Weak consumer sentiment

「Meanwhile, inflation resulting from persistently high energy and raw-material prices continued, and the increased burden on household finances heightened consumers' preference for frugality and their focus on protecting their standard of living, leading to cautious personal consumption.」

「Personal consumption lacked strength as essential goods underwent successive price increases against a backdrop of the prolonged yen depreciation and persistently high raw material and energy prices」

「As yen depreciation persists and prices for raw materials and energy costs rise, price increases for daily necessities continue, and the recovery in personal consumption has shown signs of stalling」

「During the three months ended the first quarter, Japan's economy continued to recover moderately as employment and income conditions improved, although the recovery in personal consumption showed signs of stalling.」

「During the nine months ended the third quarter, Japan's economy saw the normalization of socioeconomic activity following the reclassification of COVID-19 as a Class 5 infectious disease, with signs of recovery in personal consumption and inbound demand. However, amid an unstable global situation, consumer thrift-consciousness has strengthened in some respects due to rising prices caused by yen depreciation and soaring raw material prices, and the economic outlook remains uncertain.」

「Personal consumption also showed signs of gradually recovering as population mobility and inbound demand continued to recover. Meanwhile, as people gradually returned to their usual daily lives, consumer thrift-consciousness strengthened in response to rising prices stemming from an unstable global situation, yen depreciation, and soaring raw material prices, leaving the economic outlook uncertain.」

「Personal consumption also showed signs of gradually recovering as population mobility and inbound demand recovered. However, with prices continuing to rise amid yen depreciation and an unstable global situation, consumers have become more thrift-conscious in some respects, and the economic outlook remains uncertain.」

「Amid soaring raw material and energy prices due to worsening international conditions and the depreciation of the yen, consumer thrift-consciousness has strengthened even as prices continue to rise and personal consumption had been recovering, leaving the economic outlook uncertain.」

「Private consumption, which had been recovering, has shown a stronger inclination toward saving because of concerns about rising prices, and the economic outlook remains uncertain.」

「Although the prolonged impact of the COVID-19 pandemic has left conditions challenging, the easing of restrictions on activities led to a recovery trend in personal consumption and signs of a gradual economic recovery. However, the timing of the end of the infectious disease outbreak remains unforeseeable, while intensifying tensions surrounding Ukraine, soaring raw material and energy prices, and the rapid depreciation of the yen have driven up prices. Concerns about sluggish personal consumption and deteriorating corporate earnings remain, leaving the economic outlook uncertain.」

「The environment surrounding personal consumption remains challenging due to rising prices for daily necessities and other factors.」

「The business environment surrounding the Group remains challenging, owing to sluggish personal consumption, a shortage of ocean containers, and an additional shortage of vessel loading capacity.」

「Although the continued spread of COVID-19 has not had a major impact on logistics itself, prolonged requests to refrain from going out have raised concerns that personal consumption will become even more challenging, and the business environment surrounding the Group remains unpredictable.」

「Although the re-expansion of COVID-19 has not affected logistics, the reissuance of a state of emergency in some areas of Japan has raised concerns that personal consumption will become even more challenging, and the business environment surrounding the Group remains unpredictable.」

「There are concerns that personal consumption will decline if the effects of the COVID-19 pandemic persist for an extended period.」

「There are concerns that personal consumption will decline if the effects of the COVID-19 pandemic persist for an extended period.」

「There are concerns that personal consumption will decline if the effects of the COVID-19 pandemic persist for an extended period.」

「In Japan, a state of emergency was declared in April, dealing a major blow to the economy through requests to refrain from nonessential, nonurgent outings and the temporary closure of stores, among other measures, and raising concerns about a further decline in personal consumption.」

「During the consolidated fiscal year, Japan's economy remained on a moderate recovery trend, with personal consumption showing signs of recovery and corporate earnings improving.」

「During the nine months ended the third quarter, Japan's economy remained on a moderate recovery trend as corporate earnings and employment conditions steadily improved and personal consumption also showed signs of recovery.」

「During the six months ended the second quarter, Japan's economy remained on a moderate recovery trend as corporate earnings and employment and income conditions improved, while personal consumption also showed signs of recovery.」

「During the three months ended the first quarter, Japan's economy maintained a moderate recovery trend as corporate earnings recovered and employment and income conditions improved, while personal consumption also showed signs of recovery.」

「As corporate earnings and employment continued to improve, personal consumption also showed signs of recovery, and the economy remained on a recovery trend.」

「During the nine months ended the third quarter, Japan's economy showed signs of recovery as personal consumption remained on a recovery trend and corporate performance improved across a broad range of industries.」

「As corporate earnings and employment conditions improved, personal consumption also showed signs of recovery, and the economy remained on a moderate recovery trend.」

「Concerns remain about the impact on the domestic economy of heightened uncertainty overseas, including the slowdown in emerging-market economies, the UK's EU withdrawal issue, and policies of the new U.S. administration, and the outlook remains uncertain.」

「During the nine months ended the third quarter, Japan's economy remained on a moderate recovery trend, supported by the recovery in corporate earnings and improvements in employment and income conditions, although growth in personal consumption continued to languish.」

「During the cumulative period under review, Japan's economy was on a moderate recovery trend, although the recovery in corporate earnings and personal consumption had stalled somewhat, supported by improvements in the employment environment and other factors.」

「However, consumer sentiment remained weak, while concerns over the sluggish stock market and uncertainty caused by unstable movements in the yen exchange rate, together with concerns about an economic slowdown overseas, particularly in China, left the outlook uncertain.」