Uncertainty over the outlook caused by the United Kingdom’s exit from the EU, the downturn in emerging-market economies, and the appreciation of the yen

「Amid concerns about overseas economic trends and geopolitical risks, the outlook for the economy remained uncertain.」

「In addition to concerns over a slowdown in overseas economies and geopolitical risks, the economy was in a difficult business environment that generally lacked strength.」

「Conditions remained uncertain, owing to persistently high raw material prices, sluggish personal consumption resulting from higher prices and fluctuations in foreign exchange markets. Concerns about a slowdown in overseas economies and geopolitical risks also weighed on the economy, resulting in a challenging business environment that generally lacked strength.」

「In terms of corporate activity, unstable international conditions, including US tariff policies, were a downward pressure factor, while the recovery in inbound demand and expansion of public investment provided support. ... Overall, the economy showed signs of recovery, but the recovery was limited and conditions remained unpredictable.」

「Concern over the outlook for the global economy has spread following the tariff policies announced by the Trump administration in the United States, and conditions remain such that the future course of the economy cannot be predicted with confidence.」

「However, there are many factors that could cause capital investment and personal consumption to undershoot, including persistently high raw material and energy prices accompanying the sharp depreciation of the yen, continued price increases, concern over the outlook for the Chinese economy and the uncertain international situation in Ukraine and the Middle East. Uncertainty therefore persists.」

「During the first 6 months of the fiscal year under review, an economic expansion was expected against the backdrop of wage increases reaching their highest level in 33 years. However, concern remains that the economy will continue to stagnate due to sluggish personal consumption resulting from declining real wages, stagnation in the Chinese economy and entrenched labor shortages.」

「Meanwhile, concern also remains over the impact on Japan's economy of a growing tendency to economize due to prolonged high prices, labor shortages and a sharp slowdown in the Chinese economy.」

「However, a full economic recovery is expected to take more time due to the weaker yen resulting from global price increases and monetary tightening in countries around the world, rising consumer prices and increasing instability in the international situation, including the prolonged situation in Ukraine.」

「During the first 9 months of the fiscal year under review, business sentiment improved nationwide as economic activity fully resumed following the revision of COVID-19's classification under the Infectious Diseases Control Law. However, an unstable phase is expected to continue due to rising prices caused by the weaker yen and higher resource prices, declining real wages and labor shortages.」

「During the first 6 months of the fiscal year under review, Japan's economy was expected to recover as the treatment of COVID-19 under the Infectious Diseases Control Law was reviewed and the pandemic moved toward containment. However, uncertainty persisted, as real wages declined year on year amid higher global resource prices, higher raw material prices caused by the weaker yen and rising prices.」

「During the first quarter of the fiscal year under review, Japan's economy remained uncertain and stagnation in economic activity was a concern. Although the sharp depreciation of the yen temporarily eased, raw material prices and consumer prices rose due to globally higher resource prices and the weaker yen.」

「However, concern over an economic slowdown has increased due to the prolonged situation in Ukraine, the sharp depreciation of the yen and surging crude oil and raw material prices, and the outlook remains uncertain.」

「During the first 9 months of the fiscal year under review, Japan's economy remained uncertain, with prices rising due to globally higher resource prices and the sharp depreciation of the yen, while COVID-19 infections began to spread again from the end of June. Stagnation in economic activity was a concern.」

「During the first 6 months of the fiscal year under review, Japan's economy remained uncertain, as the decline in new COVID-19 cases leveled off, major Chinese cities went into lockdown, and resource prices rose and everyday goods were repeatedly repriced following Russia's invasion of Ukraine. Stagnation in economic activity was a concern.」

「During the first quarter of the fiscal year under review, Japan's economy remained uncertain, although the increase in new cases temporarily eased following the end of priority preventive measures to contain the spread of COVID-19. The spread of variants, particularly in Europe and the United States, was recorded, and prolonged stagnation in economic activity was also a concern.」

「During the first 3 quarters of the fiscal year under review, Japan's economy remained uncertain. Although COVID-19 vaccinations were progressing, economic activity was restricted following the government's repeated reissuance of the state of emergency declaration as infections spread.」

「However, uncertainty persists due to the spread of COVID-19 and restrictions on economic activity following the reissuance of the government's state of emergency declaration.」

「During the first quarter of the fiscal year under review, Japan's economy remained uncertain, as various policies, including the Go To campaign, were suspended following a renewed increase in new COVID-19 cases. In Europe and the United States, the spread of variants became increasingly serious, and prolonged stagnation in economic activity was also a concern, with lockdowns imposed in some regions.」

「During the fiscal year under review, Japan's economy remained in extremely difficult conditions. Personal consumption declined following the consumption tax increase from October 2019 and natural disasters, while social and economic activity was severely restricted by the impact of COVID-19 from early 2020. The outlook for the economy is uncertain, also due to the loss of inbound consumption resulting from entry restrictions on visitors from overseas.」

「Amid concerns over the decline in personal consumption following the consumption tax increase, trade tensions arising from US protectionist policies and the slowdown in the Chinese economy, social and economic activity deteriorated rapidly due to the outbreak and spread of COVID-19, as well as voluntary restrictions on activities following the declaration of a state of emergency.」

「However, uncertainty persists due to concerns over US-China trade tensions and the slowdown in the Chinese economy, as well as restrictions on economic activity resulting from the spread of COVID-19 since February.」

「Meanwhile, there are many sources of concern, including US-China trade issues and the UK's departure from the EU, and uncertainty about the outlook is increasing.」

「Meanwhile, the outlook for the economy remains uncertain due to the slowdown in the Chinese economy resulting from the prolonged US-China trade dispute and the UK's departure from the EU.」

「Meanwhile, caution is warranted regarding the increasing uncertainty in overseas economies, including US-China trade tensions, and the impact of volatility in the financial and capital markets. Uncertainty persists.」

「Meanwhile, uncertainty about the outlook persists, including concern over the impact of escalating US-China trade tensions on the global economy, the slowdown in the Chinese economy and developments related to the UK's departure from the EU.」

「Meanwhile, concerns over the US-China trade dispute stemming from US trade policy and the effects of Brexit, among other factors, intensified instability in overseas political conditions, while financial markets remained volatile, further increasing uncertainty over the outlook.」

「Meanwhile, concerns also remain over US trade policy, the political situation in Europe, and rising geopolitical risks in the Middle East and Asia, and uncertainty over the outlook continues.」

「Meanwhile, uncertainty over the outlook continued due to factors including US-China trade friction and rising geopolitical risks in neighboring countries.」

「Meanwhile, the outlook remained uncertain amid risks including the policies of the US administration and instability in East Asia.」

「Meanwhile, uncertainty over the outlook continued due to factors including the policy direction of the new US administration, concerns over slower growth in China and other emerging-market economies, and geopolitical risks on the Korean Peninsula and in the Middle East.」

「Meanwhile, concerns also remain over the effects of the US administration’s policies and Brexit, and the company expects uncertainty over the outlook to continue.」

「Meanwhile, uncertainty over the outlook remained due to concerns including issues surrounding BREXIT in Europe, protectionist movements in various countries, and foreign-exchange and financial market trends.」

「Meanwhile, exchange rates fluctuated sharply due to the Brexit issue and various policies of the new US administration, while downside risks to the economy persisted because of the slowdown in the Chinese economy and slower growth in emerging-market economies. The outlook therefore remained uncertain.」

「Inbound consumption, which had previously had a positive effect on the Japanese economy, also began to show signs of weakening due to the effects of yen appreciation arising from uncertainty over overseas developments, including Brexit and the US presidential election. In addition, concerns remain over the economic impact of the Kumamoto earthquake in April this year, and downside risks to the economy therefore continue to persist.」

「Meanwhile, uncertainty over the outlook has continued due to factors including the Brexit issue, weakness in emerging-market economies and the effects of yen appreciation.」