Risks of Falling Stock Prices, Yen Appreciation and an Overseas Recession

「The economic environment remains uncertain, with numerous concerns including attacks on Iran by the United States and Israel and higher crude oil and resource prices resulting from the situation in the Middle East.」

「Meanwhile, geopolitical risks, including the situations in Ukraine and the Middle East, remained, and the economic environment continued to be uncertain because of destabilizing factors in the international situation, such as US trade policy, and surging resource and energy prices.」

「During the current consolidated fiscal year, Japan’s economic environment remained on a gradual recovery track as employment and income conditions improved. However, the outlook remained uncertain because of persistently high energy and resource prices, rising domestic prices, future US policy developments, the situation in the Middle East and volatility in the financial and capital markets.」

「Meanwhile, geopolitical risks, including the situations in Ukraine and the Middle East, persisted. Amid an unstable international situation, raw-material and energy prices remained elevated, and the outlook continued to be uncertain.」

「Meanwhile, the economic environment is expected to remain challenging because the prolonged trend of yen depreciation has driven up import prices and consumer prices, raw-material and energy prices remain elevated, and the Bank of Japan’s lifting of its negative interest rate policy and monetary tightening measures in Europe and the United States are having an impact.」

「On the other hand, the outlook remained uncertain because of rising prices, persistently high energy and resource prices and the prolonged trend of yen depreciation.」

「The outlook remained uncertain because of rising prices, persistently high energy and resource prices and the prolonged trend of yen depreciation.」

「The economic outlook remained uncertain because of the prolonged Russia-Ukraine conflict, surging energy and raw-material prices, the prolonged depreciation of the yen and the effects of frequent abnormal weather events in various regions.」

「Meanwhile, the economic outlook remained uncertain amid concerns over recession risks resulting from heightened inflationary pressures caused by the prolonged situation in Ukraine and surging raw-material and energy prices, as well as monetary tightening measures, particularly in Europe and the United States.」

「Meanwhile, downside risks to the economy, including the prolonged situation in Ukraine, the continuing depreciation of the yen and higher resource and energy prices, remained, and the outlook continued to be uncertain.」

「The outlook remained uncertain because of downside risks to the economy, including the impact of higher resource prices resulting from the prolonged situation in Ukraine and the rapid depreciation of the yen.」

「In addition to the subsequent rapid spread of the Omicron variant, the economic outlook remained uncertain because of downside risks, including surging energy and raw-material prices, resulting from the prolonged situation in Ukraine and the continuing depreciation of the yen.」

「The outlook remained uncertain because of concerns over the impact on supply chains from lockdowns under China’s zero-COVID policy and the prolonged situation in Ukraine, as well as surging resource and raw-material prices and the continuing depreciation of the yen.」

「During the second quarter of the current consolidated cumulative period, as the impact of COVID-19 continued for an extended period, a state of emergency was reissued in April of this year. By August, the areas subject to the state of emergency and priority preventive measures had expanded to 70% of all prefectures, significantly restricting social and economic activity, and the outlook remained uncertain.」

「During the first quarter of the current consolidated cumulative period, as the impact of COVID-19 continued for an extended period, a state of emergency was reissued in April of this year, constraining social and economic activity. The outlook therefore remained uncertain.」

「As the COVID-19 pandemic led to the declaration of a state of emergency, requests to refrain from going out and deterioration in employment and income conditions, extremely severe conditions continued and uncertainty surrounding the economic outlook increased.」

「During the first quarter of the current consolidated cumulative period, as the global spread of COVID-19 continued, the impact on corporate activities in Japan expanded because of requests to refrain from nonessential and nonurgent outings and requests for businesses to suspend operations to prevent the spread of the disease. The economic outlook therefore remained extremely uncertain.」

「During the third quarter of the current consolidated cumulative period, Japan’s economic outlook remained uncertain, despite firm employment and income conditions and resilient capital investment, amid concerns over the impact on the domestic economy of prolonged tensions from US-China trade friction, the UK’s EU withdrawal issue and weak emerging-market economies.」

「Meanwhile, the economic outlook remained uncertain, with concerns that downside risks, including US-China trade friction, the situation in Europe and slower growth in emerging-market economies, could affect the domestic economy.」

「The outlook remained uncertain, with concerns over downward pressure on the domestic economy due to developments in US-China trade relations and uncertainty surrounding the outlook for the Chinese economy.」

「Meanwhile, concerns also remained over the impact on the domestic economy of political and economic developments in the United States and European Union countries, uncertainty in the Asian economy and geopolitical risks, leaving the economic outlook uncertain.」

「Meanwhile, the economic outlook remained uncertain because of heightened risks to the domestic economy from trade friction arising from US trade policy and political developments in EU countries.」

「Meanwhile, the economic outlook remained uncertain amid concerns over the impact on the domestic economy of trade friction arising from US trade policy and volatility in the financial and capital markets.」

「During the first quarter of the current consolidated cumulative period, Japan’s economy remained on a gradual recovery track, with corporate earnings and capital investment holding firm and employment and income conditions continuing to improve. However, the economic outlook remained uncertain because of persistent uncertainty in overseas economies, including Europe, the United States and Asia, and geopolitical risks.」

「Meanwhile, the economic and political developments in the United States and European Union countries, uncertainty surrounding the Asian economy and geopolitical risks remained, and the economic outlook continued to be uncertain.」

「During the third quarter of the current consolidated cumulative period, Japan’s economy remained on a gradual recovery track, supported by the effects of various government measures as corporate earnings and employment conditions continued to improve. However, concerns over uncertainty in overseas economies, particularly in Europe and the United States, and geopolitical risks persisted, leaving the economic outlook uncertain.」

「During the second quarter of the current consolidated cumulative period, Japan’s economy remained on a gradual recovery track as corporate earnings improved and employment conditions continued to improve. However, uncertainty surrounding the outlook for the economy persisted, with economic uncertainty in Europe, the United States and East Asia remaining a concern because of its potential impact on the domestic economy.」

「During the first quarter of the current consolidated cumulative period, Japan’s economy remained on a gradual recovery track overall as the government and the Bank of Japan continued economic and monetary policies. However, uncertainty surrounding the outlook for the economy persisted because of the uncertain outlook for the Chinese and emerging-market economies and developments in Europe and the United States.」

「The outlook remained uncertain, with heightened uncertainty in the foreign exchange and stock markets due to the economic slowdown in emerging markets, including China, the UK’s EU withdrawal issue and developments under the new US administration.」

「Although the overall economy is on a gradual recovery path, uncertainty about the global economy, including developments in the US economy and in emerging-market and resource-rich economies, particularly China, has left the outlook uncertain.」

「As share prices and foreign exchange rates moved unpredictably, uncertainty about the outlook continued, with overseas economies, particularly China and emerging markets, showing signs of weakness.」

「Meanwhile, the outlook for the economy remains uncertain because of the effects of share price declines since the beginning of the year, the trend toward a stronger yen and the risk of an overseas economic downturn.」