Risk of global economic slowdown and shrinking demand

「while also taking into account the risks of procuring raw materials and soaring prices associated with turmoil surrounding the situation in the Middle East, including the closure of the Strait of Hormuz」

「During the six-month consolidated accounting period, the global economy remained uncertain despite a gradual recovery in some regions, due to the prolonged geopolitical risks, global inflation and the resulting impact of fluctuations in financial and capital markets caused by monetary policy implemented by the central banks of major countries. In the automotive industry, which is a major customer of the Group, trends in U.S. trade policy may require revisions to earnings plans and production systems, and the industry as a whole continues to face an unpredictable environment.」

「However, the outlook remained uncertain due to the impact of rising prices, concerns about geopolitical risks and fluctuations in financial and capital markets.」

「However, the outlook remained uncertain due to concerns about a slowdown in overseas economies caused by soaring resource and raw material prices associated with the prolonged situation in Ukraine, higher prices caused by the rapid depreciation of the yen, the slowdown in the Chinese economy, the situation in the Middle East and the impact of global monetary tightening.」

「However, the outlook remained uncertain due to concerns about a slowdown in overseas economies caused by soaring resource and raw material prices associated with the prolonged situation in Ukraine, higher prices caused by the weaker yen, the stagnation of the Chinese economy, the situation in the Middle East and the impact of global monetary tightening.」

「During the six-month period ended [date] of the current fiscal year, domestic demand across a broad range of areas, including personal consumption and capital investment, increased as restrictions on activity related to COVID-19 were eased, and the economy followed a gradual recovery trend. However, the outlook remained uncertain due to concerns about a slowdown in the global economy against the backdrop of the prolonged situation in Ukraine and global monetary tightening, soaring resource and raw material prices, higher prices caused by the weaker yen and increasing geopolitical risks.」

「During the three-month period ended [date] of the current fiscal year, exports declined substantially against the backdrop of a slowdown in overseas economies. However, the outlook remained uncertain due to concerns about a slowdown in the global economy against the backdrop of the prolonged situation in Ukraine and global monetary tightening, soaring resource and raw material prices, higher prices caused by the weaker yen and geopolitical risks stemming from tensions between the United States and China.」

「During the nine-month period ended [date] of the current fiscal year, the Japanese economy continued to show a gradual recovery, centred on domestic demand, as economic activity normalised amid the easing impact of COVID-19. However, the outlook remained uncertain due to concerns about a slowdown in the global economy against the backdrop of the prolonged situation in Ukraine and global monetary tightening, sharp foreign exchange fluctuations, rising raw material prices and the impact of China's easing of its zero-COVID policy. Sales of fine chemicals manufactured and sold in Japan and overseas declined in both revenue and profit due to inventory adjustments for components resulting from weaker demand for electronic devices such as PCs and smartphones.」

「During the six-month consolidated cumulative period, restrictions on economic activity were eased as the impact of the novel coronavirus subsided, and the economy entered a gradual recovery trend led by personal consumption. However, uncertainty about the outlook continued to increase amid growing concern about an economic slowdown due to the prolonged situation in Ukraine, higher raw material prices and inflation accompanying the sharp depreciation of the yen.」

「Uncertainty about the outlook deepened further due to higher raw material prices resulting from the prolonged situation in Ukraine, higher import prices accompanying the rapid depreciation of the yen, and supply chain disruptions caused by the Shanghai lockdown.」

「The market environment surrounding the Group's business has been substantially affected by automobile production cuts caused by supply constraints such as semiconductor shortages and soaring raw material prices, amid the prolonged impact of the novel coronavirus. Personal consumption has weakened again as prices continue to rise due to the worsening situation in Ukraine, higher energy prices and other factors.」

「During the nine-month consolidated cumulative period, Japan's economy had stagnated due to the renewed spread of the novel coronavirus and the impact of the state of emergency, but gradually showed signs of recovery as vaccinations became more widespread and various policy measures and overseas economies improved. However, the outlook remained uncertain due to constraints on economic activity associated with the renewed spread of new variants and movements in raw material prices.」

「During the six-month consolidated cumulative period, Japan's economy remained stagnant and the outlook continued to be uncertain, despite signs of recovery in economic activity in some areas due to measures to promote vaccination against the novel coronavirus.」

「During the three-month consolidated cumulative period, Japan's economy remained in a difficult environment, with economic activity constrained by repeated declarations of a state of emergency, despite some positive signs such as the start of vaccinations against the novel coronavirus and signs of recovery in economic activity in some areas. The economic outlook remained uncertain.」

「The market environment surrounding the Group's business remains affected by the prolonged economic impact of the spread of the novel coronavirus. Amid uncertainty about the outlook, corporate capital investment is beginning to bottom out, but personal consumption is expected to remain weak as people refrain from going out due to the state of emergency and consumer sentiment deteriorates.」

「In China, the economy recovered to pre-pandemic levels, led by domestic demand and exports, but the pandemic had not yet subsided globally, and uncertainty about the outlook continued.」

「In Japan, exports fell substantially due to lower inbound demand and a downturn in the global economy caused by the novel coronavirus, while household consumption activity also declined significantly. Although signs of recovery emerged partly as economic activity resumed and restrictions on going out were eased following the lifting of the state of emergency, the outlook remained uncertain due to significant concerns including developments in the pandemic.」

「Although economic activity has gradually resumed in some areas, the global economy remains extremely uncertain due to stagnation caused by restrictions on going out and movement to prevent the spread of infection.」

「The market environment surrounding the Group's business is deteriorating further as the spread of the novel coronavirus weighs on the global economy. Amid uncertainty about the outlook, companies are expected to increasingly postpone capital investment, while personal consumption is expected to remain weak as households refrain from going out and consumer sentiment deteriorates.」

「In the United States, personal consumption remained solid, supported by favourable employment and income conditions, but corporate capital investment remained sluggish due to slowing external demand and rising uncertainty over trade policy. Against a backdrop of the UK's withdrawal from the EU in Europe and an economic slowdown resulting from prolonged US-China trade friction, the economic outlook remained uncertain.」「The outlook remained uncertain amid rising geopolitical risks in the Middle East, the impact of the spread of the novel coronavirus on the global economy, disruption associated with the UK's withdrawal from the EU, and an economic slowdown resulting from prolonged US-China trade friction.」

「In the United States, personal consumption remained solid, supported by favourable employment and income conditions, but corporate capital investment remained sluggish due to slowing external demand and rising uncertainty over trade policy. Against a backdrop of the UK's withdrawal from the EU in Europe and an economic slowdown resulting from prolonged US-China trade friction, the economic outlook remained uncertain.」

「The global economy continued to face an uncertain outlook amid slower US growth following the fading impact of tax cuts, the UK's withdrawal from the EU in Europe, an economic slowdown in China due to intensifying trade friction and rising geopolitical risks in East Asia.」

「During the consolidated fiscal year, the economies of the United States, Europe and China generally remained on a recovery trend, but the outlook continued to be uncertain amid international trade friction arising from US trade policy, the UK's withdrawal from the EU, a slowdown in the Chinese economy and rising geopolitical risks in East Asia.」

「During the nine-month consolidated cumulative period, the economies of the United States, Europe and China generally remained on a recovery trend, but the outlook continued to be uncertain amid concerns about international trade friction arising from US trade policy, developments in the Chinese economy and rising geopolitical risks in East Asia.」

「During the six-month consolidated cumulative period, the economies of the United States, Europe and China generally remained on a recovery trend, but the outlook remained uncertain amid concerns about international trade friction arising from US trade policy, developments in the Chinese economy and rising geopolitical risks in East Asia.」

「During the three-month consolidated cumulative period, the economies of the United States and Europe continued to expand gradually, but the outlook became uncertain amid concerns that US trade policy could develop into an international trade friction issue and rising geopolitical risks in East Asia.」

「During the consolidated fiscal year, the global economy remained generally solid, supported by solid personal consumption in the United States against a backdrop of improving employment and income conditions, as well as a recovery in capital investment driven by improving business sentiment. In Asia, China's domestic and external demand remained solid, but conditions remained uncertain due to the impact of US-China trade friction and geopolitical risks involving North Korea.」

「During the nine-month consolidated cumulative period, the global economy remained generally solid. In the United States, solid personal consumption supported by improving employment and income conditions, together with a recovery in capital investment driven by improving business sentiment, contributed to this performance despite policy uncertainty. In Asia, China's exports remained solid, but the economy slowed gradually as stimulus measures such as tax breaks for small vehicles were scaled back.」

「During the six-month consolidated cumulative period, the global economy generally continued its gradual recovery. In the United States, personal consumption remained strong against a backdrop of solid employment conditions despite policy uncertainty. In Asia, China's economy remained generally solid despite some weak indicators, and the economies of ASEAN countries also remained firm.」

「During the three-month consolidated cumulative period, the global economy continued on a gradual recovery trend. In the United States, employment conditions improved and personal consumption remained solid, while political risks receded in Europe. In Asia, China remained solid, mainly due to public investment supporting the economy, and the economies of ASEAN countries also showed signs of recovery.」

「During the consolidated fiscal year, the global economy generally showed signs of improvement, with a continued gradual recovery in Europe and the United States, a pickup in China's economic growth driven by policies such as infrastructure investment, and a recovery in resource-exporting economies as crude oil and other resource prices recovered. However, uncertainty about the outlook remains due to US economic policy, the UK's withdrawal from the EU and the outcome of national elections in major European countries such as Germany.」

「During the nine-month consolidated cumulative period, the global economy showed signs of recovery in both advanced and emerging economies. Solid personal consumption supported the economy in Europe and the United States, while government infrastructure investment provided signs of resilience in China.」

「Although emerging market economies remained stagnant due to weak resource prices, China's economic slowdown was brought to a certain extent under control, while personal consumption supported a continued gradual recovery in advanced economies in Europe and the United States.」

「Stagnation continued in the economies of China and other emerging markets, while signs of a slowdown also emerged in advanced economies in Europe and the United States, which had been on a recovery trend led by domestic demand.」

「China's economy slowed as efforts to curb excessive investment and production adjustments continued, while the slowdown also became more pronounced in emerging markets amid the prolonged decline in resource prices.」「If economic conditions in the countries or regions where products are sold deteriorate into recession, operations are interrupted by a major earthquake, typhoon or other natural disaster, or demand contracts as a result, the Group's business performance and financial condition could be adversely affected.」