Uncertainty over the economic outlook due to emerging-market stagnation, the UK's withdrawal from the EU and yen appreciation

「At the same time, the outlook for the domestic economy remains uncertain due to the entrenched labor shortage and geopolitical risks arising from the situation in the Middle East and elsewhere.」

「At the same time, the outlook for the domestic economy remains uncertain due to the entrenched labor shortage and geopolitical risks arising from the situation in the Middle East and elsewhere.」

「The outlook remains uncertain due to continued price increases, persistently high energy costs, and concerns over U.S. trade policy, among other factors.」

「The outlook remains uncertain due to recession risks, including persistently high raw material and energy costs against the backdrop of yen depreciation, continued global monetary tightening, and concerns about a downturn in overseas economies.」

「Meanwhile, unstable conditions continue, including the prolonged situation in Ukraine and escalating tensions in the Middle East. Against this backdrop, the outlook remains uncertain due to soaring raw material and energy prices, rising prices, and sharp fluctuations in financial and foreign exchange markets.」

「During the cumulative second quarter of the fiscal year, Japan's economy showed signs of a gradual recovery as social and economic activity continued to return to normal following the reclassification of COVID-19 as a Class 5 infectious disease. At the same time, downside risks to the global economy are becoming more apparent, including soaring raw material and energy prices against the backdrop of the situation in Ukraine, rising prices, sharp fluctuations in financial and foreign exchange markets, and stagnation in the Chinese economy. The outlook therefore remains uncertain.」

「During the cumulative first quarter of the fiscal year, Japan's economy has been gradually recovering, with corporate economic activity and personal consumption picking up moderately following the easing of restrictions on activities related to COVID-19. However, the outlook remains uncertain amid unstable international conditions, including the prolonged economic sanctions related to the conflict in Ukraine, rising resource and grain prices, and accelerating inflation driven by the yen's depreciation.」

「During the first 3 quarters of the current consolidated fiscal year, Japan’s economy showed signs of recovery in corporate economic activity and personal consumption as restrictions on activity were eased, despite the prolonged impact of COVID-19. However, the outlook remained uncertain due to soaring raw material and energy prices resulting from the prolonged situation in Ukraine, rising prices caused by the yen’s rapid depreciation, and sharp fluctuations in financial and foreign exchange markets.」

「During the current second-quarter cumulative consolidated period, the spread of the novel coronavirus disease appeared to have paused, and corporate economic activity and personal consumption showed signs of recovery. On the other hand, downside risks to the global economy, including soaring raw material and energy prices against the backdrop of the situation in Ukraine, rising prices and sharp fluctuations in financial and foreign exchange markets, were becoming evident, and uncertainty over the outlook continued.」

「During the current first-quarter cumulative consolidated period, the difficult conditions caused by the novel coronavirus disease gradually eased, and corporate economic activity and personal consumption showed signs of recovery. On the other hand, downside risks to the global economy, including soaring raw material and energy prices resulting from the situation in Ukraine, rising prices and fluctuations in financial and foreign exchange markets, are becoming evident, leaving the company in a difficult environment requiring continued close attention.」

「These effects are also rapidly driving changes in Japan's overall industrial structure, testing the ability of each industry and company to respond.」

「During the current third-quarter cumulative consolidated period, corporate activity and personal consumption showed signs of recovery as the impact of the novel coronavirus disease gradually eased and vaccinations progressed. However, the economy is expected to remain in a difficult situation with an unpredictable outlook, amid concerns about a resurgence of the disease caused by the emergence of new variants from the beginning of autumn onward. Meanwhile, the global economy showed signs of moving toward normalization, particularly in China and in the United States and Europe, where economic measures and the easing of restrictions on economic activity were progressing. However, concerns about the spread of new coronavirus variants cannot be dispelled, and close attention remains necessary regarding the effects of soaring raw material prices and semiconductor supply shortages.」

「During the current second-quarter cumulative consolidated period, the Japanese economy remained in an extremely difficult situation. Although some manufacturing industries showed signs of recovery as the spread of the novel coronavirus disease led to the expansion of areas under a state of emergency, economic activity centered on personal consumption, including travel and dining out, was constrained by restrictions on going out, slowing the overall recovery. Meanwhile, expectations for normalization of economic activity increased in the global economy, particularly in China, where recovery was progressing, and in the United States and Europe, where economic measures and the easing of restrictions on economic activity were advancing. However, the outlook remained uncertain because containment of infections in Asia continued to lag, global semiconductor supply shortages persisted and raw material prices continued to rise.」

「During the current first-quarter cumulative consolidated period, the Japanese economy remained in an extremely difficult situation as economic activity was restricted by the prolonged impact of the novel coronavirus disease, the application of priority preventive measures and the issuance of the third declaration of a state of emergency. Although some corporate earnings and investment activity showed signs of recovery amid expectations that the effects of economic measures implemented by various countries and the spread of vaccines would bring the pandemic under control, the emergence of highly transmissible variants has again increased uncertainty over the outlook for economic activity.」

「During the current consolidated fiscal year, the Japanese economy remained in an extremely difficult situation due to the spread of the novel coronavirus disease and the impact of two declarations of a state of emergency.」

「During the current third-quarter cumulative consolidated period, the Japanese economy remained in an extremely difficult situation due to the impact of the novel coronavirus disease. Although economic activity showed signs of a gradual recovery after the lifting of the state of emergency, personal consumption remained sluggish and companies continued to take a cautious approach to capital investment. With infections recently resurging in Japan and overseas, uncertainty over domestic and overseas demand has again been increasing.」

「During the current second-quarter cumulative consolidated period, sentiment toward the Japanese economy deteriorated rapidly as economic activity across all industries stagnated due to the spread of the novel coronavirus disease and the resulting declarations of a state of emergency. More recently, some exports bottomed out as overseas economies began to recover, and production activity, particularly in the automotive industry, has begun to improve. However, personal consumption remains sluggish and capital investment is declining, so the difficult outlook is expected to continue.」

「In particular, declining demand due to China's economic downturn and supply chain disruptions rapidly became evident. Just as corporate earnings, which had remained strong, were being forced to undergo downward revisions, particularly in the manufacturing sector, an explosive outbreak of the novel coronavirus disease began at the end of the year. Corporate and individual activities came to a virtual standstill, bringing the industrial economy as a whole into an extremely difficult and unpredictable phase.」

「On the other hand, in addition to US-China trade friction and the UK's Brexit issue, concerns arose over the impact on the economy of uncertainty in political and economic developments, including the newly emerging tensions in the Middle East, making the outlook increasingly uncertain.」

「During the current second-quarter cumulative consolidated period, the Japanese economy maintained a gradual recovery trend, supported by solid capital investment and a favorable employment and income environment. However, amid growing uncertainty in overseas conditions arising from US-China trade friction and the UK's Brexit, the outlook for future economic conditions was becoming increasingly difficult to predict.」

「During the current first-quarter cumulative consolidated period, capital investment continued to trend upward and corporate earnings remained firm, particularly in the non-manufacturing sector. However, concerns about the impact of US-China trade friction, a downturn in China's economy and resulting changes in global supply chains have made the outlook increasingly difficult to predict.」

「In the latter half of the period, an economic slowdown became evident in China and the EU, attributable to intensifying US-China trade friction and protectionist moves, including the UK's Brexit issue, and the outlook rapidly became more uncertain.」

「During the current third-quarter cumulative consolidated period, the Japanese economy remained in a phase of gradual recovery, with corporate performance and the employment environment remaining favorable and capital investment increasing. However, global financial markets were unstable amid concerns about an economic downturn resulting from intensifying US-China trade friction, making the outlook increasingly uncertain.」

「During the current second-quarter cumulative consolidated period, the Japanese economy remained in a phase of gradual recovery, with corporate performance and the employment environment remaining favorable and capital investment trending upward. However, the outlook remained uncertain because of concerns about the impact of US-China trade friction and US interest rate hikes.」

「Concerns over higher raw material costs due to rising crude oil prices and trade friction originating in the United States persist, and the outlook remains uncertain.」

「However, the outlook for Japan's economy remains difficult to predict because of the risk of a trade war stemming from US protectionism and uncertainty surrounding international politics.」

「During the current third-quarter cumulative consolidated period, the Japanese economy expanded moderately on the back of strong global economic conditions. Although concerns about overseas political developments and rising geopolitical risks remained, the outlook was beginning to appear somewhat more optimistic.」

「During the current second-quarter cumulative consolidated period, the Japanese economy was gradually expanding due to the recovery of the global economy and the resulting improvement in corporate earnings. However, the outlook remained uncertain because of concerns about the policies of the US administration and the situation on the Korean Peninsula.」

「During the current first-quarter cumulative consolidated period, the Japanese economy was gradually recovering due to the recovery of the global economy and increased corporate activity. However, the outlook remained uncertain because of concerns about political and economic developments in developed economies such as the United States and the EU, as well as in Asian countries such as China.」

「The economic outlook remained uncertain amid concerns about the outlook for emerging market economies, including China, and political developments in Europe and the United States.」

「During the current third-quarter cumulative consolidated period, the Japanese economy was on a gradual recovery trend due to improvements in corporate earnings and the employment environment. However, the economic environment remained unstable and the outlook continued to be uncertain because of concerns about slower economic growth in emerging markets and the growing impact of overseas political and economic developments on foreign exchange rates and stock markets.」

「Global trade volumes, including trade in resources and raw materials, our company's main products, remained sluggish due to the UK's Brexit issue, China's overproduction and slower growth in emerging markets. The real economy was also affected, with the yen exchange rate remaining at around levels just above ¥100, and the economic outlook remained increasingly uncertain.」

「The outlook for the economy became increasingly uncertain due to growing domestic and international concerns, including the increasing slowdown in the global economy resulting from stagnation in emerging markets, led by China, and the UK's decision to leave the EU, as well as the rapid appreciation of the yen.」