Moderate economic recovery driven by a rebound in exports and an increase in residential investment

「The domestic economy remains on a gradual recovery track」

「During the interim consolidated accounting period, the Japanese economy maintained a gradual recovery trend, supported by the government's economic measures and accommodative financial conditions despite the impact of slowing overseas economies and trade policies. At the same time, uncertainty has increased over rising inflationary pressure stemming from geopolitical risks and its impact on domestic and overseas economies, and concerns continue over factors weighing on the domestic economy and private consumption.」

「During the nine-month period ended the current third quarter, the Japanese economy remained on a gradual recovery track, supported by the recovery in private consumption and inbound demand. However, private consumption has begun to show signs of stalling amid accelerating inflation, and the risks weighing on the domestic economy, including the impact of global monetary tightening and concerns about the outlook for the Chinese economy, require closer monitoring.」

「During the six-month period ended the current second quarter, the Japanese economy remained on a gradual recovery track, supported by the recovery in private consumption and inbound demand. However, private consumption has begun to show signs of stalling amid accelerating inflation, and the risks weighing on the domestic economy, including the impact of global monetary tightening and concerns about the outlook for the Chinese economy, require closer monitoring.」

「During the fiscal year, Japan’s economy continued to recover as social and economic activity normalized, including through the easing of activity restrictions related to COVID-19. However, the economic outlook remained uncertain amid the weaker yen and surging resource prices associated with the prolonged situation involving Russia and Ukraine.」

「During the six-month period ended 30 September, restrictions on activity related to COVID-19 were gradually eased and economic activity normalized. At the same time, downside risks in overseas economies stemming from global monetary tightening and other factors posed a risk of putting downward pressure on Japan’s economy.」

「During the three-month period ended 30 June, Japan’s economy showed signs of a gradual recovery as normalization progressed through the balancing of COVID-19 measures with social and economic activity. However, the outlook remained uncertain, requiring close attention to downside risks in overseas economies arising from global monetary tightening and other factors, the impact of rising prices on households and companies, and supply-side constraints.」

「During the nine-month period ended 31 December, Japan’s economy showed broad-based signs of recovery as restrictions on social and economic activity related to COVID-19 were gradually eased, aided by the effects of various government policies.」

「During the three-month period ended 30 June, Japan’s economy entered a moderate recovery trend as vaccination progressed and infection-prevention measures were implemented, although the situation remained severe due to COVID-19. However, the outlook was expected to remain uncertain, including because of the renewed spread of infections resulting from the emergence of new variants.」

「During the nine-month period ended 31 December, economic activity remained restricted by the reissuance of a state of emergency and the application of priority preventive measures amid the spread of COVID-19, and the economic outlook remained uncertain.」

「During the six-month period ended 30 September, Japan’s economy had been gradually recovering as economic activity resumed despite the impact of COVID-19. However, the outlook remained uncertain as the renewed spread of infections led to the reissuance of a state of emergency.」

「Although the economy had been gradually recovering as economic activity resumed amid the impact of COVID-19, the outlook became uncertain due to a renewed spread of infections.」

「Housing demand had remained firm against a backdrop of policies supporting home purchases and continued monetary easing, but declined from October 2019 due to the consumption tax increase. Just as signs of a recovery began to emerge after the start of the year, the situation became extremely severe as business activity was voluntarily curtailed and people refrained from going out due to the spread of COVID-19.」

「During the first 3 quarters of the consolidated fiscal year, Japan's economy was in an extremely difficult situation, as the consumption tax increase in October of the previous year and the global spread of COVID-19 constrained economic activity, worsening personal consumption and reducing corporate earnings.」

「The spread of COVID-19 led to supply chain disruptions in China, including factory shutdowns and interruptions to logistics networks, as well as a decline in inbound consumption in Japan. The spread of the disease continued in the near term, raising concerns about further deterioration in the Japanese and global economies, and the outlook remained uncertain.」

「Personal consumption continued on a gradual recovery trend, remaining firm on the back of improving employment and income conditions, but」

「Employment and income conditions improved against a backdrop of corporate earnings remaining at a high level, while personal consumption remained firm and continued on a gradual recovery trend, but」

「The economy remained on a moderate recovery trend, with personal consumption holding firm against a backdrop of improved employment and income conditions supported by high corporate earnings. However, uncertainty about the outlook was increasing as the slowdown in overseas economies caused by US–China trade friction began to affect capital investment and production.」

「Personal consumption remained firm and the economy continued on a moderate recovery trend against a backdrop of favorable employment and income conditions supported by high corporate earnings. However, uncertainty about the outlook was increasing as signs emerged that slowing overseas economies, including China and Europe, were curbing export growth and beginning to affect solid capital investment and production.」

「Personal consumption continued to recover against a backdrop of favorable employment and income conditions supported by high corporate earnings, and the economy remained on a recovery trend. However, the outlook was uncertain amid concerns about the impact on Japan’s economy of prolonged trade friction between the United States and China and the resulting slowdown in the Chinese economy.」

「During the consolidated fiscal year, Japan's economy continued on a recovery trend, with corporate earnings remaining firm as personal consumption and capital investment recovered, alongside improvements in employment and income conditions.」

「During the nine-month period ended 31 December, Japan’s real GDP recorded negative growth in the January–March 2018 quarter for the first time in 9 quarters. However, the recovery trend continued, with exports and production activity recovering against a backdrop of solid growth in overseas economies, capital investment in rationalization and labor-saving measures driven by labor shortages remaining firm, and personal consumption showing signs of recovery amid improved employment conditions and solid consumer sentiment.」

「During the six-month period ended 30 September, Japan’s economy continued its gradual recovery, with real GDP recording positive growth for 8 consecutive quarters from the January–March 2016 quarter. The corporate sector, the driving force behind the recovery, saw exports and production activity recover against a backdrop of solid growth in overseas economies, while capital investment to address labor shortages and improve productivity also remained firm. In the household sector, consumption gradually recovered, supported by continued solid employment and income conditions and a rebound from the decline caused by last year’s improper vehicle inspections and prolonged rainfall and other adverse weather conditions.」

「During the three-month period ended 30 June, Japan’s economy continued to recover moderately as exports, particularly from the IT industry, rebounded and demand for capital investment in rationalization and labor-saving measures strengthened further.」

「During the nine-month period ended 31 December, Japan’s economy continued to expand steadily, driven by exports and consumption. In the corporate sector, the recovery in the global economy, supported by expanding IT demand, acted as a growth driver, and corporate production activity, corporate earnings and capital investment all remained firm.」

「During the six-month period ended 30 September, Japan’s economy remained on a moderate recovery path. Personal consumption lacked strength and fluctuated amid sluggish growth in disposable income, while increased exports resulting from a recovery in IT demand, supported by stable economic conditions in China and strong conditions in the United States, and a recovery in capital investment supported corporate earnings, which remained firm.」

「During the first quarter of the current fiscal year, Japan’s economy reached a bottom in corporate production activity against a backdrop of a rebound in exports and increased housing investment, and the economy entered a moderate recovery trend.」