Impact of COVID-19 on the Economy and Logistics Demand

「The economy recovered gradually against a backdrop of the downgrading of the legal classification of COVID-19 in May 2023 and the removal of restrictions on economic and social activity.」

「During the nine-month period ended [the relevant date] of the current fiscal year, the Japanese economy showed gradual signs of recovery as restrictions on economic and social activity due to COVID-19 were eased.」

「During the six-month period ended [the relevant date] of the current fiscal year, the Japanese economy showed signs of recovery as restrictions on economic and social activity due to COVID-19 (hereinafter, the “infection”) were eased.」

「During the three-month period ended [the relevant date] of the current fiscal year, the Japanese economy showed signs of recovery as restrictions on economic and social activity due to COVID-19 (hereinafter, the “infection”) were eased.」

「In connection with the spread of infectious diseases, the Group has been affected by the economic slowdown, disruptions to global supply chains and changes in the contents of entrusted cargo, among other factors, while working to strengthen transportation capacity, provide alternative transportation methods and control costs in response to changing circumstances.」

「During the nine-month period ended [the relevant date] of the current fiscal year, the difficult situation caused by COVID-19 was easing, but weakness continued in the recovery of economic activity.」

「During the six-month period ended [the relevant date] of the current fiscal year, the Japanese economy remained in a difficult situation as the spread of COVID-19 (hereinafter, the “infection”) continued and economic activity was restricted. Although domestic vaccination programs progressed smoothly, the outlook remained uncertain, with signs of renewed spread due to variant strains.」

「In the logistics industry, changes in consumer behavior arising amid the spread of the infection have made purchases through mail-order channels, including e-commerce, widespread across a broad range of age groups, increasing demand for parcel delivery services.」

「In the logistics industry, the e-commerce market, which began with stay-at-home consumption, expanded rapidly, increasing society’s need for parcel delivery services.」

「In the logistics industry, while the spread of the infection has continued, demand for parcel delivery services has increased against a backdrop of the expanding e-commerce market resulting from changes in companies’ working practices, including the promotion of telework, and changes in consumers’ lifestyles.」

「In the logistics industry, while the effects of the infection have continued, the e-commerce market has continued to expand as companies have changed their working practices, including promoting telework, and consumers’ lifestyles have changed, resulting in increased demand for parcel delivery services.」

「During the three-month period ended [the relevant date] of the current fiscal year, the Japanese economy deteriorated rapidly due to the global spread of COVID-19 (hereinafter, the “infection”). In the logistics industry, although business activities by shippers were voluntarily curtailed due to the spread of the infection, demand for home delivery services increased as society’s need for deliveries grew in response to the expansion of the e-commerce market driven by increased stay-at-home consumption.」