Economic Uncertainty Caused by China's and Emerging Markets' Economic Slowdown and the UK's Withdrawal from the EU

「Meanwhile, it remains necessary to continue monitoring developments, including the impact of the situation in the Middle East, rising domestic prices and long-term interest rates, and volatility in financial and capital markets, and the outlook remains uncertain.」

「However, the outlook remained uncertain due to continued price increases, unstable international conditions and growing uncertainty over overseas economies.」

「During the cumulative third quarter under review, Japan's economy continued on a moderate recovery trend as economic activity normalized, supported by improvements in employment and income conditions and increased inbound demand. Meanwhile, the outlook remained uncertain due to soaring resource and raw-material prices against a backdrop of unstable international conditions, rising prices resulting from the depreciation of the yen, and heightened geopolitical risks.」

「During the cumulative second quarter under review, Japan's economy continued on a moderate recovery trend as socioeconomic activity normalized following the easing of restrictions on movement related to COVID-19. Meanwhile, resource and raw-material prices continued to rise against a backdrop of unstable international conditions, and the yen remained on a depreciating trend, leaving the outlook uncertain.」

「During the cumulative first quarter under review, Japan's economy continued on a recovery trend as socioeconomic activity normalized following the easing of restrictions on movement associated with COVID-19 being reclassified as a Category V disease. However, the outlook remained uncertain due to soaring prices for resources, energy and raw materials, price increases resulting from the depreciation of the yen, and downside risks to the economy from global monetary tightening.」

「During the cumulative third quarter under review, Japan's economy showed signs of normalization as restrictions on movement related to COVID-19 were eased. However, the outlook remained uncertain due to soaring energy prices, rising prices and concerns over an economic slowdown resulting from global monetary tightening.」

「During the cumulative second quarter under review, Japan's economy showed signs of recovery in socioeconomic activity due to the easing of restrictions on movement related to COVID-19. However, the outlook remained uncertain due to the resurgence of infections caused by variants, soaring prices for various resources resulting from the prolonged situation in Ukraine, and concerns over foreign-exchange fluctuations, including the depreciation of the yen.」

「During the cumulative first quarter under review, Japan's economy showed signs of normalization in socioeconomic activity as restrictions on movement related to COVID-19 were eased. However, the outlook remained uncertain due to soaring prices for various resources resulting from the prolonged situation in Ukraine and the rapid depreciation of the yen.」

「During the cumulative third quarter under review, Japan's economy showed signs of a gradual resumption of economic activity as COVID-19 vaccination coverage expanded. However, the outlook remained uncertain due to the resurgence of infections caused by new variants, supply constraints for semiconductor products and other goods, and further increases in resource prices resulting from heightened tensions surrounding Russia and Ukraine.」

「During the cumulative second quarter under review, Japan's economy showed gradual signs of recovery in economic activity, which had been restricted by repeated declarations of a state of emergency, as vaccination coverage expanded. However, infections resurged following the emergence of new variants, and the outlook remained uncertain.」

「During the cumulative first quarter under review, Japan's economy remained subject to restrictions on socioeconomic activity due to the reissuance of a state of emergency in response to the spread of COVID-19 and the application of priority preventive measures. Although an end to the pandemic was anticipated as vaccinations progressed, the outlook remained uncertain.」

「Some business activities were affected.」

「Economic activity was gradually restarted, and signs of a moderate recovery were seen. However, restrictions on business activity have continued due to the resurgence of COVID-19 infections, and the outlook remains uncertain.」

「Economic activity was forced to stagnate by the impact of COVID-19. Although some signs of recovery accompanied the resumption of economic activity after the government lifted its state of emergency declaration, the outlook remains uncertain owing to the renewed spread of COVID-19.」

「The outlook remains uncertain owing to concerns about a renewed spread of infections.」

「During the nine months ended Q3, Japan's economy had remained on a moderate recovery path as corporate earnings and employment conditions continued to improve. However, the outlook remains difficult, owing to a decline in personal consumption following the consumption tax increase, unstable conditions overseas including US-China trade friction, and concerns about the impact of the spread of COVID-19 on economic activity in Japan and overseas.」

「The outlook remains uncertain owing to the impact of developments in overseas economies, including US-China trade issues, the UK's departure from the EU and developments in the Middle East.」

「Meanwhile, overseas economies remained on an uncertain path, owing in part to US-China trade issues and the unstable political situation in Europe.」

「Meanwhile, uncertainty in overseas economies has increased, owing in part to the worsening US-China trade friction, and the outlook remains uncertain, including the possibility of an impact on domestic economic conditions.」

「Meanwhile, uncertainty surrounding the policies of other countries, including the prolonged US-China trade friction, means that the outlook for overseas economies remains uncertain.」

「Meanwhile, uncertainty persists about the outlook for overseas economies, and attention remains necessary regarding the economic impact of prolonged trade friction and increasing political instability.」

「In addition to uncertainty in overseas economies and the effects of volatility in financial and capital markets, it is also necessary to consider the economic impact of a succession of natural disasters, and an uncertain situation continues.」

「During the nine months ended Q3, Japan's economy continued on a moderate recovery path, with capital investment and employment and income conditions improving against the backdrop of strong corporate performance, despite uncertainty surrounding policy developments in overseas economies.」

「During the six months ended Q2, Japan's economy continued on a moderate recovery path, supported by the effects of various policies and continued improvements in employment and income conditions, despite instability in the international situation.」

「Meanwhile, it is necessary to remain attentive to the effects of uncertainty surrounding economic and monetary policy in overseas economies, and the situation remains uncertain.」

「However, as the effective job openings-to-applicants ratio exceeded its peak during the bubble period, concerns about labor shortages and rising wages, as well as uncertainty in overseas economies, need to be borne in mind. The environment surrounding companies remains uncertain.」

「However, uncertainty in overseas economies remains a concern, and the economic outlook continues to be uncertain.」

「During the six months ended Q2, Japan's economy continued to recover moderately overall, as corporate earnings, employment and income conditions continued to improve and signs of a recovery in personal consumption emerged. Overseas, however, concerns about the UK's departure from the EU and the policies of the new US administration have intensified, and the outlook remains uncertain.」

「However, the outlook remains uncertain, owing to the economic slowdown in China and emerging markets and issues surrounding the UK's departure from the EU.」