Risks from an uncertain economic outlook due to slowing emerging-market growth, overseas conditions, and yen appreciation

「During the interim consolidated fiscal year, Japan's economy remained on a moderate recovery trend, supported by improvements in employment and income conditions and increased inbound demand. However, the outlook remained uncertain, as the impact of US trade policy and persistently rising prices raised concerns about their effect on personal consumption.」

「However, the outlook remains uncertain due to rising prices caused by surging energy prices stemming from conditions in the Middle East, labor shortages, and other factors.」

「During the first nine months of the current consolidated fiscal year, Japan's economy remained on a moderate recovery trend as improvements in employment conditions and wage growth increased personal consumption and inbound demand recovered. However, the outlook remained uncertain due to higher prices resulting from surging resource prices and labor shortages caused by the recovery in labor supply and demand.」

「However, the outlook remains uncertain due to rising prices, continuing yen depreciation, and labor shortages caused by the rapid tightening of labor supply and demand.」

「However, the outlook remains uncertain due to risks including a deterioration in the global economy resulting from higher prices and monetary tightening, and labor shortages resulting from a recovery in labor demand.」

「However, the outlook remains uncertain, including because energy prices are trending higher amid an unstable international situation and because of developments in domestic monetary policy.」

「However, the outlook remains uncertain due to restrictions on activities resulting from the renewed spread of infections, surging resource prices, and rising prices caused by yen depreciation.」

「However, the outlook remains uncertain due to the renewed spread of COVID-19, higher raw material and energy prices caused by geopolitical risks, fluctuations in foreign exchange rates, and other factors, requiring close monitoring.」

「During the first nine months of the current consolidated fiscal year, the impact of COVID-19 gradually eased in Japan and overseas, and a recovery was anticipated following the lifting of the state of emergency. However, the outlook remained uncertain once again due to the spread of infections caused by the emergence of new variants and surging crude oil prices, among other factors.」

「Japan's economy during the consolidated fiscal year was dominated by COVID-19. As the rollout of COVID-19 vaccines failed to progress as expected, some industries experienced unprecedented conditions unlike anything they had previously encountered.」

「The business environment surrounding the group's mobility-based services remained extremely difficult, as the sharp decline in visitors to Japan since the beginning of the fiscal year, the establishment of new lifestyles, and deteriorating employment conditions continued to weigh on activity. Although the economy began to recover from its low point during the state of emergency issued in April 2020, partly due to the effects of government measures such as the Go To Travel campaign, the spread of the third wave of infections from November put a brake on the recovery, and there was an unmistakable sense that the recovery had reached a ceiling.」

「During the first quarter of the current consolidated fiscal year, Japan's economy faced extremely severe conditions as the global COVID-19 pandemic, which began at the start of 2020, led to public health measures such as restrictions on going out and the suspension of business and production activities to prevent infections, causing social and economic activity to decline sharply.」

「However, natural disasters, the consumption tax increase, slowing growth in overseas economies, and the global spread of COVID-19 toward the end of the fiscal year forced restrictions on various economic activities, and the fiscal year ended with the economy in a phase of rapid deterioration.」

「However, the outlook for the global economy remained uncertain due to US-China trade issues, the UK's withdrawal from the EU, slower growth in China, and growing geopolitical risks.」

「However, the outlook remained uncertain due to domestic and overseas economic uncertainties, including US-China trade friction, slower growth in China, geopolitical risks, and trends in consumption following the consumption tax increase.」

「During the first quarter of the current consolidated fiscal year, Japan's economy was recovering moderately due to improvements in employment and income conditions. However, the outlook remained uncertain amid domestic and overseas economic uncertainties, including trade friction arising from US trade policy, slower growth in China, and the consumption tax increase scheduled for October 2019. The company's business also performed steadily due to improved employment conditions and an increase in visitors to Japan, but the outlook remained unpredictable due to a decline in South Korean tourists visiting Japan following the deterioration in Japan-South Korea relations and trends in crude oil prices, among other factors.」

「During the consolidated fiscal year, Japan's economy remained on a moderate recovery trend due to solid corporate performance and improvements in employment conditions, but signs of slowing growth began to emerge as exports slowed and capital investment was postponed. However, the outlook remained uncertain due to the impact of global economic uncertainties, including surging crude oil prices, trade friction arising from US trade policy, and slower growth in China.」

「During the first nine months of the current consolidated fiscal year, Japan's economy remained on a moderate recovery trend, supported by the government's ongoing economic policies, with corporate earnings recovering and employment and income conditions continuing to improve, although it was temporarily affected by natural disasters. However, the outlook remained uncertain due to uncertainty in the global economy, including trade friction arising from US-China trade policies and higher crude oil prices.」

「During the first six months of the current consolidated fiscal year, Japan's economy remained on a moderate recovery trend, supported by the government's ongoing economic policies, with corporate earnings recovering and employment and income conditions continuing to improve. However, the outlook remained uncertain due to uncertainty in the global economy, including higher crude oil prices and the protectionist trade policies of the United States, as well as the impact of successive natural disasters in Japan on economic activity.」

「During the first quarter of the current consolidated fiscal year, Japan's economy remained on a moderate recovery trend, supported by the government's ongoing economic policies, with corporate earnings recovering and employment and income conditions continuing to improve. However, the outlook remained uncertain due to the impact of uncertainty in the global economy, including higher crude oil prices and the protectionist trade policies of the United States.」

「The outlook remains uncertain due to the impact of uncertainty in the global economy arising from US policy developments, instability in East Asia, and other factors.」

「During the first six months of the current consolidated fiscal year, Japan's economy saw improvements in corporate earnings and employment conditions, supported by government economic policies, while personal consumption remained on a moderate recovery trend. However, the outlook remained uncertain due to the impact of US economic policy and political tensions with neighboring countries, among other factors.」

「During the first quarter of the current consolidated fiscal year, Japan's economy saw steady corporate earnings, supported by government economic policies, while employment conditions and personal consumption remained on a moderate recovery trend. However, the outlook remained uncertain amid uncertainty in the global economy, including US economic policy and political conditions in Europe.」

「During the consolidated fiscal year, Japan's economy remained on a moderate recovery trend, as government economic policies improved employment and income conditions. The global economy also showed signs of a moderate recovery, but the outlook remained uncertain due to the increasingly pronounced protectionism of the new US administration and the UK's withdrawal from the EU, among other factors.」

「At the same time, the outlook remains uncertain due to the slowing trend in Asian emerging-market economies, the UK's withdrawal from the EU, and the future policy direction of the new US president.」

「However, the outlook remains uncertain, as yen appreciation, instability in the global economy caused by slowing growth in emerging-market economies, and weak personal consumption are weighing on economic activity.」

「Against a backdrop of slowing growth in emerging markets, including China, and unstable conditions in Europe and the Middle East, the economic outlook remained uncertain, with yen appreciation and instability in the equity markets.」