Impact of Sluggish Personal Consumption, Slowing Overseas Economies and Political Instability

「However, concerns remain that the continuing geopolitical instability in regions around the world, escalating tensions in the Middle East and uncertainty over the outlook for US foreign policy could weigh on consumer activity and drive up energy prices, and the outlook is expected to remain uncertain.」

「During the interim accounting period, Japan's economy remained on a gradual recovery trend, supported by improvements in employment and income conditions and increased inbound demand. However, the economy continued to operate in an environment of uncertainty over the outlook, owing to factors including ongoing price increases, higher logistics costs and labour expenses, and downside risks resulting from the impact of the US administration's tariff policies.」

「During the interim accounting period, Japan's economy remained on a gradual recovery trend, supported by improvements in employment and income conditions and increased inbound demand. However, factors pressuring corporate earnings, including supply-side price increases caused by the unstable global situation, including the Middle East, higher resource prices amid the weak yen and wage increases resulting from chronic labour shortages, persisted, and the economy continued to operate in an environment of uncertainty over the outlook.」

「Meanwhile, downside risks to the economy remain, including the persistently weak yen, cost-push price increases, an unstable international situation and the impact of natural disasters and other factors, and the outlook continues to be uncertain.」

「Meanwhile, downside risks to the economy remain, including the persistently weak yen, prolonged price increases and an unstable international situation, and the outlook continues to be uncertain.」

「Meanwhile, downside risks to the economy remain, including supply-side price increases and a tight labour market with no clear prospect of easing, and the outlook continues to be uncertain.」

「During the cumulative first quarter period, Japan's economy remained broadly on a recovery trend. Although supply-side price increases continued, consumer sentiment improved and gained momentum after COVID-19 was reclassified from Category 2-equivalent to Category 5.」

「The environment surrounding the company is expected to remain difficult, due to factors including price increases not driven by demand and a tight labour market.」

「During the cumulative third quarter period, Japan's economy remained on a recovery trend as the movement of people recovered alongside a decline in the number of new COVID-19 cases. However, the outlook for an economic recovery continues to require close attention due to the ongoing waves of the infectious disease, the recent surge in resource prices and sharp foreign-exchange fluctuations.」

「The outbreak of the seventh wave of the infectious disease during the second quarter accounting period, the recent surge in resource prices and sharp foreign-exchange fluctuations continue to make the outlook for an economic recovery one that requires close attention.」

「During the cumulative first quarter period, Japan's economy remained on a recovery trend as the movement of people recovered alongside a decline in the number of new COVID-19 cases. However, the situation remains one that requires close attention, as the number of new cases has recently begun to rise again.」

「COVID-19 has still not come under control, and the economy remained contracted, particularly during the first half, as declarations of a state of emergency and other measures were issued intermittently. In the food-service industry, activity was substantially restricted by requests for voluntary restraint aimed at curbing the movement of people, forcing the company to operate in a difficult business environment. Although the movement of people recovered after the declaration was lifted in October, the outlook remains uncertain as the emergence of new variants continues to cloud prospects.」

「The waves of COVID-19 seen since the previous fiscal year showed no sign of abating, and the economy remained contracted as declarations of a state of emergency and other measures were issued intermittently. In the food-service industry in particular, activity was substantially restricted by requests for voluntary restraint aimed at curbing the movement of people, and the difficult operating environment continued.」

「During the cumulative first quarter period, Japan's economy continued to operate in an environment of extreme uncertainty over the outlook, as economic activity remained substantially restricted, as in the previous fiscal year, due to restrictions on the movement of people resulting from priority preventive measures to prevent the spread of COVID-19 and declarations of a state of emergency.」

「During the cumulative third quarter period, Japan's economy got off to a start marked by a sharp deterioration as requests for business closures and voluntary restraints on outings intensified following the first declaration of a state of emergency in response to the spread of COVID-19. It then moved gradually toward recovery as infection-control measures took hold and the government introduced economic stimulus measures. However, the economy deteriorated again under the impact of the third wave of COVID-19 that arrived at year-end, and continued to operate in an environment of extreme uncertainty over the outlook.」

「During the cumulative second quarter period, Japan's economy got off to a start marked by a sharp deterioration as requests for business closures and voluntary restraints on outings intensified following the declaration of a state of emergency in response to the spread of COVID-19. Service consumption in particular fell substantially as people refrained from travelling. Economic activity began to recover gradually after the declaration was lifted, but the recovery remained sluggish and the economy continued to operate in an environment of extreme uncertainty over the outlook.」

「During the cumulative first quarter period, Japan's economy deteriorated sharply as requests for business closures and voluntary restraints on outings intensified following the declaration of a state of emergency in response to the spread of COVID-19. Even after the declaration was lifted, moves toward a recovery in economic activity remained sluggish, and the economy continued to operate in an environment of extreme uncertainty over the outlook.」

「However, the COVID-19 outbreak occurred in the fourth quarter, and the outlook remains uncertain as its impact on the economy continues to grow day by day.」

「During the cumulative third quarter period, Japan's economy remained on a gradual recovery trend, supported by a recovery in corporate earnings and improvements in employment and income conditions, although external demand was weak due to the slowdown in overseas economies.」

「During the cumulative 2nd quarter period, Japan's economy remained on a gradual recovery path, supported by proactive labour-saving investment driven by work-style reforms and labour shortages and firm personal consumption under favourable employment conditions, despite continued uncertainty over the outlook in some areas due to expanding US-China trade friction and slowing economies in China and Europe.」

「During the cumulative 1st quarter period, Japan's economy remained on a gradual recovery path, supported by a basically robust US economy and firm personal consumption under favourable employment conditions, despite lingering uncertainties including expanding US-China trade friction and slowing economies in China and Europe.」

「Although uncertainty remains over the domestic economy due to weaker personal consumption following the consumption tax increase, rising protectionist policy pressure in the US, and geopolitical tensions in the Middle East and Asia, Japan's economy is expected overall to continue on a gradual expansionary path.」

「During the cumulative 3rd quarter period, Japan's economy remained subject to concerns including the prolonged US-China trade friction and the declining contribution of external demand to economic growth as a result of the slowing Chinese economy, despite firm domestic demand such as capital investment amid improving corporate earnings conditions.」

「During the cumulative 2nd quarter period, Japan's economy remained on a gradual recovery path supported by firm domestic and external demand, while concerns over escalating US-China trade friction and other factors threatened to curb improvements in business sentiment.」

「During the cumulative 1st quarter period, Japan's economy remained on a gradual recovery path supported by firm domestic and external demand, while concerns over US-originated trade friction and other factors threatened to curb improvements in business sentiment.」

「Japan's economy is expected to continue its gradual recovery as the Government and the Bank of Japan promote policies to overcome deflation and a growth strategy, but risks to the domestic economy remain, including weaker personal consumption due to rising prices and further yen appreciation triggered by the rise of protectionist policies in the US.」

「During the cumulative 3rd quarter period, Japan's economy showed signs of gradual expansion, with exports serving as a growth driver against a backdrop of global economic expansion.」

「During the cumulative 2nd quarter period, Japan's economy showed signs of a gradual recovery, with corporate earnings remaining strong against a backdrop of a robust global economy, despite sluggish personal consumption.」

「During the cumulative 1st quarter period, Japan's economy showed signs of improvement as consumer sentiment recovered along with a gradual recovery in personal income, but remained subject to concerns about US policy developments and the outlook for the Chinese economy.」

「The Government and the Bank of Japan's policies to overcome deflation and promote a growth strategy are expected to support a gradual economic recovery, but concerns remain over sluggish personal consumption, slowing economies in China and other emerging markets, political instability in Europe and the rise of protectionism in the US.」

「During the cumulative 3rd quarter period, Japan's economy showed signs of a gradual recovery against a backdrop of improving corporate earnings and employment conditions, while exports remained uncertain because of shifts in US policy.」

「During the cumulative 2nd quarter period, Japan's economy remained in a low-growth phase lacking momentum, owing to sluggish personal consumption, slowing global economic growth and lacklustre export growth associated with the yen's appreciation.」

「The economy evolved amid growing concerns about a recession, including the deterioration in corporate earnings caused by the yen's appreciation and the impact of the UK's withdrawal from the EU.」

「The Company faced concerns over the impact of sluggish personal consumption, the Kumamoto earthquake, slowing economies in China and other emerging markets, and growing political instability in the Middle East and Europe.」