Uncertainty over the outlook due to a slowdown in emerging-market economies, the UK's withdrawal from the EU, a stronger yen and falling stock prices

「The outlook remains uncertain, and continued attention is required regarding the impact of US policy developments, diversifying geopolitical risks, prolonged inflation and volatility in financial and capital markets.」

「During the interim accounting period, Japan’s economy continued to recover moderately, with employment and income conditions remaining firm alongside improvements in corporate earnings, although personal consumption showed signs of stalling in its recovery. The outlook remained uncertain due to concerns including prolonged price increases, the diversification of geopolitical risks, and the effects of U.S. policy developments.」

「Although domestic economic conditions are expected to continue recovering moderately, with employment and income conditions remaining firm alongside improvements in corporate earnings, the outlook remains uncertain due to concerns including prolonged price increases, the diversification of geopolitical risks, and the effects of U.S. policy developments.」

「During the interim accounting period, Japan’s economy continued to recover moderately, with employment and income conditions remaining firm alongside improvements in corporate earnings, although personal consumption showed signs of stalling in its recovery. The outlook remained uncertain due to concerns including prolonged price increases, the diversification of geopolitical risks, and a downturn in overseas economies.」

「Although investment appetite, particularly among large companies, remains strong and there have been positive developments such as a recovery in inbound demand, the outlook remains uncertain due to concerns including prolonged price increases and the diversification of geopolitical risks.」

「During the cumulative period through the third quarter, Japan’s economy continued to recover moderately as socioeconomic activity normalized, with employment and income conditions remaining firm alongside improvements in corporate earnings and personal consumption also recovering. Although positive developments included wage increases and a recovery in inbound demand, the outlook remained uncertain due to concerns including prolonged price increases and geopolitical risks.」

「During the cumulative period through the second quarter, Japan’s economy continued to recover moderately as socioeconomic activity normalized, with employment and income conditions remaining firm alongside improvements in corporate earnings and personal consumption also recovering. Although positive developments included wage increases and a recovery in inbound demand, the outlook remained uncertain due to concerns including prolonged price increases and geopolitical risks.」

「During the cumulative period through the first quarter, Japan’s economy continued to recover moderately as socioeconomic activity normalized toward a post-COVID environment, with corporate earnings and employment and income conditions remaining firm and personal consumption also recovering. Although positive developments included wage increases and a recovery in inbound demand, the outlook remained uncertain due to concerns including prolonged price increases and geopolitical risks.」

「During the cumulative period through the first quarter, expectations for an economic recovery increased as restrictions associated with COVID-19 were eased and socioeconomic activity moved toward normalization, with signs of recovery in personal consumption as well as corporate earnings and employment and income conditions. However, the outlook remained extremely uncertain due to concerns about an economic downturn, including the renewed spread of infections, the prolonged situation in Ukraine, and higher prices caused by the weaker yen and rising raw material costs.」

「Due to concerns about the effects of the renewed spread of COVID-19, inflationary pressures, and the situation in Ukraine, difficult conditions are expected to continue in the outlook for Japan’s economy as well as the global economy.」

「During the cumulative period through the third quarter, Japan’s economy remained generally difficult as restrictions on and easing of economic activity were repeated following the issuance and lifting of the state of emergency for specific regions amid the spread of COVID-19. As new infections declined due to the promotion of vaccinations and the effects of infection-prevention measures across society, signs of recovery emerged in corporate earnings, employment and income conditions, and personal consumption, gradually raising expectations for an economic recovery. However, the outlook remained extremely uncertain due to concerns about the effects of the global spread of the Omicron variant and other factors.」

「During the cumulative period through the second quarter, Japan’s economy faced difficult conditions as the reissuance of the state of emergency for specific regions amid the renewed spread of COVID-19 restricted activity and economic activity, causing personal consumption to decline, despite signs of recovery in corporate earnings and firm employment and income conditions. Although there were expectations that promoting vaccinations and fully lifting the state of emergency would support an economic recovery, the outlook remained uncertain.」

「During the cumulative period through the first quarter, Japan’s economy faced difficult conditions as the reissuance of the state of emergency for specific regions amid the renewed spread of COVID-19 restricted activity and economic activity, causing personal consumption to decline, despite signs of recovery in corporate earnings and firm employment and income conditions. Although there were expectations that the promotion of vaccinations in Japan would contain infections and support an economic recovery, the outlook remained extremely uncertain.」

「As the end of the COVID-19 pandemic remains unforeseeable, difficult conditions are expected to continue in Japan’s economy as well as the global economy.」

「During the cumulative period through the third quarter, the global economy remained sluggish due to the spread of COVID-19. In Japan, the issuance of the state of emergency for specific regions and other measures severely restricted socioeconomic activity, causing corporate earnings, employment and income conditions, and personal consumption to deteriorate sharply. Economic activity subsequently recovered with the help of various government measures, but as infections spread again, requests to refrain from certain activities were issued and states of emergency were reintroduced for specific prefectures, leaving the economic outlook uncertain.」

「During the cumulative period through the second quarter, the global economy remained sluggish due to the spread of COVID-19. In Japan, the issuance of the state of emergency and other measures severely restricted socioeconomic activity, causing corporate earnings, employment and income conditions, and personal consumption to deteriorate sharply. Although economic activity gradually resumed after the state of emergency was lifted, an early economic recovery remained unforeseeable, and the outlook was uncertain.」

「During the cumulative period through the first quarter, economic activity stagnated due to the global spread of COVID-19. In Japan, the issuance of the state of emergency and other measures severely restricted socioeconomic activity, causing corporate earnings, employment and income conditions, and personal consumption to deteriorate sharply, and the economy remained in an extremely severe condition. Moreover, even after the state of emergency was lifted, an economic recovery remained unforeseeable, and the outlook was uncertain.」

「During the cumulative period through the third quarter, Japan’s economy remained generally on a gradual recovery trend, although the effects of a slowdown in the global economy, prolonged trade tensions, geopolitical risks, the consumption tax increase and other factors represented concerns over the outlook, while corporate earnings and employment and income levels remained firm and personal consumption also showed signs of recovery.」

「During the cumulative period through the second quarter, Japan’s economy remained generally on a gradual recovery trend, although the effects of a slowdown in the global economy, prolonged trade tensions, geopolitical risks, the consumption tax increase and other factors represented concerns over the outlook, while corporate earnings and employment and income levels remained firm and personal consumption also showed signs of recovery.」

「During the cumulative period through the first quarter, Japan’s economy remained generally on a gradual recovery trend, although the effects of a slowdown in the global economy, prolonged trade tensions, geopolitical risks and other factors represented concerns over the outlook, while corporate earnings and employment and income levels remained firm and personal consumption also showed signs of recovery.」

「Although Japan’s economy remains uncertain due to concerns including a slowdown in the global economy and prolonged trade tensions, the domestic IT services market is expected to continue growing moderately in the near term, with IT services using IoT and AI making progress.」

「During the cumulative period through the third quarter, Japan’s economy remained on a gradual recovery trend, although the effects of overseas economies, the policies of major countries, trade tensions, geopolitical risks and other factors represented concerns over the outlook, while corporate earnings and employment and income levels remained generally firm and personal consumption also showed signs of recovery.」

「During the cumulative period through the second quarter, Japan’s economy remained on a gradual recovery trend, although successive natural disasters in Japan, the effects of overseas economies, the policies of major countries, trade tensions, geopolitical risks and other factors represented concerns over the outlook, as improvements in corporate earnings, employment and income continued and personal consumption also showed signs of recovery.」

「During the cumulative period through the first quarter, Japan’s economy remained on a gradual recovery trend, although the effects of overseas economies, the policies of major countries, trade tensions, geopolitical risks and other factors represented concerns over the outlook, as improvements in corporate earnings, employment and income continued and personal consumption also showed signs of recovery.」

「During the fiscal year, Japan’s economy remained on a gradual recovery trend, although overseas economies, the policies of major countries, geopolitical risks and other factors represented concerns over the outlook, as improvements in corporate earnings, employment and income continued.」

「During the cumulative period through the third quarter, Japan’s economy remained on a gradual recovery trend, although overseas economies, the policies of major countries, rising geopolitical risks and other factors represented risks to the outlook, as improvements in corporate earnings, employment and income continued.」

「During the cumulative period through the second quarter, Japan’s economy remained on a gradual recovery trend, although overseas economies, the policies of major countries, rising geopolitical risks and other factors represented risks to the outlook, as improvements in corporate earnings, employment and income continued.」

「During the cumulative period through the first quarter, Japan’s economy remained on a gradual recovery trend, although overseas economies and the policies of major countries represented risks to the outlook, as improvements in employment and income continued and corporate earnings also showed signs of recovery.」

「However, in addition to the economic slowdown in emerging markets, including China, the United Kingdom’s Brexit issue, and instability in the foreign exchange market, the effects of the policies of the new U.S. administration and other factors remain risks to the outlook.」

「However, in addition to the economic slowdown in emerging markets, including China, the United Kingdom’s Brexit issue, and instability in the foreign exchange market, the policies of the new U.S. administration and other factors are viewed as risks to the outlook.」

「However, the outlook remains uncertain due to the economic slowdown in emerging markets, including China, the United Kingdom’s Brexit issue, and instability in the foreign exchange market.」

「However, the outlook remains uncertain due to the economic slowdown in emerging markets, including China, the United Kingdom’s Brexit issue, and the yen’s appreciation and decline in share prices.」