Uncertainty in the Economic Environment Due to Yen Appreciation, Stock Price Declines, Stagnation in Emerging-Market Economies and the UK's Brexit Issue

「However, the outlook is expected to remain uncertain due to concerns over the impact of higher resource prices resulting from heightened tensions in the Middle East on personal consumption and corporate production activity, as well as responses to US trade policy and stalled relations with China.」

「However, the outlook remains uncertain due to concerns over the impact of rising prices on personal consumption, as well as US-China trade friction and trade policies, geopolitical risks and other factors.」

「However, the outlook remains uncertain due to concerns over the impact of continued price increases and sharp exchange-rate fluctuations, as well as US trade policy developments, geopolitical risks and the delayed recovery of the Chinese economy.」

「During the interim consolidated accounting period, Japan’s economy remained on a moderate recovery path, with improvements in employment and income conditions and signs of recovery in capital investment. However, the outlook remains uncertain due to concerns over the impact of rising prices and sharp exchange-rate fluctuations, heightened geopolitical risks, concerns over a slowdown in the US economy and the delayed recovery of the Chinese economy.」

「In the next consolidated fiscal year, a moderate recovery is expected to continue, supported by improvements in income conditions resulting from wage increases and other factors, and increased capital investment driven by strong corporate earnings. However, the outlook is expected to remain uncertain due to concerns over the impact on the economy of higher labor costs, the yen’s depreciation, persistently high resource prices and the end of government measures to address inflation, as well as heightened geopolitical risks such as the situations in Ukraine and the Middle East, the slowdown in the Chinese economy and concerns over a recession in Europe and the United States.」

「During the first 9 months of the current fiscal year, Japan’s economy remained on a moderate recovery path, led by personal consumption and capital investment, as employment and income conditions improved. However, concerns remain over the impact of rising prices and tight labor supply and demand, particularly in the services sector, as well as geopolitical risks such as the situations in Ukraine and the Middle East and US-China friction, the slowdown in the Chinese economy and concerns over a recession resulting from monetary tightening in Europe and the United States, and the outlook remains uncertain.」

「During the first 6 months of the current fiscal year, Japan’s economy remained on a moderate recovery path, led by personal consumption and capital investment. However, concerns remain over the impact of rising prices and tight labor supply and demand, particularly in the services sector, as well as geopolitical risks such as the prolonged situation in Ukraine and US-China friction, the slowdown in the Chinese economy and concerns over a recession resulting from monetary tightening in Europe and the United States, and the outlook remains uncertain.」

「During the first 3 months of the current fiscal year, Japan’s economy remained on a moderate recovery path, led by personal consumption and capital investment, as social and economic activity normalized. However, the outlook remains uncertain due to persistently high resource prices and inflation driven by the prolonged situation in Ukraine and the yen’s depreciation, concerns over a recession resulting from monetary tightening in Europe and the United States, and the impact of US-China trade friction.」

「An uncertain outlook is expected to continue due to concerns over the risk of recession caused by rapid policy rate hikes in Europe and the United States to combat inflation, tighter US export restrictions on China and the impact of geopolitical risks such as the situation in Ukraine, as well as prolonged difficulty procuring components and surging resource prices.」

「During the first 9 months of the current fiscal year, social and economic activity continued to normalize as measures to contain the novel coronavirus pandemic were eased, and the economy showed signs of recovery due to the recovery of personal consumption and capital investment. However, uncertain conditions continue due to the impact of surging resource prices and inflation driven by the situation in Ukraine and the yen’s rapid depreciation, as well as prolonged difficulty procuring components and tighter US export restrictions on China.」

「During the first 6 months of the current fiscal year, social and economic activity continued to normalize as measures to contain the novel coronavirus pandemic were eased, and the economy showed signs of recovery due to the recovery of personal consumption and capital investment. However, uncertain conditions continue due to the impact of surging resource prices and inflation driven by the situation in Ukraine and the yen’s rapid depreciation, as well as prolonged difficulty procuring components.」

「As social and economic activity gradually returned to normal following the easing of measures to contain the novel coronavirus pandemic, the economy showed signs of recovery due to factors such as a recovery in personal consumption. However, difficult conditions continue amid concerns over difficulty procuring components due to supply chain disruptions, rising resource prices and inflation driven by the yen’s rapid depreciation and the situation in Ukraine, among other factors.」

「In addition to concerns over the impact of the yen’s rapid depreciation, an uncertain outlook is expected due to factors including tight global semiconductor supply and demand, prolonged difficulty procuring components, the impact of the situation in Ukraine and surging resource prices on the global economy.」

「During the first 9 months of the current fiscal year, Japan’s economy showed signs of improvement in exports and capital investment as economic activity recovered in Europe, the United States and China. The economy also showed signs of recovery as vaccinations progressed and activity restrictions were eased with the decline in new infections. However, difficult conditions continue due to factors including the spread of new variants in Japan and overseas, tight global semiconductor supply and demand, and the impact of difficulty procuring components resulting from some factory closures in Southeast Asia.」

「During the first 6 months of the current fiscal year, Japan’s economy showed signs of improvement in exports and capital investment as economic activity recovered in Europe, the United States and China. Although an economic recovery is expected from the progress of novel coronavirus vaccinations and the easing of restrictions on activities as new infections declined, concerns remain over a resurgence of infections in Japan and overseas, difficulty procuring components due to some factory closures in Southeast Asia and the impact of tight global semiconductor supply and demand.」

「During the first 3 months of the current fiscal year, Japan’s economy showed some signs of recovery in exports and capital investment as economic activity resumed in Europe, the United States and China with the progress of novel coronavirus vaccinations. However, concerns remain over the uncertain outlook, including sluggish personal consumption resulting from restrictions on social and economic activity amid a resurgence of infections and the impact of tight global semiconductor supply and demand.」

「In addition, an uncertain outlook is expected due to factors including the impact of US export restrictions associated with US-China trade friction and the emergence of supply shortages in response to strong global semiconductor demand.」

「During the first 9 months of the current fiscal year, Japan’s economy deteriorated rapidly as social and economic activity was severely restricted by the novel coronavirus pandemic. Although some signs of recovery were seen as a result of various government policies and the gradual resumption of social and economic activity, difficult conditions continue, with infections recently resurging.」

「During the first 6 months of the current fiscal year, Japan’s economy deteriorated rapidly as social and economic activity was severely restricted by the novel coronavirus pandemic. Although some signs of recovery were seen as a result of various government policies and the gradual resumption of social and economic activity, difficult conditions continue, including concerns over a resurgence of infections and the impact on the global economy of prolonged US-China trade friction.」

「During the first 3 months of the current fiscal year, Japan’s economy deteriorated rapidly as social and economic activity was severely restricted by the novel coronavirus pandemic. Although economic activity has recently been gradually resuming while infection-control measures are implemented, conditions have become extremely difficult.」

「In the next consolidated fiscal year, concerns are expected to increase over a slowdown in the global economy, including the impact of the global spread of the novel coronavirus in addition to US-China trade friction. A difficult outlook is anticipated, with concerns over sluggish personal consumption and a prolonged stagnation in economic activity resulting from emergency measures to contain the outbreak.」

「During the first 9 months of the current fiscal year, Japan’s economy remained on a generally moderate recovery path, supported by improvements in employment and solid capital investment, but concerns remain over the uncertain outlook, including the decline following the front-loaded demand ahead of the consumption tax increase, the prolonged US-China trade friction, and the impact of the slowdown in the Chinese economy.」

「During the six-month period ended the second quarter of the current fiscal year, the Japanese economy generally continued on a moderate recovery trend, with personal consumption remaining firm, supported by improvements in the employment environment and rush demand ahead of the consumption tax increase. However, concerns remain about the uncertain outlook, including the impact on the global economy of prolonged US-China trade friction and the slowdown in the Chinese economy.」

「During the three-month period ended the first quarter of the current fiscal year, the Japanese economy generally continued on a moderate recovery trend, supported by improvements in the employment environment and firm personal consumption. However, concerns remain about the uncertain outlook, including the impact on the global economy of a slowdown in the Chinese economy resulting from the escalation of US-China trade friction.」

「During the nine-month period ended the third quarter of the current fiscal year, the Japanese economy generally continued on a moderate expansion trend, supported by firm corporate earnings and improvements in the employment environment. However, concerns remain about the uncertain outlook due to the impact of US-China trade friction on the global economy and the slowdown in the Chinese economy.」

「Concerns remain about the uncertain outlook, including the impact of US-China trade friction on the global economy.」

「During the three-month period ended the first quarter of the current fiscal year, the Japanese economy generally remained on a moderate recovery trend, supported by firm corporate earnings and improvements in the employment and income environment.」

「The Japanese economy is expected to remain generally on a moderate expansion trend amid a firm global economy. However, concerns remain about the uncertain outlook, including the impact on the global economy of exchanges of protectionist trade policies among certain major countries and regions.」

「During the nine-month period ended the third quarter of the current fiscal year, the Japanese economy generally continued on a moderate expansion trend, with firm corporate production activity and capital investment, improvements in corporate earnings and the employment environment, and a recovery in personal consumption.」

「During the six-month period ended the second quarter of the current fiscal year, the Japanese economy generally continued on a moderate recovery trend, with improvements in corporate earnings and the employment environment, a recovery in personal consumption, and firm production activity and capital investment.」

「During the three-month period ended the first quarter of the current fiscal year, the Japanese economy generally remained on a moderate recovery trend. Although personal consumption lacked strength, corporate production activity and capital investment expanded, and the employment environment improved.」

「Concerns remain about the uncertain outlook due to the impact of economic policies following the US presidential election, the UK's withdrawal from the EU and political developments in major European countries, and trends in emerging-market economies, particularly China.」

「During the nine-month period ended the third quarter of the current fiscal year, the Japanese economy shifted from yen appreciation, which had continued since the beginning of the previous year, to yen depreciation toward the latter half of the period, and improvements were seen in corporate production activity and the employment environment. However, capital investment and personal consumption remained restrained, and the economic recovery remained stalled. Concerns also remained about the uncertain outlook due to the impact of economic policies following the US presidential election, the course of negotiations over the UK's withdrawal from the EU, and stagnation in emerging-market economies, particularly China.」

「During the six-month period ended the second quarter of the current fiscal year, the Japanese economy continued to experience yen appreciation and stock price declines, raising concerns about deterioration in corporate earnings. The economic recovery remained stalled amid sluggish capital investment and restrained personal consumption. Although the US economy remained firm, concerns remained about the uncertain outlook due to stagnation in emerging-market economies, particularly China, and the UK's withdrawal from the EU.」

「The economic recovery has stalled, with concerns that the yen's appreciation and stock price declines since the beginning of the year could worsen corporate earnings. There are also concerns about the uncertain outlook due to stagnation in emerging-market economies, particularly China, and the UK's withdrawal from the EU.」