Uncertainty About the Outlook Due to Falling Commodity Prices, Slower Emerging-Market Growth, a Stronger Yen and Lower Stock Prices

「Meanwhile, against a backdrop of continued rises in prices overall, including higher prices for imported materials due to prolonged geopolitical risks, particularly in the Middle East, and foreign exchange fluctuations, as well as frequent natural disasters, the outlook remained uncertain.」

「However, the outlook remained uncertain due to the effects of higher resource and raw-material prices and unstable supplies of construction materials resulting from the situation in the Middle East, price increases, and fluctuations in foreign exchange rates and interest rates.」

「However, the outlook remained uncertain due to the effects of persistently high resource and raw-material prices, price increases, fluctuations in foreign exchange rates and interest rates, and developments in U.S. tariff policy.」

「However, the outlook remained uncertain due to the effects of persistently high resource and raw-material prices, price increases, fluctuations in foreign exchange rates and interest rates, and developments in U.S. tariff policy.」

「However, the outlook remained uncertain due to price increases associated with persistently high resource and raw-material prices, rising geopolitical risks arising from instability in the Middle East, concerns over the outlook for the Chinese economy, and the effects of fluctuations in foreign exchange rates and interest rates.」

「Economic activity moved toward a gradual recovery amid normalization, a recovery in inbound demand, and rising share prices. However, the outlook remained uncertain due to price increases associated with soaring resource and raw-material prices caused by the depreciation of the yen, geopolitical risks related to the situation between Russia and Ukraine, and instability surrounding the Middle East.」

「The outlook remained uncertain due to overseas economic downturns associated with global monetary tightening and concerns over the outlook for the Chinese economy, price increases resulting from higher resource and raw-material prices amid the depreciation of the yen, and rising geopolitical risks caused by the prolonged Russian invasion of Ukraine and instability in the Middle East.」

「The outlook remained uncertain due to soaring resource and energy prices associated with the prolonged Russian invasion of Ukraine, domestic price increases caused by the depreciation of the yen resulting from global monetary tightening, and the emergence of further geopolitical risks from the armed conflict between Israel and Hamas.」

「The risks of higher raw-material and energy prices caused by the prolonged Russian invasion of Ukraine and the depreciation of the yen, price increases resulting from wage hikes, and downside risks to the global economy due to global monetary tightening continued to weigh on the Japanese economy, leaving the outlook uncertain.」

「With COVID-19 being reclassified to Category 5, socioeconomic activity moved toward normalization and the economy showed signs of a gradual recovery. However, economic risks, including soaring resource prices caused by the prolonged Russian invasion of Ukraine and the depreciation of the yen, together with the resulting price increases, remained high, and the outlook continued to be uncertain.」

「During the cumulative first quarter period from 21 November 2022 to 20 February 2023, the Japanese economy showed signs of a gradual recovery as measures to contain COVID-19 were balanced with economic activity. However, the effects of soaring resource and energy prices associated with the prolonged Russian invasion of Ukraine and higher prices resulting from the depreciation of the yen continued, leaving the outlook uncertain.」

「However, the outlook remained uncertain due to the repeated spread and containment of COVID-19, higher raw-material and energy prices resulting from disruptions in the international community, including the prolonged situation in Ukraine, and the rapid depreciation of the yen.」

「However, the outlook remained uncertain due to the impact of a renewed spread of COVID-19 caused by new variants, higher raw-material and energy prices resulting from disruptions in the international community, including the prolonged Russia-Ukraine situation, and the rapid depreciation of the yen.」

「Amid the prolonged global spread of COVID-19, disruptions in the international community, including tensions between the United States and China and the situation between Russia and Ukraine, led to higher raw-material and energy prices and a rapid depreciation of the yen, leaving the outlook uncertain.」

「The global economy remained in a chaotic state due to concerns over geopolitical risks arising from the situation between Russia and Ukraine, and adverse effects on the Japanese economy, including soaring resource prices, began to emerge.」

「The outlook is expected to remain uncertain due to concerns about a further spread of COVID-19 caused by new highly infectious variants and downside risks to the global and Japanese economies arising from the situation in Ukraine.」

「Although economic activity remained constrained amid the continuing spread of COVID-19, recovery is expected going forward due to progress in vaccinations and the effects of various policies. However, the outlook remains uncertain, as the end of the pandemic is still not in sight due in part to the impact of highly infectious variants.」

「As COVID-19 continued and spread again, economic activity was significantly constrained, with a third state of emergency declared in some regions. Although there were positive signs, including the start of vaccinations for older people, the end of the pandemic remained unforeseeable and the outlook remained uncertain.」

「Although the economy had temporarily been on a gradual recovery path, the rapid spread of the novel coronavirus infection since the end of last year had a significant impact on personal consumption and economic activity, and the outlook remained uncertain as the timing of containment remained unforeseeable.」

「Risks of further downside in the global and Japanese economies, including the prolonged spread of the novel coronavirus infection, remain a concern, and concerns over trade issues between the United States and China are also expected to continue. The outlook is therefore expected to remain uncertain.」

「During the first nine months of the fiscal year ending 20 February 2020 (21 November 2019 to 20 August 2020), sluggish personal consumption and stagnant economic activity continued due to US-China trade issues, the slowing overseas economy, the October 2019 consumption tax increase and the spread of the novel coronavirus infection. Even after the lifting of the state of emergency, economic activity remained subject to calls for restraint, the economic recovery remained slow and difficult conditions continued.」

「During the first half of the fiscal year ending 20 February 2020 (21 November 2019 to 20 May 2020), the Japanese economy entered a phase of rapid decline as the October 2019 consumption tax increase and the spread of the novel coronavirus infection, in addition to US-China trade friction and the slowing overseas economy, contributed to stagnation in personal consumption and economic activity.」

「During the first quarter of the fiscal year ending 20 February 2020 (21 November 2019 to 20 February 2020), personal consumption weakened somewhat due to the effects of the consumption tax increase. In addition to rising uncertainty in the domestic and overseas economies due to factors including US-China trade friction, concerns also emerged over the impact of the spread of the novel coronavirus infection, and the outlook remained uncertain.」

「During the consolidated fiscal year, the Japanese economy continued to recover gradually against a backdrop of improving employment and income conditions and solid corporate earnings, although the outlook remained uncertain due to factors including a slowdown in the Chinese economy resulting from prolonged US-China trade friction.」

「During the first nine months of the fiscal year ended 20 August 2019 (21 November 2018 to 20 August 2019), the Japanese economy continued to recover gradually against a backdrop of improving employment and income conditions and solid corporate earnings, although the business environment remained uncertain due to the prolonged US-China trade dispute, the impact of the UK's withdrawal from the EU on the global economy and heightened geopolitical risks in East Asia.」

「Although the economy continued to recover gradually as employment and income conditions and corporate earnings improved, the outlook remained uncertain due to the slowdown in the Chinese economy associated with prolonged US-China trade friction and issues including the UK's withdrawal from the EU.」

「During the first quarter of the fiscal year ended 20 February 2019 (21 November 2018 to 20 February 2019), the Japanese economy continued to recover gradually as government economic policies helped improve employment and income conditions, corporate earnings and capital investment, although the outlook remained uncertain due to concerns about an economic downturn resulting from the prolonged US-China trade dispute and the slowdown in the Chinese economy.」

「The outlook remained uncertain amid concerns about a slowdown in the global economy due to intensifying US-China trade friction and increasing risks associated with uncertainty over political developments in Europe and the United States.」

「During the first nine months of the fiscal year ended 20 August 2018 (21 November 2017 to 20 August 2018), the Japanese economy continued to recover gradually as employment and income conditions and corporate earnings improved, although the outlook remained uncertain amid uncertainty over the impact of trade issues originating in the United States on the global economy and political developments in Europe and the United States.」

「During the first half of the fiscal year ended 20 May 2018 (21 November 2017 to 20 May 2018), the Japanese economy continued to recover gradually as employment and income conditions improved, supported by a recovering overseas economy, solid corporate earnings and the effects of various economic policies.」

「Unstable conditions that could affect the domestic economy continued, including geopolitical risks overseas and developments in the financial markets.」

「The outlook remained uncertain in some respects, including concerns about downside pressure on the Japanese economy from political developments in the US administration and heightened geopolitical risks.」

「During the first nine months of the fiscal year ended 20 August 2017 (21 November 2016 to 20 August 2017), the Japanese economy continued to recover gradually as corporate earnings and employment and income conditions improved, supported by accommodative financial conditions and government economic measures, despite an unstable international situation marked by a sense of impasse in the US administration's policy management and heightened geopolitical risks in East Asia.」

「During the first half of the fiscal year ended 20 May 2017 (21 November 2016 to 20 May 2017), the Japanese economy continued to recover gradually as corporate earnings and employment and income conditions improved, supported by accommodative financial conditions and government economic measures, although the outlook remained uncertain amid slowing emerging-market economies and concerns about political developments in Europe and the United States.」

「During the first quarter of the fiscal year ended 20 February 2017 (21 November 2016 to 20 February 2017), the Japanese economy continued to recover gradually as corporate earnings and employment and income conditions improved, although the outlook remained uncertain amid political risks in Europe, concerns about US policy and the slowing trend in emerging-market economies.」

「Amid concerns about a downturn in the global economy, including the slowing trend in emerging-market economies and the UK's withdrawal from the EU, as well as the sluggish equity market and appreciation of the yen, corporate sentiment and personal consumption remained weak and the environment uncertain.」

「The outlook remained uncertain due to slowing emerging-market economies and concerns about a downturn in the global economy associated with the UK's withdrawal from the EU.」

「The business environment remained uncertain, reflecting falling commodity prices, slowing emerging-market economies, particularly China, and rapid yen appreciation and declines in stock prices.」