The Kumamoto and Oita Earthquakes and Weakening Personal Consumption

「我が国経済は、雇用・所得環境の改善や設備投資の持ち直しを背景に、緩やかに回復しましたがエネルギー価格や食料品を中心とする物価上昇が個人消費を下押ししました。」

「In Japan, inbound tourism demand and capital investment provided support, while high prices and sluggish growth in real wages weighed on personal consumption.」

「In Japan, inbound tourism demand and capital investment provided support, while high prices and sluggish growth in real wages weighed on personal consumption.」

「Japan's economy showed signs of recovery due to the recovery in tourism demand and increased capital investment, but the rise in import prices caused by the weaker yen and delays in wage growth squeezed household purchasing power, limiting growth in consumption.」

「Japan's economy continued to achieve solid growth, centered on domestic demand and supported by high corporate earnings.」

「Japan's economy regained a moderate recovery trend after overcoming the COVID-19 pandemic, but although the corporate sector performed well in terms of business conditions and earnings, this did not sufficiently translate into wages and investment, leaving domestic demand lacking strength and limiting growth to 1.9%.」

「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that management recognizes could materially affect the financial position, operating results and cash flows of the consolidated companies, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」

「Japan's economy recovered after restrictions on economic activity were lifted, supported mainly by pent-up demand for services, but momentum began to fade as household consumption declined due to sluggish real income amid soaring prices.」

「During the three months ended the first quarter of the current fiscal year, there were no occurrences of major risks that management recognized as potentially having a material impact on the financial position, operating results or cash flows of the consolidated companies among those relating to the business and accounting conditions described in the quarterly report, and no significant changes to the "Business and Other Risks" described in the annual securities report for the previous fiscal year. There were also no significant events or other matters.」

「Japan's economic growth rate was 1.1%, as the recovery in personal consumption was delayed by the application of priority preventive measures amid the spread of the Omicron variant and price increases resulting from sanctions against Russia, although the economy's shift toward living with COVID-19 toward year-end supported a recovery.」

「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that management recognizes could materially affect the financial position, operating results and cash flows of the consolidated companies, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」

「Although real GDP exceeded its pre-pandemic level, higher import costs resulting from the concurrent rise in resource prices and depreciation of the yen weighed on the recovery in domestic demand.」

「During the three-month period ended 30 June, there were no new risks that management recognizes as having the potential to materially affect the financial position, operating results or cash flows of the consolidated companies, and no material changes to the business risks described in the annual securities report for the previous fiscal year.」

「Although Japan's economy had emerged from negative growth, its growth rate was limited to 1.6% due to sluggish services consumption caused by repeated declarations of a state of emergency, compounded by the weaker yen and higher resource prices.」

「During the nine months ended the third quarter of the current fiscal year, there were no occurrences of matters that could have a material impact on investors' decisions among those relating to the business and accounting conditions described in the quarterly report, and no significant changes to the "Business and Other Risks" described in the annual securities report for the previous fiscal year. There were also no significant events or other matters.」

「Although the Tokyo Olympics and Paralympics were held in the summer, Japan's economy recovered only slightly, partly because states of emergency were declared intermittently.」

「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」

「Real GDP growth in the April-June quarter fell by the largest amount since statistics began in the United States, Europe, and Japan.」

「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「In Japan as well, the economy was expected to enter a recession, including as a result of the postponement of the Tokyo Olympics and Paralympics due to the spread of COVID-19.」

「Although Japan's economy was weighed down by sluggish exports and production against the backdrop of U.S.-China trade friction, personal consumption recovered moderately.」

「Although Japan's economy faced downward pressure from a succession of natural disasters, including earthquakes and torrential rain, it remained solid as the global economy, led by the United States, continued to recover, employment conditions remained favorable, and personal consumption was resilient.」

「Japan's economy continued on a recovery trend, with corporate earnings remaining solid and employment and income conditions continuing to improve.」

「Japan's economy is expected to continue expanding, with economic benefits from tourism toward the 2020 Tokyo Olympics also anticipated.」

「Japan's economy continued its second-strongest postwar recovery after the Izanami boom, supported by a recovery in exports, mainly in the IT industry, and resilient personal consumption.」

「Meanwhile, although Japan's economy continued on a moderate recovery trend as employment and income conditions improved, the recovery had not escaped its stalled phase because the improvement had not sufficiently spread to corporate capital investment and household spending such as personal consumption.」

「Japan's economy is also recovering, supported by solid employment and income conditions and resilient personal consumption.」

「Japan's economy is showing a trend toward moderate recovery, supported by solid employment and income conditions and a bottoming out in personal consumption, but exports and production have remained flat due to the rapid appreciation of the yen since the beginning of the year.」

「In Japan, exports and production have remained flat, while personal consumption has continued to weaken, partly due to the impact of the earthquakes in Kumamoto and Oita.」