Volatility in financial and capital markets and concerns over a downturn in overseas economies

「Going forward, moderate growth is expected both overseas and in Japan, but the situation surrounding US tariff measures and conditions in the Middle East is extremely fluid. These factors may have a significant impact on domestic and overseas economies and prices. In particular, higher costs caused by disruptions or delays in logistics, surging crude oil prices and deterioration in the terms of trade resulting from an acceleration in yen depreciation are embedded as risk factors that could lead to downward revisions to corporate earnings.」

「Going forward, particular attention will be required regarding the risk of a downturn in the economy resulting from the impact of US trade policy, the effects of volatility in financial and capital markets, and geopolitical risks.」

「During the interim consolidated fiscal period (1 April 2024 to 30 September 2024), Japan's economy remained on a gradual recovery trend, supported in part by improvements in the employment and income environment and the recovery in inbound demand. However, the outlook remains uncertain because of concerns over a slowdown in overseas economies and high prices.」

「Japan's economy continued to recover gradually, supported by improvements in the employment and income environment, increased inbound demand, accommodative financial conditions and the effects of the government's economic measures. However, the outlook is expected to remain uncertain because of the impact of global monetary tightening, the ongoing depreciation of the yen and high prices. In the financial sector, the negative interest rate policy was lifted and short-term interest rates rose.」

「During the first three quarters of the current consolidated fiscal year, Japan's economy is gradually recovering as economic activity steadily returns to normal, despite the impact of surging resource prices. However, uncertainty regarding the outlook remains high, including because of the slowing pace of recovery in overseas economies and trends in prices and resource prices.」

「During the second quarter of the current consolidated fiscal year (1 April 2023 to 30 September 2023), Japan's economy is gradually recovering as economic activity steadily returns to normal, despite the impact of surging resource prices. However, uncertainty regarding the outlook remains high, including because of the slowing pace of recovery in overseas economies and trends in resource prices.」

「During the first quarter of the current consolidated fiscal year, Japan's economy is gradually moving toward recovery as economic activity steadily returns to normal, supported in part by the effects of various policies, despite the impact of high resource prices. However, uncertainty regarding the outlook remains high because of the impact of high resource prices and the slowing pace of recovery in overseas economies.」

「Japan's economy showed signs of recovery, led by domestic demand, as economic activity steadily returned to normal with the easing of restrictions on activity related to COVID-19 and restrictions on entry from overseas. However, uncertainty regarding the outlook is increasing because of surging raw-material and energy prices and a slowing recovery in overseas economies.」

「During the first three quarters of the current consolidated fiscal year, Japan's economy showed signs of recovery as efforts to contain COVID-19 and sustain economic activity progressed, supported in part by the effects of various policies. However, uncertainty regarding the outlook continues amid surging resource and energy prices associated with the protracted situation in Ukraine and interest-rate movements resulting from monetary policies in countries around the world.」

「As efforts to contain COVID-19 and sustain economic activity progressed, the economy showed signs of recovery, supported in part by the effects of various policies. However, uncertainty regarding the outlook continues amid surging resource and energy prices associated with the rapid depreciation of the yen and the protracted situation in Ukraine.」

「Japan's economy showed signs of recovery amid efforts to balance the containment of COVID-19 with economic activity, supported in part by accommodative financial conditions and the effects of the government's economic measures. However, conditions remain uncertain, with no clear prospect of the situation settling as resource prices rise and financial markets become unstable owing to heightened geopolitical risks surrounding the situation in Ukraine and monetary tightening in the United States.」

「In Okayama Prefecture, the main operating base of our Group, the outlook is also expected to remain uncertain for the time being, as quasi-emergency measures to prevent the spread of disease have been applied amid the rapid spread of the Omicron variant of COVID-19.」

「During the first quarter of the current consolidated fiscal year, Japan's economy remained in difficult circumstances as states of emergency and quasi-emergency measures to prevent the spread of disease were implemented intermittently in some regions due to the impact of COVID-19. Going forward, the outlook is expected to remain uncertain until the impact of the disease eases as vaccinations progress.」

「Regarding the outlook, conditions remain difficult, with no clear prospect of the pandemic subsiding, including because a state of emergency has been declared again in response to the resurgence of infections.」

「Regarding the outlook, strong downward pressure is expected to continue for the time being, particularly on consumption of face-to-face services, as a result of a state of emergency declared in response to the resurgence of infections. Accordingly, uncertainty is expected to persist until the global impact of the pandemic subsides.」

「Regarding the outlook, a gradual recovery is expected to continue as efforts to balance infection control with economic activity progress. However, if infections spread again, domestic and overseas economic activity may stagnate, and recovery in the real economy is expected to take time.」

「During the first quarter of the current consolidated fiscal year (1 April 2020 to 30 June 2020), Japan's economy showed signs of recovery as restrictions on activities in response to COVID-19 were eased. However, voluntary restraint continued in some areas amid concerns over a second and third wave of infections, and the full resumption of economic activity will take time, leaving the outlook uncertain. In Okayama Prefecture, the main operating base of our Group, personal consumption has also remained weak due in part to the impact of COVID-19, and the prefecture's economy is expected to remain in difficult circumstances.」

「However, the outlook for the economic environment has become increasingly uncertain as a result of the global spread of COVID-19.」

「Although gradual growth is expected to continue, supported by Olympic-related demand and increased public investment associated with national resilience initiatives, we believe that close attention must be paid to overseas developments, including US-China trade friction and geopolitical risks.」

「Going forward, the economy is expected to continue growing moderately as employment and income conditions improve. However, the company believes it is necessary to closely monitor overseas economic trends, the impact of the consumption tax rate increase and the effects of heavy-rain disasters.」

「Going forward, uncertainty over the economic outlook is increasing, including because of tensions between the United States and China and the impact of an increase in the consumption tax rate.」

「Going forward, deterioration in global conditions, including US-China trade friction, is a concern, and uncertainty over the economic outlook is increasing partly because of the impact of a consumption tax rate increase. Nevertheless, gradual growth is expected to be maintained against a backdrop of extremely accommodative financial conditions and support from the government's economic measures.」

「However, close attention will be required regarding the outlook, including developments in trade issues and the effects of a succession of natural disasters.」

「Although downside risks remain due to uncertainty in overseas economies, a gradual recovery is expected to continue as capital investment remains firm against a backdrop of strong corporate earnings under highly accommodative monetary policy.」

「Going forward, attention will continue to be required regarding the uncertainty surrounding overseas economies and the impact of volatility in financial and capital markets. However, in addition to improvements in corporate earnings and the employment and income environment, the effects of various policies are expected to support a continued gradual recovery.」

「Going forward, while the effects of various policies are expected to provide support, close attention will continue to be required regarding volatility in financial and capital markets and the risk of a downturn in overseas economies.」

「Going forward, while the effects of various policies are expected to provide support, close attention will continue to be required regarding volatility in financial and capital markets and the risk of a downturn in overseas economies.」

「Going forward, while the effects of various policies are expected to provide support, close attention will continue to be required regarding volatility in financial and capital markets and the risk of a downturn in overseas economies.」