Uncertainty over the Outlook Due to Emerging-Market Economies, Monetary Policy and Market Volatility

「At the same time, the outlook remains uncertain due to continued inflation, persistently high energy and raw-material prices, the direction of U.S. trade policy, volatility in foreign-exchange and financial markets, and the prolonged geopolitical risks centered on the situation in the Middle East.」

「During the six-month interim consolidated accounting period, the Japanese economy remained on a gradual recovery track, with improvements in employment conditions, including rising wages, accompanying the gradual recovery in corporate earnings, as well as expanding inbound consumption. However, uncertainty over the outlook remained due to persistently high prices, concerns about U.S. policy developments, a slowdown in the Chinese economy and prolonged geopolitical risks related to Ukraine and the Middle East.」

「In addition to continued concerns about high prices, the outlook is expected to remain uncertain for the time being due to the prolonged instability of overseas conditions, including conflict in the Middle East and Russia's invasion of Ukraine, stagnation in the Chinese economy, unstable foreign-exchange markets and future policy developments such as the United States imposing reciprocal tariffs.」

「During the six-month interim consolidated accounting period, the Japanese economy was generally on a gradual recovery track, partly due to improved corporate earnings. However, the outlook remained uncertain due to sluggish personal consumption resulting from rising prices caused by surging energy and raw material prices and the continued depreciation of the yen.」

「On the other hand, the outlook remains uncertain due to the impact on personal consumption of surging resource prices resulting from the prolonged Russia-Ukraine situation and rising prices associated with the depreciation of the yen.」

「On the other hand, downside risks in overseas economies, including the effects of global monetary tightening and concerns about the outlook for the Chinese economy, pose risks of weighing on Japan's economy. In addition, the outlook is expected to remain uncertain for the time being due to the effects of rising prices, conditions in the Middle East and volatility in financial and capital markets.」

「During the nine-month period ended 31 December, the Japanese economy remained on a gradual recovery track due to the normalization of economic activity following the reclassification of COVID-19 to Category V and the recovery in inbound demand. However, the outlook remained uncertain due to the prolonged situation in Ukraine, surging raw material and energy prices and volatility in financial markets.」

「During the six-month period ended 30 September, the normalization of economic activity gained momentum following the reclassification of COVID-19 to Category V, and the economy continued on a gradual recovery track. However, the outlook for the economy remained uncertain due to surging raw material prices resulting from the prolonged situation in Ukraine and exchange-rate fluctuations associated with global monetary tightening.」

「During the three-month period ended 30 June, economic activity showed signs of a gradual recovery as the legal classification of COVID-19 was downgraded to Category V. However, the outlook remained uncertain due to higher raw material prices resulting from the prolonged Russia-Ukraine situation and volatility in financial and capital markets.」

「During the nine-month period ended 31 December, signs of a recovery emerged as the difficult situation caused by COVID-19 gradually eased, but the outlook remained uncertain due to the prolonged situation in Ukraine and rising prices associated with the depreciation of the yen.」

「During the six-month period ended 30 September, restrictions on economic and social activity were gradually eased despite the impact of COVID-19, and signs of an economic recovery emerged. However, the outlook for the economy remained uncertain due to the sharp increase in infections during the seventh wave in Japan, the prolonged situation in Ukraine, surging energy and raw material prices and sharp exchange-rate fluctuations.」

「During the three-month period ended 30 June, the difficult situation caused by COVID-19 gradually eased and signs of a recovery in economic activity emerged. However, amid continued surges in raw material prices and logistics costs and difficulties procuring electronic equipment, including semiconductor components, Russia's invasion of Ukraine caused further price increases, while the rapid depreciation of the yen exacerbated these developments, further increasing uncertainty over the economic outlook.」

「Japan's economy is expected to move gradually toward recovery as COVID-19 vaccinations progress and oral antiviral drugs become available, but the outlook is expected to remain uncertain due to the global semiconductor shortage, surging resource prices and Russia's invasion of Ukraine.」

「During the six-month period ended 30 September, the Japanese economy remained in a difficult situation as infections spread due to the increase in COVID-19 variants, despite expectations that the holding of the Tokyo Olympic and Paralympic Games would support an economic recovery. Going forward, the economy was moving toward improvement as overseas economies resumed activity with the expansion of vaccinations, but the effects of the economy's continued deterioration caused by the spread of the virus to date are also expected to persist, and concerns remain that conditions will continue to be uncertain.」

「During the three-month period ended 30 June, the Japanese economy remained in a difficult situation due to the spread of COVID-19, including the declaration of the third state of emergency in April. Going forward, economic activity is expected to recover gradually following the start of vaccinations, but the effects of the economy's continued deterioration caused by the spread of the virus to date are also expected to persist, and concerns remain that conditions will continue to be uncertain.」

「During the nine-month period ended 31 December, the Japanese economy remained in a difficult situation due to the impact of COVID-19, although signs of a temporary recovery emerged after the state of emergency was lifted. However, the reissuance of the state of emergency amid the resurgence of infections is expected to leave the outlook even more uncertain.」

「During the six-month period ended 30 September, various economic activities were restricted by the spread of COVID-19, causing corporate performance and personal consumption to deteriorate. Although economic activity resumed after the state of emergency was lifted, there was no clear prospect of an end to the pandemic, and concerns remained that its adverse impact on the economy would be prolonged.」

「The global spread of COVID-19 led to the decision to postpone the Tokyo Olympic and Paralympic Games, and the declaration of a state of emergency in April restricted economic activity, causing the economy to slow rapidly.」

「In addition to developments in trade issues and uncertainty in overseas economies, concerns about the economic impact of the outbreak and spread of COVID-19 emerged at the end of the period, and the outlook remained uncertain.」

「During the nine-month period ended 31 December, the Japanese economy continued on a gradual recovery track as solid corporate earnings and improvements in employment and income conditions continued. However, in addition to uncertainty in overseas economies, concerns remained about the effects of the consumption tax increase, and the outlook continued to be uncertain.」

「During the six-month period ended 30 September, the Japanese economy continued on a gradual recovery track, supported by solid corporate earnings and improvements in employment and income conditions, but the outlook remained uncertain due to developments in trade issues, uncertainty in overseas economies and the effects of the consumption tax increase scheduled for October.」

「The economy continued to recover gradually on the back of improved corporate earnings and employment, as well as a recovery in personal consumption, but the outlook remained uncertain amid developments in trade issues and uncertainty in overseas economies.」

「During the nine-month period ended 31 December, the Japanese economy was on a gradual recovery track, supported by improved corporate earnings and employment conditions, but remained uncertain going forward due to uncertainty in overseas economies and the effects of volatility in financial markets.」

「During the cumulative second quarter of the fiscal year, Japan’s economy remained on a gradual recovery path against a backdrop of improved corporate earnings and employment conditions. However, the outlook remained uncertain owing to uncertainty in overseas economies and financial market volatility.」

「During the cumulative first quarter of the fiscal year, Japan’s economy remained on a gradual recovery path, with employment and income conditions continuing to improve against a backdrop of the government’s economic and monetary policies and signs of a recovery in personal consumption. However, the outlook remained uncertain owing to uncertainty in overseas economies.」

「The outlook remained uncertain owing to the effects of US policy trends and instability in East Asia.」

「During the cumulative third quarter of the fiscal year, Japan’s economy continued on a gradual recovery path, with corporate earnings and employment conditions improving as a result of the government’s economic policies and the Bank of Japan’s monetary measures. However, the outlook remained uncertain, owing in part to the impact of uncertainty in the global economy resulting from US policy trends and instability in East Asia.」

「During the cumulative second quarter of the fiscal year, Japan’s economy continued on a gradual recovery path, with corporate earnings and employment conditions improving as a result of the government’s economic policies and the Bank of Japan’s monetary measures. However, the outlook remained uncertain amid concerns over instability in the international situation resulting from US policy management and heightened geopolitical risks.」

「However, the outlook remains uncertain amid currency fluctuations, concerns over stagnation in emerging-market economies such as China, and uncertainty over the policies of the US administration.」

「The outlook remained uncertain, owing in part to heightened uncertainty in overseas economies, including developments in the US economy and the UK’s EU withdrawal issue.」

「Although the yen appreciated and the equity market remained weak, personal consumption did not recover. In addition, financial market volatility resulting from slower growth in emerging-market economies and the UK’s EU withdrawal issue meant that conditions remained uncertain.」

「Amid concerns over a downturn in emerging-market economies and the effects of negative interest rates, the economic outlook remained uncertain, with currencies and stock prices continuing to be unstable.」