Greater Uncertainty in the Economy and Financial Markets Due to Foreign Exchange and Stock Market Volatility, the Emerging-Market Slowdown and Brexit

「Although further improvement in income conditions is expected, Japan's economic outlook is expected to remain exceptionally uncertain amid the prolonged turmoil in the Middle East and associated fluctuations in crude oil and energy prices, as well as trends in exchange rates and prices.」

「Although Japan's economy continued on a gradual recovery trend against the backdrop of improving employment and income conditions, the outlook remained uncertain due to the prolonged Ukraine conflict, political instability in the Middle East, slower growth in China's economy and changes in US trade policy.」

「Although Japan's economy is expected to continue its gradual recovery against the backdrop of sustained wage growth, the outlook is expected to remain exceptionally uncertain because of numerous concerns, including inflation caused by soaring raw material prices, higher interest rates resulting from changes in monetary policy, and the impact of major changes in US trade policy.」

「Japan's economy during the interim consolidated accounting period remained exceptionally uncertain amid political instability, including the prolonged Ukraine conflict and heightened tensions in the Middle East, slower growth in China's economy, higher prices caused by soaring global raw material prices and energy costs, and unstable financial conditions involving exchange rates and interest rates.」

「In addition to the prolonged Ukraine conflict, heightened tensions in the Middle East, concerns about deterioration in China's economy, and higher prices caused by soaring global raw material prices and yen depreciation, instability in financial conditions centered on Europe and the United States meant that the economic outlook remained exceptionally uncertain.」

「With the easing of restrictions following the reclassification of COVID-19, movement of people in Japan and overseas increased and momentum toward normalization strengthened during the third quarter of the consolidated cumulative period. However, the economic outlook remained exceptionally uncertain amid the prolonged Ukraine conflict, heightened tensions in the Middle East, concerns about deterioration in China's economy, soaring global raw material prices, higher prices caused by yen depreciation and factors including global monetary tightening.」

「As the reclassification of COVID-19 prompted increased movement of people in Japan and overseas, the economy moved toward normalization during the second quarter of the consolidated cumulative period. However, the economic outlook remained exceptionally uncertain amid the prolonged Ukraine conflict, concerns about deterioration in China's economy, soaring global raw material prices, higher prices caused by yen depreciation and factors including global monetary tightening.」

「As restrictions were eased following the reclassification of COVID-19 and the movement of people in Japan and overseas resumed, signs of a steady reopening of social and economic activity emerged during the first quarter of the consolidated cumulative period. However, price increases for various products, utilities and services continued amid soaring global raw material prices due in part to the prolonged Ukraine situation, and financial market instability also persisted, leaving the economic outlook exceptionally uncertain.」

「In addition to repeated price increases for various products, utilities and services caused by soaring raw material prices against the backdrop of heightened global tensions stemming from the Ukraine situation, financial market instability, including overseas financial institution failures, meant that the economic outlook remained exceptionally uncertain.」

「Although economic activity was normalizing as restrictions on daily activities were eased with a view to living with and moving beyond COVID-19, Japan's economy during the third quarter of the consolidated cumulative period faced soaring raw material prices against the backdrop of heightened global tensions stemming from the Ukraine situation. Repeated price increases for various products, utilities and services, together with financial market instability, meant that the economic outlook remained exceptionally uncertain.」

「Although restrictions related to COVID-19 were being eased during the second quarter of the consolidated cumulative period, financial market instability continued amid mounting global tensions, including Russia's invasion of Ukraine, soaring raw material prices and an accelerating yen depreciation resulting from overseas interest-rate hikes. Conditions remained exceptionally uncertain going forward.」

「During the cumulative first-quarter consolidated reporting period, Japan's economy showed signs of a partial recovery as restrictions related to COVID-19 were eased. However, against a backdrop of heightened global tensions arising from Russia's invasion of Ukraine and other factors, supply-side constraints such as higher raw material prices and supply chain disruptions, as well as increased financial market instability, including an excessively weak yen associated with overseas interest-rate hikes, persisted, leaving the economic outlook extremely uncertain and difficult to foresee.」

「Japan's economic outlook is expected to remain exceptionally uncertain, amid the spread of new COVID-19 variants, prolonged supply chain disruptions and rising inflation.」

「As the impact of COVID-19 on economic activity gradually eased during the third quarter of the consolidated cumulative period, the emergence of highly contagious variants caused concern about a renewed spread of infections. The economy remained in a recessionary phase, and conditions remained exceptionally uncertain.」

「Amid the spread of COVID-19 and repeated government declarations of a state of emergency imposing significant restrictions on economic activity, the economy remained in a recessionary phase and conditions remained exceptionally uncertain during the second quarter of the consolidated cumulative period.」

「Japan's economy during the first quarter of the consolidated cumulative period remained in a recessionary phase, with economic activity in Japan and overseas stagnating, private consumption weak and corporate activity contracting due to the spread of COVID-19. Although government measures including vaccinations were progressing, conditions remained exceptionally uncertain, with no clear end in sight, including the issuance of prefecture-level states of emergency following an increase in infections during the fiscal year.」

「Japan's economic outlook is expected to remain exceptionally uncertain, with no clear end in sight for the spread of COVID-19 caused by the emergence of variants, including the issuance of the third state of emergency from 25 April 2021.」

「As the global spread of COVID-19 continued during the third quarter of the consolidated cumulative period, economic activity in Japan and overseas stagnated significantly, private consumption weakened and corporate activity contracted sharply. The economy remained in a recessionary phase, and concerns also arose over the impact of what was viewed as a third wave of infections in Japan. Conditions therefore remained exceptionally uncertain, unprecedented in scale.」

「Although Japan's economy during the consolidated fiscal year was on a gradual recovery trend against the backdrop of improving employment and income conditions, the outlook remained extremely uncertain amid a decline in consumer sentiment following the consumption tax increase in October, an unstable international situation, trade issues, trends in exchange rates and financial markets, uncertainty in overseas economies, and a significant slowdown in economic activity caused by the global spread of COVID-19.」

「Although Japan's economy during the third quarter of the consolidated cumulative period was on a gradual recovery trend against the backdrop of improving employment and income conditions, concerns about an economic slowdown persisted amid the impact of the US-China trade issue and the UK's withdrawal from the EU on the global economy, an unstable international situation, trends in exchange rates and financial markets, uncertainty in overseas economies, and a contraction in domestic consumption following the consumption tax increase, and the outlook remained uncertain.」

「Although Japan's economy during the second quarter of the consolidated cumulative period was on a gradual recovery trend against the backdrop of improving employment and income conditions, concerns about an economic slowdown persisted amid worsening economic sentiment, the prolonged US-China trade issue, the impact of the UK's withdrawal from the EU and other factors on the global economy, an unstable international situation, trends in exchange rates and financial markets, and uncertainty in overseas economies, and the outlook remained uncertain.」

「Japan's economy during the first quarter of the consolidated cumulative period continued on a gradual recovery trend against the backdrop of improving employment and income conditions. However, concerns about an economic slowdown persisted amid the worsening economic sentiment, intensifying bilateral trade friction between the United States and China, the impact of trade issues including the UK's withdrawal from the EU on the global economy, an unstable international situation, trends in exchange rates and financial markets, and uncertainty in overseas economies, and conditions remained highly uncertain going forward.」

「Japan's economy is expected to continue its gradual recovery, but the outlook is likely to remain uncertain amid downside risks to overseas economies and domestic consumption trends, where the impact of a consumption tax increase is a concern.」

「Although an improving trend was also seen in private consumption, caution remained necessary amid an unstable international situation, trade issues, trends in exchange rates and financial markets, and uncertainty in overseas economies, and the economy remained highly uncertain going forward.」

「Although an improving trend was also seen in private consumption, concerns about an economic slowdown persisted amid an unstable international situation, trends in exchange rates and financial markets, and uncertainty in overseas economies, and conditions remained highly uncertain going forward.」

「Although signs of a recovery were also seen in private consumption, concerns about an economic slowdown persisted amid an unstable international situation, trends in exchange rates and financial markets, and uncertainty in overseas economies, and conditions remained highly uncertain going forward.」

「Although signs of a recovery were seen in private consumption, concerns about an economic slowdown persisted amid an unstable international situation, trends in exchange rates and financial markets, and uncertainty in overseas economies, and conditions remained highly uncertain going forward.」

「Although signs of a recovery were seen in private consumption, concerns about an economic slowdown persisted amid an unstable international situation and growing geopolitical risks, and conditions remained highly uncertain going forward.」

「Although Japan's economy during the second quarter of the consolidated cumulative period continued on a gradual recovery trend, supported by the government's economic and monetary policies, concerns about an economic slowdown persisted amid an unstable international situation and growing geopolitical risks.」

「Although Japan's economy during the first quarter of the consolidated cumulative period continued on a gradual recovery trend, supported by various government-led policies and improvements in employment and income conditions, concerns about an economic slowdown persisted amid increasing uncertainty in overseas economies, unstable equity markets and exchange rate movements.」

「Although Japan's economy during the consolidated fiscal year continued on a gradual recovery trend, with corporate earnings and the employment environment improving against the backdrop of various government-led policies, concerns about an economic slowdown persisted amid increasing uncertainty in overseas economies, unstable equity markets and exchange rate movements.」

「Although Japan's economy during the third quarter of the consolidated cumulative period continued on a gradual recovery trend, supported by various government-led policies, concerns about an economic slowdown persisted amid increasing uncertainty in overseas economies, unstable equity markets and exchange rate movements.」

「Although Japan's economy during the second quarter of the consolidated cumulative period continued on a gradual recovery trend, supported by various government-led policies, concerns about an economic slowdown persisted amid the yen's appreciation, unstable share prices, China's economic slowdown and the UK's decision to leave the EU.」

「Although Japan's economy during the first quarter of the consolidated cumulative period continued on a gradual recovery trend, supported by various government-led policies, concerns about an economic slowdown persisted amid unstable movements in exchange rates and share prices, slower growth in emerging economies, and financial market turmoil following the UK's decision to leave the EU.」