Uncertainty Over the Economic Outlook Due to Emerging-Market Slowdown, Yen Appreciation, Falling Stock Prices and Negative Interest Rates

「Meanwhile, in addition to the impact of tight energy supplies resulting from the instability in the Middle East, uncertainty continues due to the effects on personal consumption of the sustained depreciation of the yen and price increases, particularly for food products.」

「Meanwhile, in addition to the impact of tight energy supplies resulting from the instability in the Middle East, uncertainty continues due to the effects on personal consumption of the sustained depreciation of the yen and price increases, particularly for food products.」

「The company expects uncertainty about the outlook to continue amid concerns about stagnant personal consumption resulting from sustained inflation, in addition to surging energy prices caused by the situation in the Middle East and the impact of policies adopted by the U.S. administration.」

「Looking ahead, the economy is expected to remain on a recovery trend against a backdrop of improving income conditions. However, uncertainty is expected to persist, with concerns including higher energy prices due to the situation in the Middle East, the impact of policies adopted by the U.S. administration, and sluggish personal consumption resulting from continued price increases.」

「During the interim consolidated accounting period under review, the Japanese economy was on a gradual recovery trend, supported by a pickup in personal consumption resulting from improved employment and income conditions. However, uncertainty about the outlook persisted due to the impact of higher household consumption expenditure caused by inflation and developments in U.S. trade policy.」

「Regarding the outlook for the Japanese economy, the company expects the economy to remain on a recovery trend against the backdrop of improved income conditions. However, uncertainty about the outlook is expected to continue amid concerns about sustained increases in energy and raw-material prices and inflation, as well as U.S. trade policy and geopolitical risks.」

「During the interim consolidated accounting period under review, the Japanese economy entered a gradual recovery trend as corporate earnings and employment and income conditions improved, while higher wages and increased inbound demand lifted consumer sentiment. However, uncertainty about the outlook continued amid concerns about the impact on the domestic economy of inflation caused by surging energy and raw-material prices and heightened geopolitical risks.」

「During the first 3 months of the fiscal year under review, the Japanese economy entered a gradual recovery trend as employment and income conditions improved and personal consumption picked up. However, uncertainty about the outlook continued amid concerns about the impact on the domestic economy of inflation caused by surging energy and raw-material prices, a weak yen, the prolonged situation involving Russia and Ukraine, and heightened geopolitical risks in the Middle East.」

「However, uncertainty about the outlook continues amid concerns about rising tensions accompanying prolonged geopolitical risks, including the deteriorating situations in Ukraine and the Middle East, as well as the impact of a downturn in overseas economies caused by surging raw-material and energy prices and global monetary tightening.」

「During the first 9 months of the fiscal year under review, economic activity normalized and the economy gradually recovered following the reclassification of COVID-19 as a Class 5 disease. However, concerns about the impact of global monetary tightening on the domestic economy, in addition to rising resource prices and inflation, meant that uncertainty about the outlook continued.」

「During the first 6 months of the fiscal year under review, economic activity normalized and the economy entered a gradual recovery trend following the reclassification of COVID-19 as a Class 5 disease under Japan's Infectious Diseases Control Law. However, surging energy and raw-material prices, driven by prolonged geopolitical risks, continued, and uncertainty about the outlook persisted.」

「During the first 3 months of the fiscal year under review, economic activity normalized as the impact of COVID-19 diminished, and the economy followed a gradual recovery trend. However, uncertainty about the outlook continued due to inflation accompanying surging raw-material and energy prices, as well as downside risks to the economy arising from prolonged geopolitical risks and global monetary tightening.」

「Regarding the outlook for the Japanese economy, expectations are rising for an economic recovery in the post-COVID period. However, concerns remain that further increases in raw-material and energy prices will weaken consumer sentiment as households adopt a defensive spending stance. Close attention is also required with respect to global inflation, volatile foreign-exchange markets, and monetary policy, and the company expects the challenging business environment and uncertainty about the outlook to continue.」

「During the first 9 months of the fiscal year under review, the economy showed signs of a gradual recovery supported by various government policies. However, the environment surrounding corporate earnings became increasingly challenging due to the resurgence of COVID-19 caused by new variants, the prolonged invasion of Ukraine, and surging energy prices. In addition, higher prices resulting from surging raw-material costs further strengthened consumers' defensive spending stance, while saving in response to concerns about the future remained entrenched, and the outlook continued to be uncertain.」

「During the first 6 months of the fiscal year under review, the environment surrounding corporate earnings became increasingly challenging due to the resurgence of COVID-19, the increasingly tense situation in Ukraine, surging energy prices, and higher inflation caused by the rapid depreciation of the yen, and uncertainty about the outlook continued.」

「During the first 3 months of the fiscal year under review, signs of economic reopening emerged as the vaccination rate increased while the impact of COVID-19 persisted. However, uncertainty about the outlook continued due to surging raw-material prices, the rapid depreciation of the yen, and the impact of geopolitical risks arising from the increasingly tense situation in Ukraine.」

「During the first 9 months of the fiscal year under review, the lifting in stages from mid-September of states of emergency and priority preventive measures issued in response to repeated outbreaks of COVID-19 raised expectations for the normalization of economic activity. However, concerns about a renewed resurgence due to the emergence of new variants, as well as rising raw-material and logistics costs, meant that the outlook remained uncertain.」

「During the first 6 months of the fiscal year under review, expectations rose for an economic recovery driven by the effects of COVID-19 vaccinations. However, the repeated spread of infections prolonged restrictions on social activity, and the outlook remained uncertain, with personal consumption remaining weak.」

「During the first 3 months of the fiscal year under review, the Japanese economy remained stagnant as concerns about a renewed increase in COVID-19 cases persisted. Infection-control measures, including the government's re-declaration of a state of emergency and the implementation of priority preventive measures, led to widespread restrictions on outings and travel.」

「Although government measures to support economic activity, including demand stimulus under the Go To campaign, produced signs of recovery in some areas, a serious situation in which the path to containing COVID-19 remains unclear has continued, including the re-declaration of a state of emergency mainly in urban areas.」

「During the first 9 months of the fiscal year under review, the Japanese economy deteriorated rapidly as the spread of COVID-19 restricted economic activity both in Japan and overseas, while voluntary restrictions on outings and travel curbed personal consumption. Although the lifting of the state of emergency and government demand-stimulus measures such as the Go To campaign supported economic activity, the resurgence of infections has made the path to economic recovery unclear, and uncertainty about the outlook continues.」

「Even after the state of emergency was lifted, concerns about a resurgence of infections kept the recovery in the economy slow, and uncertain and serious conditions continued.」

「During the cumulative first quarter of the fiscal year, economic activity stagnated and the economy deteriorated rapidly due to the global spread of COVID-19. Restrictions on daily life, including requests to refrain from going out and limits on travel under the government's state of emergency declaration, caused consumption to decline sharply and further deepened uncertainty about the outlook.」

「During the fiscal year, the Japanese economy continued on a moderate recovery path as employment and income conditions improved. However, uncertainty about the outlook deepened amid growing stagnation following the consumption tax increase, geopolitical risks including US-China trade friction and deteriorating conditions in the Middle East, and concerns about the impact of COVID-19 on daily life.」

「During the cumulative third quarter of the fiscal year, the Japanese economy remained on a moderate recovery path as employment and income conditions continued to improve. However, the outlook remained uncertain due to the prolonged US-China trade friction and Japan-South Korea tensions, the United Kingdom's EU withdrawal issue and other uncertain political and economic conditions. In addition, following the October consumption tax increase, the effects of a pullback after the rush in demand were observed, the defensive spending mindset strengthened further and personal consumption remained weak.」

「During the cumulative second quarter of the fiscal year, the Japanese economy remained on a moderate recovery path as employment and income conditions continued to improve. However, the outlook remained uncertain due to the prolonged US-China trade friction, the United Kingdom's EU withdrawal issue and other uncertain political and economic conditions, including Japan-South Korea tensions. In addition, with the consumption tax increase scheduled for October, consumers' defensive spending mindset strengthened further and personal consumption remained weak.」

「During the cumulative first quarter of the fiscal year, the Japanese economy remained on a moderate recovery path overall as employment and income conditions continued to improve. However, the outlook remained uncertain due partly to uncertainty surrounding US-China trade friction and political conditions in Europe.」

「Looking ahead, as uncertainty about the outlook for overseas economies increased due to factors including US-China trade friction and concerns grew about a slowdown in the domestic economy, personal consumption was expected to weaken ahead of the consumption tax increase, with difficult operating conditions expected to continue.」

「During the cumulative third quarter of the fiscal year, the Japanese economy remained on a moderate recovery path as corporate earnings and employment conditions continued to improve. However, the outlook remained uncertain due to concerns about protectionist US trade policy and geopolitical risks, as well as the impact of a series of natural disasters during the summer.」

「During the cumulative second quarter of the fiscal year, the Japanese economy remained on a moderate recovery path as corporate earnings and employment conditions continued to improve. However, the outlook remained uncertain due to concerns about the protectionist US trade policy and geopolitical risks.」

「During the cumulative first quarter of the fiscal year, the Japanese economy remained on a moderate recovery path as corporate earnings and employment conditions continued to improve. However, the outlook remained uncertain due to concerns about US policy developments and geopolitical risks.」

「During the fiscal year, the Japanese economy was on a moderate recovery path as corporate earnings and employment conditions continued to improve. However, the outlook remained uncertain due to concerns about US policy developments and geopolitical risks.」

「Although the economy remained on a moderate recovery path supported by improving corporate earnings and employment conditions, uncertainty about the outlook continued amid growing concerns about policy in Europe and the United States and unstable international conditions.」

「During the cumulative second quarter of the fiscal year, the Japanese economy remained on a moderate recovery path, supported by improving corporate earnings and employment conditions. However, the outlook remained uncertain due to concerns about policy management in Europe and the United States and unstable international conditions.」

「During the cumulative first quarter of the fiscal year, the Japanese economy remained on a moderate recovery path, supported by improving corporate earnings and employment conditions. However, the economic outlook remained uncertain due to policy concerns in Europe and the United States and uncertainty in emerging-market economies.」

「Uncertainty about the outlook persisted due to increasing uncertainty in overseas economies and the impact of fluctuations in foreign exchange and stock markets on corporate earnings. Personal consumption remained sluggish, affected by unsettled weather and consumers' still-strong preference for saving.」

「During the cumulative second quarter of the fiscal year, the Japanese economy was on a moderate recovery path as the employment and income environment continued to improve. However, personal consumption remained sluggish amid concerns about downside risks to corporate earnings from slowing emerging-market economies, the United Kingdom's EU withdrawal issue, a stronger yen and falling stock prices.」

「Uncertainty about the economic outlook increased further amid slowing emerging-market economies, a stronger yen and falling stock prices, and the Bank of Japan's introduction of negative interest rates.」