Globalization and sophistication of finance, and changes in regulation and payment systems

「As the business environment surrounding the Group changes, including accelerating financial globalization and sophistication represented by fintech, operations are becoming increasingly complex through efforts to capture new domestic and overseas needs, while the risks surrounding the Group are also changing.」

「During the second quarter of the current consolidated cumulative period (from 1 April 2023 to 30 September 2023), although concerns about downside risks to the economy arising from expectations of prolonged monetary tightening in Europe and the United States and concerns about a slowdown in the Chinese economy persisted, the economy continued to recover, supported by improvements in corporate earnings and inbound demand.」

「During the first quarter of the current consolidated cumulative period, economic activity continued to recover as restrictions on activity related to COVID-19 were lifted and normalization progressed, but the outlook remained uncertain, including downside risks to the economy resulting from rising prices and the impact of monetary tightening policies in Europe and the United States.」

「During the third quarter of the current consolidated cumulative period, the economic environment continued to show signs of recovery from the stagnation caused by COVID-19, but the outlook remained uncertain, including downside risks to the economy resulting from the situation in Ukraine, soaring prices, and the impact of monetary tightening policies in various countries.」

「During the second quarter of the current consolidated cumulative period, the economic environment was gradually recovering from the stagnation caused by COVID-19, but uncertainty continued, including downside risks in financial and capital markets resulting from the situation in Ukraine, soaring prices, and the impact of monetary tightening policies in various countries.」

「Uncertainty continues, including rising raw material prices resulting from the prolonged situation in Ukraine and downside risks in financial and capital markets.」

「The economic environment showed signs of recovery not only in corporate capital investment and production but also in personal consumption. Looking ahead, the effects of various policies and improvements in overseas economies are expected to support a recovery, but continued attention must be paid to the impact on domestic and overseas economies of developments in COVID-19, including variant strains.」

「During the second quarter of the current consolidated cumulative period, some economic activities, including capital investment and production, showed signs of recovery. Looking ahead, recovery is expected to continue, supported by the effects of various policies, including the promotion of vaccination, and improvements in overseas economies, but continued attention must be paid to downside risks arising from developments in infectious diseases in Japan and overseas.」

「During the first quarter of the current consolidated cumulative period, although some economic activities, including capital investment and production, showed signs of recovery, the economic environment remained uncertain, as the number of new COVID-19 infections began to increase again in Japan and overseas.」

「Although some signs of recovery have emerged as economic activity resumes, the impact of the recent renewed spread of infections on domestic and overseas economic activity requires continued close monitoring.」

「During the second quarter of the current consolidated cumulative period (from 1 April 2020 to 30 September 2020), the economic environment surrounding the Company remained difficult due to stagnation in personal consumption and corporate activity caused by the impact of COVID-19. Although economic activity has gradually resumed and signs of recovery have emerged recently, the impact on domestic and overseas economies requires continued close monitoring.」

「During the first quarter of the current consolidated cumulative period (from 1 April 2020 to 30 June 2020), the economic environment surrounding the Company remained extremely uncertain, as economic activity, including personal consumption and capital investment, declined rapidly in Japan and overseas due to the impact of COVID-19, while the number of new infections began to increase again in some regions.」

「In addition, as the impact of the spread of COVID-19 infection began to expand globally from late January 2020, uncertainty about the outlook for not only the Japanese economy but also the global economy rose rapidly, while the ultra-low interest rate environment is expected to persist for an extended period.」

「During the third quarter of the current consolidated cumulative period (from 1 April 2019 to 31 December 2019), the global economy faced an uncertain outlook due to the U.S.-China trade friction and rising geopolitical risks in the Middle East, although」

「During the second quarter of the current consolidated cumulative period, the global economy faced an uncertain outlook due to the U.S.-China trade friction and rising geopolitical risks in the Middle East.」

「During the first quarter of the current consolidated cumulative period, the global economy faced an uncertain outlook due to the U.S.-China trade friction and rising geopolitical risks in the Middle East.」

「Looking ahead, a gradual recovery is expected, but attention must continue to be paid to uncertainty surrounding overseas economies and other factors.」

「However, the outlook for the economy remains uncertain due to uncertainty surrounding U.S. policies, developments in trade issues, and the impact of a series of natural disasters.」

「However, the outlook for the economy remains uncertain due to uncertainty surrounding U.S. policies, developments in trade issues, and the impact of fluctuations in financial and capital markets.」

「Amid accelerating financial globalization and sophistication, the business environment surrounding the Group is undergoing significant change, including the strengthening of international financial regulations and the review of securities settlement systems.」

「As financial globalization and sophistication accelerate, international financial regulations aimed at stabilizing financial markets and securities settlement systems are being further reviewed, while new needs for financial transactions are also emerging.」