Downside risks to economic conditions from yen appreciation, slowing emerging-market economies and the UK's withdrawal from the EU

「At the same time, uncertainty has intensified regarding the increasing inflationary pressures stemming from geopolitical risks and their impact on the domestic and overseas economies, and conditions remain such that these are a concern as factors weighing on the domestic economy and personal consumption.」

「Although conditions in employment and income are expected to improve, concerns remain that the impact on private consumption of weaker consumer sentiment resulting from prolonged price increases, as well as the impact of US policy developments, including trade policy, could weigh on the domestic economy. Developments in financial markets also require continued close monitoring.」

「However, signs of sluggish private consumption have begun to emerge amid advancing inflation. Greater attention is required to risks that could weigh on the domestic economy, including the effects of global monetary tightening and concerns about the outlook for the Chinese economy.」

「However, signs of sluggish private consumption have begun to emerge amid advancing inflation. Greater attention is required to risks that could weigh on the domestic economy, including the effects of global monetary tightening and concerns about the outlook for the Chinese economy.」

「A downturn in overseas economies resulting from the effects of global monetary tightening and concerns about the outlook for the Chinese economy poses a risk of weighing on the Japanese economy. In addition, amid ongoing concerns such as international conflicts, the economic outlook remains impossible to predict.」

「At the same time, the economic outlook remained uncertain amid the depreciation of the yen and surging resource prices resulting from the prolonged Russia-Ukraine situation.」

「During the six-month period ended in the second quarter, Japan's economy saw restrictions on activity related to COVID-19 gradually eased and economic activity move toward normalization. However, a downturn in overseas economies against the backdrop of global monetary tightening and other factors has become a risk that could weigh on the Japanese economy. In addition, the outlook remains uncertain, requiring close attention to rising prices, supply-side constraints and other factors.」

「At the same time, the outlook for the economy remains uncertain, requiring close attention to downside risks in overseas economies against the backdrop of global monetary tightening, the impact of rising prices on households and companies, and supply-side constraints.」

「The global spread of COVID-19 led to a rapid deterioration, and the outlook has remained extremely uncertain.」

「The spread of COVID-19 in China became evident in disruptions to supply chains, including factory shutdowns and interruptions to logistics networks, as well as a downturn in inbound consumption in Japan. The infection continues to spread, raising concerns about further deterioration in the Japanese and global economies, and the outlook remains uncertain.」

「Recently, the slowdown in overseas economies resulting from the prolonged US-China trade friction and other factors has raised concerns about its impact on the Japanese economy, and the uncertain outlook has continued.」

「Recently, concerns have continued about the impact on the Japanese economy of a slowdown in overseas economies resulting from US-China trade friction and other factors, leaving the outlook uncertain.」

「Recently, the slowdown in overseas economies resulting from US-China trade friction has begun to affect capital investment and production, increasing uncertainty about the outlook.」

「Recently, signs of increasing uncertainty about the outlook have emerged, including sluggish exports due to a slowdown in overseas economies such as China and Europe, and the beginning of an impact on otherwise solid capital investment and production.」

「The economic outlook remains uncertain amid concerns about the impact on the Japanese economy of prolonged US-China trade friction and a slowdown in the Chinese economy resulting from it.」

「However, the outlook for the economy remained uncertain amid such sources of concern as intensifying trade friction resulting from US protectionist policies and volatility in foreign exchange and stock markets.」

「However, the current situation also contains uncertainties, including concerns about trade friction resulting from US protectionist policies, and developments going forward need to be monitored closely.」

「During the six-month period ended [the current second quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「During the three-month period ended [the current first quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「During the nine-month period ended [the current third quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「During the six-month period ended [the current second quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「During the three-month period ended [the current first quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「In addition, the economy faced downside risks, including yen appreciation, a slowdown in emerging-market economies and the impact of the UK's exit from the EU, resulting in increasing uncertainty about the outlook.」