Uncertainty in the external environment from a stronger yen, slowing growth in emerging economies and the European economy

「During the interim consolidated accounting period, Japan's economy maintained a moderate recovery trend, supported by sustained wage increases and improved corporate earnings. However, the risk of downward pressure on personal consumption increased as prices continued to rise. The outlook also remained uncertain due to developments in US tariff policy and continuing geopolitical risks related to Ukraine and the Middle East.」

「During the interim consolidated accounting period, Japan's economy showed signs of a moderate recovery due to improving employment and income conditions and the effects of various policies, but the outlook remained uncertain due to soaring resource and raw material prices, sharp fluctuations in foreign exchange rates, and heightened tensions in the Middle East.」

「The outlook remains uncertain due to the impact of a downturn in overseas economies resulting from global monetary tightening and concerns over China's economic outlook, as well as soaring raw material prices and inflation caused by yen depreciation.」

「During the first quarter, Japan's economy recovered moderately as economic and social activity moved toward normalization following the easing of restrictions related to COVID-19 and employment and income conditions improved. However, the outlook is expected to remain uncertain due to downside risks from global monetary tightening, persistently high raw material prices, and inflation caused by yen depreciation.」

「At the same time, the outlook is expected to remain uncertain due to factors including Russia's military invasion of Ukraine, soaring raw material and energy prices, and rising interest rates.」

「During the first nine months of the fiscal year, Japan's economy showed signs of recovery amid the prolonged impact of COVID-19 and the effects of various policies, but the sharp depreciation of the yen and rising resource and energy prices had a major impact on economic and consumer activity. In addition, as global monetary tightening continued, attention remained necessary regarding risks of a downturn in overseas economies and the impact of the spread of infections in China.」

「During the first six months of the fiscal year, Japan's economy was moving toward normalization as restrictions on activity related to COVID-19 were eased, but the outlook is expected to remain uncertain due to the sharp increase in infections from July onward, as well as rising resource and energy prices and the rapid depreciation of the yen.」

「At the same time, the outlook is expected to remain uncertain due to factors including the prolonged situation in Ukraine, high crude oil prices, and further yen depreciation.」

「During the first nine months of the fiscal year, Japan's economy continued to be constrained by the impact of COVID-19, but economic activity showed signs of recovery as the state of emergency and priority preventive measures were lifted. However, the outlook is expected to remain uncertain for the time being as infections spread again due to new variants.」

「Signs of an economic recovery began to emerge, supported by improved performance at export-related companies amid the recovery in overseas economies and the steady increase in COVID-19 vaccinations. However, economic and social activity continued to be restricted as states of emergency and priority preventive measures were repeatedly declared due to the spread of variants, and conditions remained difficult.」

「During the first quarter, Japan's economy showed signs of recovery as overseas economies recovered and COVID-19 vaccinations expanded, but remained in a difficult situation because the end of the spread of COVID-19 infections was still not in sight, including due to the spread of variants.」

「During the fiscal year, Japan's economy showed signs of recovery as economic activity gradually resumed following the impact of the novel coronavirus. However, infections were still tending to spread again, with no sign that the spread was ending, and conditions remained uncertain.」

「During the first nine months of the fiscal year, Japan's economy showed signs of recovery as economic activity gradually resumed following the impact of the novel coronavirus, but remained in a difficult situation as there were still no signs that the spread of infections was ending.」

「During the first quarter, Japan's economy was in an extremely difficult situation as the spread of the novel coronavirus had a major impact on economic activity. The outlook remained uncertain even after the state of emergency was lifted, and conditions remained unpredictable.」

「Economic activity stagnated due to the spread of the novel coronavirus since the beginning of the year, and economic conditions deteriorated as consumption was restrained. The group's business was also affected by economic disruption caused by the global spread of the virus, including a decline in the handling of import and export cargo, leaving the outlook uncertain.」

「The global economy as a whole is recovering moderately, and the recovery trend is expected to continue, but the outlook remains uncertain due to the prolonged US-China trade friction and signs of slowing growth in China's economy.」

「Attention should be paid to the risk of a downturn in Japan's economy due to a consumption tax increase, as well as uncertain conditions overseas, including prolonged US-China trade friction and China's economic outlook.」

「Although uncertainty remains in the global economy, including the prolonged US-China trade friction and China's economic outlook, the global economy as a whole continued on a moderate recovery trend.」

「Although the global economy generally continued on a recovery trend, the outlook remains uncertain due to factors including escalating trade friction and concerns over China's outlook.」

「Although the global economy continued on a moderate recovery trend, concerns over the impact on economic conditions remained due to factors including escalating trade friction and slowing consumption in China.」

「During the first six months of the fiscal year, Japan's economy continued on a moderate recovery trend, despite concerns including the economic impact of successive natural disasters and instability in foreign exchange and stock markets, supported by a recovery in personal consumption and improved corporate performance. The global economy also continued on a moderate recovery trend, although uncertainty remained, including over developments in trade issues.」

「Although uncertainty remains in the global economy, including regarding financial market trends, policy and trade issues, the economy continued on a moderate recovery trend.」

「During the first nine months of the fiscal year, Japan's economy continued to recover, with corporate earnings and employment conditions improving, capital investment increasing, and personal consumption recovering. The global economy, including the United States, China and other parts of Asia, also continued to recover, and a moderate recovery is expected to continue, although the impact of uncertainty in financial markets and policy remains a concern.」

「During the first six months of the fiscal year, Japan's economy continued to recover moderately, with corporate earnings and employment conditions improving and signs of recovery in capital investment and personal consumption. The global economy is also expected to continue recovering, with signs of improvement in the United States and China, but the outlook remains uncertain due to financial market trends and uncertainty in overseas economies.」

「A moderate recovery is also expected in the global economy, with signs of improvement in economic conditions in the United States and China, but the outlook remains uncertain due to uncertainty surrounding financial market trends and policy.」

「Although economic recovery has continued in emerging countries, including China, signs of recovery have also been seen in the EU, but the outlook remains uncertain due to issues including the UK's withdrawal from the EU.」

「As of the end of the third quarter consolidated accounting period, net assets were ¥16,013 million, an increase of ¥185 million from the end of the previous consolidated fiscal year. Although yen appreciation reduced the foreign currency translation adjustment, retained earnings increased due to quarterly net income attributable to owners of the parent, and the valuation difference on other securities also increased.」

「At the same time, concerns over the outlook, including economic slowdowns in emerging and resource-rich countries, particularly China, and the UK's withdrawal from the EU, create a risk of downward pressure on the economy.」

「Japan’s economy has remained on a recovery trend, with improvements in employment conditions and signs of a recovery in capital investment. However, the environment remains uncertain due to concerns about increased downside risks to corporate earnings from the stronger yen, an economic slowdown in emerging and resource-producing countries, particularly China, and the outlook for the European economy.」