Domestic and Overseas Economic, Political and Market Uncertainty

「Geopolitical risks have increased further because of uncertainty surrounding US trade policy, including additional tariffs, soaring energy prices accompanying escalating tensions in the Middle East, and the slowdown in the Chinese economy. Conditions both domestically and overseas are expected to remain uncertain.」

「During the interim consolidated accounting period, Japan's domestic economy remained on a recovery track overall as employment conditions and income levels continued to improve. Meanwhile, the outlook remained uncertain because of downside risks to the economy arising from the impact of US trade policy, rising prices and political instability. Overseas economies also remained unstable globally amid the overlapping effects of US trade policy, the slowdown in the Chinese economy and protracted geopolitical risks in the Middle East.」

「Geopolitical risks, including global inflation, concerns over a slowdown in the Chinese economy and the impact of tariff policies under the new US administration on the global economy, have increased further, and conditions both domestically and overseas are expected to remain uncertain.」

「During the interim consolidated accounting period, Japan's economy remained on a gradual recovery track as the normalisation of social and economic activity progressed and corporate earnings continued to recover gradually. Meanwhile, conditions remained uncertain amid the continued impact on the domestic economy of the rising trend in prices and the yen's depreciation against the backdrop of the Japan-US interest-rate differential, as well as growing expectations of higher interest rates. At some automobile manufacturers, plant operations were suspended because of a typhoon in late August. Overseas, the slowdown in the Chinese economy, the protracted situation in the Middle East and geopolitical risks in Ukraine led to continued increases in raw material prices and global inflation. Close attention is therefore required to downside risks in overseas economies, and conditions both domestically and overseas remain uncertain.」

「In Japan, personal consumption remained firm, while corporate earnings and prices continued to face uncertainty, and close attention is required to possible policy changes by the Bank of Japan and developments in overseas economies. In addition, the market environment is expected to remain uncertain because of rising geopolitical risks arising in various parts of the world and natural disasters.」

「Meanwhile, the impact of the rapid depreciation of the yen on the domestic economy and rising prices remain areas of concern, and conditions remain uncertain. In addition to the protracted Russia-Ukraine conflict, instability continues as tensions escalate in the Middle East. With risks of an economic slowdown, including the impact of economic and monetary policies centered on the United States and Europe, remaining high, conditions both domestically and overseas continue to be uncertain.」

「During the first six months of the fiscal year, Japan's economy remained on a gradual recovery track as economic activity resumed domestically and overseas following the COVID-19 pandemic. However, uncertainty persisted due to the impact of rapid yen depreciation on the domestic economy, the prolonged Russia-Ukraine conflict and concerns over the impact of economic and monetary policies, particularly in Europe and the United States. The automotive industry, which has close ties to the Group, began to improve as shortages of semiconductors and other components eased, but difficult conditions continued domestically due to labor shortages and sharply higher resource prices and wages. Overseas, the outlook remained uncertain due to concerns over higher prices resulting from U.S.-China trade friction and the prolonged Russia-Ukraine conflict.」

「During the first quarter of the fiscal year, Japan's economy remained on a gradual recovery track as economic activity resumed domestically and overseas following the COVID-19 pandemic. However, uncertainty persisted due to concerns over the prolonged Russia-Ukraine conflict and the impact of economic and monetary policies in countries worldwide, particularly in Europe and the United States, on the domestic economy. The automotive industry, which has close ties to the Group, began to improve as shortages of semiconductors and other components eased. Nevertheless, the outlook remained uncertain due to labor shortages and rising wages domestically, as well as concerns over higher prices overseas resulting from the prolonged Russia-Ukraine conflict.」

「Although the shift of COVID-19 to Class 5 under Japan's Infectious Diseases Control Law has raised expectations for a recovery in economic activity domestically, the outlook remains uncertain overseas due to the prolonged Russia-Ukraine conflict and financial instability in Europe and the United States.」

「During the first nine months of the fiscal year, although a gradual recovery had been expected following the easing of COVID-19 activity restrictions in various countries, Japan's economy remained under severe conditions due to production constraints and worsening shortages caused by supply-chain disruptions in the market following lockdowns in China, as well as soaring raw-material and energy costs resulting from the prolonged Russia-Ukraine conflict. Overseas, concerns over an economic slowdown increased following Russia's invasion of Ukraine. Persistently high raw-material costs resulting from soaring international commodity prices, and economic and monetary policies and exchange-rate trends in countries worldwide, including the United States, could continue to affect many regions and industries, leaving the outlook uncertain both domestically and overseas.」

「During the first six months of the fiscal year, Japan's economy showed a gradual recovery following the easing of global activity restrictions related to COVID-19. However, rapid yen depreciation driven by the widening interest-rate differential between Japan and the United States, persistently high raw-material costs due in part to the prolonged Russia-Ukraine conflict, difficulty procuring parts from overseas and logistics disruptions raised concerns over production constraints and worsening shortages, while the renewed spread of COVID-19 and other effects required close monitoring. The outlook remained uncertain. Overseas, concerns over an economic slowdown increased, triggered by the prolonged Russia-Ukraine conflict. Persistently high raw-material costs resulting from soaring international commodity prices, economic and monetary policies and exchange-rate trends in countries worldwide, including the United States, and the continuation of China's zero-COVID policy and resulting stagnation in economic activity could affect many regions and industries, leaving the outlook uncertain both domestically and overseas.」

「During the first quarter of the fiscal year, Japan's economy showed a gradual recovery following the easing of activity restrictions related to COVID-19. However, the outlook became uncertain due to concerns over a downturn resulting from rapid yen depreciation, the prolonged Russia-Ukraine conflict, higher resource prices and the impact of lockdowns in major Chinese cities, including Shanghai. Overseas, various effects require close monitoring, including higher resource prices resulting from the prolonged Russia-Ukraine conflict, economic and monetary policies and exchange-rate trends in countries worldwide, including the United States, production constraints and worsening shortages caused by logistics disruptions following lockdowns in major Chinese cities, including Shanghai, and the renewed spread of COVID-19. The outlook remains uncertain both domestically and overseas.」

「During the first nine months of the fiscal year, Japan's economy was gradually recovering as the fourth state of emergency was lifted on 30 September and new infections fell substantially with the progress of COVID-19 vaccinations. However, the outlook remained uncertain due to concerns over renewed infections caused by variants, including the Omicron variant, yen depreciation, semiconductor shortages, delays in procuring parts and soaring resource prices, including crude oil.」

「Although restrictions on economic activity continued domestically due to the spread of COVID-19, conditions remained difficult. As vaccination progressed and new infections began to decline, a recovery in personal consumption was expected from the effects of policies to contain the spread, but the outlook remained uncertain due to the risk of renewed infections caused by more transmissible variants. Overseas, although economies including those of Europe, the United States and China showed signs of recovery, the outlook remained uncertain due to concerns over the impact of power restrictions in China on production, higher materials prices following the recovery from COVID-19 and the effects of semiconductor shortages.」

「Although economic activity began gradually moving toward normalization as restrictions remained in place domestically due to the spread of COVID-19, unstable conditions continued after the lifting of the state of emergency, partly due to the impact of more transmissible variants, with no clear outlook for when the pandemic would end.」

「During the fiscal year, Japan's economy remained under severe conditions. Domestically, corporate earnings continued to decline substantially amid the prolonged and renewed spread of COVID-19, while employment conditions worsened and capital investment declined. Personal consumption remained sluggish and exports fell. Overseas, particularly in Europe, the United States and Asia, the economy had not recovered from the slowdown, as in Japan, and the outlook remained uncertain.」

「During the first nine months of the fiscal year, Japan's economy remained under severe conditions. Domestically, corporate earnings continued to decline substantially due to the prolonged COVID-19 pandemic, while employment conditions worsened and capital investment declined. Although some signs of improvement emerged in personal consumption and corporate production, the economy remained difficult amid the impact of the third wave of infections. Overseas, particularly in Europe and the United States, the economy had not recovered from the slowdown, as in Japan, and the outlook remained uncertain.」

「During the first six months of the fiscal year, Japan's economy continued to deteriorate as economic activity stagnated due to the prolonged impact of COVID-19, leading to declines in personal consumption and exports. Conditions remain extremely severe. Overseas, particularly in Europe and the United States, the economy has not recovered from the slowdown, as in Japan, and the outlook remains uncertain.」

「During the first quarter of the fiscal year, Japan's economy deteriorated rapidly as economic activity stagnated due to the global spread of COVID-19, resulting in lower personal consumption and exports. Overseas, as in Japan, concerns over an economic slowdown have made the outlook even more uncertain.」

「Japan's economy was on a gradual recovery track during the fiscal year, supported domestically by improving employment conditions and solid corporate performance. However, concerns over an economic slowdown have emerged due to stagnation in economic activity resulting from the global spread of COVID-19 infections late in the fiscal year. Overseas, in addition to rising geopolitical risks, including the impact of U.S.-China trade friction on the global economy and escalating tensions between the United States and Iran in the Middle East, the global spread of COVID-19 has raised concerns over an economic slowdown, as in Japan, making the outlook even more uncertain.」

「During the first nine months of the fiscal year, Japan's economy remained on a gradual recovery track, supported domestically by improving employment conditions and solid corporate performance, despite the impact of the consumption tax increase. Overseas, however, the outlook remained uncertain due to rising geopolitical risks, including the impact of U.S.-China trade friction on the global economy, prolonged protests against proposed amendments to ordinances in Hong Kong and escalating tensions between the United States and Iran in the Middle East.」

「Overseas, the outlook remained uncertain due to rising external risks, including the impact of U.S.-China trade friction on the global economy, the UK's exit from the EU and Japan-South Korea issues.」

「During the first quarter of the fiscal year, Japan's economy had some positive factors, including improving employment and income conditions. However, concerns over a domestic slowdown, including the prolonged U.S.-China trade friction, resulting concerns over a global economic slowdown and the UK's exit from the EU, have increased uncertainty about the outlook.」

「Overseas, the outlook is expected to remain uncertain due to geopolitical risks, including turmoil under the Trump administration, the retreat from multilateral cooperation, escalating U.S.-China tensions, the UK's exit from the EU and growing friction between Japan and neighboring countries.」

「During the first nine months of the fiscal year, Japan's economy remained on a gradual recovery track, supported domestically by improving employment conditions and solid corporate performance. Overseas, however, the outlook remained uncertain due to the impact of U.S.-China trade friction on the global economy and concerns over the future direction of government policy in North America.」

「Overseas, the outlook remained uncertain due to rising external risks, including the impact of U.S.-China trade friction on the global economy.」

「During the first quarter of the fiscal year, Japan's economy remained on a gradual recovery track, supported domestically by improving employment conditions and solid corporate performance. Overseas, however, the outlook remained uncertain due to concerns over trade friction originating in the United States and rising geopolitical risks in East Asia and the Middle East.」

「During the first nine months of the fiscal year, Japan's economy remained on a gradual recovery track, supported domestically by improving employment conditions and solid external demand, despite concerns overseas about policy direction in North America and geopolitical risks such as the situation on the Korean Peninsula.」

「During the first six months of the fiscal year, Japan's economy was on a gradual recovery track, supported domestically by improving employment conditions and solid external demand. However, amid unstable global conditions, including U.S. policy and geopolitical risks such as the situation on the Korean Peninsula, the economy remained uncertain.」

「During the first quarter of the fiscal year, Japan's economy showed a gradual recovery, supported domestically by improving employment conditions and solid external demand. However, the outlook remained uncertain due to concerns over President Trump's policies and a downturn in the Chinese economy overseas.」

「During the first nine months of the fiscal year, Japan's economy remained uncertain. In the latter half of the period, yen appreciation came to a halt and the stock market showed signs of recovery, offering some bright spots. However, in addition to the impact of the Kumamoto earthquake in the first half, concerns over an economic slowdown in China and emerging markets persisted, while the UK's exit from the euro area and developments involving the new U.S. president remained sources of uncertainty.」

「During the first six months of the fiscal year, Japan's economy remained uncertain, as concerns over an economic slowdown in China and emerging markets persisted overseas, along with the UK's exit from the euro area in Europe, yen appreciation and stock market instability.」

「During the first quarter of the fiscal year, Japan's economy remained uncertain, as concerns over an economic slowdown in China and emerging markets persisted overseas, in addition to the impact of the Kumamoto earthquake domestically, the UK's exit from the euro area in Europe, yen appreciation and instability in the stock market.」