Changes in Overseas Economic Conditions, Political Circumstances, Currencies and Legal Systems

「The operating environment for our group is expected to remain uncertain, owing to substantial increases in energy and resource prices resulting from worsening conditions in the Middle East and the prolonged war in Ukraine, China’s property downturn, the long-term trend toward a weaker yen, and the impact of rising prices and interest rates on economic activity and personal consumption.」

「The group's business environment is expected to remain uncertain due to the impact on economic activity and personal consumption of monetary tightening in various countries, sharp increases in energy and resource prices resulting from worsening conditions in the Middle East and the prolonged invasion of Ukraine, a long-term trend of yen depreciation, higher prices and interest rates, and China's property downturn.」

「Looking ahead, Japan’s economy is beginning to show signs of recovery, supported in part by the effects of various policies as employment and income conditions improve. Overseas, however, the operating environment for our group is expected to remain uncertain, owing to the impact of tighter monetary policy in various countries, substantial increases in energy and resource prices resulting from worsening conditions in the Middle East and the prolonged war in Ukraine, the long-term trend toward a weaker yen, rising prices and interest rates, China’s property downturn, changes in the environment surrounding EVs and policy reviews, and U.S. tariff policies.」

「In Japan, concerns have arisen about the impact of higher prices caused by yen depreciation and higher interest rates on corporate economic activity and personal consumption. Overseas, the group's business environment is expected to remain uncertain due to sharp increases in energy and resource prices resulting from the prolonged invasion of Ukraine, a long-term trend of yen depreciation, higher prices and interest rates, issues in the Middle East, a slowdown in China's economy, concerns about an economic slowdown resulting from the United States' broad tariff policies, and rising geopolitical risks.」

「Overseas, despite temporary volatility, the yen remained on a weakening trend as policy rates in major Western countries remained high. In addition, due to the substantial rise in energy and resource prices resulting from the prolonged conflict arising from Russia's invasion of Ukraine, the situation in the Middle East, the downturn in China's real estate market, and other factors, the Group expects its operating environment to remain uncertain.」

「During the first 9 months of the current consolidated fiscal year, Japan's economy began to show signs of recovery as the economy normalized after the COVID-19 pandemic, the employment and income environment improved, and various policies took effect. However, the Group expects its operating environment to remain uncertain due to geopolitical risks including the prolonged situation in Ukraine, prolonged monetary tightening in Europe and the United States, the downturn in China's real estate market, persistently high material procurement costs and electricity and gas charges caused by the significant increase in resource prices, rising prices resulting from the weaker yen, and other factors.」

「During the first 6 months of the current consolidated fiscal year, Japan's economy shifted toward a gradual recovery as economic activity normalized with the easing of restrictions on movement related to COVID-19. However, due to geopolitical risks including the prolonged situation in Ukraine, prolonged monetary tightening in Europe and the United States, the downturn in China's real estate market, and the sharp rise in material procurement costs and electricity and gas charges resulting from the significant increase in resource prices, the Group expects its operating environment to remain uncertain.」

「However, the group's business environment is expected to remain uncertain due to geopolitical risks, including the prolonged situation in Ukraine, as well as sharp increases in material procurement costs and electricity and gas charges resulting from a substantial rise in resource prices.」

「Although economic recovery has gained momentum in some overseas countries, including India, uncertainty about the global economy remains widespread. The business environment is expected to recover as the spread of COVID-19 subsides to some extent, but a full-fledged recovery is expected to take a considerable amount of time due to concerns about a downturn in overseas economies.」

「Although economic recovery has gained momentum in some overseas countries, uncertainty about the global economy remains widespread. The business environment is expected to recover as the spread of COVID-19 subsides to some extent, but a full-fledged recovery is expected to take a considerable amount of time due to the impact of prolonged supply constraints, higher prices caused by excessive yen depreciation and concerns about a downturn in overseas economies.」

「The business environment is expected to recover as infection-control measures and vaccination programs become more widespread. However, a full-fledged recovery is expected to take a considerable amount of time due to a sharp increase in the number of infected people, the impact of prolonged supply constraints, higher prices caused by the weaker yen and concerns about a downturn in overseas economies.」

「Although economic recovery has gained momentum in some overseas countries, uncertainty about the global economy remains widespread. The business environment is expected to recover as infection-control measures and vaccination programs become more widespread, but infections associated with the emergence of the Omicron variant are currently spreading, and a full-fledged recovery is expected to take a considerable amount of time.」

「Although economic recovery has gained momentum in some overseas countries, uncertainty about the global economy remains widespread. The business environment is expected to recover as infection-control measures and vaccination programs become more widespread, but a full-fledged recovery is expected to take a considerable amount of time.」

「Although economic recovery has gained momentum in some overseas countries, concerns and uncertainty about further deterioration in the global economy are increasing as the infection risk remains difficult to predict.」

「During the first nine months of the current fiscal year, government economic support measures in response to the spread of COVID-19 and improving IT market conditions in the global market provided signs of a gradual recovery in some industries. However, the third wave of COVID-19 caused the global economy and business environment to deteriorate again, and corporate results remained extremely challenging.」

「Although economic recovery has progressed in some regions of the global market, particularly China, Europe, the United States and other countries remain exposed to a resurgence in infections, and concerns and uncertainty about further deterioration in the global economy are intensifying day by day.」

「During the first three months of the current fiscal year, the Japanese economy was severely affected by a sharp slowdown in the global economy resulting from the worldwide spread of COVID-19. The business environment deteriorated markedly, and corporate results remained extremely challenging. Although lockdown measures and other restrictions were gradually eased in Europe, the United States and other countries, the risk of a resurgence in infections was beginning to materialize, and concerns and uncertainty about further deterioration in the global economy were intensifying day by day.」

「However, the deterioration in the Chinese economy began to have a broad impact on the global order environment, and the decline in orders from major related industries caused the group's business results to deteriorate.」

「During the first nine months of the current fiscal year, the Japanese economy saw a clear slowdown in corporate results amid uncertainty in economic conditions stemming from structural changes in the Chinese economy and US-China trade friction, despite improvements in employment and income conditions. Going forward, the confrontation centered on trade friction between the United States and China is expected to be prolonged, while exchange-rate trends such as a weaker Chinese yuan, a decline in personal consumption following the domestic consumption tax rate increase, and geopolitical risks in the Middle East and East Asia are making the outlook extremely difficult to assess.」

「The confrontation centered on trade friction between the United States and China is expected to continue for a considerable period, and the addition of geopolitical risks in the Middle East and East Asia has made the outlook for future economic conditions extremely difficult to assess.」

「On the other hand, the intensifying confrontation between the United States and China, the UK's departure from the EU and continuing geopolitical risks in the Middle East and East Asia have increased concerns about a slowdown in the global economy, casting a shadow over the outlook for the Japanese economy.」

「On the other hand, the outlook for the Japanese economy remains uncertain due to the intensifying trade friction between the United States and China and continuing geopolitical risks in the Middle East and East Asia.」

「On the other hand, trade friction resulting from protectionist policies by the United States has emerged, while geopolitical risks in the Middle East and East Asia remain ongoing, leaving the outlook for the Japanese economy increasingly uncertain.」

「On the other hand, uncertainty in the global economy has increased as protectionist policy developments, particularly in the United States, continue and geopolitical risks in the Middle East and East Asia remain elevated, heightening uncertainty about the outlook for the Japanese economy.」

「On the other hand, uncertainty in the global economy has increased due to growing protectionist sentiment, particularly in the United States, and rising geopolitical risks in the Middle East and East Asia, heightening uncertainty about the outlook for the Japanese economy.」

「On the other hand, uncertainty in the global economy has increased due to the growing protectionist sentiment accompanying the establishment of new administrations in the US and Europe, as well as rising geopolitical risks in the Middle East and East Asia. The outlook for the Japanese economy therefore remains increasingly uncertain.」

「On the other hand, concerns about protectionist economic policies overseas, typified by the policies of the new US administration, have spread. In addition, geopolitical risks in the Middle East and East Asia have increased, adding to uncertainty about the outlook for the global economy and leaving conditions difficult to predict.」

「Uncertainty in the global economy has increased amid developments on new fronts, including the slowdown in emerging-market economies such as China, the UK's departure from the EU and the transition to a new US administration. In connection with this, exchange-rate volatility has also increased, making the outlook for the Japanese economy even more uncertain.」

「Amid heightened uncertainty in the global economy resulting from the slowdown in emerging-market economies, including China, and the UK's departure from the EU, corporate results in Japan were pressured by factors such as the appreciation of the yen, leaving the outlook for the Japanese economy increasingly uncertain and difficult.」

「In addition, as the United Kingdom's departure from the EU emerged as a source of concern for the global economy, the outlook for the Japanese economy remained highly uncertain.」

「In addition to fluctuations in domestic economic conditions, changes in overseas economic conditions and political developments, fluctuations in currency values, social unrest, disasters such as fires, and changes in laws and regulations, including those concerning the group's products and merchandise in areas such as the environment, recycling and food safety, may adversely affect the group's business results and financial position.」