Concerns over a slowdown in the global economy and market instability

「However, the outlook remains uncertain amid concerns over fluctuations in energy and raw-material prices due to geopolitical risks, including the situation in the Middle East, increased cost burdens caused by higher interest rates, declining tourism demand due to natural disasters, and stagnation in consumer activity.」

「一方で、中東情勢をはじめとする地政学リスクによるエネルギー・原材料価格の動向、金融資本市場の変動に加え、世界的な景気減速による旅行需要への影響など、先行きは依然として不透明な状況が続いております。」

「Personal consumption and capital investment showed signs of recovery against the backdrop of improving employment and income conditions, and the economy continued on a gradual recovery track. However, the outlook remains uncertain due to the impact of continued inflation and geopolitical risks, including the situation in the Middle East.」

「During the interim accounting period, Japan's economy continued to recover gradually as employment and income conditions improved and corporate capital investment and personal consumption recovered. However, the outlook remains uncertain due to the risk of weak personal consumption as consumer sentiment deteriorates amid continued inflation, in addition to soaring energy and raw-material prices caused by prolonged geopolitical risks.」

「However, energy and raw-material prices remain elevated due to an unstable international situation stemming from the prolonged conflicts in Ukraine and the Middle East. In addition, concerns have arisen over a decline in personal consumption due to continued inflation, and US policy developments could weigh on the domestic economy, leaving the outlook uncertain.」

「During the interim accounting period, Japan's economy continued its gradual recovery as social and economic activity normalized and personal consumption recovered. However, the outlook remains uncertain due to further increases in geopolitical risks, sharp fluctuations in stock prices and foreign exchange rates, and uncertainty in the global economy.」

「During the cumulative third quarter, Japan's economy was on a recovery trend due to rebound demand in the services sector following the reclassification of COVID-19 under the Infectious Diseases Control Law and increases in personal consumption. However, the outlook remains uncertain due to the impact of soaring energy and raw-material prices caused by the prolonged situations in Ukraine and the Middle East and supply-side constraints.」

「During the cumulative second quarter, Japan's economy was on a recovery trend due to rebound demand in the services sector following the reclassification of COVID-19 under the Infectious Diseases Control Law and increases in personal consumption. However, the outlook remains uncertain due to the impact of soaring energy and raw-material prices caused by the prolonged situation in Ukraine and supply-side constraints.」

「During the cumulative first quarter, Japan's economy was on a recovery trend due to rebound demand in the services sector following the reclassification of COVID-19 under the Infectious Diseases Control Law and increases in personal consumption. However, the outlook remains uncertain due to the impact of soaring energy and raw-material prices caused by the prolonged situation in Ukraine and supply-side constraints.」

「However, uncertainty in the operating environment remains due to the prolonged Russian invasion of Ukraine and continued high energy and raw-material prices. In addition, the company remains in difficult financial conditions because operating losses have been substantial for the most recent 3 fiscal years.」

「During the cumulative third quarter, Japan's economy showed signs of recovery as restrictions on activities related to COVID-19 were eased. However, the outlook remains uncertain due to the prolonged situation in Ukraine, rising prices accompanying soaring crude oil prices, and the rapid depreciation of the yen.」

「During the cumulative second quarter, Japan's economy showed signs of recovery as restrictions on activities related to COVID-19 were eased. However, the outlook remains uncertain due to the prolonged situation in Ukraine, rising prices accompanying soaring crude oil prices, and the rapid depreciation of the yen.」

「During the cumulative first quarter, Japan's economy showed signs of recovery following the lifting of restrictions on activities related to COVID-19, despite concerns over a downturn caused by the rapid depreciation of the yen and rising prices. However, the outlook remains uncertain due to the prolonged situation in Ukraine, restrictions on economic activity caused by the spread of infections in China, soaring raw-material and energy prices, and supply-side constraints.」

「Japan's economy remained in difficult conditions during the fiscal year due to restrictions and stagnation in economic activity accompanying the spread of the novel coronavirus, as in the previous fiscal year. Expectations for an economic recovery temporarily increased as vaccination progressed, but the outlook remains uncertain due to the emergence of coronavirus variants and developments in the situation in Ukraine.」

「During the cumulative third quarter, Japan's economy remained in difficult conditions due to restrictions and stagnation in economic activity accompanying the spread of the novel coronavirus. However, expectations for an economic recovery were rising as the number of infections declined following the wider rollout of vaccines. Nevertheless, the outlook remains uncertain due to higher prices caused by soaring crude oil prices and further spread of infections by coronavirus variants.」

「During the cumulative second quarter, Japan's economy remained in difficult conditions, including restrictions and stagnation in economic activity and weak personal consumption, amid the continued issuance of the state of emergency and priority preventive measures in response to the spread of the novel coronavirus. More recently, however, expectations for an economic recovery have increased as vaccination has become more widespread and the number of infections has begun to decline as a result of vaccination.」

「Although there are gradually rising expectations for a recovery against the backdrop of vaccine development and distribution, another wave of infections is also emerging, and conditions remain unpredictable.」

「There were signs of recovery following the lifting of the state of emergency and the implementation of the Go To Travel Campaign and Go To Eat Campaign. However, conditions have again become difficult due to the temporary suspension of the Go To Travel Campaign and other measures and the reissuance of the state of emergency as a result of the renewed spread of the novel coronavirus.」

「During the cumulative third quarter, signs of a gradual economic recovery emerged through tourism support measures such as the "Go To Travel Campaign" and "Go To Eat Campaign." However, conditions remain difficult due to the renewed spread of COVID-19 this winter.」

「During the cumulative second quarter, Japan's economy showed signs of recovery as economic activity resumed gradually while measures were taken to prevent the spread of the novel coronavirus in Japan and overseas. However, the outlook remained uncertain.」

「During the cumulative first quarter, Japan's economy was affected by the global spread of the novel coronavirus, and business conditions became more difficult than ever before.」

「In Kyoto's hotel industry, inbound travel by foreign visitors to Japan remained strong through December 2019, with some exceptions. However, competition intensified amid a rush of new hotel openings in the city, and the number of foreign guests fell sharply from the beginning of 2020 due to the impact of the novel coronavirus. Since February 2020, sales have continued to decline without any sign of a halt due to restrictions on domestic travel and requests to refrain from operating businesses amid the growing risk of infection.」

「During the cumulative third quarter, Japan's economy continued on a gradual recovery track as employment conditions and corporate earnings improved. However, personal consumption has become more cautious due to the increase in the consumption tax rate. In addition, the prolonged trade friction arising from trade disputes, the UK's withdrawal from the EU, and rising geopolitical risks in the Middle East and on the Korean Peninsula have kept the outlook uncertain.」

「During the cumulative second quarter, Japan's economy continued on a gradual recovery track as employment conditions and corporate earnings improved. However, concerns have arisen over economic stagnation, including the impact of the consumption tax increase on personal consumption. In addition, the prolonged US-China trade conflict, the UK's withdrawal from the EU, and rising geopolitical risks in the Middle East and on the Korean Peninsula have kept the outlook uncertain.」

「However, concerns remain over the impact on the global economy of the prolonged US-China trade conflict, the slowing trend in the Chinese economy, and rising geopolitical risks in the Middle East and on the Korean Peninsula, and the outlook remains uncertain.」

「Japan's economy maintained a gradual recovery trend during the fiscal year, with improvements in corporate earnings. However, uncertainty about the outlook increased in the second half of the fiscal year due to downside risks to the economy, including an escalation of trade friction resulting from US trade policy, a slowdown in the Chinese economy, and the UK's withdrawal from the EU.」

「During the cumulative third quarter, Japan's economy continued on a gradual recovery track, with improvements in corporate earnings and employment conditions. However, concerns over the risk of trade friction arising from US trade policy have made the economic outlook uncertain.」

「During the cumulative second quarter, Japan's economy showed some weakness, partly due to the effects of natural disasters, but continued on a gradual recovery track against the backdrop of improvements in corporate earnings and employment conditions.」

「During the cumulative first quarter, Japan's economy remained on a gradual recovery track, supported by the effects of various policies and improvements in corporate earnings and employment conditions. However, the outlook remains uncertain amid concerns over instability in the domestic economy caused by major natural disasters and abnormal weather, as well as continuing geopolitical risks.」

「During the cumulative fourth quarter, Japan's economy continued to see improvements in corporate earnings and employment conditions. However, the outlook remains uncertain due to uncertainty in the global economy arising from US policy developments and instability in East Asia.」

「However, the outlook remains uncertain against the backdrop of an uncertain overseas environment, including policy developments under the US administration.」

「During the cumulative second quarter, Japan's economy continued its gradual recovery as improvements in corporate earnings and employment conditions were maintained. However, the outlook remains uncertain amid sluggish personal consumption and an uncertain overseas environment.」

「During the cumulative first quarter, Japan's economy continued on a gradual recovery track, supported by improving corporate earnings and employment conditions. However, the outlook remained uncertain amid sluggish personal consumption and an uncertain overseas environment.」

「Japan's economy maintained a gradual recovery trend during the fiscal year, supported by improvements in corporate earnings and employment conditions. However, the outlook remains uncertain due to sluggish growth in consumer spending and concerns over a slowdown in emerging-market economies.」

「During the cumulative third quarter, Japan's economy was on a gradual recovery track, with improvements in corporate earnings and employment conditions. However, the outlook remains uncertain due to sluggish personal consumption, concerns over a downturn in business confidence, the slowdown in emerging-market economies, particularly China, and the impact on the global economy of the UK's withdrawal from the EU.」

「Although the economy was on a gradual recovery track, supported by improving corporate earnings and employment conditions, stock prices and foreign exchange rates became unstable amid concerns over a slowdown in the global economy and other factors, and uncertainty about the outlook continues.」