Uncertainty Surrounding Economic Conditions, Commodity Markets and Geopolitical Factors

「During the consolidated fiscal year under review, Japan's economy followed a gradual recovery trend centered on domestic demand. Although affected by rising prices and uncertainty in overseas economies, personal consumption remained firm against a backdrop of improved corporate earnings and employment and income conditions, while capital investment and inbound demand also recovered.」

「During the interim consolidated accounting period under review, Japan's economy followed a gradual recovery trend despite the effects of slowing overseas economies and rising prices, supported by improvements in corporate earnings and employment conditions. Although personal consumption was constrained by higher prices, the spread of wage increases and inbound demand provided support, while capital investment remained firm. Meanwhile, the pace of the economic recovery was generally gradual due to sluggish export growth and continued uncertainty over the outlook.」

「Meanwhile, the outlook remained uncertain as geopolitical and international economic risks increased, including developments in Ukraine and the Middle East, a slowdown in the Chinese economy and volatility in global financial markets.」

「Meanwhile, the outlook remained uncertain due to the impact of sustained price increases, higher energy and raw material prices resulting from the prolonged Russia-Ukraine conflict, heightened tensions in the Middle East and a slowdown in China's economy.」

「Meanwhile, the economic outlook remained uncertain due to the prolonged Russia-Ukraine situation, instability in the global situation, higher energy and resource prices, the prolonged depreciation of the yen and sustained price increases.」

「Meanwhile, the economic outlook remained uncertain due to the prolonged Russia-Ukraine situation, instability in the global situation, higher energy and resource prices, the prolonged depreciation of the yen and sustained price increases.」

「As COVID-19 was downgraded to Category 5 under Japan's Infectious Diseases Control Law, social conditions normalized through the easing of domestic restrictions on activity and entry restrictions on arrivals from overseas, and the economy showed signs of a gradual recovery. Meanwhile, domestic prices rose due to the prolonged Russia-Ukraine situation, instability in the global situation and higher energy and resource prices, and the economic outlook remained uncertain.」

「Meanwhile, higher resource prices resulting from the prolonged Russia-Ukraine situation, together with the downturn in overseas economies caused by global inflation and monetary tightening, posed downside risks to Japan's economy. The economic outlook therefore remained subject to close monitoring.」

「Meanwhile, the simultaneous rise in resource prices resulting from the prolonged Russia-Ukraine situation and the sharp depreciation of the yen in foreign exchange markets resulting from global monetary tightening further intensified inflationary pressure, adversely affecting economic and consumer activity, which had been beginning to recover. The economic outlook therefore remained subject to close monitoring.」

「Meanwhile, the simultaneous rise in resource prices resulting from the prolonged Russia-Ukraine situation and the sharp depreciation of the yen in foreign exchange markets resulting from global monetary tightening further intensified inflationary pressure, and economic conditions remained uncertain and difficult.」

「Meanwhile, uncertainty persisted as risks that could weigh on Japan's economy remained, including higher resource prices resulting from the prolonged Russia-Ukraine situation and a sharp depreciation of the yen in foreign exchange markets resulting from global monetary tightening.」

「During the first nine months of the fiscal year under review, Japan's economy remained in a difficult situation as the spread of COVID-19 variants led to successive declarations of a state of emergency and the implementation of priority preventive measures, particularly in major metropolitan areas. However, the normalization of daily life and economic activity was expected as vaccination rates increased and various policies to contain the spread of infections took effect. Nevertheless, infections began spreading again following the emergence of a new, highly transmissible variant, and the outlook remained uncertain.」

「During the first six months of the fiscal year under review, Japan's economy remained in a difficult situation as the spread of COVID-19 variants led to successive declarations of a state of emergency and the implementation of priority preventive measures, particularly in major metropolitan areas. Although the promotion of vaccinations and various policies to contain the spread of infections were expected to support an economic recovery, the outlook remained uncertain.」

「Japan's economy remained in a precarious situation as the prolonged COVID-19 pandemic led to repeated declarations of a state of emergency and the implementation of priority preventive measures in certain regions. Although COVID-19 vaccinations were gaining momentum, the risk of a renewed spread of infections, including the threat posed by variants, had not been eliminated, and the outlook remained uncertain with no clear visibility on when the pandemic would subside.」

「During the consolidated fiscal year under review, Japan's economy gradually resumed activity, helped by measures to prevent the spread of COVID-19 and the start of vaccinations. However, the outlook remained uncertain, with no clear visibility on when the pandemic would subside, as the number of infections began rising again amid the impact of highly transmissible variants.」

「During the current third-quarter consolidated cumulative period, economic activity gradually resumed as measures were taken to prevent the spread of COVID-19. However, the pace of recovery varied across industries and business types, and uncertainty about the outlook continued because of concerns about an increase in new infections.」

「Although Japan continues to coexist with COVID-19, economic activity has been gradually moving toward normalization since the state of emergency was lifted. However, recovery has varied across industries and business types, and uncertainty about the outlook continues because of concerns about a second wave of infections.」

「During the current first-quarter consolidated cumulative period, Japan's economy deteriorated rapidly as a result of the global spread of COVID-19. Even after the lifting of the state of emergency, the economy was expected to remain sluggish for the time being because of concerns about a second wave of infections, and uncertainty about the outlook continued.」

「During the current third-quarter consolidated cumulative period, Japan's economy continued its gradual recovery, supported by firm corporate earnings and improvements in employment and income conditions, despite a decline in private consumption following the consumption tax rate increase. The outlook remains uncertain because of trade issues, future conditions overseas including in China, and the effects of a succession of natural disasters, although a gradual recovery is expected to continue.」

「During the current second-quarter consolidated cumulative period, Japan's economy was affected by a slowdown in the global economy caused by US-China trade frictions, but domestic demand remained firm. Although concerns remain about a decline in consumption resulting from the consumption tax increase, the economy is expected to follow a path of gradual recovery led by domestic demand.」

「Although gradual overall growth is expected to continue, close attention is required to the increasing risk of an economic downturn stemming from US-China trade frictions, deterioration in corporate performance resulting from economic policies in the United States and other countries, and movements in foreign exchange rates.」

「During the current third-quarter consolidated cumulative period, Japan's economy followed a path of gradual recovery in capital investment and personal consumption. Although the prolonged US-China trade war and the resulting slowdown in China reduced the contribution of external demand to economic growth, exports and production activity showed signs of recovering from their temporary decline caused by natural disasters and other factors.」

「During the current second-quarter consolidated cumulative period, Japan's economy followed a path of gradual recovery in capital investment and personal consumption, although exports and production activity were temporarily affected by natural disasters and other factors.」

「During the current first-quarter consolidated cumulative period, Japan's economy generally followed a path of recovery in exports, production activity, capital investment and personal consumption, partly reflecting the continued monetary easing by the Bank of Japan and the effects of the government's economic measures.」

「As overseas economies gradually recovered against a backdrop of stable economic conditions in China and firm conditions in the United States, Japan's economy followed a path of gradual recovery. Personal consumption was still in the process of recovering but was supported by firm employment and income conditions, partly reflecting the continued monetary easing by the Bank of Japan and the effects of the government's economic measures.」

「During the current third-quarter consolidated cumulative period, Japan's economy followed a path of gradual recovery. Although the recovery in exports and personal consumption had leveled off, employment and income conditions remained firm and production activity showed signs of recovery, partly reflecting the continued monetary easing by the Bank of Japan and the effects of the government's economic measures.」

「As uncertainty surrounding overseas political and economic conditions eased, Japan's economy followed a path of gradual recovery. Personal consumption remained firm, partly reflecting the continued monetary easing by the Bank of Japan and the effects of the government's economic measures, while improvements in employment and income conditions, increased capital investment and signs of a recovery in production were observed.」

「During the current first-quarter consolidated cumulative period, Japan's economy followed a path of gradual recovery. Although the recovery in personal consumption lacked strength amid some uncertainty in overseas economies, improvements in employment and income conditions and signs of a recovery in exports and production were observed, partly reflecting the continued monetary easing by the Bank of Japan and the effects of the government's economic measures.」

「During the consolidated fiscal year, Japan's economy followed a path of gradual recovery. Although the recovery in personal consumption lacked strength amid heightened uncertainty in overseas economies, improvements in employment and income conditions and signs of a recovery in exports and production were observed, partly reflecting the continued monetary easing by the Bank of Japan and the effects of the government's economic measures.」

「During the current third-quarter consolidated cumulative period, Japan's economy remained some way from a full-fledged recovery. Personal consumption had been weak over the long term, while the yen's depreciation from previously prevailing levels supported a gradual recovery in inbound consumption and overall consumption.」

「During the current second-quarter consolidated cumulative period, Japan's economy remained some way from a full-fledged recovery. Although the government and the Bank of Japan continued their economic and monetary policies, personal consumption lacked momentum, and inbound consumption also slowed as the yen remained stronger than previously, leaving overall consumption without strength.」

「Differences in economic conditions across countries and regions, including monetary easing in Europe and the slowdown in China, together with unstable commodity markets, particularly crude oil, and the result of the UK referendum on leaving the EU, have left conditions uncertain. A full-fledged economic recovery remains some way off.」