Uncertainty over the Outlook Due to Slowing Emerging-Market Economies and the Brexit Issue

「中東情勢等の地政学リスクによる影響を見通すことは困難であるものの、分譲マンション開発において以下資材の調達難や納期遅延が発生する可能性がある」

「The operating environment surrounding the Group is at a point where close attention should be paid to the impact on economic activity of fluctuations in foreign exchange rates and rising prices, as well as changes in energy and construction-material prices and procurement conditions accompanying movements in interest rates and heightened geopolitical risks.」

「No new business or other risks arose during the current interim consolidated accounting period. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」

「Close attention must be paid to rising prices, foreign exchange volatility, rising interest rates, and, overseas, the policy direction of the new US president, developments in China's economy, and heightened geopolitical risks related to the situation in the Middle East, among other factors.」

「Downside factors for the economy continue to exist, including rising prices, foreign exchange volatility, monetary tightening, and, overseas, a slowdown in China's economy and heightened geopolitical risks related to the situation in the Middle East; developments such as the dissolution of the House of Representatives and a general election and the US presidential election also require close attention.」

「Overseas, a downturn in overseas economies due to the effects of global monetary tightening and concerns over the outlook for China's economy poses a risk of weighing on Japan's economy. In addition, close attention must be paid to the effects of rising prices, developments in the Middle East and Ukraine, and volatility in the financial and capital markets; uncertainty over the outlook continues.」

「Overseas, concerns include the impact on Japan's economy of a downturn in overseas economies resulting from the effects of global monetary tightening and China's economic stagnation, in addition to persistently high raw-material and energy prices due to the prolonged situation in Ukraine. Prices are also rising faster in Japan, and uncertainty over the outlook continues.」

「However, overseas, concerns include the impact on Japan's economy of a downturn in overseas economies caused by persistently high raw-material and energy prices resulting from the prolonged situation in Ukraine and global monetary tightening. The outlook remains difficult to view optimistically. In Japan, price increases are also accelerating, while concerns in the real estate industry include soaring construction costs, labor shortages, and the possibility of rising interest rates over the medium to long term.」

「However, a downturn in overseas economies, as seen in bank failures in the United States, is emerging as a risk that could weigh on Japan's economy, and uncertainty over the outlook is increasing somewhat. In addition, the impact of recent price increases on consumer sentiment is a concern.」

「Looking ahead, numerous factors could cause an economic downturn, including shortages of resources and other supplies caused by the deterioration of the situation in Ukraine, rising prices caused by the yen's depreciation, lockdowns in major Chinese cities under China's zero-COVID policy, and the strengthening upward trend in interest rates as the United States and other countries pursue monetary tightening. Future developments in the real estate market are uncertain, and a cautious approach to the expansion of the real estate business will continue to be required.」

「Looking ahead, a downturn in the economy is a concern due to higher resource prices caused by the deterioration of the situation in Ukraine, rising prices caused by the yen's depreciation, and the shift toward tighter monetary policy in the United States and other countries, which is strengthening the upward trend in interest rates. Future developments in the real estate market are uncertain, and a cautious approach to the expansion of the real estate business is required.」

「Looking ahead, uncertainty related to the situation in Ukraine remains, and it is extremely difficult to predict the impact of rising raw-material prices and volatility in the financial and foreign exchange markets on future developments in the real estate market, requiring a cautious approach to the expansion of the real estate business.」

「At the same time, close attention must be paid to developments in the pandemic in Japan and overseas, the rising downside risk from impacts transmitted through supply chains, and volatility in the financial and capital markets, among other factors; the situation remains unpredictable.」

「The spread of COVID-19 has not subsided, and the situation remains severe. Although a recovery in the economy is expected if COVID-19 vaccinations progress smoothly, supported by the effects of various policies and improvements in overseas economies, the situation remains unpredictable.」

「During the cumulative first quarter under review, Japan's economy remained in an uncertain situation because a state of emergency was declared again in January 2021 due to the spread of COVID-19 and lifted in March of the same year, while there was still no clear prospect of containing the pandemic.」

「Although the COVID-19 situation has shown some signs of settling, its impact on the economy remains significant, and as concerns persist over the possibility of second and third waves of infections, future developments in the real estate market are extremely difficult to predict.」

「During the cumulative second quarter under review, Japan's economy is in an extremely severe situation due to the impact of COVID-19. Following the lifting of the state of emergency, economic and social activity is expected to gradually recover as measures are taken to prevent the spread of infection, although there are concerns about the possibility of second and third waves, and close attention must be paid to developments in the pandemic in Japan and overseas and to volatility in the financial and capital markets, among other factors; the outlook is extremely uncertain.」

「During the first three months of the current consolidated fiscal year, Japan's economy was in a severe condition, having been substantially pushed down by the effects of the novel coronavirus disease. The outlook remained uncertain, as the global spread of the disease was expected to prolong the difficult conditions, requiring close attention to the risk of further downside in the domestic and international economies and to the effects of volatility in financial markets.」

「During the cumulative third quarter under review, Japan's economy showed some weakness, particularly in exports, while employment and income conditions continued to improve; the outlook remains uncertain, and attention must be paid to the impact on the global economy of developments in US-China trade relations, the risk of a downturn in China's economy, developments in overseas economies including the UK's departure from the EU, the consumption tax increase, and the effects of rising crude oil prices and volatility in the financial markets, among other factors.」

「The outlook remains uncertain, and attention must be paid to developments in overseas economies, including the impact on the global economy of US-China trade relations and the risk of a downturn in China's economy, the consumption tax increase, and volatility in the financial markets, among other factors.」

「Although some weakness is evident, particularly in exports and production, Japan's economy is expected to continue recovering moderately as improvements in employment and income conditions continue and the effects of various policies emerge, although the outlook remains uncertain and attention must be paid to the impact on the global economy of developments in US-China trade relations, the risk of a downturn in China's economy, developments in overseas economies including the UK's departure from the EU, the consumption tax increase, and the effects of rising crude oil prices and volatility in the financial markets, among other factors.」

「The outlook remains uncertain, and attention must be paid to the impact on the global economy of developments in US-China trade relations, uncertainty in overseas economies including the UK's departure from the EU, volatility in the financial markets, and the effects of natural disasters, among other factors.」

「During the cumulative second quarter under review, Japan's economy is expected to continue recovering moderately, supported by continued improvements in employment and income conditions and the effects of various policies, although the outlook remains uncertain and attention must be paid to the impact of the US administration's protectionist policies, the UK's negotiations on leaving the European Union (EU), uncertainty in overseas economies including US-China trade tensions, and volatility in the financial and capital markets.」

「During the cumulative first quarter under review, Japan's economy is expected to continue recovering moderately, supported by continued improvements in employment and income conditions and the effects of various policies, although the outlook remains uncertain and attention must be paid to the effects of rising geopolitical risks, uncertainty in overseas economies, and volatility in the financial and capital markets.」

「During the fiscal year under review, Japan's economy is expected to recover moderately, supported by continued improvements in employment and income conditions and the effects of various policies, although the outlook remains uncertain and attention must be paid to the effects of rising geopolitical risks, uncertainty in overseas economies, and volatility in the financial and capital markets.」

「During the cumulative third quarter under review, Japan's economy remained on a moderate recovery trend, as improvements in employment and income conditions continued due to government economic measures and other factors, although the outlook remains uncertain because of rising political and geopolitical risks in Europe and the United States, among other factors.」

「During the cumulative second quarter under review, Japan's economy remained on a moderate recovery trend, as improvements in employment and income conditions continued due to government economic measures and other factors, although the outlook remains uncertain because of political risks in Europe and the United States and concerns over slowing emerging-market economies, among other factors.」

「During the cumulative first quarter under review, Japan's economy remained on a moderate recovery trend, as improvements in employment and income conditions continued due to government economic measures and other factors, although the outlook remains uncertain because of uncertainty in overseas economies and volatility in the financial and capital markets.」

「The outlook remains uncertain due to the impact of slowing overseas economies, volatility in the financial and capital markets, and the transition of the US administration, among other factors.」

「During the cumulative third quarter under review, Japan's economy remained on a moderate recovery trend, supported by continued improvements in employment and income conditions and the effects of various government economic measures, although there is also a risk that downturns in China and other emerging Asian economies and resource-rich countries could weigh on Japan's economy.」

「Uncertainty continues due to concerns over slowing emerging-market economies, particularly China, and the UK's departure from the EU, among other factors.」