Uncertainty over the outlook due to overseas geopolitical risks

「The Japanese economy during the consolidated fiscal year under review remained on a gradual recovery trend, supported by improvements in employment and income conditions and the effects of various policies. However, the outlook remains uncertain due to geopolitical risks, including the situation in the Middle East, developments in U.S. trade policy and unstable exchange-rate movements.」

「At the same time, uncertainty about the outlook continued due to the weakening yen, inflation caused by soaring raw material prices, and the effects of geopolitical risks.」

「Meanwhile, the outlook remains uncertain due to factors including the risk of weaker consumer sentiment caused by higher prices and the impact of US tariff policy.」

「Meanwhile, the outlook remains uncertain due to geopolitical risks arising from conflicts in the Middle East and Ukraine, as well as surging global resource, energy and raw material prices.」

「Meanwhile, the outlook remains uncertain due to factors including surging crude oil prices, higher prices resulting from the yen's depreciation and prolonged geopolitical risks arising from an unstable international situation.」

「However, the outlook remains uncertain due to the prolonged geopolitical risks arising from an unstable international situation, surging resource prices and sharp fluctuations in foreign exchange rates.」

「Meanwhile, the outlook remains uncertain due to the impact of geopolitical risks arising from an unstable international situation and persistently high energy prices.」

「Although the impact of the spread of COVID-19 is beginning to subside, geopolitical risks, including Russia's invasion of Ukraine, and economic risks such as higher prices due to the yen's depreciation are increasing, and the outlook remains uncertain.」

「However, the outlook remains uncertain as the situation surrounding Russia's invasion of Ukraine has worsened and the yen has depreciated rapidly, raising energy and raw material prices and prompting concerns over stagnation in private consumption.」

「During the cumulative first-quarter period from 1 June 2022 to 31 August 2022, Japan's economy showed signs of normalization in social and economic activity as restrictions on activities related to COVID-19 were eased. However, the outlook remains uncertain due to the renewed increase in infections caused by the Omicron variant and rising energy and raw material prices associated with Russia's invasion of Ukraine.」

「In addition, the outlook remains uncertain as Russia's invasion of Ukraine has caused energy and raw material prices to surge.」

「Although the number of new infections fell significantly as COVID-19 vaccinations became more widespread and signs of a partial recovery in economic activity emerged, the outlook remains uncertain due in part to the impact of the renewed spread of infections caused by new variants.」

「Although the number of new infections fell significantly as COVID-19 vaccinations became more widespread and signs of a partial recovery in economic activity emerged, the outlook remains uncertain due in part to the impact of the renewed spread of infections caused by new variants.」

「During the cumulative first-quarter period, Japan's economy remained uncertain as restrictions on economic and social activity were prolonged due to the reissuance of a state of emergency declaration and the application of priority preventive measures amid the impact of COVID-19.」

「During the cumulative third quarter of the current consolidated fiscal year, the Japanese economy remained in an extremely challenging situation, as restrictions on economic activity resulting from the spread of COVID-19 caused corporate earnings to deteriorate and personal consumption to decline.」

「During the cumulative second quarter of the current consolidated fiscal year, the Japanese economy remained in an extremely challenging situation, as the global spread of COVID-19 caused corporate earnings to deteriorate and personal consumption to decline.」

「During the cumulative first-quarter period, Japan's economy remained in an extremely challenging situation, with the outlook for economic activity affected by the global spread of COVID-19, including deteriorating corporate earnings and lower private consumption.」

「However, the outlook remains uncertain as, in addition to a decline in demand following the consumption tax increase, the spread of COVID-19 has had a serious impact on the domestic and overseas economies.」

「During the cumulative second quarter of the current consolidated fiscal year, the Japanese economy remained on a gradual recovery track against a backdrop of improving corporate earnings and employment conditions. However, the outlook remained uncertain, amid concerns about the impact of the consumption tax increase on personal consumption and other areas, as well as the effects of the prolonged U.S.-China trade dispute on the global economy.」

「Meanwhile, the outlook for the economy remains uncertain, with concerns over the impact of factors including the prolonged US-China trade dispute on the global economy.」

「However, the global economy remains uncertain, including due to concerns over trade friction arising from US trade measures.」

「However, the global economy remains uncertain, including due to concerns over trade friction arising from US trade measures.」

「However, the outlook for the global economy remains uncertain, with concerns over trade friction due to US trade measures increasing.」

「During the cumulative third-quarter period, Japan's economy continued on a gradual recovery path, with corporate earnings and employment conditions improving as a result of various government economic policies. However, the global economy remains uncertain due to the slowdown in emerging economies, including China, and major policy changes by the new US administration.」

「Meanwhile, the outlook overseas remains uncertain due in part to geopolitical risks.」