Outlook Uncertainty Due to Trade Issues, Overseas Economic Uncertainty and Financial Market Volatility

「物価上昇の継続や為替変動等に加え、中東情勢の緊迫化を背景とした原油価格等のエネルギー価格の変動、海外経済の動向など、先行き不透明な状況が続いております。」

「Uncertainty over the outlook continued due to higher import costs resulting from sustained price increases and the weaker yen, rising crude oil and energy prices against the backdrop of heightened tensions in the Middle East, the impact on global supply chains, and concerns about a slowdown in overseas economies.」

「During the current interim consolidated accounting period (1 June 2025 to 30 November 2025), Japan's economy showed signs of a recovery in personal consumption accompanying improvements in employment and income conditions. However, uncertainty continued, as the impact of the US tariff policy added downside risks to the economy and sustained price increases weakened consumer sentiment, affecting personal consumption.」

「Meanwhile, the outlook for the domestic economy remains uncertain due to Russia's invasion of Ukraine, for which no end is in sight, high energy resource and raw material prices, and developments in foreign exchange markets.」

「During the third quarter of the current consolidated cumulative period (1 June 2022 to 28 February 2023), the spread of COVID-19 in Japan peaked in August last year during the seventh wave, while the eighth wave, which peaked in January this year, has now subsided. From March, the government issued a policy leaving mask-wearing to individual discretion, and efforts have been made to reinvigorate socioeconomic activity while taking into account infection-control measures in various countries. Meanwhile, the outlook for the domestic economy remains uncertain due to Russia's invasion of Ukraine, for which no end is in sight, and high energy resource and raw material prices.」

「During the second quarter of the current consolidated cumulative period (1 June 2022 to 30 November 2022), the increase in COVID-19 cases associated with the seventh wave in Japan subsided temporarily after peaking in August, and restrictions on entry by visitors from overseas were lifted, indicating efforts to balance infection prevention with socioeconomic activity. However, an increase in cases associated with the eighth wave has been reported since November. Meanwhile, the outlook for the domestic economy remains uncertain due to Russia's invasion of Ukraine and higher energy resource and raw material prices resulting from the weaker yen and other factors.」

「The situation in Ukraine resulting from Russia’s ongoing invasion, interest-rate increases led by the United States and the depreciation of the yen have continued to drive up energy resources and raw material prices, and the outlook remains extremely uncertain.」

「Although the lifting of states of emergency and priority preventive measures to prevent the spread of disease is expected to enable the prompt resumption of economic activity and other activities, concerns about a renewed spread of infections due to new variants have not been dispelled, and the outlook remains uncertain.」

「During the first quarter of the current consolidated cumulative period (1 June 2021 to 31 August 2021), Japan's economy remained in a difficult situation, with sluggish personal consumption, stagnant corporate earnings and subdued business sentiment amid the continuing impact of COVID-19. Although the effects of COVID-19 vaccinations are anticipated, the emergence of variants has led to the reissuance of states of emergency in various regions and the application of priority preventive measures to prevent the spread of disease, significantly restricting socioeconomic activity, and the outlook for a resolution of the situation remains uncertain.」

「Although some industries have shown signs of a gradual recovery, the outlook for containment of infections in Japan remains unclear, and the economic outlook continues to be uncertain.」

「However, the number of infections began increasing again from last autumn, and a second state of emergency was declared in January this year, leaving the economic outlook uncertain and dependent on the spread of the virus. Meanwhile, vaccination began in various countries, and, partly due to the effects of various policies, the global economy is expected to gradually show signs of recovery.」

「Although economic activity gradually began to resume after the lifting of the state of emergency, the outlook remained extremely uncertain, with corporate earnings and personal consumption expected to require a certain amount of time to recover.」

「In addition to the contraction in personal consumption following the consumption tax increase, the spread of COVID-19 that began at the end of last year has affected the global economy, and uncertainty over the outlook continues.」

「However, uncertainty about overseas economies surrounding trade issues and fluctuations in financial and capital markets, together with concern about the impact of COVID-19 on domestic and overseas economies, means that the outlook remains uncertain.」

「However, uncertainty over the outlook continues due to factors including tensions surrounding trade issues, uncertainty in overseas economies and volatility in the financial and capital markets.」

「However, uncertainty over the outlook continues due to the impact on the global economy of rising tensions surrounding trade issues, uncertainty in overseas economies and volatility in the financial and capital markets.」

「Meanwhile, uncertainty in the global economy increased due to developments in trade issues and volatility in the financial and capital markets, and the domestic economy remained unstable in the second half of the fiscal year.」

「However, uncertainty over the outlook continues due to the impact of developments in trade issues on the global economy, uncertainty in overseas economies and volatility in the financial and capital markets.」

「Meanwhile, uncertainty over the outlook continues due to developments in trade issues and volatility in the financial and capital markets, among other factors.」

「However, the outlook remains uncertain due to the impact of developments in trade issues on the global economy, uncertainty in overseas economies, fluctuations in financial and capital markets, geopolitical risks and other factors.」