Uncertainty over the Outlook Due to Yen Appreciation, Sluggish Stock Prices and Brexit

「At the same time, the economic outlook remained uncertain due to the continued rise in prices, interest rate trends, increasing geopolitical risks including the situation in the Middle East, and uncertainty surrounding overseas economies.」

「Japan's economy continued on a gradual recovery trend, supported by improvements in employment and income conditions. At the same time, downside risks to the economy arising from US trade policy and rising domestic price levels were seen, and in March it became necessary to closely monitor the potential impact of instability in the Middle East on the domestic economy.」

「国内物価水準の上昇などによる景気の下押しリスクが見られたほか、３月には中東情勢の不安定化が国内景気に及ぼす影響について注視が必要となりました。」

「Although Japan's economy is expected to continue its gradual recovery, uncertainty about the outlook has increased due to factors including rising prices and US trade policy.」

「During the interim consolidated accounting period under review (1 April 2024 to 30 September 2024), Japan's economy continued to recover gradually as employment and income conditions improved, while risks were also seen from downside risks to overseas economies and rising prices affecting Japan's economy.」

「During the cumulative third quarter under review, Japan's economy continued to show a gradual recovery, supported by the normalization of economic activity following the reclassification of COVID-19 as a Class 5 disease and improvements in employment and income conditions. At the same time, uncertainty remained, including the possibility that downside risks to overseas economies could affect Japan's economy and the impact of rising prices.」

「At the same time, uncertainty continued, including as the increasing likelihood of global monetary tightening and downside risks to overseas economies could affect Japan's economy.」

「During the cumulative first quarter under review, Japan's economy continued to show a gradual recovery, as economic activity moved toward normalization following the reclassification of COVID-19 as a Class 5 disease. At the same time, conditions remained such that close attention was required to rising prices and volatility in domestic and overseas financial and capital markets.」

「Although the impact of COVID-19 is expected to fade and economic activity is expected to continue moving toward normalization, the outlook is expected to remain uncertain because of concerns over higher prices and interest rates, social instability caused by geopolitical risks, and persistently high raw-material and energy prices.」

「During the 3Q cumulative consolidated period, Japan's economy continued to recover gradually as normalization from the impact of COVID-19 progressed. Meanwhile, events that could affect the future business environment occurred, including rising domestic price levels and the Bank of Japan's change to its policy for controlling long-term interest rates.」

「Concern arose over inflation caused by supply-side constraints resulting from yen depreciation against a backdrop of global monetary tightening and other factors, as well as heightened political and military tensions, and uncertainty continued over the outlook.」

「During the 1Q cumulative consolidated period, Japan's economy continued to show a gradual recovery as the impact of the spread of COVID-19 eased. However, uncertainty persisted over the outlook amid concern about rising costs resulting from the situation in Ukraine, the impact of lockdowns in China and the yen's depreciation.」

「Concern remains over the impact on domestic demand of shortages and surging prices for resources resulting from the prolonged COVID-19 pandemic and economic sanctions imposed by countries in response to Russia's invasion of Ukraine, as well as power shortages and sluggish stock prices. The economy is expected to remain in an uncertain situation.」

「During the cumulative third quarter of the current consolidated fiscal year, there were no new business or other risks, nor any material changes to the business and other risks described in the annual securities report for the previous fiscal year.」

「No new business or other risks arose during the 2nd quarter cumulative period. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」

「During the cumulative first quarter under review, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「During the six-month period ended the second quarter, there were no newly arising business or other risks. In addition, there were no material changes to the business and other risks described in the securities report for the previous fiscal year.」

「During the cumulative first quarter under review, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「No new business or other risks arose during the 2nd quarter cumulative period. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」

「There were no newly identified business or other risks during the first quarter of the fiscal year. In addition, there were no material changes to the business and other risks described in the securities report for the previous fiscal year.」

「During the first three quarters, there were no newly arising business or other risks, and no material changes were made to the business or other risks described in the annual securities report for the previous fiscal year.」

「No new business or other risks arose during the 2nd quarter cumulative period. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」

「There were no newly identified business or other risks during the first quarter of the fiscal year. In addition, there were no material changes to the business and other risks described in the securities report for the previous fiscal year.」

「Although concern remained over the impact of overseas developments, including downside economic risks in China and emerging Asian economies, the emergence of the UK's EU withdrawal issue and the inauguration of the new US administration」

「The outlook remained uncertain, including with respect to the policies to be adopted by the new US administration after its inauguration and their impact on the global economy.」

「Meanwhile, uncertainty continued over the outlook, including the risk of an economic downturn in emerging Asian economies and elsewhere.」

「The business environment remained uncertain, owing to the yen's appreciation trend that continued from the beginning of the year, sluggish stock prices and the emergence of the UK's EU withdrawal issue.」