Changes in Domestic Consumption, Economic Conditions and Demographics

「The impact of the situation in the Middle East on performance was contained through measures implemented across the Group.」

「Concern remains about the impact on corporate activity and consumer sentiment of higher energy and logistics costs, including as a result of heightened geopolitical risks, particularly in the Middle East, and surging crude oil prices. This requires continued monitoring.」

「The outlook remains uncertain due to heightened geopolitical risks, including surging crude oil prices resulting from the escalating situation in the Middle East, as well as uncertainty surrounding global affairs and the economy.」

「Looking ahead, improvement in the employment and income environment and the effects of various policies are expected to support a gradual recovery. However, it remains necessary to monitor the downside risk to economic conditions from the impact of US trade policy and the potential impact of continued price increases on private consumption through a deterioration in consumer sentiment.」

「During the interim consolidated accounting period, the economy recovered gradually despite signs of stagnation. Private consumption was also expected to continue recovering gradually, supported by rising wages and the effects of various policies.」

「During the third quarter of the fiscal year, Japan’s economy continued to recover gradually as socioeconomic activity moved toward full normalization following the COVID-19 pandemic. Movement of people increased, inbound foreign tourism grew, and private consumption and corporate capital investment increased further. However, the outlook remained uncertain due to yen depreciation caused by the effects of monetary policies in Japan and the United States, and rising prices resulting from higher energy and raw material prices associated with the prolonged situation in Ukraine.」

「Socioeconomic activity is moving toward full normalization following the COVID-19 pandemic, with increased movement of people and further recovery in private consumption and corporate capital investment, and the economy is showing a gradual recovery. However, the outlook remains uncertain due to rising prices resulting from higher energy and raw material prices associated with the prolonged situation in Ukraine and yen depreciation caused by the effects of monetary policies in Japan and the United States.」

「During the fiscal year, Japan’s economy moved toward normalization of socioeconomic activity as restrictions on movement were eased, despite the continuing impact of COVID-19. However, the outlook remained uncertain due to concerns about the impact on private consumption of higher prices, mainly caused by the sharp increase in energy and raw material prices resulting from the prolonged Russia-Ukraine situation, the financial instability in Europe and the United States, and heightened geopolitical risks.」

「The outlook remains uncertain due to concerns about the impact on private consumption of higher prices, mainly caused by the sharp increase in energy and raw material prices resulting from the prolonged Russia-Ukraine situation.」

「The outlook remains uncertain due to concerns about the impact on private consumption and consumer behavior of higher energy and raw material prices resulting from the prolonged Russia-Ukraine situation, and rising prices caused by the rapid depreciation of the yen.」

「During the first quarter of the fiscal year, Japan’s economy remained subject to an uncertain outlook due to the emergence of new COVID-19 variants, the prolonged situation in Ukraine, soaring resource and energy prices, and the sharp depreciation of the yen.」

「In addition to the risk of a renewed spread of infections due to COVID-19 variants, it is necessary to closely monitor downside risks resulting from the semiconductor shortage, higher raw material prices, and the escalating situation in Ukraine.」

「The retail industry faced difficult conditions in the first half due to requests to refrain from going out under states of emergency related to COVID-19, requests to support the Tokyo Olympic and Paralympic Games from home because events were held without spectators, partial closures and reduced operating hours at commercial facilities mainly in urban areas, and the cancellation of events. During the third quarter of the fiscal year, signs of recovery emerged due in part to the promotion of vaccinations and the effects of Japanese government policies. However, rising resource prices and yen depreciation pushed up prices and weighed on consumer sentiment, and the outlook remained uncertain.」

「During the first quarter of the fiscal year, Japan’s economy remained subject to an uncertain outlook. Although COVID-19 vaccinations began to accelerate, the risk of a further spread of infections, including from variants, had not been eliminated. The reissuance of a state of emergency continued to bring requests to refrain from nonessential, nonurgent outings and restrictions on the operations of restaurants and other businesses. In the global economy, signs of recovery emerged as the Chinese economy recovered and economic activity resumed in Europe and the United States alongside vaccination programs, but conditions remained challenging due to the global semiconductor shortage, the wood shock and prolonged US-China trade friction.」

「For the fiscal year ending March 2022, the timing of the containment of COVID-19 remained unforeseeable, and because concerns continued about a slowdown in the global economy as well as the domestic economy, the economic outlook was expected to remain uncertain.」

「As the infection began to spread again, the outlook remained extremely uncertain.」

「Although the government implemented measures including first and second supplementary budgets and monetary easing in response to COVID-19, the trend of improving corporate earnings and the employment and income environment rapidly weakened, economic and consumer activity was significantly restricted, and the economy deteriorated, resulting in an extremely uncertain outlook.」

「Although the consumption tax increase temporarily boosted demand ahead of its implementation, the resulting decline in demand and consumers’ strong tendency to economize due to heightened concerns about household finances have persisted. The environment remains challenging amid intensifying competition across industries and business formats.」

「Uncertainty about the outlook has increased due to concerns about a slowdown in consumption following the increase in the consumption tax rate and local consumption tax rate, as well as frequent natural disasters.」

「During the first quarter of the fiscal year, Japan’s economy remained on a gradual recovery trend, supported by government economic and fiscal policies and continued improvement in corporate earnings and the employment and income environment. However, the global economic outlook remained uncertain due to the impact on the global economy of prolonged trade friction resulting from US protectionist trade policy, the United Kingdom’s withdrawal from the EU, the slowdown in the Chinese economy, and volatility in financial and capital markets.」

「Globally, the economic outlook remains uncertain due to the impact on the world economy of intensifying trade friction resulting from the US protectionist trade policy, instability in Europe’s political situation, the risk of volatility in financial and capital markets, and geopolitical issues in Asia.」

「The shortfall in earnings was attributable to the need to respond to the increase in the consumption tax rate in autumn 2019 and the sharp slowdown in private consumption after the Tokyo Olympics in 2020.」

「The economic outlook remains uncertain due to concerns about a trade war resulting from US trade policy, uncertainty arising from the political situation in Europe, volatility in unstable financial and capital markets, and geopolitical issues in Asia.」

「Meanwhile, the global economy remains subject to an uncertain outlook, due to factors including US policy trends, instability in Europe’s political situation, geopolitical risks in Asia and the impact of volatility in financial and capital markets.」

「Meanwhile, against a backdrop of various uncertainties, including the economic slowdown and weaker growth in China and other emerging economies, the United Kingdom’s withdrawal from the EU and the outcome of the US presidential election, the global economy remains subject to an uncertain outlook.」

「Meanwhile, financial market volatility continued to affect the global economy, including through yen appreciation resulting from the economic slowdown and weaker growth in China and other emerging economies and the issue of the United Kingdom’s withdrawal from the EU.」

「The global economy became increasingly uncertain amid concerns about deteriorating corporate earnings, including the rapid appreciation of the yen and stagnation and confusion in equity markets, due to the economic slowdown and weaker growth in China and other emerging economies and the decision for the United Kingdom to leave the EU.」

「Most of our group's sales depend on the domestic market, and trends in domestic consumption affect our group's business performance.」