Uncertainty in Overseas Economies Due to the Slowdown in Emerging Markets and the UK's Withdrawal from the EU, Among Other Factors

「During the fiscal year, Japan's economy continued to recover moderately. Economic activity paused in the first half of the year against a backdrop of downturns in emerging Asian and resource-rich economies and the UK's Brexit issue, but recently the yen's depreciation and share price gains following the US presidential election, together with continued improvement in employment conditions, have supported a moderate recovery.」

「During the six months ended 30 September, Japan's economy continued to recover moderately amid rising uncertainty in overseas economies, including economic downturns in emerging and resource-rich countries such as China and the UK's Brexit issue. Although signs of a pause emerged in the recovery of capital investment, employment conditions improved and private consumption remained firm. In the Tohoku region, the Group's primary operating area, the slowdown in emerging economies such as China affected some areas of production, but the region continued its underlying moderate recovery, with public investment and housing starts remaining at high levels.」