Economic outlook uncertain due to the slowdown in China and Asia and the UK's withdrawal from the EU

「Looking ahead, downside risks related to external demand, prices and foreign exchange include higher crude oil prices due to the prolonged situation in the Middle East, further yen depreciation and uncertainty surrounding US tariff policy. The outlook therefore remains cautious.」

「中東情勢の長期化による原油価格の上昇や円安の進行、米国の関税政策の不透明感など、外需・物価・為替を巡る下振れリスクがあり、慎重な見通しが続いております。」

「During the interim consolidated fiscal period, the impact of the US Trump administration's tariff policies continued to affect Japan's manufacturing sector, leaving uncertainty in the export environment, while domestic capital investment remained firm. Looking ahead, the outlook remains cautious due to concerns over the impact of a slowdown in the global economy, restrained consumption resulting from higher prices and rising costs.」

「During the first nine months of the current consolidated fiscal year, corporate activity and personal consumption in Japan showed signs of stability, supported by the recovery in demand for services and inbound demand as economic activity normalized after the COVID-19 pandemic. However, concerns remain over the impact of declining demand due to higher prices, increased costs resulting from rising labor expenses and worsening labor shortages, and the situation remains uncertain.」

「During the first six months of the current consolidated fiscal year, Japan's economy remained in a gradual recovery phase following the reclassification of COVID-19, while the pace of recovery in overseas economies slowed. Personal consumption, supported by improvements in the employment and income environment, continued to increase steadily despite the impact of rising prices, but uncertainty over the outlook has intensified due to extreme heat, abnormal weather, crude oil prices and continued yen depreciation.」

「The economies of Europe and the US have shown signs of slowing due to monetary tightening, while international commodity markets have stabilized. Looking ahead, the situation remains uncertain due to concerns including overseas geopolitical risks, climate-change measures, a slowdown in consumption from further price pass-through and labor shortages affecting inbound demand.」

「Japan's economy during the consolidated fiscal year was gradually recovering as restrictions on economic and social activity due to COVID-19 were lifted. However, concerns over an economic downturn resulting from soaring global energy and food prices and monetary tightening by Europe and the US to contain inflation, as well as geopolitical risks, remain, and the business environment continues to be difficult to navigate. Crude oil prices, which affect the Group's sales, have fallen from the $100-per-barrel range at the start of the period to the $70-per-barrel range.」

「During the first nine months of the current consolidated fiscal year, Japan's economy showed signs of recovery as economic activity normalized. However, the situation remains uncertain due to various concerns, including the global economic outlook, inflation trends, monetary policy in Europe and the US, the direction of foreign exchange rates, geopolitical risks and COVID-19 infections. Crude oil prices, which affect the Group's sales, fell from approximately $120 per barrel in June to $70 per barrel due to concerns over an economic downturn.」

「During the first six months of the current consolidated fiscal year, Japan's economy showed signs of a recovery as the spread of COVID-19 subsided and production restrictions caused by semiconductor shortages and other factors were resolved. However, high raw-material and energy prices remained a burden. Geopolitical risks, including higher interest rates in Europe and the US as an inflation-control measure and Russia's invasion of Ukraine, have become more pronounced, and the domestic economic outlook remains uncertain amid the yen's depreciation. Crude oil prices, which affect the Group's sales, fell from approximately $120 per barrel in June to $80 per barrel.」

「During the first quarter of the current consolidated fiscal year, Japan's economy showed hopes of economic activity normalizing as the spread of COVID-19 subsided. However, rising concerns over inflation, also driven by the weaker yen, have caused corporate investment and personal consumption to shift from a recovery trend to a cautious stance. The war in Ukraine is slowing global economic growth and contributing to higher inflation. Crude oil prices have remained in the $110-per-barrel range, up from $100 per barrel at the start of the period.」

「Japan's economy during the consolidated fiscal year was recovering from the impact of the COVID-19 pandemic, although challenges remained, including higher resource prices due to improved demand during the global economic recovery and bottlenecks in product supply chains. Crude oil prices, which affect the Group's sales, traded above $120 per barrel at one point, far above their recent range, and are currently around $110 per barrel.」

「During the first nine months of the current consolidated fiscal year, business sentiment in Japan improved, particularly in face-to-face service industries, due to the lifting of the state of emergency and the sharp decline in new COVID-19 cases. Looking ahead, the situation remains uncertain due to the impact of the Omicron variant, which is spreading overseas, on economic activity, particularly supply issues involving factory operations and materials procurement, and the impact on interest rates and foreign exchange rates of improving employment conditions and expanding personal consumption in the US. Crude oil prices, which affect the Group's sales, fell from $85 per barrel to $65 per barrel temporarily and are currently around $75 per barrel.」

「While earnings are showing improvement in both manufacturing and non-manufacturing, new concerns continue, including uncertainty over sourcing automotive parts from Southeast Asia, higher crude oil prices due to tight energy supply and demand, and volatility in the Nikkei Stock Average, which hit a new 31-year high. In addition, crude oil prices, which affect the Group's sales, have remained just below $80 per barrel.」

「Crude oil prices, which affect the Group's sales, broke above $70 per barrel for the first time in 2 years and 8 months, driven by expectations of a substantial increase in demand in Europe and the US.」

「Crude oil prices, which affect the Group's sales, have continued to recover but remain at around 80% of the previous fiscal year's level.」

「During the first six months of the current consolidated fiscal year, the deterioration in sentiment was contained by the resumption of economic activity while measures against COVID-19 remained in place. However, companies have continued to take a cautious stance due to uncertainty over the outlook, and the situation remains uncertain, including because of the resurgence of infections in Europe. In addition, crude oil prices, which affect the Group's sales, have remained at around 70% of the previous fiscal year's level.」

「During the first quarter of the current consolidated fiscal year, Japan's economy deteriorated sharply due to the postponement of capital investment and restrictions on going out and business operations associated with the spread of COVID-19, with domestic and overseas economic indicators recording declines exceeding those seen during the global financial crisis. Although economic activity has gradually resumed in various regions since the government's lifting of the state of emergency, the situation remains uncertain.」

「The global COVID-19 pandemic has rapidly increased economic uncertainty and caused crude oil prices to plunge. Economic uncertainty also persists overseas due to US-China trade friction, the UK's withdrawal from the EU and other factors.」

「During the first nine months of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track, with corporate earnings and the employment and income environment improving against the backdrop of the government's economic and fiscal policies. However, the economic outlook remains uncertain due to uncertainty in overseas political and economic conditions and other factors. In particular, in the Middle East, the oil embargo resulting from economic sanctions against Iran and US-China trade friction have become major destabilizing factors, and crude oil prices have also been volatile.」

「In particular, in the Middle East, the oil embargo resulting from economic sanctions against Iran and US-China trade friction have become major destabilizing factors, and crude oil prices have also been volatile.」

「In particular, in the Middle East, the oil embargo resulting from economic sanctions against Iran and US-China trade friction have become major destabilizing factors, and crude oil prices have also been volatile.」

「During the first nine months of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track, with corporate earnings and the employment and income environment improving against the backdrop of the government's economic and fiscal policies. However, the economic outlook remains uncertain due to uncertainty in overseas political and economic conditions and other factors.」

「During the first six months of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track, with corporate earnings and the employment and income environment improving against the backdrop of the government's economic and fiscal policies. However, the economic outlook remains uncertain due to uncertainty in overseas political and economic conditions and other factors.」

「During the first quarter of the current consolidated fiscal year, Japan's economy remained on a gradual recovery track, with corporate earnings and the employment and income environment improving against the backdrop of the government's economic and fiscal policies. However, the economic outlook remains uncertain due to uncertainty in overseas political and economic conditions and other factors.」

「During the consolidated fiscal year, Japan's economy remained on a gradual recovery track, with corporate earnings and the employment and income environment improving against the backdrop of the government's economic and fiscal policies. However, the economic outlook remains uncertain due to uncertainty in overseas political and economic conditions and other factors.」

「However, the economic outlook remains uncertain due to the downturn in emerging Asian economies, uncertainty in overseas economies and other factors.」

「However, the economic outlook remains uncertain due to the downturn in emerging Asian economies, uncertainty in overseas economies and other factors.」

「However, the economic outlook remains uncertain due to the downturn in emerging Asian economies, uncertainty in overseas economies and other factors.」

「However, the economic outlook remains uncertain due to the downturn in China and emerging Asian economies, including China, the UK's withdrawal from the EU, uncertainty in overseas economies resulting from the change of administration in the US and other factors.」

「However, the economic outlook remains uncertain due to the downturn in China and emerging Asian economies, the UK's withdrawal from the EU, uncertainty in overseas economies resulting from the change of administration in the US and other factors.」

「However, the economic outlook remains uncertain due to the downturn in China and emerging Asian economies, the UK's withdrawal from the EU and other factors.」

「However, the economic outlook remains uncertain due to the economic slowdown in China and emerging Asian economies, the UK's withdrawal from the EU and other factors.」