Uncertainty over the outlook due to yen appreciation and sluggish personal consumption

「On the other hand, uncertainty about the outlook has continued because of persistently high raw-material prices and energy costs, elevated prices, the impact of U.S. trade policy on economic trends, and chronic labor shortages and rising labor costs in the tourism business.」

「On the other hand, the outlook is difficult to predict because of chronic labor shortages and rising labor costs in the tourism business, higher resource and raw-material prices resulting from inflation, a preference for thrift, weaker consumer sentiment and the impact of U.S. reciprocal tariffs on economic trends.」

「On the other hand, uncertainty about the outlook has persisted because of higher resource and raw-material prices resulting from rising prices, a preference for thrift and weaker consumer sentiment.」

「On the other hand, uncertainty about the outlook has persisted because of the prolonged elevation of resource and raw-material prices, weaker consumer sentiment accompanying rising prices, changes in consumer behavior and values during the pandemic, and chronic labor shortages in the tourism business.」

「However, uncertainty about the outlook has persisted because of soaring raw-material prices resulting from higher resource prices, rising prices, changes in consumer behavior and values during the pandemic, and chronic labor shortages in the tourism business.」

「The normalization of economic activity progressed as COVID-19 was reclassified as a Class 5 infectious disease, and the economy continued to show signs of a gradual recovery alongside a recovery in personal consumption. In Japan, opportunities to go out increased as the activity restrictions imposed during the pandemic were lifted, while entry restrictions from overseas were also lifted and the number of foreign visitors continued to rise. However, uncertainty about the outlook has persisted because of soaring raw-material prices resulting from higher resource prices, rising prices and changes in consumer behavior and values during the pandemic.」

「In Japan, responses have been reviewed while efforts to prevent the spread of infections continue, and the number of foreign visitors has been trending upward as travel-support measures continue and restrictions on entry from overseas and other measures are lifted or eased. Nevertheless, the outlook for the economy remains uncertain because of soaring raw-material prices resulting from higher resource prices and the effects of rising prices.」

「However, concerns about the outlook remain, including soaring raw-material prices resulting from higher resource prices and the potential renewed spread of COVID-19, whose containment cannot yet be foreseen.」

「However, concerns about the outlook remain, including soaring raw-material prices resulting from higher resource prices, economic deterioration caused by the yen's depreciation and the potential renewed spread of COVID-19.」

「The Japanese economy during the cumulative first quarter under review remained uncertain, owing to the continued impact of COVID-19, the ongoing depreciation of the yen, higher resource prices and concerns about a global economic slowdown resulting from reduced monetary easing in the developed economies, including the United States.」

「In the latter half of the consolidated fiscal year under review, signs of recovery had emerged in the tourism business as the fifth wave of COVID-19 subsided. However, with the reintroduction of priority preventive measures and other actions accompanying the rapid expansion of the current sixth wave, the impact on the tourism business is expected to continue for some time as people refrain from nonessential travel.」

「The Japanese economy during the cumulative second quarter under review continued to stagnate and deteriorate as a result of the fifth wave of COVID-19 infections. From mid-July onward, states of emergency were declared mainly in the Tokyo metropolitan area, and as the number of infections subsequently surged, the declaration was expanded to 21 prefectures.」

「The Japanese economy during the cumulative first quarter under review stagnated and deteriorated as a result of the fourth wave of COVID-19 infections.」

「The Japanese economy during the consolidated fiscal year under review became increasingly severe as COVID-19 raged around the world. The weakness in consumer-related sectors, which were particularly hard hit by COVID-19, was especially pronounced, creating an extremely difficult market environment for the tourism-related industry as restrictions on consumer activity continued. Overseas, infections spread markedly, and inbound demand contracted sharply because of travel restrictions.」

「The Japanese economy during the cumulative third quarter under review became increasingly severe as COVID-19 spread nationwide. The spread of infections also failed to subside in countries around the world, and uncertainty about the outlook increased as the effectiveness of vaccines remained difficult to assess.」

「The Japanese economy during the cumulative second quarter under review was in an extremely severe situation as a result of the global COVID-19 pandemic. Serious outbreaks continued around the world, and uncertainty over the outlook intensified amid the effects of travel restrictions and lockdowns. In Japan, after the number of new infections showed signs of settling following the lifting of the state of emergency in June, it began rising again in July. Calls to refrain from going out, shortened summer holidays and the successive cancellation of events, together with stagnant growth in real income and continued consumer thrift, caused personal consumption to weaken」

「The economy continued to deteriorate rapidly as a result of the global COVID-19 pandemic, reaching an extremely severe situation. In April, the government's declaration of a state of emergency led to the unprecedented situation of severe restrictions on economic activity. Although restrictions have been lifted gradually since the declaration was lifted, concerns about a second wave of infections remain, and the outlook continues to be uncertain.」

「Overseas, uncertainty over the outlook remains elevated due to the slowdown in the Chinese economy, developments in U.S.-China trade relations, the United Kingdom’s EU withdrawal issue, worsening Japan-South Korea relations, and the global spread of COVID-19. Although expectations for an expansion in personal consumption remain, consumption lacks momentum due to stagnant real income and continued consumer thrift. The environment surrounding the Group remains difficult due to the declaration of a state of emergency and requests to refrain from going out in response to the spread of COVID-19.」

「During the nine-month period ended the third quarter, Japan’s economy continued to recover moderately, with corporate earnings and employment conditions improving. However, changes in the natural environment, including typhoons and a lack of snow, had a significant impact on domestic economic conditions, while overseas, uncertainty over the outlook remained elevated due to the slowdown in the Chinese economy, developments in U.S.-China trade relations, the United Kingdom’s EU withdrawal issue, and worsening Japan-South Korea relations. Although expectations for an expansion in personal consumption remain, consumption lacks momentum due to post-tax-hike consumer restraint, stagnant real income, and continued consumer thrift.」

「Overseas, uncertainty over the outlook remains elevated due to the slowdown in the Chinese economy, developments in U.S.-China trade relations, the United Kingdom’s EU withdrawal issue, and worsening Japan-South Korea relations. Although expectations for an expansion in personal consumption remain, consumption lacks momentum due to stagnant real income and continued consumer thrift.」

「Overseas, uncertainty over the outlook remains elevated due to the slowdown in the Chinese economy, developments in U.S.-China trade relations, and the impact of the United Kingdom’s EU withdrawal issue. Although expectations for an expansion in personal consumption remain, consumption lacks momentum due to stagnant real income and continued consumer thrift, and the company has yet to experience full-fledged, stable growth. The environment surrounding the Group therefore remains difficult.」

「During the nine-month period ended the third quarter, Japan’s economy continued to recover moderately, with corporate earnings and employment conditions improving. However, abnormal weather and earthquakes had a significant impact on domestic economic conditions, while overseas, the intensifying U.S.-China trade friction and the impact of the United Kingdom’s EU withdrawal issue left uncertainty over the outlook elevated. Although expectations for an expansion in personal consumption remain, consumption lacks momentum due to stagnant real income and continued consumer thrift, and the company has yet to experience full-fledged, stable growth. The environment surrounding the Group therefore remains difficult.」

「During the six-month period ended the second quarter, Japan’s economy continued to recover moderately, with corporate earnings and employment conditions improving partly due to the effects of the government’s economic policies. However, abnormal weather, including record heat, typhoons, and torrential rain, as well as earthquakes, had a significant impact on domestic economic conditions. Overseas, protectionist policies by the U.S. administration became increasingly hardline, and trade friction with China was expected to intensify, leaving uncertainty over the outlook elevated. Although expectations for an expansion in personal consumption remain, consumption lacks momentum due to stagnant real income and continued consumer thrift, and the company has yet to experience full-fledged, stable growth. The environment surrounding the Group therefore remains difficult.」

「Overseas, protectionist policies by the U.S. administration have become increasingly hardline, and trade friction is expected to intensify, leaving uncertainty over the outlook elevated. Although expectations for an expansion in personal consumption remain, consumption lacks momentum due to stagnant real income and continued consumer thrift.」

「During the fiscal year, Japan’s economy continued to recover moderately, with corporate earnings and employment conditions improving, partly due to the effects of the government’s economic policies. However, uncertainty over the outlook remains elevated due to the impact of policy developments in the U.S. and Europe, the impact of instability in Asia and the Middle East on crude oil prices, downside risks to emerging-market economies, and rising geopolitical risks. Although expectations for an expansion in personal consumption remain, consumption lacks momentum because of continued consumer thrift, and the company has yet to experience full-fledged, stable growth. The environment surrounding the Group therefore remains difficult.」

「During the nine-month period ended the third quarter, Japan’s economy continued to recover moderately, with corporate earnings and employment conditions improving, including an increase in capital investment, partly due to the effects of the government’s economic policies. However, uncertainty over the outlook remains elevated due to the impact of future U.S. policies and rising geopolitical risks related to the situation surrounding North Korea. Although expectations for an expansion in personal consumption remain, consumption lacks momentum because of continued consumer thrift, and the company has yet to experience full-fledged, stable growth. The environment surrounding the Group therefore remains difficult.」

「During the six-month period ended the second quarter, Japan’s economy continued to recover moderately, with corporate earnings and employment conditions improving in some areas against the backdrop of the government’s economic policies. However, uncertainty over the outlook remains elevated due to U.S. policy management, unstable political conditions in European countries, and rising geopolitical risks. Although expectations for an expansion in personal consumption remain, consumption lacks momentum because of continued consumer thrift, and the company has yet to experience full-fledged, stable growth. The environment surrounding the Group therefore remains difficult.」

「Although expectations for an expansion in personal consumption remain, consumption lacks momentum due to continued consumer thrift, and the company has yet to experience full-fledged, stable growth. The environment surrounding the Group therefore remains difficult.」

「Uncertainty over the outlook has intensified due to the impact of an unstable global economy, including the United Kingdom’s EU withdrawal issue, developments since the U.S. presidential election, and the slowdown in emerging-market economies such as China. Although expectations for an expansion in personal consumption remain, consumer sentiment has been weakening as real income remains stagnant and consumer thrift continues due to higher tax and social insurance burdens.」

「Uncertainty over the outlook has intensified due to the impact of developments since the U.S. presidential election and an unstable global economy, including the slowdown in emerging-market economies such as China. Although expectations for an expansion in personal consumption remain, consumer sentiment has been weakening as real income remains stagnant and consumer thrift continues due to higher tax and social insurance burdens.」

「Uncertainty over the outlook has intensified due to the impact of yen appreciation, the slowdown in the Chinese economy, and an unstable global economy. Although expectations for an expansion in personal consumption remain, consumer sentiment has been weakening as personal consumption remains subdued due to rising consumer prices, higher tax and social insurance burdens, stagnant real income, and continued consumer thrift.」

「The economic outlook has become uncertain as the stock market remained sluggish and the yen appreciated, slowing the pace of improvement in corporate earnings. Personal consumption also remained weak due to stagnant growth in real income and continued consumer thrift.」