Downward pressure on economic activity from uncertainty in overseas economies and geopolitical risks

「Although the domestic economy has been affected by labor shortages and high prices, it is on a moderate recovery trend, supported by wage increases resulting from strong corporate performance and continued price increases, with the Bank of Japan raising its policy interest rate.」

「Although the domestic economy faced concerns including higher energy prices due to rising prices and the weaker yen, as well as uncertainty over the outlook for monetary policy, economic activity picked up and a moderate recovery continued as inbound consumption recovered and the semiconductor shortage was alleviated.」

「However, close monitoring is still necessary before a full-fledged economic recovery can be confirmed, given the rise in consumer prices resulting from higher costs originating in rising import prices and progress in passing those costs on to prices, as well as concerns over the outlook for monetary policy.」

「Many challenges remain, including the situation in which wage growth, which is the starting point for a virtuous cycle in the economy, has failed to keep pace with rising prices.」

「However, in addition to rising prices resulting from soaring resource and raw-material prices and sharp exchange-rate fluctuations, the Bank of Japan announced in December that it would expand the range for fluctuations in long-term interest rates, causing long-term interest rates to rise. The outlook therefore remains uncertain.」

「However, the impact of rising prices due to the yen's continued depreciation and soaring resource and raw-material prices has been substantial, and the outlook remains uncertain.」

「During the first quarter of the current fiscal year, the Japanese economy was expected to recover as the spread of COVID-19 was brought under control and activity restrictions were eased. However, the outlook remained uncertain due to worsening international conditions, exchange-rate volatility caused by the rapid depreciation of the yen, and soaring raw-material prices.」

「The outlook remains uncertain due to the renewed spread of infections caused by new variants and rising resource and raw material prices. In addition, numerous downside risk factors, including the situation in Ukraine, remain, and the economic recovery continues to be unstable.」

「During the first 9 months of the current third quarter consolidated period (1 April 2021 to 31 December 2021), Japan's economy showed signs of recovery as the severe conditions caused by COVID-19 gradually eased, but the outlook remained uncertain due to supply constraints for raw materials and globally higher resource prices.」

「Although the international situation, including US-China trade friction, remained uncertain, the economy maintained a moderate recovery trend as corporate earnings and employment and income conditions continued to improve.」

「Meanwhile, uncertainty in the global economy has increased due to U.S.-China trade friction, the UK's withdrawal from the EU and rising tensions in the Middle East, and the outlook remains uncertain.」

「During the first 3 months of the current first quarter consolidated period, Japan's economy maintained a moderate recovery trend despite continued weakness centered on exports, as employment and income conditions continued to improve. Meanwhile, the outlook remains uncertain, mainly because of overseas developments, including US-China trade friction and developments concerning the UK's withdrawal from the EU.」

「However, uncertainty over the outlook is increasing, mainly because of the international situation, including intensifying trade friction between the United States and China, with exports, which had driven Japan's economic growth, showing signs of stagnation.」

「During the first 6 months of the current second quarter consolidated period (1 April 2018 to 30 September 2018), Japan's economy maintained a moderate recovery trend. Although uncertainty in the international situation increased due to factors including intensifying trade friction between the United States and China, and natural disasters affected the domestic economy, capital investment and employment conditions continued to improve.」

「During the first 3 months of the current first quarter consolidated period, Japan's economy maintained a moderate recovery trend. Although uncertainty remained in the international situation, including intensifying trade friction between the United States and China, corporate earnings and employment conditions continued to improve against a backdrop of steady global economic growth.」

「During the current consolidated fiscal year, Japan's economy continued on a moderate recovery trend, with exports and corporate earnings continuing to improve against a backdrop of strong global economic growth and signs of a recovery in personal consumption. However, uncertainty remains over the outlook due to uncertainty surrounding policy developments in the United States and North Korea.」

「During the first 9 months of the current third quarter consolidated period (1 April 2017 to 31 December 2017), Japan's economy maintained a moderate recovery trend. Although uncertainty remained in the international situation, corporate earnings and employment conditions continued to improve against a backdrop of strong global economic growth.」

「Meanwhile, uncertainty in the global economy arising from policy developments in Europe and the United States, as well as geopolitical risks including those on the Korean Peninsula, may weigh on economic activity, and the outlook remains uncertain.」