Risks from Slower Growth in China and Emerging Markets, Yen Appreciation, and Capital Market Instability

「Meanwhile, uncertainty persisted due in part to higher resource prices and supply constraints resulting from the situation in the Middle East.」

「Price inflation was prolonged by soaring energy and raw material prices resulting from heightened tensions in the Middle East. The outlook remained uncertain amid the ongoing depreciation of the yen and rising long-term interest rates.」

「Japan's economy was on a moderate recovery trend during the current interim consolidated accounting period, but the outlook remains uncertain due to the impact of future monetary policy and US trade and tariff policies, as well as rising prices caused by higher energy and resource costs.」

「During the first quarter of the current consolidated cumulative period (1 March 2024 to 31 May 2024), Japan's economy remained difficult. In addition to persistent inflation, the yen's continued depreciation and increasing global instability, the real decline in wages and pensions caused by higher prices and the end of the recovery in service consumption following the reclassification of COVID-19 as a Category 5 disease affected personal consumption.」

「Real GDP growth in the July–September quarter declined at an annualized quarter-on-quarter rate of 2.9%, resulting in negative growth for the first time in 3 quarters.」

「Against a backdrop of longstanding social issues such as population decline and declining birth rates combined with an aging population, the outlook remains uncertain, with downside risks to the domestic economy including higher costs due to rising energy and food prices, declining real income, a slowdown in overseas economies, and concerns about the spread of new variants.」

「The yen's historic depreciation and soaring food and energy prices caused by higher natural resource and grain prices had a major impact on households and corporate activity. In addition, the real GDP growth rate for July–September declined at an annualized quarter-on-quarter rate of 0.8% (down 0.2% quarter on quarter), partly due to the widening trade deficit. The outlook remains uncertain amid continued global tensions, foreign exchange volatility risks, tight electricity supply and demand, and concerns about an eighth wave of infections.」

「During the first six months of the current consolidated fiscal period (1 March 2022 to 31 August 2022), Japan's economy was on a moderate recovery trend, with real GDP growth in April–June 2022 increasing at an annualized quarter-on-quarter rate of 3.5% (up 0.9% year on year). Although the yen's historic depreciation, surging food and energy prices due to higher natural resource and grain prices, and the rapid spread of infections caused by the COVID-19 Omicron subvariant BA.5 had an impact, opportunities to go out increased after the lifting of priority preventive measures in March. In addition, service consumption, including travel, leisure and dining out, recovered as Japan entered its first Golden Week and summer holiday season in 3 years without restrictions on activities. Nevertheless, the economic outlook remains uncertain due to heightened global tensions, increased foreign exchange volatility risks, tight electricity supply and demand, and concerns about infections spreading toward winter.」

「Meanwhile, the outlook remains uncertain due to resources and energy amid rising international tensions, soaring prices for various raw materials and food, foreign exchange volatility risks, and the risk of a new COVID-19 variant spreading.」

「The global semiconductor shortage and reductions in production capacity caused by the spread of infections in Southeast Asia also weighed on personal consumption, exports and capital investment, resulting in negative real GDP growth of 0.9% quarter on quarter in the July–September quarter.」

「However, from July onward, the number of new cases reached a record high as COVID-19 was replaced by highly transmissible variants, and the fourth state of emergency was declared. With personal consumption expected to decline again, the outlook remains uncertain.」

「During the first quarter of the current consolidated cumulative period, Japan's economy remained difficult as the resurgence of COVID-19 delayed the recovery in personal consumption. Although exports increased for the third consecutive quarter, declines in capital investment and public investment pushed down real GDP (real GDP for January–March 2021 decreased 1.0% quarter on quarter).」

「The domestic economy is expected to pick up, partly because COVID-19 vaccinations have begun, but the effects have been prolonged, with infections from mutated variants spreading, and the outlook remains uncertain.」

「Although GDP recorded the largest negative growth in the postwar period in the April-June quarter, which was heavily affected by COVID-19, personal consumption and exports increased in the July-September quarter as restrictions on economic activity were eased, resulting in positive growth for the first time in 4 quarters. Meanwhile, the living environment remained difficult, with real wages and the active job-openings-to-applicants ratio falling below the previous year.」

「During the second quarter of the current cumulative consolidated period (1 March 2020 to 31 August 2020), Japan's economy continued to experience a decline in consumption spending due to the spread of COVID-19, resulting in the largest negative growth in the postwar period in GDP for the April-June quarter.」

「During the first quarter of the current cumulative consolidated period (1 March 2020 to 31 May 2020), Japan's economy is expected to record its largest negative growth in the postwar period, as consumption spending fell due to domestic and international travel restrictions and requests to refrain from going out following the declaration of a state of emergency in response to the spread of COVID-19, while the effects of the consumption tax rate increase persisted.」

「During the current consolidated fiscal year, Japan's economy showed solid corporate performance and capital investment and improving employment conditions, although overseas uncertainty and political risks, including US-China trade friction, the UK's Brexit issue and worsening Japan-South Korea relations, raised concerns. However, the outlook remained uncertain due to the contraction in economic activity accompanying the spread of COVID-19.」

「During the third quarter of the current cumulative consolidated period (1 March 2019 to 30 November 2019), Japan's economy showed solid corporate performance and capital investment and improving employment conditions. However, overseas uncertainty and political risks, including US-China trade friction, the UK's Brexit issue and worsening Japan-South Korea relations, raised concerns, and the outlook remained uncertain.」

「During the second quarter of the current cumulative consolidated period (1 March 2019 to 31 August 2019), Japan's economy showed solid corporate performance and capital investment and improving employment conditions. However, overseas uncertainty and political risks, including US-China trade friction, the UK's Brexit issue and worsening Japan-South Korea relations, raised concerns, and the outlook remained uncertain.」

「During the first quarter of the current cumulative consolidated period (1 March 2019 to 31 May 2019), Japan's economy continued to recover moderately against a backdrop of improving employment and income conditions. However, overseas economic uncertainty and political risks, including US-China trade friction and the UK's Brexit issue, raised concerns, and the outlook remained uncertain.」

「However, personal consumption remains uncertain as a strong inclination to save has become entrenched due to stagnant real wage growth and rising prices, in addition to the effects of fluctuations in domestic and overseas political and economic conditions.」

「Political, economic and security-related uncertainties overseas have also contributed to the uncertain outlook.」

「Political, economic and security-related uncertainties overseas have also contributed to the uncertain outlook.」

「Political, economic and security-related uncertainties overseas have also contributed to the uncertain outlook.」

「Although corporate performance has generally remained solid and employment conditions have improved, concerns over instability in the financial and capital markets, including foreign exchange fluctuations, as well as political and economic uncertainties overseas, have made the outlook uncertain.」

「Although corporate performance has generally remained solid and employment conditions have improved, concerns over instability in the financial and capital markets, including foreign exchange fluctuations, as well as political and economic uncertainties overseas, have made the outlook uncertain.」

「In addition to concerns over weaker performance in export industries due to yen appreciation and instability in the financial and capital markets, disruption from the UK's withdrawal from the EU and slower economic growth in China and other emerging markets have made the outlook uncertain.」

「The outlook is uncertain due to concerns over slower economic growth in China and emerging markets, yen appreciation and instability in the capital markets.」