Uncertainty about the outlook amid weak stock markets and continued yen appreciation

「During the interim accounting period, Japan’s economy remained on a gradual recovery trend, supported by improvements in employment and income conditions and growing inbound demand. At the same time, inflation driven by higher crude oil prices and labor costs has persisted, while the recovery in private consumption remains lacking in strength, and the outlook for the economy therefore remains uncertain.」

「At the same time, uncertainty remains due to developments in U.S. trade policy, volatility in financial and capital markets, rising international tensions, and weakening consumer sentiment caused by higher prices.」

「However, uncertain conditions continue, including the risk of an economic slowdown caused by US tariff policies and a deterioration in consumer sentiment due to rising prices.」

「The issues to be addressed include the uncertain global economy resulting from the new US administration's tariff review and the advent of an ultra-aged society, known as the 2025 problem, in which one-third of Japan's population will be aged 65 or over. In addition, various issues, including rising prices, surging labour costs and difficulties in recruitment, persist, and difficult conditions continue.」

「Meanwhile, the food-service industry continued to face uncertain conditions due to unstable international conditions, rising resource prices and general prices, and chronic labour shortages.」

「During the fiscal year, restrictions on socioeconomic activity due to COVID-19 were lifted. However, unstable international conditions and the yen's depreciation became entrenched, and concerns over a resurgence of infections caused by new variants also remained, leaving the domestic economy uncertain.」

「During the cumulative third-quarter period, restrictions on socioeconomic activity due to COVID-19 were lifted. However, unstable international conditions and the yen's depreciation became entrenched, and the domestic economy remained uncertain.」

「Although domestic and inbound demand in the food-service industry has shown signs of recovery following the easing of activity restrictions, difficult operating conditions continue due to the sharp increases in raw-material and utility costs and chronic labour shortages, among other factors, and economic activity going forward remains uncertain.」

「During the cumulative first-quarter period, the difficult conditions caused by COVID-19 gradually eased and signs of recovery emerged. However, the situation continued to require close monitoring as rising resource prices and general prices were compounded by chronic labour shortages.」

「During the fiscal year, the difficult conditions caused by COVID-19 gradually eased and signs of recovery emerged. However, the outlook for the economy remained uncertain due to concerns over a resurgence of infections caused by new variants, resource-price and general price increases resulting from Russia's invasion of Ukraine, and sharp fluctuations in exchange rates.」

「During the cumulative third-quarter period, the Japanese economy's recovery remained uncertain due to the effects of geopolitical risks including Russia's invasion of Ukraine, which caused crude oil and other energy resources and raw material prices to surge, as well as the yen's depreciation.」

「Although corporate activity and personal consumption showed signs of recovery despite difficult conditions, banquet cancellations at the company increased during the seventh wave from July onward, causing a significant impact. In addition, geopolitical risks including Russia's invasion of Ukraine caused crude oil and other energy resources and raw material prices to surge, while the yen depreciated, and the outlook remained uncertain.」

「During the cumulative first-quarter period, the impact of COVID-19 continued for an extended period. In addition, geopolitical risks including Russia's invasion of Ukraine caused crude oil and other energy resources and raw material prices to surge, while the yen depreciated, and the outlook remained uncertain.」

「The issues to be addressed include the unforeseeable timing of the end of the COVID-19 outbreak, Russia's invasion of Ukraine and surging resource prices, which have heightened uncertainty over the economic outlook, and the situation continues to require close monitoring.」

「During the cumulative third-quarter period, declarations of a state of emergency and priority preventive measures were issued intermittently due to the spread of COVID-19, restricting economic activity for an extended period. In addition, the situation continued to require close monitoring amid concerns over a resurgence of infections.」

「During the cumulative second-quarter period, declarations of a state of emergency and priority preventive measures were issued intermittently due to the spread of COVID-19, restricting economic activity for an extended period. In addition, as the timing of the end of the outbreak remained unforeseeable, the situation continued to require close monitoring.」

「During the cumulative first-quarter period, Japan's economy deteriorated further as a result of declarations of a state of emergency and priority preventive measures issued due to the spread of COVID-19, and the situation continued to require close monitoring.」

「As the timing of the end of the outbreak remains unforeseeable, the outlook remains uncertain and concerns persist over a prolonged economic impact.」

「In addition to unstable political and economic conditions, including US-China trade friction, the UK's withdrawal from the EU and deteriorating Japan-South Korea relations, the spread of COVID-19 increased concerns over a global economic slowdown, and the economic outlook remained uncertain.」

「During the cumulative third-quarter period, the Japanese economy continued on a moderate recovery track against the backdrop of improvements in the employment and income environment resulting from the effects of economic policies. However, the outlook remained uncertain due to unstable political and economic conditions, including intensifying US-China trade friction, the UK's withdrawal from the EU and deteriorating Japan-South Korea relations.」

「During the cumulative second-quarter period, the Japanese economy remained on a moderate recovery track against the backdrop of improvements in corporate earnings, employment and the income environment. However, concerns over the impact on the global economy of prolonged US-China trade issues and the UK's withdrawal from the EU meant that the outlook remained uncertain.」

「During the cumulative first-quarter period, the Japanese economy continued on a moderate recovery track as employment and the income environment improved. However, uncertainty in the operation of policies by the US administration and trade issues had a significant impact on the global economy, leaving the outlook uncertain.」

「Meanwhile, the international situation remained highly uncertain and continued to require close monitoring due to US-China trade issues, political turmoil in major European countries and heightened geopolitical risks in neighbouring countries.」

「During the cumulative third-quarter period, the Japanese economy continued on a moderate recovery track, with improvements in corporate earnings and employment conditions due to the government's economic policies and the Bank of Japan's monetary easing. However, the outlook remained uncertain due to US policy developments and the effects of the Chinese and other emerging-market economies.」

「During the cumulative second-quarter period, the Japanese economy showed improvements in the employment and income environment and a moderate recovery in corporate performance. However, the outlook remained uncertain due to the effects of trade-policy issues centred on the United States and heightened geopolitical risks in neighbouring countries.」

「During the cumulative first-quarter period, the Japanese economy saw improvements in corporate earnings and the employment and income environment, and the economy continued to recover moderately. However, the outlook remained uncertain due to the effects of unstable US policies and the impact on financial and capital markets of increased geopolitical risks in East Asia.」

「During the fiscal year, the Japanese economy was on a moderate recovery track, with improvements in corporate earnings and employment conditions due to the government's economic policies. However, uncertainty in overseas economies increased because of geopolitical risks involving North Korea and the situation in the Middle East, the UK's withdrawal from the EU and policy changes in the United States. Uncertainty over the outlook therefore remained pronounced, and the situation continued to require close monitoring.」

「However, the outlook has remained uncertain due to US policy developments and heightened geopolitical risks in neighbouring countries.」

「However, concerns over overseas political conditions and economic uncertainty have left the outlook uncertain.」

「During the cumulative first-quarter period, the Japanese economy remained in an uncertain situation, although corporate earnings and employment conditions improved moderately, due to concerns over the situation in Europe and the policies of the new US administration, as well as uncertainty in emerging Asian economies, particularly China.」

「During the fiscal year, the Japanese economy remained on a moderate recovery track as a result of economic policies, monetary easing and other measures implemented by the government and the Bank of Japan. However, uncertainty in overseas economies increased due to an economic slowdown in emerging Asian economies, particularly China, the UK's withdrawal from the EU and policy changes in the United States, leaving the outlook uncertain.」

「During the cumulative third-quarter period, the Japanese economy remained in an uncertain situation due to unstable stock prices and exchange rates resulting from changes in the international situation, as well as sluggish personal consumption, despite signs of improvement in employment conditions.」

「The economy remained in an uncertain situation amid the stock market's lacklustre performance and the yen's appreciation.」

「The economy remained in an uncertain situation amid the sluggish stock market and the yen's appreciation.」