Economic Uncertainty and Weak Personal Consumption

「Japan's economy during the current interim consolidated accounting period has been recovering moderately, while personal consumption has remained firm against a backdrop of improving employment and income conditions despite the continued effects of rising prices. Corporate earnings have remained at a high level, and capital investment has steadily increased, indicating a moderate economic recovery.」

「継続する物価高による価格感度の高まりと消費への影響に加え、業種・業態の垣根や地域を越えた競争の激化、人件費及び各種コストの上昇等、企業運営を取り巻く環境は予断を許さない状況が続いております。」

「Looking ahead at Japan's economic outlook, continued wage increases, the government's economic measures and the rise in food prices are expected to run their course, and the economy is expected to recover on the back of expanded personal consumption and other factors.」

「Japan's economy during the current interim consolidated accounting period entered a moderate recovery trend. Meanwhile, the outlook remained uncertain due to sharp fluctuations in share prices and exchange rates, rising geopolitical risks, and uncertainty in the global economy.」

「Japan's economy during the first quarter of the current consolidated cumulative period entered a moderate recovery trend, although some stagnation was observed. Meanwhile, the outlook remained uncertain due to the effects of the weaker yen, geopolitical risks and uncertainty in the global economy.」

「Looking ahead at Japan's economic outlook, a full-fledged recovery in inbound demand is expected, together with the prospect of wage increases exceeding price growth, and the economy is expected to recover on the back of expanded personal consumption and other factors.」

「Japan's economy during the third quarter of the current consolidated cumulative period remained uncertain due to continued inflation, an economic slowdown resulting from global monetary tightening, the effects of the weaker yen, the prolonged Russian invasion of Ukraine and heightened tensions in the Middle East. Meanwhile, as domestic socioeconomic activity normalized following the reclassification of COVID-19 under the Infectious Diseases Control Law and the lifting of restrictions on activity, the economic growth rate remained firm despite some signs of stagnation, and corporate earnings were generally strong.」

「Japan's economy during the second quarter of the current consolidated cumulative period remained uncertain due to continued inflation caused by persistently high resource prices, an economic slowdown resulting from global monetary tightening, and the effects of the weaker yen. However, as domestic socioeconomic activity moved toward normalization following the reclassification of COVID-19 under the Infectious Diseases Control Law and the lifting of restrictions on activity, the economic growth rate for April to June remained firm and corporate earnings performed well.」

「Japan's economy during the first quarter of the current consolidated cumulative period remained uncertain due to continued inflation caused by higher resource prices amid geopolitical instability, financial instability led by the United States, an economic slowdown resulting from global monetary tightening, and the effects of the weaker yen. However, socioeconomic activity normalized further following the reclassification of COVID-19 under the Infectious Diseases Control Law and the lifting of restrictions on activity, while the recovery in personal consumption and inbound demand provided support, and both the Group's revenue and profit exceeded the previous fiscal year's results.」

「Meanwhile, cost-push inflation driven by higher resource prices amid geopolitical instability, a global economic slowdown including in Europe and the United States, and the effects of the weaker yen have kept the outlook uncertain.」

「Meanwhile, cost-push inflation driven by higher resource prices amid geopolitical instability, the risk of recession in Europe and the United States, and the rapid depreciation of the yen have kept the outlook uncertain.」

「During the first half of the current consolidated fiscal period, efforts were made to prevent the spread of COVID-19 and normalize socioeconomic activity, but the outlook remained uncertain due to the prolonged situation in Ukraine and the resulting surge in resource prices, restrictions on economic activity in China to contain the spread of COVID-19, and the rapid depreciation of the yen.」

「During the first quarter of the current consolidated fiscal period, Japan's economic outlook remained uncertain. Although there were signs of progress toward normalizing economic activity, including COVID-19 booster vaccinations and the lifting of quasi-emergency measures, tensions surrounding Ukraine and soaring resource prices continued to weigh on the outlook.」

「During the first nine months of the current consolidated fiscal period, Japan's economy saw some recovery in services consumption and other areas after the state of emergency was lifted at the end of September, although the recovery remained weak. While the risk of another resurgence of COVID-19 in Japan cannot be dismissed given conditions around the world, an economic recovery is also expected as policies and measures addressing the risk progress and economic activity normalizes overseas under living with COVID-19.」

「During the first half of the current consolidated fiscal period, Japan's economic outlook remained uncertain due to the rapid resurgence of COVID-19 variants, despite some signs of recovery in employment conditions and corporate earnings.」

「During the first quarter of the current consolidated fiscal period, Japan's economic outlook remained uncertain as the recovery in corporate activity and personal consumption was delayed by the resurgence of COVID-19. In this economic environment, demand for eating at home generated by the pandemic continued to support the food supermarket industry, the group's business area, and remained firm. However, personal income and consumer sentiment continued to decline, and the food supermarket industry is expected to inevitably be affected by these factors going forward.」

「During the first nine months of the current consolidated fiscal period, Japan's economy remained in a difficult situation as corporate activity and personal consumption stagnated due to the COVID-19 pandemic. From November onward, cases surged nationwide, resulting in what was described as a third wave of infections, leaving the future economic outlook uncertain.」

「During the first half of the current consolidated fiscal period, Japan's economy faced a severe test as corporate activity and personal consumption stagnated due to the COVID-19 pandemic, with GDP growth in April–June recording the largest decline in the postwar period. From mid-June, a situation described as a second wave of infections emerged, with cases surging in urban areas and spreading nationwide, leaving the future economic outlook uncertain.」

「During the first quarter of the current consolidated fiscal period, Japan's economy was in an extremely difficult situation as economic activity stagnated due to the COVID-19 pandemic. Following the declaration of a state of emergency on 7 April, requests were issued to refrain from business activities and going out, further intensifying concerns over deteriorating corporate earnings and lower income. Economic uncertainty increased.」

「During the current consolidated fiscal year, Japan's economy lacked strength, particularly in exports, due to the impact of prolonged US–China trade friction and slowing overseas economies. Although employment conditions were improving and prices were stabilizing, personal consumption remained weak following the consumption tax increase implemented in October 2019. In addition, the expanding impact of the COVID-19 pandemic left further unstable factors in the future economic outlook.」

「During the first nine months of the current consolidated fiscal period, Japan's economy lacked strength, particularly in exports, due to the impact of prolonged US–China trade friction and slowing overseas economies. Although employment conditions were improving and prices were stabilizing, consumer purchasing patterns had changed following the consumption tax increase implemented in October 2019, raising concerns about the impact on personal consumption. Unstable factors remained in the future economic outlook.」

「During the first half of the current consolidated fiscal period, exports, particularly, remained weak due to the impact of slowing overseas economies, including intensifying US–China trade friction. Although employment conditions were improving and prices were stabilizing, personal consumption remained weak. In addition, many unstable factors remained in the future economic outlook, including concerns that the consumption tax increase implemented in October 2019 could affect consumption trends, making the outlook less than optimistic.」

「During the first quarter of the current consolidated fiscal period, Japan's economy was generally on a gradual recovery trend, although the decline in exports caused by slowing overseas economies, particularly China, was affecting corporate performance, capital investment and other areas. Employment conditions were improving and prices were stabilizing, but personal consumption remained weak. There were also many unstable factors affecting the future economic outlook, including concerns that the consumption tax increase scheduled for this autumn could affect consumption trends, making the outlook less than optimistic.」

「During the first nine months of the current consolidated fiscal period, Japan's real GDP growth in July–September turned negative for the first time in two quarters. Corporate earnings remained solid and capital investment continued to trend upward. Meanwhile, although real income increased as employment conditions improved, personal consumption remained stagnant.」

「During the first half of the current consolidated fiscal period, Japan's economy saw real GDP growth in April–June turn positive for the first time in two quarters. Capital investment was trending upward as corporate earnings remained solid. Meanwhile, although real income increased as employment conditions improved, personal consumption remained stagnant.」

「During the first quarter of the current consolidated fiscal period, Japan's economy slowed, with real GDP growth in January–March turning negative for the first time in nine quarters. Although corporate earnings were improving, capital investment slowed due to the impact of higher personnel expenses, rising crude oil prices and other factors. Personal consumption, meanwhile, continued to recover gradually, although it lacked strength.」

「Despite sluggish wage growth and a higher social insurance burden, employment conditions continue to improve and personal consumption is gradually recovering.」

「Personal consumption has been gaining resilience against a backdrop of steady improvement in employment and income conditions. However, the shift away from deflationary sentiment has yet to occur, as wage growth is concentrated among non-regular employees and uncertainty about the future persists. Companies also remain cautious about raising prices, and consumer prices excluding energy have remained weak.」

「In addition to the January–March economic growth rate recording positive growth for the fifth consecutive quarter, personal consumption has shown signs of recovery as employment and income conditions improve.」

「Disposable income has been pressured by sluggish regular-employee wages and higher social insurance premiums, while future uncertainty arising from a review of the social security system and other factors has strengthened reluctance to spend, particularly among households with children and older people. Combined with the impact of adverse weather, personal consumption has continued to fluctuate.」

「Although the employment environment continues to improve, personal consumption has remained stagnant due to restrained household spending reflecting uncertainty about the outlook and future uncertainties such as a review of the social security system, as well as the impact of adverse weather.」

「Although the employment environment continues to improve, growth in total cash earnings lacks momentum, while consumer prices have remained between zero and slightly negative. Against this backdrop of an uncertain economic outlook, personal consumption has remained weak.」

「The real economy remains stagnant, as personal consumption continues to show weakness due to slower wage growth and uncertainty over the economic outlook.」