Sluggish Global Economy, Financial Market Volatility and Geopolitical Tensions

「Although there is currently no significant impact on our operating results from the increased political and economic uncertainty caused by policy changes under the second Trump administration in the US, or from the Russia-Ukraine and Israel-Hamas conflicts, it is difficult to predict the long-term impact.」

「During the current consolidated fiscal year, the business environment remained unstable, with geopolitical risks such as the prolonged Russia-Ukraine conflict and the Israel-Hamas conflict remaining high, compounded by high energy costs, high interest rates in Europe and the US, and an economic downturn in China.」

「Although a recovery in consumption is expected as economic activity resumes in earnest, concerns over a recession are mounting due to factors including the protracted Russia-Ukraine situation, expanding geopolitical risks involving the US and China, and prolonged rate hikes. In particular, following the failure of a US bank, uncertainty has increased in the US regional banking sector and financial markets, including commercial real estate.」

「We will continue to monitor developments concerning the impact of COVID-19, heightened geopolitical risks including the Russia-Ukraine situation, and globally rising inflation and interest rates on the ORIX Group's funding and liquidity.」

「These conditions are affected by changes in inflation, fiscal and monetary policy, and other factors, as well as geopolitical risks such as war, riots, terrorism and trade and technology friction between the US and China. With regard to the Russia-Ukraine situation, our exposure to Russia and Ukraine is limited and there is currently no significant impact on our operating results, but it is difficult to predict the impact if the situation becomes protracted.」

「We will continue to monitor developments concerning the impact of COVID-19 on the ORIX Group's business, financial condition and operating results.」

「Since the beginning of 2020, COVID-19 has spread worldwide, and governments in various countries have taken measures including restrictions on the movement of people to prevent its spread. As a result, demand disappeared and supply chains were disrupted, causing the global economy to deteriorate significantly.」

「Since the beginning of this year, the novel coronavirus disease has spread worldwide, and governments in various countries have imposed measures including restrictions on the movement of people to prevent its spread. As a result, we faced disappearing demand and supply chain disruptions, while prices of risk assets fluctuated sharply worldwide amid concerns over an economic recession.」

「ORIX will maintain a cautious management stance in light of the current situation, in which asset prices remain elevated and the risks of an economic downturn and regional and political risks are increasing.」

「During the current consolidated fiscal year, the global economy remained firm in the first half, supported by the US economy, but uncertainty intensified in the second half as stock prices fell sharply toward the end of 2018 due to escalating US-China trade friction and tighter financial conditions.」

「Interest rates remain globally low, but expectations have strengthened that monetary easing in developed countries will be scaled back going forward. Political and geopolitical tensions in certain regions also continue to require close monitoring.」

「Interest rates remain globally low, but expectations have strengthened that monetary easing in developed countries will be scaled back going forward. Political and geopolitical tensions in certain regions also continue to require close monitoring.」

「The global economy remains on a recovery path in the US, supported by improving employment and income conditions. Europe is recovering moderately, the Chinese economy remains in an adjustment phase, and economic conditions in emerging and resource-producing countries have bottomed out. Although interest rates remain globally low, expectations for rate increases have strengthened in the US and elsewhere. Political and geopolitical tensions in certain regions also continue to require close monitoring.」

「The global economy was on a path of moderate expansion in the US, where interest rates and stock prices rose after the November presidential election on expectations for the new administration's economic policies. Europe moved sideways, the Chinese economy remained in an adjustment phase, and economic conditions in emerging and resource-producing countries bottomed out. Interest rates remained globally low against a backdrop of monetary easing in various countries. Political and geopolitical tensions in certain regions also continue to require close monitoring.」

「The global economy remains unstable and generally lacks momentum, although economic conditions in emerging and resource-producing countries have bottomed out, the US is recovering moderately and Europe is moving sideways. Interest rates remain globally low against a backdrop of monetary easing in various countries. Political and geopolitical tensions in certain regions also continue to require close monitoring.」

「While the slowdown in the global economy, particularly in emerging and resource-producing countries, has begun to level off, political and financial market turmoil related to the UK's withdrawal from the EU has weighed on the economy, which remains lacklustre. Long-term interest rates have declined globally against a backdrop of monetary easing in various countries and moves toward safe-haven assets. Political and geopolitical tensions in certain regions also continue to require close monitoring.」

「The global economy experienced subdued economic activity and low growth due to factors including declines in crude oil and other prices and financial market volatility. While moderate growth is expected in developed economies, economic activity in emerging and developing markets remains weak, and national economies are becoming increasingly diverse. Political and geopolitical tensions in certain regions also require close monitoring.」