Recession-driven restraint on IT investment

「During the interim consolidated fiscal period, Japan's economy showed a moderate recovery led by domestic demand, supported by improvements in employment and income conditions and increased inbound consumption. However, the outlook remained uncertain due to continued price increases, concerns about the impact of US tariff policies, and the prolonged situations in Ukraine and the Middle East.」

「The outlook remains uncertain due to factors including the prolonged situations in Ukraine and the Middle East, China's economic slowdown, and the economic impact of revisions to interest-rate policies, mainly in Europe and the United States.」

「In addition, concerns about the outlook for China's economy, the situations in Russia and Ukraine and the situation in the Middle East pose downside risks to the recovery trend, and the outlook for the economy remains uncertain.」

「During the first six months of the current fiscal year, the easing of restrictions on activity related to COVID-19 accelerated the normalization of economic activity, and personal consumption began to recover. However, the outlook for the economy became extremely uncertain due to soaring raw material prices resulting from the prolonged situation in Ukraine and rising interest rates resulting from global monetary tightening.」

「During the first three months of the current fiscal year, economic activity gradually moved toward normalization and personal consumption began to recover as restrictions on activity related to COVID-19 were eased. However, the outlook for the economy became extremely uncertain due to soaring raw material prices resulting from the prolonged situation in Ukraine and rising interest rates resulting from global monetary tightening.」

「During the current fiscal year, consumer activity gradually moved toward normalization as restrictions on activity related to COVID-19 were eased. However, uncertainty about the outlook continued as prices, particularly for utilities and food, rose sharply due to the prolonged situation in Ukraine and the impact of a weaker yen resulting from advanced economies' monetary tightening policies prompted by concerns over global inflation.」

「During the first nine months of the current fiscal year, consumer activity gradually moved toward normalization as the situation in Ukraine continued for an extended period and restrictions on activity related to COVID-19 were eased. However, uncertainty about the outlook continued due to the effects of global inflation, monetary tightening by various countries, geopolitical risks on raw material and supplies prices and supply chains, and sharp increases in prices, particularly for utilities and food.」

「During the first six months of the current fiscal year, consumer activity gradually moved toward normalization as restrictions on activity related to COVID-19 were eased. However, uncertainty about the outlook continued due to the impact of global inflation and monetary tightening by various countries, as well as the impact of geopolitical risks on raw material and supplies prices and supply chains.」

「During the first three months of the current fiscal year, Japan's economy remained in an uncertain state, amid continued fluctuations in COVID-19 cases, soaring prices of raw materials including crude oil, and escalating tensions surrounding Ukraine.」

「Although conditions subsequently improved due to the spread of vaccinations and other factors, it was a fiscal year in which uncertainty about the outlook continued due to factors including the emergence of new variants and rising geopolitical risks resulting from the situation in Ukraine.」

「During the first nine months of the current fiscal year, conditions improved following the lifting of the state of emergency declared in response to the spread of COVID-19 and the expansion of vaccination coverage. However, the outlook remained uncertain due to factors including the emergence of new variants.」

「The state of emergency declared in response to the spread of COVID-19 was lifted on 30 September 2021 subject to certain conditions. Although conditions improved, the outlook remained uncertain.」

「During the first three months of the current fiscal year, Japan's economy remained in an uncertain state, as it had in the previous fiscal year, including the issuance of the third state of emergency declaration in April 2021.」

「Although the number of COVID-19 cases had been declining toward the end of the second quarter accounting period, it began increasing again toward year-end. As a result, weak personal consumption, worsening employment conditions and an uncertain outlook continued.」

「During the first six months of the current fiscal year, Japan's economy remained in an uncertain state, with weak personal consumption and worsening employment conditions continuing under the impact of the spread of COVID-19 infections that began at the end of the previous fiscal year.」

「During the first three months of the current fiscal year, Japan's economy remained in an uncertain state, with weak personal consumption and worsening employment conditions continuing under the impact of the spread of COVID-19 infections that began at the end of the previous fiscal year.」

「During the first nine months of the current fiscal year, uncertainty surrounding Japan's economy increased under the impact of trade issues, including US-China trade friction stemming from the United States' America First policy, and rising geopolitical risks resulting from instability in the Middle East. Some companies are also expected to post lower earnings, and the resilience seen through the previous fiscal year is beginning to fade.」

「During the first six months of the current fiscal year, uncertainty surrounding Japan's economy increased under the impact of trade issues, including US-China trade friction stemming from the United States' America First policy. Some companies are also expected to post lower earnings, and the resilience seen through the previous fiscal year is beginning to fade.」

「During the first three months of the current fiscal year, uncertainty surrounding Japan's economy increased under the impact of trade issues, including US-China trade friction stemming from the United States' America First policy, as well as the issue of Iran's nuclear development. Some companies are also expected to post lower earnings, and the resilience seen through the previous fiscal year is beginning to fade.」

「During the first six months of the current fiscal year, Japan's economy remained solid, driven by strong demand for capital investment backed by ample corporate funds. Meanwhile, destabilizing factors, including US-China trade friction, are also expanding.」

「During the first three months of the current fiscal year, Japan's economy expanded moderately, supported by a trend toward increased capital investment resulting from improved corporate earnings.」

「Although the trend toward increased corporate investment is expected to continue, reflecting higher corporate incomes and labor shortages, factors that could weaken the economy, including moves toward protectionism led by the United States, are also evident, leaving the outlook unstable.」

「During the first nine months of the current fiscal year, Japan's economy remained resilient, with corporate and personal incomes expanding steadily as a result of government economic measures and other factors. Exports also continued to recover, supported by solid economic conditions overseas.」

「During the first six months of the current fiscal year, Japan's economy remained resilient, with corporate and personal incomes expanding steadily as a result of government economic measures and other factors. Exports also continued to recover, supported by solid economic conditions overseas.」

「The rise of protectionism and national-priority policies worldwide could, depending on the results of elections determining local leaders, legislatures, and governments in various parts of the world, contribute to further instability and make the outlook for global economic activity increasingly uncertain.」

「Meanwhile, the inauguration of a new president in the United States brought a government advocating “America First” and based on protectionism, raising concerns about future trade friction and further demands for investment in the United States. In addition, the rise of national-priority policies that began with the United Kingdom’s withdrawal from the EU is expected to follow a similar trend in elections determining governments in EU countries, contributing to global instability and creating an increasingly uncertain outlook for economic activity worldwide.」

「The business environment remained uncertain, reflecting sluggish personal consumption and the appreciation of the yen. In addition, the shift toward a stronger yen stemming from the trend toward monetary tightening in the United States, terrorist activity in countries around the world, and the rise of protectionism have contributed to an unstable global situation and cast a shadow over the global economy.」

「The business environment remained uncertain, reflecting sluggish personal consumption and lacklustre export growth due to the rapid appreciation of the yen, among other factors.」

「A recession in Japan and the resulting restraint on information-technology investment and other spending by private-sector companies could adversely affect the group’s operating performance and financial condition.」