China and Emerging Markets: Slowing Growth and Increasing Economic Uncertainty

「Meanwhile, the global economy remains uncertain due to the prolonged situation in Ukraine, higher raw material and energy prices resulting from the weaker yen, and the impact of U.S. trade policies on the Japanese economy.」

「Meanwhile, the global economy remained uncertain due to the prolonged situations in Ukraine and the Middle East, soaring raw material and energy prices caused by the yen's depreciation, a slowdown in the Chinese economy, and concerns about the impact of the new U.S. president's policies on the Japanese economy.」

「Meanwhile, the global economy remained uncertain due to the prolonged situation in Ukraine, increased geopolitical risk resulting from rising tensions in the Middle East, soaring raw material and energy prices caused by the yen's depreciation, and the impact of the U.S. presidential election on the Japanese economy.」

「Although freight volumes are expected to recover next period against a backdrop of improving consumer sentiment associated with higher wage growth and other factors, the outlook is expected to remain uncertain, with the continued Russian invasion of Ukraine, soaring raw material and energy prices associated with the prolonged conflict in Palestine, the effects of global monetary tightening, and concerns about the outlook for the Chinese economy. Sufficient caution is therefore required.」

「Meanwhile, the global economy remained uncertain due to the prolonged Russian invasion of Ukraine, the conflict in Palestine, price increases stemming from higher raw material prices, and the yen's continued depreciation against other currencies.」

「During the cumulative second quarter (1 April 2023 to 30 September 2023), Japan's economy continued to recover moderately as social and economic activity normalized following the designation of COVID-19 as a Class 5 infectious disease. Inbound demand and personal consumption also recovered, showing gradual signs of improvement. Meanwhile, the global economy remained uncertain, affected by price increases stemming from higher raw material prices due to the prolonged situation in Ukraine and the yen's continued depreciation against other currencies.」

「During the cumulative first quarter (1 April 2023 to 30 June 2023), Japan's economy showed signs of moving toward normalization of economic activity as restrictions on movement associated with COVID-19 were eased, and continued to recover moderately. Meanwhile, the global economy remained uncertain, affected by rising prices resulting from higher resource and energy prices associated with the prolonged situation in Ukraine, exchange-rate fluctuations, and higher interest rates resulting from monetary tightening.」

「During the period, Japan's economy progressed amid Russia's invasion of Ukraine and unsettling developments in North Korea. As social and economic activity continued to normalize from the COVID-19 pandemic, the economy continued to recover moderately. At the same time, the environment surrounding the global and Japanese economies became increasingly challenging, with concerns about a global recession centered on the United States due to soaring global energy and food prices associated with the prolonged situation in Ukraine and rapid monetary tightening by the United States and European countries aimed at curbing inflation.」

「During the nine months ended 31 December 2022, Japan's economy gradually moved toward normalization as measures to address COVID-19 were balanced with social and economic activity, but remained unstable, including because of the arrival of the eighth wave of COVID-19. Uncertainty about the outlook continued because of surging raw-material and energy prices associated with the prolonged situation in Ukraine, sharp exchange-rate fluctuations and deteriorating consumer sentiment resulting from higher prices.」

「During the six months ended 30 September 2022, the global economy became increasingly difficult to assess because inflationary pressure in the procurement of raw materials and components persisted amid the prolonged Russian invasion of Ukraine with no clear end in sight and repeated lockdowns in cities across China, while exchange rates fluctuated substantially because of interest-rate policies in Europe and the United States. In Japan, as severe activity restrictions related to COVID-19 were eased and the economy moved toward normalization, the recent rapid depreciation of the yen against the U.S. dollar and resulting higher consumer prices posed a risk that stagnant consumption would lead to a downturn in logistics activity.」

「During the first three months of the current fiscal year (1 April 2022 to 30 June 2022), the global economy was increasingly weighed down by rising inflationary pressure in the procurement of raw materials and components because of the prolonged Russian invasion of Ukraine and the lockdown in Shanghai, China. In Japan, as severe activity restrictions related to COVID-19 were eased and the economy moved toward normalization, concerns emerged that a rapid decline in the yen against the U.S. dollar and resulting higher consumer prices would stagnate consumption.」

「Japan's economy during the fiscal year was deeply affected by repeated cycles of containment and spread following the emergence of COVID-19 variants. Globally, the economic recovery remained uncertain because of COVID-19 and factors including surging petroleum product prices associated with Russia's invasion of Ukraine. Production activity in various sectors was also significantly affected, raising concerns about higher prices.」

「During the nine months ended 31 December 2021, the emergence of variants of COVID-19 led to repeated cycles of containment and spread, casting a deep shadow over people's lives in Japan. The global economy also remained in a situation where its recovery could not be taken for granted. In addition, production activity in various sectors was significantly affected, raising concerns about higher prices.」

「During the six months ended 30 September 2021, COVID-19 spread rapidly, but the number of cases began to decline as a result of vaccinations and people refraining from certain activities. Although substantial disparities emerged between industries in economic activity, normalization was expected as the situation calmed.」

「During the first three months of the current fiscal year (1 April 2021 to 30 June 2021), Japan's economy deteriorated rapidly as the spread of COVID-19 constrained personal consumption and corporate activity. Although vaccination had become widespread in Europe and the United States and signs of progress were also seen in Japan, economic activity was expected to require some time to normalize.」

「Japan's economy during the fiscal year remained in a difficult situation, with economic activity declining because of the spread of COVID-19 and uncertainty about the outlook for the global economy caused by U.S.-China trade issues, as well as weak personal consumption resulting from requests to refrain from going out, domestic stagnation in production, a loss of momentum in personal consumption and deterioration in employment conditions. In some countries, economic activity gradually resumed as vaccination progressed, and the global economy overall appeared to remain on a recovery trend from the COVID-19 crisis.」

「During the nine months ended 31 December 2020, Japan's economy remained in a difficult situation, with economic activity declining because of the spread of COVID-19 and uncertainty about the outlook for the global economy caused by U.S.-China trade issues, as well as domestic stagnation in production, a loss of momentum in personal consumption and deterioration in employment conditions. Although domestic economic activity showed some signs of recovery after the state of emergency was lifted, the outlook remained uncertain as the spread of the third wave could not be brought under control.」

「During the six months ended 30 September 2020, Japan's economy remained in an extremely difficult situation, with corporate earnings and personal consumption falling sharply as economic activity stagnated because of the spread of COVID-19. Even after the state of emergency was lifted, there was no clear prospect of the pandemic subsiding, leaving the economic outlook highly uncertain.」

「During the first three months of the current fiscal year (1 April 2020 to 30 June 2020), Japan's economy deteriorated rapidly as the spread of COVID-19 constrained personal consumption and corporate activity. Globally, recovery remained slow as the spread of COVID-19 continued, and uncertainty about the outlook increased further because of factors including the prolonged U.S.-China trade friction.」

「Japan's economy during the fiscal year had remained on a moderate recovery trend, with corporate earnings firm and the income environment improving. However, in addition to a partial slowdown caused by the consumption tax increase implemented in October, the economy faced an unavoidable sharp downturn because of weak personal consumption resulting from requests to refrain from going out amid the spread of COVID-19, a sharp decline in exports and imports caused by a worldwide slowdown in economic activity, and restrained capital investment due to heightened uncertainty about the outlook.」

「During the nine months ended 31 December 2019, Japan's economy showed signs of a moderate recovery supported by improvements in corporate performance and employment conditions, while concerns remained about downside risks to the economy from the decline in consumption following the consumption tax increase and the effects of a series of natural disasters. In the global economy, uncertainty about the outlook continued because of issues including U.S.-China trade friction and the UK's issue of leaving the EU.」

「In the global economy, weak economic activity was observed in South Korea and parts of Europe and the United States. In Japan, uncertainty could not be dispelled because of the effects of a series of natural disasters and risks related to consumer sentiment following the consumption tax increase.」

「However, in the global economy, exports and production continued to lack strength because of the effects of U.S. trade policy on trade, the effects of volatility in financial and capital markets, and slowing overseas economies, including China, and uncertainty about the economic outlook could not be dispelled.」

「At the same time, uncertainty could not be dispelled because of the continuation of U.S.-China trade friction, growing concerns about a slowdown in China's economy, and the stalled issue of the UK's withdrawal from the EU.」

「At the same time, uncertainty could not be dispelled because of the slowdown in China's economy and downside risks to the global economy arising from U.S.-China trade friction.」

「At the same time, uncertainty could not be dispelled because of the effects of a series of natural disasters in Japan and downside risks to the economy based on U.S. trade protectionism.」

「During the first three months of the current fiscal year (1 April 2018 to 30 June 2018), Japan's economy continued on a moderate recovery trend. However, uncertainty about the economic outlook could not be dispelled because of higher raw-material costs resulting from rising crude oil prices and trade friction originating in the United States.」

「The global economy remained firm, supported by recovery in developed economies, particularly the United States, despite concerns regarding the situation in North Korea. In Asia and elsewhere, signs of an economic recovery also emerged, resulting in a moderate recovery overall.」

「The global economy remained firm, supported by recovery in developed economies, particularly the United States, despite concerns regarding the situation in North Korea. In Asia and elsewhere, signs of an economic recovery also emerged, resulting in a moderate recovery overall.」

「Although uncertainty related to U.S. policies remained, the economies of Europe and the United States continued to recover steadily, while signs of an economic recovery also emerged in Asia and elsewhere, resulting in a moderate recovery overall in the global economy.」

「Japan's economy during the fiscal year was on a moderate recovery trend, with improvements in corporate performance and employment conditions despite sluggish personal consumption. Although concerns included slower economic growth in China and emerging markets, policy uncertainty following the change of administration in the United States, and the EU withdrawal issue, the economy grew moderately overall.」

「Overseas, although the U.S. economy continued to expand, uncertainty about the economic outlook could not be dispelled because of concerns about a slowdown in emerging-market economies, including China, the UK's issue of leaving the EU, and substantial volatility in financial and capital markets following the U.S. presidential election.」

「Overseas, although the U.S. economy continued to expand, uncertainty about the economic outlook could not be dispelled because of the effects of slowing growth in China and elsewhere.」

「Overseas, although the U.S. economy continued to improve, uncertainty about the economic outlook could not be dispelled because of the effects of slowing growth in China and elsewhere and the UK's issue of leaving the EU.」

「Japan's economy during the fiscal year had been following a gradual recovery trend, but shifted into a stagnant phase because of factors including slower economic growth in China and emerging markets, and uncertainty about the economic outlook is increasing.」