Uncertain Business Environment Surrounding the Global Economy, Stock Prices and Foreign Exchange Rates

「During the six-month period ended 31 July 2026 (1 February 2026 to 31 July 2026), Japan's economy remained on a path of moderate recovery, with signs of a rebound in personal consumption against the backdrop of improvements in the employment and income environment. However, it remained in an uncertain position owing to the prolonged unstable international situation and fluctuations in foreign exchange rates.」

「During the first quarter of the current consolidated fiscal year, from 1 February 2026 to 30 April 2026, Japan’s economy remained on a gradual recovery trend against a backdrop of improving employment and income conditions, but continued amid an uncertain outlook as crude oil and related product prices rose with heightened tensions in the Middle East and concerns over shortages of goods increased.」

「During the fiscal year ended 31 January 2026 (1 February 2025 to 31 January 2026), Japan's economy remained on a path of moderate recovery against the backdrop of improvements in the employment and income environment. However, uncertainty about the outlook persisted, including developments in U.S. trade policy, the continued depreciation of the yen, and concerns about weaker consumer sentiment resulting from rising prices.」

「Although affected by China’s travel self-restraint measures, inbound demand remains strong, and the foodservice market, our group’s main market, is expected to remain firm, but」

「During the six-month period ended 31 July 2025 (1 February 2025 to 31 July 2025), Japan's economy remained on a path of moderate recovery as the employment and income environment improved. However, uncertainty persisted, including concerns about a deterioration in consumer sentiment resulting from developments in U.S. trade policy and continued price increases.」

「During the six-month period ended 31 July 2024 (1 February 2024 to 31 July 2024), Japan's economy showed signs of recovery in corporate earnings and the employment and income environment. However, it remained in an uncertain position owing to factors including the unstable international situation and soaring fuel and raw material prices resulting from the depreciation of the yen.」

「During the first quarter of the fiscal year under review, Japan's economy showed signs of recovery in corporate earnings and the employment and income environment. However, uncertainty about the outlook persisted, owing to factors including soaring fuel and raw material prices resulting from the unstable international situation and the depreciation of the yen.」

「During the fiscal year under review (1 February 2023 to 31 January 2024), Japan's economy remained subject to the prolonged geopolitical risks including the situation in Ukraine, the impact of global monetary tightening, and concerns about the outlook for the Chinese economy. However, as socioeconomic activity normalized in the post-pandemic period, the economy remained on a path of moderate recovery.」

「During the first nine months of the fiscal year under review (1 February 2023 to 31 October 2023), Japan's economy remained subject to geopolitical risks, including the situation in Ukraine, and concerns about an economic recession resulting from global monetary tightening. However, personal consumption recovered against the backdrop of the normalization of socioeconomic activity, and the economy remained on a path of moderate recovery.」

「Food price increases continued during the fiscal year under review, while labor shortages and rising costs, including electricity and transportation costs, added to the uncertainty surrounding the outlook.」

「During the first quarter of the fiscal year under review, Japan's economy recovered moderately as restrictions on activities and entry restrictions imposed to prevent the spread of COVID-19 were eased and society as a whole accelerated its shift toward the post-pandemic period. However, the situation remained unpredictable, owing to soaring raw material prices and interest rate increases in the United States, Europe and other regions.」

「At the same time, the outlook remains extremely uncertain, owing to factors including the prolonged situation in Ukraine, soaring raw material and energy prices, and the rapid depreciation of the yen.」

「The outlook remained extremely uncertain due to Russia's invasion of Ukraine, sharp increases in the prices of raw materials, supplies, crude oil, and other items across a wide range of categories, and the rapid depreciation of the yen.」

「In addition, in 2022, Russia's invasion of Ukraine raised widespread concerns about global energy shortages and surging food prices, resulting in an unpredictable environment.」

「During the cumulative second quarter (from 1 February 2020 to 31 July 2020), the global economy recorded a downturn described as the worst since the Great Depression, as the worldwide COVID-19 pandemic severely restricted economic activity. In Japan, personal consumption and corporate activity were also severely restricted by the impact of the state of emergency declared in April, causing the economy to deteriorate rapidly. The declaration was lifted in late May and economic activity resumed, but the number of infections began increasing again nationwide from July, with no end in sight. There were concerns that the negative impact on the economy would be prolonged.」

「During the cumulative first quarter (from 1 February 2020 to 30 April 2020), the Japanese economy deteriorated rapidly as the spread of COVID-19 around the world, together with voluntary restrictions on outings and requests to suspend business operations in Japan from March onward and the declaration of a state of emergency in April and its expansion to additional areas, severely restricted personal consumption and corporate activity.」

「During the consolidated fiscal year (from 1 February 2019 to 31 January 2020), the Japanese economy remained on a gradual recovery track due to improvements in employment and income conditions. However, uncertainty in the global economy increased amid developments surrounding trade issues. In addition, uncertainty continued regarding consumer sentiment following the consumption tax rate increase in October and the decline in inbound demand caused by deteriorating Japan-South Korea relations.」

「During the cumulative third quarter (from 1 February 2019 to 31 October 2019), the Japanese economy remained on a gradual recovery track due to improvements in employment and income conditions. However, uncertainty in the global economy increased due to the prolonged US-China trade friction. In addition, the decline in inbound demand caused by deteriorating Japan-South Korea relations and future consumer sentiment following the consumption tax rate increase in October contributed to greater uncertainty about the outlook.」

「During the cumulative second quarter (from 1 February 2019 to 31 July 2019), the Japanese economy remained on a gradual recovery track due to improvements in employment and income conditions. However, uncertainty in the global economy increased due to the prolonged US-China trade friction. In addition, the decline in inbound demand caused by deteriorating Japan-South Korea relations and the planned consumption tax rate increase in October contributed to greater uncertainty about the outlook.」

「During the cumulative first quarter (from 1 February 2019 to 30 April 2019), the Japanese economy remained on a gradual recovery track. However, uncertainty about the outlook increased due to the prolonged US-China trade friction and growing domestic costs, including raw materials, labor, and logistics, as well as the planned consumption tax rate increase in October.」

「During the cumulative first quarter, the Japanese economy remained on a gradual recovery track, with improvements in corporate earnings and employment and income conditions. However, the outlook remained uncertain due to factors including the impact of the new US administration and the situation in East Asia.」

「During the cumulative third quarter (from 1 February 2016 to 31 October 2016), the Japanese economy remained on a gradual recovery track, but uncertainty continued due to factors including yen appreciation and concerns about a slowdown in overseas economies.」

「Uncertainty in overseas economies increased due to the UK's EU withdrawal issue and concerns about an economic slowdown in emerging economies, including China, while uncertainty continued in stock price and foreign exchange trends.」