the first nine months of the fiscal year, although conditions in employment and income improved, the Japanese economy remained sluggish, with personal consumption failing to gain momentum and concerns over an economic slowdown overseas, particularly in China, leaving the outlook uncertain.」

「Although conditions in employment and income improved, the economy remained sluggish, with exports depressed by the stronger yen and personal consumption failing to gain momentum, amid concerns over an economic slowdown overseas, particularly in China, leaving the outlook uncertain.」

「The Group's business is focused largely on domestic demand, and declining domestic demand and lower prices resulting from intense market competition may affect its performance.」