Uncertainty over the outlook due to instability in equity and foreign exchange markets, slowing growth in emerging markets, and other factors

「Japan's economy during the interim consolidated accounting period was on a gradual recovery trend, supported by improvements in employment and income conditions and the effects of various policies. However, the outlook remained uncertain due to the situation in the Middle East, natural disasters, fluctuations in financial and capital markets and continued price increases.」

「For domestic consumption, concerns remain that downside risks to consumer sentiment from heightened tensions in Japan-China relations, geopolitical risks and U.S. trade policy may affect consumption, and the outlook remains uncertain.」

「The outlook is expected to remain difficult to predict, amid concerns over developments in U.S. trade policy, heightened geopolitical risks, continued price increases and volatility in the financial and capital markets.」

「However, many sources of concern remain, including the risk of an economic downturn resulting from the impact of U.S. trade policy and the impact of continued price increases on consumer sentiment, leaving the outlook uncertain.」

「The economic outlook is expected to improve as vaccination and other infection-control measures become widespread and the effects of various government and local-government policies take hold. However, many sources of concern remain, including prolonged international tensions, disruptions to global supply chains, downside risks arising from raw-material prices, and volatility in the financial markets, and uncertainty over the outlook is expected to persist.」

「However, the outlook remains uncertain due to the prolonged external situation, rising international raw-material prices, and rising prices resulting from higher import costs caused by the weaker yen.」

「During the current fiscal year, Japan's economy continued to recover gradually as social and economic activity normalized following the lifting of COVID-19-related restrictions. However, the outlook remained uncertain due to many concerns, including external developments whose future course is uncertain and soaring energy and raw-material prices and rising prices.」

「During the third quarter of the current consolidated cumulative period, Japan's economy continued to recover gradually as social and economic activity moved toward normalization following the lifting of COVID-19-related restrictions. However, the economic outlook remains uncertain due to the risk of downturns in domestic and overseas economies arising from global monetary tightening and concerns over the outlook for the Chinese economy, as well as the impact of rising prices, the situation in the Middle East, and volatility in the financial and capital markets.」

「During the second quarter of the current consolidated cumulative period, Japan's economy generally remained on a gradual recovery path, with signs of a recovery in personal consumption following the lifting of COVID-19-related restrictions on activity. Although the recovery is expected to continue, the outlook remains uncertain due to the risk of a downturn caused by global monetary tightening and concerns over overseas economies, particularly China, as well as the impact of rising prices and volatility in the financial and capital markets.」

「However, many sources of concern remained, including the risk of a downturn in overseas economies due to global monetary tightening, soaring energy and raw-material prices, and rising prices, leaving the outlook uncertain.」

「During the third quarter of the current consolidated cumulative period, Japan's economy gradually recovered, partly due to the effects of various COVID-19 measures. However, as global monetary tightening continued, many factors threatened to weigh on the economy, including the risk of a downturn in overseas economies, soaring energy and raw-material prices due to international tensions, supply-side constraints, and volatility in the financial and capital markets, and the outlook remained uncertain.」

「During the second quarter of the current consolidated cumulative period, Japan's economy remained in an extremely difficult situation not experienced in recent years, with the outlook uncertain as many factors threatened to weigh on the economy, including the lack of signs that the spread of COVID-19 had subsided, downside risks to overseas economies arising from global tensions, and the impact of supply constraints and soaring prices for raw materials.」

「During the first quarter of the current consolidated cumulative period, Japan's economy showed signs of recovery as economic and social activity normalized amid the spread of measures to prevent COVID-19 infections. However, many sources of concern remain, including rising prices and the risk of volatility in the financial and capital markets, amid concerns over the impact of a resurgence of infections in China and the prolonged situation in Ukraine, and conditions remain difficult to predict.」

「The economic outlook is expected to improve as vaccination and other infection-control measures become widespread and the effects of various government and local-government policies take hold. However, many sources of concern remain, including prolonged international tensions, disruptions to global supply chains, downside risks arising from raw-material prices, and volatility in the financial markets, and uncertainty over the outlook is expected to persist.」

「As vaccination against COVID-19 became widespread and the states of emergency and priority preventive measures that had been declared intermittently, particularly in major cities, were lifted at the end of September 2021, expectations for a recovery in economic activity increased. However, concerns remain over downside risks arising from the impact of new variants, supply-side constraints, and trends in raw-material prices, and the outlook is expected to remain uncertain.」

「Going forward, measures to prevent the spread of infection, including the promotion of vaccinations, are expected to support a recovery in the economy through the effects of various policies and improvements in overseas economies. However, the outlook remains uncertain and conditions are expected to remain difficult to predict due to the impact of the pandemic on supply chains and volatility in the financial and capital markets.」

「Going forward, vaccination progress is expected to strengthen the economy's self-sustaining recovery, but the end of the pandemic remains uncertain, and concerns over volatility in the financial and capital markets even after the pandemic subsides mean that the economic outlook is expected to remain uncertain.」

「However, many concerns remain, including the direction of fiscal and monetary policy after the COVID-19 pandemic subsides, and the outlook is expected to remain uncertain.」

「After the state of emergency was lifted, social and economic activity resumed in stages and signs of a gradual recovery began to emerge. However, concerns over a further spread of the infection mean that uncertainty over the outlook persists.」

「During the first quarter of the current consolidated cumulative period (1 March 2020 to 31 May 2020), Japan's economy deteriorated rapidly as the spread of COVID-19 significantly restricted economic activity in countries around the world, and extremely difficult conditions are expected to continue going forward.」

「Overseas, concerns over developments in U.S.-China trade friction, the outlook for the Chinese economy, and the situation in the Middle East have left the outlook uncertain.」

「Overseas, the outlook remains uncertain due to the prolonged trade friction between the United States and China, concerns over a slowdown in the Chinese economy, and uncertainty surrounding the United Kingdom's withdrawal from the EU.」

「Meanwhile, the outlook remains uncertain due to developments in the prolonged U.S.-China trade dispute, concerns over a slowdown in the Chinese economy, and the impact of volatility in the financial and capital markets.」

「Meanwhile, concerns over the impact of a slowdown in the Chinese economy on the global economy due to escalating U.S.-China trade friction, as well as signs that the domestic economy is beginning to stagnate, have left the outlook uncertain.」

「However, concerns over escalating trade friction resulting from U.S. trade policy, developments in the Chinese economy, and the impact of volatility in the financial and capital markets have left the outlook uncertain.」

「Meanwhile, concerns over the impact of escalating trade friction between the United States and China on the global economy, as well as volatility in the financial and capital markets, have left the outlook uncertain.」

「Although corporate earnings and employment and income conditions continued to improve and the economy remained on a gradual recovery path, concerns over the impact of trade friction resulting from U.S. trade policy on the global economy have left the outlook uncertain.」

「However, the outlook for the economy remains uncertain due to concerns over a slowdown in emerging-market economies, including China, and geopolitical risks, as well as a global stock-market sell-off and the ongoing appreciation of the yen triggered by rising U.S. interest rates.」

「However, the outlook for the economy remains uncertain due to developments in U.S. policy, heightened geopolitical risks in the Middle East and North Korea, and concerns over a slowdown in emerging-market economies, including China.」

「However, the outlook remains uncertain due to the impact of US policy management, concerns about a slowdown in emerging economies and rising geopolitical risks.」

「During the three-month period ended 31 May 2017 (1 March 2017 to 31 May 2017), Japan's economy remained on a gradual recovery trend, with corporate earnings and employment conditions continuing to improve against a backdrop of various government economic policies. However, the outlook remained uncertain due to the impact of US policy management and political conditions in Europe, as well as rising geopolitical risks.」

「However, uncertainty about the outlook remains due to concerns about slower growth in the Chinese economy and the UK's EU withdrawal issue, as well as rising uncertainty over policy under the new US administration.」

「During the six-month period ended 31 August 2016 (1 March 2016 to 31 August 2016), Japan's economy remained on a gradual recovery trend, with employment and income conditions continuing to improve as a result of various government economic policies. However, the outlook remained uncertain due to concerns about an economic downturn accompanying slower growth in emerging Asian economies, including China, the rapid appreciation of the yen and decline in share prices, and the impact of the UK's EU withdrawal issue on overseas economies.」

「Against a backdrop of unstable movements in the equity and foreign exchange markets since the beginning of the year, private consumption remained weak and signs of weakening corporate earnings also emerged, giving the domestic economy the appearance of stagnating. In addition, uncertainty about the outlook remains due to concerns about an economic downturn accompanying slower growth in emerging economies, particularly China, and the impact of the Kumamoto Earthquake on the domestic economy.」