Uncertainty surrounding the global economy due to US-China trade frictions, etc.

「Meanwhile, the outlook remained uncertain due to the renewed instability in the Middle East, the prolonged situation in Ukraine and persistently high raw-material and energy costs resulting from the continued depreciation of the yen, in addition to entrenched inflation in Japan and the impact of interest-rate trends.」

「Meanwhile, the outlook remains uncertain due to renewed instability in the Middle East, the prolonged situation in Ukraine, and surging raw material and energy costs accompanying continued yen depreciation, as well as the entrenchment of domestic price increases and the impact of interest rate trends.」

「Meanwhile, the outlook remains uncertain due to growing expectations of higher interest rates, yen depreciation, escalating tensions in the Middle East, the prolonged situation in Ukraine, rising domestic prices resulting from surging energy and resource costs, and the spillover effects of U.S. trade policy.」

「Meanwhile, the outlook remains uncertain due to growing expectations of higher interest rates, yen depreciation, the prolonged Russian invasion of Ukraine, rising domestic prices resulting from surging energy and resource costs, and the impact of U.S. policy developments.」

「During the interim consolidated fiscal period, Japan’s economy continued to make further progress toward normalizing economic activity from the pandemic, with personal consumption and capital investment increasing due to the lifting of domestic restrictions on activities and the recovery in inbound demand following the easing of entry restrictions for visitors from overseas. Meanwhile, the outlook remains uncertain due to growing expectations of higher interest rates, yen depreciation, the prolonged Russian invasion of Ukraine, and rising domestic prices resulting from surging energy and resource costs.」

「During the fiscal year, Japan’s economy continued to normalize as COVID-19 was downgraded to a Class 5 disease in May 2023 and social conditions improved following the lifting of domestic restrictions on activities and the easing of entry restrictions for visitors from overseas, resulting in increases in personal consumption and capital investment. Meanwhile, the outlook remains uncertain due to growing expectations of higher interest rates, yen depreciation, the prolonged Russian invasion of Ukraine, and rising domestic prices resulting from surging energy and resource costs.」

「During the first nine months of the fiscal year, Japan’s economy continued to normalize as COVID-19 was downgraded to a Class 5 disease in May 2023 and social conditions improved following the lifting of domestic restrictions on activities and the easing of entry restrictions for visitors from overseas, resulting in increases in personal consumption and capital investment. Meanwhile, the outlook remains uncertain due to yen depreciation, the prolonged Russian invasion of Ukraine, and rising domestic prices resulting from surging energy and resource costs.」

「During the first six months of the fiscal year, Japan’s economy continued to resume economic activity as COVID-19 was downgraded to a Class 5 disease in May 2023 and social conditions normalized following the lifting of domestic restrictions on activities and the easing of entry restrictions for visitors from overseas, leading to increases in personal consumption and capital investment. Meanwhile, the outlook remains uncertain due to yen depreciation, the prolonged Russian invasion of Ukraine, and rising domestic prices resulting from surging energy and resource costs.」

「During the first quarter of the fiscal year, Japan’s economy continued to normalize socially as COVID-19 was downgraded to a Class 5 disease in May 2023 and restrictions on activities in Japan and entry restrictions for visitors from overseas were eased. Economic activity is gradually resuming toward pre-pandemic levels. Meanwhile, domestic prices have risen due to the prolonged Russian invasion of Ukraine, instability in the global situation, and surging energy and resource costs, leaving the outlook uncertain.」

「The outlook remains uncertain due to the prolonged Russian invasion of Ukraine, instability in the global situation, and surging energy and resource costs.」

「During the first nine months of the fiscal year, Japan’s economy continued to be affected by COVID-19. Although the easing of restrictions on activities showed signs of normalizing daily life and economic activity, the prolonged situation in Ukraine, rising prices and other factors have continued, leaving the outlook uncertain.」

「During the first quarter of the fiscal year, Japan’s economy remained affected by the resurgence of COVID-19, with no clear end to the pandemic in sight. Social and economic activity has continued while infection risk has been reduced alongside rising vaccination rates. Concerns also persist about the impact of economic sanctions imposed by governments in response to Russia’s invasion of Ukraine, and the outlook remains uncertain due to higher raw material and fuel prices, yen depreciation and other factors.」

「Although the COVID-19 pandemic was once thought to have subsided, infections have spread again following the emergence of the highly transmissible Omicron variant, and economic activity continues to be constrained. Social and economic activity is continuing while infection risk is being reduced alongside rising vaccination rates, but concerns also persist about the impact of economic sanctions imposed by governments in response to Russia’s invasion of Ukraine, leaving the outlook uncertain.」

「However, infections have begun to spread again following the emergence of the Omicron variant, which is considered highly transmissible, and the impact of COVID-19 remains uncertain.」

「During the three-month consolidated cumulative period under review, Japan's economy remained in a harsh business environment as economic activity stagnated and personal consumption declined rapidly due to requests to refrain from going out and requests for business closures accompanying the spread of COVID-19. The outlook also became extremely uncertain.」

「Against this backdrop, the global spread of COVID-19 has made the outlook for the global economy extremely uncertain, and concerns about its impact on future business activities have increased substantially.」

「There remain concerns about the impact on Japan's economy of trends in the global economy, including US-China trade friction and the UK's withdrawal from the EU.」

「During the six-month consolidated cumulative period under review, Japan's economy continued on a moderate recovery track, supported by a recovery in corporate earnings and improving employment conditions. However, the outlook remained uncertain amid concerns about the impact on the global economy of the prolonged US-China trade friction, the UK's withdrawal from the EU and heightened tensions in the Middle East, among other factors.」

「At the same time, the outlook remains uncertain amid concerns about the impact of the US-China trade friction and other factors on the global economy.」